HJ Shipbuilding launches four patrol boats for South Korean Navy

SEOUL, December 08 (AJP) - HJ Shipbuilding held a launch ceremony on Monday for four domestically built high-speed patrol boats, strengthening South Korea’s coastal defense capabilities. The vessels were built under a 2022 contract with the Navy as part of the PKX-B Batch-II program. The ceremony took place at the company’s Yeongdo Shipyard in Busan and was attended by senior defense and industry officials, including Rear Adm. Ahn Sang-min, acting head of the ship pr

December 8, 2025

Korea's LGES lands $1.4 bn EV battery deal with Mercedes-Benz

SEOUL, December 08 (AJP) - South Korea's top battery maker LG Energy Solution (LGES) has signed a 2.06 trillion won ($1.4 billion) electric-vehicle battery supply contract with Mercedes-Benz AG, extending the company’s streak of securing multi-billion-dollar global deals this year as automakers race to lock in long-term cell capacity. According to LGES’ regulatory filing on Monday, the contract covers battery supply to Mercedes-Benz from March 2028 through June 2035,

December 8, 2025

Korean fried-chicken chain BBQ establishes European headquarters in Spain

SEOUL, December 08 (AJP) - Genesis BBQ Group said Monday it has established a European headquarters in Spain. The South Korean fried-chicken chain said it formed a partnership with BLT F&B Group, a Spain-based operator with businesses in finance and foodservice across Spanish-speaking markets. BLT manages major restaurant brands including Domino’s Pizza and Applebee’s in the Americas, giving BBQ access to existing operational and supply chain networks. The ann

December 8, 2025

South Korea's HD Hyundai to build shipyard in India's Tamil Nadu

SEOUL, December 08 (AJP) - HD Hyundai said Monday it plans to build a new shipyard in India’s southern state of Tamil Nadu, strengthening its presence in one of the world’s fastest-growing maritime markets as New Delhi seeks to become a major global shipbuilding power. The South Korean shipbuilder said it signed an exclusive memorandum of understanding with the Tamil Nadu state government in Madurai. India is promoting the “Maritime Amrit Kaal Vision 2047&rd

December 8, 2025

Korea's household wealth skewed to property, undermining capital markets: report

SEOUL, December 08 (AJP) - South Korean household wealth remains heavily concentrated in real estate, leaving the country structurally behind major advanced economies in financial investment and capital-market participation, according to a report released Monday by the Korea Economic Research Institute (KERI). The study, authored by Professor Song Heon-jae of the University of Seoul, found that non-financial assets — largely residential and commercial property — acco

December 8, 2025

SingCham Korea hosts year-end celebration marking 50 years of Singapore–South Korea ties

SEOUL, December 07 (AJP) - SingCham Korea brought together about 150 guests on December 5 for its year-end celebration, "The Golden Ticket," held at Floating Island's Vista Hall in Seoul. The event gathered members of the Singaporean community, South Korean partners, business leaders, and diplomats to mark the close of the year and the 50th anniversary of diplomatic relations between Singapore and South Korea. The evening opened with welcome remarks from SingCham Kor

December 7, 2025

Coupang issues follow-up notice on data breach, warns against secondary damage

SEOUL, December 07 (AJP) - Coupang said on Sunday that there have been no additional personal data breaches linked to the earlier incident, while urging customers to remain cautious to prevent potential secondary damage such as phishing or impersonation scams. In a follow-up notice sent to users, the e-commerce platform said the update was intended to reinforce precautionary guidance related to a data breach first announced on Nov. 29, stressing that the message does not indicate

December 7, 2025

Traditional Korean liquor sales surge at convenience stores as young consumers embrace local brands

SEOUL, December 07 (AJP) - Traditional Korean liquor from small regional breweries is gaining popularity at convenience stores, with sales jumping more than five-fold as trendy products attract younger consumers beyond the traditional middle-aged demographic. GS25, a major convenience store chain, said sales of traditional liquor from small breweries through its Wine25Plus online platform surged 5.4 times in the first 11 months of this year compared to the same period last year. O

December 7, 2025

Samsung widens lead in foldable market with latest Galaxy 7

SEOUL, December 05 (AJP) - Samsung Electronics widened its commanding lead in the foldable smartphone segment it pioneered, capturing 64 percent of the global market in the third quarter with its latest Galaxy Z Fold7 despite intensifying competition from Chinese brands, research showed. Global foldable shipments rose 14 percent on-year in the July–September period — the highest quarterly volume to date — with Samsung’s book-type flagship exerting “o

December 5, 2025

South Korea's LIG Nex1 seeks to localize chips for AESA, SAR radar systems

SEOUL, December 05 (AJP) - South Korean defense contractor LIG Nex1 has launched a project to develop key semiconductors for active electronically scanned array (AESA) and synthetic aperture radar (SAR) systems using fully domestic technology. The company said it signed agreements on Nov. 28 with the Defense Technology Promotion Research Institute to co-develop X-band common monolithic microwave integrated circuit (MMIC) and front-end module platforms for AESA radar, as well as

December 5, 2025