Lotus transforms Seoul showroom into immersive art gallery SEOUL, December 24 (AJP) - Lotus Cars Korea finished its art collaboration event at its flagship showroom in Seoul's upscale Gangnam district on Wednesday, merging contemporary Japanese art with high-end automotive design. The event, held from Dec. 21, drew guests from fashion, design, automotive and lifestyle sectors. London and Seoul-based creative directing teams Nazferatu and Aube Arte orchestrated the showcase. Japanese contemporary artist Ryota Daimon headlined the event with a live painting performance, using a vehicle as his canvas. The artist, known for fusing street culture with traditional Japanese aesthetics, transformed the car into what organizers described as an artistic object rather than mere transportation. Korean sculptor Oum Jeong-soon, whose work has featured at the Gwangju Biennale, contributed installation pieces exploring the relationship between space, objects and human presence. Bang & Olufsen's high-end audio systems provided an immersive soundscape throughout the venue. "This art collaboration was an attempt to extend Lotus's pursuit of performance and design sensibility into the broader lifestyle sphere," a Lotus Cars Korea official said. "We plan to continue expanding touchpoints with customers through brand activities that combine art, culture and spatial experiences." The company indicated it would pursue similar differentiated marketing initiatives in 2026, seeking to carve out a distinctive brand identity in South Korea's competitive luxury automotive market. 2025-12-24 10:55:59

Korean won rises 1.3% after strong verbal intervention SEOUL, December 24 (AJP) - The Korean won surged more than 1 percent against the U.S. dollar in early trading Wednesday in Seoul, as suspected dollar-selling flows followed a strong verbal warning from authorities, amplifying a broader retreat in the greenback across major currencies. The dollar fell 22.8 won to 1,459.2 won as of 10 a.m., outperforming the dollar index’s 0.34 percent decline to 97.61. In a joint message issued before the market opened, senior officials at the Ministry of Economy and Finance and the Bank of Korea warned of their "strong will and policy capacity" to curb what they described as "undesirable" and excessive weakness in the local currency. The warning came after the dollar briefly tested the 1,480-won level earlier this month, nearing its annual trough in April amid renewed market volatility triggered by Washington's tariff-related measures. A foreign-exchange trader, speaking on condition of anonymity, said a large volume of forward dollar selling and currency-hedging transactions appeared to enter the market in tandem with the authorities' verbal intervention. Earlier this month, the National Pension Service extended a US$65 billion foreign-exchange swap agreement, giving the fund greater flexibility to conduct strategic hedging when the exchange rate reaches certain thresholds. The suspected hedging activity has reinforced market expectations that authorities are effectively defending the 1,480-won level as a key psychological and policy line. 2025-12-24 10:30:13

North Korea spurs rural development ahead of key party congress SEOUL, December 24 (AJP) - North Korea has been holding a series of opening ceremonies for new factories in provincial areas, state media reported Wednesday. According to the state-run northern mountainous areas of Kilju," adding that projects to develop provincial areas would be further expanded. North Korea has already held a slew of similar events in recent weeks including those in North and South Hwanghae Provinces and Kangwon Province. These development projects, along with the recent grand openings of new hotels near Mt. Paektu, are part of the North's ambitious plans to narrow gaps between the modernized capital of Pyongyang and rural areas within 10 years, in an apparent effort to promote year-end achievements ahead of the country's key party congress scheduled for early next year. 2025-12-24 10:20:14

Fuel tax cuts extended until February SEOUL, December 24 (AJP) - The government decided to extend a fuel tax cut for another two months as it expires later this month. The Ministry of Economy and Finance said on Wednesday that the fuel tax cut will remain until the end of February next year to support people affected by volatile gas prices amid a rising cost of living. With the extension, the current tax reductions - 7 percent on gasoline and 10 percent on diesel and liquefied petroleum gas (LPG) - will remain in place until Feb. 28. The ministry also extended the current tax break for new car purchases until the first half of next year to boost private consumption. However, a temporary tax cut on power-generation fuels for state-run energy-related companies is set to end by the end of December in consideration of stable prices. The tax break has been extended almost every six months since November 2021 to support people hit by the economic slowdown since the outbreak of the coronavirus pandemic. 2025-12-24 09:37:48

Fire at apartment complex in Seoul leaves two in critical condition, dozens evacuated SEOUL, December 24 (AJP) - A fire broke out at an apartment complex in Songpa, southern Seoul, early Wednesday morning, leaving two people in cardiac arrest and dozens evacuated. According to fire authorities, the blaze started at around 5:36 a.m. on the fifth floor of the Olympic Athletes' Village, which was built just ahead of the 1988 Seoul Olympics to house athletes and journalists and was later converted into a residential complex. Rescue officials said a man and a woman in their 60s were found unconscious and remain in critical condition. Another man and woman in their 70s who were rescued at the scene suffered minor discomfort after being exposed to smoke, while some 35 residents evacuated on their own. Some 87 firefighters were mobilized, and the fire was fully extinguished at around 7:11 a.m., roughly 90 minutes after it broke out. Authorities are investigating the exact cause of the fire. 2025-12-24 08:59:18

Korean debt issues tumble in Nov on concerns of borrowing rates going higher SEOUL, December 24 (AJP) -Equity offerings thrived while debt issuance shrank in South Korea in November, cutting direct financing by nearly 2 trillion won ($1.4 billion) and underscoring an unfavorable borrowing environment for Korean companies, data showed Wednesday. According to the Financial Supervisory Service, funds raised through stock and corporate bond issuance totaled 21.89 trillion won in November 2025, down 1.81 trillion won, or 7.6 percent, from the previous month. Direct financing refers to companies raising funds by issuing stocks or bonds without going through financial institutions. Funds raised through stock issuance jumped to 821.4 billion won, up 727.5 billion won, or 774.8 percent, from October. Initial public offerings totaled 14 deals worth 410.9 billion won, all small and midsize IPOs listed on the KOSDAQ. The average IPO size rose to 29.3 billion won from 26.2 billion won a month earlier. Rights offerings also increased, with seven deals worth 410.6 billion won, driven by greater fundraising for operating expenses and facility investment. By contrast, corporate bond issuance fell to 21.07 trillion won, down 2.54 trillion won, or 10.8 percent. Corporate debt issuance nearly halved to 1.96 trillion won, down 45 percent. Refinancing accounted for 55.7 percent of issuance, sharply lower than 72.7 percent in October, while the shares for operating and facility funding expanded to 22.1 percent and 22.2 percent, respectively. Issuance of financial bonds totaled 17.34 trillion won, down 893.7 billion won, or 4.9 percent. Issuance of financial holding company bonds and other financial bonds declined, while bank bond issuance rose 10.0 percent to 8.998 trillion won. Asset-backed securities issuance came to 1.78 trillion won, down 2.6 percent, although issuance of primary collateralized bond obligations (P-CBOs) aimed at supporting small and midsize firms increased. Issuance of commercial paper and short-term bonds surged, reflecting heightened market uncertainty over the trajectory of interest rates. Short-term bond issuance totaled 166.29 trillion won, up 28.65 trillion won, or 20.8 percent. Commercial paper edged up to 44.80 trillion won, while short-term bonds jumped 30.7 percent to 121.49 trillion won. As of the end of November, outstanding corporate bonds totaled 756.23 trillion won, up 6.18 trillion won from the previous month. Net issuance of general corporate bonds extended its upward trend for a second consecutive month. Separately, Asiana Airlines said Wednesday that it approved the issuance of 200 billion won in perpetual bonds to strengthen its capital base. The carrier said the move aims to improve its debt ratio and overall financial health, as the won-dollar exchange rate has surged since the first half of the year and high interest rates have persisted. Asiana said it recently received a one-notch credit-rating upgrade to BBB+, its first since 2015. The company attributed the upgrade to the removal of merger-related uncertainty following the sale of its cargo business in August, as well as to Korean Air’s full purchase of Asiana’s perpetual convertible bond refinancing in November. With the higher credit rating and improved outlook for integration, Asiana said it was able to issue perpetual bonds on its own credit, without credit enhancement, for the first time since 2019. It added that it will continue efforts to strengthen its financial health to support stable integration. 2025-12-24 07:27:00

Millennials in Korea: No longer young, but unable to step into adulthood SEOUL, December 23 (AJP) - In South Korea, millennials are no longer young — yet many remain unable to move into what society defines as adulthood. Grouped together with Gen Z under the shorthand "MZ generation," millennials are aging out of youth by any demographic measure. The youngest, born in 1996, will turn 30 next year; the oldest will be 45. But for a large share of this cohort, milestones traditionally associated with adulthood — stable employment, marriage, homeownership and child-rearing — remain delayed, constrained or out of reach, often against their will. Their misfortune began early. As teenagers, older millennials lived through the 1997–98 Asian financial crisis, when the country that had embodied the "Miracle on the Han River" was forced into an IMF bailout. Just as the eldest entered the job market, the global financial crisis of 2008 struck, shrinking opportunities and resetting career ladders. Since then, the expected rewards of aging — dating, marriage, childbirth and owning a home — have been steadily pushed further down the timeline. What millennials learned instead was that salaried income alone would not be enough. They self-taught, speculated and became the driving force behind Korea's asset boom, often fueled by leverage. The term "youngkkeul" — roughly meaning "maxing out loans to the soul" — was coined to describe their panic-driven borrowing, taken on in fear of being permanently shut out of homeownership and asset accumulation. The numbers reflect that anxiety. According to borrower-level household loan data released by the Bank of Korea, the average amount per new mortgage loan in the third quarter of 2025 reached 220 to 230 million won, the highest level since the statistics were first compiled. By age group, mortgage growth was most pronounced among those in their 30s, with borrowing heavily concentrated in Seoul and the wider metropolitan area. Borrowers in their 30s and 40s now account for more than half of all new household loans. Yet ownership remains elusive. Only one in four households headed by people in their 30s lives in a home they own. The number of households without homes reached 527,729 last year in Seoul, an increase of 17,215 from the previous year and the highest figure since statistics began in 2015. "Korea has traditionally had a middle-class myth," said Kim Yong-jin, a professor at Sogang University School of Business. "The core requirement of being middle-class is owning a home. Even if you can live comfortably without one, in Korea, homeownership is treated as a measure of success. That creates fundamental demand." Behind the youngkkeul phenomenon lies a powerful fear of missing out. The belief that "if I don't buy now, I'll never own a home in Seoul" has hardened, pushing loan demand among people in their 30s toward high-priced areas with expensive housing and rents. But not everyone can play this game. "Youngkkeul is only possible for those in their early 30s with stable, well-paying jobs," said Lee Chang-min, a professor at Hanyang University School of Business. "It's creditworthy professionals who can secure loans. Those who enter the workforce late, even in their 30s, often can't." Despite high debt burdens, millennials remain deeply asset-oriented. In a real estate perception survey conducted last year by Woori Financial Group, 44.6 percent of Gen M respondents said real estate investment is essential to building wealth — the highest among generations. Gen Z recorded the lowest share at 36.8 percent. Unlike their younger counterparts, millennials favor asset and career stability over a carefree lifestyle. That preference extends to work. When data consulting firm PMI surveyed 1,000 office workers nationwide via GS&Panel, 45.9 percent said they would remain office workers until retirement unless something unexpected happened. The figure was especially high among respondents in their 30s and 40s. While those in their 20s most often defined success by "high income," respondents in their 30s, 40s and 50s overwhelmingly chose "work-life balance" as the top priority. Millennials also face an identity crisis unique to Korea's legal framework. Employment-related laws define youth as ages 15 to 29, while small business and employment insurance laws extend youth status to 34. In startups and agriculture, the cutoff stretches to 39 or even 40. As a result, many millennials remain administratively classified as "youth" long after society expects them to behave like adults. That contradiction is becoming more visible in the labor market. According to employment trends released last month by Ministry of Data and Statistics, the employment rate for people aged 15 to 29 fell to 44.3 percent in November, down 1.2 percentage points from a year earlier — the lowest November reading in five years. At the same time, unemployment among people in their 30s surged nearly 30 percent year-on-year, underscoring mounting pressure on the broader "2030 generation." Despite being labeled "youth," millions of millennials are not economically prepared to exit that category. No longer young, yet unable to arrive at adulthood, they occupy a prolonged in-between — carrying debt, delaying life decisions and redefining what growing up means in modern Korea. 2025-12-23 18:03:30

South Korea celebrates record 18.5 million tourists SEOUL, December 23 (AJP) -Sharmaine Lee from Singapore became the 18.5 millionth foreign visitor to South Korea this year on Tuesday, greeted with fanfare at Incheon International Airport as the country’s inbound arrivals surpassed the pre-pandemic peak of 17.5 million recorded in 2019. Buoyed by the milestone, the government has moved up its long-term tourism ambition, setting a target of attracting 30 million foreign visitors by 2030. According to the Korea Tourism Organization, the surge reflects a synchronized recovery in travel demand across Asia, the Americas and Europe, reinforced by the global appeal of K-pop, K-dramas and Korean beauty culture. Yet behind the record headcount lies a persistent structural weakness: tourists are returning in force, but they are spending less. A recent report by Yanolja Research shows that average per-capita spending during the first nine months of 2025 stood at $1,010.4, down 15.3 percent from $1,193.1 in 2019. As a result, total tourism receipts reached $14.23 billion, recovering to just 92.2 percent of pre-pandemic levels despite inbound arrivals already exceeding the earlier peak. Industry experts increasingly point to Japan’s policy shift as a possible reference point. Since 2014, Tokyo has treated tourism as a pillar of national growth, prioritizing longer stays and spreading visitors beyond major cities. That strategy delivered 36.87 million foreign visitors and a $41.2 billion tourism surplus last year. By contrast, South Korea continues to run a structural deficit, as outbound spending by Korean travelers outpaces inbound tourism revenue. At the center of the challenge is the length of stay. Foreign visitors currently remain in South Korea for an average of three to four days — a duration experts say must be extended to a week or more to generate meaningful economic spillovers. “The essence lies in why they come, how long they stay, and what brings them back,” said Yoon Yoo-sik, a professor at Kyung Hee University’s College of Hotel and Tourism Management. He stressed that South Korea needs to move beyond generic sightseeing toward higher-value, experience-based offerings spanning K-pop, beauty and MICE (meetings, incentives, conferences and exhibitions). In response, the Ministry of Culture, Sports and Tourism plans to accelerate what it calls a “structural transformation” beginning in 2026. Measures under review include streamlined entry procedures, dedicated transit passes for foreign visitors and improvements to mobile payment systems to better serve the growing ranks of independent travelers. As South Korea’s tourism numbers push into uncharted territory, policymakers face a familiar question: whether the next phase of growth will be defined by how many visitors arrive — or by how long they stay and how deeply they spend. 2025-12-23 17:57:33

South Korea's stocks edge up, China and Japan trade flat SEOUL, December 23 (AJP) - South Korea’s KOSPI rose slightly on Tuesday as Samsung Electronics closed at a record high, while Chinese and Japanese markets were little changed. In Seoul, the benchmark KOSPI gained 0.3 percent to finish at 4,117.32, extending its winning streak to a third session. The tech-heavy KOSDAQ fell 1 percent to 919.56. Samsung Electronics rose 0.9 percent to 111,500 won ($75.3), reaching the highest closing price in its history. SK hynix added 0.7 percent to 584,000 won. Shipbuilding shares surged. HD Hyundai Heavy Industries climbed 3.7 percent to 533,000 won and Hanwha Ocean jumped 12.5 percent to 123,400 won, and HD Korea Shipbuilding & Offshore Engineering gained 3.2 percent to 432,000 won. The rise came amid growing expectations for shipbuilding cooperation between South Korea and the United States. U.S. President Donald Trump said Monday at Mar-a-Lago, Florida, that the Navy’s newly announced class of frigates will be built in partnership with South Korea’s Hanwha. He added that Hanwha agreed to invest 5 billion dollars in the Philadelphia Naval Shipyard, calling the company “a good company.” Entertainment stocks rallied on hopes that China will ease restrictions on Korean cultural content, after reports that a K-pop concert in Hong Kong may be broadcast live across China. Hybe rose 5 percent to 324,500 won, SM Entertainment gained 7.6 percent to 127,700 won, YG Entertainment climbed 4.3 percent to 66,200 won, and JYP Entertainment added 3.1 percent to 72,200 won. Japan’s and China’s markets showed little movement. The Nikkei 225 added 10.48 points to 50,412.87, while China’s Shanghai Composite Index rose 2.61 points to 3,919.98. 2025-12-23 17:48:20

Naver, Spotify open joint popup store in Seoul to showcase audio content partnership SEOUL, December 23 (AJP) - South Korean internet giant Naver and global music streaming service Spotify have launched a two-day popup store in Seoul's Seongsu-dong to promote their content partnership. The popup store, running from Dec. 23 to 24 at XYZ SEOUL, allows Naver Plus membership subscribers to experience integrated audio content services from both platforms. Non-members can also gain access by signing up for the membership on-site. Since Nov. 27, Naver Plus membership subscribers have been able to access Spotify Premium Basic as part of their monthly subscription, enabling them to stream Spotify's extensive music library at no additional cost. The venue features multiple experience zones highlighting the integration between Naver's services and Spotify. A navigation zone demonstrates how Naver Maps can sync with Spotify to recommend playlists based on saved destinations, while a search zone allows visitors to find and play music directly through Naver's search results. The popup store also includes interactive areas where visitors can create customized eco-bags and view works by graffiti artists. A special room dedicated to South Korean boy band Stray Kids member Felix, who serves as campaign ambassador for both companies, is also available. Naver said it plans to continue online and offline promotional events to strengthen user engagement with the Naver-Spotify collaboration. 2025-12-23 17:47:53