HD Hyundai Heavy Industries wins US Navy ship repair contract SEOUL, August 6 (AJP) - HD Hyundai Heavy Industries announced Wednesday that it has secured a contract to perform maintenance, repair, and overhaul work on a U.S. Navy vessel. The deal marks the first such agreement since the two countries began discussing broader cooperation in shipbuilding. The contract involves the USNS Alan Shepard, a Lewis and Clark-class dry cargo ship weighing 41,000 tons. The work will be carried out at HD Hyundai Mipo Dockyard in Ulsan and is expected to be completed and the vessel redelivered in November, the company said in a press release. Joo Won-ho, the head of HD Hyundai Heavy’s naval and special ship business unit, highlighted the significance of the contract. "This MRO contract is significant as it's the first order following the government's 'Make American Shipbuilding Great Again (MASGA)' proposal," he said, referring to a South Korean initiative aimed at strengthening cooperation with the United States. South Korea's government proposed the $150 billion shipbuilding cooperation plan as a potential bargaining chip to counter potential tariff measures from the U.S. The contract is the latest step in a series of efforts by HD Hyundai to deepen its ties with the United States. The company signed a strategic partnership with Huntington Ingalls Industries, the largest U.S. defense shipbuilder, in April to collaborate on technology and joint naval ship construction. It also entered into a commercial shipbuilding partnership with the American company Edison Chouest Offshore in June. Other South Korean shipbuilders are also pursuing U.S. market opportunities. Hanwha Ocean, another major player, won a maintenance contract for the auxiliary ship Charles Drew last month and secured two other naval maintenance contracts in 2024. 2025-08-06 16:27:48

Wall Street banks lift growth forecasts for S. Korea as exports, trade outlook improve SEOUL, August 6 (AJP) - Major international investment banks are turning more optimistic about South Korea’s economic prospects, with J.P. Morgan raising its 2025 growth forecast for the country for the second time in a month. J.P. Morgan has lifted its projection for South Korea’s real gross domestic product growth to 0.7 percent on July 24, up from 0.5 percent at the end of June. The 0.2 percentage-point upward revision follows stronger-than-expected second-quarter growth, driven by resilient exports and a rebound in manufacturing, the bank said in a release, citing data from the Bank of Korea. Until late June, J.P. Morgan had held the lowest forecast among eight major global investment banks tracked by the Korea Center for International Finance. The Wall Street firm maintained its average annualized growth forecast for the second half of 2025 at 1.8 percent. It cautioned, however, that third-quarter momentum may taper due to base effects, though ongoing fiscal stimulus should cushion any slowdown. Goldman Sachs also adjusted its outlook upward on Aug. 1, raising its 2025 growth forecast to 1.2 percent from 1.1 percent. The bank cited easing trade-related uncertainty following recent Korea-U.S. negotiations. “The trade announcement alleviates tariff-related risks for key sectors such as semiconductors,” Goldman Sachs said in a note, adding that South Korea now faces no worse conditions than its global peers. This latest revision follows an earlier upgrade in June, when Goldman increased its forecast from 0.7 percent to 1.1 percent, citing reduced U.S. tariff threats, stronger growth outlooks in the United States and China, and expected fiscal support from Seoul. Despite the individual upgrades, the average 2025 GDP growth forecast among the eight international banks remained steady at 0.9 percent as of late July, unchanged for a second consecutive month, according to the Korea Center for International Finance. The Bank of Korea may also revise its growth outlook upward later this month when it releases its August economic update. In May, the central bank projected 0.8 percent growth for the year and said a second supplementary budget could add about 0.1 percentage point to that figure. 2025-08-06 14:36:45

[[K-Tech]] LG CNS will build Indonesia's largest AI data center SEOUL, August 6 (AJP) - LG CNS said Wednesday it had secured a contract to build Indonesia’s largest artificial intelligence data center, marking the first time a Korean firm will construct such a facility abroad. The project, located in Jakarta, involves the development of an 11-story hyperscale AI data center with a power capacity of 30 megawatts and a total floor space of roughly 46,000 square meters. Construction is slated for completion by the end of 2026. Once operational, the facility will house more than 100,000 servers and is estimated to cost around 100 billion won, or about $75 million. The company said it sees the project as a strategic foothold for entering key regional markets such as Singapore and Malaysia, where demand for AI infrastructure is rapidly accelerating. LG CNS signed the construction deal on Monday through its joint venture, LG Sinarmas Technology Solutions, with Indonesia’s Sinar Mas Group — the country’s third-largest conglomerate. The client, Kuningan Mas Gemilang (KMG), is a joint venture between Sinar Mas and Korea Investment Real Asset Management. The company plans to increase the facility’s power capacity to 220 megawatts in later development phases. KMG tapped LG CNS as its construction partner after the Korean firm completed consulting and design services for the project in 2024. To accommodate the demands of AI workloads, the facility will employ a hybrid cooling system that combines conventional air-based cooling with advanced liquid cooling technologies — necessary for handling the extreme heat produced by high-performance GPUs. The data center will also support high-density racks with power demands of up to 130 kilowatts each — more than 20 times that of typical racks — and will be equipped with dual power systems to ensure uninterrupted operations. Cooling solutions will be supplied by LG Electronics, and energy storage systems will come from LG Energy Solution. “This project demonstrates our ambition to be a global leader in AI data infrastructure,” said Hyun Shin-gyoon, chief executive of LG CNS. “We will leverage our expertise to deliver a next-generation AI data center that creates exceptional value for our client and expands our presence across Southeast Asia.” 2025-08-06 10:37:35

[[K-Food]] Young chefs explore Korean cuisine in Indonesia SEOUL, August 5 (AJP) - Riding a global wave of enthusiasm for Korean food culture, South Korean food firm CJ CheilJedang has concluded its first overseas culinary competition, aimed at fostering the next generation of Korean food ambassadors abroad. The event, part of the company’s Cuisine.K initiative, was held in Indonesia in partnership with Akademi Sages, a leading culinary institute in the country. CJ CheilJedang served as the exclusive sponsor of the two-month competition, which attracted over 100 aspiring chefs eager to fuse Korean flavors with local traditions. The contest began in May with an online preliminary round, challenging participants to create original dishes under the theme of Indonesian-Korean main courses using Korean ingredients. Competitors drew on a variety of CJ products widely available in Indonesia — such as Bibigo dumplings, seaweed, and gochujang (red pepper paste) — to craft dishes that reflected both culinary cultures. Michael Ken Samuel, who emerged as the grand prize winner, impressed judges with his inventive use of dumplings and fermented soybean paste. “This competition not only deepened my understanding of Korean cuisine but also solidified my dream of becoming a Korean food chef,” Samuel said following his win. The initiative comes as Korean cuisine continues to gain international attention through popular media, including Netflix’s hit cooking show Culinary Class Wars, which has helped spotlight Korean food culture on screens worldwide. “For CJ CheilJedang, this was more than a competition — it was a meaningful opportunity to inspire lasting interest in Korean cuisine and share the DNA of K-food with the next generation of chefs in Indonesia,” said Kim Sang-myeong, who oversaw the project. The company said it plans to expand the Cuisine.K program to other countries in the coming years, in line with its broader efforts to globalize Korean food and elevate local talent with a passion for Korean flavors. 2025-08-05 16:16:26

South Korea moves to shore up steel industry hit by US tariffs, Chinese imports SEOUL, August 5 (AJP) - A joint inspection team made up of senior government officials and industry representatives visited major steelworks in the southeastern port city of Pohang on Tuesday, as South Korea confronts a deepening crisis in its steel sector driven by U.S. tariffs and a surge in low-cost Chinese imports. The team, including officials from the Ministry of Trade, Industry and Energy, the Ministry of Economy and Finance, and the Ministry of Land, Infrastructure and Transport, held closed-door meetings at the steel plants of POSCO and Hyundai Steel. The site visits were intended to assess the feasibility of designating Pohang as a preemptive industrial crisis response zone, according to city officials. The visit comes as Pohang, long the center of South Korea’s steel industry, suffers from a severe slowdown. Production at the city’s steel industrial complex, which houses 268 companies operating 355 factories, totaled 1.2 trillion won (about $920 million) in May — a 7.2 percent decline from a year earlier. Cumulative output through May fell 9.3 percent year-on-year to 5.87 trillion won. Amid growing global competition and weakening demand, major steelmakers have begun scaling back operations in the region. POSCO shuttered its No. 1 blast furnace last year, followed more recently by the closure of its wire rod plant, citing an oversupply in the global market, falling prices, and outdated equipment. Hyundai Steel closed its No. 2 Pohang plant in July, citing unsustainable losses. The downturn has prompted an unusual show of political unity. On Monday, 106 lawmakers from both ruling and opposition parties jointly introduced a sweeping “K-Steel Bill,” which would establish a presidential committee under President Lee Jae Myung to guide the industry’s transition toward low-carbon steelmaking. The proposed legislation outlines plans to designate four major steel-producing regions — Pohang, Gwangyang, Incheon and Dangjin — as special green steel zones. These areas would benefit from fast-tracked permits, reduced administrative fees, and exemptions from certain antitrust regulations to allow for coordinated restructuring efforts. The bill also proposes tougher trade defenses, including stricter verification of country-of-origin claims and extended anti-dumping measures, in an effort to stem the influx of low-priced Chinese steel. Crucially, the legislation seeks to position South Korea’s steel industry for a transition to hydrogen-based production, as global regulatory pressures mount. The European Union is set to impose carbon-based tariffs on steel imports, raising the stakes for producers who continue to rely on coal-intensive methods. Industry leaders welcomed the proposed overhaul. “This special bill comes at a very important time for overcoming the steel industry crisis and transitioning to green steel technology,” said Lee Kyung-ho, executive vice chairman of the Korea Iron & Steel Association, which has traditionally been led by chairmen of POSCO. The bill, if enacted, could provide a critical boost to an industry that helped power South Korea’s postwar economic rise — but now finds itself at a crossroads, squeezed between environmental mandates abroad and fierce price competition at home. 2025-08-05 13:59:16

[[K-Tech]] Ground broken for South Korea's first renewable biofuel plant SEOUL, August 4 (AJP) - LG Chem has begun construction on South Korea’s first hydrotreated vegetable oil (HVO) production facility, marking a major step in the country’s push to expand its footprint in sustainable energy and materials. The plant, located in the coastal city of Seosan in South Chungcheong Province, is being developed by LG-Eni Biorefining, a joint venture between LG Chem and Italian energy company Eni. Completion is expected by 2027, the company said in a statement Monday. Once operational, the facility will have the capacity to produce approximately 300,000 tons of HVO annually. The renewable fuel — made by hydrogenating plant-based oils such as used cooking oil — is seen as a next-generation alternative to fossil fuels, offering significant reductions in greenhouse gas emissions while retaining high performance, especially in low temperatures. In addition to its use as a diesel substitute, HVO can be further refined into sustainable aviation fuel, biodiesel, and bio-naphtha. The latter is an increasingly valuable raw material in the petrochemical industry, particularly for producing ethylene, a core building block in plastics and other materials. LG Chem plans to integrate bio-naphtha into its existing product lines to expand its portfolio of environmentally certified goods. These include components for electronics, automotive parts, hygiene products, and sporting equipment — all of which are manufactured in compliance with international sustainability standards. “This facility will serve as a critical foundation for our transition toward low-carbon, high-efficiency materials,” said Shin Hak-cheol, CEO of LG Chem. “We will continue to drive technological innovation and commercialization in eco-friendly fuels and biomaterials to strengthen our global competitiveness.” The project builds on a strategic partnership announced in December 2024 between LG Chem and Enilive, a subsidiary of Eni. The Italian firm already operates HVO production sites in Italy with a combined annual capacity of 2 million tons and maintains extensive supply networks across Europe, Africa, and Asia. 2025-08-04 15:48:11

[[K-Bio]] Korean pharma firms post record earnings despite US trade uncertainty SEOUL, August 4 (AJP) - South Korea’s leading pharmaceutical companies reported their strongest second-quarter results on record, brushing aside investor concerns over potential U.S. trade restrictions under President Donald Trump. Biosimilar manufacturer Celltrion led the charge, posting revenue of 961.5 billion won, or approximately $692.4 million, for the April-to-June period — a 9.9 percent increase from the same quarter last year. The company’s operating profit soared 234.5 percent to 242.5 billion won, fueled by strong global demand for its high-margin biosimilar therapies, including its flagship subcutaneous treatment for autoimmune diseases, Remsima SC. Samsung Biologics also posted historic gains, breaching the 2 trillion won ($1.44 billion) sales mark for the first time over the first half of the year. The company reported second-quarter revenue of 1.289 trillion won, up 11.5 percent year-on-year, with operating profit rising 9.5 percent to 475.6 billion won. Executives attributed the gains to increased output at its state-of-the-art Plant 4 facility and a broader biosimilar pipeline developed by its subsidiary, Samsung Bioepis. The robust earnings come despite growing geopolitical headwinds. U.S. President Trump has repeatedly signaled an intent to impose tariffs on foreign biotechnology and pharmaceutical imports, including from South Korea, as part of his broader “America First” economic platform. While no formal measures have been enacted, the warnings have cast a shadow over the sector’s longer-term outlook. Still, for now, South Korean pharmaceutical firms are showing resilience. Yuhan Corporation, known for its lung cancer treatment pipeline, reported a 9.6 percent rise in revenue alongside a 168.9 percent leap in operating profits. GC Biopharma, formerly Green Cross, posted sales of 500.3 billion won — up 19.9 percent year-on-year — while Daewoong Pharmaceutical reported an 11.8 percent increase in revenue over the same period. “Despite the policy uncertainty coming from Washington, Korean biopharma continues to outperform thanks to its manufacturing efficiency, global partnerships, and increasing presence in high-value therapeutic areas,” said Kim Hyun-soo, a healthcare analyst at Shinhan Investment Corp. Industry observers say the sector’s performance underscores not only the growing maturity of South Korea’s biotech ecosystem but also its ability to adapt to shifting global regulatory and political environments. “South Korean pharmaceutical firms are no longer simply following global trends — they’re setting them,” said Park Eun-jung, director at the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. “And that makes them increasingly difficult to ignore.” 2025-08-04 15:10:41

[[K-Drama]] Streaming platforms reshape Korean drama landscape SEOUL, August 4 (AJP) - As South Korean culture continues to captivate global audiences with breakout hits like Netflix’s animated "KPop Demon Hunters" and the thriller drama The Glory, a new academic study suggests that the country’s once romance-dominated television landscape is undergoing a profound transformation — one driven by the rise of streaming platforms and expanded cable programming. A study published July 30 in the Korean Journal of Broadcasting and Telecommunication Studies found that Korean dramas have experienced major shifts in genre composition during two pivotal moments: the early 2010s, marked by the launch of comprehensive programming channels, and the post-2016 boom of online video streaming platforms, or OTT services. While traditional television still leads in overall market share, its dominance is fading. According to data from PwC, a $295.8 billion gap between global TV broadcasting and OTT platforms in 2019 narrowed to $156.7 billion by 2024. The forecast suggests OTT will continue to gain ground, with the difference shrinking to just $100.1 billion by 2028. The consequences for Korean drama genres have been significant. Romance dramas, once the undisputed mainstay of the industry, have seen their share shrink dramatically — from 31.1 percent of all Korean dramas between 2005 and 2009 to 18.1 percent in the years spanning 2016 to 2023. In contrast, previously marginal genres — thriller, mystery, crime, period pieces, and fantasy — have surged. Each of these categories, which represented just 0.5 to 1.3 percent of the drama landscape before 2010, rose to account for between 3 and 6 percent after 2016. Thriller content in particular grew from 0.5 percent in the late 2000s to 5.6 percent in recent years, while fantasy genres expanded from 1.3 to 6.3 percent. “The proliferation of OTT platforms created an environment that reduced temporal and spatial constraints, thereby enhancing access to and consumption of diverse genres,” the study noted. It also emphasized that genre experimentation has spread across all broadcasting formats — not just cable or OTT, but also terrestrial networks. Major networks have embraced the trend. SBS broke genre boundaries with My Love from the Star in 2013, a fantasy romance featuring an alien protagonist, and later achieved success in the underrepresented sports drama genre with Hot Stove League in 2019. MBC ventured into darker thematic territory with the mystery thriller Black Out in 2023. Meanwhile, cable broadcasters have increasingly leveraged OTT platforms to amplify their reach. CJ ENM’s tvN saw global success with Queen of Tears, a Netflix-distributed original that drew millions of viewers worldwide. JTBC’s Heavenly Ever After, a fantasy romance, topped ratings among non-terrestrial programs at its peak. 2025-08-04 11:19:37

South Korea sees July export volume grow 5.9 percent on strong chip demand SEOUL, August 1 (AJP) - South Korea's exports rose 5.9 percent in July from a year earlier to $60.82 billion, marking the second consecutive month of growth despite concerns over impending U.S. tariffs, trade ministry data showed Friday. Semiconductors drove the export surge, posting a 31.6 percent year-on-year increase to $14.71 billion, recording the highest July performance ever, aided by strong demand for high-value memory chips such as high bandwidth memory chips and price recovery. The chip sector accounted for 24.2 percent of total exports, nearly a quarter of South Korea's overseas shipments during the month. Automotive exports also performed well, rising 8.8 percent despite reduced shipments to the United States due to the 25 percent tariffs, as increased sales to the European Union, Commonwealth of Independent States and Latin America offset the decline. Shipbuilding exports more than doubled with a 107.6 percent increase, driven by strong demand for liquefied natural gas carriers. The regional export landscape showed notable changes, with exports to the United States ranking third at $10.33 billion, tailing behind China at $11.05 billion and ASEAN countries at $10.91 billion. Some analysts suggest the July growth may reflect "front-loading" effects, as companies rushed to export key products before the August implementation of higher U.S. tariffs. Beyond semiconductors, automobiles, and ships, many sectors struggled, including secondary battery exports falling more than 20 percent due to declining mineral prices and overseas production shifts. Steel exports dropped 2.9 percent while auto parts fell 7.2 percent, both affected by higher U.S. tariffs on these products. From August, the United States will implement reciprocal tariffs ranging from 10 percent to 15 percent on major Korean products including semiconductors, still lower than the initially proposed 25 percent rates. "Despite very high external uncertainties surrounding our exports ahead of the U.S. tariff implementation on August 1, our companies made all-out efforts in export activities, continuing the positive export trend for two consecutive months since June," Minister of Trade, Industry and Energy Kim Jung-kwan said in a press release. 2025-08-01 16:06:54

South Korea to decide on Google's high-precision map export request next month SEOUL, August 1 (AJP) - South Korea will decide next month whether to approve Google's request to export high-precision maps overseas, with security concerns likely to weigh heavily on the government's final decision. Because South Korea remains technically in a state of ceasefire with North Korea, the country imposes strict regulations on domestic map service providers to conceal the exact locations of military bases and facilities. Many of these sites are either blurred, unsearchable, or altered to appear as ordinary terrains such as hills, forests, or rice paddies in satellite image-based services. The Ministry of Land, Infrastructure and Transport will convene a committee on September 11 comprising ministers from eight government agencies and the National Intelligence Service chief to review Google's application to transfer 1:5,000 scale domestic maps to its overseas data centers. Google submitted the request in February, marking its third attempt since 2007 and 2016 to obtain approval for exporting the detailed maps. The U.S. tech giant previously faced rejections due to national security concerns raised by Seoul. The timing coincides with recent South Korea-U.S. tariff negotiations, where Washington had criticized Seoul's digital regulations as one of the non-tariff barriers. However, the map export issue was notably absent from the final trade agreement reached between the two allies. "High-precision maps were among the earliest topics discussed, but as trade negotiations progressed rapidly, we defended that position," said policy chief Kim Yong-beom of the presidential office, during a presidential briefing following the tariff talks. "There will be no additional concessions on that front." Kim indicated the security-related matter would likely be addressed during upcoming summit talks between the two countries, separating it from trade discussions. Members of the Lee administration have expressed cautious positions on the map export request. Land Minister Kim Yun-duk said during his confirmation hearing that while trade considerations merit "forward-looking review," national defense and public safety take precedence. Culture Minister Chae Hwi-young similarly emphasized the need for "careful consideration of comprehensive impacts on national security and domestic industry." 2025-08-01 13:37:17