KakaoBank's collaboration with Indonesia's Superbank gains momentum with 'Lucky Card' rollout

SEOUL, December 12 (AJP) - KakaoBank is deepening its partnership with Indonesian digital lender Superbank, its first overseas equity investment, as the South Korean internet-only bank steps up efforts to expand abroad. KakaoBank said on Friday it advised Superbank on the launch of a new financial product, following a financial consulting agreement signed between the two companies in November last year. Under the deal, KakaoBank has been sharing its mobile banking expertise an

December 12, 2025

Subway workers in Seoul call off strike after last-minute agreement

SEOUL, December 12 (AJP) - Unionized subway workers in Seoul on Friday called off their planned full-scale strike after reaching a last-minute deal with management, averting major disruptions to the morning rush hour. Seoul Metro, which operates subway lines 1 through 8, said it reached an agreement early in the morning after overnight marathon negotiations. The workers had earlier threatened to strike from the first trains of the day unless their demands for higher wages, the

December 12, 2025

Celltrion secures major U.S. formulary deal for biosimilar Avtozma

SEOUL, December 12 (AJP) - South Korean biopharmaceutical company Celltrion said Friday it has secured formulary inclusion for its autoimmune disease treatment Avtozma with Synergie Medication Collective, a major pharmacy benefit manager (PBM) formed by several Blue Cross and Blue Shield companies in the United States. The intravenous formulation of Avtozma, a biosimilar of Roche's tocilizumab, has been listed as a preferred drug across all public and private insurance formulari

December 12, 2025

Foreign investors turn net sellers of Korean stocks in November

SEOUL, December 12 (AJP) - Foreign investors sold more than 13 trillion won ($9.7 billion) worth of South Korean equities in November, turning net sellers for the first time in six months, while resuming net purchases of local bonds. According to the Financial Supervisory Service (FSS) on Friday, offshore investors recorded net equity sales of 13.4 trillion won. They offloaded 13.5 trillion won on the Kospi but were modest net buyers on the Kosdaq, purchasing 118 billion won.

December 12, 2025

Weaker won sends Korea's import prices up to a 19-mo high

SEOUL, December 12 (AJP) -South Korea’s import prices climbed in November despite a sharp pullback in global fuel costs, as the won’s depreciation against the U.S. dollar outweighed relief from cheaper energy, Bank of Korea data showed Friday. The import price index rose 2.6 percent on month and 2.2 percent on year to 141.82, accelerating from October’s 138.19 and posting the steepest monthly increase since April last year. The gains came even as Dubai crud

December 12, 2025

OPINION: The compass for Seoul's FX policy now points to Tokyo

The Federal Reserve has cut its rate target range again this week, but the news barely rippled across Korean markets. The dollar strengthened, Korean stocks softened and yields inched upward — hardly the reaction one expects after a major policy decision from Washington. That muted response reflected an important shift in global finance: the Fed may still set the rhythm, but it no longer commands the stage. Markets registered the U.S. rate cut and immediately turned their ga

December 11, 2025

Korea hopes to let fabless catch up to fab power through $520 billion mega spending

SEOUL, December 11 (AJP) - That South Korea is a semiconductor powerhouse is established fact: it is home to the world’s largest memory-chip production base. But in the fabless sector — the chip-design layer that defines system-semiconductor competitiveness — the country remains a laggard. That gap is driving an urgent and ambitious push to cultivate proprietary chip architecture capabilities. The government-led vision calls for more than 700 trillion won (about

December 11, 2025

PHOTOS: National Museum of Korea sets all-time visitor record

SEOUL, December 11 (AJP) - The National Museum of Korea's annual visitor count has surpassed 6 million for the first time in its history. The achievement underscores the growing interest in Korean history and culture both domestically and internationally, the museum said. The museum held a commemorative ceremony on Thursday to celebrate the record-breaking achievement, which was attended by Yu Hong-jun, the Director of the National Museum of Korea. This year’s reco

December 11, 2025

Seoul aims to correct "misunderstanding" in public policy with live government briefings

SEOUL, December 11 (AJP) - South Korean bureaucrats are often “misunderstood” as lazy or corrupt, but if such perceptions reflected reality, the country could never have advanced to the level admired by much of the world, President Lee Jae Myung said Thursday as he addressed government officials at the Sejong Government Complex for the first time since taking office in June. Again for the first time, each ministry and public office’s briefing to the president was b

December 11, 2025

After game-curfew flop, Seoul unlikely to adopt Australia's drastic social media ban

SEOUL, December 11 (AJP) - In every advanced society — from the United States to East Asia to Australia — one common reality defines modern childhood: kids and teenagers are glued to their screens. Whether scrolling through social media, watching YouTube, or toggling between both, their digital immersion is constant. Governments are responding with varying degrees of intervention, but only a few have taken dramatic steps. Australia is now the boldest example, and one that S

December 11, 2025