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PHOTOS: Media art bathes Gyeongju's historic sites for APEC SEOUL, October 29 (AJP) - The Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju is providing a unique backdrop for global leaders, with the host city leveraging its ancient heritage to deliver a striking cultural experience. As delegates gather, the historic heart of Gyeongju is being transformed nightly into an outdoor art gallery, blending tradition with cutting-edge technology. The ancient Daereungwon Tomb Complex and the iconic Cheomseongdae Observatory are the centerpieces of spectacular evening showcases. Various media art and grand media facade performances are lighting up the historic sites nightly. The stunning visual displays are free to the public and run from 7 p.m. to 10 p.m. until Nov. 16. The Gyeongju National Museum is also hosting a once-in-a-lifetime exhibition. To mark the museum's 80th anniversary, a special exhibit has brought together six Silla-era ancient gold crowns in a single location for the first time. The crowns represent a dazzling look into the power and artistry of the ancient Silla Kingdom. 2025-10-29 10:36:32 -
North Korea fires cruise missiles as Trump arrives for APEC summit SEOUL, October 29 (AJP) - U.S. President Donald Trump's repeated overtures to North Korean leader Kim Jong-un were met with another round of provocation, as the isolated country test-fired a couple of ship-to-surface cruise missiles in the West Sea on Tuesday. According to North Korea's state-run Korean Central News Agency on Wednesday, the missiles "improved for the launch form the ship" were launched vertically the previous day and flew for about 7,800 seconds along a preset route to hit their targets. The test launch came just a day before Trump's visit to South Korea for the Asia-Pacific Economic Cooperation (APEC) summit in the historic city of Gyeongju, the final leg of his Asia trip that included stops in Malaysia and Japan. With Kim absent, key party official Pak Jong Chon, along with other senior military brass, observed the test. Hailing it as a "success," the KCNA also reported that Pak instructed the training of mariners for the operation of the country's new 5,000-ton destroyers, dubbed "Choe Hyon" and "Kang Gun," named after partisan fighters against Japanese colonial rule, suggesting that the missiles were likely launched from one of these vessels. Despite Trump repeatedly expressing his wish to meet with Kim during his stay here, the North Korean leader has remained silent. Some speculated that Tuesday's test launch dashed such prospects. But others say the possibility still remains in their wildest scenario, as Trump has hinted at his willingness to extend his stay here and may even travel to the North. Trump told reporters aboard Air Force One en route to Tokyo earlier this week, "If he'd like to meet, I'm around," adding, "I'll be in South Korea, so I can be right over there." On his way to Gyeongju earlier in the day, Trump reiterated that he has always had a "very good relationship" with Kim, saying, "At some point, we'll be involved with North Korea." But he said his focus for now is his meeting with Chinese President Xi Jinping slated for Thursday, adding, "We'll come back and, at some point in the not-too-distant future, meet with North Korea." Meanwhile, Trump is set to hold talks with President Lee Jae Myung later in the day, the second summit in about two months after they first met in Washington, D.C. in August. 2025-10-29 09:52:09 -
Kia's electric van sets Guinness World Record for longest drive on single charge SEOUL, October 29 (AJP) - South Korean automaker Kia said on Wednesday that its PV5 Cargo electric van has set a Guinness World Record for the longest distance traveled by a light commercial electric vehicle on a single charge, covering 693.38 kilometers, or about 431 miles, while carrying a full load. “The Guinness World Record achieved by the PV5 Cargo demonstrates Kia’s vision to provide new mobility solutions beyond transportation,” said Song Ho-sung, the company’s president. “It proves the vehicle’s efficiency and practicality in real-world conditions.” The test, conducted on Sept. 30 on public roads north of Frankfurt, Germany, used a four-door PV5 Cargo equipped with a 71.2-kilowatt-hour battery and loaded to its maximum capacity of 665 kilograms, or about 1,465 pounds. The route, a 58.2-kilometer circuit of urban and suburban roads with repeated elevation changes, was designed to replicate the stop-and-go conditions of delivery operations. The drive was led by George Barrow, a commercial vehicle journalist, and Christopher Niggemeyer, a senior engineer at Hyundai-Kia’s European Technical Center. The two completed the course under GPS monitoring and with onboard cameras recording the trip. “It’s impressive that the PV5 Cargo can travel over 693 kilometers on a single charge with a full load,” Barrow said. “This record will be hard to beat.” Niggemeyer added that a deep understanding of the van’s powertrain system helped optimize energy efficiency and highlight “its remarkable driving capabilities.” The PV5 is Kia’s first purpose-built electric vehicle, developed on the company’s E-GMP.S platform — a next-generation architecture designed for modular, electrified commercial and passenger vehicles. The model features a low loading height, flexible cargo configuration, and software integration intended to suit a range of business applications. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-29 09:48:24 -
Hanwha explores autonomous navigation through partnership with US company SEOUL, October 29 (AJP) - South Korea's Hanwha Group is accelerating its expansion into the United States by teaming up with Havok AI, an American company specializing in autonomous navigation technology. Hanwha Solutions and Hanwha Ocean said Wednesday that they are exploring strategic cooperation with Havok AI in the development of unmanned maritime systems. On Tuesday, Havok AI’s chief executive, Paul Lewin, and his team visited Hanwha Ocean’s shipyard in Geoje, South Korea, to review the company’s shipbuilding and maritime systems capabilities. During the visit, engineers conducted a live demonstration of remote vessel control — operating one of Havok AI’s unmanned surface vessels stationed off Hawaii directly from the Geoje facility. Hanwha sees the partnership as a key step toward entering the global unmanned maritime systems market, particularly in the United States. The move follows Hanwha Systems and Hanwha Ocean’s expansion efforts last year, which included acquiring a shipyard in the Philadelphia. By combining Hanwha’s expertise in shipbuilding, defense systems, and platform integration with Havok AI’s autonomous navigation software, the companies aim to develop scalable unmanned solutions for both defense and commercial use — technologies that promise to improve operational efficiency and reduce maintenance costs. “By merging Hanwha’s maritime systems expertise with Havok AI’s autonomous capabilities, we can enhance the value of existing vessels and accelerate the deployment of next-generation unmanned systems,” Lewin said. Yoo Moon-ki, who leads Hanwha Systems’ maritime division, said the company intends to work closely with Havok AI “to penetrate the global maritime unmanned systems market” by leveraging Hanwha’s combat systems and integration know-how. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-29 09:37:01 -
UPDATE: SK hynix reaps record $8 billion Q3 OP, gears up for aggressive capex (Updated with comments from conference call) SEOUL, October 29 (AJP) - SK hynix plans to “significantly” ramp up facility investment next year after reporting a milestone operating profit of $8 billion in the third quarter, reinforcing its ambition to stay at the forefront of the global AI transition and ride what it calls an “unprecedented super cycle.” The Korean memory giant on Wednesday reported an operating profit of 11.38 trillion won ($7.9 billion) for the July–September period, up 62 percent from a year earlier and 24 percent from the previous quarter. Revenue rose 39 percent on year and 10 percent on quarter to 24.45 trillion won, underscoring its strengthened dominance in high-performance memory for AI servers and data centers. Operating margin as the result was as high as 47 percent, increased from 41 percent in the previous quarter to suggest widened lead over Samsung Electronics, whose decades-long No. 1 status in memory has been overtaken this year. Shares of SK hynix rose 5 percent and touched a record 547,000 won in Wednesday’s session as investors cheered the company’s robust outlook for the current chip boom. Chief executive Kim Woo-hyun drew a clear distinction between today’s market and the previous 2017–18 upcycle. “The biggest difference is the scope of demand,” he said during a conference call. “AI is creating entirely new application sources—from servers to self-driving vehicles—resulting in structurally constrained supply under explosive demand.” He dismissed speculation that the upcycle may fizzle out in its second year as typically done in the past rounds. The profit windfall boosted cash on hand to 27.9 trillion won as of end-September, with cash-equivalent assets up 10.9 trillion won from June. Net cash reached 3.8 trillion won while total debt stayed steady at 24.1 trillion won. The balance sheet resilience gives SK hynix "sufficient" room to push forward capacity expansion, Kim said, adding that next year's capex will rise “considerably” from this year— without specifying figures. SK hynix had earlier guided 29 trillion won in 2025 capex, 62 percent higher than 2024. SK hynix’s leap to the top of the global memory market stems from its early and aggressive bet on HBM, a high-bandwidth memory used in premium servers and AI systems. It accounted for 62 percent of global HBM bit shipments in the second quarter, ahead of Micron’s 21 percent and Samsung’s 17 percent, according to Counterpoint Research. The company’s rising profit share suggests its HBM lead has only deepened, given that HBM sells at several times the price of conventional DRAM and roughly five times that of DDR5. “Demand for memory across the board surged on AI infrastructure spending,” the company said in a statement, citing stronger prices for DRAM and NAND flash and sharp shipment increases of high-performance chips. Shipments of 128-GB-and-up DDR5 more than doubled from the second quarter, while enterprise SSDs for AI servers now account for a larger portion of NAND sales. The company will begin shipping HBM4 in the fourth quarter—destined for Nvidia’s next-generation processors—and has already secured full-year supply contracts for HBM, DRAM, and NAND for 2026. Its HBM breakout is rooted in its multi-story stacking technology, which has advanced from 3D to 4D through triple-level cell (TLC) architecture, enabling higher density and power efficiency suitable for Nvidia’s stringent specifications. SK hynix this week also began the world’s first commercialization of 321-layer NAND flash, aimed at rising AI mobile workloads. To meet undying global demand, the company will expedite cleanroom openings, expand output via the M15X fab, and accelerate the migration to sixth-generation 10-nanometer production across DRAM lines. It expects DRAM demand to grow more than 20 percent next year, following this year's estimated gain in high-10-percent range. 2025-10-29 08:56:44 -
OPINION: Promise and peril of 'productive finance' in South Korea Oh Jung-geun, head of Free Market Research Institute SEOUL, October 29 (AJP) - When Lee Eok-won, South Korea’s new chairman of the Financial Services Commission, unveiled his vision for “financial transformation” on Sept. 15, his message was both ambitious and urgent. Lee called for “productive finance,” “consumer-centered finance,” and “trust finance” — a sweeping reform agenda meant to propel the country’s economic future. At the heart of his proposal is a shift away from the collateral-based lending system that has long defined South Korea’s banking industry — one that has fueled property speculation and household debt — and a redirection of capital toward “productive sectors” such as innovation and industry. It is a bold vision, echoing the Lee Jae Myung administration’s push to rewire the economy for sustainable growth. But the reality is far more complicated. Redirecting capital into riskier, growth-oriented ventures while maintaining financial stability is no easy task. Banks, by design, are cautious intermediaries. They rely on collateral precisely because it protects them — and the broader system — from shocks. Asking them to become risk-takers overnight is asking them to act against their very DNA. That task is made harder by the need for skilled personnel and sophisticated risk assessment tools. “Productive finance” sounds promising, but on the ground, it demands an institutional overhaul that cannot be achieved quickly. History offers cautionary tales. The collapse of a Silicon Valley bank in 2023 revealed what happens when financial institutions overextend into venture lending without proper safeguards. More recently, several U.S. regional banks — including Zions Bancorporation and Western Alliance Bancorp — have reported substantial loan losses, while JPMorgan Chase suffered a $178 million hit from the bankruptcy of a car lender. Each case underscores a central truth: risk-taking must be matched by equally robust risk management. In South Korea, the banking sector remains sturdy but not without strain. During the first half of this year, banks’ operating profits rose a modest 1.1 percent to 18 trillion won, even as interest income — still their main source of profit — slipped slightly to 29.7 trillion won. The sector’s dependence on net interest margins leaves it vulnerable to shifts in global rates and domestic demand. With the U.S. Federal Reserve moving toward rate cuts and South Korea’s economy losing momentum, that vulnerability could deepen. Higher deposit insurance limits are likely to drive savers toward higher-yield accounts, pushing up banks’ funding costs just as lending margins narrow. Meanwhile, tighter restrictions on household loans and subdued corporate borrowing point to weaker interest income ahead. Adding to the pressure are regulatory and political headwinds. The Fair Trade Commission is investigating major banks for alleged collusion on loan-to-value ratios, a probe that could result in fines exceeding 1 trillion won. Penalties for mis-selling complex equity-linked securities may follow. And the government’s plan to double the education tax on profits above 1 trillion won could further dent earnings — an estimated 600 billion won hit to the country’s top financial groups, according to Sang Sang Securities. Despite robust profits, South Korea’s banks remain relatively uncompetitive globally. KB Bank’s return on equity stood at 8.86 percent at the end of 2024, less than half of JPMorgan’s 18 percent. The gap reflects not only differences in scale, but also the heavy weight of regulation and the limited risk appetite of South Korean institutions. The Lee Jae Myung administration’s “People’s Growth Fund,” which will draw half of its 150 trillion won from the private sector, and its “bad bank” initiative to clean up long-term delinquent loans, both depend heavily on bank contributions. President Lee has urged lenders to abandon “pawnshop-style” practices and embrace productive finance — but these mandates, however well-intentioned, could further squeeze margins and discourage innovation. Korea’s banking industry has long been both a pillar and a bottleneck of its economy: solid, conservative, and reluctant to change. For Lee Eok-won’s “financial transformation” to succeed, it must balance ambition with realism. Policymakers should remember that reform cannot be achieved simply by urging banks to take more risks — especially when those same banks face mounting costs, political scrutiny, and slowing growth. The lessons of 1997, when excessive risk-taking led to financial collapse, still loom large. South Korea’s challenge today is to find a middle path: one that rewards productive finance without repeating the mistakes of the past. About the Author The author holds a Ph.D. in Economics from the University of Manchester and previously served as Director of Monetary Research at the Bank of Korea, Vice President of the Financial Economics Research Institute, and President of the Korea International Finance Society. He is currently a professor at Korea University and Konkuk University, head of the Free Market Research Institute, and chairman of the Seoul Regional Development Committee. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-29 08:44:22 -
Korea–Japan drama pairings strike universal chord in streaming era SEOUL, October 28 (AJP) - New Japanese Prime Minister Sanae Takaichi expressed her liking for Korean food, beauty products, and dramas to brush aside concerns that her hawkish and nationalist posture might sour bilateral ties. Her comment reflects a broader trend in Japan, where audiences increasingly separate politics from cultural consumption as Korean pop culture gains deeper traction through social media and global streaming platforms. Not only have the two neighbors — long distanced by historical grievances — grown more receptive to each other's culture, they are now actively blending talent and IP to create stories that resonate not just with Korean and Japanese viewers but with global audiences. The latest standout collaboration is "Romantic Anonymous," starring Japan's Oguri Shun and Korea's Han Hyo-joo, which ranked No. 6 globally in Netflix's non-English TV category and No. 1 in Japan just a week after release, according to Netflix ranking site Tudum on Tuesday. The series — directed by Japanese filmmaker Sho Tsukikawa, known for "I Want to Eat Your Pancreas," and written by Korean screenwriter Kim Ji-hyun — follows a mysophobic man and a socially anxious genius chocolatier. It was produced by Korea's Yong Film, known for "The Handmaiden," under the supervision of Netflix Japan. Japan has become increasingly eager to recruit Korean talent and storytelling know-how after Korean works like "Parasite" and "Squid Game" demonstrated global impact, creative originality, and strong commercial returns. A generational shift is also powering the trend, with younger viewers in both countries far less constrained by historical sensitivities in admiring each other's culture. One of the clearest examples is Coupang Play's "What Comes After Love," released last September and based on a joint novel by Korea's Gong Ji-young and Japan's Hitonari Tsuji. The series was praised for opening a new chapter in Korean romance storytelling. It held the No. 1 spot on Coupang Play for weeks, with viewership jumping 783 percent in its final week compared with its debut. After launching on Amazon Prime Japan, it immediately took No. 1 in the drama category (No. 3 overall), and within two weeks rose to the top position in 103 countries. Disney+ also contributed early to the cross-border wave with "Connect" (2022), a Korea–Japan collaboration starring Jung Hae-in, produced by Studio Dragon and directed by Japanese filmmaker Takashi Miike. The success of such projects marks a shift from simple casting or IP exchanges to full-scale joint productions involving writers, directors, studios, and creative staff from both countries. "Korea and Japan share emotional narratives that both cultures easily relate to," said one OTT insider. "When the two countries merge their creative strengths — from acting talent to production expertise — the result can appeal far beyond Asia." Another industry official noted the strategic value of the partnership: "Japan offers long-lived IPs and strong domestic loyalty, while Korea has proven global appeal. Together, they can capture both local and international audiences." Streaming platforms show no intention of slowing the momentum. Netflix is developing "Soulmate," starring 2PM's Taecyeon and Japanese actor Hayato Isomura. Another highly anticipated project, "Road," based on the Japanese manga Ao no Michi, began production last month as a full Korea–Japan co-production, starring Son Suk-ku and Eita Nagayama as detectives investigating parallel murders in Seoul and Tokyo. As streaming giants widen their global slates, Korea–Japan creative pairings are emerging as one of the most effective formulas for delivering emotionally rich stories with universal appeal. 2025-10-28 17:04:37 -
Asian shares broadly down Tuesday as Seoul, Tokyo retreat on profit-taking SEOUL, October 28 (AJP) - Asian markets ended mostly lower on Tuesday, with Korea and Japan pulling back after their record-setting rally in the previous session. Korea’s benchmark KOSPI fell 0.8 percent to close at 4,010.41, pressured by heavy foreign selling. Overseas investors offloaded 1.64 trillion won ($1.14 billion) worth of shares, while retail investors bought 1.57 trillion won and domestic institutions added 311.4 billion won, signaling broad profit-taking after a near uninterrupted two-week surge. The pullback centered on biggest winners Samsung Electronics and SK hynix, which fell 2.45 percent to 99,500 won and 2.62 percent to 521,000 won, respectively. HD Hyundai Heavy Industries plunged 4.81 percent to 594,000 won after investors dismissed the possibility of U.S. President Donald Trump visiting a Korean shipyard during his APEC-week trip. Some stocks, however, bucked the decline. Doosan Enerbility jumped 5.49 percent to 86,400 won after announcing a supply contract with U.S. firm Fermi America for nuclear reactor components, reinforcing expectations that it will benefit from Washington’s “Make American Nuclear Cooperation Great Again (MANUGA)” initiative. Samsung Heavy Industries extended Monday’s rally, rising 2.92 percent to 29,950 won on strong momentum behind its self-developed LNG tank technology and recent floating LNG project wins. Samsung Biologics gained 2 percent to 1,232,000 won after reporting a 115.3 percent on-year jump in operating profit to 728.8 billion won. Investors also took positions ahead of its trading suspension starting Thursday due to a planned spin-off. In Japan, the Nikkei 225 slipped 0.58 percent to 50,219.18 as investors locked in profits following Monday’s record close. Defense-related stocks, which had rallied sharply in recent weeks, reversed course — Kawasaki Heavy Industries tumbled 5.03 percent to 11,995 yen ($78.83). By contrast, Furukawa Electric surged 6.34 percent to 10,460 yen on reports that the United States and Japan had agreed on a new rare-earth cooperation framework. Elsewhere in the region, losses were more modest. China’s Shanghai Composite slipped 0.22 percent to 3,988.22, while Taiwan’s TAIEX eased 0.16 percent to 27,949.11. As of 4:30 p.m., Hong Kong’s Hang Seng Index was down around 0.5 percent, trading near 29,260. 2025-10-28 17:04:11 -
Newly elected Japanese PM to meet Lee for first time at APEC summit SEOUL, October 28 (AJP) - Japan's newly elected Prime Minister Sanae Takaich will travel to South Korea later this week to attend the Asia-Pacific Economic Cooperation (APEC) summit, Japanese media reported on Tuesday. In a press briefing later in the day, Chief Cabinet Secretary Minoru Kihara said Takaichi, who took office as the island country's first female prime minister last week, will visit South Korea for three days from Thursday, just a day before the summit begins in the southeastern city of Gyeongju, which runs through Nov. 1. With the two sides still arranging their schedules, her first meeting with President Lee Jae Myung is expected to take place on the day of her arrival. Takaichi, known as a staunch right-winger, will also hold a series of talks with leaders of other countries during her three-day stay here. Meanwhile, Lee is scheduled to hold talks with U.S. President Donald Trump on Wednesday and Chinese President Xi Jinping on Saturday 2025-10-28 16:56:23 -
Global searches surge for APEC as world leaders arrive at Gyeongju SEOUL, October 28 (AJP) - South Korea and its ancient city Gyeongju have grabbed global attention as they ready to receive government and corporate leaders across Asia-Pacific region and host the two superpowers locked in high-stake trade confrontation, while speculation swirl about an uninvited featuring by the North Korean leader. This year's Asia-Pacific Economic Cooperation (APEC) summit has dominated news cycles, pulling headlines ranging from Japan's new Prime Minister Sanae Takaichi to BTS RM and rare-earth elements – an unusually broad mix of politics, celebrity culture, and industrial strategy converging on a single event. According to Google Trends on Tuesday, searches for "Asia-Pacific Economic Cooperation" have surged in the days leading up to the summit week. South Korea saw the highest search interest, followed by China, Hong Kong, Singapore and Taiwan. Global attention to APEC has climbed steadily in recent weeks, reaching its highest point this week. The previous peak came on Oct. 2, coinciding with the release of a promotional teaser for the APEC 2025 Korea summit, which featured South Korean President Lee Jae Myung, G-Dragon, Park Ji-sung and other Korean superstars. The uptick also followed remarks by U.S. President Donald Trump, who reaffirmed plans to meet Chinese leader Xi Jinping at the summit. Search interest in RM also jumped after it was announced that the BTS leader will deliver a keynote speech at the APEC CEO Summit. Top associated search terms such as "2025," "APEC South Korea 2025," "Gyeongju," and "Donald Trump" underscore growing attention to this year's high-profile participants. Offline, the host country and city are busy making the final checks on the packed schedule of bilateral meetings. Lee is set to meet Trump on Wednesday, Takaichi on Thursday and Xi on Saturday. Trump and Xi will also hold a separate U.S.-China summit on Thursday, expected to dominate the week's headlines. The Lee-Trump summit will focus on the long-delayed $350 billion investment and tariff negotiations, defense industry cooperation and semiconductor supply chains, along with extended deterrence against North Korea. Lee's meeting with Takaichi will focus on semiconductor cooperation, export controls and historical disputes, while the two countries navigate an ongoing diplomatic realignment. During Lee's first meeting with Xi — also Xi's first visit to South Korea in 11 years — both leaders are expected to explore ways to recalibrate their relationship amid intensifying U.S.-China rivalry. Meanwhile, the Trump-Xi meeting will mark the first face-to-face encounter since Trump's return to the White House. Officials have signaled discussions on tariff adjustments and export controls on rare-earth materials, as both sides seek to ease tensions while protecting strategic interests. Beyond the four key summits among South Korea, the U.S., China and Japan, most of the remaining 21 APEC economies will send top-level delegations to Gyeongju. Confirmed participants include Canadian Prime Minister Mark Carney, Australian Prime Minister Anthony Albanese and Indonesian President Prabowo Subianto. Chilean President Gabriel Boric will be the only Latin American leader attending in person. Some economies are sending senior representatives instead of heads of state. Russia will be represented by Deputy Prime Minister Alexey Overchuk, while Taiwan plans to dispatch former Vice Premier Lin Hsin-i. Hong Kong Chief Executive John Lee and cabinet-level officials from Peru and Mexico will also join the sessions. Special guests include UAE Crown Prince Khalid bin Mohamed Al Nahyan and IMF Managing Director Kristalina Georgieva. 2025-10-28 16:56:11