Shinsegae Duty Free follows Shilla in retreat from Incheon airport as losses mount

SEOUL, October 30 (AJP) - Another of South Korea’s leading duty-free operators is retreating from Incheon International Airport, as mounting rental costs and sluggish traveler spending continue to erode profits in what was once one of the world’s most lucrative retail hubs. Following Shilla Duty Free’s withdrawal last month, Shinsegae Duty Free said Thursday it will return part of its concession rights at the Incheon airport, citing heavy financial losses and a

October 30, 2025

Hyundai Motor's Q3 profit dips 29% on U.S. tariff shock; shares hold firm on trade deal

SEOUL, October 30 (AJP) - Hyundai Motor reported a sharp retreat in third-quarter operating profit Thursday as the spike in U.S. auto tariffs wiped more than $1 billion from the automaker’s bottom line, but reiterated that its EV and expansion strategy in the U.S. remains intact regardless of setbacks. South Korea’s largest automaker — and the world’s No. 3 as of March — said operating profit fell 29.6 percent on quarter and 29.2 percent on year to 2.

October 30, 2025

South Korea begins beef exports to UAE

Korean beef products at a market in Seoul on Oct. 27, 2025/ Yonhap SEOUL, October 30 (AJP) - South Korea has shipped its first beef exports to the United Arab Emirates. The Ministry of Agriculture, Food and Rural Affairs said Thursday that about 1.5 tons of chilled and frozen Korean beef were shipped to the UAE, marking South Korea’s formal debut in the country’s $1.9 billion halal beef market. A ceremony celebrating the inaugural shipment was held at the National Agri

October 30, 2025

South Korea's LS Electric to co-develop power systems for UK data centers

SEOUL, October 30 (AJP) - South Korea’s LS Electric is accelerating its push into the global data center market, forming new international partnerships to strengthen its foothold in advanced power infrastructure. The company said on Thursday that it had signed a memorandum of understanding with Elecsis, a British manufacturer of low-voltage switchboards, to co-develop power systems tailored for data centers in the United Kingdom. Founded in 2001 and based in Bristol, El

October 30, 2025

Hyundai Motor breaks ground on hydrogen fuel cell plant in Ulsan

SEOUL, October 30 (AJP) - Hyundai Motor has begun construction of a large-scale hydrogen fuel cell plant in Ulsan, signaling its ambition to lead the global shift toward clean energy. The groundbreaking ceremony took place at Hyundai’s Ulsan complex, where the new facility will rise on the site of a former internal combustion engine transmission plant. The transformation, company officials said, reflects Hyundai’s commitment to making Ulsan a center for next-generati

October 30, 2025

South Korea's LG Chem partners with Germany's ZEISS on holographic windshield displays

SEOUL, October 30 (AJP) - LG Chem said Thursday that it has partnered with German optics maker ZEISS to supply advanced photopolymer film for use in next-generation holographic windshield displays in vehicles. The holographic windshield display, or HWD, projects navigation and entertainment content directly onto the windshield, effectively turning it into a transparent screen. Unlike traditional head-up displays, which show limited data in a small area, the holographic versio

October 30, 2025

KOSPI positive on U.S. concessions, other Asian markets await Trump–Xi meeting

SEOUL, October 30 (AJP) - South Korea’s benchmark KOSPI extended gains early Thursday after Seoul and Washington reached a long-awaited tariff agreement, removing a key bilateral sticking point ahead of a high-stakes U.S.–China summit later in the day, while other Asian markets were on hold as investors awaited direction on broader geopolitical tensions. The KOSPI climbed 0.3 percent to 4,090 as of 10:30 a.m., following confirmation that President Lee Jae Myung and U.S

October 30, 2025

Data breach drives SK Telecom to first quarterly loss in decades

SEOUL, October 30 (AJP) - South Korea’s largest mobile carrier, SK Telecom, reported a steep decline in profit and a swing to a net loss in the third quarter on Thursday, as the fallout from one of the country’s largest personal data breaches continued to batter its business and reputation. The net loss ended the company's streak of consecutive quarterly profits that had continued since 2000. The company said its consolidated operating profit plunged 90.9 percen

October 30, 2025

UPDATE: Samsung Elec Q3 memory OP stronger than expected at $5 bn, upbeat on Q4

(Updated with conference call comments) SEOUL, October 30 (AJP) - Samsung Electronics’ chip division staged a decisive turnaround in the July–September quarter, with profit from its core memory operation jumping to 7 trillion won ($4.9 billion) — nearly 18 times from the last quarter — on the back of record memory revenue fueled by high-value server demand. Memory sales climbed 26 percent on quarter and 20 percent on year to a fresh quarterly high of 26.7

October 30, 2025

S. Korean economists see signs of rebound, but growth momentum remains fragile

SEOUL, October 29 (AJP) - South Korea’s economy is showing clearer signs of recovery, led by rebounding semiconductor exports and stronger outbound shipments, suggesting that the country may have passed the bottom of the current downturn. According to preliminary data released by the Bank of Korea on Monday, real gross domestic product (GDP) grew 1.2% in the third quarter from the previous quarter, beating market expectations of 1.0%. It marked the fastest quarterly expansi

October 29, 2025