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Seoul raises alert, protection for Koreans in Cambodia amid rising crimes SEOUL, October 13 (AJP) - South Korea is beefing up protection measures for its nationals abroad following the violent killing of a Korean college student in Cambodia. National Security Adviser Wi Sung-lac on Monday chaired a task force meeting at the presidential office with senior officials from the Foreign Ministry, Justice Ministry, and National Police Agency to devise coordinated action against the recent murder and related crimes. President Lee Jae-myung over the weekend ordered the Foreign Ministry to make the protection of citizens overseas, particularly in Cambodia, a top priority. Following the president’s directive, the government is making multifaceted efforts to protect our citizens from job scams and detentions in Cambodia,” the presidential office said in a statement. “We will enforce strict legal measures against organized crime.” The response comes after the body of a South Korean student was discovered in Cambodia’s Kampot Province in August. Repatriation of the victim’s body has been delayed, while additional cases of Koreans falling prey to similar crimes have since emerged. Cambodia’s state news agency AKP reported that three Chinese nationals in their 30s and 40s have been indicted by local prosecutors for allegedly torturing and killing the Korean student near Bokor Mountain in Kampot. They were charged with murder and fraud as part of a broader crackdown on online scam syndicates operating in the country. The National Police Agency said Sunday it will hold a bilateral meeting with Cambodian police on Thursday to discuss measures to prevent further crimes against Koreans. NPA Commissioner Park Sung-joo is also considering a visit to Cambodia to press for stronger cooperation. The agency plans to strengthen coordination with Interpol, dispatch 30 additional officers for cross-border investigations, and discuss establishing a dedicated “Korean Desk” within the Cambodian national police to handle cases involving Koreans. The South Korean Embassy in Phnom Penh currently has one police officer and two liaison officers, a level deemed insufficient amid a surge in scams and detentions. The ruling party is also pushing for stronger legal grounds to protect Koreans abroad. “The recent incidents in Cambodia have exposed the limitations of our current system, which is reactive rather than preventive,” Democratic Party Rep. Park said on social media. He called for swift passage of his amendment to the Consular Assistance Act to institutionalize continuous risk monitoring in crisis regions and establish an emergency protocol for coordination among the Foreign Ministry, National Intelligence Service, and local embassies. “It’s time for state systems — not individual courage or chance — to safeguard our citizens’ lives,” he said. Meanwhile, the Foreign Ministry on Friday raised its travel advisory for Phnom Penh to a special advisory, urging Koreans to exercise extreme caution or postpone nonessential travel. Foreign Minister Cho Hyun also summoned the Cambodian ambassador in Seoul to demand stronger action against the surge in online scams and detentions targeting Korean nationals. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 13:55:51 -
Korea's shipping industry urges POSCO to abandon bid for HMM SEOUL, October 13 (AJP) - South Korea’s shipping industry is pushing back against steel giant POSCO Group’s reported plan to acquire HMM, the nation’s largest container carrier, warning that such a move could destabilize the sector and undermine decades of maritime expertise. The Korea Shipping Association said in a statement on Monday that it had submitted a formal letter to POSCO Chairman Jang In-hwa, urging the company to withdraw from the bidding process. The group argued that allowing a non-shipping conglomerate to take control of a key maritime operator would weaken the industry’s competitiveness and expose it to unnecessary risks. “The acquisition could erode the professional management of shipping operations and threaten stability if POSCO were to face financial difficulties,” the association said. It added that the global trend among major carriers is toward consolidation and specialization, not diversification by industrial groups with limited maritime experience. The association pointed to POSCO’s previous attempt to enter the shipping business through Geo Yang Shipping, which ended in failure and was later sold to the now-defunct Hanjin Shipping. It also cited Brazilian mining giant Vale’s retreat from the sector after selling its fleet of large bulk carriers, saying such examples underscore the challenges faced by non-shipping firms. Industry experts note that HMM, which was rescued by state-led creditors in the aftermath of Hanjin’s 2017 collapse, remains a strategic asset for South Korea’s trade-dependent economy. Critics fear that turning it over to an industrial buyer could distort market dynamics and weaken the country’s maritime resilience. The shipping association further argued that POSCO’s acquisition would do little to reduce logistics costs and could instead “disrupt the nation’s shipping ecosystem and harm the import-export industry.” POSCO has not yet commented on the association’s appeal. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 13:48:29 -
Seoul moves to confront rising crimes against Koreans in Cambodia SEOUL, October 13 (AJP) - South Korea’s presidential office convened a task force meeting on Monday to address a surge in crimes targeting South Korean nationals in Cambodia, including a string of abductions and job-related scams that have alarmed families and prompted calls for stronger protection measures. Wi Sung-lak, head of the National Security Office, chaired the meeting, which brought together senior officials from the Foreign Ministry, Justice Ministry, and National Police Agency. The group discussed coordinated actions to combat fraudulent recruitment operations, illegal detentions, and other organized crimes involving South Koreans in Cambodia, the presidential office said. The meeting came in response to several recent incidents, most notably the death of a South Korean student in Cambodia’s Kampot Province in August. President Lee Jae Myung ordered the Foreign Ministry over the weekend to “prioritize the safety and protection of citizens abroad,” citing growing public concern over conditions in Cambodia. Cambodia has in recent years emerged as a troubling hotspot for kidnapping and forced-labor cases involving foreign nationals, including South Koreans. Dozens of Koreans have reportedly been lured by online job scams promising high salaries, only to be detained by criminal networks that force victims to engage in illegal activities such as online gambling or cryptocurrency fraud. South Korean police have cooperated with Cambodian authorities to rescue victims and crack down on such operations, but officials say the problem persists amid weak law enforcement and porous borders in the region. The presidential office said Monday’s task force will develop stronger legal and diplomatic responses, including faster consular support and closer coordination with Cambodian law enforcement. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 13:36:42
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Battery materials maker EcoPro BM to establish European subsidiary SEOUL, October 13 (AJP) - South Korean battery materials producer EcoPro BM plans to turn its German liaison office into a full-fledged sales subsidiary as it seeks to deepen its presence in Europe’s fast-growing electric vehicle market. The move, announced Monday, marks a strategic step for the company to expand beyond its core cathode materials business into recycling, while broadening its customer base across the region. As Europe accelerates its shift toward electric mobility, demand for battery materials is soaring — along with pressure to meet strict environmental and sourcing standards under the European Union’s Critical Raw Materials Act. EcoPro BM said the new subsidiary will strengthen coordination between its South Korean headquarters and European battery makers, improving supply chain efficiency and regulatory compliance. The company also aims to enhance communication with potential clients and secure recycling feedstock in the region. Construction of its cathode materials plant in Debrecen, Hungary, is nearing completion, and the European subsidiary will serve as a hub for marketing and logistics once production begins. “The new corporate entity will allow us to collaborate more closely with local partners and explore new business opportunities, including recycling and cathode material supply,” an EcoPro BM spokesperson said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 10:46:41 -
LG Energy Solution Q3 profit surges 34% on pre-expiry U.S. EV credit boost SEOUL, October 13 (AJP) - South Korea’s top battery maker LG Energy Solution said Monday its third-quarter operating profit likely jumped 34 percent from a year earlier, lifted by increased electric-vehicle (EV) battery purchases ahead of the expiration of federal EV tax credits in the United States. In a preliminary earnings estimate for the quarter ended September, the company projected an operating profit of 601.3 billion won ($422.8 million), up from 448.3 billion won a year earlier. Sales during the same period, however, fell 17.1 percent to 5.7 trillion won, reflecting a broader slowdown in global EV demand. LG Energy Solution, a key supplier to General Motors and Tesla, had earlier warned of possible pressure on its top and bottom lines following the termination of the $7,500 federal tax credit in September. The company said its third-quarter operating profit included a 365.5 billion won subsidy from the U.S. Inflation Reduction Act (IRA), accounting for 60.8 percent of the total. Excluding the U.S. tax credit, the net operating profit stood at 235.8 billion won, marking a profit for the second consecutive quarter even without U.S. subsidies. For the January–September period, the company estimated an operating profit of 1.46 trillion won, up a whopping 83.3 percent from a year earlier, while sales fell 8.5 percent to 15.73 trillion won. Final quarterly results will be announced on October 30. Beyond the EV market slowdown, LG Energy Solution faced a setback last month when its joint battery plant with Hyundai Motor in Georgia, U.S., was hit by a large-scale immigration raid, resulting in the arrest of hundreds of South Korean workers. As of 10:00 a.m. Seoul time, LG Energy Solution shares were up 0.4 percent at 361,000 won. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 10:09:16 -
South Korea ranks second in antibiotic use among OECD nations SEOUL, October 13 (AJP) - South Korea ranks second among developed nations in antibiotic consumption, raising alarm among health authorities over growing risks of drug resistance. According to data from the Korea Disease Control and Prevention Agency (KDCA) and the Organization for Economic Cooperation and Development, South Koreans used 31.8 defined daily doses (DID) of antibiotics per 1,000 people per day in 2023 — the second highest level among OECD members. The figure marks a sharp rise from 25.7 DID in 2022, when South Korea already exceeded the OECD average of 18.9 DID and ranked fourth. The World Health Organization has warned that antibiotic resistance is one of the world’s top 10 public health threats. Misuse or overuse of the drugs allows bacteria to evolve and survive treatments, leading to longer hospital stays, higher medical costs, and more fatalities — particularly among children and older adults. In response, the KDCA last November began a pilot program to encourage hospitals to prescribe antibiotics only when medically necessary and to use the most effective type, dose, and duration. The early results have been encouraging: all hospitals in the program implemented restricted antibiotic use, compared with just 56.6 percent of non-participating hospitals. Still, manpower shortages are slowing progress. More than half of hospitals with at least 300 beds — about 53.6 percent — were unable to join the pilot program because they lacked trained personnel. The KDCA said it will expand the initiative in its second year to include more institutions, aiming to make the program a standard nationwide practice. “Proper antibiotic use is crucial for protecting the lives of vulnerable populations like the elderly and children,” said KDCA Commissioner Lim Seung-kwan. “We intend to broaden this program to smaller and long-term care hospitals so that responsible prescribing becomes the norm.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 09:58:44 -
KAIST launches nationwide campaign to share failures on International Day of Failure SEOUL, October 13 (AJP) - KAIST has launched a national campaign inviting people to share their everyday mistakes to mark the International Day of Failure on October 13, highlighting the idea that failure is the starting point of innovation and challenge. "Failure should not be feared. A culture that accepts it is the basis of creativity and progress," said KAIST President Lee Kwang-hyung. "Even for just one day, I hope everyone will recall a small failure they experienced and share it with others. That moment can become the starting point for a new challenge." The International Day of Failure began in 2010 when students at Finland's Aalto University started a movement built on the message, "Failure is part of challenge. Let's respect it." The idea gained wide support during Finland's economic slump following Nokia's decline and later spread to Germany, the United Kingdom, and Canada. Since establishing the Institute for Failure Studies in 2021, KAIST has seen a visible shift in how its members view setbacks. A survey conducted in December 2024 showed that 73.9 percent of KAIST members said the university encourages new challenges, more than double the national average of 35.6 percent. Fifty-two percent said KAIST is tolerant toward failure, compared with 20.5 percent in South Korean society. More than 80 percent of respondents said the institute's programs had helped improve resilience and flexibility. To encourage participation, Lee shared a personal story on social media about being turned down while seeking donations. "One of the key duties of a university president is fundraising. I often meet potential donors, but most of them say no. Each time I walk away, the back of my head burns with embarrassment," he wrote. "Still, I take a break, then meet someone new the next day. My job is a series of failures, but I have decided not to feel ashamed of them. I believe it might give courage to those who hesitate to try something themselves." The Institute for Failure Studies also released simple ideas for people to join the campaign, such as sharing "today's failure" with family or friends, posting short stories online, or turning mistakes into memes. Director Cho Sung-ho said even small acts of openness can shift people's views about failure. "Just talking lightly about failure can change the way people see it. KAIST members show twice the level of acceptance toward failure compared with the general public because of this culture," he said. Since its founding, the institute has organized programs such as the Failed Project Showcase, failure essay contests, and the Failure Photovoice exhibition to encourage open discussion about mistakes. It has conducted a biennial survey since 2022 to track changes in awareness. This year, the institute plans to expand its activities nationwide. One new initiative, the AI×Failure Idea Contest, invites university students to present creative ways to learn from mistakes. The top ten teams will present their ideas at the Failure Conference to be held at KAIST on November 7. Lee said KAIST will continue to promote a culture that reflects on and shares failure as a part of everyday life. 2025-10-13 08:25:57 -
South Korea discusses security measures with Cambodia amid rising crimes SEOUL, October 12 (AJP) - Amid a string of crimes targeting South Koreans in Cambodia, authorities are considering measures to strengthen consular support and bolster local investigative capabilities to crack down on them. According to government sources on Sunday, South Korea is in talks with Cambodia to bolster security by increasing police personnel at the South Korean Embassy in Phnom Penh and forming a joint task force to tackle the rise in employment scam-related crimes including kidnappings. The talks came after it was belatedly revealed that a South Korean college student, who had visited the Southeast Asian country after being lured by an online employment scam in August, was later found to have been tortured and killed. The tragic incident prompted South Korea to raise the travel alert for the region. Currently, the embassy has only three police officers, making it difficult to respond to the growing number of such incidents. In addition to increasing embassy staff, discussions are underway to set up a dedicated desk within the Cambodian police department to focus on crimes involving South Koreans. The move is based on a similar effort in the Philippines, which has been in place since 2012 to assist with crimes that local authorities find difficult to manage independently. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-12 17:04:07 -
Sales of gold bullion surge as more people turn to safer assets SEOUL, October 12 (AJP) - As gold prices continue to soar, savvy people and investors are increasingly turning to the precious metal to grow their assets amid record-low interest rates. According to relevant data released on Sunday, total balances in bank accounts at South Korea's top three banks - KB Kookmin, Shinhan, and Woori - stood at 1.51 trillion Korean won as of early this month, up 95.9 billion won in just about a week from the end of last month and up 730.8 billion won so far this year, nearly double the amount from the end of last year. These accounts, which allow users to trade gold instead of holding physical bullion, first surpassed 1 trillion won in March and have now exceeded 1.5 trillion won last week. Sales of gold bullion are also on the rise, as the country's five major banks - KB Kookmin, KEB Hana, NH Nonghyup, Shinhan and Woori - sold bullion worth 13.49 billion won in just the first two days of this month, a whopping increase compared to last month's daily average of 5.1 billion won. This year's cumulative sales have already reached 450.5 billion won, nearly triple last year's total of 165.4 billion won. Demand for silver bullion is also rising, fueled by expectations of higher returns and investors' efforts to diversify their portfolios. But experts advise caution, warning of fluctuations in value despite a potential long-term upward trend in gold prices. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-10-12 16:22:32 -
South Korea, U.S. trade chiefs to meet in Washington amid deadlock in tariff-related negotiations SEOUL, October 12 (AJP) - South Korea and the U.S. will hold ministerial-level talks later this week amid an impasse in tariff-related negotiations between the two countries. Finance Minister Koo Yun-cheol is scheduled to meet with U.S. Treasury Secretary Scott Besant on the sidelines of the G20 Finance Ministers and Central Bank Governors' Meeting and the International Monetary Fund (IMF)'s annual gathering in Washington, D.C., which are set to take place from Monday through Oct. 18, according to the Ministry of Economy and Finance on Sunday. The exact date of their meeting has yet to be decided, but the two countries are expected to work together to iron out differences amid a deadlock over the details of South Korean companies' US$350 billion investment plans in the U.S., agreed upon in late July as part of a broader trade deal to lower reciprocal tariffs from 25 percent to 15 percent. U.S. President Donald Trump late last month demanded that South Korea fulfill its massive investment pledge to Washington in full and "upfront," but South Korea has expressed concerns about potential market instability here, further stalling the two allies' trade negotiations, as the two sides remain unable to formalize a memorandum of understanding. South Korean President Lee Jae Myung also earlier warned that a lump-sum cash payment without protective measures such as currency swap deals could lead to a repeat of the 1997 Asian financial meltdown. 2025-10-12 15:07:00