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China's No. 2 official to visit Pyongyang for party anniversary as Xi skips trip SEOUL, October 07 (AJP) - Although Chinese President Xi Jinping will not visit North Korea this week, Beijing's decision to send Premier Li Qiang — the country's No. 2 official — to Pyongyang for the 80th anniversary of the Workers' Party of Korea is being seen as a clear sign of strengthening ties between the two neighbors. The move marks a noticeable upgrade from the 2015 celebrations, when China sent Liu Yunshan, then fifth in the Communist Party hierarchy. Both North Korean and Chinese state media confirmed on Monday that Li will lead a senior delegation of party and government officials to Pyongyang from October 9 to 11. North Korea's Korean Central News Agency (KCNA) said the visit, made at the invitation of the Central Committee of the Workers' Party of Korea and the North Korean government, will be an "official goodwill visit." China's Foreign Ministry said Li will attend the anniversary celebrations and meet senior North Korean officials during his stay. His trip will be the highest-level Chinese presence in Pyongyang since Xi's own state visit in 2019, signaling Beijing's renewed willingness to show support for North Korea while avoiding a personal appearance by Xi himself. The decision to send Li reflects a visible warming of relations between Beijing and Pyongyang after several years of limited contact. Kim Jong-un's visit to Beijing in early September for China's "Victory Day" military parade — his first trip to China in five years — helped reopen high-level dialogue between the two sides. Speculation about a possible Xi visit had circulated for weeks after North Korean Foreign Minister Choe Son-hui met Chinese Foreign Minister Wang Yi in Beijing late last month. The two officials agreed to deepen cooperation following Kim's attendance at the Chinese parade, which many analysts viewed as a symbolic step toward restoring ties. Xi is expected to travel to Gyeongju, South Korea, later this month to attend the Asia-Pacific Economic Cooperation (APEC) summit, where he is likely to hold his first face-to-face meeting with U.S. President Donald Trump since the start of Trump's second term. Other socialist nations are also sending senior representatives to Pyongyang for the October 10 anniversary. Vietnam's Communist Party General Secretary To Lam and Lao President Thongloun Sisoulith are expected to attend, while Russia will send Dmitry Medvedev, deputy chair of its Security Council and a close ally of President Vladimir Putin. 2025-10-07 14:29:19 -
Creativity and farsightedness, key to global IB outreach: SK Securities global chief SEOUL, October 06 (AJP) - Abundant investment opportunities lie in diverse global markets when matched with Korea’s high-tech, manufacturing, and soft-power competitiveness, said Patrick Han, head of Global Business at SK Securities. "Identifying needs before demand arises and aligning them with Korean capital is the path forward for Korean investment banking," Han told AJP in an exclusive interview, highlighting that Korea’s financial sector lags far behind its industrial peers. While Korean manufacturers dominate global markets in semiconductors, batteries, shipbuilding, and culture, Korean financial institutions still rank below even some Southeast Asian peers, Han noted, blaming the weakness on a complacent focus on traditional corporate financing at home and a lack of bold overseas outreach. "Korean IB evolves around large companies, and such an inward approach acts as a constraint. The blue ocean lies in global finance," he said. He added that Korea’s IB culture of chasing quick returns is why domestic names remain absent from multi-billion-dollar international government procurements and public projects that demand long-term commitment. Han is steering SK Securities toward large-scale, strategic projects. His office is advising Lithuania’s finance ministry, brokering the sale of a major Indonesian bank, investing in a Southeast Asian hospital group, and exploring a food-security zone project in the region. It is also working on a cross-investment venture between a U.S. consortium and Korean shipbuilders in the maintenance, repair, and overhaul (MRO) sector. With 25 years of international banking experience—including stints at JPMorgan, RBS, and CGS-CIMB—Han has been reshaping SK Securities’ Global Business Division since taking charge last year. "As head of Global Business, I cover the entire spectrum — trading, brokerage, corporate finance, and wealth management. Our priorities center on inbound deals, outbound deals, and offshore transactions," he said. Inbound and outbound deals will be the division’s main focus this year, while offshore business will expand gradually. Han applies a differentiated approach to each market. The United States poses as the most strategic market, rich with M&A, licensing, and real estate opportunities. "Advanced manufacturing, semiconductors, AI, shipbuilding, defense, and nuclear energy are the most promising sectors," he said. He has already organized a Korean roadshow for Primary Wave, the world’s largest music IP investment firm, and helped raise funds for LA Golf Partners. Asia is a diverse, fragmented landscape. Southeast Asia will serve as the hub for M&A and consumer industry investments, particularly K-content, cosmetics, and knowledge services. India offers potential in manufacturing and finance, while China’s reopening hinges on political and regulatory shifts. In Japan, Korean SMEs can leverage ultra-low financing by pairing Japanese capital with Korean technology. Drawing on his long regional experience, Han sees selective opportunities in the GCC states. "The region is not as cash-rich as before, so projects must be chosen carefully," he cautioned. Korea’s track record in construction and energy gives it an edge. Han emphasizes cultural fluency alongside financial acumen. Sixteen years in the U.K. taught him that understanding local codes of business and culture is as critical as market data. His humanistic approach blends creativity with finance. At a recent Seoul event hosted by Indonesia’s Ministry of Tourism, he proposed building retirement "silver towns" for Koreans instead of traditional resorts, while linking Korean healthcare to wealthy Southeast Asian clients. On market outlook, Han expects global markets to take a breather after this year’s bull runs, particularly on Wall Street. Still, he forecasts select Korean sectors — notably AI, semiconductors, defense, shipbuilding, and nuclear — will sustain long-term momentum into next year. 2025-10-07 13:49:10 -
Hwang You-min rises to world No. 33 after Hawaii LPGA win SEOUL, October 07 (AJP) - South Korean female golfer Hwang You-min climbed to 33rd in the world rankings after capturing her first Ladies Professional Golf Association (LPGA) Tour title at the Lotte Championship in Hawaii, securing a direct entry to the U.S.-based circuit. In the latest Women's World Golf Rankings released Tuesday, Hwang jumped 20 spots from 53rd to 33rd following her victory at Hoakalei Country Club in Oahu on Sunday. The 22-year-old carded a final-round 5-under 67 to finish at 17-under 271 overall, edging out compatriot Kim Hyo-joo and becoming the sixth South Korean player to win on the LPGA Tour this year. The win, achieved through a sponsor’s invitation from her main backer Lotte, earned her $450,000 in prize money and a full LPGA Tour membership. Under LPGA rules, Hwang can either begin her U.S. career immediately or defer her status until the start of the 2026 season. Before her breakout in Hawaii, Hwang had already established herself as one of the most promising players on the Korea Ladies Professional Golf Association (KLPGA) Tour. She joined the KLPGA in 2023 and captured two titles within her first two seasons. Known for her calm temperament and precise iron play, she quickly built a reputation as one of the most consistent young players on tour. Born in 2003, Hwang began playing golf as a child and represented South Korea internationally as an amateur before turning professional. Her strong fundamentals and level-headed style have drawn comparisons to veteran Kim Hyo-joo, who finished runner-up at the same event. The Lotte Championship victory also boosted the global standing of South Korean golf, which continues to be a dominant force in women’s golf. Kim Hyo-joo moved up one place to eighth in the world rankings, Yoo Hae-ran stayed at 13th, and Ko Jin-young climbed three spots to 18th. Kim Min-sol, who won last week’s KLPGA Dongbu Construction–Korea Land & Housing Championship, rose 43 places to 75th. Hwang’s path now mirrors that of several South Korean players who made their names on the LPGA Tour, including Pak Se-ri, Park In-bee, and Shin Ji-yai. 2025-10-07 12:13:17 -
Kang Kyung-hwa takes post as South Korean ambassador to Washington, vows stronger alliance SEOUL, October 07 (AJP) - Kang Kyung-hwa, South Korea's new ambassador to the United States and former foreign minister under the Moon Jae-in administration, began her first day of official duties on Monday (local time), pledging to reinforce the South Korea–U.S. alliance through what she called "pragmatic diplomacy centered on national interest." At her inauguration ceremony held at the South Korean Embassy in Washington, Kang said the Lee Jae Myung government will continue to uphold a people-centered approach to diplomacy. "Our government is a people-sovereignty administration that places citizens at the center of all policies, pursuing democracy, common sense, and pragmatism to improve people's lives," she said. "That philosophy will also carry over to diplomacy." Kang said South Korea will pursue a flexible and practical foreign policy to respond to growing global challenges. "There are many complex challenges in the world, but our government will respond swiftly through pragmatic diplomacy that puts national interests first. At the core of that diplomacy lies the South Korea–U.S. alliance," she said. She emphasized that the alliance has evolved over the past seven decades from a traditional military partnership into what she described as a "comprehensive strategic alliance" built on three main pillars: security, economy, and advanced technology. "We will continue to build on that foundation and strengthen it further," she said. Kang, who served as South Korea's first female foreign minister from 2017 to 2021, is known for her negotiation skills and steady, principled approach to diplomacy. Her appointment to Washington is seen as a signal that the Lee administration is seeking to stabilize ties with Washington through experienced leadership as regional dynamics shift ahead of major international summits. Earlier in the day, Kang visited the White House Guest House, where she met Monica Crowley, Chief of Protocol at the U.S. State Department, and presented a copy of her credentials — a process completed just two days after her arrival in Washington on October 4, which the embassy described as unusually swift. Kang said she intends to serve as "a bridge of communication" between the two governments ahead of U.S. President Donald Trump's visit to South Korea for the Asia-Pacific Economic Cooperation summit at the end of the month. "As ambassador on the front line of South Korea–U.S. diplomacy, I will do my utmost to ensure that the relationship continues to move forward in all areas, including President Trump's upcoming visit," she said. Crowley congratulated Kang on her appointment and said Washington would "make every effort to coordinate closely on all bilateral issues, including preparations for President Trump's visit." The South Korean Embassy said the prompt delivery of credentials underscored both the significance and urgency of Kang's appointment, highlighting Seoul's commitment to close coordination with Washington ahead of key diplomatic events this month. 2025-10-07 10:07:07 -
Gold prices hit record high, surpass $3,900 point SEOUL, October 06 (AJP) - Gold prices have reached an all-time high, surpassing $3,900 per troy ounce for the first time. This surge is attributed to increased demand for safe-haven assets amid the ongoing U.S. federal government shutdown. According to Reuters, gold prices briefly hit $3,919.59 early Monday, with December futures reaching $3,926.80. Gold has risen 49% this year, frequently setting new records. The price increase is driven by the prolonged U.S. government shutdown, economic and political uncertainties surrounding President Donald Trump, and expectations of Federal Reserve interest rate cuts. Analysts note that central banks are diversifying portfolios beyond the dollar, boosting demand for safe assets like gold. Traditionally, gold is seen as a secure asset during crises, leading to increased investment amid uncertainty. Market experts predict gold could soon exceed $4,000 per ounce. HSBC's recent report suggests that if central banks continue to buy gold and institutional investors diversify portfolios, prices may rise further. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-06 15:44:01 -
Shrinking bonuses and heavier taxes leave S. Korean workers frustrated ahead of Chuseok SEOUL, October 06 (AJP) - As the Chuseok holiday approaches, many South Korean workers are expressing dissatisfaction. Economic uncertainty has led to reduced bonuses and increased tax burdens, dampening holiday spirits. More Time Off, Fewer Bonuses According to a survey by the Korea Employers Federation of 625 companies with five or more employees, only 60.4% plan to give Chuseok bonuses this year, down from 64.8% last year. This means 40% of companies are not offering bonuses at all. Larger companies with over 300 employees are more likely to give bonuses (68.1%) compared to smaller ones (59.4%), but both figures have declined from last year. Most companies (89.3%) reported giving bonuses similar to last year, while only 7.6% increased them. Amid economic slowdown, companies are cutting costs by reducing bonuses and offering more time off instead. The survey showed 20.1% of companies plan to give employees more than 10 days off. Bonuses Shrink as Taxes Rise Even those receiving bonuses face disappointment as taxes reduce their take-home pay. For example, a 1 million won bonus is reduced to about 600,000 won after income tax and social insurance deductions. The income tax structure can cause a 'bonus paradox,' where a slight increase in taxable income raises the tax rate from 15% to 24%. To avoid taxes, some companies give gift certificates or gift sets, but these can also be taxed if considered income. While gifts are tax-free as welfare expenses, gift certificates are treated as cash compensation and taxed accordingly. Meanwhile, lawmakers continue to receive substantial holiday bonuses. This year, lawmakers received 4,247,940 won, based on public servant regulations, which is seven times the average worker's Chuseok bonus of 628,000 won, according to job platform Saramin. One lawmaker donated their bonus, criticizing the disconnect from public sentiment. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-06 15:42:18 -
Hit anime 'K-pop Demon Hunters' drives surge in resale of related items up global traffic SEOUL, October 06 (AJP) - Netflix's K-pop Demon Hunters is fueling a rush in South Korea’s secondhand market. Action figures, badges, and other show-themed goods are moving quickly on resale platforms as fans look for items tied to the animation's tiger and magpie characters. Released in June, the animation follows a K-pop idol group that secretly fights demons in Seoul. It blended mythology, music, and action and built major buzz. It became the first South Korea–themed Netflix title to pass 300 million cumulative views, and its soundtrack song "Golden" held the top spot on Billboard’s Hot 100 for seven straight weeks. According to industry data provided by secondhand trading platform Bunjang, listings tagged with "magpie and tiger" on the popular ecommerce platform rose 357 percent between June 20 and September 29 compared with the previous three months, while total transaction value increased 164 percent. Items using the tiger-and-magpie motif, which draws on traditional folk art, have been especially active. During the same period, transactions using the keyword "National Museum of Korea" increased by one thousand percent, and total sales rose by 573 percent. The museum's magpie-and-tiger badges and related items have sold out at times, sending buyers to secondhand channels. Beyond the domestic rush for show-linked goods, Bunjang's cross-border activity has also climbed. Bunjang's data shows its overseas service, Bunjang Global, topped two million monthly active users by mid-September and is on track to exceed 2.2 million by month’s end, about five times higher than the 430,000 users recorded a year earlier. In the first half of the year, total transaction value rose 333 percent from a year earlier, while the number of transactions increased 345 percent. Much of the recent demand comes from overseas buyers seeking K-pop photo cards, limited-edition collectibles, and handmade items with traditional patterns seen in K-pop Demon Hunters. 2025-10-06 13:07:14 -
Kazakh traditional fashion show celebrates Central Asia–Korea friendship SEOUL, October 06 (AJP) - A traditional fashion show featuring Central Asian designs was recently held in Seoul on September 30 to mark the Central Asia–Korea Friendship Day, offering a colorful display of the region's heritage and creativity, the Embassy of Kazakhstan in the Republic of Korea said. The event, organized by the Central Asia–Korea Friendship Association, brought together diplomats, artists, and business representatives. In his welcoming remarks, Kazakh Ambassador Nurgali Arystanov noted the continued growth of cultural ties between Central Asia and South Korea and outlined parts of President Kassym-Jomart Tokayev's recent State-of-the-Nation Address. The ambassador emphasized Kazakhstan's plans to create a Ministry of Artificial Intelligence and Digital Development and to expand advanced technologies in the creative industry. He also highlighted the upcoming presentation of the Alatau City project in South Korea, describing it as a key initiative for smart city development, green innovation, and tourism. Association President Lee Ok Ryun said the diverse traditions and music of Central Asian countries have found a strong resonance with South Korean audiences and help promote better understanding between the regions. The fashion segment featured Kazakhstan's "Tarbiya" brand, which presented a collection of traditional costumes infused with modern elements. The designs drew warm responses from the audience and reflected the growing interest in Central Asia's rich cultural identity. 2025-10-06 12:38:40 -
Seoul and Washington edge closer on currency safeguard amid protracted tariff talks SEOUL, October 06 (AJP) - South Korean Trade Minister Kim Jung-kwan said Monday that Seoul and Washington have reached a "considerable level of understanding" on concerns over possible turbulence in South Korea's foreign exchange market caused by the ongoing tariff negotiations with the United States. Speaking to reporters at Incheon International Airport after returning from New York, Kim said both sides were "narrowing their differences" on how to minimize the deal's impact on the won-dollar exchange rate. "I believe there was a shared recognition of how sensitive our foreign exchange market could be in this deal," he said. According to the presidential office, Kim held a follow-up meeting on October 4 (local time) in New York with U.S. Commerce Secretary Howard Lutnick. The trip was arranged quietly and known to only a handful of senior aides. Kim played down speculation that it had been a secret mission, saying, "It just happened to take place during the holiday, and I had the time. I only met Secretary Lutnick." The minister's visit marks the latest in a series of negotiations aimed at finalizing the July framework agreement under which Washington would lower reciprocal tariffs on South Korean goods from 25 percent to 15 percent, while Seoul would commit to a 350 billion dollar (about 493 trillion won) investment package in the U.S. The two sides have yet to sign a memorandum of understanding, with disputes lingering over the investment's structure, profit-sharing arrangements, and South Korea's demand for a currency swap with the U.S. Federal Reserve to safeguard the won. Seoul has argued that without such a safety net, a large-scale dollar outflow could shake its financial markets. "There were discussions on the swap," Kim said. "It's not that progress was made, but both sides acknowledged how significant and sensitive this issue is for our market." Asked whether the swap could take the form of an unlimited facility, Kim said, "I don't know whether it will be unlimited, but there was a shared understanding that the deal itself poses a serious challenge for our currency market." He also said the two sides did not discuss specific investment targets or President Donald Trump's previous description of South Korea's contribution as an "upfront payment." "There were no such talks," he said. A recent survey by broadcaster SBS and polling firm Ipsos found that 88 percent of respondents viewed the U.S. investment demand as excessive, while 55 percent said the government was handling the negotiations properly. Financial markets have remained cautious amid the uncertainty. The KOSPI fell 2.45 percent last week to close at 3,386.03, slipping below the 3,400 mark for the first time in nine trading sessions. President Lee Jae Myung has warned that withdrawing the full investment amount without a swap arrangement could trigger a crisis similar to the 1997 Asian financial meltdown. Kim said follow-up meetings would likely take place "in the near future," possibly before President Trump's visit to South Korea for the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju later this month, where he is also expected to meet Chinese President Xi Jinping. Trump is scheduled to attend the ASEAN summit in Kuala Lumpur from October 26 to 28, hold a bilateral meeting with Japan's incoming Prime Minister Sanae Takaichi, who is expected to take office in mid-October, and then travel to South Korea around October 29 for the APEC meeting. Seoul aims to narrow differences ahead of the summit, though officials say the government will not compromise key principles in pursuit of a deal. 2025-10-06 08:49:50 -
Hwang You-min wins Lotte Championship and entry to LPGA Tour SEOUL, October 05 (AJP) - Hwang You-min became the sixth South Korean player to win on the LPGA Tour this year, capturing her maiden title at the Lotte Championship in Hawaii on Saturday. The 22-year-old clinched victory at the Hoakalei Country Club in Oahu with a final-round 5-under 67, finishing at 17-under 271 overall. The win immediately secures her LPGA Tour membership, though she has the option to defer it until the start of the 2026 season. Hwang earned a winner’s purse of $450,000. She joined the tournament through a sponsor’s invitation from Lotte, her main backer. Having joined the KLPGA Tour in 2023 and already won twice, Hwang had planned to enter the LPGA qualifying series later this year. However, a barrage of birdies in the final round broke her tie for second with compatriot Kim Hyo-joo and accelerated her plans for the LPGA stage. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-05 14:43:29