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Lee praises APEC achievements, urges swift approval of next year's budget SEOUL, November 4 (AJP) - In an address to the National Assembly on Tuesday, President Lee Jae Myung highlighted his endeavors at last week's Asia-Pacific Economic Cooperation (APEC) summit in the country's southeastern city of Gyeongju, saying he had "put every possible effort into achieving the best results even in the worst-case scenario." During the address, his second of its kind following a similar speech on a supplementary budget in June, Lee outlined his key policies and proposed allocation of 728 trillion Korean won (about US$506 billion) in next year's budget to boost economic growth. He called for cooperation to swiftly approve the budget, which includes approximately 10 trillion won earmarked for areas such as artificial intelligence (AI)-related research and development, as part of efforts to make South Korea one of the world's leading powerhouses. Lee also said that economic uncertainties have eased after finalizing a tariff-related deal with the U.S., praising progress in discussions on the supply of fuel for nuclear-powered submarines and other matters. But in fact it still remains to be seen, as the two sides have not signed an official written agreement yet, and there appear to be some disagreements over further market openings for agricultural products and semiconductor-related tariffs. Meanwhile, the main opposition People Power Party (PPP) boycotted his speech amid a series of disputes in their political wrangling with the ruling Democratic Party (DP), staging a protest rally at the National Assembly instead. 2025-11-04 11:24:57 -
South Korea's inflation gains fastest in 15 months, markets price in rate freeze SEOUL, November 04 (AJP) - South Korea’s consumer inflation accelerated at the fastest pace in 15 months in October, reinforcing market expectations for another rate freeze this month as authorities attributed much of the pickup to increased spending during the extended Chuseok holiday, government data showed Tuesday. According to the October consumer price index (CPI) released by the Ministry of Data and Statistics, headline inflation rose 2.4 percent from a year earlier, the quickest pace since the 2.6 percent gain logged in July last year. Personal service charges — a category covering overseas travel and hospitality — climbed 3.6 percent, adding 0.7 percentage point to the overall price increase. Prices of agricultural, livestock and fishery products rose 3.1 percent, the second-largest contributor, largely reflecting Chuseok demand as families prepared traditional holiday meals. Ingredients for typical holiday offerings posted some of the sharpest increases: rice up 21.3 percent, apples up 21.6 percent, pork up 6.9 percent, mackerel up 11 percent, and eggs up 6.9 percent. Dining-out prices remained firm, rising 3.0 percent, though overall fresh food prices fell 0.8 percent. Housing costs continued to edge up on persistent market instability, with monthly rents rising 1.1 percent and long-term rental deposits (jeonse) up 0.5 percent. Fuel prices jumped 4.8 percent, the biggest rise in eight months, due to a weaker won and a base effect from last October’s 10.9-percent plunge. Diesel rose 8.2 percent, while gasoline prices increased 4.5 percent, reflecting the combined impact of U.S. sanctions on Russian oil companies and OPEC+’s production halt. Core inflation — excluding volatile food and energy — also strengthened, rising 2.5 percent on year. Whether the firmer inflation will sway the Bank of Korea’s final rate-setting meeting of the year on Nov. 27 remains unclear, as policymakers view the latest uptick as largely temporary. The bond market, meanwhile, continues to discount the likelihood of a rate cut this year. As of Monday, benchmark government bond yields stood at 2.741 percent for 3-year notes, 2.883 percent for 5-year notes, and 3.086 percent for 10-year notes, up 2.5 to 2.8 basis points. The Bank of Korea kept its policy rate at 2.50 percent for a third straight meeting last month, with Governor Rhee Chang-yong signaling that the current easing cycle may be nearing its end. 2025-11-04 11:22:02 -
LG Chem, China's Sinopec to co-develop sodium-ion battery materials SEOUL, November 04 (AJP) - South Korea’s LG Chem said Tuesday it has formed a partnership with China’s largest energy and chemical company, Sinopec, to develop key materials for next-generation sodium-ion batteries, a technology seen as a promising alternative to lithium-based systems. The two companies signed an agreement on Oct. 30 to jointly research and produce cathode and anode materials for sodium-ion batteries, known as SIBs. The collaboration aims to strengthen supply chain stability and improve cost competitiveness as global demand for electric vehicles and energy storage grows. Sinopec, a state-run energy giant with operations spanning oil and gas exploration, refining, petrochemicals, and new energy, has increasingly turned its focus toward advanced materials and cleaner technologies. For LG Chem, the partnership underscores its ambition to expand its portfolio beyond lithium-ion batteries, which currently dominate the electric vehicle market. Sodium-ion batteries offer several advantages over their lithium counterparts: the raw materials are more abundant and less expensive, performance remains stable in colder temperatures, and the technology poses lower safety risks. Analysts view them as particularly well-suited for large-scale energy storage systems and lower-cost electric vehicles. Global sodium-ion battery capacity is expected to expand from about 10 gigawatt hours in 2025 to 292 gigawatt hours by 2034, according to industry data. China is projected to account for more than 90 percent of production by the end of the decade. LG Chem and Sinopec plan to explore various business models in the sodium-ion sector, targeting applications in grid-scale storage and affordable electric vehicles while also expanding into eco-friendly energy and high-value chemical materials. “As a leading global battery materials company, LG Chem has provided differentiated solutions in the global battery market,” said Shin Hak-cheol, the company’s chief executive, in a statement. “Our collaboration with Sinopec will help us develop next-generation battery materials on time and strengthen our portfolio in line with future customer strategies.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-04 10:02:31 -
Former North Korean figurehead dies at 97 SEOUL, November 4 (AJP) - North Korea's former perennial nominal head of state, Kim Yong-nam, has died at the age of 97, state media reported on Tuesday. The state-run Korean Central News Agency (KCNA) said leader Kim Jong-un, accompanied by premier Pak Tae-song and other top officials, visited a memorial altar in the small hours and expressed "deep condolences over his death." According to the KCNA, the nonagenarian, who had served under the hereditary dynasty from founder Kim Il-sung through his son Kim Jong-il to his grandson and current leader, died the previous day from multiple organ failure caused by complications of cancer-related acute poisoning. Kim, who is no relation to the ruling Kim family, held the ponderous title of "president of the presidium of the Supreme People's Assembly" from 1998, maintaining his position as the titular head through leadership changes without facing demotion or political purges while playing a key role in foreign affairs until his retirement in 2019. The funeral is scheduled to be held as a state event later in the week. 2025-11-04 09:55:24 -
OPINION: Trump's 'beautiful' tariffs and waning trust in US power SEOUL, November 04 (AJP) - U.S. President Donald Trump calls tariffs the “most beautiful word.” True to that conviction, he has wielded them like a hammer — striking friends and foes alike, unsettling global markets, and testing the limits of American diplomacy. He claims these hard-edged tactics have brought results: smoother negotiations with South Korea and Japan, a temporary truce with China, and what he boasts are eight global conflicts “resolved” under his watch. He has even called himself a “peacemaker” deserving of the Nobel Peace Prize. Yet behind the “America First” slogan lies a pattern of contradictions. Trump’s foreign policy often advances not the interests of the United States, but those of Donald Trump. It is, in truth, "Trump First." His tariff wars have generated political theater but little economic stability. Inflation rose, growth slowed, and the fiscal deficit widened — all outcomes at odds with his promises of prosperity. Rather than asking the wealthiest Americans and corporations to contribute more, he signed what he called the “One Big Beautiful Act,” a sweeping tax cut that drained federal revenues while enriching those already at the top. Even his confrontation with China, ostensibly to preserve American leadership, has been more symbolic than strategic. When negotiations grew difficult, he stepped back — earning the derisive nickname “TACO,” for retreating under pressure. His combative trade policies toward allies have further weakened the anti-China coalition the United States spent decades building. Trump’s pledge to revive American manufacturing, meanwhile, has run aground on practical limits. The United States faces a shortage of skilled workers and a lack of industrial infrastructure. Foreign firms may open automated factories on U.S. soil to avoid tariffs, but such facilities create few jobs and do little to restore the nation’s competitive edge. His approach to global conflict follows the same pattern: short-term deals instead of lasting peace. His administration’s promotion of cryptocurrencies, paired with the surge in gold prices, has even raised questions about confidence in the U.S. dollar — the cornerstone of American economic power. What unites these efforts is not a clear vision of America’s role in the world, but a relentless pursuit of self-promotion. Projects such as “Trump Coin” and the “Gold Card” investment-immigration program appear less about national interest than personal gain. His tax policies, too, have disproportionately benefited the wealthy — including his own family. Political scholar James David Barber, in The Presidential Character, described leaders like Trump as “active-negative”: driven by an urgent need to change the world but lacking a constructive purpose. Like Richard Nixon, he is ambitious yet insecure, and dangerously susceptible to flattery from foreign strongmen who know how to exploit his ego. Hopes that a second Trump term might bring maturity or steadier judgment have so far proved unfounded. Surrounded by loyalists who echo rather than challenge him, he seems more convinced than ever of his own infallibility. This self-assurance, combined with impulsive decision-making, poses growing risks for the United States — and for the world. As the rivalry between Washington and Beijing deepens, other nations are reminded of a postwar adage: “Don’t trust the United States, don’t be deceived by the Soviet Union, and Japan will return.” The message endures: alliances must be valued, but independence preserved. For South Korea, that means maintaining its strategic balance — upholding the alliance with the United States while guarding against over-reliance. In an era defined by uncertainty, restraint and prudence may prove far wiser than any “beautiful” tariff or self-declared peace deal. About the author -Former South Korea's Ambassador to Myanmar and Australia -Special Envoy for the National Assembly * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-04 09:43:44 -
South Korea's martial law crisis revisited at IBA by leading constitutional scholar SEOUL, November 04 (AJP) - South Korea has successfully defended its democratic institutions in the face of its first declaration of martial law under a democratic government and a surge of disinformation that culminated in a presidential impeachment, a leading Korean constitutional scholar told a global legal audience. Sung Nak-in, former president of Seoul National University and one of Korea’s foremost constitutional experts, detailed the short-lived but deeply damaging martial-law crisis before more than 5,000 delegates at the International Bar Association (IBA) Annual Conference in Toronto, which runs from Sunday to Friday. He spoke at the session titled “Democracy in Crisis: What Is the Role of Access to Justice?” on Monday. South Koreans witnessed the imposition of martial law for the first time in over four decades when then-President Yoon Suk Yeol — a former prosecutor general — made a sudden late-night televised declaration on Dec. 3, 2024. The order was nullified hours later after opposition lawmakers pushed through a legislative veto with the help of civilians who rushed to the National Assembly at midnight to secure entry and enable the vote. Yoon was impeached on Dec. 14 and later arrested and tried on multiple charges. A snap presidential election was held in June, bringing current President Lee Jae Myung to office. Sung, a Paris-educated scholar of constitutional law, described how South Korean society navigated political upheaval, social fragmentation, economic strain, and a proliferation of conspiracy theories and fake news by relying firmly on the rule of law and democratic procedures. The IBA represents more than 80,000 legal professionals from 170 countries. This year’s conference addresses a wide range of global legal challenges including AI and law, business law, climate justice, and the rule of law. 2025-11-04 09:20:28 -
South Korea's crypto curbs push investors to foreign exchanges SEOUL, November 04 (AJP) - The number of South Korean investors holding large sums in overseas cryptocurrency exchange accounts has more than doubled in a year, reflecting both the global market’s resurgence and growing frustration with South Korea’s restrictive trading environment. According to data from the National Tax Service, 2,320 South Koreans reported offshore crypto accounts exceeding 500 million won (about $360,000) by the end of last year — a two-fold increase from the previous year. The number of such investors was 1,043 in 2021 and 1,432 in 2022, before surging amid last year’s cryptocurrency boom. Under South Korea’s foreign financial account reporting system, individuals and corporations must declare any overseas accounts that hold more than 500 million won at any point during the year. Crypto holdings were newly included in this requirement beginning in June 2023. Of all the accounts reported last year, 75.3 percent were linked to Binance, the world’s largest cryptocurrency exchange — a sharp rise from 52.7 percent in 2022. Industry sources say Binance’s popularity stems from its wide range of trading products and high leverage options, which appeal to risk-tolerant investors but are restricted or banned in South Korea. Binance allows derivatives trading with leverage of up to 125 times, offers low fees, and lists 437 cryptocurrencies — compared with 294 on Upbit, South Korea’s dominant exchange. Upbit, constrained by local regulations and the 2021 enforcement of the Financial Information Act, focuses mainly on conservative spot trading. The gap underscores a broader concern that South Korea’s digital asset market could become increasingly isolated as tighter regulations limit innovation and investment opportunities. Capital inflows to domestic exchanges have slowed in recent years, while global platforms have continued to expand. “Expanding institutional participation and allowing foreign investors into the local market are essential to boost liquidity,” said an official from a domestic exchange who requested anonymity because of the sensitivity of the issue. “Without structural reform, South Korean exchanges will lose their competitiveness.” Industry officials and lawmakers have urged regulators to ease restrictions and encourage market openness, warning that continued rigidity could push more investors offshore — and leave the country’s crypto sector behind. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-04 08:54:59 -
Korea's HD Korea Shipbuilding posts milestone Q3 profit on brisk vessel sales SEOUL, November 03 (AJP) - HD Korea Shipbuilding & Offshore Engineering Co. on Monday reported its best-ever quarterly performance since adopting a holding-company structure, with operating profit more than doubling from a year earlier to surpass 1 trillion won ($733 million) for the first time. Operating profit jumped to 1.05 trillion won in the July–September period on revenue of 7.6 trillion won, up 21 percent on year. Net income surged nearly fourfold to 876.7 billion won, the company said in a regulatory filing. HD Hyundai Heavy Industries' stock rose 1.16 percent to close at 479,500 won. The flagship shipbuilder of HD Hyundai credited the robust results to a global shipbuilding boom and an increase in high-value vessel deliveries, which more than offset seasonal production slowdowns. Higher ship prices and productivity gains in the commercial vessel business also helped lift profitability, executives said during a conference call Monday. By segment, the shipbuilding division posted an operating profit of 865.8 billion won, up 129 percent from a year earlier, on revenue of 6.20 trillion won, a 16.5 percent increase. The engine and machinery business saw revenue rise 31 percent to 823.6 billion won amid growing demand for dual-fuel engines under tighter global emissions rules, with operating profit soaring 138 percent to 243.2 billion won. The offshore plant division recorded revenue of 280.4 billion won, buoyed by major project deliveries, but swung to a loss due to one-off expenses. HD Korea Shipbuilding serves as the intermediate holding company overseeing HD Hyundai Heavy Industries, HD Hyundai Mipo Dockyard, and HD Hyundai Samho Heavy Industries—together forming the country’s single largest shipbuilding group. 2025-11-03 17:49:02 -
Asian markets recover, KOSPI and Nikkei continue to test new highs SEOUL, November 03 (AJP) - Asian stocks rebounded on Monday, with South Korea and Japan extending their record-setting rallies on expectations of stronger chip-sector earnings and upbeat corporate results. The benchmark KOSPI jumped 2.78 percent to a new closing high of 4,221.87. Retail investors drove the rally, purchasing 651.2 billion won ($456 million) worth of shares, followed by institutions with 443.2 billion won. Foreign investors sold about 795 billion won, taking profits after the recent surge. Chip stocks again led the charge. SK hynix soared 10.9 percent to 620,000 won ($434.2), marking another all-time high as brokerages including Nomura Securities and Goldman Sachs raised profit estimates. Nomura projected the memory maker’s operating profit to reach 99 trillion won in 2026 and top 100 trillion won in 2027. Samsung Electronics also advanced, adding momentum to the sector’s upward trend. Defense stocks strengthened after reporting strong quarterly results. Hanwha Aerospace climbed 6.44 percent to 1,042,000 won, while Hyundai Rotem gained 6.07 percent to 244,500 won. Both companies said their defense divisions accounted for the bulk of third-quarter earnings, with operating profit rising 79 percent at Hanwha and 102 percent at Rotem. Japan’s Nikkei 225 advanced 2.12 percent to an all-time high of 52,411.34. Konami surged 16.81 percent to 25,740 yen ($167.19) after posting a 48 percent increase in second-quarter operating profit. Japan Tobacco rose 8.93 percent to 5,365 yen on a 27.2 percent profit gain, while Hitachi added 7.15 percent to 5,318 yen, supported by solid third-quarter results and news of a new high-speed rail project in Italy. China’s Shanghai Composite Index edged up 0.55 percent to 3,976.52, trimming last week’s losses. Analysts said gains were limited as the outcome of the Trump–Xi summit largely matched market expectations. Hong Kong’s Hang Seng Index was up 1 percent at 26,160 as of 4:15 p.m., helped by its relative insulation from mainland market pressures. Taiwan’s TAIEX added 0.36 percent to close at 28,334.59, rounding out a broadly positive session for Asian equities. 2025-11-03 17:46:27 -
Korean brands still in hangover over Jensen Huang's Seoul evening binge SEOUL, November 03 (AJP) - There was nothing casual about the tech boys' night-out in Seoul for "chimaek" — the beloved chicken-and-beer pairing — given the multi-trillion-dollar businesses they represent and the influence they wield over the global economy. The APEC week has officially ended, but the afterglow — and hangover — from Thursday's late-night binge among Nvidia CEO Jensen Huang, Samsung Electronics Chairman Lee Jae-yong, and Hyundai Motor Group Chairman Chung Eui-sun continues to ripple across Korean markets, from stocks to retail sales. The rare sight of the trio — who collectively helm corporate empires near $6 trillion at the time — squeezing into a fried-chicken joint offered an intimate glimpse into the personal lives of some of the world's wealthiest and most influential figures. The scene went instantly viral worldwide. According to Google Trends, global search interest in "chimaek" surged after the meetup, climbing to a score of more than 75 out of 100 the next day — a clear sign of heightened curiosity about Korea's distinctive drinking and food culture. Huang also displayed enthusiasm for Korea's "somaek" — a soju-beer mix — after Samsung's Lee demonstrated the "Tera Tower," Korean liquor company Hite Jinro's beer-soju blending gadget that went viral following its 2022 debut. Somaek is a quintessential Korean drinking ritual often accompanied by games or social gatherings. The term even inspired the global hit "APT." by BLACKPINK's Rosé and Bruno Mars — a reference to a Korean drinking game that propelled the song's popularity. The frenzy extended far beyond the tech sphere, delivering an unexpected viral marketing bonanza for Korean consumer brands. Shares of Kyochon F&B — the only listed fried-chicken franchise — jumped more than 10 percent in early trading, while rival chains BBQ and BHC reported spikes in sales inquiries. Videos of Huang greeting fans outside the restaurant and handing out Korean snacks like banana-flavored milk spread rapidly across social media. Binggrae, the company that produces the banana milk, swiftly seized the moment, posting on Friday: "Giving away 100 banana milks! Thank you, Mr. Huang!" The company said it will randomly select 100 commenters by Thursday to receive an e-gift card and plans to accelerate export promotions while global attention is fixed on the brand. Even the red ginseng product Huang received from a fan drew fresh attention. The item — from Jung Kwan Jang, Korea's leading ginseng producer — was also featured among hospitality gifts provided to visiting leaders at hotels in Gyeongju during the APEC summit. "Korean consumers are especially drawn to products with stories," said Lee Eun-hee, honorary professor of consumer studies at Inha University. "It's not just about taste or quality. People find joy in consuming things tied to a narrative or cultural context. With social media amplifying that storytelling, these moments attract even more attention." After the chimaek spectacle came serious and win-win business. At the APEC CEO Summit, Huang announced Nvidia's plan to supply up to 260,000 GPUs — worth roughly 14 trillion won — to Korean partners, including Samsung, SK Group, Hyundai Motor, and Naver Cloud. Samsung, in turn, will provide next-generation HBM4 memory essential for Nvidia's top-tier GPUs, securing a stable components pipeline amid intensifying global AI demand. Nvidia's collaboration with Hyundai Motor is also expected to deepen, positioning the U.S. chipmaker's "Drive" platform as a potential backbone for Korea's fast-evolving autonomous driving ecosystem. 2025-11-03 17:41:28