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Asian shares tumble on renewed U.S. tech rout, exposing regional market fragility SEOUL, November 21 (AJP) - Asian markets slid on Friday as a fresh selloff in U.S. tech reignited “AI bubble” fears and laid bare how deeply regional sentiment is tethered to Wall Street’s semiconductor cycle. Overnight, all three major U.S. indexes fell. Nvidia cooled 3.15 percent to $180.64, reversing its brief rebound. AMD plunged 7.84 percent to $206.02, while Micron Technology tumbled 10.87 percent to $201.37, clinging just above the psychologically important $200 line. South Korea’s KOSPI skidded 3.4 percent to 3,866 as of 10:30 a.m., slipping back below 3,900 after a brief recovery above 4,000 level on the previous day. Foreign investors dumped 1.58 trillion won ($1.1 billion) of Korean equities — the steepest net selling among major Asian markets — as concerns mounted over an AI-driven correction, a rapidly weakening won, and the index’s heavy concentration in a handful of mega-cap tech names. Retail investors scooped up 1.37 trillion won in dip-buying, while institutions added 243 billion won. SK hynix plunged 7.71 percent to 527,000 won, posting the sharpest loss on the main board. Samsung Electronics fell 4.57 percent to 96,000 won. The AI selloff spilled over into Korea’s power-equipment and nuclear-related names: Doosan Enerbility slid 5.7 percent to 73,300 won, and Hyosung Heavy Industries extended losses to 1,915,000 won. Still, pockets of resilience emerged. Lotte Energy Materials — which supplies copper foil used in Nvidia GPU substrates — gained 3.6 percent to 40,400 won. Naver rose 1.6 percent to 261,000 won on reports that it is making progress toward a merger with Dunamu, operator of Korea's largest virtual-asset exchange. Japan’s Nikkei 225 fell 1.8 percent to 48,928, a softer decline than Seoul’s but still burdened by the tech rout. Nvidia-linked suppliers were slammed: Advantest sank 10.3 percent to 18,695 yen, while Ibiden slid 8.3 percent to 11,495 yen. Some stocks, however, provided upside. Olympus jumped 5.24 percent to 2,098 yen after strong second-quarter results and a deeper push into medical devices. M3 added 7 percent to 2,637 yen. Mitsubishi Estate climbed 4.3 percent to 3,496 yen despite renewed chatter about yen carry-trade unwinding as the Bank of Japan inches closer to rate hikes. Taiwan’s TAIEX slid 2.9 percent to 26,638. TSMC dropped 3.44 percent to 1,405 Taiwan dollars, and MediaTek lost 3.4 percent to 1,145 Taiwan dollars. Chinese markets also softened. The Shanghai Composite dipped 1.1 percent to 3,887, while Hong Kong’s Hang Seng Index lost 1.58 percent to 25,428, tracking the broader tech downturn across the region. 2025-11-21 11:23:48 -
Coupang reports data breach affecting 4,500 customers SEOUL, November 21 (AJP) - Coupang, South Korea's leading e-commerce giant, said Friday it has detected a data breach affecting 4,500 customers. It informed customers the previous day that unauthorized access to personal information including names, email addresses, and order and delivery details was detected on Tuesday. After discovering the breach, Coupang blocked the access route used by the unknown third party. The company added that there is currently no evidence the stolen data has been misused but is monitoring for any potential harm. Coupang reassured customers that their payment information is secure, but advised them to remain cautious for suspicious messages or calls pretending to be from the company. The incident has been reported to relevant government agencies including the Ministry of Science and ICT. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 11:22:10 -
North Korean leader attends ceremony for new hydropower plant SEOUL, November 21 (AJP) - North Korean leader Kim Jong-un attended a ceremony marking the completion of a hydropower plant in Kangwon Province, state media reported on Friday. According to the state-run Rodong Sinmun, Kim visited the plant the previous day, the sixth to be built in the region amid the country's chronic electricity shortage. In his speech, Kim described the plant's completion as a significant achievement, praising the collaboration between the military and civilians in its construction and calling it a "fortress of socialist belief." The visit came just a few days after Kim attended the grand opening of a hospital near Pyongyang earlier in the week. These visits appear to be part of efforts to boast his key projects aimed at boosting the local economy ahead of the country's Party Congress, slated for early next year. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 11:07:37 -
Hyundai's Casper Electric wins Germany's Golden Steering Wheel Awards SEOUL, November 21 (AJP) - Hyundai Motor’s Casper Electric has been named the “Best Car Under 25,000 Euros” at the 2025 Golden Steering Wheel Awards, one of Europe’s most influential automotive honors, the company said Friday. The award underscores the model’s rising prominence in Germany’s fiercely competitive small electric vehicle segment. Hyundai has been steadily broadening its EV lineup, building on the success of the Ioniq 5, and the Casper Electric has emerged as a key pillar of that strategy. As of October 2025, Hyundai has sold more than 30,000 units of the Casper Electric in Europe, with Germany accounting for roughly 31 percent of total sales. The model now dominates Germany’s small EV market with a share exceeding 35 percent, outpacing rivals including the Fiat 500 and Dacia Spring. First established in 1976, the Golden Steering Wheel Awards are jointly organized by Auto Bild and Bild am Sonntag and are widely regarded as among the most prestigious distinctions in the European auto industry. This year’s awards evaluated 72 vehicles across 13 categories, with assessments conducted by a panel of 17 expert judges. Judges praised the Casper Electric for its practicality, generous interior space relative to its size, fast-charging capability of up to 85 kW and competitive price point. “Casper Electric offers an accessible mobility solution for everyday life,” said Javier Martinet, Hyundai’s head of European operations. “Hyundai will continue expanding its electric lineup — from the Casper Electric to the Ioniq 9 — with a focus on advanced technology and design.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 10:20:51 -
Firefighters struggle to contain wildfire in Inje SEOUL, November 21 (AJP) - Firefighters are still battling a wildfire in the mountainous areas of Inje, Gangwon Province, with about 60 percent of the flames contained as of early Friday morning. According to the Korea Forest Service, more than 300 rescue officials were mobilized overnight to extinguish the blaze which broke out at around 5:30 p.m. the previous day, but the rugged mountain ranges made the operation difficult. Additional helicopters were also deployed at sunrise to help fully extinguish the fire. The affected area is estimated at 20 hectares, or roughly 49 acres. No injuries have been reported, but about a dozen villagers have evacuated to a temporary shelter. Once the fire is fully contained, fire authorities will investigate the cause and assess the damage. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 10:16:28 -
South Korea's halt on state asset sales strains debt-laden public firms SEOUL, November 21 (AJP) - President Lee Jae Myung’s order to halt the sale of state-owned assets over concerns of potential undervaluation has left major public agencies scrambling for alternatives, despite growing fiscal pressures and the need to offload underperforming holdings. According to industry officials, Korea National Oil Corp. (KNOC) has suspended its long-running effort to sell Harvest, a Canadian oil and gas producer it acquired in 2009. KNOC, which has remained in a state of capital impairment for six consecutive years, began divesting Harvest’s 38 asset groups in 2021 but has managed to sell only 17. Several additional transactions were reportedly close to completion before the presidential directive forced a pause. Facing rising investment needs — including the development of deep-sea gas field in the East Sea — KNOC has increasingly relied on corporate bonds to stay afloat. From 2021 through the first half of this year, the company issued more than 11 trillion won in bonds, with annual issuance continuing to climb. Other state-run energy giants are also feeling the strain. Korea Electric Power Corp. (KEPCO), which holds more than 200 trillion won in debt, has delayed the sale of multiple assets, including properties in Daegu and housing units across the country. Korea Gas Corp. (KOGAS) similarly canceled planned divestitures of unused assets in Gangwon Province. These agencies had been preparing to coordinate with relevant ministries to ensure asset prices were fair and transactions justified. But with sales now on hold, officials warn that financial burdens could deepen if the freeze persists. The government’s plan to dispose of tax-paid stocks has also come to a standstill. These shares — turned over to the state in lieu of large inheritance taxes — include holdings from the family of the late NXC founder Kim Jung-ju and from the family of Taekwang Industrial’s Park Yeon-cha. Without buyers, the state continues to hold sizable stakes it never intended to keep. Delays in handling these assets could have downstream effects on government programs that rely on proceeds from such sales. “The sale of tax-paid stocks is paused, but urgent cases can proceed with approval from the prime minister,” a senior finance ministry official said. The administration is now reviewing systemic reforms to prevent state assets from being sold below value. Deputy Prime Minister and Finance Minister Koo Yun-cheol said the government plans to craft a set of measures by mid-next month, which could include mandatory reporting to the National Assembly and the president for large-scale transactions. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 10:10:58 -
Korea-Japan joint titles emerge as new streaming sellers SEOUL, November 21 (AJP) - In October, Netflix’s charts delivered an unusual pairing at the top: the Korean film “Good News” and the Korea–Japan co-produced drama “Anonymously Yours”. Despite their different genres, both titles underscore a fast-rising trend — Korean and Japanese creators increasingly joining forces in writing, directing, casting, and financing. “Anonymously Yours,” a romance series adapted from the 2010 French–Belgian film Les Émotifs anonymes, is directed by Japan’s Tsukikawa Sho, written by Korea’s Kim Ji-hyun, and produced by Yong Film. Starring Han Hyo-joo and Oguri Shun, the series premiered on Oct. 16 and immediately climbed to No. 1 on Japan’s Today’s Top 10 Series, while also entering the Top 10 in Korea and Netflix’s global non-English TV rankings. The Korea Creative Content Agency’s Tokyo office notes that co-produced titles are now in structural demand across both markets. Japanese broadcasters are aggressively partnering with Korean studios to compete with global OTT players and to expand export pipelines, while Korean producers gain access to Japan’s stable primetime slots and extensive library of adaptable IP. As major OTTs and terrestrial broadcasters line up more joint projects, the “Korea–Japan collaboration” tag is becoming a recognizable programming category in itself. Released on the same day, “Good News” — a dark comedy loosely inspired by the 1970 Yodo-go hijacking — brought together Korean actors Sol Kyung-gu, Hong Kyung, and Ryu Seung-bum with Japanese stars Yamada Takayuki and Kasamatsu Sho. Directed and written by Byun Sung-hyun, the film satirizes Cold War-era bureaucracy between the two countries and entered Netflix’s global non-English film Top 10 following strong reviews. Netflix’s portfolio already includes multiple Korea–Japan collaborations, from crime thriller “Road” to the youth drama “Soulmate” and “Gas Human,” a new adaptation of the 1960 Japanese sci-fi classic. The trend extends beyond Netflix: Coupang Play recently released the joint drama “Love After,” while Disney+ is preparing “Merry Berry Love,” co-produced by CJ ENM and Nippon TV. The surge in co-productions reflects a broader shift in Northeast Asia’s content ecosystem — one where cross-border storytelling, shared financing, and mixed casts are emerging as strategic tools to reach global audiences. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 10:01:33 -
KITA expands global network with new offices in Vietnam, Brazil SEOUL, November 21 (AJP) - The Korea International Trade Association (KITA) has opened new offices in Hanoi and São Paulo, advancing its strategy to deepen ties with emerging markets across the Global South. KITA held an opening ceremony for its Hanoi office on Nov. 20 at the Lotte Hotel Hanoi. The event drew some 90 officials, including KITA Chairman Yoon Jin-sik, Vu Ba Phu, director general of Vietnam’s Trade Promotion Agency, and Jang Ho-seung, South Korea’s consul general in Vietnam. “South Korea and Vietnam are among each other’s top three trading partners, with bilateral trade reaching $86.8 billion annually,” Yoon said. “The Hanoi office will play a key role within the comprehensive industrial cooperation framework established by both governments.” The new facility is KITA’s second in Vietnam after Ho Chi Minh City. Situated in the capital, it will provide support for South Korean companies navigating regulatory and market-entry challenges in northern and central Vietnam, while strengthening KITA’s on-the-ground marketing and advisory services. Two days earlier, on Nov. 18, KITA marked the opening of its São Paulo office in Brazil. The ceremony was attended by KITA Executive Director Jang Seok-min and South Korea’s consul general in São Paulo, Chae Jin-won, alongside about 50 officials. The São Paulo office is expected to help Korean companies improve market access and identify new business opportunities across Latin America, with Brazil serving as the region’s anchor economy. The openings in Vietnam and Brazil follow the launch of a Johannesburg office last month, part of KITA’s plan to build a network of strategic bases across Africa, Latin America and ASEAN. The trade association says the expanded footprint will strengthen support for South Korean companies seeking to grow in emerging markets and broaden their global reach. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 09:54:52 -
Korean president unveils SHINE doctrine as new backbone of foreign policy in Egypt SEOUL, November 21 (AJP) - South Korean President Lee Jae Myung on Thursday branded "SHINE" - stability, harmony, innovation, network, and education - as the backbone in his foreign policy, offering it as a framework for mediating peace in the Middle East and positioning Korean defense capabilities to complement tool in the role during his state visit to Egypt. Lee highlighted stability and harmony as the centerpiece of the twin pillars guiding Seoul's posture toward the Korean Peninsula and conflict-ridden Middle East during his speech at Cairo University. He cast Korea as a country uniquely positioned to contribute to regional peace while expanding its role as a technology and manufacturing partner. After a two-hour summit with Egyptian President Abdel Fattah El-Sisi, the two leaders found common ground on the need for de-escalation and deterrence. Discussions included potential cooperation on South Korea’s advanced defense systems — notably K-9 self-propelled howitzers — as Egypt accelerates its military modernization. Lee announced $10 million in humanitarian aid through the Egyptian Red Crescent to support Gaza recovery efforts. He also proposed launching a Comprehensive Economic Partnership Agreement (CEPA) to upgrade the bilateral economic relationship, offering Korea’s development playbook — the so-called “Miracle on the Han River” — to help Egypt pursue its own “Miracle of the Nile.” Lee suggested active human-capital exchanges through education and networking among students and scholars and regulator collaboration between the Grand Egyptian Museum and the National Museum of Korea. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 09:52:53 -
OPINION: South Korea's youth losing faith in job market South Korea is wrestling with a quiet crisis: the steady erosion of job prospects for its young people. The National Data Office’s latest employment report, released on Nov. 12, paints a stark picture. The employment rate for people ages 15 to 29 has been negative for a year and a half. The number of unemployed 30-somethings has climbed to 310,000 — a 22-year high — while roughly 400,000 people in their 20s are also out of work. In total, more than 700,000 young adults in their 20s and 30s now find themselves idle. Add to that another 660,000 in their 40s and 50s, and the toll becomes even more sobering. The number of people who have given up looking for work rose to 366,000, up 21,000 from a year earlier. These are not simply economic statistics; they are signals of a deeper social strain. And they reflect a risk that the country’s most promising talent will seek opportunity abroad. On the surface, October’s data offers a glimmer of progress: the number of employed people rose by 193,000 from a year earlier. But the underlying structure is troubling. Monthly job growth has become volatile, dipping sharply late last year after the declaration of martial law and swinging widely since. Job gains of more than 300,000 a month — once routine — are now rare. With more than 300,000 students graduating from college every year, South Korea needs sustained, not sporadic, job creation. The distribution of employment gains is even more concerning. Jobs increased among those 60 and older — by 334,000 — and modestly for those in their 30s, but they declined sharply among people in their 20s. Most new positions for seniors are government-subsidized, low-wage roles, a stopgap rather than a solution. The sectors driving job growth underscore this imbalance. Health care and social welfare services added 280,000 jobs, followed by gains in culture, leisure, retail and education — all industries with heavy demand for older workers or public funding. Meanwhile, agriculture, forestry and fishing shed 124,000 jobs; construction lost 123,000; and manufacturing declined by 51,000. Employment in construction and manufacturing has been falling for 18 and 16 consecutive months, respectively — an ominous trend for an economy long anchored by industrial exports. Construction, in particular, has contracted for five straight years. Combined with faltering manufacturing, this slump has deepened job insecurity, especially for younger workers. Temporary jobs fell by another 55,000 in October, continuing a multi-year decline. The government has responded with consumer coupons and cultural vouchers — measures that may provide short-term relief but little lasting impact. Officials have pledged to expand “quality jobs” for young people and strengthen support for vulnerable industries, while leaning on digital transformation and artificial intelligence to fuel a new wave of investment. Yet the country’s more immediate challenge is to loosen the regulatory grip that has discouraged business investment for more than a decade. South Korea’s per capita income has now fallen behind Taiwan’s, reflecting stark differences in industrial strategy. Taiwan’s bipartisan “Semiconductor Act,” passed last year, offers substantial tax benefits for corporate research and capital investment. In South Korea, similar proposals have stalled in the National Assembly, wrapped up in debates over exceptions to the 52-hour workweek for researchers. South Korea’s per capita gross national income peaked at $37,898 in 2021 and has since drifted lower, hitting $36,624 last year. The coveted $40,000 threshold remains frustratingly out of reach, 11 years after the country crossed $30,000. Despite slowing growth, recent legislation risks weighing the economy down further. Amendments to the Commercial Act passed this summer mandate cumulative voting and expand the appointment of outside auditors for large companies. The ruling party is now pushing additional requirements, such as compulsory share buybacks, while sidestepping more competitive measures like differential voting rights. These rules risk diluting controlling shareholders’ influence, potentially exposing domestic companies to foreign takeovers. At the same time, powerful labor unions have gained additional leverage under new laws, including the contentious “Yellow Envelope Act,” which broadens the definition of employers and limits companies’ ability to seek damages for illegal strikes. The law permits subcontractor employees to negotiate directly with primary contractors and allows strikes over managerial decisions — steps that many businesses fear will intensify labor disputes. Without complementary reforms, such as alternative employment systems, job creation could suffer. Rigid work-hour rules present another stumbling block. The 52-hour workweek has already curtailed flexibility in research-intensive industries. Proposals for a 4.5-day workweek remain detached from any meaningful discussion of productivity — which already lags behind other advanced economies. Seniority-based pay and talk of extending the retirement age to 65 could further tighten the labor market for young adults. Fiscal strains compound these problems. With corporate tax revenues sagging amid a semiconductor downturn, some lawmakers have floated tax increases rather than reforms to improve the business environment. Meanwhile, government spending continues to swell — on regional currency programs, basic income for farmers and fishermen, and renewable energy projects. The national debt-to-GDP ratio is projected to reach 58 percent by 2029 and could surpass 80 percent by 2040. In such an environment, companies and capital are increasingly looking abroad. That exodus threatens South Korea’s ability to generate the high-quality jobs young people need. Reviving the country’s job engine will require a fundamental shift: dismantling regulations that restrict business activity, reining in excesses that discourage investment, and confronting the anti-business sentiment that has hardened across politics and society. Only then can South Korea begin to restore confidence — and opportunity — for a generation losing both. About the author -Ph.D. in Economics, University of Manchester -Former Director, Monetary Research Division, Bank of Korea -Former Deputy Director, Korea Institute of Finance -Former President, Korea International Finance Association * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 09:48:53