KOSPI sinks below 4,000 as U.S. tech selloff deepens; KRW nears 1,460 per USD

SEOUL, November 07 (AJP) - Asian stocks tumbled on Friday as a sharp overnight correction in U.S. technology shares reignited concerns about a potential “AI bubble,” sending investors toward safe-haven assets and pushing the Korean won to its weakest level in months. The won briefly touched 1,458.0 per U.S. dollar during intraday trading, pressured by simultaneous foreign selling, lingering uncertainties surrounding U.S. tariff negotiations, and a broad pullback from r

November 7, 2025

HOT STOCK: Innotech rockets to the ceiling on KOSDAQ debut on chip-related hype

SEOUL, November 07 (AJP) - Innotech, a South Korean maker of environmental test equipment, quadrupled on its KOSDAQ debut Friday, underscoring the frenzied appetite for anything tied to chipmaking. The shares opened at 50,300 won — 242 percent above the initial public offering (IPO) price of 14,700 won — and immediately hit the daily permissible ceiling of 58,800 won ($40). The stock stayed locked at the upper limit throughout the session despite a sweeping rout that dra

November 7, 2025

South Korea's top enterprise software company sold to Swedish PEF

SEOUL, November 07 (AJP) - Douzone Bizon, South Korea’s leading enterprise software provider, has been acquired by Swedish private equity firm EQT Partners for 1.3 trillion won, or about $940 million. The company said Friday that founder Kim Yong-woo, who held a 22.3 percent stake, and Shinhan Financial Group, with 34.8 percent, sold their shares to EQT’s special-purpose vehicle, Doronicum. The Swedish firm will control 37.6 percent of voting rights, becoming the new

November 7, 2025

After APEC glow, Korean businesses confront hard reality of 'regulatory bomb'

SEOUL, November 07 (AJP) - Just days after South Korea wrapped up the Asia-Pacific Economic Cooperation summit and concluded tariff negotiations with the United States, the nation’s business community is facing a surge of new domestic regulations — a shift that many executives describe as abrupt and burdensome. The government and the ruling party are moving quickly to advance legislation that would raise the retirement age to 65, accelerate national greenhouse

November 7, 2025

Samsung Heavy secures $199 million order to build two crude oil tankers

SEOUL, November 07 (AJP) - Samsung Heavy Industries said on Friday that it had secured an order worth about $199 million to build two crude oil tankers for a North American client, with delivery scheduled by January 2029. The deal brings the company’s total orders this year to $5.6 billion, or about 83 percent of its $5.8 billion target for merchant ships. “Following an $800 million preliminary order for offshore production facilities and a recent letter of intent

November 7, 2025

Asian markets fall, KRW breaches crisis-linked 1,450 per USD

SEOUL, November 07 (AJP) - Asian shares fell sharply in early Friday trading as investors reacted to overnight losses on Wall Street, sending South Korea’s benchmark indices below key thresholds and pushing the Korean won past a psychologically critical level historically associated with periods of upheavals. The won weakened rapidly in morning trade, with the dollar rising to 1,454.8 won as of 10:20 a.m. in Seoul. The breaches of the 1,450 level have typically coincided with

November 7, 2025

Korea's Kakao posts record Q3 earnings, eyes AI-driven boost in Q4

SEOUL, November 07 (AJP) - Kakao reported its strongest quarterly earnings ever in the third quarter, with operating profit surpassing 200 billion won ($138 million) for the first time since its founding and expects the rollout of ChatGPT-powered services to offer meaningful boost to the chat platform most Koreans use starting fourth quarter. According to its regulatory filing Friday, Kakao’s consolidated revenue reached 2.087 trillion won in the July–September period,

November 7, 2025

K-food exports surge in Middle East, North America

SEOUL, November 07 (AJP) - South Korea’s exports of food and agricultural products climbed 5.7 percent to $11.24 billion this year, buoyed by strong demand for ramen, beverages, and other Korean food products across global markets, the government said on Friday. According to the Ministry of Agriculture, Food and Rural Affairs, agricultural and food exports rose 5 percent to $8.56 billion, while exports in the broader agricultural industry — including anima

November 7, 2025

Hyundai Motor signs strategic partnership with UK AI startup

SEOUL, November 07 (AJP) - Hyundai Motor Group said on Friday that it has formed a strategic partnership with CuspAI, a British artificial intelligence startup, to accelerate the development of next-generation materials for mobility applications. The agreement was signed on Nov. 6 at CuspAI’s headquarters in Cambridge, England, where researchers are pioneering the use of generative AI, deep learning, and molecular simulation to design new materials with specific performanc

November 7, 2025

South Korea's Lotte Chemical opens petrochemical complex in Indonesia

SEOUL, November 07 (AJP) - South Korea's Lotte Chemical said on Friday that it has completed construction of a massive petrochemical complex in Cilegon, a port city in Indonesia’s Banten Province. A completion ceremony was held Thursday, attended by Lotte Group Chairman Shin Dong-bin, Lotte Chemical Chief Executive Lee Young-joon and Indonesian President Prabowo Subianto. The facility — called the Lotte Chemical Indonesia New Ethylene Complex, or LINE —

November 7, 2025