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INTERVIEW: At Woori's Gangnam center, Kim Jae-sang builds home for super-rich SEOUL, October 02 (AJP) - With global stock markets buoyant and demand for tangible assets rising, wealthy investors in South Korea are reassessing where to put their money. For Kim Jae-sang, head of Gangnam Financial Center of Woori Securities, the answers lie in gold — and in Asia’s two largest economies. “Gold has transitioned from a safe haven and inflation hedge to an investment asset,” Kim said in an interview. “And when it comes to equities, China and Japan are increasingly becoming key regions for investment.” Kim, a veteran of South Korea’s private banking sector since 2004, joined Woori Securities in April after leading Shinhan Investment’s Gwanghwamun Financial Center. His move was part of a broader effort by Woori Securities to strengthen its still-nascent retail and wealth management business, building on its successes in investment banking. At the newly relocated and expanded Gangnam Financial Center, which reopened Sept. 16, Kim oversees a team catering to high-net-worth clients. The center currently manages about 1.7 trillion won ($1.2 billion) in assets, with a goal of reaching 2 trillion won by year’s end. Asked where he sees the most promising opportunities, Kim pointed to Chinese electric vehicle makers and Japanese equities. “China has companies that are leading the EV transition,” he said. “Japan, despite rate hikes, remains a market where index investing is attractive.” He added that wealthy investors today are more pragmatic, preferring stability and intuitive vehicles such as exchange-traded funds. “What we see now is a growing interest in long-term planning — global equities, alternative investments, AI-driven industries, and intergenerational wealth transfer.” Kim’s strategy at Woori is to harness the client base of Woori Bank, offering tailored solutions that combine global stocks, bonds and alternative assets. In the first half of this year alone, Woori Securities carried out more than 1,000 joint operations with corporate clients, with over 400 at the Gangnam Center. For Kim, the challenge is also personal: to establish Woori Securities as a serious player in retail wealth management. “The potential is there,” he said. “What we’re building now is the foundation.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-02 14:57:18 -
SK Biopharm's US arm posts record sales of epilepsy drug SEOUL, October 02 (AJP) - SK Life Science, the U.S. subsidiary of South Korea’s SK Biopharm, reported record sales of its epilepsy treatment cenobamate in the first half of this year, reaching 170,000 cumulative prescriptions. The company highlighted the achievement during its annual “Plan of Action” meeting in Chicago, as it looks to build momentum in one of the world’s most competitive pharmaceutical markets. More than 130 employees from SK Life Science and SK Biopharm gathered from Sept. 29 to Oct. 1 to review performance and outline next steps. Executives said the results marked the strongest sales since Xcopri, as the drug is marketed in the United States, was introduced in 2020. The Chicago meeting, now in its sixth year, also brought in senior staff from the Seoul headquarters to reinforce collaboration between the U.S. unit and its parent company. The event was designed not only to showcase achievements but also to motivate employees ahead of the next growth phase. SK Biopharm, which became the first South Korean drugmaker to build a direct sales operation in the United States, plans to leverage cenobamate’s success to expand its portfolio. “SK Biopharm stands at a crucial turning point to diversify our portfolio and target both current and future markets,” said Lee Dong-hoon, the company’s chief executive. “We expect all divisions to collaborate as one team to create greater synergy.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-02 14:04:06 -
South Korea emerges as new hub in Asian drug trade after first joint bust with US DEA SEOUL, October 02 (AJP) - South Korea's first joint drug operation with the U.S. Drug Enforcement Administration (DEA) has exposed a shift that officials had long warned about. The country is no longer just a market for narcotics but is being used as an exporter and transit hub in the regional drug trade. Police in South Gyeonggi Province said Wednesday that they arrested a 35-year-old woman who ran a beauty supply export company in Uiwang and a man in his 20s who helped with shipments. Three others were booked without detention. Investigators said the group exported more than 8 tons of GBL, the chemical used to make the synthetic drug GHB, to the United States and Australia between June 2024 and June 2025. The value was estimated at 159 billion won, or about $113.5 million. The bust marked the first time South Korea has caught a domestic ring sending drug precursors abroad. It also came just months after DEA Asia-Pacific chief John Scott warned in Busan that "international crime organizations are abusing South Korea's infrastructure as a logistics hub to smuggle narcotics worldwide." He said Mexican cartels, facing losses from tighter U.S. border controls, were turning to Asia and the Pacific. Officials say the pattern is clear. In April, Korean authorities discovered two tons of cocaine hidden aboard a Norwegian cargo ship docked in the eastern port city of Gangneung, traced back to routes through Mexico, Ecuador, and Panama. And now, the GBL export case shows Korea not only being used as a transit stop but as a source of supply. "The partnership between our two agencies has become increasingly important as globalized drug trafficking organizations exploit borders, and as Korea faces rising levels of illegal narcotics activity," said Morgan Mathis, the DEA's country director in Korea. South Korea was once known internationally as a "drug-free nation," but that image has eroded. According to the Supreme Prosecutors' Office, 23,022 people were arrested on narcotics charges in 2024, equal to 44.7 per 100,000 people. The figure is nearly double the level in 2015, when the United Nations determined South Korea no longer met the threshold of a drug-free country. Most offenders are in their 20s and 30s, and the number of teenage offenders has more than tripled in recent years. Experts point to the spread of anonymous social media platforms, cryptocurrency payments, and non-contact distribution methods such as "throw-off" deliveries as drivers of the surge. These systems have made narcotics easier to buy and sell domestically, while also giving traffickers channels to disguise exports. The police said that they are moving to tighten inspections on low-value exports, which were exempt from thorough checks and allowed the smugglers to slip shipments through customs. "It shows we must strengthen random sampling and testing procedures even for smaller exports, in order to eliminate blind spots," the South Gyeonggi police said. 2025-10-02 14:03:58 -
OpenAI on board, Korea's AI drive and chip stock rally hit the accelerator SEOUL, October 02 (AJP) - South Korea has hit the accelerator in the global race for AI supremacy, drawing global capital and top-tier software players while leveraging its world-class chip and hardware infrastructure to establish itself as Asia’s hub for data centers. On Wednesday, the country’s two leading conglomerates—Samsung and SK Group, both home to the world’s biggest memory chipmakers—announced landmark partnerships with OpenAI, the creator of ChatGPT. The alliance spans the full AI ecosystem—from semiconductor production to data center design, operations, and AI service deployment—with the aim of driving next-generation AI infrastructure innovation. SK hynix, the global leader in high-bandwidth memory (HBM) crucial for AI chips, will supply OpenAI with advanced memory solutions and collaborate on its data center in southwestern Korea under an MoU signed with OpenAI CEO Sam Altman. SK Telecom, the group’s wireless carrier, will jointly develop an OpenAI-dedicated AI data center in the region—already dubbed the “Korean Stargate.” Samsung Group struck a separate broad-ranging business partnership with OpenAI covering semiconductors, data centers, and cloud services. The joint venture will engage Samsung Electronics, Samsung SDS, Samsung C&T, and Samsung Heavy Industries to build out global AI infrastructure. The landmark deals come on the heels of Korea’s agreement with BlackRock Chairman Larry Fink during President Lee Jae Myung’s U.S. trip last month. Under the pact, the world’s largest asset manager pledged to channel global capital into Korea’s AI and renewable energy initiatives. “AI development must go hand in hand with decarbonization, given the immense power needs of data centers,” Ha Jung-woo, Senior Presidential Secretary for AI Future Planning, said in New York. Chairman Fink, he added, committed to actively facilitate capital flows to help establish Korea as Asia’s “AI Capital.” As not to compromise its decarbonization scheme with AI drive, Seoul is building renewable energy “highways” to power the next wave of AI infrastructure—projects requiring heavy government outlays and large-scale private investment. The initiative has already drawn marquee names including Amazon, BlackRock, and OpenAI. The global spotlight on Korea’s AI push sparked a market rally. The benchmark KOSPI surged 3 percent Thursday to break past the 3,500 milestone. Shares of SK hynix soared 11 percent, Samsung Electronics jumped 5 percent, and foreign investors were net buyers of more than 1.7 trillion won ($1.21 billion) “The structural growth trajectory of the AI industry continues to lift the entire value chain,” said Han Ji-young, researcher at Kiwoom Securities. “Micron’s stock surge underscores expectations that explosive AI demand will drive a super cycle across memory sectors including HBM, DRAM, and NAND.” 2025-10-02 13:31:11 -
Military postpones annual field training to mid-November SEOUL, October 2 (AJP) - The military has postponed its large-scale field training to mid-November. The annual "Hoguk Exercise," involving the Army, Navy, and Air Force, initially scheduled for the fourth week of October, will now be held from Nov. 17 to 21, the Joint Chiefs of Staff said Thursday. The postponement comes as South Korea prepares for the Asia-Pacific Economic Cooperation (APEC) summit in the historic city of Gyeongju from Oct. 31 to Nov. 1, to ensure safety and security ahead of the multilateral gathering while maintaining military readiness. Additionally, the military took into account the dispersion of command efforts caused by the National Assembly's upcoming audit and the Seoul International Aerospace and Defense Exhibition (ADEX), a biennial event scheduled for mid-October. The Hoguk Exercise is a theater-level field maneuver designed to enhance joint operational capabilities and military readiness, typically including U.S. forces stationed in South Korea. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-02 10:52:44 -
Jeju Samdasoo, Korea's top bottled water brand, eyes global expansion SEOUL, October 02 (AJP) - For nearly three decades, Jeju Samdasoo has dominated South Korea’s bottled water market. Now, the company is turning to international markets in search of growth, as competition at home intensifies and consumer habits shift. Baek Kyung-hoon, chief executive of Jeju Development Corporation, which produces Samdasoo, said the company is targeting 600 billion won, or about $435 million, in revenue by 2035. “Domestically, our real competitors are coffee and water purifiers, not bottled water brands,” Baek told reporters Wednesday, noting that the market is crowded with more than 300 rivals and showing signs of stagnation. Samdasoo has maintained its No. 1 position at home, he said, thanks to strict quality controls, from water sourcing to distribution. Overseas, the company currently exports to 17 countries, accounting for 60 percent of South Korea’s bottled water exports. But sales rely heavily on tourists and expatriates. “We need strategies targeting local consumers for sustainable growth,” Baek said. In Southeast Asia, Samdasoo is testing new tactics: using influencers and student ambassadors for social media campaigns in the Philippines, Singapore and Vietnam, while expanding retail displays. In China, the company is considering packaging tailored to local preferences, such as paper packs. In smaller markets, Samdasoo plans to start with online channels before building offline distribution. The expansion comes with thinner margins, given higher logistics and promotional costs. But Baek emphasized long-term growth over short-term profits, pointing to recent years of double-digit export gains. The company is also betting on sustainability as a differentiator. It has pledged to cut plastic use by half by 2030 under its “Green Whole Process” initiative. Samdasoo has already light-weighted its bottles and plans to make more than 90 percent of products label-free by next year. A new smart factory, due in 2027, will specialize in recycled and bio-based PET. Baek said he hopes to leave behind a stronger foundation for global expansion. “We need to sharpen our identity as a brand that is not just from Jeju, but for the world,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-02 10:38:05 -
Park Bo-gum to promote hanbok globally in time for Chuseok SEOUL, October 2 (AJP) - A series of giant billboard ads featuring actor Park Bo-gum is set to appear in several major cities overseas including Times Square, New York next week, coinciding with Chuseok, one of the country's biggest holidays. According to the Ministry of Culture, Sports and Tourism on Thursday, the ads showing Park in hanbok or traditional Korean dress will light up the streets of New York, Milan, and Tokyo for a week, starting from Chuseok Day, which falls on Oct. 6 this year. In Seoul, it will be displayed on the exterior wall of Shinsegae Department Store's main branch in central Seoul throughout the whole month of October. Through similar ads in past years, figure skating star Kim Yu-na, singer-turned-actress Suzy, and actress Kim Tae-ri promoted the beauty of hanbok, along with its modern interpretations and variations. The ads are part of the ministry's project to promote hanbok globally through collaborations with talented designers and artists. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-02 10:16:22 -
Posco International opens EV material plant in Poland SEOUL, October 02 (AJP) - Posco International has opened a new factory in Poland to produce drive motor cores, a critical component for electric vehicles. The plant, located on a 100,000-square-meter site, will begin trial production this month, with full-scale operations scheduled for December. Drive motor cores, often described as the “heart” of an electric vehicle, form the core of the motor that powers the car. Posco International’s version incorporates non-oriented electrical steel made by its parent, Posco Group, and the company’s own Emfree technology, designed to boost energy efficiency while reducing noise and vibration. The Polish plant will have capacity to produce 1.2 million drive motor cores annually, enabling the company to supply parts for Hyundai and Kia vehicles built in Europe, with plans to expand to automakers including Volkswagen. By 2030, Posco International expects its facilities in South Korea, Mexico, Poland and India to collectively supply cores for 7.5 million vehicles a year. The company has already secured contracts to provide drive motor cores for 35 million vehicles through 2033. It is targeting a 10 percent share of the global market for the component by the end of the decade. Revenue from the business is forecast to rise from 450 billion won this year to 1.5 trillion won by 2030. “The Polish plant is a key base for capturing the European EV market,” Lee Gye-in, president of Posco International, said in a statement. “Posco Group will lead the future mobility market with its integrated capabilities in EV steel, battery materials and components.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-02 10:13:41 -
South Korea logs record C/A surplus for Aug, extends 28-mo gain SEOUL, October 02 (AJP) -South Korea posted a current account surplus of $9.15 billion in August, extending its black streak to 28 consecutive months, as a sharp fall in energy imports offset weaker exports to key markets including the United States and China. According to preliminary data from the Bank of Korea on Thursday, the August surplus was down from $10.78 billion in July but marked the largest for the month on record. The cumulative surplus for January–August reached $69.3 billion, up 24 percent from a year earlier. The goods account surplus stood at $9.4 billion, the second-largest for August but down $800 million from July. Exports fell 1.8 percent year-on-year to $56.44 billion, the first drop in three months. Shipments of semiconductors and passenger cars increased, while steel, computer peripherals, and wireless devices declined. Exports grew only to Southeast Asia, while shipments to the U.S., EU, Japan, and China fell. Imports slid 7.3 percent to $47.04 billion, led by a 10.6 percent drop in raw materials such as coal, petroleum products, and crude oil, reflecting lower global energy prices. Capital goods imports, including IT devices and semiconductor equipment, rose 3.1 percent. The services account logged a $2.12 billion deficit, little changed from July but nearly double the $1.11 billion shortfall a year earlier. The travel deficit widened to $1.07 billion, while the intellectual property account stayed in the red. The primary income account surplus narrowed to $2.07 billion from July’s $2.95 billion, as dividend income dropped by $1 billion to $1.58 billion on seasonal payouts. Still, it was the second-largest August reading. On the financial account, net asset growth totaled $7.88 billion. Direct investment rose with $1.44 billion in outbound and $2.15 billion in inbound flows. Securities investment saw $8.41 billion in outbound purchases—mainly stocks—while inbound investments added $290 million, also centered on equities. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-02 09:26:36 -
Kakao Games sells golf subsidiary to refocus on global gaming push SEOUL, October 02 (AJP) - Kakao Games has sold its golf subsidiary, Kakao VX, in a deal that will provide the company with more than $156 million in fresh capital as it shifts its focus toward big-budget video game development for international markets. The company said Thursday that its board approved the sale of 100 percent of Kakao VX shares to IVG, a subsidiary of Kakao Investment, in a transaction valued between $210 million and $250 million. Before transferring full ownership to IVG, Kakao Games acquired a 34.8 percent stake from financial investors. In return, the investors took part in a $108 million capital increase in Kakao Games. The maneuver ultimately left Kakao Games with roughly $156 million in proceeds, which it plans to direct toward acquiring and developing large-scale projects designed to compete in the global gaming market. Kakao VX, best known for its screen golf technology and reservation platforms, flourished during the pandemic, when demand for indoor leisure surged. But growth has slowed in recent years, prompting Kakao Games to shed the business and concentrate on its core operations. Kakao Games is now seeking to narrow its portfolio while pursuing blockbuster game development, a path many South Korean game publishers are taking. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-10-02 09:24:46