PHOTOS: Chuseok holiday is approaching SEOUL, September 24 (AJP) - As South Korea moves into autumn, families are beginning preparations for Chuseok, one of the nation’s two most significant holidays alongside Seollal (Lunar New Year). Often referred to as "Korean Thanksgiving," the holiday is a time for family reunions, expressing gratitude to ancestors, and celebrating the year's harvest. Chuseok, which literally means "autumn evening," falls on the 15th day of the eighth lunar month when the full moon is at its brightest. Its origins are rooted in Korea's agricultural history, and it has long been a time to give thanks for a bountiful harvest. In the days leading up to the holiday, a common sight across the country are families making trips to ancestral graves. This practice, known as beolcho, involves clearing away weeds and tidying up the burial sites, a sign of respect and devotion. Many will also perform seongmyo, an ancestral memorial rite, at the grave itself. These rituals are a way to honor those who came before and to ensure their spirits are at peace. 2025-09-24 14:08:50

China leaps on global corporate stage while Korean Inc. stagnates SEOUL, September 24 (AJP) - China is rapidly widening its footprint in the global corporate landscape while the Korean Inc. has remained stagnant, according to an analysis by the Korea Chamber of Commerce and Industry (KCCI). KCCI study of Forbes’ Global 2000 rankings showed that the number of Chinese firms on the list surged to 275 this year from 180 in 2015. By contrast, Korean names thinned from 66 to 62 over the same period. The U.S. population strengthened from 575 to 612. The gap is more evident in revenue growth. Over the past decade, the Korean Inc. expanded by 15 percent - from $1.5 trillion to $1.7 trillion. During the same period, U.S. firms surged by 63 percent from $11.9 trillion to $19.5 trillion, while Chinese names nearly doubled from $4 trillion to $7.8 trillion. “The data show that China’s corporate ecosystem has been fueled by new players, while the U.S. has rapidly transformed through advanced technologies such as AI,” the KCCI said. In the U.S., corporate expansion was driven by tech and healthcare powerhouses such as Nvidia, UnitedHealth, Microsoft and CVS Health. Newcomers like Tesla, Uber and Airbnb also boosted the ecosystem’s dynamism. China’s rise owed to e-commerce giant Alibaba, EV maker BYD, gaming and media leader Tencent, joined by companies like Xiaomi, ride-hailing platform Didi Global and IT services provider Digital China. Korea, meanwhile, relied heavily on traditional names. Chipmaker SK hynix, LG Chem, KB Financial Group and Hana Financial Group made strides. New entrants to the Global 2000 were mostly financial companies such as Samsung Securities, KakaoBank and Kiwoom Securities. 2025-09-24 12:49:34

Kakao deploys ChatGPT to defend ubiquitous rank among Koreans SEOUL, September 24 (AJP) - Kakao Corp., South Korea's dominant messaging platform, announced the most sweeping overhaul in KakaoTalk's 15-year history on Tuesday, unveiling plans to embed OpenAI's ChatGPT directly into the app in a bid to restore public trust after a series of scandals and to sharpen its edge against both domestic and global competitors. The integration, revealed at the company's annual if(Kakao)25 conference in Yongin, will launch in October and represents the first direct collaboration of its kind worldwide. Users will be able to access OpenAI's latest GPT-5 model seamlessly within KakaoTalk without downloading a separate application, enabling AI-powered conversations alongside everyday messaging. "This magnitude of change is unprecedented in KakaoTalk's history," said Kakao CEO Chung Shin-a. "We are demonstrating our commitment to respond swiftly to user demands while embracing the transformative power of AI." The move underscores Kakao's urgency to reinvent itself as an AI-powered super app in South Korea's increasingly competitive digital arena, where rival Naver has steadily expanded its dominance across search, e-commerce, webtoons, and digital payments. "By bringing ChatGPT into KakaoTalk, an app that nearly all Koreans use daily, we are embedding world-class AI into the lives of people across the nation," said Oliver Jay, OpenAI's international managing director. KakaoTalk counts 49.1 million monthly active users, covering more than 90 percent of South Korea's population. AI Aid Across Kakao Services Beyond chatbot functionality, Kakao is building "agent AI" that connects ChatGPT with its ecosystem of services. For instance, users asking for driving music will receive curated playlists from Melon, its music streaming arm, without leaving KakaoTalk. The overhaul also brings Instagram-style feeds to the Friends tab, new organizational tools such as chat room folders, extended message editing up to 24 hours, and AI-powered voice call summaries. Complementing the OpenAI partnership, Kakao introduced Kanana, its own on-device AI model with 1.3 billion parameters, designed to grasp Korean conversational nuance and provide context-aware suggestions. The lightweight model can be downloaded in 18 seconds over Wi-Fi, enabling features to run directly on user devices without cloud reliance. Analysts welcomed the transformation. "KakaoTalk is expected to grow meaningfully as the world’s first messenger-based AI super app," said Choi Seung-ho of DS Investment & Securities. "Short-form content will be a key driver of user retention, while Kakao's AI service integration already outpaces global messenger peers." Kim Jin-gu of Kiwoom Securities added that ChatGPT subscriptions would strengthen data integration and accelerate the development of autonomous agents. Kakao's strategy comes as global tech giants race to bring AI deeper into consumer platforms. On the same day, Google Play introduced a new entertainment-dedicated space in South Korea with Gemini-powered gaming support, highlighting how major players are rushing to anchor user experiences in AI. Shares of Kakao closed Wednesday 0.79 percent lower at 62,800 won. 2025-09-24 12:42:45

IMF raises South Korea's growth forecast but warns of structural risks SEOUL, September 24 (AJP) - The International Monetary Fund raised South Korea’s economic growth outlook for this year to 0.9 percent, up slightly from the 0.8 percent it projected in July. But the fund cautioned that the country must push ahead with structural reforms and long-term fiscal consolidation if it wants to strengthen its growth potential. The revised forecast came after the IMF's annual consultation with Seoul, conducted from Sept. 11 to 24. The fund left its projection for next year unchanged at 1.8 percent, according to South Korea’s Ministry of Economy and Finance. Inflation, which fell to 1.7 percent in August, is expected to climb back toward the central bank’s 2 percent target in 2025 and 2026. Still, the IMF warned of “high uncertainty and greater downside risks” facing the economy. “Domestic demand is gradually recovering due to eased fiscal and monetary policies, and strong semiconductor demand is offsetting declines in other exports, leading to a 0.9 percent growth this year,” Rahul Anand, the IMF's mission chief for South Korea, said in a policy briefing. “Next year, GDP is expected to grow by 1.8 percent due to reduced uncertainty, policy effects and base effects.” Anand also pointed to financial stability concerns, noting that recent measures to curb loan growth in parts of Seoul and to address troubled real estate project financing had helped reduce vulnerabilities. While endorsing South Korea’s short-term policy direction, the fund pressed for more ambitious reforms. Anand called on the government to accelerate efforts to narrow productivity gaps between small and large firms, manage risks linked to artificial intelligence while harnessing its benefits, and pursue deeper fiscal reforms. He highlighted the need for pension changes, stronger revenue measures and improved spending efficiency to deal with long-term fiscal pressures. A more credible medium-term fiscal framework, he added, would provide “fiscal anchors” to ensure sustainability. The IMF publishes its economic forecasts for member countries each April and October, with interim updates for major economies in January and July. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-24 11:35:13

Barnburner 'KPop Demon Hunters' sparks Seoul pilgrimage boom SEOUL, September 24 (AJP) - The climactic final battle of "KPop Demon Hunters," where HUNTR/X delivers the crushing blow to the demon, unfolds at Seoul's iconic Namsan Tower. The landmark scene has turned the tower into the pinnacle stop on the growing "pilgrimage" trail for fans tracing the film's shooting locations. Namsan Tower's appeal goes beyond fandom. With its cable car ride, panoramic skyline views, and the famed "love-lock" tradition, the spot is already a magnet for foreign visitors — now even more crowded thanks to the barnburner hit. Yet the pilgrimage is more than fandom tourism. It immerses travelers in the essence of Korea itself: a living blend of millennia-old history and vibrant modern culture. Hanbok in Bukchon Polish couple Sebastian and Aleksandra joined the stream of foreign fans dressed in colorful hanbok, strolling through the narrow alleys of Bukchon Hanok Village. "We first became interested in Korea after watching Squid Game," Aleksandra said. Bukchon, nestled near Gyeongbokgung Palace, is also where characters Rumi and Jinu share a quietly romantic walk in the film. In reality, the preserved 600-year-old neighborhood offers visitors a tranquil time-slip, complemented by hip cafés and artisan craft shops. Crossing Paths at Namsan For K-pop pilgrims, paths inevitably cross. Back at Namsan, the Polish couple met Johanna and Emma, two friends from France on their own Seoul journey. "I grew up watching K-dramas, and that made me want to study Korean and eventually live here," Johanna said. Emma, tagging along, admitted she was unexpectedly awed. "I want to discover it firsthand," she said. Fortress Walls at Sunset The day's route ended at Naksan Park Fortress, another cinematic landmark. The fortress's stone walls, lit at night and famed as a romantic backdrop in countless Korean dramas, offered the perfect finale. Visitors lingered as the sun dipped behind Seoul's rooftops, humming "Free," the theme song of Rumi and Jinu. Seoul's Tourism Boom The film's success has ignited real-world momentum. According to the Seoul Metropolitan Government, 1.36 million foreign tourists visited the capital in July — up 23.1 percent from a year earlier and the highest monthly figure ever. From January to July, 8.28 million foreign visitors came to Seoul, a 15.9 percent increase, also setting a new record. The Korea Tourism Organization (KTO) reported that of Korea's 1.73 million foreign visitors in July, 78.6 percent — 1.36 million — headed straight for Seoul. The accolades keep stacking up. Seoul was named the "most popular city among Gen Z travelers" for the fourth year in a row by Trazy Travel, and TripAdvisor ranked it No. 1 on its "Best Cities for Solo Travelers" list. "Seoul's steady rise in foreign visitors shows that the city offers a uniquely attractive experience where flavor, style, and excitement come together," said Koo Jong-won, director of the Seoul Metropolitan Government’s Tourism and Sports Division. "We will continue to build differentiated tourism content and solidify Seoul's place as a leading global destination." 2025-09-24 11:16:08

Lee seeks UN chief's help for peace on Korean Peninsula SEOUL, September 24 (AJP) - President Lee Jae Myung on Tuesday called for the UN's cooperation to ensure peace and security on the Korean Peninsula during a meeting with Secretary-General António Guterres. After delivering his keynote speech at the 80th session of the UN General Assembly, Lee met with Guterres, praising his leadership at the multilateral organization, stressing the UN's "crucial" role in addressing global crises and resolving international disputes. Lee highlighted South Korea's dramatic transition from an aid recipient to a donor and pledged that the country would play a greater role in addressing global challenges. He also expressed support for UN-led reforms and promised South Korea's contribution to making the UN more effective, while asking for more opportunities for South Korean talent to work in international organizations. Calling South Korea a "trusted partner" on global issues such as humanitarian aid, sustainable development, and human rights, Guterres pledged to strengthen relations with the country. Lee is now set to preside an artificial intelligence (AI)-themed open debate on Wednesday, making him the first South Korean leader to do so. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-24 10:47:01

Seoul weighs phased investments, revenue sharing to counter US tariff demands SEOUL, September 24 (AJP) - Negotiations between Washington and Seoul over a $350 billion investment package remain mired in disagreement, delaying the conclusion of a deal that was expected to ease tariffs and deepen economic ties between the two allies. In July, the two countries reached a preliminary understanding to lower mutual tariffs from 25 percent to 15 percent, including reductions on automobiles, in exchange for South Korea committing to a massive investment in the United States. But the details of how the funds would be allocated — and who would control them — have proved contentious. Among the scenarios under discussion are dividing responsibilities, with South Korea leading a $150 billion shipbuilding project while the United States oversees the remainder, or alternatively, allowing Washington to lead the entire package with tariff concessions adjusted accordingly. Yeo Han-gu, South Korea’s chief trade negotiator, departed for Kuala Lumpur this week to attend the ASEAN Economic Ministers’ Meeting, where he is expected to hold talks with U.S. Trade Representative Jamieson Greer. The agenda includes the stalled investment package and a range of non-tariff barriers. Experts caution that South Korea should avoid simply mirroring Japan’s recent approach, in which Tokyo pledged $550 billion in cash to Washington, backed by its unlimited currency swap with the Federal Reserve. Instead, they urge Seoul to develop a strategy more closely aligned with its economic realities. “It’s unrealistic to execute $350 billion quickly,” said Heo Jeong, an economics professor at Sogang University. He recommended phased investments, conditional currency swap agreements, and targeted corporate projects. “Setting annual limits and negotiating conditional swaps with the U.S. could help South Korea maintain control,” he added. Heo also proposed linking revenue sharing to job creation and supply chains, noting that manufacturing investments typically require one to two years before generating returns. Allocating a portion of the funds — 5 to 10 percent — to research and development in collaboration with American programs, with joint ownership of resulting intellectual property, could further strengthen the partnership, he said. Kang Gu-sang, who leads the North America–Europe team at the Korea Institute for International Economic Policy, stressed the importance of highlighting Korea’s contributions to American shipbuilding. “Ensuring benefits for Korean companies is essential,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-24 10:24:30

Rookie boy band's debut album ranks 15th on Billboard 200 SEOUL, September 24 (AJP) - K-pop boy band CORTIS's debut album has made it onto the U.S. Billboard 200 albums chart for this week. According to Billboard's latest chart released Tuesday, the quintet's "Color Outside The Lines" ranked 15th, just a few weeks after its release earlier this month, an impressive feat for a rookie K-pop act. The album contains five tracks including "What You Want," a song about pursuing dreams with confidence. CORTIS also ranked 24th on the American music chart's "Artist 100," which evaluate the "most popular artists across all genres" based on weekly album and track sales. The five-member group debuted with the album on Sept. 8, becoming the first new boy band in about six years from K-pop behemoth Big Hit Music, after Tomorrow X Together (TXT) in 2019. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-24 10:10:39

South Korea presses for currency swap with US as $350 billion deal hangs in balance SEOUL, September 24 (AJP) - South Korea’s negotiations with the Trump administration over a $350 billion investment package remain unresolved, casting uncertainty over the country’s trade relationship with Washington and fueling worries about foreign exchange stability. The deal, first outlined in July, envisioned lowering mutual tariffs from 25 percent to 15 percent, with Seoul channeling $350 billion into U.S. projects — including $150 billion for a shipbuilding fund. But talks have stalled over investment terms, leaving South Korea facing the possibility of high tariffs on its exports if no agreement is reached. President Lee Jae Myung, who met with American lawmakers on Sept. 22, acknowledged the fragility of South Korea’s financial markets in the absence of a deal. He warned that committing such an enormous sum without a currency swap arrangement with the United States could trigger turmoil comparable to the 1997 Asian financial crisis. “The outflow of $350 billion would severely impact South Korea’s economy,” Lee said, adding that a currency swap was essential to guard against shocks. The pledge, still under negotiation, would surpass the total annual foreign direct investment the United States received in both 2023 and 2024, according to the Commerce Department. Funding it poses steep challenges for Seoul. For now, President Lee has called for “commercial rationality” in any final arrangement. But with negotiations dragging on, Seoul must weigh the costs of protecting its export industries against the potential financial strain of an unprecedented investment abroad. Drawing on foreign reserves could weaken the Korean currency and erode investor confidence, while issuing large volumes of bonds risks higher interest rates and slower growth. Economists have sounded alarms. Professor Kim Sang-bong of Hansung University said tapping reserves could push the exchange rate to 2,000 won per dollar from the current 1,350 won range, while extensive bond issuance could drive up borrowing costs across the economy. By contrast, Japan recently committed $550 billion in cash to the United States over three years, a move cushioned by Tokyo’s unlimited currency swap line with the Federal Reserve. Seoul, lacking such a safeguard, faces more acute risks. Some South Korean experts suggest accepting the higher tariff burden might be more manageable than financing the vast outflow. Others propose building stabilization funds or expanding swap networks to protect against capital flight. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-24 10:07:03

South Korean casino operator embraces AI to transform industry SEOUL, September 24 (AJP) - Grand Korea Leisure, a casino operator known for its foreigner-only “Seven Luck” casinos, said on Tuesday it has established an “AI Innovation Team” to accelerate the gambling industry’s transition into artificial intelligence. The company, led by Chief Executive Yoon Doo-hyun, framed the initiative as a shift from earlier digital upgrades — which largely focused on efficiency through conventional IT — toward higher-value services such as predictive analytics and personalized customer experiences. The new unit will explore ways to tailor casino experiences for individual visitors, deploy AI-driven enterprise resource planning systems to anticipate demand, and pursue broader tourism innovations through partnerships between public and private sectors. “Aligned with the government’s AI transformation policy, we aim to contribute to an innovative economy and become Asia’s top urban tourism platform company by 2035,” the company said in a release. The move reflects GKL’s recent push to integrate new technologies into its operations. In 2023, the company introduced Seven Luck Plus, a blockchain-based service platform, followed by autonomous service robots in 2024. In August, it began developing a stablecoin-based payment and voucher system targeted at foreign tourists. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-24 09:43:23