AI firm among two bidders seeking to acquire Homeplus

SEOUL, October 31 (AJP) - An artificial intelligence company has joined the bid to acquire Homeplus, the troubled South Korean retail chain now under court-led rehabilitation. Homeplus said Friday that multiple bidders had submitted letters of intent by the deadline. While Homeplus did not reveal details of the participants, one bidder is reportedly Harex InfoTech, an AI solutions firm. The AI firm reportedly plans to raise about $2 billion in the United States to financ

October 31, 2025

KOSPI and Nikkei duo end historic week on upbeat note, other Asian markets low-key

SEOUL, October 31 (AJP) - South Korean and Japanese equities extended their record-setting momentum on Friday, moving in lockstep toward new highs while most other Asian markets ended lower amid mixed regional sentiment. Japan’s Nikkei 225 led the advance, soaring 2.25 percent to 52,478, the first time the benchmark has ever topped the 52,000 threshold. The rally accelerated after Bank of Japan Governor Ueda Kazuo signaled a pause in rate hikes, reinforcing expectations f

October 31, 2025

LG Chem posts 43% jump in Q3 operating profit on cost cuts, battery unit recovery

SEOUL, October 31 (AJP) - South Korea's LG Chem reported a 42.6 percent quarter-on-quarter increase in operating profit for the third quarter on Friday, driven by its battery unit's improved performance and company-wide cost reduction efforts despite sluggish global demand. The chemical giant posted an operating profit of 679.7 billion won (around $476 million) for the July to September period, up 38.9 percent from a year earlier, while revenue fell 1.9 percent to 11.2 trill

October 31, 2025

S. Korea evolving beyond outsourcing clinical testbed as global R&D investment nears $1 bn

SEOUL, October 31 (AJP) - South Korea’s biopharmaceutical sector has expanded rapidly over the past decade, yet new breakthrough drugs have been scarce and the country has produced no Nobel Prize winners in science — a stark contrast to neighboring Japan’s 22 laureates in natural sciences this century. But there may be hope as global pharmaceutical giants ramp up investment and clinical activity in Korea. The Korean Research-based Pharma Industry Association (KR

October 31, 2025

Korea launches first private Korea-India association for southern pivot traction

SEOUL, October 31 (AJP) - Former and incumbent diplomats, along with large and small businesses, joined hands Friday to launch South Korea’s first non-governmental Korea–India friendship association, adding private-sector momentum to Seoul’s expanding southern pivot beyond China and Southeast Asia. “India is now the world’s most populous country with a median age in the 20s among its 1.5 billion people. It is set to overtake China not only in populat

October 31, 2025

TOPIK website restored after data center fire, tests to resume normally

SEOUL, October 31 (AJP) - The official website for the Test of Proficiency in Korean, or TOPIK, has resumed normal operations, about two months after a fire at a government data center forced cancellations of some tests, the Ministry of Education and the National Institute for International Education said Friday. The restoration means that upcoming tests, including those scheduled for November, will be held as planned, officials said, adding most systems related to test administra

October 31, 2025

Kia's profit plunges as US tariffs, strong dollar weigh on margins

SEOUL, October 31 (AJP) - South Korean automaker Kia reported a steep drop in quarterly profit despite record revenue and global sales, Friday, as higher tariffs and currency fluctuations eroded margins in key markets. The company said its operating profit for the third quarter fell 49.2 percent from a year earlier to 1.46 trillion won ($1.06 billion), even as revenue climbed 8.2 percent to 28.69 trillion won. Net profit declined 37.3 percent to 1.42 trillion won. “Desp

October 31, 2025

Woori Card launches QR-based payment service in Indonesia

SEOUL, October 31 (AJP) - Woori Card has become the first South Korean credit card company to introduce a QR-based payment and cash withdrawal service in Indonesia. The company unveiled the service on Friday at the 2025 Indonesia Digital Finance Festival in Jakarta, in partnership with the Korea Financial Telecommunications & Clearings Institute. The system allows users to make payments and withdraw cash using a single QR code generated through Woori Card’s mobile app.

October 31, 2025

Japan's Nikkei tops 52,000 for first time as Asian markets trade mixed

SEOUL, October 31 (AJP) - Asian stock markets were mixed on Friday, with Japan’s Nikkei 225 surging past the 52,000 mark for the first time in its 75-year history, while Chinese and Hong Kong shares slipped and South Korea’s benchmark index traded little changed. As of late morning, Japan’s Nikkei 225 was up 1.5 percent at 52,089.30, building on a week of record-breaking gains. The index crossed 50,000 on Monday and 51,000 on Wednesday before reaching another mil

October 31, 2025

South Korea to complete military satellite network with final launch on Sunday

SEOUL, October 31 (AJP) - South Korea is set to complete its first military reconnaissance satellite network this weekend with the launch of a rocket carrying its fifth and final satellite under its “425 Project." The Ministry of National Defense said Friday that the rocket will lift off from Cape Canaveral Space Force Station in Florida at 2 p.m. (KST) on Nov. 2. Once operational, the five-satellite constellation will allow South Korea to monitor North Korean mili

October 31, 2025