Journalist

Lee Hugh
  • Samsung Biologics acquires GSK biopharmaceutical plant in U.S. for $280 million
    Samsung Biologics acquires GSK biopharmaceutical plant in U.S. for $280 million SEOUL, December 22 (AJP) - Samsung Biologics said Monday it has signed an agreement with GSK plc to acquire a biopharmaceutical manufacturing facility in Rockville, Maryland, marking the South Korean contract drugmaker's first production foothold in the United States. The deal, valued at about $280 million, will see Samsung Biologics America, a U.S. subsidiary, take over the 60,000-liter drug substance plant formerly operated by Human Genome Sciences. The asset transfer is expected to close in the first quarter of 2026. The Rockville facility, nestled in the heart of Maryland's biotechnology cluster, comprises two manufacturing buildings capable of supporting antibody drug production from clinical trials through commercial scale. Samsung Biologics will retain all 500 employees at the site and inherit existing production contracts, securing a stable pipeline of large-scale contract manufacturing orders. The acquisition establishes a dual production network linking Samsung Biologics' headquarters in Songdo, South Korea, with the new U.S. base, enabling the company to offer clients greater flexibility and supply chain resilience amid shifting regional regulatory landscapes. The expanded footprint comes as Samsung Biologics recently bolstered its domestic capacity with an additional 1,000-liter bioreactor at its second plant, bringing total production capacity in Songdo to 785,000 liters across five facilities. "This landmark acquisition is a testament to our unwavering commitment to advancing global healthcare and bolstering our manufacturing capabilities in the U.S. The investment will enable us to deepen our collaboration with federal, state, and local stakeholders to best serve our customers and partners while ensuring a reliable and stable supply of life-saving therapeutics," said John Rim, CEO of Samsung Biologics. Regis Simard, president of global supply chain at GSK, said the transaction ensures continued U.S.-based production of critical medicines for American patients. "This deal enables us to further focus on building the agility, capacity and capability needed in our manufacturing network to deliver the next generation of specialty medicines and vaccines," he said. 2025-12-22 09:47:19
  • Estonia taps Hanwha Aerospaces Chunmoo rocket system in $320 mil. arms deal
    Estonia taps Hanwha Aerospace's Chunmoo rocket system in $320 mil. arms deal SEOUL, December 22 (AJP) - Hanwha Aerospace has signed a contract worth about 440 billion won ($320 million) to supply its Chunmoo multiple rocket launcher system to Estonia, the company said on Monday. Under the agreement, Hanwha Aerospace will deliver six Chunmoo launcher systems along with three types of guided missiles with ranges of 80 kilometers, 160 kilometers and 290 kilometers. The company said it plans to pursue localization in Estonia, including partial local production and the provision of maintenance, repair and overhaul services, as European defense procurement becomes increasingly bloc-oriented. The deal was underpinned by technology validated through exports and operational deployment of its K9 self-propelled howitzer, as well as South Korea’s defense diplomacy. It cited a memorandum of understanding signed in October between the defense ministries of South Korea and Estonia on the acquisition of the Chunmoo system as a key step toward the contract. Katri Rausepp, a senior official at Estonia’s defense investment agency, said the agreement would help strengthen the country’s military capabilities amid heightened regional security concerns. “In a rapidly changing security environment, securing strong and rapid response capabilities is Estonia’s top security priority,” she said in a press release, adding that the introduction of the Chunmoo system would significantly enhance Estonia’s defense posture. Son Jae-il, chief executive officer of Hanwha Aerospace, said the contract followed the earlier export of the K9 howitzer and reflected continued trust from the Estonian government and military. “Working closely with the South Korean government, we will continue efforts to expand into new defense export markets,” Son said. Hanwha Aerospace said it aims to use the Estonia deal as a foothold to market the Chunmoo system across the Baltics and northern Europe, including Norway, Latvia and Lithuania. 2025-12-22 09:45:25
  • Korean Inc. braces for tougher 2026 on FX risk and import-driven inflation: FKI
    Korean Inc. braces for tougher 2026 on FX risk and import-driven inflation: FKI SEOUL, December 22 (AJP) -More than half of South Korea's big companies predict a tough year ahead, citing challenging foreign-exchange conditions and sluggish domestic demand weighed down by inflationary pressure. According to a survey on corporate management conditions for 2026 by the Federation of Korean Industries (FKI), 52 percent of respondents forecast difficult management conditions next year, including 18 percent who expect the environment to be “very challenging.” Only 3.4 percent anticipate a very favorable year. The business lobby surveyed the country’s 1,000 largest companies by sales, with responses collected from 150 firms. A weak industry outlook was cited as the most significant headwind, followed by a prolonged economic slowdown and persistent global uncertainty. On the domestic front, delayed recovery in demand topped corporate concerns at 32.2 percent, followed by sticky inflation at 21.6 percent and uncertainty over interest-rate policy at 13.1 percent. Externally, firms pointed to heightened foreign-exchange volatility, including exchange-rate fluctuations, as the leading risk at 26.7 percent. Rising trade barriers accounted for 24.9 percent, while concerns over a global economic slowdown (19.8 percent) and uncertainty surrounding energy and raw-material imports (15.3 percent) also featured prominently — underscoring how inflationary pressures linked to a weak won are emerging as a key challenge for Korean companies. Reflecting a more defensive posture, companies signaled restraint in capital spending. Rather than pursuing new growth engines, 34 percent said they would prioritize upgrades to existing operations, while 23.6 percent planned investment aimed at future growth. Another 8.2 percent indicated a focus on cost-cutting and business rationalization. 2025-12-22 09:34:00
  • Celimax serum tops Amazon Australia beauty bestseller rankings
    Celimax serum tops Amazon Australia beauty bestseller rankings SEOUL, December 22 (AJP) - South Korean dermacosmetic brand Celimax's flagship product, the Retinal Shot Tightening Booster, ranked first overall on Amazon Australia’s beauty bestseller list, the company said on Monday. The product initially climbed to the top spot in the facial serums category during Amazon Australia’s International Brand Pavilion promotion before rising to No. 1 across the broader beauty category, which includes products from major global brands, according to the company. Celimax said the serum has continued to post strong results on global e-commerce platforms based on actual purchase data. The product previously ranked No. 1 for the search keyword “retinal” on Amazon in North America and also topped the overall beauty products category on global shopping platform YesStyle. Kim Min-seok, CEO of Celimax, said the performance on Amazon Australia underscores growing overseas acceptance of the company’s “steady-seller strategy,” which emphasizes core products over short-term trends. “We will continue to focus on developing products that deliver clear skin benefits and build long-term consumer trust,” Kim said. 2025-12-22 09:33:21
  • OPINION: Are museum admission fees worth it?
    OPINION: Are museum admission fees worth it? SEOUL, December 22 (AJP) - Debate is intensifying over whether the National Museum of Korea should start charging admission fees. Proponents of free entry argue that public museums exist to serve everyone, while opponents point to chronic budget shortfalls that leave few viable alternatives. But this debate often fixates on price, overlooking a more fundamental issue: what, exactly, would visitors be paying for, and is the experience worth charging for? That question becomes clearer when looking abroad. At many major tourist sites, from Egypt's pyramids to Europe's cathedrals and ancient ruins in South America, locals and foreign visitors often pay different prices. Locals may pay only a few bucks, while foreigners can be charged much more. At the ticket window, travelers inevitably do the math and ask themselves: Is it worth paying this to go in? Sometimes the answer is yes. Sites that offer compelling narratives, carefully curated collections, and immersive environments can make even high fees feel reasonable. Visitors understand that conservation, research, and meaningful public engagement require substantial investment. But the opposite is just as common: steep admission fees paired with neglected galleries, faded signage, and little information for visitors. Even when officials say fees fund repairs and restoration, it can be hard to see the results. "What exactly am I paying for?" Even so, most people still visit these places. They buy the ticket despite their doubts, partly because the opportunity may not come again. Having already spent heavily on airfare, lodging, and transportation, the admission often feels like a relatively small additional cost. Skipping signature sites can feel like both an emotional regret and an economic loss, a kind of obligation to see what represents the country. At that point, "value" is not only about how well a site is managed or presented. It is also about symbolism, national identity, and experiences that seldom come around again. Visitors weigh whether it is worth the price, but they also consider what they would miss and when that loss feels significant, they choose to pay. Before debating admission fees, South Korea needs to answer a more fundamental question: does the museum offer experiences compelling enough that visitors would genuinely regret walking away? Foreign tourism to South Korea has surged, driven in part by the global popularity of K-pop and hit dramas. Many visitors now arrive with cultural and historical curiosity, seeking more than sightseeing or shopping. The country has extensive cultural heritage, but whether it is curated and presented to meet global visitor expectations is a separate question. Admission fees are not merely about revenue. They are a public statement that something is "worth the time to see." Charging admission is hard to justify when spaces are poorly managed, artifacts lack context, and explanations are unhelpful. When a site or exhibition presents a strong story and a thoughtfully crafted experience, visitors are more willing to pay without hesitation. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-22 09:17:24
  • OPINION: A decade that changed US-China economic power
    OPINION: A decade that changed US-China economic power SEOUL, December 22 (AJP) - The year 2025 is likely to stand as a watershed in U.S.-China relations. After nearly a decade of confrontation, the Trump administration has effectively acknowledged the limits of its strategy to contain China — a campaign pursued in earnest since 2017. The contrast between two tariff battles tells the story. In the trade war launched in 2018, President Donald Trump pressured President Xi Jinping and extracted a Phase One trade deal in early 2020. But in the tariff confrontation of 2025, China proved far more resilient. This time, Beijing weathered U.S. pressure and secured a key concession: the easing of export controls on advanced semiconductors used in artificial intelligence. Washington’s broader Indo-Pacific strategy has also shown signs of strain. In an apparent bid to smooth the path toward a U.S.-China summit expected in April next year, Trump stopped short of strongly backing Japanese Prime Minister Sanae Takaichi, who had publicly discussed Japan’s potential military role in a Taiwan contingency. Secretary of State Marco Rubio — long regarded as one of Washington’s most outspoken China hawks — has likewise stressed the need for cooperation with Beijing while avoiding damage to relations with U.S. allies such as South Korea and Japan. How did China manage to withstand sustained U.S. pressure? The central answer lies in technological self-reliance built on a steadily upgraded manufacturing base. That effort was formalized a decade ago. In March 2015, then-Premier Li Keqiang introduced “Made in China 2025” in his work report to the National People’s Congress. The industrial strategy sought to shift growth from factor-driven expansion to innovation-led development; to move China’s competitive edge from low costs to quality and efficiency; to transition manufacturing from resource-intensive, high-pollution production toward greener processes; and to pivot from pure production to services. The plan set ambitious benchmarks: raising the domestic share of core components and basic materials to 40 percent by 2020 and 70 percent by 2025. It identified 10 priority sectors, ranging from next-generation information technology and advanced machine tools to aerospace, high-speed rail, electric vehicles, new materials and biomedicine. Progress was tracked through 12 indicators across four categories, including innovation capacity, productivity, digital integration and environmental performance. According to a report by Renmin University’s Central Institute for Financial Studies, more than 86 percent of the plan’s more than 260 quantitative indicators had been achieved and were likely to be completed by the end of 2025. Despite mounting U.S. pressure, China increased both manufacturing value-added and research and development spending, improved its position in global value chains, and partially offset export controls imposed by the United States and the European Union — a phenomenon often described as the “weaponization of interdependence.” Yet Beijing has been careful not to celebrate too loudly. After the trade war erupted in 2018 and Washington demanded the plan’s abandonment, Chinese leaders largely stopped referring to “Made in China 2025” in official documents, beginning with Li’s government work report in March 2019. Nor were all targets met. Studies by the Rhodium Group and the U.S.-China Economic and Security Review Commission conclude that China achieved world-leading competitiveness in sectors such as power equipment, electric vehicles, solar energy and high-speed rail. At the same time, the country remains heavily dependent on foreign technology in semiconductors, aircraft, advanced manufacturing equipment and biopharmaceuticals. To address those shortcomings, Beijing has rolled out successor frameworks, including policies promoting “new quality productive forces” — emphasizing efficiency and quality — and the “China Standards 2035 Vision,” which aims to position China as a leader in setting international technical standards. Rubio himself anticipated much of this trajectory. In 2019, as chairman of the Senate Small Business Committee, he warned that “Made in China 2025” was a state-led strategy to dominate global technology sectors and challenge U.S. economic and military primacy. Five years later, in a report titled A World Made in China, Rubio acknowledged China’s substantial gains across nine of the 10 priority sectors. “If President Xi were a fund manager,” he wrote, “he would have ample reason to be satisfied with this portfolio’s performance.” The achievements, however, have come at a price. Central and local governments mobilized vast fiscal resources — subsidies, special funds, tax incentives and state-backed financing — often amplified by state-owned enterprises. The result has been overcapacity, brutal price competition and a spreading phenomenon known as neijuan, or involution, in which investment fails to generate commensurate productivity gains. As deflation deepens and domestic demand remains weak, many firms have turned to exports, intensifying trade friction not only with the United States but also with the European Union. In that context, even a goods trade surplus exceeding US$1 trillion for the first time this year has proven difficult for Beijing to celebrate. “Made in China 2025” has also reshaped China’s economic relationship with South Korea. As China upgraded its manufacturing base, the two economies shifted from a vertical, complementary relationship to a more horizontal and competitive one. South Korea’s exports to China have declined while imports have remained resilient, reversing a trade surplus that lasted three decades after diplomatic ties were established in 1992. Since 2023, that balance has turned into a structural deficit — one that Seoul is unlikely to escape in the short term without a sharp rebound in exports. The lesson is clear. To compete with China’s rapidly advancing manufacturing sector, South Korea needs a more coherent and long-term industrial strategy. Beijing pursued its approach consistently for a decade despite intense U.S. pressure. By contrast, five-year plans that shift with each change of administration in Seoul are unlikely to suffice. Without a bipartisan, public-private strategy extending at least 10 years, South Korea risks seeing its manufacturing base reduced to little more than a subcontracting hub for China’s industrial machine. About the author Lee Wang-hwi is a professor in the Department of Diplomacy at Seoul National University and director of the Ajou Institute for Unification. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-22 08:53:39
  • Samsung closes in on HBM race after winning top marks from Nvidia
    Samsung closes in on HBM race after winning top marks from Nvidia SEOUL, December 21 (AJP) -South Korea's Samsung Electronics is rapidly closing the gap with local rival SK hynix in the high-bandwidth memory (HBM) race after securing top marks from AI chip frontrunner Nvidia, signaling a potential shift in the balance of power in next-generation memory supply. According Industry sources Sunday, Samsung Electronics recently received the strongest evaluation among memory makers in Nvidia’s HBM4 System-in-Package (SiP) testing, delivering superior operating speed and power efficiency. Nvidia’s requested HBM4 volumes from Samsung for next year are also said to have exceeded the company’s internal expectations, fueling optimism for a strong comeback for the chipmaker amid dire memory shortage from legacy to premium hyperscale chips. The developments narrow the lead held by SK hynix, the pioneer and market leader of HBM, as competition intensifies to supply Nvidia’s next-generation Rubin AI accelerator. Nvidia plans to launch Rubin in the second half of next year. Given that HBM shipments typically begin six to seven months before an AI accelerator launch, full-scale deliveries could start as early as the second quarter, placing the current negotiation window at a critical juncture. As the race accelerates, both Samsung and SK hynix have begun delivering paid final HBM4 samples to Nvidia, moving beyond free prototypes and into a commercially driven, pre-contract phase. Industry officials say paid samples typically indicate that performance has largely met customer specifications and that pricing and volume talks are under way. Market tracker TrendForce said the final outcome is likely to become clearer by mid-to-late quarter, once quality qualification is completed and supply contracts are formally finalized. Volumes and pricing are widely expected to be locked in during the first quarter of 2026. SK hynix confirmed during its third-quarter earnings call that its HBM4 mass-production system is already in place. Industry sources have dismissed rumors of major redesigns, saying the company is now making only minor performance tweaks. Shipments are expected to begin in the fourth quarter, with a full sales ramp next year. Local media reports say SK hynix is currently supplying around 20,000 to 30,000 final HBM4 samples to Nvidia for validation. Samsung, meanwhile, appears to be rebounding after losing ground in the HBM3E cycle. Industry sources say its HBM4 supply talks with Nvidia are nearing completion, positioning Samsung as the likely second-largest supplier after SK hynix. Paid HBM4 samples have already been delivered and are undergoing quality checks within Nvidia’s Rubin platform. Samsung’s Device Solutions division has also cleared Production Readiness Approval (PRA), the final internal gate before volume manufacturing. HBM4 is expected to deliver roughly 60 percent higher bandwidth than current HBM3E products, with Samsung’s early samples already exceeding Nvidia’s next-generation requirement of 11 gigabits per second per pin. The company is using improved 1c-class DRAM combined with a 4-nanometer logic base die, a configuration that helps close the performance gap with rivals while keeping power consumption and thermal output in check at higher speeds. Once Nvidia gives final approval, Samsung can move straight into mass production, with manufacturing lines already prepared. Samsung had already signaled progress during its third-quarter earnings call on Oct. 30, saying HBM4 samples were being shipped to major global customers alongside mass production of HBM3E. The company also confirmed that its foundry arm will prioritize stable 2-nanometer gate-all-around output and HBM4 base-die production in 2026, alongside the ramp-up of its new Taylor, Texas fab. KB Securities in recent report projected that Samsung and SK hynix will command more than 90 percent of global HBM4 demand, with Micron Technology’s share in Nvidia’s Rubin platform likely to remain below 10 percent. TechInsights estimates that Samsung and SK hynix will account for about 80 percent of the HBM market by 2027, when HBM4 becomes the mainstream product. Industry sources say Micron’s initial HBM4 supply to Rubin is expected to be limited, partly due to performance constraints linked to its logic-die manufacturing approach. 2025-12-21 21:28:46
  • S. Koreas consumer watchdog orders compensation for SK Telecom data breach victims
    S. Korea's consumer watchdog orders compensation for SK Telecom data breach victims SEOUL, December 21 (AJP) - The Korea Consumer Agency has ordered SK Telecom to compensate victims of a data breach earlier this year with 100,000 won ($67.5) per person, a move that could result in total payouts of up to 2.3 trillion won if applied to all affected users. The Consumer Dispute Settlement Commission under the Korea Consumer Agency said Sunday that it reached the decision at a dispute meeting held on Dec. 18. "Based on the findings of a joint public-private investigation released in July and the Personal Information Protection Commission (PIPC)'s actions in August, it has been confirmed that the SK Telecom hacking incident resulted in the leakage of personal data and consumer harm," the committee said, adding that it had also confirmed the company's responsibility to compensate affected consumers. Under the decision, each applicant is to receive a 50,000-won discount on phone bills and 50,000 T-Plus points, which can be used like cash at affiliated stores. The decision followed a request filed in May by 58 consumers, who said their personal information had been exposed in a data breach involving SK Telecom's Home Subscriber Server and sought compensation and measures to prevent a recurrence. If SK Telecom accepts it, the committee plans to require the company to extend compensation to victims who did not participate in the mediation process. The total number of affected users is estimated at about 23 million, which would bring the overall compensation amount to approximately 2.3 trillion won if all victims receive the same payment. SK Telecom must inform the panel within 15 days of receipt whether it accepts the ruling. The commission's chairman said the compensation plan was designed to ensure swift recovery for a large number of consumers while taking into account the company's efforts to restore trust through voluntary compensation. He added that recent data breaches underscore the need for stronger technical and institutional safeguards to prevent similar incidents. SK Telecom said it will "carefully review the details and make a prudent decision" regarding the mediation proposal. The company declined a separate PIPC proposal last month that called for 300,000 won per person, citing its voluntary compensation and information security spending totaling more than 1 trillion won. 2025-12-21 17:11:00
  • Shinsegae Chairman Chung steps up US outreach, meets Trump Jr., AI and media leaders
    Shinsegae Chairman Chung steps up US outreach, meets Trump Jr., AI and media leaders SEOUL, December 21 (AJP) - Chung Yong-jin, chairman of Shinsegae Group, has met with a series of high-profile political and business figures in the U.S. as part of efforts to strengthen the group's overseas network and explore new growth opportunities. According to Shinsegae Group on Sunday, Chung attended a Christmas dinner hosted by U.S. Vice President J.D. Vance and went on to meet key figures in Florida and Los Angeles from Dec. 16 to 18, including Donald Trump Jr., Misha Laskin, and David Ellison. Chung met Trump Jr. at the Mar-a-Lago resort in Florida, along with 1789 Capital co-founders Omeed Malik and Christopher Buskirk, and discussed the possibility of Shinsegae Group participating in the development of Palm Beach led by 1789 Capital. Shinsegae said it plans to begin a feasibility review of the project. He also met Misha Laskin, founder of Reflection AI, a company established by former core researchers at Google DeepMind. Reflection AI has recently drawn attention after securing about $2 billion in investment from backers including NVIDIA. Reflection AI is developing autonomous AI agents, and the two sides discussed potential applications of the technology across Shinsegae's core businesses, including retail operations and supply chain management. After his Florida meetings, Chung traveled to Los Angeles on Dec. 18 to meet David Ellison, founder of Skydance Media and son of Oracle Corp. co-founder Larry Ellison. Ellison became chief executive of the merged company after Skydance acquired Paramount Global last year and has recently been linked to a bid for Warner Bros. Chung and Ellison discussed ways to enhance synergies between Shinsegae Group and Skydance, reviewed the status of investment cooperation for the construction of Asia's largest international theme park in Hwaseong, Gyeonggi Province, and explored opportunities to develop products using Paramount's intellectual property. Shinsegae Group selected Paramount last year as a global brand partner for the theme park development. "Chung's recent U.S. trip reflects his focus on strengthening global networks and identifying future growth engines through a wide range of business partnerships," a Shingsegae Group official said. 2025-12-21 15:00:02
  • Coupang hit with shareholder class action in US over data breach response
    Coupang hit with shareholder class action in US over data breach response SEOUL, December 21 (AJP) - U.S.-listed Coupang Inc. is facing a shareholder class action lawsuit in California over its handling of disclosures related to a massive data breach. According to the U.S. District Court for the Northern District of California on Friday, Coupang shareholder Joseph Berry filed a class action suit against the company, its Executive Chairman Bom Kim, and Chief Financial Officer Gaurav Anand. In the complaint, plaintiffs' attorney Lawrence Rosen alleged that Coupang made "false or misleading public statements, or failed to make timely disclosures," after experiencing what he described as the largest data breach in South Korean history, causing investors to suffer losses. The lawsuit claims that inadequate cybersecurity protocols at Coupang allowed a former employee to access sensitive customer information for approximately six months without detection, significantly increasing the company's exposure to regulatory scrutiny and legal risks. The complaint further alleges that despite being aware of the data breach, Coupang failed to file required reports with the U.S. Securities and Exchange Commission, rendering the company's periodic filings materially false. The shareholder lawsuit is separate from consumer class actions seeking damages over the data breach itself, and centers on alleged violations of U.S. federal securities laws. Several domestic and international law firms are reportedly preparing additional class actions in U.S. courts, including claims for punitive damages, and are in the process of recruiting plaintiffs. Coupang's share price declined following reports of the data breach, falling about 18 percent from $28.16 on Nov. 28 to $23.20 on Dec. 19. Separately, the U.S. Senate showed that Coupang spent a total of $10.75 million on lobbying activities targeting the U.S. Congress, the Department of Commerce, the Trade Representative and the White House from August 2021 through the third quarter of this year. Meanwhile, Coupang also drew criticism after sending only two foreign executives who do not speak Korean to a parliamentary hearing on Dec. 17, prompting objections from both ruling and opposition lawmakers. The executives were criticized for offering perfunctory responses and failing to directly address lawmakers' questions. 2025-12-21 13:40:17