Unequal match between Dunamu and Naver hinges on shareholder blessing SEOUL, September 30 (AJP) - South Korea’s internet giant Naver and Dunamu, operator of Upbit—the world’s fourth-largest crypto exchange—are waging a war of nerves ahead of their $14 billion strategic tie-up through a stock swap, as they seek the blessing of their respective shareholders. Naver Financial, the fintech arm of the country’s dominant internet platform, has agreed on a share-for-share merger with Dunamu, which would bring the crypto powerhouse firmly under the Naver family The challenge lies in valuation. Dunamu, which trades at over 400,000 won apiece in the over-the-counter market, commands a market value of about 15 trillion won ($11 billion)—roughly three times that of Naver Financial, valued at 5 trillion won. Under the proposed terms, one Dunamu share would be swapped for about three newly issued Naver Financial shares. While that may look attractive on paper, many Dunamu shareholders remain unconvinced that multiple lower-valued shares fairly compensate for a single high-priced one. Adding to the intrigue, Dunamu shares have been hitting fresh highs amid speculation of a Nasdaq listing—momentum that could give investors second thoughts about locking themselves into the deal. Dunamu’s largest shareholder, Chairman Song Chi-hyung, who holds around 26%, is expected to emerge as the biggest shareholder of Naver Financial under the new structure. That would effectively give him control over both Dunamu and its broader digital asset business within the Naver ecosystem. On the flip side, existing stakes held by Naver Corp. and financial investor Mirae Asset Financial Group could face dilution. Mirae Asset has reportedly ruled out further capital injections, while other investors, including Kakao Investment and Hanwha Investment & Securities, are still weighing their options. Hanwha said Tuesday it was reviewing the potential impact but had not reached a decision. For Dunamu, the merger amounts to choosing Naver as its gateway to the mainstream financial system. Through Naver’s big-tech platform, Dunamu could strengthen its position in future financial arenas such as virtual assets, payments, and stablecoins, while securing ties with traditional banking infrastructure. If completed, the share swap would establish a chain of ownership running from Naver to Chairman Song, then to Naver Financial, Dunamu, and finally Upbit. The arrangement would allow Dunamu to access financial operations and payment infrastructure without the need to acquire a bank outright. The tie-up is also seen as a stepping stone for Dunamu’s long-anticipated Nasdaq IPO, with analysts expecting it to follow Naver’s example of listing Webtoon in the U.S. “The collaboration secures long-term growth drivers,” said Lee Jee-eun, an analyst at Daishin Securities, who kept a “Buy” rating on Naver with a target price of 330,000 won ($236). She noted that consolidating Dunamu’s financials could boost Naver’s net profit and enterprise value. Longer term, she added, capturing the won-denominated stablecoin market early could allow the merged entity to generate steady income from stablecoin deposits and collateralized lending services. 2025-09-30 16:27:03

PHOTOS: Hometown bonds revitalize local market SANGJU, September 30 (AJP) - The platform at Sangju Station is usually quiet, with a sparse handful of travelers passing through. But on a recent Saturday morning on Sept. 27, the scene was one of jubilant chaos. At 11 a.m., a dedicated train rolled in, and 600 passengers — Sangju natives now living in the bustling Seoul metropolitan area — poured out, instantly filling the normally tranquil space. Their mission was simple, yet profound: a collective shopping trip to the local market, timed to coincide with a traditional Sangju market day, all in an effort to breathe economic life into the fading agricultural city they still call home. Sangju City, located in the heartland of North Gyeongsang Province, is a quintessential Korean farming hub, famous for specialties like rice, gotgam (dried persimmons), cucumbers, grapes, and hanwoo (Korean beef). Like many of the country's regional centers, however, Sangju has been hit hard by population decline, leading to a noticeable contraction in local business and community vigor. To combat this trend, the Seoul-based Sangju Natives' Association (hyangwoohoe) chartered a special Saemaul-ho train ahead of the major Chuseok holiday. As the hundreds of former residents descended on the Sangju Jungang Market, the atmosphere was instantly revitalized. Merchants who brought out their locally grown produce were quickly selling out, their faces bright with satisfaction. “I have never seen so many customers at once,” marveled Kim, 67, a local merchant. “It was more than just shopping; you could feel the sincere love for their hometown. It was genuinely moving.” For the participants, the sentiment was equally powerful. Park Soon-yi, 59, proudly showed off her haul of dried persimmons and various fruits. "I feel so proud that I can help my hometown in this way," she said. "We got our Chuseok shopping done and supported the local community at the same time." A field trip down memory lane This train journey was the second such event organized by the Sangju Natives' Association in Seoul in the last two years. It was an exercise in civic duty mixed with nostalgia, with the experience likened to a school field trip from their youth. Inside the train cars, passengers were grouped by their original neighborhood and elementary school, turning the journey into an impromptu reunion. Many were seated alongside former classmates and village friends, sharing food they had packed and swapping old stories — a tradition of association that remains strong in Korean culture. While large hometown and alumni groups often struggle to attract participation from busy professionals in their 30s and 40s, these movements typically gain momentum among the 50-plus demographic, who have the stability and time to reconnect with their roots. Such enduring bonds are often rooted in shared regional or educational background — relationships built on common ground rather than professional necessity. The trip also offered members a chance to participate in a timely local event, the World Hat Festival, which was concurrently being held in Sangju. Kim Young-geun, president of the Sangju Natives' Association in Seoul, stressed that the mission extends beyond a single event. “Love for one’s hometown is not just about words; it requires action,” he stated. “We will work to ensure this visit is not a one-off event but leads to a sustainable, win-win model that benefits both the community here and the former residents.” 2025-09-30 16:00:33

Former Prime Minister faces trial over martial law involvement SEOUL, September 30 (AJP) - Former Prime Minister Han Duck-soo attended the first hearing of his trial on charges related to former President Yoon Suk Yeol's botched martial law debacle late last year. Upon his arrival at the Seoul Central District Court around 9:30 a.m., Han did not respond to a barrage of questions from reporters. He faces charges of aiding Yoon in his Dec. 3 declaration of martial law, making perjury, and falsifying documents. The court allowed filming and broadcasting of the trial, citing the case's public interest. The full footage will be released online later. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-30 15:27:40

K pop to drum up APEC celebration on Oct. 10 SEOUL, September 30 (AJP) - South Korea, home to K-pop, is hosting APEC Music Festival on Oct. 10 to drum up celebratory mood toward the 2025 Asia Pacific Economic Cooperation (APEC) held in Gyeongju. The event to stage on Gyeongju Civic Stadium is co-hosted by North Gyeongsang Province and Gyeongju governments with support from the APEC Summit Organizing Committee. KBSN, the main broadcaster. Performers include Billie, NCT Wish, Choi Yena, ONF, ONEUS, WEi, Youth Fear, Izna, Jung Daehyun, Kickflip, Ha Sungwoon, H1-KEY, and HATSUHATSU, showcasing a wide range of K-pop genres. The concert will be livestreamed on the KBS K-pop YouTube channel, which has 9.91 million subscribers, and broadcast globally starting Oct. 21 on KBS2, KBSN, and KBS World channels. Fans worldwide can also watch via KBS World YouTube, which has 20.3 million subscribers. A special program, 'Woman On Music' (WOM), will take place on Oct. 24 at Bomun Lake, featuring female artists from South Korea, China, Japan, Russia, and Vietnam. The 90-minute show will deliver messages of hope for future generations. An event official stated, "The 2025 APEC Music Festival is more than a concert; it's a platform to showcase Korean culture's strength globally. It will express the APEC Summit's core themes of 'connectivity, innovation, and prosperity' through cultural language." Tickets will be available for free via NOL Interpark starting at 5 p.m. on Sept. 30. Meanwhile, the Silla Cultural Festival will also take place in Gyeongju from Oct. 10 to 12, featuring traditional and modern performances, street art, and the Silk Road Festival. Together, these events will transform Gyeongju into a celebration of history and popular culture. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-30 14:58:00

Pop-up stores for popular South Korean time-slip series set to open across Asia SEOUL, September 30 (AJP) - Following the huge success of cable channel tvN's period drama "Bon Appétit, Your Majesty," pop-up stores selling merchandise and other goods in three Asian countries are expected to keep captivating fans. The drama's production company, Studio Dragon, said on Tuesday it will open pop-up stores in South Korea, Japan, and Taiwan, with the one in Seoul running from Thursday through next week. In Japan, these stores will be available from Wednesday to Oct. 10 in Tokyo, before touring several Japanese cities including Fukuoka, Nagoya, and Osaka. The drama's script featuring memorable lines and scenes will also be available for pre-order starting Thursday, along with photobooks and other merchandise. "Thanks to the drama's overwhelming popularity, we've prepared a variety of merchandise including posters, postcards, stickers, embroidery, key rings, and utensils," said a Studio Dragon staffer, expressing hopes to delight fans. The 12-part time-slip series, along with a special episode, which concluded early this week, topped Netflix's global chart for non-English TV shows for two consecutive weeks and remained in the global top 10 for five weeks, amassing 32.4 million views and 265.8 million viewing hours within a month, making it one of this year's top dramas. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-30 14:53:50

Samsung C&T secures key US certification in nuclear reactor design SEOUL, September 30 (AJP) - Samsung C&T said Tuesday its construction division had obtained a coveted nuclear design certification from the American Society of Mechanical Engineers, a step that could strengthen the South Korean company’s hand in the fast-growing market for small modular reactors. The certification, known as ASME-N, covers nuclear piping system design and is widely regarded as a benchmark for safety and quality in the nuclear industry. It verifies a company’s ability to design, manufacture and install nuclear equipment, and is required for entry into some markets, including the United States. Samsung C&T already holds two related accreditations — ASME-NA, for nuclear equipment installation, and ASME-NPT, for component manufacturing. Together with the newly awarded ASME-N, the company says it has rounded out its credentials in the nuclear engineering, procurement and construction sector. “The ASME-N certification will enhance our position in the SMR market,” said Koo Won-seok, head of the company’s nuclear business division. “We aim to increase technical reliability and competitiveness in the rapidly growing SMR field.” Samsung C&T has been involved in nuclear projects at home and abroad, including the Uljin and Shin-Wolsong reactors in South Korea and the Barakah nuclear power plant in the United Arab Emirates. More recently, it has partnered with global engineering firms such as NuScale, Fluor and Sargent & Lundy on Romania’s small modular reactor project. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-30 14:35:33

Incheon Airport expects record number of travelers during long Chuseok holiday SEOUL, September 30 (AJP) - Some 2.45 million travelers are expected to depart from or arrive in South Korea during the upcoming Chuseok holiday which begins later this week, the Incheon International Airport Corporation said on Tuesday. The airport's busiest day is anticipated to be Wednesday, the first day of the weeklong holiday, with around 239,000 travelers, probably surpassing the previous record of 234,171 set on Aug. 4, 2019, as the total number of inbound and outbound travelers is projected to rise 11.5 percent from last year. Departures are expected to peak on the same day, with 129,000 passengers, while arrivals are forecast to be highest on Oct. 12 with 124,000. To ease congestion during the holiday period, the airport plans several measures including extra X-ray scanners, additional check-in counters, and more security staff and information personnel. Lee Hak-jae, the airport's president, said, "With the highest number of travelers expected this Chuseok, we will work closely with relevant agencies and airlines to provide safe and convenient services." * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-30 14:15:26

ADB holds South Korea's 2025 growth outlook at 0.8 percent SEOUL, September 30 (AJP) - South Korea’s economy is expected to grow 0.8 percent this year, the Asian Development Bank said Tuesday, leaving its July projection unchanged as government stimulus measures help counter sluggish exports and a cooling property market. In its September Asian Development Outlook, the bank reiterated that fiscal and monetary easing should support a modest recovery in the second half of 2025. The bank had cut its April forecast of 1.5 percent growth for South Korea to 0.8 percent in July, citing weaker construction activity and falling overseas demand. The ADP said South Korea's economic growth in 2026 is projected at 1.6 percent, with inflation holding steady at 1.9 percent this year and next. Across the Asia-Pacific region, the bank nudged its 2025 forecast upward to 4.8 percent, 0.1 percentage point higher than in July, as stimulus policies are expected to blunt the impact of U.S. tariff increases and other trade frictions. Still, the ADB warned that exports would likely contract in 2026, trimming its regional growth projection to 4.5 percent. The region’s inflation outlook softened for this year, to 1.7 percent from 2 percent, as oil and food prices decline. Consumer prices are expected to rise by 2.1 percent in 2026, the bank said, unchanged from its earlier forecast. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-30 14:04:15

KAIST robots move from labs to shipyards and city streets SEOUL, September 30 (AJP) - On September 30, Korea Advanced Institute of Science and Technology (KAIST) announced that two robotics startups spun out of its labs are taking their machines into the real world, from climbing the steel walls of shipyards to walking among crowds in Seoul's Gangnam district. One of the startups, DIDEN Robotics, was founded in March 2024 by four researchers trained in KAIST's Department of Mechanical Engineering. The company's main product is a four-legged robot called "DIDEN 30." With magnetic feet and a leg design inspired by animals, it can cling to steel walls and ceilings, tackling dangerous jobs in shipbuilding where humans struggle to reach. Last month, DIDEN 30 completed field tests at Samsung Heavy Industries. The robot managed to climb over dense steel reinforcements and perform welding, proving it could handle real shipyard conditions. The team is now refining it to squeeze through narrow "access holes" inside ships. By late 2026, they expect it to be ready for large-scale tasks like welding, inspection, and painting. Work has also begun on a two-legged model, "DIDEN Walker," aimed at complex operations in confined shipyard spaces. The company's AI platform, "DIDEN World," is another core strength. It allows the robot to practice in virtual simulations before being deployed, speeding up learning and reducing trial-and-error in the real world. DIDEN is also improving its 3D vision technology with multiple cameras, aiming to achieve full autonomous walking by 2026. Beyond Samsung Heavy Industries, it is already collaborating with HD Hyundai Samho, Hanwha Ocean, and HD Korea Shipbuilding and Offshore Engineering. The second startup, URobotics, was formed by three researchers from KAIST's School of Electrical Engineering. Its focus is on humanoid robots that can walk on their own without external sensors. In a recently released video, one of its robots walked naturally through busy streets in Gangnam, drawing attention for its stable movements in real traffic and crowds. The secret lies in a "blind walking controller." Unlike most robots that depend on cameras or laser sensors, URobotics' system uses only internal signals. This allows the robot to "imagine" the ground beneath its feet, walking steadily day or night, in rain or shine, across slopes, stairs, and curbs. The technology first gained recognition when the KAIST team beat MIT to win the legged robot competition at the 2023 International Conference on Robotics and Automation. Yoo Byung-ho, CEO of URobotics, said, "This demonstration is the first step toward fully autonomous walking humanoids. We want to turn KAIST research into technology that works in industry." Hyeon-min Bae, head of KAIST's Startup Incubator, said the school will keep supporting robotics ventures from their early days. KAIST President Kwang-hyung Lee added that these achievements show how university research can move quickly into real-world industries, helping strengthen South Korea's role in global robotics. 2025-09-30 13:57:23

LG Electronics pushes ahead with delayed India IPO, seeking fresh cash flow SEOUL, September 30 (AJP) - LG Electronics said Tuesday it will complete the long-awaited listing of its Indian unit by year’s end, in a move aimed at both raising funds and positioning the company as a household name in one of its most dynamic markets. The company’s board approved the sale of a 15 percent stake in the Indian unit, or more than 101 million shares, and intends to file final documents with India’s market regulator, the Securities and Exchange Board of India, in the coming weeks, company officials said Tuesday. Pricing details and the timing of the sale will be determined once regulators give the green light. The offering, which will not involve issuing new shares, ensures that all proceeds return to LG’s headquarters in Seoul. Analysts said the move could strengthen the company’s financial position at a time when consumer electronics demand has softened globally. IBK Securities noted that while the final quarter of the year is usually a slow period, the IPO is likely to improve cash flow, and Moody’s has flagged the deal as a potential boost to LG’s credit profile. The initiative has been led by Chief Executive Cho Joo-wan, who has pushed to elevate LG’s brand identity in India. “LG’s brand is highly regarded in India, and we aim to become a beloved national brand,” he told shareholders in March. LG began laying the groundwork for the offering late last year and received preliminary approval from the Indian regulator in March, though the listing was delayed by market volatility. The IPO, expected to be one of the largest by a consumer electronics company in India, is projected to raise about 115 billion rupees, or $1.8 billion. Global corporations from Whirlpool to Nestle have tapped India’s capital markets in recent years to fuel local growth. For LG, India has become a critical battleground for sales of appliances, televisions and smartphones, as the country’s middle class expands and competition with local and Chinese brands intensifies. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-30 13:52:21