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KDB fast-tracks $73 billion tech fund to bolster strategic industries SEOUL, July 22 (AJP) - Korea Development Bank plans to launch a sweeping 100 trillion won (approximately $73 billion) investment fund aimed at strengthening South Korea’s capabilities in critical high-tech sectors, including artificial intelligence, semiconductors, biotechnology, and robotics. According to financial industry sources, the state-run lender has formed a task force to lay the administrative groundwork for the fund and is actively exploring organizational restructuring. One proposal under review calls for the creation of a dedicated, senior-level department to oversee the fund's operations. The initiative, part of a broader government strategy to future-proof Korea’s economy, envisions a public-private partnership anchored by state capital and expanded through investments from pension funds, private financial institutions, and individual investors. The plan begins with 50 trillion won in seed funding over five years, led by KDB and other government-affiliated entities, with the goal of ultimately surpassing 100 trillion won through expanded participation. The fund will be managed separately within KDB’s accounting system and will have a 20-year time horizon. Financing mechanisms include government-guaranteed fund bonds, borrowings from the Bank of Korea, and direct capital injections from public and private sector partners. Fund bonds will be issued in phases under annual ceilings set by the National Assembly, with projected annual issuance ranging from 9 trillion to 10.25 trillion won, depending on market conditions and funding needs. Officials expect these instruments to play a central role in mobilizing the full capital target in collaboration with commercial banks. The fund’s investment mandate will focus on projects and infrastructure tied to strategic technologies, including semiconductors, secondary batteries, displays, biotechnology, defense systems, robotics, vaccines, hydrogen energy, next-generation mobility platforms, and AI. Support will be extended across the industrial spectrum — from large conglomerates to small and mid-sized enterprises — provided they align with the fund’s technological focus areas. Financial assistance will take a range of forms, including low-interest loans, equity stakes in joint ventures or special-purpose vehicles, subordinated loans for long-term infrastructure development, and structured financing packages for technology buyers. 2025-07-22 14:06:50
[[K-Tech]] Korean tech firms race to build homegrown AI foundation model SEOUL, July 22 (AJP) - South Korea’s top technology firms, artificial intelligence startups, and academic institutions are vying to lead a high-profile government initiative aimed at developing a sovereign AI foundation model — part of the country’s broader push to establish itself as a global AI powerhouse. The Ministry of Science and ICT said Tuesday it had received proposals from 15 consortia — described by officials as “elite teams” — for its Korean AI Foundation Model program, which offers government backing in computing infrastructure and AI talent development. Each consortium is anchored by a lead company or research institution and includes industry or academic partners. Major contenders include SK Telecom, Naver, LG AI Research, KT, Kakao, and NCSoft’s AI unit, along with startups such as Lunit, Upstage, and Konan Technology. The Korea Advanced Institute of Science and Technology (KAIST), one of the country’s top research universities, is also in the running through affiliated teams and faculty-founded startups. The competition is quickly emerging as a three-way race among Upstage, LG AI Research, and Naver Cloud, each of which is leading a consortium. Upstage has drawn international attention following the release of its next-generation large language model “Solar Pro 2,” which scored 58 on an intelligence benchmark published by analytics firm Artificial Analysis — ranking 12th globally. The result was amplified after Elon Musk, founder of xAI, shared the news on social media, boosting the company’s profile. Both LG AI Research and Naver Cloud bring institutional heft to the race, with deep ties to the current administration. Science Minister Bae Kyung-hoon formerly led LG AI Research, while Ha Jung-woo, the senior presidential secretary for AI Future Planning, previously headed Naver Cloud’s AI Innovation Center. Telecom firms are also positioning themselves aggressively. SK Telecom has partnered with game developer Krafton, AI education firm Riiid, and chipmaker Rebellion to form its consortium, following the release of its own AI model, A.Dot X 3.1. KT is leading an independent bid leveraging its in-house AI capabilities, while LG Uplus is reportedly considering participation if LG AI Research is selected as a lead consortium. KAIST, long seen as a critical player in South Korea’s AI research ecosystem, has assembled a team comprising internal researchers and faculty-affiliated startups, including former employees of major U.S. tech firms like NVIDIA and Google. The ministry plans to evaluate the proposals in multiple stages: first screening for eligibility, then narrowing the field from 15 to 10 based on written proposals, and down to five after live presentations. A final round of budget negotiations and adjustments will follow. The government expects to finalize contracts and announce the winners by early August. 2025-07-22 14:02:28
South Korean retail investors dump gold as stocks rally SEOUL, July 22 (AJP) - South Korean retail investors have turned net sellers of gold for the first time in over a year, pivoting toward equities as the country’s main stock index soared to its highest level in nearly four years. Between July 1 and July 21, individual investors unloaded a net 15.9 billion won, or approximately $11.4 million, worth of gold on the Korea Exchange, with a sharp 11.1 billion won sold in a single day on July 21, according to exchange data. Proprietary trading firms also joined the sell-off, shedding nearly 11.4 billion won worth of gold over the same period. The shift ends a 15-month streak of net gold purchases that began in March 2023 and saw retail investors accumulate nearly 1.5 trillion won in the precious metal through June. Analysts say the reversal reflects growing confidence in the domestic equity market, where the benchmark KOSPI index crossed the 3,200 mark in mid-July — a level last seen in late 2021. The rally, driven in large part by surging semiconductor stocks and optimism surrounding the new government’s economic agenda, has lured capital away from traditional safe-haven assets. International gold prices, meanwhile, have remained rangebound around $3,370 per troy ounce after peaking at $3,487.94 in April. The recent plateau follows a months-long rally fueled by investor anxiety over U.S. trade policy and global economic uncertainty, as well as a weakening dollar that had amplified demand for gold earlier in the year. While South Korean investors pulled back, their Chinese counterparts were heavy buyers of gold in the first half of 2025, purchasing about 63 tons through exchange-traded funds. However, that demand has since cooled after Beijing launched a crackdown on speculative trading in May. 2025-07-22 11:20:33
TWICE's world tour kicks off with immersive panoramic stage performances SEOUL, July 21 (AJP) - K-pop girl group TWICE will fly to Osaka, Japan this weekend for concerts as part of the first leg of their world tour, their agency JYP Entertainment said on Monday. Kicking off the tour with concerts in Incheon, Gyeonggi Province over the weekend, the nine members are set to perform in Osaka on Saturday and Sunday, before heading to other Japanese cities such as Fukuoka and Tokyo in September. They will also travel to Macau, the Philippines, and Singapore in October, followed by Sydney and Melbourne in November, and then Bangkok, Hong Kong and Taiwan in December, with more stops to be added later. Notably, they will perform on a 360-degree stage throughout the tour, which would allow fans to have more immersive and interactive experiences, just like at the concerts held here last week, where the girls showcased their latest song, "This Is For," for the first time just a day after its release. Meanwhile, they also teased their concert film celebrating the 10th anniversary of their debut, scheduled for release in late October. 2025-07-21 17:46:01
Independent prosecutors summon ex-first lady to appear for questioning SEOUL, July 21 (AJP) - Independent prosecutors on Monday asked former first lady Kim Keon Hee to appear for questioning early next month. Prosecutors led by Min Jung-ki, who are investigating a slew of allegations involving Kim, including the acceptance of a luxury handbag, involvement in a stock manipulation scheme, election-related meddling in candidate nominations, and several other accusations, summoned her, about three weeks after forming a team for the probe. According to them, Kim was notified by mail to appear for questioning scheduled for Aug. 6. The latest probe is part of three separate investigations by independent prosecutors, which include disgraced former President Yoon Suk Yeol's botched Dec. 3 declaration of martial law last year and allegations of inappropriate interference by the Defense Ministry related to a Marine's death during a search mission in July 2023. These investigations were launched after the National Assembly passed relevant bills just a day after President Lee Jae-myung took office early last month. Held at a remand prison in Uiwang, Gyeonggi Province since July 10, Yoon, who has been stalling investigations citing deteriorating health, was also asked to appear for questioning next Tuesday. 2025-07-21 16:42:28
OPINION: Beyond borders -- Advice for students considering college abroad SEOUL, July 21 (AJP) - For students looking to study abroad, particularly in the United States, the current climate is fraught with uncertainty. With concerns around global conflicts and sharp political changes, as well as the impact of COVID-19 still fresh in our memory, a growing number of students are shifting perceptions about traditional destinations for university overseas. Students are also considering more diverse options. In my capacity as Director of University and Career Counselling at Dulwich College Seoul, where we have over 46 different nationalities represented in our community, I am seeing greater diversity in the universities that our students attend. Our most recent 2025 graduates have been accepted to universities in six different countries across multiple continents. These include prestigious institutions in the U.S. and Britain, as well as Canada, Ireland, Japan, and Switzerland. I could also attest to how Korean students are sought-after across the world, not least due to Korea’s strong educational and cultural reputation. As the list of appealing college options becomes more extensive than ever, I would like to offer some advice to Korean students. I have had access to the global perspective and benefited from working on both sides of the application process as an admission counsellor at Seattle University and an Associate Director of Admission at both Boston College and Babson College. Here are some guiding thoughts. 1. Why study abroad at all? A university education is about more than lectures and exams - it is about building critical thinking and life skills. Students who go abroad can benefit from rich and formative cultural experiences as they build global citizenship, cross-cultural understanding, resilience, and independence. These attributes are invaluable in today’s world, including the global job market. You may want to ask yourself where you want to live and work after graduation. What kind of lifestyle do you envision? Do you want to obtain an advanced degree abroad? The answers to these questions can point clearly in the direction of one or more potential foreign university destinations. 2. Broaden the scope of possibilities Aside from Indian and Chinese counterparts, Koreans made up the biggest number of foreign students in the United States during the 2023-24 school year, according to the Institute of International Education. While there are many great U.S. options, do not limit your search based on what others have done in the past. Our students are exploring colleges in places as diverse as Australia, the Czech Republic, Hong Kong, the Netherlands, and Spain. The idea of studying in Europe or another country in Asia might have felt unconventional a decade ago, but now it is becoming mainstream. This is driven in no small part by the growing recognition of the high quality of education in many institutions across the world. You can be practical with your considerations, too. For instance, a student aspiring to work in Europe may find more networking and job placement opportunities by studying at a European institution. Similarly, someone planning to return to Asia might benefit from the cultural and language familiarity of studying in Japan or Hong Kong. 3. Do not be guided by prestige alone My next point is that while world-renowned universities in traditional college destinations do carry a certain prestige, global rankings do not necessarily capture student satisfaction, faculty interaction, or career outcomes. Therefore, students should not let prestige alone be their guiding attraction. Instead, focus on which university best fits your academic interests, personality, goals, and preferred lifestyle. In addition, note that smaller or lesser-known institutions can often provide more personalized support, closer student-faculty relationships, and strong alumni networks. 4. Consider the cost Studying abroad can seem prohibitively expensive, but it does not have to be. Countries like the Netherlands and Japan offer world-class programs for relatively low tuition costs. Canadian and Australian institutions allow students to work part-time, easing the financial burden of studying in those places. In the U.S., despite its reputation for high costs, top-performing Korean students regularly receive substantial merit-based scholarships. It can pay off to do the research and see what is on offer. Some schools even offer cost-saving pathways like dual-degree programs or fast-tracked graduate options. 5. To visit or not to visit Virtual tours and webinars have become sophisticated since COVID-19. They allow families to explore campuses, attend information sessions, and speak to student ambassadors without leaving home. However, if travel is possible, try to visit a few universities, especially if you are already going abroad for a vacation or summer program. It can be very helpful to get the feel of walking a college campus, meeting faculty staff, and imagining your life there. Either way, I recommend that you ask what support services are available to international students, what kind of orientation and mentorship programs exist, and what the graduate outcomes are. Many institutions are also happy to arrange chats with student ambassadors or regional admissions officers. Ultimately, you should let your interests and personality guide this journey. It can be daunting, but also incredibly exciting. University presents an opportunity for self-discovery, shaping your adult identity. The results are often transformative. A well-chosen international university can be the gateway not just to career success, but to lifelong confidence that can take you anywhere in the world. 2025-07-21 16:29:13
Korea's new finance minister pledges swift tariff talks with US SEOUL, July 21 (AJP) - South Korea’s newly appointed Deputy Prime Minister and Finance Minister, Koo Yun-cheol, pledged on Monday to move swiftly in pursuing tariff negotiations with the United States, citing national interests and practical outcomes as top priorities. Speaking at his inaugural press briefing at the Government Complex in Sejong, Koo emphasized the urgency of the talks, which come amid a fast-approaching deadline for a proposed mutual tariff suspension by Washington. “We are coordinating with the United States,” Koo said in response to questions about a potential visit to Washington. “Once arrangements are finalized, I will meet with them as soon as possible to explain Korea's situation and seek understanding for successful tariff negotiations that serve our national interests.” South Korean officials are under mounting pressure to reach an agreement before the August 1 deadline floated by the U.S. According to government sources, Koo could travel to Washington as early as this week in a bid to meet the timeline. During his visit, Koo is expected to meet with U.S. Treasury Secretary Scott Bessent, with discussions likely to center on trade policy, foreign exchange issues and broader economic cooperation between the two allies. At home, Koo named taming inflation as his most pressing domestic challenge, pointing in particular to rising consumer prices driven by recent flood damage across the country. Earlier in the day, in a meeting with ministry officials, Koo urged public officials to act as “core employees of Korea Inc.,” encouraging them to embrace a problem-solving ethos and to build trust with the public through responsive and efficient service. He also promised incentives for civil servants who put forward innovative ideas with measurable impact, and committed to cutting back on formalities such as face-to-face reporting. He also added that artificial intelligence would be increasingly integrated into ministry operations. “I want to create an environment where any staff member, regardless of rank, can contribute ideas directly to leadership,” Koo said. 2025-07-21 16:23:18
[[K-pop]] Netflix animation 'K-pop Demon Hunters' tops global streaming chart, fuels real-world fandom SEOUL, July 21 (AJP) - The animated Netflix film K-pop Demon Hunters continues to dominate globally, reaching No. 1 on FlixPatrol's "TOP 10 on Streaming in the World" on July 20. The film, which premiered on June 20, led daily VOD rankings across 941 platforms in 167 countries, including Netflix and Amazon. Blending K-pop stardom with supernatural action, the film centers on two fictional idol groups, Huntrix and Saja Boys, who double as demon slayers while dominating the music scene. Despite being entirely fictional, the characters have gained a massive global following, with original songs from the film going viral and fan-made content flooding social media platforms. The impact has been especially visible in streaming numbers. Since the film's release, K-pop tracks featured in the movie have seen a surge in online plays, with new listeners joining from regions where K-pop had limited reach until now. Merchandise sales have also spiked, with character-themed apparel, posters, and soundtracks selling out in multiple markets. Viewers have shared stories of watching the film repeatedly with family members, especially younger audiences who were drawn to dynamic animation and catchy songs. The film's success also highlights the rising influence of virtual idols and AI-enhanced entertainment in South Korea. Mysteri, a masked member of Saja Boys, whose solo track from the film became a viral hit. The singer behind the voice, Kevin Woo, was later seen performing the song with children, a moment that further cemented the emotional connection between fans and these virtual stars. 2025-07-21 15:13:54
S. Korea's security chief visits Washington for urgent talks as tariff deadline approaches SEOUL, July 21 (AJP) - South Korea's National Security Advisor Wi Sung-lac has arrived in Washington, D.C. on Sunday (local time), returning just 11 days after his previous trip, to prevent a looming trade conflict with the United States and finalize plans for a summit between South Korean President Lee Jae-myung and U.S. President Donald Trump. South Korean officials predict that Wi will meet U.S. Secretary of State Mark Rubio, who also serves as National Security Advisor. Wi's visit comes ahead of the August 1 deadline, when the U.S. is set to impose a 25 percent tariff on South Korean imports unless a new agreement is reached. Trump had released a letter addressed to Lee earlier this month, warning that South Korean goods would face steep tariffs unless trade terms were changed. "South Korea is making a lot of money, and they're very good, they're very good, but, you know, they should be paying for their own military," Trump said during a cabinet meeting at the White House on July 8. His remarks were interpreted in Seoul as an attempt to link trade negotiations with security issues, including defense cost‑sharing. Officials believe that Wi's trip is aimed at reaching a last-minute understanding to avoid what South Korea sees as a "tariff bomb." During his earlier visit in early July, Wi and Rubio reportedly agreed on the need for an early summit between Lee and Trump, though no date was set. 2025-07-21 14:50:31
Scorching heat returns with vengeance as monsoon season ends SEOUL, July 21 (AJP) - Scorching heat has returned, with temperatures soaring above 30 degrees Celsius across the country, as the monsoon season ended with a last bout of torrential rains that battered southern regions over the weekend. With recovery efforts from flooding and landslides still underway, temperatures climbed to as high as 34 degrees, prompting the Korea Meteorological Administration (KMA) to issue heat advisories for most parts of the country on Monday. Daytime highs reached 34 degrees in Daegu, Daejeon, and Gangneung, Gangwon Province, followed by 33 degrees in Gwangju and 31 degrees in Busan and Seoul. Tropical nights, when temperatures do not drop below 25 degrees, are also expected to persist for a while in several areas. The KMA advised people to refrain from outdoor activities during peak daytime hours, stay hydrated, and be mindful of heatstroke and food poisoning. "Scattered showers are forecast during the day in Seoul and other parts of the country, bringing a brief respite, but hot and humid weather will continue for the time being," a KMA official said. 2025-07-21 14:49:42