Korea JoongAng Daily - Daily News from Korea

This article is by Kim Seon-mi and read by an artificial voice. DB Insurance announced Friday that it acquired The Fortegra Group, a U.S.-based specialty insurer, for 2.3 trillion won ($1.63 billion), marking the first time a Korean insurer has purchased a U.S. insurance company - and the largest overseas merger and acquisition by a Korean insurance firm to date. DB said in a regulatory filing that it signed an agreement to acquire 100 percent of Fortegra's outstanding shares from its major shareholders, Tiptree and Warburg Pincus. Founded in 1978, Fortegra is an insurance group that operates in the United States, Britain and Italy. The company posted $3.07 billion in gross written premiums last year and approximately $1.4 billion in net income. The deal is expected to close in the first half of next year, pending regulatory approval. "This transaction will be executed with internal funds," DB said. "This is the largest acquisition in terms of transaction value among all cases of Korean insurers acquiring overseas companies." Industry watchers see the deal as part of DB's push to secure new sources of revenue in global markets, as Korea's insurance market faces stagnation due to population aging and intensifying competition. The company has expanded its overseas presence in recent years, particularly in the United States, China and Southeast Asia. Last year, it acquired stakes in two Vietnamese insurers - Vietnam National Aviation Insurance Corporation and Saigon Hanoi Insurance. "We aim to enhance customer value and market competitiveness by combining Fortegra's expertise with DB Insurance's global network and capital strength," said Park Ki-hyun, head of DB's overseas business division. This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

This article is by Kim Kyung-hee and read by an artificial voice. Korea will extend domestic foreign exchange (FX) market hours to 24 hours and allow foreign investors to settle won transactions offshore in a move to make the currency more accessible to global traders. The Ministry of Economy and Finance announced Friday that it will pursue these reforms as part of efforts to join the MSCI Developed Markets Index, a key global equity benchmark. The move came after President Lee Jae Myung, currently visiting the United States, said during the Korea Investment Summit in New York that the government will unveil a comprehensive road map within the year to secure inclusion in the index. The government plans to expand trading hours in the domestic FX market to operate around the clock, addressing the gap faced by investors in North America. Last July, trading hours were extended until 2 a.m. the next day, which enabled participation from European investors. However, U.S.-based traders still face time-zone restrictions. Authorities also plan to introduce an "offshore won settlement institution" that will enable foreign investors to settle and hold the Korean currency offshore. Currently, only onshore spot transactions are allowed, and investors must go through two licensed brokers. Under the new system, foreign financial institutions will be able to open won accounts in Korea and directly manage holdings. Regulations will also be eased to allow foreign investors to freely trade, deposit and borrow the won. The MSCI index serves as a key investment guide for global funds. If Korea joins the developed market index, passive funds that track it will automatically increase their exposure to Korean equities. Analysts expect that around $30 billion in foreign capital could flow into the local stock market following inclusion. Korea has been part of the MSCI Emerging Markets Index since 1992. It was placed on the watchlist for potential inclusion in the developed markets index in 2008 but was removed in 2014. Restrictions on foreign access to won trading - rooted in the lingering effects of the 1997 Asian financial crisis - have long been a key obstacle to promotion. The government, the Bank of Korea, and major financial institutions plan to form a task force to accelerate the process and release a detailed road map later this year. The Ministry of Economy and Finance said Finance Minister Koo Yun-cheol met separately with MSCI Chairman and CEO Henry Fernandez in New York on Thursday to discuss the plan. This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

This article is by Yoon Seung-jin and read by an artificial voice. At the International Student Fair (ISF) Forum held on Thursday at Sejong University's Gwangjin campus in eastern Seoul, education experts discussed strategies for attracting international students and the need to standardize university support systems, with strong emphasis on ways to retain students. "It's time for recruiters to pivot from maximizing headcount to curating student diversity," said Rezia Usman, the regional director of Woosong University's office of international affairs. "We should balance source countries, program types and funding models to build a more resilient and globally recognized international student body." "Rather than simply hosting more foreign students, Korean universities should expand reciprocal internationalization, such as outbound exchanges, cross-border campuses, joint programs and research partnerships, to avoid one-sided growth and ensure global impact," Usman added. She stressed that while external efforts, such as recruitment, are important for continuously attracting and retaining foreign students, universities must also focus on internal efforts, including academics, student support and inclusivity. "We don't just recruit students. We ask what they need to ensure that they receive the kind of education they're looking for," Usman said, citing Woosong University's case with international students. "Our goal has always been to build long-term branding and leave a meaningful legacy, not just take students and move on." The expert also emphasized the need to identify the key factors that make Korea an attractive place to study and to highlight them strategically. "Globally, students still favor countries like the United States, Britain, Canada and Australia," Usman said. "However, if students consider alternatives, Korea must position itself as a serious option by understanding what students seek here, emphasizing Korea's strengths compared to other countries and improving diversity, visibility and internationalization." Beyond individual efforts, experts further pointed out that universities should jointly pay attention to systemic reforms and ongoing improvements. "Every university has different document screening processes and requirements," said Park Min-ji, the director of undergraduate admissions at Ajou University. "Now it's time to create uniform, streamlined systems for international students so they can apply to Korean universities more easily." Joshua Han, a director of Sejong University's One Stop Service Center, echoed Park's remarks on standardization, stressing the urgent need for institutional and systemic progress. "The bigger need is to standardize the disorganized administrative processes that have persisted so far," Han said. "At the very least, if universities here take the lead in standardizing processes within the government's guidelines, it will greatly help in both attracting and retaining international students." "Right now, Korea enjoys a temporary advantage thanks to the popularity of Korean culture and the relatively rigid internationalization policies of other countries. But in the end, Korea must become a country that is easy and convenient for international students to come to and study in," Han added. This year's fall edition of ISF also featured college admissions and job fair sessions where companies, universities and other related organizations gathered to provide information useful for international students. The Korea JoongAng Daily's K-campus, a platform that provides information about campus life and careers in Korea, also ran a booth to promote its service. The next edition of the biannual International Student Fair for Study and Work will take place on March 25 next year.

This article is by Kim Ji-ye and read by an artificial voice. After over two decades, Korean auteur Park Chan-wook's latest black comedy "No Other Choice" reunites the director with actor Lee Byung-hun, coming together for the first time since their last collaboration on Park's 2000 film "Joint Security Area." Yet this long-awaited reunion might never have happened had the director pursued the project earlier. "Over the past 25 years, we often met, and every time Lee says that we should work together again, and I would tell him to get older faster," said the director during an interview at a cafe in central Seoul on Tuesday. "[Because] his face always looked too smooth for his age," and therefore didn't suit the role of a middle-aged breadwinner of a family. Park began writing the screenplay in 2009 and initially planned to produce it overseas. But after a series of changes, the film was ultimately made in Korea, taking 16 years to come to life. "If I had to give a reason why this film took so long, I'd say it was all to meet him," the director added with a laugh. An adaptation of U.S. writer Donald E. Westlake's 1997 novel "The Ax," the film follows Man-su, portrayed by Lee Byung-hun, a middle-aged man who is abruptly laid off from his company and resorts to extreme measures in his desperate search for new employment. It features a seasoned cast, with Lee joined by Son Ye-jin, Lee Sung-min, Park Hee-soon and Yeom Hye-ran. The film was also recently invited to numerous renowned international film festivals, competing at the Venice International Film Festival and opening this year's Busan International Film Festival. Son is a Korean film powerhouse in her own right. Her part in this picture, however, is relatively small compared to her recent projects. Regarding this, Park recalled that something Son jokingly told him at their first meeting stuck with him throughout the making of the film, leading him to put more effort into her role of Mi-ri. "When I first met Son, she asked me, 'Even though my role is small, please make sure that after friends watch the movie, they won't say, "Why did you do that movie?'" he said. "It was really scary. From that day on, I tried to keep that promise, revising the script many times. Also, the role gradually grew, and I tried to make even a single line a bit more fun." The director also revealed that he considered other titles for the film, including one he had thought of two decades ago and personally favored, but that others found too shocking. "When the out-of-print original novel was being reissued, I wrote a foreword for it, and in it, I said that if I were to make it into a movie, I'd want to title it 'Mogaji' [vulgar Korean slang for 'neck']. That was in 2006," said the director during an interview at a cafe in central Seoul on Tuesday. "But when I told people that I wanted to go with 'Mogaji,' everybody around me totally freaked out. So I couldn't use it," he said, adding that "The Ax" was also ruled out since, in English, it can imply getting laid off, but that meaning doesn't carry over in Korean. In Korea, the expression "to have one's neck cut" is a slang term that refers to being fired. He said that the final contenders came down to "No Other Choice" and a title that translates to "Stuff to Do in Autumn," reflecting the seasonal changes that play an important role in the film, according to the director. The film satirizes issues such as layoffs, re-employment and job insecurity through the journey of Man-su. Park emphasized that the core of the story lies in how deeply audiences can empathize with the protagonist's actions and emotions along the way. "When Lee Byung-hun is acting, the audience is drawn in by his presence, feeling anxious at the thought that his character might make a mistake," Park said. "And then, when they snap out of it, they might think, 'What is he doing?' hoping he doesn't fall any further morally," he added. "I wanted the audience to go back and forth l...

This article is by Kim Ji-ye and read by an artificial voice. After over two decades, Korean auteur Park Chan-wook's latest black comedy "No Other Choice" reunites the director with actor Lee Byung-hun, coming together for the first time since their last collaboration on Park's 2000 film "Joint Security Area." Yet this long-awaited reunion might never have happened had the director pursued the project earlier. "Over the past 25 years, we often met, and every time Lee says that we should work together again, and I would tell him to get older faster," said the director during an interview at a cafe in central Seoul on Tuesday. "[Because] his face always looked too smooth for his age," and therefore didn't suit the role of a middle-aged breadwinner of a family. Park began writing the screenplay in 2009 and initially planned to produce it overseas. But after a series of changes, the film was ultimately made in Korea, taking 16 years to come to life. "If I had to give a reason why this film took so long, I'd say it was all to meet him," the director added with a laugh. An adaptation of U.S. writer Donald E. Westlake's 1997 novel "The Ax," the film follows Man-su, portrayed by Lee Byung-hun, a middle-aged man who is abruptly laid off from his company and resorts to extreme measures in his desperate search for new employment. It features a seasoned cast, with Lee joined by Son Ye-jin, Lee Sung-min, Park Hee-soon and Yeom Hye-ran. The film was also recently invited to numerous renowned international film festivals, competing at the Venice International Film Festival and opening this year's Busan International Film Festival. Son is a Korean film powerhouse in her own right. Her part in this picture, however, is relatively small compared to her recent projects. Regarding this, Park recalled that something Son jokingly told him at their first meeting stuck with him throughout the making of the film, leading him to put more effort into her role of Mi-ri, Man-su's wife. "When I first met Son, she asked me, 'Even though my role is small, please make sure that after friends watch the movie, they won't say, "Why did you do that movie?'" he said. "It was really scary. From that day on, I tried to keep that promise, revising the script many times. Also, the role gradually grew, and I tried to make even a single line a bit more fun." The director also revealed that he considered other titles for the film, including one he had thought of two decades ago and personally favored, but that others found too shocking. "When the out-of-print original novel was being reissued, I wrote a foreword for it, and in it, I said that if I were to make it into a movie, I'd want to title it 'Mogaji' [vulgar Korean slang for 'neck']. That was in 2006," said the director. "But when I told people that I wanted to go with 'Mogaji,' everybody around me totally freaked out. So I couldn't use it," he said, adding that "The Ax" was also ruled out since, in English, it can imply getting laid off, but that meaning doesn't carry over in Korean. In Korea, the expression "to have one's neck cut" is a slang term that refers to being fired. He said that the final contenders came down to "No Other Choice" and a title that translates to "Stuff to Do in Autumn," reflecting the seasonal changes that play an important role in the film. The film satirizes issues such as layoffs, re-employment and job insecurity through the journey of Man-su. Park emphasized that the core of the story lies in how deeply audiences can empathize with the protagonist's actions and emotions along the way. "When Lee Byung-hun is acting, the audience is drawn in by his presence, feeling anxious at the thought that his character might make a mistake," Park said. "And then, when they snap out of it, they might think, 'What is he doing?' hoping he doesn't fall any further morally," he added. "I wanted the audience to go back and forth like that." Park also introduces a new theme - artificial intelligence...

This article is by Jang Won-seok and read by an artificial voice. TROMSO, Norway - Mads Qvist Frederiksen, director of the Arctic Economic Council (AEC), said demand for ice-breaking liquefied natural gas (LNG) carriers is likely to rise in the near term as Arctic routes open, followed by growing demand for eco-friendly vessels. "The Korean companies are world leaders in shipbuilding for Arctic oceans," he said. Established at a 2014 senior officials' meeting of the Arctic Council (AC), the AEC brings together companies from eight countries - the United States, Canada, Norway, Finland, Sweden, Russia, Iceland and Denmark - to discuss sustainable development in the Arctic. The following interview has been edited for length and clarity. Q. The accelerating pace of Arctic ice melting has brought global attention to Arctic shipping routes. How do you interpret this development? A. Global warming in the Arctic happens at three times the global average. Over the past decade, we have seen an increase of shipping by more than 35 percent in the Arctic. There will be less multiyear ice, and the ice will not be as dense. Definitely, the Arctic in 2050 will be very different from the Arctic today. The Arctic routes are often categorized as the Northern Sea Route [NSR], the Northwest Passage [NWP] and the Transpolar Sea Route [TSR]. How would you assess the current and future development potential of each route? The NWP is famous historically. It goes along the coast of Alaska and Canada. A recent scientific study that was published in [international science journal] Nature showed that shipping on the NWP might even be more difficult, as the ice melts due to the creation of so-called chokepoints - where the ice gets blocked in certain passages. The TSR is running across the North Pole. This route is not being used today - maybe except for the rare occasional research vessel - but some people see potential in this one in the future. There are challenges around the lack of infrastructure in the area, as well as the uncertainty of how it is to operate there. Some people expect the route to be the most used in the future because it will be fast and direct. The NSR is quite active with energy shipping - primarily LNG going from Russia to Europe and Asia. The NSR runs along the coast of Russia, and the Russian government has huge expectations for the potential of this route. However, the sanctions on Russia due to the full-scale invasion of Ukraine makes it difficult for international operators to sail there. Currently, it is just Russian companies and a few Chinese container ships sailing there. If the political climate changes in the world, then the shipping route might have a potential. It would take some investments in, for example, search and rescue and icebreaker escorts. While optimistic economic assessments exist, concerns also persist regarding environmental degradation and the acceleration of global warming. If development is to proceed, what safeguards or precautions should be prioritized? The Arctic region has some of the strictest environmental rules in the world. It is our home, so we also care for it as well. Yet, it does not mean we don't want development. It is possible with growth that is sustainable and responsible. In the Arctic region, around 10 percent of the population is Indigenous, and they have a wealth of knowledge and understanding that is important to engage with. There are many ways to work with the Indigenous peoples but the most important is involvement, consultation and knowing the local context. This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

This article is by Jang Won-seok and read by an artificial voice. The Korean government is stepping up preparations for the era of Arctic shipping, increasing budgets, hiring more personnel and launching a new command body dedicated to the project. Work has already begun on a pilot voyage scheduled for next year. But challenges remain, including developing a viable business model and addressing environmental concerns. The Ministry of Oceans and Fisheries said Thursday it recently commissioned a study on the economic feasibility of commercial operations on Arctic shipping routes. The project aims to assess the real economic impact of Arctic navigation, examine other countries' preparedness and develop concrete strategies. Reviewing international regulations and tracking the moves of global shipping companies are also listed as priorities. Developing Arctic routes is one of the Lee Jae Myung administration's flagship policies. Next year's budget for Arctic-related projects totals 549.9 billion won ($389.6 million), up 23.4 percent, or 104.1 billion won, from this year. Of that, 61.1 billion won will be used to build a new icebreaking research vessel. Funds have also been earmarked to support construction of icebreaking and ice-class commercial ships. The budget for Busan New Port in Jinhae has been expanded in anticipation of increased cargo volumes, while a new program to train polar navigation specialists has been added. The government said it aims to accelerate human resource development in preparation for both the pilot voyage and eventual full-scale operations. Organizational changes are moving quickly. The government confirmed the ministry's relocation to Busan and added a maritime and fisheries secretary within the presidential office. By the end of the year, a presidential committee on Arctic routes will be launched with participation from public- and private-sector experts. The ministry's current task force will be upgraded into a pan-government Arctic route promotion headquarters. The National Assembly has also begun drafting and amending relevant laws. Previous administrations also paid significant attention to Arctic exploration. In 2012, then-President Lee Myung-bak became the first national leader to visit Greenland, meeting with local officials to discuss cooperation in resource development and Arctic navigation. His efforts helped Korea gain permanent observer status at the Arctic Council in 2013, alongside Japan and China. Under the Park Geun-hye administration, trial voyages began. From 2013 to 2016, Hyundai Glovis and CJ Logistics conducted five test runs. But results were mixed: Russia withheld sea ice data, icebreaking ships were in short supply and high insurance and transit fees weighed heavily on costs. Following the outbreak of the Russia-Ukraine war in 2021 and subsequent sanctions against Moscow, progress largely came to a halt. The potential remains, but so do the hurdles. At present, the most viable option is the Northeast Passage (NEP) along Russia's northern coast. Korea does not import Russian liquefied natural gas and prospects for doing so remain slim given diplomatic constraints. For Korea, the Arctic route could only serve as a meaningful backup in global supply chains if it becomes practical for Europe-bound trade. In practice, this would require container ships departing Korea to make multiple stops in Europe. But the logistics pose challenges. "A Chinese ship can depart from home, call at several ports and then head north," said an official from Korea's shipping industry. "But Korea would need to detour through China, Taiwan or Singapore before heading north again, which is inefficient." Major global shipping companies - including MSC, Maersk and CMA CGM, which together account for about half of the global container shipping market - have all publicly pledged not to use the NEP. Large European shippers and British marine insurers have made similar commitments, citing diplomatic tensio...

This article is by Hong Sang-ji and read by an artificial voice. The race to determine the next dominant personal device after the smartphone is heating up, with smart glasses emerging as the most promising contender. Tech giants like Meta and Google are actively investing in the space, touting smart glasses as the future of computing. Smart glasses are equipped with cameras and microphones that enable real-time multimodal data collection - capturing both visuals and audio - making them ideal for running AI applications. This allows for use in cases such as instantly translating documents in a user's field of vision or projecting augmented reality navigation on the go. Nick Chow, director at Altos Ventures, explained that because smart glasses continuously collect input from several sources, they can deliver rapid output like sound or subtle visual signals. This enables them to offer services and context more closely aligned with the real world than apps limited to smartphones or computers, he said. However, major hurdles remain, including clunky designs, short battery life - averaging about four hours - heat issues and in particular, privacy concerns related to covert recording. Wrist-worn devices, on the other hand, draw less attention: Smartwatches are more naturally accepted and often serve both as health monitors and digital assistants. Bee, an AI wearables startup acquired by Amazon, promotes a bracelet that acts as an "always-on" assistant, boasting a battery life of up to seven days. Still, the lack of a camera limits the device's ability to process visual data, making it an unlikely replacement for smartphones. Pendant-style devices are small and lightweight, allowing them to double as fashion accessories. One such product by Limitless AI - a startup backed by prominent U.S. venture capital firm Andreessen Horowitz - records and organizes conversations to enhance memory recall. However, other pendant devices like Humane's AI Pin have failed due to overheating, short battery life and high prices. Ring-shaped devices, such as Samsung's Galaxy Ring and Finland-based Oura Health's Oura Ring, are designed to fit snugly around a finger and tend to focus on health monitoring. Korean startup Vtouch developed the Wizpr Ring, which allows users to whisper commands directly into the ring's microphone - a discreet feature suited to public settings. But due to space constraints, such rings are unlikely to serve as stand-alone devices and will probably remain supplementary tools. The JoongAng Ilbo tested the Limitless AI pendant for several days. The coin-sized device can be clipped onto clothing or worn around the neck. When synced with a smartphone and set to "listening" mode via its app, it recorded every conversation throughout the day - from a 30-minute phone interview to a brief call about a pet cat. In the app's "Lifelog" tab, conversations were organized chronologically, with Korean dialogues transcribed and summarized in English, while also providing the full text. The app's "Ask" feature could then search this data for relevant information. When the reporter typed in English, "Find me the part where the interviewee talks about why there's a hardware race between Big Tech firms," the app pulled up the corresponding transcript instantly - it was like having a personal assistant documenting the entire day. However, the device's constant recording also raised concerns. It captured even casual exchanges at restaurants or YouTube videos playing in the background, requiring users to seek consent from people nearby. When worn around the neck, the device drew suspicion rather than admiration. One acquaintance remarked that the device resembled a body camera - underscoring how convenience may come at the cost of unresolved privacy concerns. Why is Big Tech so eager to usher in the post-smartphone era? Smartphone shipments peaked in 2017 and have since plateaued, with innovation slowing and replacement cycles lengthening. Mean...

Baek Woo-jin The author is an economic columnist and the CEO of Geuljaengi Inc. "Toward the future of computing and humanity." That was the message Jensen Huang, CEO of Nvidia, wrote in marker on a DGX-1 supercomputer in 2016 before delivering the machine to OpenAI. Weighing about 61 kilograms (134 pounds), the box-shaped computer was one of Nvidia's most powerful systems for training AI at the time. It symbolized Huang's early commitment to the fledgling research lab. From the beginning, Huang's ambition has been to place Nvidia at the center of computing's future. He has described the rise of AI as a once-in-a-lifetime opportunity and positioned his company's graphics processing units as the engines of machine intelligence. Building on the DGX-1, Nvidia rose to dominate the global information technology sector, becoming the leading supplier of chips that power advanced AI systems. Huang's management style is often described as relentless, pushing technology and operations to exceed prior limits. That approach was evident in Nvidia's latest move with OpenAI. Rather than remaining content with supplying chips, Huang has sought a foothold inside the service infrastructure itself by backing OpenAI as a strategic partner. This month, Nvidia and OpenAI announced a plan in which Nvidia would invest $100 billion in OpenAI in exchange for an equity stake. OpenAI, in turn, intends to use the funds to build a 10-gigawatt-scale data center. While details remain under negotiation, analysts note that the arrangement appears favorable for Nvidia: Much of the investment will likely flow back into its own revenues, since OpenAI's data centers depend on Nvidia graphics processing units. Industry observers suggest OpenAI is seeking to widen the gap with rival services by securing long-term access to Nvidia's computing power. For Nvidia, the investment represents not just sales but a deeper role in shaping how AI platforms operate. Some compare the move to the personal computer era, when Intel invested in Microsoft. Others argue this partnership could prove even more consequential, given the scale of AI adoption and the concentration of resources needed to support it. As both companies move ahead, the industry will be watching closely. The Nvidia-OpenAI alliance could redefine the balance of power in AI - and determine how computing's future unfolds. This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

Cho Yoon-je The author is a special appointment professor at Yonsei University's School of Economics. Nothing lasts forever - not power, nor empire. Yet the changes now underway in the United States feel steep. Since the end of World War II, the country has defined the world order. Its influence has touched every continent and every ocean, from small African nations to Pacific island states, Middle Eastern conflict zones, South America and Eurasia. Backed by unmatched economic strength and overwhelming military power, the United States has exerted enormous sway. To this day, it stations troops and maintains bases in roughly 80 countries. Compared with the 19th-century British Empire, which was said to be an empire on which the sun never set, the role of the United States over the past 80 years has been even more dominant. That era of "Pax Americana" - peace begotten by U.S. leadership - now appears to be receding. The Donald Trump administration is accelerating this shift, and recovery afterward seems unlikely. In truth, Washington's relative power has been declining since its peak in 1945. Immediately after the war, the U.S. economy accounted for half of global output. Militarily, it was the only nuclear power until the Soviet Union's 1949 test. By the 1970s, its share of global production had dropped to one-third. Today it stands at about one-quarter, and by purchasing power parity, closer to 15 percent. Its leadership was not sustained by military and economic strength alone. It rested on the public goods the United States created after the war: the Bretton Woods financial system, the General Agreement on Tariffs and Trade and later the World Trade Organization to guide trade as well as NATO to anchor collective security. These institutions allowed Washington to hold global hegemony and play the role of world police. At times, it waged controversial wars, but it also provided stability. Much of the world accepted this role, and the postwar system under U.S. stewardship brought decades of prosperity. As Europe and Japan recovered, and as China and India rose, U.S. hard power diminished. Still, no other nation matched its soft power - its values, its appeal, its culture. Yet today, Trump's United States is dismantling this legacy with surprising speed. The administration has shaken the republic's foundations, undermining trust in institutions, threatening allies and using tariffs and investment demands in ways that alienate long-standing partners. The United States remains the world's strongest country, with no rival capable of replacing it in the near term. But its prestige and moral authority appear to be on an irreversible path of decline. Modern history has shown the United States to be an inclusive nation, and that inclusiveness drove its prosperity. The greater danger than external challengers such as China may be internal - the rise of populist nationalism. U.S. politics has failed to contain this force. The world must now prepare for life after Pax Americana. That prospect suggests more instability and more hardship. When empires retreat, violence often fills the void. The collapse of the Ottoman Empire preceded the Armenian genocide, while the fall of Austria-Hungary was followed by the Holocaust. Europe seems unlikely to take the lead in shaping global order amid its internal troubles. China's coercive diplomacy and Russia's aggression foreshadow turbulence, confrontation and even armed conflict until a new balance emerges. International order guided only by raw military and economic power, without soft power grounded in liberty, human rights and democracy, will be less peaceful. Already, with democracy fraying in the United States itself, authoritarianism is advancing worldwide. Western Europe, Japan, Korea and Taiwan flourished under the U.S. security umbrella. They will be among the first to feel the effects of retrenchment. Korea must therefore adapt. On one hand, it should deepen industrial cooperation wit...

The Korean government has unveiled two real estate packages this year, yet housing prices in Seoul continue to climb. The June 27 measures aimed to strengthen household debt controls, while the Sept. 7 plan focused on expanding housing supply and managing mortgage demand. Neither had a lasting effect. Transactions slowed briefly after the announcements, but the upward trend in prices did not break. Economists at the Bank of Korea noted that the impact was weaker than past efforts. Apartment prices in Seoul rose 4.8 percent in August alone. Housing-related loans increased by 7 trillion won in July and August. Anxiety that "it may soon be too late to buy" fueled borrowing and purchases. After the September measures, prices climbed not only in the Gangnam districts and the Mapo-Yongsan-Seongdong area but also in Nowon, Dobong and Geumcheon. The spread of increases highlights the limits of policy centered on curbing demand. Rather than calming the market, repeated restrictions have stoked fears that homes will only become more expensive. The rental market is under even greater strain. Mortgage restrictions intended to block speculative gap investments have reduced the supply of jeonse contracts. Landlords who relied on deposits for financing have pulled back, while tenants are staying put under renewal rights. The number of listings has decreased, driving jeonse prices higher and exacerbating the insecurity faced by young and low-income households. Talk of tighter loan-to-value rules after Chuseok has raised concern that the government could further inflame expectations of rising prices. Projections that Mapo and Seongdong may be designated land transaction permit zones have already sent prices higher in neighboring Eunpyeong and Dongdaemun. What is needed, analysts argue, is a clear and sustained signal on supply. Authorities should release underutilized greenbelt land and ease restrictions on redevelopment and reconstruction projects. Long-term commitments to steady supply in areas of high demand are crucial to counter the perception that home prices will inevitably continue to rise. Without such steps, Korea risks repeating a pattern seen under previous progressive administrations, when attempts to suppress demand only led to further price gains. Ineffective regulation also hinders monetary policy, preventing the Bank of Korea from adjusting interest rates as needed. Demand management through taxes and lending rules still has a role, but the key to stabilizing the housing market remains supply. The government must send a clear message that it will consistently expand housing to curb instability. This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

This article is by Kim Min-young and read by an artificial voice. HD Hyundai and Saudi Arabia's investment minister reaffirmed their cooperation on completing two shipbuilding projects worth a combined $5.77 billion and establishing a local shipbuilding supply chain in the Middle Eastern country. The announcement followed a high-level meeting between HD Hyundai Executive Vice Chairman Chung Ki-sun and Saudi Investment Minister H.E. Khalid AlFalih at Banyan Tree Hotel in central Seoul, the company said Thursday. Despite being touted as one of the biggest shipbuilding projects overseas by a Korean shipbuilder, the Saudi projects have encountered delays. HD Hyundai is currently building the International Maritime Industries (IMI) shipyard and a plant for engine manufacturer Makeen at the King Salman Maritime Industrial Complex for Maritime Industries in Al Jubail on Saudi Arabia's eastern coast. The shipyard is scheduled for full operation in 2026, with the engine facility following in 2027. Also attending the meeting were Sulaiman M. Albabtain, CEO of Saudi state-owned shipbuilding holding company Sofon, which oversees the kingdom's shipbuilding and maritime operations, and Joo Won-ho, head of HD Hyundai Heavy Industries' naval and special ship division. The two sides also explored potential cooperation in naval defense projects. "Saudi Arabia is a trusted business partner with whom we have enjoyed longstanding cooperation," said Chung. "The IMI Shipyard is a symbolic project that demonstrates how HD Hyundai has grown in half a century into a company exporting its design expertise. We will thus give our best efforts to its operation and make it one of the world's best shipyards." Following the meeting, participants held a roundtable session focused on expanding ship construction in Saudi Arabia and establishing a local shipbuilding supply chain.

This article is by Jin Eun-soo and read by an artificial voice. To meet that target, the government is pushing a sweeping overhaul of the tourism industry - fostering regions outside of Seoul to attract international tourist, promoting provincial tourism among domestic travelers and revamping outdated regulations. "Korea has come under a global spotlight as K-culture is receiving an unprecedented amount of interest from around the world," said Minister of Culture, Sports and Tourism Chae Hwi-young in a strategy meeting on national tourism, chaired by Prime Minister Kim Min-seok, on Thursday. "Namsan Tower and Naksan Park have become a must-visit course among foreign tourists. Rising interest in K-culture is an opportunity for us to take a leap toward becoming a tourism powerhouse." One major mission is diversifying tourism content for foreign travelers. The ministry plans to designate two additional regions outside the capital area as part of a broader strategy to create a "mega tourism belt." The selection of two regions will be made within this year at the earliest, the second vice minister said. K-culture will play a vital role in attracting more foreign tourists from diverse countries, the ministry says. Currently, foreign tourists to Korea are mostly from Japan and China, according to the ministry, and it plans to diversify that to Southeast Asia, the Middle East, North America, Europe and Australia by offering a wider variety of cultural experiences. One of its plans involves building a large-scale K-pop concert arena in the capital area to serve K-pop fans from around the world. The lack of dedicated and easily accessible K-pop venues has been constantly raised as an issue in both the music and tourism industry. "We are thinking of a venue that can accommodate more than 50,000 seats, or people, in total," Kim said. The venue plans to break ground by the first half of 2030, the ministry said. There will be a systematic overhaul too. The Korea Electronic Travel Authorization system, which allows eligible foreign travelers to enter the country without a visa, will also be extended. It was originally set to expire at the end of this year. An integrated travel pass combining transportation tickets and admissions to major tourist attractions will also go into development from next year, the minister said. Boosting tourism in provincial areas is another key element of the overhaul. Plans include offering discounts through reimbursement programs, developing a "workation" model - combining remote work with vacation - and creating a domestic version of the Michelin Guide. Revamping tourism-related legislation, first enacted in the 1970s, will also comprise a major part of the initiative. The current Tourism Promotion Act will be split into two separate laws: one focused on industry regulation, and the other on tourism development. Collecting and integrating tourism-related data currently scattered across various government agencies will also be part of the initiative. For example, the Korea Tourism Organization plans to consolidate 13 separate channels into a single platform to help users more easily find Korea-related travel information.

This article is by Kim Ji-ye and read by an artificial voice. BUSAN - Nowadays, animation has become a technological battlefield, with studios racing to perfect every detail, striving to push visuals closer to real life or come up with extravagant computer-generated images that no live-action film is able to emulate. Amid this trend, one Korean American director is heading in the opposite direction, devoting herself to stop-motion - one of the oldest forms of animation. Stop-motion animation is a filmmaking technique where objects are physically moved and shots are taken frame by frame. The shots are then stitched together to create the illusion of motion. The technique has been utilized by famed directors like Tim Burton, as shown in "The Nightmare Before Christmas" (1993). "Stop-motion to me is the fairest medium in the world," director Yoo Lee said to the Korea JoongAng Daily last week during the 30th Busan International Film Festival (BIFF). Lee was invited to BIFF's Korean Short Film Competition for her latest animated film "A Man Who Takes Pictures of Flowers." The winner of the section will be announced on Thursday night. Her 14-minute short documentary film tells the story of late photographer Kim Jung-myung, who dedicated 40 years of his life to capturing images of wildflowers. The film seamlessly weaves in stop-motion, with puppets portraying Kim, dialogue voiced by Kim, as well as still photos and video footage that Kim actually shot. No room for cheating Lee explained that she used 24 frames per second and that it took three weeks to complete a single 38-second scene of Kim sitting on a bed of yellow flowers. "I just love this medium. I'm a very black and white person and I like fairness," she added. "It's exactly how much time you put in, how much you've put effort in, you get out. You can't cheat this, so that's why I love what I do." In an era dominated by advanced technology and the rise of AI, the painstaking tasks of making puppets, backdrops, props, costumes and adjusting a puppet's pose frame by frame often push people toward AI and high-tech alternatives. But Lee said she feels "turned off" by AI, instead finding beauty in the imperfections of stop-motion. "I love stop-motion because I like humanity, and humanity is imperfection and flaws," said the director. "We make mistakes. We have scars, and that's what makes us who we are. And we fail and we learn." "Because stop-motion is done by hand, it's imperfect. There are flaws everywhere. But what I'm doing is I'm adding humanity. I'm adding my soul. I'm adding Kim's story." From fashion to filmmaking Now in her 50s, Lee has a relatively short filmography and an unusual background. Before turning to stop-motion, she spent nearly 20 years as a fashion designer, running her own brand. "I couldn't understand what I was contributing to the world other than pollution and vanity. I was like, 'I don't like this,'" she recalled. While experiencing a midlife crisis is not uncommon, Lee was struck by hers with particular intensity - a turning point that ultimately changed her career path. "I was a fashion designer for almost 20 years, and I had a baby and everything changed for me," she said. "I was going through a midlife crisis and took up photography, and I loved it so much that I wanted to continue. Then, I started making a stop-motion music video for my daughter, with lullabies, the alphabet and phonics, and I absolutely had the most amazing time." Lee paused her fashion career for six months to focus on stop-motion, crafting puppets and even sewing their clothes - putting to use her fashion background. Then what began as a hobby soon grew into something more serious, which led her to pursue academic studies in animation. At 47, she enrolled in a master's degree program in Animation and Digital Design at the University of Southern California, making five films during her studies. She graduated at 50, and "A Man Who Takes Pictures of Flowers" became her first...

This article is by Yoon So-yeon and read by an artificial voice. Game developer Pearl Abyss' long-awaited open-world action-adventure game, Crimson Desert, will be released on March 19 after seven years of development. The official announcement was made through Sony's State of Play 2025 online showcase on Thursday and began preorders for PlayStation 5, Xbox Series X|S, Steam and Apple Mac. Digital packages are sold at $69.99 for the standard package and $79.99 for the deluxe edition. Physical packages, which can only be purchased at offline stores, are sold for $69.99 for the standard edition, $89.99 for the deluxe edition and $279.99 for the collector's edition. Different editions offer varying benefits for the buyer, and the collector's edition will include three types of weapons that can only be obtained through the package, according to Pearl Abyss. Details can be found on the Crimson Desert website. Crimson Desert takes place on the continent of Pywel as the protagonist and main character, Kliff, ventures through the challenges "to save Pywel from an impending catastrophe." Crimson Desert was first announced by Pearl Abyss in 2019 and has since been one of the most anticipated games by the company, only to disappoint gamers with repeated postponements of the release date. With a final date, Pearl Abyss' company stock jumped by 6.55 percent as of noon on Thursday, trading at around 36,600 won ($26).