Retrial of SK chief's divorce case set for early next month SEOUL, December 23 (AJP) - The first hearing for a retrial of SK Group Chairman Chey Tae-won's divorce lawsuit will be held next month, after the Supreme Court of Korea sent back the high-profile case to a lower court in October. The hearing is scheduled for Jan. 9 at the Seoul High Court, where it will recalculate the marital assets of Chey and his estranged wife Roh Soh-yeong, to assess the amount of property to be divided. The top court earlier found flaws in the lower courts' assessment of Roh's contribution to the conglomerate's growth, ruling that some 30 billion Korean won (US$21 million) in slush funds from Roh's father, the late former President Roh Tae-woo, which were funneled into SK Group, cannot be considered assets jointly accumulated by the couple. It also clarified that such illegally raised funds constitute bribes and therefore cannot be subject to property division. Only the division of their assets remains to be determined at the appeals court, since the top court has finalized its order for Chey to pay 2 billion won in alimony. The couple married in September 1988 and have three children between them. In December 2015, Chey revealed that he had a child out of wedlock and later filed for divorce in July 2017 as the two failed to agree on the terms of separation. 2025-12-23 15:41:40

Korea's first private rocket crashes after liftoff, Innospace shares nosedive SEOUL, December 23 (AJP) -South Korean space startup Innospace said Tuesday that its Hanbit-Nano rocket lifted off normally from Brazil but crashed about 30 seconds later after an in-flight anomaly, ending the country’s first attempt by a private firm to place customer satellites into orbit. The two-stage Hanbit-Nano vehicle launched at 10:13 p.m. Monday local time (10:13 a.m. Tuesday in Korea) from Alcantara Space Center, the company said. The first-stage engine ignited as planned and the rocket initially gained altitude, but telemetry detected an abnormal signal roughly half a minute after liftoff, prompting mission termination. The vehicle fell within a designated ground safety zone, Innospace said, adding that there were no casualties or secondary damage. A fireball was visible after impact on a YouTube livestream, which was cut shortly afterward. The mission was ended under internationally compliant safety procedures coordinated with the Brazilian Air Force, the company said. The launch had been billed as South Korea’s first contracted satellite launch by a private operator. Hanbit-Nano was carrying eight payloads weighing about 18 kilograms in total—five small satellites for customers in Brazil and India, and three experimental devices—bound for a 300-kilometer low-Earth orbit. Hanbit-Nano uses a hybrid engine delivering about 25 tons of thrust on the first stage, while the second stage is powered by a liquid methane-oxygen engine, a technology Innospace is developing with an eye toward reusability. The launch had been postponed three times from its original Nov. 22 date. Innospace said it is reviewing flight data to determine the precise cause of the failure and will disclose findings after analysis. The company said it plans to attempt another launch after identifying the issue and implementing technical improvements. Shares of KOSDAQ-listed Innospace also crashed to close at 10,710 won ($7.2) after losing 28 percent. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-23 15:30:32

TRAVEL: Mt. Maisan's twin horse-ear peaks offer geological wonders JINAN, December 23 (AJP) - Famous for its unique geological and rocky formations, Mt. Maisan in southwestern South Korea has two distinctive twin peaks that resemble a horse's ears, from which the mountain got its name. The higher peak, called Ammaibong, reaches 687 meters, while the slightly lower Sutmaibong stands at 679.9 meters. Located in Jinan, North Jeolla Province, only Ammaibong is open to hikers. What makes the mountain especially striking is its cluster of stone formations and rocky pillars, created from Cretaceous-period conglomerate rock. Pebbles fused within the rock give it a concrete-like texture, while centuries of erosion have carved countless small cavities called tafone, rare formations that added to the mountain's geological value. A five-hour route to the peak begins at Geumdangsa, the area's largest temple, which houses nationally designated treasures, including a 9-meter-long Buddhist painting. Despite its manageable height, the mountain challenges hikers with its steep, demanding trail. But hikers are rewarded with breathtaking views from the summit, where rice paddies spread across the valleys below, flowing like rivers. Hiking in the rain may seem inconvenient at first, but unless it is a heavy downpour, it rarely becomes an obstacle. Once the rain stops, the scenery often appears fresher and clearer than on sunny days. At the foot of the mountain lies Tapsa temple, known for its numerous mysterious stone pagodas. Built over more than 30 years in the late 19th century by a single man, the pagodas have withstood wind and rain without mortar and still stand today. Hikers may not be able to see the full shape of the mountain while climbing, so they should stop by a nearby maze-themed garden, where visitors can check if the mountain's shape truly resembles a horse's ear. A hearty meal made with local black pork would be one of the perfect ways to end a tough day of hiking. 2025-12-23 15:13:12

South Korea's Shinhan Card reports leak of data on 190,000 merchants Shinhan Card headquarters in Seoul/ Courtesy of Shinhan Card SEOUL, December 23 (AJP) - Shinhan Card said on Tuesday information on about 190,000 merchants, including store owners’ mobile phone numbers, was leaked in an incident caused by an employee rather than a cyberattack. According to financial industry sources, Shinhan Card confirmed the data leak through an internal investigation and reported the case to the country's Personal Information Protection Commission (PIPC). The company said the incident was not the result of hacking or an external system breach, but involved an employee. Most of the leaked information consisted of mobile phone numbers belonging to merchants, Shinhan Card said. Cases in which a phone number, name and date of birth were exposed together were limited. The company said it has so far found no evidence that the employee sold the data or committed additional crimes, adding that the information appears to have been used to boost sales performance. Shinhan Card said it launched an internal probe after the privacy watchdog contacted the company last month. Following about three weeks of data analysis, the company concluded that between March 2022 and May this year, an employee leaked information on roughly 190,000 merchants, including business registration numbers, store names and merchant-owner mobile phone numbers. Shinhan Card has posted an apology and notice on its website and will allow merchants to check whether their information was affected. The company also plans to notify affected merchants individually. A Shinhan Card official said further investigation is under way to determine whether the incident involved improper use of personal information beyond its intended purpose. The official said the company will move swiftly to provide compensation and other remedial measures if customer harm is confirmed. 2025-12-23 14:53:53

LIG Nex1 to develop core technologies for Korea's combat unmanned surface vessel SEOUL, December 23 (AJP) - South Korean defense company LIG Nex1 has begun developing core technologies for a combat unmanned surface vessel (USV), in a move aimed at advancing the Navy’s manned-unmanned combined maritime combat capability. LIG Nex1 said on Tuesday it signed an agreement on Dec. 19 with the Korea Institute for Advancement of Technology (KIAT) to develop an integrated control system and an autonomous mission system for a combat USV under a packaged weapon-system technology program. The program was planned by the Defense Acquisition Program Administration (DAPA) in cooperation with KIAT to secure key technologies ahead of the Batch-II system development phase of the combat USV, the company said. LIG Nex1 will act as the lead research and development contractor, overseeing the overall project. About 49 billion won in government funding will be invested over 60 months through December 2030 to develop an integrated control system, a weapon operation and launch-control system, and an autonomous mission system for the combat USV. The technologies are described as essential to the Navy’s Sea GHOST manned-unmanned maritime combat concept. The plan calls, for the first time in South Korea, for mounting a 20-millimeter-class remote-controlled weapon station (RCWS) on a USV and applying launch and operation technologies for the Bigung guided rocket and loitering munitions. The aim is to significantly enhance long-range precision-strike capabilities for unmanned maritime platforms. LIG Nex1 said the integrated control system will link sensors, weapons and onboard systems to improve operational efficiency and survivability. The company plans to combine its control technologies with artificial-intelligence-based systems to enable real-time data processing and decision-making and command functions. An LIG Nex1 official said the project represents an important opportunity to help the South Korean Navy secure future combat capabilities and to strengthen the company’s competitiveness in the global USV market. LIG Nex1 aims to develop derivative models tailored to country-specific requirements to boost the international appeal of South Korean unmanned naval systems. 2025-12-23 14:12:56

Korea's bio-health exports eye bumper year in 2026 on global growth Editor's Note: This is the fourth installment in AJP's 2026 outlook series on South Korea's key industries. SEOUL, December 23 (AJP) - South Korea’s bio-health industry — spanning pharmaceuticals, medical devices and cosmetics — is set for a record year in 2026, with total exports expected to surpass the $30 billion mark, powered by the country’s strength in contract manufacturing and the global expansion of K-beauty. According to the Korea Health Industry Development Institute (KHIDI), bio-health exports are estimated to have risen 10.6 percent to $27.9 billion in 2025, and are forecast to grow a further 9 percent to $30.4 billion in 2026. Biopharmaceuticals remain the key growth engine. Products in the category — accounting for 65.7 percent of total exports — are estimated to have jumped 25.7 percent this year, driven by rising demand in the United States and Europe. Cumulative biopharmaceutical exports from January to October climbed 17.1 percent year on year to $5.39 billion, up from $4.6 billion in 2024. The growth streak is expected to accelerate in 2026, with biopharmaceutical exports projected to reach $8.5 billion, taking up 81.1 percent of shipments within the category. The Korea Chamber of Commerce and Industry (KCCI) also struck an upbeat tone, citing the ramp-up of large-scale CDMO facilities in Korea and the likelihood of major outsourcing contracts, particularly in the wake of tightening U.S. biosecurity rules. The White House said President Donald Trump has signed the National Defense Authorization Act (NDAA) for fiscal 2026, which incorporates the Biosecurity Act. The law restricts transactions with Chinese companies involved in genome analysis, CDMO operations and bio-related materials. “The U.S. Department of Defense regularly updates its ‘1260H list,’ and foreign media have reported that China’s Wuxi could be added in January,” said Oh Gi-hwan, executive director at KoreaBio. “Competition among Korean, Indian, Japanese and European firms to fill the market gaps left by Chinese companies is expected to intensify.” The Biotechnology Innovation Organization (BIO) noted that the 1260H list already includes Forensic Genomics International, a subsidiary of China’s BGI Group, and OriginCell Technology, a Shanghai-based cell-storage company. As Washington tightens scrutiny of Chinese biotechnology firms, analysts expect Korean companies — including Samsung Biologics, ST Pharm, Binex, 3billion and Macrogen — to benefit from shifting supply chains. Still, risks remain. KCCI warned that U.S. drug-price controls and “America First” supply-chain policies could weigh on profitability. “The outlook for next year is positive, and a rebound in investment is overdue after two weak years,” said Lee Seung-Kyou, vice president of KoreaBio. “Government efforts to promote venture investment are beginning to show results. In 2025, Korea demonstrated its competitiveness through technology transfers and successes such as SK Biopharm. In 2026, more Korean firms are expected to establish a global presence.” Lee cautioned, however, that tariffs, U.S.-China relations and U.S. biotechnology policy remain key uncertainties requiring close coordination between government and industry. KHIDI echoed the optimism. “In 2025, the bio-health industry posted record exports as recognition of major products increased, especially in the U.S. and Europe,” said Lee Byung-kwan, head of KHIDI’s Bio-health Innovation Planning Division. “In 2026, exports are again expected to break records, driven by market diversification, pharmaceutical growth and a recovery in medical-device shipments.” Cosmetics exports surged in 2025, particularly in advanced markets. As of October, exports to North America rose 19.5 percent to $2.01 billion, while shipments to Europe jumped 41.1 percent to $1.87 billion. Growth in the Asia-Pacific region, by contrast, was muted amid competition from low-cost Chinese products, with exports edging up 1.2 percent to $4.98 billion. Looking ahead, pharmaceutical exports are expected to benefit from stronger biopharmaceutical demand in the U.S. and Europe, expanded CDMO capacity and wider overseas approvals. Medical-device exports are also seen rising, supported by aging populations, chronic-disease prevalence and growing demand for diagnostic equipment, including ultrasound and X-ray systems, as well as aesthetic laser devices tied to K-beauty trends. South Korea currently ranks around 10th globally in biopharmaceutical exports, at about $5.8 billion, and aims to double shipments within five years. To accelerate market entry, the government plans to shorten biosimilar review times from 406 days to 295 days, and cut reimbursement listing periods under the national health-insurance program from 330 days to 150 days. The global pharmaceutical market reached $1.74 trillion last year — roughly three times the size of the semiconductor market — and is growing at an average annual rate of 4.7 percent, according to government data. Biopharmaceuticals are expanding even faster, at 11.9 percent a year. 2025-12-23 14:03:07

Bank of Korea flags growing investor preference for overseas stocks SEOUL, December 23 (AJP) - South Korean retail investors have been taking profits when local share prices rise while continuing to buy overseas stocks, a shift the central bank linked to differences in long-term return expectations. In its Financial Stability Report released on Tuesday, the Bank of Korea (BOK) said that from July to October — when both South Korean and U.S. equity markets were rising — individual investors were net sellers of 23 trillion won in domestic stocks and net buyers of $10.3 billion, or about 15.28 trillion won, in overseas shares. The central bank said retail investment in domestic and overseas stocks previously tended to move in tandem, but since 2020 the relationship has increasingly become one of substitution, with buying in one market accompanied by selling in the other. During 2020–2021, when overseas stock investment surged, individual investors also made large net purchases of South Korean shares, seeking diversification benefits. More recently, however, the bank said the tendency has strengthened, with overseas stock purchases increasingly accompanied by sales of domestic shares. The report said that when short-term returns rise both at home and abroad, retail investors often lock in gains in South Korean stocks while chasing overseas investments. This pattern became more pronounced in September and October, when the KOSPI outperformed the U.S. S&P 500, rising 28.9 percent compared with 5.9 percent. The BOK said the growing substitution reflects low expectations for long-term returns in South Korea’s stock market. “Because the long-term return gap between the South Korean and U.S. markets has fixed investors’ expectations at low for South Korea and high for the United States, a pattern has emerged of selling domestic stocks and buying overseas stocks when short-term returns rise,” the bank said in the report. It added expectations of foreign-exchange gains amid a recent rise in the won-dollar rate appeared to reinforce the preference for overseas stocks. The bank said that because the return-expectation gap has formed over a long period, temporary improvements in returns are unlikely to alter investor behavior. The bank called for policy efforts such as improving corporate governance and expanding shareholder returns to strengthen the long-term performance and stability of South Korea’s capital markets. Jang Yong-seong, a member of the bank’s Monetary Policy Board who led the report, said easier financial conditions have boosted risk-taking and pushed asset prices up rapidly, warning that vulnerabilities could increase if a shock triggers a sharp market adjustment. 2025-12-23 13:58:02

PHOTOS: Seoul's iconic ice rink offers affordable winter fun The Seoul Plaza Ice Rink, Dec. 19, 2025/ AJP Yoo Na-hyun SEOUL, December 22 (AJP) – The outdoor ice rink at Seoul Plaza officially opened its doors to the public last week, marking the return of one of the city’s most beloved winter traditions. The rink is scheduled to operate for a total of 52 days, welcoming skaters through February 8. According to city officials, the facility is open from 10 a.m. to 9:30 p.m., Sunday through Friday. On Saturdays and public holidays, operating hours are extended until 11 p.m. to accommodate larger weekend crowds. In an effort to keep the activity accessible, admission remains priced at only 1,000 won (approximately $0.75) per one-hour session. This entry fee includes the rental of both ice skates and a helmet. While essential safety gear, including helmets and knee pads, is provided free of charge, visitors should note that personal winter accessories and on-site storage lockers are available for an additional fee. 2025-12-23 13:43:23

US nuclear-powered submarine docks in Busan to replenish supplies SEOUL, December 23 (AJP) - The USS Greenville arrived on Tuesday in South Korea's southern port city of Busan to replenish supplies and provide rest for crew members. The Los Angeles-class nuclear-powered attack submarine Greeneville, named after Greeneville, Tennessee, will engage in activities to strengthen cooperation between the two allies, according to the South Korean Navy. The submarine, which is 110 meters long and 10 meters wide, is equipped with Tomahawk cruise missiles launched from approximately 12 vertical launching systems (VLS), as well as torpedoes fired from four launch tubes. The USS Greenville last docked in Busan in 2016, with the latest visit marking its fourth trip to South Korea. Its arrival comes about 10 months after the USS Alexandria visited the same naval base for similar activities in February. 2025-12-23 11:15:16

Santa rally in Asia kicks off on wobbly note SEOUL, December 23 (AJP) - Asian equity markets opened Tuesday on a fragmented footing, as the first session of the traditional five-day “Santa rally” window failed to deliver a uniform year-end surge. With momentum cooling after recent gains, investors across the region adopted a wait-and-see stance. In Seoul, the benchmark KOSPI rose 0.57 percent to 4,129 as of 10:45 a.m., extending gains for a second day after Monday’s 2 percent rally. Foreign and institutional investors led the advance, with overseas funds net buying 227.4 billion won ($153.2 million) and institutions adding 302.0 billion won. Retail investors, meanwhile, locked in profits, selling a net 497.0 billion won. Despite solid equity inflows and a mild retreat in the dollar index, the Korean won weakened to 1,484 per dollar, down 3.2 won, breaching the 1,480-level that many traders view as a key psychological support level. Markets remained focused on the timing of potential currency-hedging operations by the National Pension Service and further foreign-exchange stabilization signals from authorities. Blue-chip technology stocks tracked higher. Samsung Electronics gained 1.5 percent to 112,000 won, while SK hynix rose 1.6 percent to 590,000 won, supported by strong earnings from U.S. peer Micron Technology and continued optimism over HBM4 development. Shipbuilding and defense stocks outperformed. Hanwha Ocean surged 9 percent to 119,700 won after reports that Donald Trump announced plans to collaborate with the company on U.S. domestic frigate construction. Defense-linked Hanwha Systems climbed 3.5 percent to 58,800 won. In contrast, the tech-heavy KOSDAQ slipped 0.7 percent to 922, pressured by a 157.0 billion won net sell-off by foreign investors. Aerospace stocks were hit hard, reversing gains driven by earlier SpaceX-related speculation. InnoSpace plunged 27 percent to 11,000 won after its HANBIT-Nano launch vehicle failed its mission, while satellite firm Nara Space Technology tumbled 23 percent to 35,500 won. In Japan, the Nikkei 225 was little changed at 50,376, as investors paused after recent advances. Automakers edged lower, with Toyota Motor down 0.3 percent and Honda Motor slipping 0.2 percent, weighed by lingering rate-hike effects and a lack of fresh catalysts. Japanese semiconductor stocks saw profit-taking, with Advantest down 2.2 percent and Tokyo Electron off 0.9 percent. Financials, however, extended gains on higher-rate expectations, as Mitsubishi UFJ Financial Group rose 0.9 percent and Mizuho Financial Group added 1.3 percent. Taiwan’s TAIEX advanced 0.5 percent to 28,290, led by a 1 percent gain in TSMC and a 0.65 percent rise in Foxconn. Mainland China markets were flat, with the Shanghai Composite at 3,922 and the Shenzhen Component at 13,356. Hong Kong’s Hang Seng Index was also little changed at 25,829, reflecting the region’s cautious tone. 2025-12-23 11:11:40