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  President Lee taps conservative veteran Lee Hye-hoon as first budget minister SEOUL, December 28 (AJP) - South Korean President Lee Jae-myung has nominated Lee Hye-hoon, a prominent three-term lawmaker from the rival conservative bloc, to lead the newly established Ministry of Planning and Budget, the presidential office announced Sunday. The surprise appointment is a rare instance of cross-party recruitment in South Korean politics, signaling a shift toward bipartisan economic governance as the administration prepares to launch a major government reorganizati December 28, 2025
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  Coupang founder apologizes for data breach as government weighs suspension SEOUL, December 28 (AJP) - Kim Bom-suk, the founder of South Korean e-commerce giant Coupang, released a public apology Sunday regarding a massive data breach, acknowledging the company's failure to communicate promptly with affected users. The statement comes a month after the leak was discovered and amid intensifying scrutiny from regulators, who have signaled that the company could face severe penalties, including a potential suspension of operations. In a statement release December 28, 2025
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  KAIST technology cuts AI service costs by 67 percent using personal GPUs SEOUL, December 28 (AJP) - SEOUL, South Korea — Researchers at the Korea Advanced Institute of Science and Technology (KAIST) have developed a technology that significantly reduces the operating costs of large language models (LLMs) by utilizing consumer-grade graphics processing units (GPUs) found in personal computers and mobile devices. The university announced on December 28 that a team led by Professor Han Dong-su from the School of Electrical Engineering has created &q December 28, 2025
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  South Korea's biotech technology exports top 20 trillion won led by platform deals SEOUL, December 28 (AJP) - South Korean pharmaceutical and biotech companies saw technology exports surge 162 percent to a record $14.5 billion this year, driven by robust demand for platform technologies and new drug candidates. The Korea Pharmaceutical and Bio-Pharma Manufacturers Association said Sunday that total non-confidential contract values jumped from $5.5 billion last year, demonstrating the sector's growing global competitiveness. Bio-platform deals led the char December 28, 2025
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  South Korea weighs expanding tax-free 'repatriation' accounts to include bonds and cash SEOUL, December 28 (AJP) - The South Korean government is actively reviewing a plan to expand the scope of its proposed tax-exempt "Return-to-Domestic-Market Accounts" (RIA) to include bond exchange-traded funds (ETFs) and cash holdings, officials said Sunday, a move designed to accelerate capital repatriation and stabilize the currency. This follows the government's announcement on December 24 that it would waive capital gains taxes on overseas stocks for investors December 28, 2025
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  South Korean shipbuilders regain 20 percent market share despite global slump SEOUL, December 28 (AJP) - South Korean shipbuilders have successfully defended their order books this year, regaining a 20 percent global market share despite a sharp downturn in worldwide vessel orders, industry data showed Sunday. South Korea currently stands as one of the world's two dominant shipbuilding nations, locked in a fierce rivalry with China. While China often leads in sheer volume, South Korea has carved out a stronghold in the market for high-value, high-tech December 28, 2025
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  Franchise chicken stores top 30,000 in South Korea as major brands dominate SEOUL, December 28 (AJP) - The number of franchise fried chicken stores in South Korea has surpassed 30,000 for the first time, the National Data Agency said Sunday, driven by the expansion of major chains even as independent shops struggle to survive. In South Korea, fried chicken is more than just fast food. It is a cultural staple comparable to pizza in the United States. The combination of chicken and beer, known locally as "chimaek," is a ritual for sporting events December 28, 2025
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  Fire breaks out at motorcycle repair shop in Namyangju SEOUL, December 27 (AJP) - A fire broke out at a motorcycle repair shop in Namyangju, south of Seoul, authorities said Saturday. Fire officials said the blaze started about 2:55 p.m. at the shop in Byeollae-myeon, Namyangju, in Gyeonggi province. Black smoke rose from the building, prompting a series of calls from nearby residents. No casualties had been confirmed as of Saturday afternoon. Firefighters deployed 31 pieces of equipment and 78 personnel to contain the flames. P December 27, 2025
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  Mergers, pricing wars and tighter rules reshape South Korea's content industry in 2025 SEOUL, December 27 (AJP) - Consolidation trumped expansion as the dominant narrative across South Korea's gaming, streaming and webtoon sectors this year, as domestic platforms merged to survive, regulators tightened oversight and companies raced to secure global distribution deals. Streaming services combined subscriber bases while freezing prices under regulatory pressure. Webtoon publishers transformed anti-piracy operations from cost centers into strategic advantages. And ga December 27, 2025
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  FX volatility spurs interest in dollar-denominated insurance in Korea SEOUL, December 27 (AJP) -The dollar-won exchange rate has retreated sharply following strong verbal warnings by authorities against excessive volatility, combined with year-end dollar-selling demand and a broader weakening of the U.S. currency. Still, growing belief that the exchange rate may settle into a new “mid-1,400 won” range has renewed interest in foreign-currency–linked financial products, including dollar-denominated insurance. Sales of dollar December 27, 2025