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

Taiwan leaps ahead on AI boom as South Korea staggers SEOUL, October 13 (AJP) - Once regarded as twin Asian tigers for their industrial and geographic similarities, South Korea and Taiwan are now charting divergent paths — Taiwan riding high on the artificial intelligence boom, while South Korea struggles under structural and demographic headwinds. Taiwan's economy is projected to grow 5.3 percent this year, upgraded from 4.5 percent in a consensus of eight global banks in late August. South Korea, by contrast, is expected to eke out growth of just 1.1 percent after a modest 2 percent expansion in 2024. Both resource-poor economies remain export-driven and dependent on high-tech manufacturing. But Taiwan's all-in bet on semiconductors — and its ability to capture the AI upcycle — has sharply widened the gap. South Korea posted record exports of $65.95 billion in September, up 12.7 percent from a year earlier, with semiconductor shipments surging 22 percent to $16.61 billion. Taiwan's exports reached $54.25 billion during the same month, but its growth pace was far faster at 33.8 percent, powered by electronics worth $21.43 billion and semiconductor exports that jumped 27.1 percent. "Semiconductors are definitely the main reason for the differing performance of the two economies," said Wang Shu-feng, professor of business administration at Ajou University in South Korea and National Chengchi University in Taiwan. Taiwan Semiconductor Manufacturing Co. (TSMC), the world's largest contract chipmaker and often described as the country's "benchmark stock index," accounts for nearly 10 percent of Taiwan's GDP and serves as the key driver of its economic momentum. Semiconductors contribute roughly 15 percent of Taiwan's GDP, compared with 7 to 8 percent in South Korea, although the sector represents about one-fifth of Korea's total exports. Korea has concentrated on mass-market memory chips, while Taiwan has focused on customized logic chips — a strategy that shields producers from cyclical volatility through long-term contracts and close client relationships. "Taiwan goes all in on chipmaking. Most top students join TSMC or other semiconductor firms after graduation, whereas many South Korean students pursue medical or biochemistry fields, with broader career options," said Ko Jong-wan, head of strategy at the Korea Semiconductor Industry Association. Taiwan's bipartisan political support has also bolstered its semiconductor ascendancy. Seoul's efforts, in contrast, are often mired in debate over favoritism toward large conglomerates. Korea's special semiconductor law, which would have exempted chip workers from the 52-hour workweek limit, stalled in the National Assembly, while Taiwan passed legislation in 2017 allowing chipmakers to exceed the standard 40-hour week. During Taiwan's severe drought in 2022, the government prioritized water supply to TSMC over agriculture — a reflection of its strategic importance. In South Korea, the planned Yongin semiconductor cluster has faced persistent controversy over public resource allocation to major firms. When the United States, Japan, and the European Union rolled out massive subsidies to build local chip industries, Taiwan formally designated semiconductors as a "core national industry" in 2023 and introduced tax credits covering 25 percent of R&D investments. Korea's parliament only passed a moderate "K-Chips Act" in January this year, raising tax credits for facility investments from 15 percent to 20 percent. "With the AI boom driving demand for advanced packaging and chipmaking capabilities led by Taiwan's TSMC, it may be difficult for South Korea to close the gap in the near term," Wang said. 2025-10-13 15:18:34

TRAVEL: Walking through the independence history of Malaysia, diverse ethnicities working as one KUALA LUMPUR, October 02 (AJP) - On Aug. 31, 1957, Malaysia peacefully liberated itself from British colonization. Its first Prime Minister, Tunku Abdul Rahman, raised his fists and declared the full independence of the nation. Today, the once British site for colonial officers stands as Independence Square, also known as Merdeka Square. While not particularly large, the square has the highest flagpole in all of Malaysia, with the country's flag standing upright surrounded by its 14 state flags. In the distance, one can easily spot Merdeka 118, the second tallest building and structure in the world. Its distinctive spire resembles Tunku Abdul Rahman's outstretched hand celebrating independence. Standing inside the square is the Royal Selangor Club, once a luxurious parlor for British officers to enjoy their afternoons. Now, club membership is awarded to only a handful of prestigious Malaysian giants and tycoons, while the exterior of the building still retains its red and white appearance. Next to the clubhouse stands St. Mary's Cathedral, one of the few centers for Anglican believers in a nation dominated by Muslims. Around the corner stands the Bangunan Sultan Abdul Samad Building, once a symbol of British colonial administration. The building is now undergoing renovation to preserve its history—a painful yet significant part of Malaysia's past. From an aerial view, the building is shaped like the letter 'F,' standing for 'Federal.' Walking downtown, one can spot the Central Market Kuala Lumpur, once a so-called 'wet market' selling fish and vegetables in 1888, refurbished in the 1980s as a local shopping center for tourists and Malaysians alike. Gift shops selling souvenirs occupy the first floor, while the second floor has various traditional Batik clothing stores and food stalls. On the second floor is a small history museum portraying the nation's history. During British colonial rule, the Malaysian population consisted mainly of three ethnic groups: the Malays for general farming, Chinese for tin mining, and Indians for rubber harvesting. The Chinese and Indians all preserve their heritage throughout parts of the city. The Chinese have their Sin Sze Si Ya Temple to honor their former 'Kapitan China,' including Yap Ah Loy, the last yet most prominent figure of Chinese leadership in colonial Malaysia. As for the Indians, just a few blocks away stands the Sri Mahamariamman Temple, the oldest Hindu temple in Kuala Lumpur. The outer pillars and decorations all depict different gods of the Hindu religion, serving as a local haven for Indians to find comfort. 2025-10-02 15:30:52

Malaysia targets 47 million visitors in 2026 tourism push KUALA LUMPUR, October 01 (AJP) - Malaysia unveiled an ambitious target to draw 47 million international visitors in 2026 at the opening of Global Travel Meet 2025, a three-day summit focused on sustainable tourism development and industry partnerships. The event, running from Oct. 1 to 3 at the World Trade Centre Kuala Lumpur, seeks to bolster Malaysia's standing as a premier travel destination while building momentum for Visit Malaysia 2026, the country's major tourism campaign. Deputy Minister of Tourism, Arts and Culture Datuk Khairul Firdaus Akbar Khan inaugurated the gathering following a traditional Malaysian dance performance, emphasizing the event's significance beyond the nation's borders. "Global Travel Meet 2025 is more than just an event; It is a platform where ideas are transformed into action," Khairul Firdaus said, describing the summit as a catalyst for driving collective government and industry efforts toward the 2026 goals. The exhibition floor bustled with multinational booths displaying an array of products, from traditional sparkling rice wine to double-decker tram buses with open-air second stories, as buyers and sellers converged to explore business opportunities. Tourism Malaysia hosted a welcome dinner at the five-star Sunway Resort Hotel, where Minister of Tourism, Arts and Culture Dato Sri Tiong King Sing addressed guests on the strategic importance of tourism partnerships. Tiong King Sing highlighted Malaysia's commitment to advancing tourism as a cornerstone of national development while championing sustainability, inclusivity and innovation across the sector. The minister said the gathering would facilitate knowledge exchange and collaborative growth while reinforcing a shared commitment to building a resilient and forward-looking tourism landscape. 2025-10-01 17:28:54

TRAVEL: A trip to Banguris Homestay, an authentic Malaysian experience to the core KUALA LUMPUR, October 1 (AJP) - Located in Selangor, one of Malaysia's largest states, the Sepang District is known as the Silicon Valley of Malaysia. Deeper within the district lies Banguris Homestay, a village dedicated to showing guests how real Malay people live. With around 20 government-certified houses available for homestays, visitors can enjoy naturally ventilated rooms and authentic Malaysian food. The town boasts near-zero crime rates, and most households have no fences or security measures, making for a safe yet open visit. Beyond the vast dragon fruit and palm tree plantations that cover most of the village, there's a hands-on experience center showcasing how Malay people used to live off the land. At Banguris Homestay main center, visitors can try extracting their own coffee beans the traditional way. The tour guide explains that in the old days, Malay farmers used wooden presses shaped like flat, pattern-less waffle machines to pop coffee beans from the coffee cherries. The beans are dried for a few days, then roasted to brew real coffee. Next, the experience center offers a full demonstration on how to pluck palm fruits from palm trees. Usually harvested twice a month, the fruits come in bulks of around 50 to 70 kilograms each, with poisonous spikes protruding from the stems. A seasoned worker hacks away excess palm leaves to reveal the fruit bulk, sawing it off in seconds. While dangerous to harvest, the fruit is one of the nation's major export items. Palm oil is extracted from the outer red flesh of the fruit, while the white seeds inside are used in many cosmetics. Under the shade of the trees, the tour guide gestures toward the next stop: harvesting rubber from rubber trees. Visitors can try peeling the bark off trees so rubber flows out like a stream. While only a few trees are available for simple demonstrations, actual harvesting usually begins early in the morning, as Malaysia's hot and humid air can easily spoil raw rubber. Once the liquid fills each gathering cup to the brim, it's sent to factories to harden and later processed for commercial use. Besides trying Malaysian farming methods, visitors to Banguris Homestay can also enjoy stick fishing in nearby rivers and visit cassava root factories to see how rural country folks process the sweet-smelling roots into crunchy snacks. 2025-10-01 08:50:57