Journalist
Arthur I. Cyr
davekim0807@ajupress.com
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S.Korean industry minister vows support for firms after U.S. detention incident SEOUL, October 19 (AJP) - South Korea's industry minister pledged to protect the country's overseas investment interests and ensure citizen safety following a detention incident at an LG Energy Solution battery plant construction site in the United States. Kim Jung-kwan, Minister of Trade, Industry and Energy, visited LG Energy Solution's battery factory site in Georgia and Hyundai Motor Group's Metaplant America to assess construction progress and address industry concerns after workers were detained at the LG site last month. "The government takes the recent U.S. detention incident and investment project delays very seriously," Kim said during the site visits on Saturday, local time. "We will make every effort to ensure the safety of our citizens and protect the rights of companies' overseas investments." Despite the setback, Kim stressed that batteries remain a key area of advanced supply chain cooperation between Seoul and Washington, urging that bilateral economic security ties must remain robust. He said the government would pursue institutional improvements to prevent infringement on legitimate rights of Korean citizens and companies. Seoul and Washington are currently operating a working group on commercial visits and visas to address related issues, with discussions ongoing based on corporate feedback, the ministry said. The government also plans to help minimize uncertainties over importing materials and equipment to local factories, ease compliance burdens with environmental regulations, and boost electric vehicle demand amid sluggish market conditions. Kim encouraged construction workers striving to normalize operations at the LG site and urged companies to pay close attention to on-site safety management. At the Hyundai plant, he pledged continued government support for manufacturing innovation using artificial intelligence and robotics. 2025-10-19 13:57:48 -
TRAVEL: Malaysian chef serves heritage on a platter, from breadfruit fritters to deep-fried cow lungs SEOUL, October 19 (AJP) - Standing as one of Malaysia's most celebrated chefs, Dato' Ismail Ahmad showed guests how Malay breakfast is served and what rich culinary heritage the country boasts. Inside Restoran Rebung Chef Ismail, a Malaysian heritage cuisine restaurant in Kuala Lumpur owned by the chef himself, visitors were greeted with aisles of full Malaysian breakfasts, ready to be scooped up and eaten by the platter. From cekodok sukun, a Malaysian snack made from mashed and fried breadfruit fritters, to paru goreng, a Malaysian specialty of deep-fried cow lungs, chef Ismail gestured for guests to see what Malay people usually eat for breakfast. With more than thirty years of culinary expertise, chef Ismail's comedic yet warm attitude serves as one of the nation's trademark cooking personalities. Now serving both as a 'Dato,' a Malay equivalent of the honorary title of 'Sir' from Britain, and as Tourism Malaysia's Culinary Ambassador, chef Ismail gave a culinary tour to visitors. Moving on to the dining hall of his restaurant, chef Ismail ushered visitors to see his take on roti jala, a net-like crepe of Malaysian heritage served best with curries. When asked how he started cooking, chef Ismail began frowning, as if to retrace his adolescent days. "At six years old? In my village, it's all illegal. I lived with my grandmother, but she always warned me not to enter her kitchen, but I always went in when she was not around," he said. "I started frying eggs, my eyes were busy cooking and recording it to my brain. Nobody asked me why I wanted to be a chef. The worst fear in my life is when I wake up and there is no food. It's okay with no clothes, no problem, no money, still no problem, but I must have food. Then after that I will find money," Ismail said with a smile. Patting his round belly, chef Ismail shared his thoughts about good eating. "Some people, they want to be beautiful, they don't eat because they want to go on a diet. Then they go out finding men, but the men are all chubby." Making jokes about his flimsy spatula provided at the demonstration, chef Ismail finished with a hearty invitation. "There is breakfast ready, so enjoy. Bon appétit!" 2025-10-19 11:11:47 -
Waseda University awards honorary doctorate to LS Chairman Koo Ja-yeol SEOUL, October 19 (AJP) - Waseda University conferred an honorary doctorate in law upon Koo Ja-yeol (Christopher Koo), chairman of LS Group's board of directors, at a ceremony attended by about 100 dignitaries from academia and business circles. The award ceremony took place at 4 p.m. on Saturday at the Aizu Museum on the university's campus, with Korea University President Kim Dong-won and Waseda University President Tanaka Aiji among the distinguished guests. Koo, who joined LG International Corp. (now LX International Corp.) in 1978, served as LG Group chairman for about nine years from 2013, transforming the conglomerate into a global enterprise with over 100 operations across 25 countries. During the early 1990s, he led LG International Corp.'s Japan regional headquarters, gaining firsthand experience in Korea-Japan economic cooperation. The veteran businessman has played a pivotal role in bilateral relations, serving on the Seoul-Tokyo Forum board during periods of diplomatic tensions and facilitating regional cooperation through business summits and economic conferences. "Chairman Koo established the Korea-Japan Special Exchange Committee after assuming the chairmanship of the Korea International Trade Association, playing a crucial role in restoring economic trust between the two nations through sustained dialogue with Japanese political and business leaders," Tanaka said during the ceremony. In his acceptance speech delivered in fluent Japanese, Koo said receiving the honorary doctorate was "a deeply meaningful event that symbolizes the trust and exchanges between the two universities," adding that he felt "a sense of responsibility as it embodies expectations to become an exemplary leader for both Korea and Japan." 2025-10-19 09:16:13 -
Samsung Biologics officially sheds biosimilar unit to expand as pure CMO SEOUL, October 17 (AJP) - Samsung Biologics Co., already the world's largest contract-based drugmaker by capacity, has won full shareholders' blessing to shed its biosimilar business and double down on its global biological outreach as a pure contract manufacturing organization (CMO). The Songdo, Korea-based pharmaceutical giant said on Friday 99.9 percent of voting shares backed the spin-off proposal at an extraordinary general meeting in Incheon, attended by about 93 percent of eligible votes represented by 1,286 shareholders. The 20-minute session passed the single agenda item with near-unanimous support, paving the way for a Nov. 1 separation that will establish Samsung Epis Holdings as a holding company for the biosimilar business. Under the plan, the new holding company will absorb Samsung Biologics' entire stake in Samsung Bioepis, while the parent company will continue as the surviving entity dedicated exclusively to contract development and manufacturing (CDMO) operations. Both firms are scheduled to begin separate trading on the Korea Exchange on Nov. 24 after a brief suspension period. According to the spin-off ratio, shareholders will receive 0.3496087 shares of Samsung Epis Holdings for each Samsung Biologics share held—roughly one new share for every three existing shares. Ownership percentages will remain unchanged based on absolute share issuance. The restructuring resolves a long-standing conflict within Samsung Biologics' hybrid business model. CDMO operations require clients to transfer proprietary processes and technologies, creating potential conflicts of interest when the same company also develops competing biosimilar products. With Plant 5 beginning operations in April, the separation removes a key barrier to securing new contracts from multinational pharmaceutical firms cautious about intellectual property exposure. "This spin-off is a positive decision. Given CDMO's business characteristics of receiving process and technology transfers from clients, pursuing new drug development in parallel could raise technology leakage concerns and restrict new orders," said Jung Yi-soo, analyst at IBK Securities. "With conflict-of-interest concerns resolved through the business separation, prospects are positive for expanding new CDMO orders." Jung added that the split could unlock significant valuation upside, noting that Samsung Bioepis operates with around 20 percent operating margins, compared to 30–40 percent for Samsung Biologics. "Through the split, independent valuation of high margins becomes possible, raising expectations for considerable upside in Samsung Biologics' corporate value," he said. Investor confidence has already reflected optimism over the breakup, with Samsung Biologics' stock gaining 20 percent this year on restructuring expectations. The move comes nine years after Samsung Biologics' IPO, launched under the ambition to replicate Samsung's global dominance in semiconductors in the bio sector. Founded in 2011, the company broke ground on Plant 1 that year, secured FDA approvals by 2015, opened an R&D center in San Francisco by 2020, and achieved full operations at Plant 5 this year, lifting total production capacity to 784,000 liters. Samsung Biologics, which operates all its factories in Songdo, plans to add three more plants by 2032, expanding combined capacity to 1.32 million liters. It currently supplies drugs to 17 of the world's 20 largest pharmaceutical companies, with a total order backlog exceeding $18 billion. Meanwhile, Samsung Epis Holdings will focus on expanding Samsung Bioepis' biosimilar portfolio and future growth areas such as biotechnology platforms through new subsidiaries. The biosimilar arm aims to secure more than 20 product lines while strengthening research and development capabilities. "This spin-off will provide an opportunity for both CDMO and biosimilar businesses to be transparently valued for their unique worth in capital markets through individual listings," said John Rim, CEO of Samsung Biologics. "Each company will do its utmost to further strengthen core business expertise and competitiveness, leading to enhanced shareholder value." Samsung Biologics is slated to announce third-quarter results on Oct. 28. Analysts expect record earnings of 1.55 trillion won in revenue and operating profit of 505.2 billion won, supported by full-scale operations at Plants 4 and 5 and large contract wins earlier this year. 2025-10-17 15:01:12 -
Samsung Biologics shareholders approve spin-off with overwhelming support SEOUL, October 17 (AJP) - Samsung Biologics Co. said on Friday its shareholders voted overwhelmingly to approve a plan to spin off its investment division, with 99.9 percent backing the proposal at an extraordinary general meeting in Incheon. The approval paves the way for the creation of Samsung Epis Holdings, a pure holding company that will take over the parent's entire stake in biosimilar developer Samsung Bioepis, while Samsung Biologics will remain as the surviving entity focused on its contract development and manufacturing operations. Shares in Samsung Biologics fell 1.06 percent to 1,121,000 won as of 10:02 a.m. local time. 2025-10-17 10:11:05 -
K-food frenzy fails to lift all Korean food majors in Q3 SEOUL, October 16 (AJP) - Korean food has enjoyed a global surge in popularity following prominent appearances in Netflix's K-Pop Demon Hunters, with Korean flavors sweeping into grocery aisles worldwide. Yet the third quarter tells a more sober story for overall Korean food majors battling U.S. tariffs and a weak won. Major producers including CJ CheilJedang and Lotte Wellfood are expected to post disappointing third-quarter earnings despite the sharp decline in global commodity prices. Of eight major food companies tracked by FnGuide, five are projected to report year-on-year drops in operating profit, extending the first-half slump. Official results are to come soon, Lotte Wellfood scheduled to announce its third-quarter results on Oct. 19, followed by Orion on Nov. 5, Samyang, Nongshim, Ottogi, and Pulumone on Nov. 12, CJ CheilJedang and Binggrae on Nov. 17. The setback comes even as supply conditions improve. Cocoa prices, which hit record highs earlier this year amid crop disease and extreme weather in West Africa, have fallen by nearly half to about $6,000 per ton. Butter and sugar prices have also eased as production rebounded in the United States, New Zealand, Brazil, and India. Demand, meanwhile, has been buoyed by social-media enthusiasm for Korean cuisine. According to the Korea Agro-Fisheries & Food Trade Corp., exports to the United States totaled $1.7 billion as of Oct. 1, up 15.3 percent on-year, while shipments to Europe climbed 15.8 percent. "Aside from export staples such as instant noodles, other food products could have been hit hard by headwinds like currency and tariff issues," said Suh Jae-hyun, professor of international economics at Kyungpook National University. The won has weakened nearly 3 percent against the dollar over the past month to around 1,420 per dollar, touching 1,434 earlier in the week—its lowest in five months—raising import costs for raw materials. Tariff tensions have intensified since U.S. President Donald Trump warned on Oct. 10 of an additional 100 percent duty on Chinese goods starting Nov. 1 after Beijing restricted rare-earth exports. A Goldman Sachs report said U.S. consumers, major buyers of Korean food, now bear roughly 55 percent of total tariff costs. Food companies raised prices earlier this year to defend margins, but weak domestic demand has limited the effect, while the softer currency continues to erode profits. Still, instant-noodle makers Samyang Foods and Nongshim remain resilient, expected to post double-digit operating-profit growth. Samyang's Buldak series continues to dominate overseas shelves, and Nongshim's collaboration with K-Pop Demon Hunters is keeping its products in global demand. "Nongshim showcased its new kimchi-fried-noodle product at Germany's Anuga 2025, tailored to global consumers' growing appetite for Korea's spicy flavors," said Kang Eun-ji, researcher at Korea Investment & Securities. "The company may see stronger returns next year as its global strategy pays off." 2025-10-16 16:28:06 -
Naver partners with United Korea Founders to expand global tech footprint SEOUL, October 16 (AJP) - South Korean internet giant Naver has teamed up with United Korea Founders, North America's largest Korean entrepreneur network, to strengthen ties with the global startup ecosystem and secure new growth engines in emerging technologies. Naver and Naver Webtoon announced they would participate as official sponsors in UKF's three-day KOOM Festival starting Wednesday in New York. UKF, a non-profit organization, brings together Korean entrepreneurs and investors from Silicon Valley, New York and other tech hubs to the festival. Sharing Korean music, culture, and speeches from prominent industry leaders, the KOOM Festival will also feature food and beverages from 16 F&B brands as well. On the opening day, Naver Webtoon chief executive Kim Jun-koo will deliver a keynote on the global rise of new storytelling formats, sharing the company's platform strategy and webtoon success story. The festival's final day will spotlight Naver's virtual and XR technologies, with executives from its Realtime Engine Studio and Prism Studio unveiling production capabilities and the growth secrets behind Prism, the world's top live-streaming application. Sessions will feature startups backed by Naver's venture arm D2SF, including virtual intellectual property firm Scone and artificial intelligence motion capture company Movin, as the company seeks to expand its virtual ecosystem globally. "Through D2SF, Naver supports startup growth and global expansion, and this UKF sponsorship will further strengthen our connection with North America's startup ecosystem," Naver chief executive Choi Soo-yeon said. 2025-10-16 12:03:29 -
MASGA adrift in US-China crossfire, Hanwha left to wait out the storm SEOUL, October 15 (AJP) - The “Make America Shipbuilding Great Again (MASGA)” slogan—emblazoned on caps during a high-profile summit between South Korean and U.S. leaders in Washington last summer and central to a bilateral trade deal tied to a $350 billion investment package—appears to be adrift amid stalled negotiations and intensifying U.S.-China trade frictions that have now reached the seas. China's Ministry of Commerce on Tuesday invoked its anti-foreign sanctions law to blacklist several U.S. units of Korean shipbuilder Hanwha Ocean, barring them from business with Chinese entities and individuals. The sanctions target Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC, and HS USA Holdings. Beijing said the move was a punitive response to the companies' alleged support for Washington's Section 301 investigation into China's maritime, logistics, and shipbuilding sectors. "China expresses strong dissatisfaction and resolute opposition," the ministry said in a statement, accusing Hanwha's units of cooperating with U.S. efforts to suppress Chinese industry. Korean companies have often been subject to Beijing's retaliatory measures when geopolitical tensions rise. China banned group tours to South Korea and effectively forced Lotte Group out of the country in 2017 after it provided land for a U.S. missile defense system that China claimed threatened its national security. The unusual singling out of Hanwha Ocean subsidiaries, analysts say, reflects Beijing's attempt to undercut MASGA—Washington's campaign to rebuild U.S. shipbuilding capacity with help from Korean capital and expertise. "We believe the announcement was made to pressure South Korea to side with China rather than the U.S. The countermeasures seem calibrated to avoid severe economic fallout while sending a political message," said Choi Young-myung, professor of naval architecture and ocean engineering at Pusan National University. China dominates the global shipbuilding industry, commanding 36 percent of the world's orderbook and securing about 66 percent of new orders at domestic yards. Hanwha Ocean's exposure in China is limited and the company reportedly dissolved its joint venture with China's CMHI earlier this year. Hanwha's newly acquired Philly Shipyard in the United States—purchased for $100 million last year—has become the symbolic flagship of MASGA. The Korean conglomerate last August pledged $5 billion to revive America's shipbuilding industry from the facility, which has been dormant for years. For that, Hanwha has become collateral damage in the latest maritime clash between Washington and Beijing. The U.S. Trade Representative's new docking fees on Chinese-owned and operated vessels took effect this week, following an April Section 301 probe aimed at curbing China's dominance in global shipbuilding and boosting domestic production. The move has reignited a fresh cycle of retaliations, with Beijing tightening exports of rare-earth minerals and Washington threatening 100-percent tariffs on Chinese goods. Hanwha Ocean said it is "closely reviewing potential business impact," while the Korea Marine Equipment Research Institute noted it is too early to assess the fallout, as Hanwha's ramp-up of U.S. operations is in fledgling stage. 2025-10-15 15:28:06 -
Hanwha Aerospace secures $105 million modular charge contract with Sweden SEOUL, October 15 (AJP) - South Korea's Hanwha Aerospace has clinched a 150 billion won (around $105 million) deal to supply modular charge systems to Sweden, marking its second export agreement with the Nordic nation as global demand for artillery ammunition surges. The defense contractor announced on Wednesday its signing of a three-year framework agreement and initial contract with Sweden's Defense Materiel Administration (FMV) at the Association of the United States Army exhibition in Washington Under the deal, Hanwha will deliver 155mm modular charge systems (MCS), also called modular artillery charge systems, to Sweden starting next year through 2027. The systems allow gunners to adjust propulsion based on firing range, offering greater operational flexibility than fixed charges. Demand for 155mm artillery rounds and their propellant charges has soared globally amid intensifying conflicts, particularly following Russia's invasion of Ukraine in 2022. Hanwha's MCS units meet NATO standard specifications, making them compatible with the South Korean K9 self-propelled howitzer and various other artillery systems used by alliance members. "This contract is a tangible result of the deep trust and collaborative partnership we have built with Sweden," said Lee Boo-hwan, head of Hanwha Aerospace's precision-guided munitions business group. "We are committed to delivering the highest quality, most reliable MCS to contribute meaningfully to the enhancement of Sweden's national defense capabilities." Jonas Lotnse, head of the army material division at FMV, said the agreement would significantly advance the modernization of Swedish artillery forces. 2025-10-15 14:35:38 -
Korean petrochemical players mull exit from ever-crowding money-losing market SEOUL, October 14 (AJP) - South Korean petrochemical producers are opting to bow out of the China-dominant game as they struggle to stay afloat despite government-mandated streamlining and output controls. SKC and Kuwait's Petrochemical Industries Company (PIC) are reportedly seeking a buyer for their combined stake in joint venture SK picglobal, as market woes from Chinese oversupply and Middle Eastern competition have spilled over from basic petrochemicals to downstream products, threatening the viability of even high-value chemical makers. SK picglobal, established in 2020 when SKC spun off its chemical operations, produces propylene oxide and other specialty chemicals used in automotive interiors, cosmetics, and pharmaceuticals. SKC holds a 51 percent stake, while PIC owns the remaining 49 percent, which it acquired for about 536 billion won shortly after the spinoff. The joint venture was once considered a model of advanced materials innovation, pioneering domestic commercial production of propylene oxide, a key ingredient in polyurethane. After reporting a record operating profit of 332 billion won in 2021, SK picglobal fell into the red as an influx of cheap Chinese products eroded margins. The company posted a loss of 33 billion won in the first half of this year. The downturn mirrors the broader struggles across South Korea’s petrochemical industry, where companies expanded aggressively even as profit margins deteriorated. The country currently operates 10 naphtha crackers — four each in Yeosu and Daesan and two in Ulsan — with annual ethylene capacity of about 13 million tons, ranking fourth globally after China, the United States, and Saudi Arabia. Ethylene, a colorless and flammable gas with a faint sweet odor, is a fundamental building block for plastics and other petrochemical products. SK picglobal's flagship product, propylene oxide, is also a co-product of ethylene production. Domestic ethylene capacity is expected to rise further to nearly 14.7 million tons once S-Oil completes its Shaheen project in late 2026, adding pressure to an industry already squeezed by Chinese overproduction and new Middle Eastern entrants. In response, the government has brokered a "voluntary agreement" among producers to reduce naphtha cracking output by 2.7 to 3.7 million tons, or up to 25 percent of total capacity, as part of an industry restructuring effort. "Chinese competition, Middle Eastern entry, and ethylene overproduction are all battering Korean producers. Ethylene is constantly losing profitability," said a spokesperson for the Korea Chemical Industry Association. Alongside capacity cuts, companies are pursuing vertical integration to survive. By merging with naphtha producers, chemical manufacturers aim to lower costs and phase out excess capacity through facility closures. Lotte Chemical and HD Hyundai Oilbank are leading the effort at the Daesan complex in South Chungcheong Province, where they are in talks to consolidate operations. The two companies already collaborate through their joint oil venture, HD Hyundai Chemical. In Ulsan, SK Geo Centric and Korea Petrochemical are exploring a potential partnership. The Ulsan complex has an annual ethylene capacity of 1.76 million tons, smaller than Yeosu's 6.27 million tons and Daesan's 4.78 million tons. The Yeosu complex poses the biggest challenge, industry officials say, as it faces the largest required capacity cuts and involves multiple stakeholders, including Yeochun NCC, LG Chem, and Lotte Chemical. Negotiations have been slow and difficult. "Now with the Middle East also rushing into the competition, we need advanced technology to gain the upper hand," said Koo Su-jin, professor of petrochemical process engineering at Korea Polytechnics. "Korean petrochemical firms and the government should invest more in cutting-edge refining and catalyst technology to reduce nitrogen oxide and sulfur oxide emissions, which can strengthen global competitiveness." 2025-10-14 16:01:39