Coupang hit with shareholder class action in US over data breach response SEOUL, December 21 (AJP) - U.S.-listed Coupang Inc. is facing a shareholder class action lawsuit in California over its handling of disclosures related to a massive data breach. According to the U.S. District Court for the Northern District of California on Friday, Coupang shareholder Joseph Berry filed a class action suit against the company, its Executive Chairman Bom Kim, and Chief Financial Officer Gaurav Anand. In the complaint, plaintiffs' attorney Lawrence Rosen alleged that Coupang made "false or misleading public statements, or failed to make timely disclosures," after experiencing what he described as the largest data breach in South Korean history, causing investors to suffer losses. The lawsuit claims that inadequate cybersecurity protocols at Coupang allowed a former employee to access sensitive customer information for approximately six months without detection, significantly increasing the company's exposure to regulatory scrutiny and legal risks. The complaint further alleges that despite being aware of the data breach, Coupang failed to file required reports with the U.S. Securities and Exchange Commission, rendering the company's periodic filings materially false. The shareholder lawsuit is separate from consumer class actions seeking damages over the data breach itself, and centers on alleged violations of U.S. federal securities laws. Several domestic and international law firms are reportedly preparing additional class actions in U.S. courts, including claims for punitive damages, and are in the process of recruiting plaintiffs. Coupang's share price declined following reports of the data breach, falling about 18 percent from $28.16 on Nov. 28 to $23.20 on Dec. 19. Separately, the U.S. Senate showed that Coupang spent a total of $10.75 million on lobbying activities targeting the U.S. Congress, the Department of Commerce, the Trade Representative and the White House from August 2021 through the third quarter of this year. Meanwhile, Coupang also drew criticism after sending only two foreign executives who do not speak Korean to a parliamentary hearing on Dec. 17, prompting objections from both ruling and opposition lawmakers. The executives were criticized for offering perfunctory responses and failing to directly address lawmakers' questions. 2025-12-21 13:40:17

G-Dragon sweeps three grand prizes at Melon Music Awards 2025 SEOUL, December 21 (AJP) - K-pop singer G-Dragon dominated the Melon Music Awards 2025 on Saturday, winning three grand prizes and a total of seven awards to emerge as the biggest winner of the night. The artist claimed the top honors of Album of the Year, Artist of the Year, and Song of the Year at the 17th annual awards ceremony, held at Gocheok Sky Dome in Seoul. He also took home trophies for Top 10, Millions Top 10, Best Male Solo Artist and Best Songwriter. His third full-length album, "Übermensch," released in February, surpassed one million streams within four hours of its release and was inducted into Melon's Hall of Fame. Its title track, "Home Sweet Home," recorded the highest number of listeners on Melon in the first half of the year, demonstrating its commercial success. In his acceptance speech for Album of the Year, G-Dragon said the past year would remain personally meaningful, describing "Übermensch" as a title reflecting his desire to transcend his former self. He also expressed gratitude to his fans, known as VIPs, and shared his affection for his fellow members of BIGBANG. Accepting Artist of the Year, he pledged to continue striving to become an artist worthy of the moment. Upon winning Song of the Year, he said that "Home Sweet Home" felt warmer because it was created together with his members. Meanwhile, Jennie of BLACKPINK won Record of the Year for her first solo studio album, "Ruby," released in March. The album’s title track "like JENNIE" entered Melon's Top 100 chart immediately after release and has remained on the chart for an extended period. The New Artist of the Year was jointly presented to co-ed group ALLDAY PROJECT and girl group Hearts2Hearts, both of whom pledged to continue growing as artists. The ceremony also featured a special performance by EXO, who unveiled their new song "Back It Up" for the first time alongside a medley of hit tracks. Additional special stages by aespa, RIIZE and IVE heightened the year-end awards buzz. 2025-12-21 10:50:48

S. Korea, US to begin talks next year on nuclear submarines, other nuclear issues SEOUL, December 21 (AJP) - South Korea and the U.S. have agreed to begin talks next year on nuclear submarines and other nuclear-related issues to implement agreements reached at summits between the two countries. "From next year, we agreed to begin discussions in all areas, including nuclear submarines, along with the reprocessing of spent nuclear fuel and uranium enrichment," National Security Adviser Wi Sung-lac said on Saturday after visiting Canada following a trip to Washington. The agreements follow Wi's visit to Washington last week, where he met with Secretary of State Marco Rubio and Energy Secretary Chris Wright, among other senior officials. In preparation for the talks, Seoul has established a task force on nuclear submarines and another on uranium enrichment under the National Security Office, and plans to begin working-level negotiations as soon as Washington designates its official counterparts. Wi said bilateral discussions were progressing smoothly overall, adding that the U.S. has described the alliance as a "model" alliance. He added that Seoul intends to move swiftly to follow up on the agreements under the current favorable atmosphere. Regarding nuclear submarines, Wi said the two sides agreed to pursue a separate bilateral arrangement based on Section 91 of the U.S. Atomic Energy Act, which allows the U.S. president to authorize the transfer of nuclear material for military purposes. The move is intended to bypass restrictions limiting the transfer of nuclear materials, similar to the approach taken by Australia under the AUKUS partnership. The move follows comprehensive joint fact sheets released last month after summits between President Lee Jae Myung and U.S. President Donald Trump in August and October. 2025-12-21 10:13:00

South Korea, U.S. to launch parallel talks on nuclear submarine, fuel cycle issues SEOUL, December 21 (AJP) -South Korea and the United States plan to begin simultaneous, issue-by-issue consultations next year to implement leaders’ agreements on Seoul’s nuclear-powered submarine program, civilian uranium enrichment and the reprocessing of spent nuclear fuel, South Korea’s national security adviser said Sunday. Wi Sung-lac said the two sides agreed to “launch consultations all at once” starting next year as follow-up measures to agreements reached at recent summit meetings, Yi told Yonhap News Agency after wrapping up his three-day trip to New York and Washington. He had met secretary of state Marco Rubio and energy secretary Chris Wright among other officials. South Korea has formed a “nuclear-powered submarine task force” and an “enriched uranium task force” under the presidential National Security Office and is preparing to begin working-level negotiations as soon as U.S. counterparts are designated, Wi said. “Consultations between South Korea and the United States are generally going smoothly, and the U.S. has referred to the alliance as a ‘model alliance,’” Wi said. “Based on this atmosphere, we intend to move swiftly to implement the leaders’ agreements.” On the nuclear-powered submarine program, Wi said the two sides agreed to pursue a separate bilateral accord under Section 91 of the U.S. Atomic Energy Act, which allows the transfer of military nuclear material with presidential authorization. The approach is intended to work around restrictions in the bilateral nuclear cooperation agreement that limit transfers of weapons-usable nuclear material. Wi said the framework would mirror Australia’s precedent under AUKUS, the trilateral security partnership among the United States, Britain and Australia, under which Canberra received an exception through a separate agreement to pursue nuclear-powered submarines. “In Australia’s case, an exception was granted under Section 91 of the U.S. Atomic Energy Act, which required a separate bilateral agreement,” Wi said. “Since we may also need such an arrangement, that possibility will be discussed.” The consultations follow joint fact sheets released after summit meetings in August and October between President Lee Jae Myung and U.S. President Donald Trump. According to the documents, Washington agreed to support South Korea’s civilian uranium enrichment and spent-fuel reprocessing for peaceful purposes, within the bounds of the bilateral nuclear cooperation agreement and U.S. legal requirements. The United States also agreed to approve South Korea’s construction of nuclear-powered submarines and to work closely with Seoul on related issues, including securing nuclear fuel. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-21 09:08:06

OPINION: When all that glitters mixes with FX markets For decades, gold sat politely outside the foreign-exchange conversation. It was a hedge against inflation, a shelter in crises, an asset of last resort—but rarely a variable that moved currencies themselves. Exchange rates were explained in the familiar grammar of trade balances, interest-rate differentials and capital flows. Gold belonged to another chapter. That separation is beginning to fray in Asia. The first clear signal has come from Thailand. In recent months, the baht has emerged as one of Asia’s strongest currencies, an outcome that sits uneasily with the country’s weak growth, high household debt and persistent political uncertainty. Conventional explanations—exports, rates, fiscal policy—only go so far. Markets have increasingly looked elsewhere. They have looked to gold. Thailand is unusual in one important respect: private ownership of physical gold is widespread, and gold trading is deeply embedded in the domestic economy. When global gold prices rise, households and traders sell physical holdings, receive dollars and convert them into baht. In effect, higher gold prices translate directly into foreign-exchange demand. Thailand’s central bank has acknowledged this linkage openly. Officials estimate the correlation between gold prices and the baht at around 0.7, among the highest in Asia, and note that on certain days gold transactions account for a substantial share of currency flows. In some episodes, gold trading has reportedly driven close to half of the upward pressure on the baht. This matters because it challenges a long-standing assumption: that gold is a passive store of value rather than an active force in currency markets. The global backdrop reinforces the point. According to the World Gold Council, headline gold demand reached 1,257.9 tonnes in the third quarter of 2025, up 5 per cent year on year. Jewellery consumption continued to contract under the weight of record prices, but investment demand surged 47 per cent, while central banks added 219.9 tonnes, a 10 per cent increase from a year earlier. Gold is no longer merely being hoarded; it is being mobilised. Thailand’s trade data shows how directly this feeds into the currency. Between January and September 2025, gold imports reached 207.9 tonnes, up 41.9 per cent from a year earlier, with the import value rising 18.4 per cent to 462.7 billion baht. Over the same period, the baht appreciated roughly 9–10 per cent against the dollar, making it one of the region’s best-performing currencies. What makes this episode more than a local curiosity is that it coincides with a second structural shift: the digitisation of gold itself. Gold is quietly being rebuilt for a financial system that no longer runs exclusively through banks. Tokenised gold—digital tokens backed one-for-one by physical bullion—now trades around the clock, across borders, without reference to foreign-exchange market hours or banking intermediaries. The combined market capitalisation of tokenised gold has climbed to roughly $4.3 billion, with a single product, XAUT, accounting for just over 52 per cent of the total. This is not a return to a gold standard, nor is it a substitute for fiat currency. But it does introduce a new channel for capital movement—one that sits outside traditional FX statistics. When savings migrate from local currency not into dollars, but into gold value directly, the pressure on exchange rates becomes harder to trace, and easier to misread. Asia is particularly exposed to this shift. Trust in gold remains high, digital adoption is rapid, and cross-border financial experimentation is already well advanced. Thailand has demonstrated how physical gold can feed straight into currency strength. Tokenised gold has the potential to accelerate that mechanism, compressing time and distance, and moving value without ever passing through the visible plumbing of the FX market. The implications extend beyond Thailand. In countries such as South Korea, persistent currency weakness has become harder to reconcile with headline trade surpluses. Policymakers have tended to blame outward portfolio investment or global dollar strength. Those factors matter—but they may no longer be the whole story. If part of the capital outflow is bypassing foreign-exchange markets altogether, moving instead into gold or gold-linked digital assets, the traditional diagnostic tools are incomplete. This is not a revolution. No central bank is anchoring its currency to bullion. But gold is reclaiming a quasi-monetary role at the margins of the system—acting less as insurance, and more as an alternative expression of trust. Thailand is already feeling the effects in its exchange rate. Others may follow. The foreign-exchange market still speaks the language of banks and dollars, but capital is learning new dialects. Gold, characteristically, is doing so without saying a word. *The author is the managing editor of AJP 2025-12-20 19:17:23

Korean court revisits authoritarian-era anti-communism conviction SEOUL, December 20 (AJP) -A South Korean court has fully acquitted Anglican Church of Korea priest Yoon Jung-hyeon, overturning his 1975 conviction under the now-abolished Anti-Communism Law after a retrial held nearly five decades later. The Seoul Northern District Court ruled on Dec. 11, 202, that Yoon was not guilty, and the verdict became final last Friday. The court said it could not rule out the possibility that coercive interrogation or mistreatment occurred during the unlawful detention period, and concluded that such procedural violations fatally undermined the reliability of the prosecution’s case. The ruling further held that Yoon’s statements and activities did not satisfy the legal elements of an offense under the Anti-Communism Law, and that they did not pose a substantive threat to national security or the democratic constitutional order. The court rejected the prosecution’s case on grounds of insufficient evidence and flawed legal interpretation. Yoon, who was convicted in 1975, filed for a retrial on Nov. 1, 2024, nearly 49 years after the original judgment. The court approved the retrial on April 4, 2025, citing Articles 420(7) and 422 of the Criminal Procedure Act, and held seven hearings between May and December before delivering the acquittal. Prosecutors had already sought an acquittal during closing arguments on Nov. 26, and formally allowed the ruling to stand by foregoing an appeal. The significance of the Yoon Jung-hyeon ruling lies not merely in the reversal of a guilty verdict, but in the court’s explicit judgment on the investigative practices of the authoritarian era. The ruling also exposes the inherent limits of the Anti-Communism Law itself, which allowed punishment to extend beyond concrete acts to encompass thought, attitude, and interpretation. By affirming that Yoon’s words and conduct did not present a real threat to national security, the court reaffirmed a core constitutional principle: criminal law must address actual danger, not belief or conscience. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-20 12:50:41

BYD makes fast inroads in Korea with sales nearing 5,000 EV cars SEOUL, December 20 (AJP) -BYD, China’s largest electric-vehicle manufacturer, has rapidly established a foothold in South Korea’s imported-car market, breaking into the top 10 foreign brands within its first year of local operations. According to the Korea Automobile Importers & Distributors Association on Dec. 19, BYD sold 4,955 vehicles through November, accounting for 1.78 percent of the imported-car market. Based on recent sales momentum, full-year deliveries are expected to exceed 5,000 units. Only nine imported brands outsold BYD during the period: BMW (70,541 units), Mercedes-Benz (60,260), Tesla (55,594), Lexus (13,894), Volvo (13,388), Audi (10,252), Porsche (9,739), Toyota (8,751) and BMW MINI (7,180). In November alone, BYD ranked fifth among imported brands, trailing only Tesla, BMW, Mercedes-Benz and Volvo — a notable result for a newcomer. BYD entered the South Korean market in January and has expanded its footprint by emphasizing price competitiveness. The company now operates 28 showrooms and 16 service centers nationwide. Its local lineup debuted with the Atto 3 compact electric SUV, targeting value-oriented EV buyers, and has since expanded to include the Seal midsize electric sedan and the Sea Lion coupe-style midsize electric SUV. Industry analysts say BYD’s early gains have been supported by South Korea’s accelerating shift toward electrified vehicles, driven by Hyundai Motor and Kia’s electrification strategies as well as Tesla’s continued success. Through November, cumulative registrations of electrified vehicles — including battery EVs and hybrids — rose sharply from a year earlier, lifting their share to roughly one-third of new passenger-car sales. BYD’s momentum is also prompting other Chinese EV makers to formalize their Korea entry plans. Zeekr, the premium electric brand under Geely Holding Group, has recently signed dealer agreements with four local partners — H Mobility ZK, IronEV, KCC Mobility and ZK Mobility. Xpeng is also preparing to enter the market after establishing a South Korean unit in June. “BYD’s performance goes beyond a typical new-brand launch and signals a rapid shift in Korean consumers’ perceptions of Chinese EVs,” an industry official said. “The competitive landscape could look very different as early as next year.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-20 12:26:08

Korea's first private rocket launch put off on technical glitch SEOUL, December 20 (AJP) -South Korean space launch startup Innospace has called off the launch attempt of the country's first privately-developed rocket, HANBIT-Nano, after engineers identified a technical issue during final countdown procedures in Brazil. The launch was scheduled for 9:30 p.m. Friday local time (9:30 a.m. Saturday in Korea) at the Alcantara Space Center, but was halted about an hour before liftoff when an abnormality was detected in a valve used to fill the second-stage liquid methane tank, the company said. Innospace said it had completed erection of the rocket and checks of telemetry and the flight termination system before beginning oxidizer loading at 6:17 a.m. local time. The countdown was stopped after the valve failed to operate normally following fueling. A new launch date will be determined in consultation with the Brazilian Air Force within the current launch window, which runs from Jan. 16 through Jan. 22, the company said. The delay marks the third postponement of the HANBIT-Nano launch. The mission was originally scheduled for Nov. 22 but was first delayed after abnormal signals were detected in avionics equipment. A second delay followed when an issue was found in the cooling system of the first-stage oxidizer supply during final prelaunch checks. Repeated delays are common in the space industry. In March, SpaceX, led by Elon Musk, postponed the launch of its Falcon 9 rocket multiple times due to weather and technical issues while preparing to send NASA’s SPHEREx space telescope into orbit. HANBIT-Nano is a two-stage launch vehicle designed to place up to 90 kilograms into a 500-kilometer sun-synchronous orbit. The rocket stands 21.8 meters tall, measures 1.4 meters in diameter, and has a liftoff weight of 18.8 tons. Its first stage is powered by a 25-ton-thrust hybrid rocket engine, while the second stage uses a three-ton-thrust liquid methane engine. The current mission, dubbed “Spaceward,” aims to deploy 18 kilograms of payload into a 300-kilometer-high orbit, including five small satellites from Brazil and India and three experimental devices. Innospace said the mission will be considered successful once the satellites reach their target orbit and stable communications are confirmed. Innospace previously conducted a successful test launch of its HANBIT-TLV vehicle in March 2023, validating its hybrid propulsion technology. The company said the HANBIT-Nano mission is a key step toward entering the small-satellite commercial launch services market. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-20 12:12:59

Korea's FTC chief signals suspension on Coupang if fault confirmed in data leak SEOUL, December 20 (AJP) -Ju Biung-ghi, chairman of South Korea’s Fair Trade Commission, said authorities are keeping open the possibility of slapping business suspension e-commerce giant Coupang following a large-scale leak of customer personal data. Speaking on KBS’ “NewslineW" on Friday afternoon, Ju said the FTC is mobilizing “all available means,” including dispute mediation and support for consumer lawsuits, to assist those affected by the incident. Ju’s remarks came amid renewed regulatory momentum at the FTC. Earlier this week, he also signaled the watchdog’s intent to resume efforts to tighten regulations on monopolistic online platforms — an initiative that had stalled amid strong opposition from the United States ahead of the Korea–U.S. trade agreement finalized last month. Regarded as a key architect of President Lee Jae Myung’s economic policy framework, Ju described Korea’s penalties for unfair business practices as relatively lenient. He voiced support for the president’s push to impose substantial fines on Coupang over the data breach, which affected nearly 34 million users. Ju stressed, however, that enforcement steps would depend on the outcome of the investigation. Authorities must first determine whether the leaked consumer information was actually misused in online transactions and whether such misuse has caused — or could cause — financial harm. “If consumer losses are confirmed, the FTC will demand that Coupang take steps to restore damages,” Ju said. Should the company fail to do so adequately, the commission could order a suspension of business operations. He added that if a suspension would result in greater harm to consumers, authorities could instead impose a penalty surcharge. A joint investigation team comprising multiple government agencies is currently examining the case, Ju said, adding that “the top priority” is to clearly establish responsibility for the data breach. Ju also addressed plans reported earlier in the day to President Lee to strengthen the FTC’s enforcement capacity. He said the commission would prepare measures to secure compulsory investigative powers, in line with the goal of making administrative sanctions more effective. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-20 11:58:27

K-Handmade Fair SEOUL, December 19 (AJP) - South Korea’s largest handmade exhibition, K-Handmade Fair 2025, opened on Dec. 18 at COEX B Hall in southern Seoul. Held under the theme “Happy Pages,” the four-day event runs through Dec. 21. The fair features handmade works across a wide range of categories, including crafts, design, art, interior items, fashion, accessories and beauty products, with around 600 booths participating. Visitors can meet creators in person at booths showcasing knitting, woodworking and leather goods, and purchase handmade products. DIY experience programs and seminars on handmade business are also being held. 2025-12-19 22:17:11