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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 -
Wemade rolls out 'Legend of YMIR' worldwide, blending epic battles with crypto rewards SEOUL, October 28 (AJP) - South Korean game developer Wemade announced on Tuesday the global launch of its new multiplayer online role-playing game, Legend of YMIR. The game is now available in 170 countries, excluding South Korea and China. Set in a mythical world torn apart after the fall of the gods, Legend of YMIR follows warriors fighting to restore order amid chaos. Players can engage in large-scale server battles and experience a new “Partners Server” model, which allows communities to manage and grow their own servers on both mobile and PC platforms. At the heart of the game’s design is a blockchain-based economy. Players can earn “gWEMIX,” an in-game currency that can be exchanged on a one-to-one basis with WEMIX Coin, Wemade’s cryptocurrency. Victorious clans in server battles will collect a share of gWEMIX as tax from all other servers, blending competitive gameplay with tangible rewards. To mark the launch, Wemade is hosting an airdrop event on its blockchain gaming platform, WEMIX PLAY, distributing NFT-based in-game items to participants. Players can also take part in the “Hero Qualification” event, which offers rewards for completing in-game missions. Wemade said it plans to host a global tournament, the YMIR Cup, to determine the strongest server across all regions. The company, best known for its MIR franchise, continues to expand its footprint in blockchain-integrated gaming as it seeks to attract a global audience to its play-and-earn ecosystem. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 16:40:48 -
KOSPI and Nikkei standout winners as foreign funds pivot away from U.S. market SEOUL, October 28 (AJP) - Seoul and Tokyo exchanges shed their longstanding labels of "Korea bargain" and "lost decades" this year, emerging as the world's two best-performing markets as global capital rotates out of an overheated U.S. equity space and into Asia's two technology powerhouses. According to Japan's Ministry of Finance, foreign investors bought ¥7.53 trillion ($49.9 billion) worth of Japanese equities in the week ending Oct. 18 — one of the largest weekly inflows this year. Cumulative net foreign purchases since January have reached ¥52.8 trillion ($349 billion), more than double the amount recorded a year earlier. The rally has pushed Japan's Nikkei 225 above the 50,000-point threshold for the first time, buoyed by a weaker yen, expectations of additional stimulus by the new pro-growth prime minister, and the Bank of Japan's ultra-loose monetary stance. The Nikkei has risen around 30 percent year-to-date, based on gains from the first trading day of 2025. Corporate reforms have further bolstered sentiment. Since the Tokyo Stock Exchange launched its capital-efficiency program in 2023, listed firms have markedly increased dividends and buybacks. Corporate repurchases topped ¥10 trillion ($66 billion) in 2024 — an all-time high. Korea, long snubbed and left out of last year's global rally, is also enjoying a breakout year. The benchmark KOSPI has surged nearly 70 percent, briefly crossing the 4,000 mark for the first time in its history. Foreign investors have been the main engine behind the rally. Data from the Bank of Korea and the Financial Supervisory Service show they purchased $4.34 billion of Korean equities in September — the largest monthly inflow in 19 months. According to KRX, foreign net buying reached ₩5.6 trillion ($4 billion) from Sept. 26 to Monday in KOSPI shares, suggesting a still-hot buying spree. By end-September, foreign holdings of listed Korean shares reached ₩1,014.6 trillion ($714 billion), representing 28.7 percent of total market capitalization — the highest proportion since 2022 and up from 27.5 percent a month earlier. Most of the buying was concentrated in semiconductor and AI-related names such as Samsung Electronics and SK hynix, which continue to benefit from a rebound in global chip demand. Net foreign purchases reached ₩6.28 trillion ($4.5 billion) in July, the strongest in more than a year. The eastward shift reflects a broader global portfolio reallocation. With U.S. stocks trading at stretched valuations and the dollar softening, investors are seeking more attractive pricing and stronger structural growth in Asia. LSEG Lipper data show that non-U.S. equity funds attracted $13.6 billion in July — the most in over four years. The International Monetary Fund projects that about 70 percent of global economic growth in 2025 will come from Asia, underscoring the region's increasing weight in the world economy. Near-zero interest rates in Japan and Korea's dovish 2.5 percent policy rate, coupled with weaker exchange rates, have also made their assets more attractive relative to the U.S., where average market yields hover around 4 percent. 2025-10-28 16:39:52 -
DB Insurance to acquire Florida-based insurer Fortegra in $1.65 billion deal SEOUL, October 28 (AJP) - DB Insurance said on Tuesday that it had agreed to acquire Fortegra Group, a Florida-based specialty insurer, for $1.65 billion, marking the first time a South Korean insurance company has purchased a U.S. insurer. The deal, valued at about 2.3 trillion won, represents the largest overseas acquisition by a South Korean insurer to date. The sellers are Tiptree Inc., Fortegra’s parent company, and the private equity firm Warburg Pincus. The transaction is expected to close by mid-2026, subject to regulatory approvals in both countries. The acquisition underscores DB Insurance’s ambitions to accelerate its global expansion and diversify its business beyond its home market. The company first entered the U.S. in 1984 with a branch in Guam. Founded in 1978 and headquartered in Jacksonville, Fortegra provides a range of specialty, credit, and warranty insurance products. The company operates across the United States and in eight European markets. Last year, it reported $3.07 billion in gross written premiums and $140 million in net income, and it currently holds an A- financial strength rating from AM Best. By acquiring Fortegra, DB Insurance aims to strengthen its foothold in the U.S. and European markets while enhancing its expertise in specialty insurance — a fast-growing segment within the global insurance industry. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 15:59:59 -
OPINION: What South Korea's MASGA initiative means for its alliance with US SEOUL, October 28 (AJP) - South Korea's alliance with the U.S., has long been a cornerstone of security on the Korean Peninsula, combining Washington's extended deterrence with Seoul's defense capabilities to counter North Korea's nuclear threats. But a confluence of new and complex issues is challenging the resilience of the alliance amid a rapidly shifting landscape in Asia and the broader Indo-Pacific region, driven by intensifying rivalry and trade disputes between U.S. and China, Russia's prolonged war in Ukraine, and North Korea's growing nuclear and missile arsenal. In the meantime, the U.S. Navy, which boasts the world's most formidable maritime force, is facing structural difficulties as its shipyards struggle to maintain and repair its vessels, exposing vulnerabilities in both quantity and quality. The U.S. aims to maintain at least 350 ships but currently has about 290, while China, which is flexing its muscle in the Indo-Pacific, appears to have already surpassed the U.S. in fleet numbers. It is no wonder that the U.S. welcomed Seoul's proposal, dubbed "MASGA" (Make America Shipbuilding Great Again) last July, as part of a broader deal to reduce reciprocal tariffs from 25 percent to 15 percent during tariff negotiations between the two countries. It includes a pledge to invest $150 billion to revitalize the American shipbuilding industry over the coming years, as part of a massive $350 billion investment in the U.S., along with the purchase of $100 billion worth of liquefied natural gas and other energy products. South Korea, with its prowess in shipbuilding, possesses advanced skills to not only rapidly build destroyers, submarines, and large transport ships but also maintain and repair them, a capacity the U.S. is eager to leverage. Integrating South Korean shipyards into the U.S. supply chain could ease bottlenecks and enhance fleet readiness, strengthening the bilateral alliance and reinforcing strategic ties beyond industrial cooperation. South Korea has expanded cooperation with its closest ally across various sectors including cyber defense and space security, with shipbuilding likely serving as a practical foundation for these efforts. MASGA is also line with the U.S.' call for fair contributions from allies by enabling South Korea to meet Washington's urgent shipbuilding needs in exchange for advanced U.S. technologies, creating a mutually beneficial partnership. There appear to be some legal and technical challenges, along with possible opposition from China, but these may be overcome with political leadership and institutional coordination. What is crucial is to recognize MASGA as a comprehensive strategic platform for the bilateral alliance, rather than merely a project. Amid the complex geopolitical environment of the Asia-Pacific, MASGA could elevate the alliance to a new level, as it is not just about building more ships but about demonstrating how the two allies will share roles and responsibilities for regional defense and security, serving as both a test and an opportunity. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 15:47:38 -
Hyundai E&C completes major phase of Iraq's Basra refinery project SEOUL, October 28 (AJP) - South Korea's Hyundai Engineering & Construction said on Tuesday that it has completed key construction work at the Basra refinery in southern Iraq and begun test operations. Awarded to Hyundai E&C in 2020, the 2 trillion won ($1.4 billion) project is expected to be fully completed early next year. Located about 450 kilometers southeast of Baghdad, the upgraded facility will produce 24,000 barrels of gasoline per day using residues from crude oil refining. The South Korean builder held a ceremony on Oct. 25 to commemorate the first gasoline production from the site. The event was attended by Iraqi Prime Minister Muhammad Shia’ al-Sudani, Oil Minister Hayan Abdul Ghani, South Korean Ambassador to Iraq Lee Joon-il, and Ryu Seong-an, head of Hyundai E&C’s plant division. The modernization converts heavy oils such as bunker C and asphalt into higher-value gasoline and diesel. Hyundai E&C carried out the project on a turnkey basis — encompassing design, procurement, construction, and testing — in partnership with Japan’s JGC Corporation. Despite Iraq’s vast oil reserves, among the world’s five largest, the country has long struggled with outdated refining capacity, forcing it to import large volumes of gasoline. Once fully operational, the Basra refinery expansion is expected to strengthen Iraq’s energy self-sufficiency and boost profitability. “With the Iraqi government’s continued support, we hope to take part in future reconstruction and high-value plant projects in Iraq," Hyundai E&C said in a press release. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 15:37:39 -
South Korea opens direct air route to Indonesia's diving paradise Manado SEOUL, October 28 (AJP) - Eastar Jet has become the first South Korean airline to launch direct flights between Incheon and Manado, Indonesia, which is famed for its crystal-clear waters, coral reefs, and rich biodiversity. The budget carrier began operating the new route on Oct. 26, with four weekly flights scheduled through mid-December. Starting Dec. 16, the service will increase to daily operations. Tickets and travel packages are now available through local travel agencies, the company said Tuesday. Manado, the capital of Indonesia’s North Sulawesi province, is home to more than 1,300 marine species and 370 varieties of living coral, earning it a reputation as one of the world’s top three diving locations. To mark the route’s launch, Eastar Jet signed a letter of intent on Tuesday with the provincial government of North Sulawesi to promote tourism and sustainable development in the area. The signing ceremony was attended by Lee Kyung-min, Eastar Jet’s commercial director, and Julius Selvanus, the governor of North Sulawesi. Under the agreement, the two parties will collaborate to promote tourism exchange, and support local communities through environmentally sustainable initiatives. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 14:29:58 -
South Korea's CJ ENM eyes one-stop platform for K-pop fans worldwide SEOUL, October 28 (AJP) - CJ ENM, one of South Korea’s largest entertainment companies, is betting that K-pop’s next wave of global expansion will happen not just on stage, but on screens. The company announced plans to turn its digital platform Mnet Plus into a global “fanteractive” hub — blending content, fandom, and commerce for the hyper-connected generations of Gen Z and Alpha. At a Culture TALK event in Seoul, Tuesday, CJ ENM said Mnet Plus had surpassed 40 million cumulative subscribers within three years of its launch. The platform now boasts up to 20 million monthly active users and 7.6 million daily users, with international audiences making up about 80 percent of its traffic. The company said much of that growth is being driven by younger fans who consume, create, and share K-pop content across borders and languages. Company officials said the platform’s strength lies in its interactive features. Users can vote for their favorite artists, participate in fan support campaigns, join live streams, and chat in real time. During the finale of Boys Planet 2, Mnet Plus recorded a staggering 70,000 votes per second and more than 130 million cumulative views. “Our goal is to create an ‘experience platform’ where fans can engage and immerse themselves beyond just watching,” said Kim Ji-won, head of Mnet Plus. CJ ENM plans to broaden Mnet Plus’s lineup of original K-pop content and expand its global streaming infrastructure. The company will introduce an ad-supported free viewing model alongside premium paid tiers designed to deepen fan experiences and connect audiences with artists and brands. Chae Woo-jin, head of the Entertainment Culture Research Institute, said, “The future of K-pop depends on what kind of value and experiences these platforms can offer. They must widen the cultural reach of K-pop for fans worldwide.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 14:09:19 -
Weak EV sales push Samsung SDI deeper into the red SEOUL, October 28 (AJP) - South Korea's Samsung SDI reported a fourth consecutive quarterly loss on Tuesday, as a downturn in electric vehicle demand and trade headwinds in the United States continued to weigh on the South Korean battery maker’s earnings. The company logged an operating loss of 591.3 billion won, or about $430 million, in the July–September period, pushing its cumulative deficit above 1 trillion won for the year. Revenue fell 22.5 percent from a year earlier to 3.05 trillion won, while net income plunged 97.5 percent to 5.7 billion won. Battery sales, which make up the bulk of Samsung SDI’s business, declined 23.2 percent from a year earlier to 2.82 trillion won. The segment reported an operating loss of 630.1 billion won, reflecting weaker sales of electric vehicle batteries and the impact of U.S. tariffs on energy storage products. Samsung SDI said it expected performance to improve in the final quarter of the year, supported by a rebound in the European electric vehicle market and stronger demand for energy storage in the United States. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 13:52:22