Gold prices soar on US rate cut expectations, geopolitical strains SEOUL, September 03 (AJP) - Gold prices surged to fresh records on Tuesday (local time), fueled by mounting expectations of U.S. Federal Reserve interest rate cuts and heightened geopolitical uncertainty. Spot gold climbed to $3,530 an ounce on Sept. 2, topping the previous peak of $3,500 set in April. Futures contracts on the Commodity Exchange rose even higher, touching about $3,600 an ounce during the session. The rally comes as investors increasingly bet that the Fed will lower borrowing costs when policymakers meet later this month. At the Jackson Hole economic symposium in August, Jerome Powell, the Fed chair, signaled that officials were prepared to act if evidence of slowing growth continued to build. The Federal Open Market Committee is scheduled to convene Sept. 16-17. A reduction in rates would likely weaken the dollar and bolster demand for gold, which is widely viewed as a hedge against inflation and economic instability. Traders are now turning their attention to the U.S. jobs report for August, due Friday. A further cooling in the labor market, after recent signs of softness, could strengthen the case for a rate cut and push gold even higher. 2025-09-03 13:49:45

Trump says 'not concerned at all' on Beijing military parade SEOUL, September 3 (AJP) - U.S. President Donald Trump on Tuesday brushed off suggestions that deepening ties among China, Russia and North Korea posed a challenge to Washington as the leaders of those countries gathered in Beijing for a military parade. In an interview with the Scott Jennings Radio Show, Trump said he was "not concerned at all" about the possibility of an "axis" against the United States. He added, "They would never use their military on us ... that would be the worst thing they could ever do." Speaking to reporters at the White House later the same day, Trump again rejected the idea that the joint appearance of Russian President Vladimir Putin and North Korean leader Kim Jong-un at the parade could amount to a challenge to U.S. influence. "Not at all," he said. "China needs us, and I have a very good relationship with President Xi ... China needs us much more than we need them. I don't see that at all." The parade held Wednesday to mark the 80th anniversary of the end of World War II showcased China’s military capabilities, with Xi standing alongside Putin and Kim. The parade followed a Shanghai Cooperation Organization meeting in Tianjin earlier in the week that both Xi and Putin attended. 2025-09-03 13:22:50

South Korea begins Security Council presidency, to host debate on AI SEOUL, September 3 (AJP) - South Korea on Tuesday (local time) began its one-month term as president of the United Nations Security Council, confirming the agenda for September and taking up the role of chairing the council's meetings. As its main event, South Korea will hold a high-level open debate on artificial intelligence and its implications for international peace and security. President Lee Jae Myung is scheduled to preside over the session on September 24 at UN headquarters in New York. It will be the first time a South Korean president has chaired a Security Council meeting. Speaking to reporters after closed consultations, Ambassador Kim said South Korea’s history embodies the UN’s three core pillars of peace, development, and human rights. "These values are deeply embedded in our national DNA," he said. "As president of the council, South Korea will provide leadership based on efficiency, transparency, and inclusiveness." President Lee will already be in New York for the UN General Assembly’s high-level week, which begins on September 23. He is expected to deliver a keynote speech that day. Ambassador Kim said the council’s focus on AI is timely. "The Security Council has already held two meetings on AI since 2023, considering how fast it is developing and spreading worldwide. We think a high-level debate is necessary to maximize benefits and minimize risks," he said. Unlike June 2024, when South Korea last held the presidency and convened a meeting on North Korea’s human rights situation, no North Korea-related meetings are scheduled for September. Kim noted that the council is ready to respond if necessary. "There is no plan for a North Korea meeting this month, but if it conducts an intercontinental ballistic missile launch or other provocation, we are prepared to convene," he said. During its term, South Korea is also expected to oversee discussions on major international issues such as the wars in Ukraine and the Middle East, including matters related to Palestine and Iran. The Security Council is the UN’s most powerful body with primary responsibility for international peace and security. It is made up of 15 members, including five permanent members with veto power, the United States, the United Kingdom, France, Russia, and China, and 10 non-permanent members elected for two-year terms. The presidency rotates monthly in alphabetical order among the members. The council president chairs both official and informal meetings, represents the council to other UN bodies, and has a central role in setting the agenda. This gives the presiding country influence over the direction of discussions and the shaping of international opinion. South Korea is serving as a non-permanent member for the 2024 to 2025 term. This is its first time holding the presidency since June 2024. 2025-09-03 13:21:42

Kim Jong-un joins Xi, Putin at Beijing military parade, daughter absent from ceremony SEOUL, September 03 (AJP) - For the first time in 66 years, the leaders of North Korea, China, and Russia stood side by side as Kim Jong-un joined Chinese President Xi Jinping and Russian President Vladimir Putin at China’s "Victory Day" military parade on Wednesday. The parade, marking the 80th anniversary of the end of World War II, began at 9 a.m. in Beijing's Tiananmen Square. Official photographs showed Xi at the center with his wife, Peng Liyuan, to his left. Kim stood next to Peng, while Putin took position on Xi's right. Kim walked in just ahead of Putin, taking the second-to-last spot in the procession. After a photo, the three leaders walked side by side toward the Tiananmen reviewing stand, presenting a rare image of unity among Beijing, Moscow, and Pyongyang. Noticeably absent was Kim's daughter Ju-ae, whose presence during her father's arrival in Beijing had drawn widespread attention. Since her first public appearance in November 2022, Ju-ae has frequently appeared at military and political events in North Korea, but this was her first official trip abroad. Analysts say her presence on the international stage signals she may be undergoing early grooming as Kim's successor. At Beijing station, Ju-ae was seen standing directly behind her father as he was welcomed by senior Chinese officials. According to Cheong Seong-chang, vice president of the Sejong Institute, "Kim's decision to bring her to China strongly suggests he is signaling to the international community that she is his heir, while giving her early diplomatic training." Cheong said this approach is a marked departure from Kim's own upbringing. Although named heir by his father at the age of eight, Kim Jong-un had little opportunity to engage in foreign affairs before assuming power, leaving him largely isolated until his summit diplomacy in 2018. By introducing Ju-ae early to international settings, Kim appears determined to avoid repeating that experience and to ensure she develops the skills and stature needed for leadership. Kim left Pyongyang by armored train on Monday and arrived in Beijing the following afternoon. In a rare move, state-run media released both his departure and arrival within hours. For the parade, Xi wore a Mao-style suit, while Kim broke from his usual attire, opting instead for a black Western suit with a bright gold tie, a choice some interpreted as an effort to project the image of "normal state." The trip was Kim's first visit to China since January 2019 and his first appearance on a multilateral diplomatic stage since assuming power in late 2011. The parade is widely seen as underscoring a broader geopolitical divide, placing China, North Korea, and Russia on one side against Japan, South Korea, and the U.S., amid intensifying U.S.-China rivalry. Speculation is also mounting over a possible trilateral meeting among Kim, Putin, and Xi, given the rare occasion of them appearing together, though observers say bilateral talks are more likely. 2025-09-03 12:47:09

South Korea unveils $10.2 billion emergency support for tariff-hit exporters SEOUL, September 03 (AJP) - The South Korean government on Wednesday announced a sweeping 13.6 trillion won ($10.2 billion) relief package aimed at helping exporters weather U.S. tariffs, while expanding trade financing to a record 270 trillion won ($203 billion). The measures, unveiled during a joint meeting of economic ministers and industry officials, are designed to offset the burden of recently negotiated tariffs with Washington. Under the agreement, South Korea and the United States reduced planned mutual tariffs from 25 percent to 15 percent. Automotive tariffs were also cut to 15 percent from 25 percent, but officials warned that the new rates still weigh heavily on Korean exporters. The plan centers on expanded access to credit and lower borrowing costs. Korea Development Bank will raise lending limits tenfold for affected companies, lifting the cap for small businesses from 3 billion won to 30 billion won and for mid-sized firms from 5 billion won to 50 billion won. Interest rates will be reduced by an additional 0.3 percentage points from current levels of 2 to 3 percent. The Export-Import Bank of Korea will broaden its crisis lending program to include firms with weaker credit ratings. Targeted relief is also planned for companies in steel, aluminum, copper and related industries, which face tariffs as high as 50 percent. The government pledged 570 billion won in support, including 150 billion won in subsidized loans, with interest rate reductions of up to two percentage points for small and mid-sized firms. Trade insurance coverage will be expanded by 14 trillion won to 270 trillion won, the largest on record, to help ensure liquidity for exporters. Fee discounts of up to 90 percent will be extended for small firms with less than $1 million in overseas sales. Other measures include 420 billion won in tariff-related export vouchers, higher subsidies for logistics and consulting costs, and the creation of a 100 trillion won National Growth Fund to spur domestic investment. Industry Minister Kim Jung-kwan said the plan would be rolled out quickly to help exporters adapt to shifting trade conditions. “Our goal is not only to minimize tariff damage but also to create new opportunities for Korean industry,” he said. 2025-09-03 10:58:42

Hyundai Motor union launches first strike in seven years amid wage standoff SEOUL, September 3 (AJP) - Hyundai Motor Company’s labor union began a partial strike on Wednesday, ending a rare seven-year stretch of labor peace at South Korea’s largest automaker as wage talks collapsed. The union stages two-hour work stoppages during morning and afternoon shifts at the company’s domestic plants on Wednesday and Thursday, and plans to extend the walkout to four hours on Friday. The action halts production across Hyundai’s key facilities in the country. The strike is the first since 2019. Over the past six years, labor and management had managed to sidestep strikes even through the pandemic and a period of heightened trade tensions between South Korea and Japan. This year, however, negotiations broke down after 20 rounds of talks since June 18. Hyundai had offered a second proposal that included a base salary increase of 95,000 won, or about $68 a month, performance bonuses worth 400 percent of monthly pay plus 14 million won in cash, and 30 shares in the company for each worker. Union leaders rejected the package, demanding a larger monthly raise of 141,300 won, performance pay equivalent to 30 percent of last year’s net profit, and an extension of the retirement age to 64 without income gaps. “It is regrettable that the union decided to strike despite insufficient substantial discussions on negotiation items,” Hyundai said in a statement, adding that it would continue to seek “reasonable" results that allow labor and management to coexist. The dispute centers on wages and retirement age, with the union pointing to Hyundai’s strong performance — a record 14.2 trillion won operating profit last year and a 7.3 percent revenue increase in the second quarter. Management, however, has cited rising concerns over U.S. tariff pressures and a slowdown in the global electric vehicle market. The unrest spread beyond Hyundai. On Wednesday afternoon, unions at HD Hyundai, the country’s top shipbuilder, also walked off the job. 2025-09-03 10:53:15

Elderly poverty in South Korea projected to spike by 2050 without pension reform SEOUL, September 2 (AJP) - South Korea's elderly poverty rate could soar to more than 40 percent within the next 25 years if the current pension system remains unchanged, according to a government-affiliated research report disclosed on Tuesday. The report, released last December by researchers at the National Pension Research Institute, projected that under the existing system, which sets the income replacement rate at 40 percent and the contribution rate at 9 percent, the elderly poverty rate will rise from 37.4 percent this year to 42.3 percent by 2050. It also predicted that the "poverty gap," which measures the depth of poverty, will widen significantly, indicating that living conditions for poor seniors will worsen further due to demographic changes. Researchers said that while the number of "young-old" seniors aged 65 to 74 is expected to decline, the proportion of "old-old" seniors aged 75 and older, who typically have lower income levels, is projected to rise sharply. This shift is seen as a key driver of widening income inequality among the elderly. The report said that those now aged 75 and older did not have sufficient time to participate in the national pension system, which was introduced in 1988. According to birth and death results released by Statistics Korea in February, the country's total fertility rate rebounded for the first time in nine years to 0.75 in 2024, but it still remains less than half the OECD average of 1.51 as of 2022. Rival political parties reached a bipartisan agreement on pension reform in mid-March, the first in 18 years, though it has been seen as a limited parametric reform, adjusting contribution and replacement rates rather than fundamentally changing the system. The reform aims to gradually raise the contribution rate from 9 percent to 13 percent by 2033, while the income replacement rate will be raised to 43 percent. The government said the reform, combined with an increase in the investment return target for the pension fund from 4.5 percent to 5.5 percent, is expected to delay the projected depletion of the fund by 15 years, from 2056 to 2071. 2025-09-02 17:23:07

UNICEF sends 2.7 million vaccines to North Korea this year to restore routine immunization SEOUL, September 02 (AJP) - North Korea has received nearly 2.72 million vaccine doses this year through UNICEF, restoring nationwide immunization services disrupted during the pandemic, A United Nations official told AJP through a written interview. Roland Kupka, UNICEF's interim representative to North Korea, said that three chartered flights delivered 1.57 million Pentavalent, 678,000 Measles-Rubella (MR), and 469,000 Inactivated Polio Vaccine (IPV) as of August this year. The flights arrived in January, March, and May, with two additional flights scheduled later this year. Pentavalent, or Penta, protects children from five major diseases, including diphtheria, tetanus, pertussis, hepatitis B, and Hib-related infections. The MR vaccine prevents measles and rubella, while the IPV vaccine guards against polio. These vaccines are central to routine immunization, scheduled childhood vaccinations delivered through the health system, and form the backbone of basic preventive care in low and middle-income countries, including North Korea. Kupka also said "two major water supply projects are under construction and expected to finish by year's end," benefiting more than 23,000 people, including five schools and four health facilities. The projects aim to expand access to safe drinking water in local communities. He added that "25 containers of essential nutrition and medical supplies have been delivered," ensuring continued treatment for malnourished children. Gavi, the Vaccine Alliance, said it continues to support routine immunization in North Korea through partners such as the World Health Organization (WHO) and UNICEF. "In 2024 and 2025, partners have supported several campaigns to help recover immunization coverage to pre-COVID levels," the organization said. The progress marks a sharp turnaround from the pandemic years, when North Korea's border closures cut off vaccine supplies from international organizations. Immunization coverage plummeted from 96 percent in 2019 to 42 percent in 2021, leaving hundreds of thousands of children at risk. UNICEF said the recent deliveries "enabled the successful completion of two nationwide multi-antigen catch-up campaigns," fully restoring routine immunization services. The shipments represent a major recovery since the pandemic. In 2024, UNICEF had already delivered more than 4 million vaccine doses to North Korea, launching a large-scale catch-up campaign. The 2025 shipments build on that effort to maintain immunization coverage. North Korea also faces severe food insecurity. According to a 2022 report from the World Food Programme (WFP), an estimated 10.7 million people, more than 40 percent of the population, are undernourished. The situation is also reflected in a 2025 UN food security report, which found that 16.6 percent of children under five are stunted. To address these needs, WFP is providing specialized nutritious foods to vulnerable groups such as pregnant women, nursing mothers, and young children through nurseries, hospitals, and schools. 2025-09-02 17:19:56

Lotte Biologics signs manufacturing deal for immunotherapy drug with US firm SEOUL, September 02 (AJP) - Lotte Biologics said Tuesday it had signed a manufacturing agreement with a U.S. biotechnology company to produce an experimental immunotherapy. The deal, which runs through 2030, covers late-stage clinical trials and potential commercialization of the drug candidate, which is being tested across multiple disease indications. The name of the client company was not disclosed under confidentiality terms. Lotte Biologics, a unit of the Lotte conglomerate, is focusing on expanding its contract development and manufacturing organization, or CDMO, business, which produces drugs on behalf of pharmaceutical companies. Its U.S. production base, the Syracuse Bio Campus in New York, is positioned as a cornerstone of that growth strategy. The company said it plans to operate under a single quality-control system across both the Syracuse facility and its upcoming Songdo Bio Campus in South Korea, scheduled to begin operations in 2027, in order to attract more partnerships with American biotech firms. 2025-09-02 16:52:10

Korea's chaebol families add nearly $25 billion in wealth in first half of 2025 SEOUL, September 02 (AJP) - The fortunes of South Korea’s largest business dynasties swelled in the first half of the year, buoyed by rising share prices in their sprawling corporate empires, according to data released Tuesday. Combined assets held by the owner families of the country’s 50 biggest conglomerates rose by nearly 33 trillion won, or about $24.8 billion, between January and August, research firm Leaders Index said. Their holdings were valued at 144.4 trillion won ($108.6 billion) as of late August, based on the firm’s analysis of 623 family members with equity stakes in affiliated companies. Samsung heirs were the biggest beneficiaries. Samsung Electronics Chairman Lee Jae-yong saw his wealth climb 4.7 trillion won to roughly 16.6 trillion won, largely driven by a 48 percent surge in Samsung C&T shares. His stake in the company rose in value by 1.8 trillion won. Lee's sister, Lee Boo-jin, who runs Hotel Shilla, gained 1.9 trillion won, while their mother, Hong Ra-hee, honorary director of the Leeum Museum of Art, added 1.7 trillion won. Altogether, the Samsung family’s wealth grew by 10 trillion won, accounting for about one-third of the total gains among chaebol families. Outside Samsung, Hyosung Group Chairman Cho Hyun-joon’s assets rose by 2 trillion won to 3 trillion won, partly through stake transfers and family share exchanges after the death of former honorary chairman Cho Seok-rae. Hyundai Motor Group’s Chairman, Chung Eui-sun, added 1.8 trillion won, lifted by stock splits and share price increases across affiliates, including logistics arm Hyundai Glovis. Not all saw gains. Kyobo Life’s Chairman, Shin Chang-jae, lost nearly 800 billion won as his assets fell 25 percent to 2.5 trillion won, dragged down by declines in his company’s share value. Yoo Jung-hyun, chairwoman of NXC and widow of Nexon founder Kim Jung-ju, also shed more than 200 billion won after selling part of her stake and as the company’s per-share valuation dropped. 2025-09-02 16:43:07