Mass rallies expected in Seoul as impeachment verdict looms Lawmakers from the opposition Democratic Party of Korea march from the National Assembly, calling out for the impeachment of President Yoon Suk Yeol, Mar. 21, 2025. Yonhap SEOUL, March 22 (AJP) - About 300,000 demonstrators are expected to flood central Seoul on Saturday as South Korea braces for a potential impeachment verdict against President Yoon Suk Yeol in the coming days. Pro-impeachment groups, including the Bisang Action for Yoon Out & Social Reform, have registered rallies with an anticipated attendance of 100,000 people, though organizers claim they will mobilize up to one million supporters. The opposition Democratic Party plans to march from the National Assembly to the National Palace Museum of Korea at noon, while the Korean Confederation of Trade Unions will stage simultaneous nationwide rallies beginning at 3:50 p.m. Those against the impeachment are mounting counter-demonstrations, with the Liberty Unification Party and conservative Christian organization Save Korea planning their own gatherings of 200,000 and 20,000 participants respectively. In addition, the Presidential Public Defender Team organized by Yoon supporters is to hold a vigil near the Constitutional Court. Tensions have escalated following an egg-throwing incident against a politician on Thursday, prompting police to deploy additional officers and implement flexible traffic measures to manage the crowds. The heightened activity comes amid speculation that the Constitutional Court of Korea may announce its verdict on President Yoon's impeachment this week, possibly on March 28, following previous sentencing of other presidential impeachments. 2025-03-22 10:17:39

Lotte World Tower to go dark Saturday night for Earth Hour campaign Lotte World Tower/ AJP Han Jun-gu SEOUL, March 21 (AJP) - Lotte World Tower, South Korea’s tallest building, will go dark for 60 minutes on Saturday night as part of Earth Hour, a global environmental campaign organized by the World Wildlife Fund. Lotte Property & Development, which manages the 123-story skyscraper, said the tower will switch off its exterior lighting at 8:30 p.m. local time. Approximately 50 affiliated companies and tenants will also participate in the initiative, which aims to raise awareness of climate change and promote sustainable practices. In addition to the blackout, the building’s massive media facade will feature themed content before and after the lights go out. Thirty minutes before and after the hour, the facade will display Earth Hour visuals, including a green-hued exterior symbolizing the planet. “This marks the seventh consecutive year Lotte World Tower has participated in Earth Hour,” said Kim Hyuk-shin from Lotte Property & Development. Earth Hour began in Sydney in 2007 and has since grown into a global movement. Iconic landmarks in nearly 190 countries now take part each year on the last Saturday of March. Lotte World Tower has been part of the campaign since 2019. 2025-03-21 15:21:27

Alaska governor will meet Korean energy firms for LNG project An LNG carrier assisted by tugboats/ Reuters-Yonhap SEOUL, March 21 (AJP) - Governor Mike Dunleavy of Alaska will arrive in South Korea next week, seeking to forge partnerships for the state’s monumental liquefied natural gas (LNG) project, a $44 billion undertaking that would reshape energy flows across the Pacific. During a two-day visit, March 24-25, Governor Dunleavy is scheduled to meet with South Korea’s Minister of Trade, Industry and Energy, Ahn Duk-geun, and hold discussions with key executives from South Korean energy firms including POSCO International, SK Innovation E&S, GS Energy, and SeAh Steel. The focus of these meetings is reportedly on securing investment in the Alaska LNG project, a venture that envisions a 1,300-kilometer pipeline delivering 3.5 billion cubic feet of natural gas daily from Alaska’s North Slope. South Korea, a major energy importer, is weighing participation in the project at a governmental level, driven by a desire to diversify its natural gas sources and potentially mitigate its trade surplus with the United States. This strategic interest reflects a broader geopolitical context, where energy security has become a paramount concern. While South Korean companies have approached the project with a degree of caution, citing the scale of investment and the formidable logistical challenges posed by Alaska’s climate, they have initiated preliminary reviews, exploring potential opportunities across the LNG value chain. POSCO International, with its experience developing a substantial gas field in Myanmar, and SK Innovation E&S, which holds a significant stake in Oklahoma's Woodford gas field and has a decade of LNG operations in the United States, bring relevant expertise. However, the Alaska LNG project faces significant hurdles. The sheer magnitude of the investment, coupled with the complexities of operating in Alaska’s harsh environment, presents a formidable challenge. “The depth of information shared about the project’s plan during next week’s meetings, along with detailed feasibility assessments and the scope of our government’s involvement, will be crucial factors in determining investment decisions,” said an energy industry official, speaking on condition of anonymity. 2025-03-21 14:03:10

Korean firms target US biosimilar market as drug patents expire Getty Images Bank SEOUL, March 21 (AJP) - As blockbuster drug patents begin to expire across the United States, South Korean biotechnology companies are making a calculated push into the lucrative U.S. biosimilar market — an arena projected to reach $26 billion this year. The expiration of patents for more than a dozen high-revenue biologics — many of which generate over $1 billion annually — has turned the American pharmaceutical landscape into a fierce battleground for biosimilars. These near-identical versions of complex biologic drugs promise comparable efficacy at significantly lower costs, creating a ripe opportunity for manufacturers poised to compete on both price and production speed. Among the most sought-after targets is Stelara, Johnson & Johnson’s autoimmune therapy, which generated $6.72 billion in U.S. sales in 2024. Since its patent expired, the drug has drawn at least seven biosimilar challengers, with more expected later this year. Samsung Bioepis led the Korean advance, launching its Stelara biosimilar, Pyzchiba, in February. Rivals Celltrion and Dong-A ST have received regulatory approval from the U.S. Food and Drug Administration and plan to roll out their own versions by year’s end. The surge reflects broader strategic alignment between South Korean biotech ambitions and U.S. health policy trends. According to the KoreaBio Research Center, the biosimilar boom dovetails with initiatives dating back to the Trump administration aimed at lowering prescription drug costs through increased competition. Since 2015, South Korean firms have secured 20 FDA biosimilar approvals — second only to the United States, which has earned 26. In addition to quantity, Korean companies have demonstrated notable efficiency in clinical trials, completing Phase 3 studies up to a year faster than many global peers, according to data from ClinicalTrials.gov. Samsung Bioepis and Celltrion are also preparing to introduce biosimilars for Amgen’s osteoporosis drugs Prolia and Xgeva, which brought in a combined $4.39 billion in U.S. sales last year. Yet the road ahead may be fraught with legal and regulatory hurdles. Industry analysts caution that aggressive market entry could trigger a wave of intellectual property litigation. Samsung Bioepis is already embroiled in a patent dispute with Regeneron Pharmaceuticals over its biosimilar version of the eye treatment Eylea. 2025-03-21 13:36:59

Hanwha Aerospace to raise $2.45 billion, targeting US, European defense markets Hanwha Aerospace's K9 Thunder self-propelled howitzer on display at the IDEX 2025 held in UAE, Feb. 17, 2025. Courtesy of Hanwha Aerospace SEOUL, March 21 (AJP) - Hanwha Aerospace has announced plans for a 3.6 trillion won ($2.45 billion) capital increase, marking the largest such offering in the history of the country’s stock market. The company said it intends to use the funds to establish manufacturing facilities abroad and pursue strategic investments in overseas partnerships, with a particular emphasis on European and U.S. markets. The capital raise underscores Hanwha Aerospace’s ambitions to solidify its position in the global defense industry. The company has set aggressive targets of 70 trillion won in sales and 10 trillion won in operating profit by 2030. Approximately 1.6 trillion won will be allocated to building production bases for land systems and acquiring stakes in foreign defense firms. Poland and Romania, where Hanwha has secured significant export contracts for its K9 Thunder self-propelled howitzers, are expected to be key targets for these investments. The move comes as global security dynamics shift under the Trump administration. European nations are ramping up rearmament programs, while the United States expands its naval capabilities. “Through strategic large-scale investments, we aim to make a quantum leap in corporate value by elevating our position as a global top-tier player in defense, naval systems, and aerospace,” Son Jae-il, Hanwha Aerospace’s chief executive, said in a statement. The company will invest 800 billion won to expand its presence in maritime defense and shipbuilding, particularly in the United States, reinforcing its “multi-yards” strategy, which links shipyards in South Korea, Singapore, and the U.S. Hanwha recently acquired a stake in Australian shipbuilder Austal, extending its international shipbuilding network as it seeks to benefit from Washington’s naval expansion plans. Beyond overseas expansion, the firm plans to invest 900 billion won to upgrade its domestic facilities, reinforcing their role as global research and development hubs and primary manufacturing sites for international operations. 2025-03-21 09:46:07

Scrutiny intensifies on MBK Partners chief amid Homeplus crisis Financial Supervisory Service Governor Lee Bok-hyun speaks at a media conference, March 19, 2025. Yonhap SEOUL, March 20 (AJP) - South Korea's Financial Supervisory Service (FSS) has launched an investigation into private equity firm MBK Partners over its role in the court-supervised restructuring of the retail chain Homeplus. FSS Governor Lee Bok-hyun said Wednesday the regulator's task force had begun an inspection of MBK, the majority shareholder of Homeplus. The inquiry follows heightened concerns about MBK's transparency, particularly after Chairman Kim Byung-ju failed to appear at a National Assembly hearing on Tuesday. "We have initiated an investigation into MBK to verify allegations surrounding the financial distress of Homeplus," Lee said, adding that Kim's absence from the parliamentary inquiry was "regrettable." Under South Korean capital market laws, the FSS has the authority to examine private investment entities when deemed necessary for financial market stability or to uphold fair trading practices. Investigators are particularly focused on whether MBK issued commercial paper and short-term bonds while having prior knowledge of the company’s credit downgrade and an impending court receivership — actions that could constitute criminal offenses if proven. The FSS had previously opened investigations into Shinyoung Securities, which underwrote Homeplus' short-term bond issuance, as well as Korea Investors Service and Korea Ratings, following Homeplus’ application for court receivership on March 13. 2025-03-20 16:13:19

China's Temu expands in South Korea with major logistics hub Logo of Temu shown on a laptop/ Getty Images SEOUL, March 20 (AJP) - Chinese e-commerce giant Temu has secured its first major logistics facility in South Korea, signaling a significant escalation in its expansion strategy just two years after entering the market. According to industry sources, the company has signed a long-term lease for a sprawling distribution center in Gimpo near Seoul. The 165,000-square-meter facility — roughly the size of 23 soccer fields — features ten floors above ground and one below, equipped with both ambient and cold storage capabilities. Strategically located near Incheon International Airport, Gimpo International Airport, and Incheon Port, the facility will provide Temu with streamlined access to South Korea’s capital region. Operations will be managed by Lotte Global Logistics. This marks the first time a Chinese e-commerce company has established such a large-scale logistics presence in South Korea. The move follows Temu’s February announcement that it was actively recruiting local sellers for its open-market platform. Industry analysts suggest that the facility will serve as a pivotal outpost for Temu’s efforts to penetrate the Korean market. By reducing delivery times for low-cost Chinese products, the logistics hub could enable nationwide one- to two-day shipping and same-day delivery within the Seoul metropolitan area. "By integrating budget-friendly Chinese goods with expedited delivery, Temu has the potential to disrupt the competitive landscape," said an industry insider. Temu’s aggressive push into South Korea comes as it faces mounting challenges in the United States, where President Donald Trump’s anti-China policies have presented significant hurdles. Initially launched in the U.S. in September 2022 as a subsidiary of NASDAQ-listed Pinduoduo Holdings, Temu has struggled under the policies of the second Trump administration, despite the U.S. being its primary market. 2025-03-20 14:02:23

National debt of South Korea surpasses 6,000 trillion won for first time Bundles of banknotes/ Yonhap SEOUL, March 20 (AJP) - South Korea’s national debt surpassed 6,222 trillion won ($4.27 trillion) for the first time in the third quarter of 2024, reaching approximately 2.5 times the country’s gross domestic product, according to data released on Thursday by the Bank for International Settlements. The country’s non-financial sector credit — which includes household, corporate and government debt — rose 4.1 percent from a year earlier to 6,222 trillion won as of the third quarter of 2024. Corporate debt accounted for the largest share at 2,798 trillion won, followed by household debt at 2,283 trillion won. Government debt stood at 1,141 trillion won, according to the data. Government debt has surged by approximately 120 trillion won, or 11.8 percent, in a year, outpacing the growth rates of corporate and household debt, which increased by 2.9 percent and 2.1 percent, respectively. 2025-03-20 13:35:41

Korean pharma leader Celltrion's biosimilar push gains momentum Celltrion's plant/ Courtesy of Celltrion Editor's Note: This article is the 11th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, March 19 (AJP) - South Korean biopharmaceutical firm Celltrion is making significant strides in the U.S. biosimilar market, a rapidly evolving and highly competitive sector, even as potential tariffs cast uncertainty over the industry’s future. The company has started the year on strong footing, securing four approvals from the U.S. Food and Drug Administration as of March 19, with two additional applications pending. Among its latest approvals are Omlyclo, a treatment for food allergies and asthma; Osenvelt and Stoboclo, both for osteoporosis; and Avtozma, designed for arthritis patients. Biosimilars are biologic drugs developed to be highly similar to already approved reference products whose patents have expired. They offer a cost-effective alternative without compromising efficacy or safety. On March 13, Celltrion launched Steqeyma, its biosimilar treatment for autoimmune diseases, including plaque psoriasis and Crohn’s disease, in the U.S. market. “Celltrion is the leader in biosimilar transactions in South Korea and is poised to maintain a strategic advantage over domestic competitors,” said Nelluri Geetha, a pharmaceutical analyst at GlobalData. Celltrion's biosimilar product Remsima/ Courtesy of Celltrion Founded in 2002 by Chairman Seo Jung-jin, Celltrion has focused on developing biosimilars for blockbuster drugs nearing the end of their patent protection, supported by an expanding global distribution network. The company’s first biosimilar, Remsima, a treatment for rheumatoid arthritis, was approved by South Korea’s Ministry of Food and Drug Safety in 2012. However, its global rollout took longer, receiving FDA approval in April 2016 and European Medicines Agency approval in February 2017. Since then, Remsima has emerged as Celltrion’s flagship product. In 2020, Celltrion announced plans to merge with subsidiaries Celltrion Pharm and Celltrion Healthcare. The merger was met with investor pushback amid allegations of accounting irregularities. Ultimately, Celltrion merged with Celltrion Healthcare in December 2023, while plans to integrate Celltrion Pharm were abandoned in August 2024. In September 2024, the company established Celltrion Biosolutions, a contract development and manufacturing organization, aiming to offer tailored biopharmaceutical services. Celltrion reported annual revenue of 3.56 trillion won ($2.46 billion) in 2024, marking a 63.5 percent increase year-over-year, though operating profit declined by 24.5 percent to 492 billion won. The company’s biosimilar segment grew by 57.7 percent to 3.11 trillion won, bolstered by both established and newly launched products. Notably, sales of the Remsima product line surpassed 1.2 trillion won, accounting for 35.6 percent of total revenue. Remsima also achieved a historic milestone, becoming the first biosimilar to exceed the market share of its reference product, Janssen’s Remicade. Despite its success, Celltrion faces looming challenges as the Trump administration weighs new trade policies. In February 2025, President Donald Trump announced plans to impose a 25 percent tariff on pharmaceutical imports, a move that could disrupt Korea’s duty-free drug exports to the U.S. under the Korea-U.S. Free Trade Agreement. South Korea exported $1.5 billion worth of pharmaceutical products to the U.S. last year, representing 16 percent of its total pharmaceutical exports. Any immediate shift in production to mitigate tariffs is unlikely. The Pharmaceutical Research and Manufacturers of America estimates that constructing a new biopharmaceutical manufacturing facility can cost up to $2 billion and take five to 10 years to become operational. Celltrion Group Chairman Seo Jung-jin, right, speaks at the 2025 JP Morgan Healthcare Conference held in San Francisco, Jan. 16, 2025. At left is his son and CEO of Celltrion Seo Jin-seok. Courtesy of Celltrion In response, Celltrion has implemented a series of preemptive measures to cushion the impact of potential tariffs. The company announced on Feb. 19 that it had already transferred approximately nine months’ worth of inventory for products destined for the U.S. market. Additionally, it plans to leverage local contract manufacturing organizations to sustain its supply chain. For longer-term stability, Celltrion is also exploring the export of drug substances, which are subject to significantly lower tariffs, as a strategic workaround. Speaking at the 2025 J.P. Morgan Healthcare Conference on Jan. 14, Chairman Seo reaffirmed the company’s commitment to making biopharmaceuticals accessible at reasonable prices. “We will continue to develop both biosimilars and innovative new drugs. With our expanding portfolio, we aim to enhance corporate value and establish ourselves as a global leader in pharmaceutical innovation,” he said. 2025-03-20 10:12:11

Credit card delinquency rate hits decade-high in South Korea Getty Images Bank SEOUL, March 19 (AJP) - The delinquency rate for credit card companies in South Korea climbed to its highest level in a decade last year, as tightening bank loan regulations and worsening economic conditions placed additional strain on borrowers. The Financial Supervisory Service (FSS) reported that the delinquency rate for the country’s eight major credit card firms reached 1.65 percent at the end of 2024, marking a 0.2 percentage point increase from the previous year. This figure represents the highest level since 2014, when the rate stood at 1.69 percent. Despite the rise in delinquencies, the sector remained profitable. Net earnings for credit card companies totaled 2.59 trillion won, or approximately $1.78 billion, reflecting a modest 0.3 percent increase from 2023. The growth was driven by higher lending revenues and commission fees. Regulators attributed the increase in delinquencies primarily to economically vulnerable borrowers, including small business owners and individuals with lower credit scores, many of whom turned to high-interest credit card loans after facing barriers to traditional bank lending. "While asset quality indicators such as delinquency rates and non-performing loan ratios continue to rise, the pace has slowed," the FSS noted in its provisional report. Financial institutions outside the credit card sector also faced challenges. Non-credit card financial firms saw their net profits decline by 7.9 percent to 2.49 trillion won, as higher interest expenses and securities-related costs outweighed gains in leasing, rental, and installment financing. The delinquency rate for these firms rose to 2.10 percent, up 0.22 percentage points from the previous year, while the non-performing loan ratio increased by 0.66 percentage points to 2.86 percent. Despite the growing financial risks, regulators reassured that credit card companies maintain sufficient capital buffers, with all firms holding loss provisions exceeding 100 percent. However, the FSS cautioned that the uncertain economic climate demands vigilance. 2025-03-19 13:45:52