South Korea heightens travel advisory for Iran SEOUL, June 17 (AJP) - South Koreans are advised to avoid travel to Iran as its conflict with Israel further escalates, the Ministry of Foreign Affairs said on Tuesday. The ministry heightened its travel advisory for all of Iran with immediate effect, urging South Koreans currently in the country to "leave as soon as possible." It also advised those planning to travel to the Middle Eastern country to cancel or postpone their trips. Several areas there had already been under travel bans, but the latest advisory has now been expanded to cover the entire country. The ministry added that it will "continue to closely monitor the situation and implement necessary measures to ensure the safety of South Korean expats there." The advisory comes less than a week after Israel launched a surprise attack on Iran last Friday, leading to retaliatory strikes and escalating military tensions in the region. About 100 South Koreans are estimated to reside in Iran, with most living in the capital area of Tehran. No casualties involving South Koreans have been reported so far. 2025-06-17 16:11:43

Hanwha Ocean eyes Brazil oil platform deal SEOUL, June 17 (AJP) - Hanwha Ocean is preparing a bid for a major Brazilian offshore oil platform project, signaling its return to the high-stakes Floating Production Storage and Offloading (FPSO) market. The company’s participation in the Petrobras-led P-86 project marks its first FPSO tender. It also reflects a broader strategic pivot toward high-value offshore energy infrastructure as the global industry recovers from years of volatility and underinvestment. Hanwha Ocean is expected to be the sole South Korean bidder for the P-86 unit, a deepwater FPSO platform planned for deployment off Brazil’s coast. Petrobras, Brazil’s state-controlled oil company, had initially set a bid deadline of June 6 but postponed it to November 3, citing heightened oil price volatility and soaring construction costs. FPSOs are massive, mobile offshore vessels that can extract, process, store, and offload oil and gas at sea, often in deepwater fields too remote for fixed infrastructure. The platforms are complex and costly — each can exceed 1.4 trillion won (about $1.05 billion) — but offer strategic value for shipbuilders with the capacity to deliver at scale. Though rivals from China, Singapore, Malaysia and Brazil are expected to participate, Hanwha Ocean will stand alone among Korean contenders. Both HD Hyundai Heavy Industries and Samsung Heavy Industries have opted out of the bidding process, focusing instead on FLNG (Floating Liquefied Natural Gas) projects and existing vessel backlogs. Philippe Levy, head of offshore operations at Hanwha Ocean, said the company aims to build three FPSO units every two years beginning in 2027. To meet that target, Hanwha is investing in new production capacity, including an ultra-large floating dock and a 6,500-ton offshore crane, both designed to support modular construction and reduce lead times. The company has also secured basic design approval for its standardized FPSO model from the American Bureau of Shipping, with co-certification from France’s Bureau Veritas. The vessel measures 340 meters long and 62 meters wide, and is designed to process up to 190,000 barrels of oil per day while storing up to 2.38 million barrels. 2025-06-17 15:42:38

Bilateral talks between Seoul and Washington canceled as Trump leaves G7 early SEOUL, June 17 (AJP) - President Lee Jae-myung, who is in Canada attending the Group of Seven (G7) summit, was unable to hold his planned talks with U.S. President Donald Trump on Tuesday. According to the presidential office here, the two were scheduled to sit down for talks on the sidelines of the summit, but the meeting was canceled after Trump decided to cut his G7 trip short. In a press briefing in Calgary, National Security Adviser Wi Sung-lak also said, "Trump is hurriedly returning to Washington due to a deadly conflict between Iran and Israel, which has made it difficult for him to hold the biliteral meeting as planned." He added that the U.S. asked for understanding over the cancellation. Meanwhile, Lee has already held a series of talks with other leaders including Australian Prime Minister Anthony Albanese and South African President Matamela Cyril Ramaphosa, and is set to have a one-on-one meeting with Japanese Prime Minister Shigeru Ishiba. With the first bilateral meeting between the new South Korean and U.S. leaders falling through, the next possible occasion would be the NATO summit, which is scheduled to take place in the Hague early next week, although Lee has not yet decided whether to attend. 2025-06-17 15:37:24

Hyundai Glovis invests $145 million to acquire Asiana Airlines' cargo unit SEOUL, June 17 (AJP) - Hyundai Glovis has stepped up its ambitions in global air logistics, committing 200.6 billion won (approximately $145 million) to a private equity fund backing Air Incheon’s acquisition of Asiana Airlines’ cargo division. The move strengthens Glovis’s position in the freight sector and grants it preemptive rights in the event of a future sale of the combined cargo carrier. The investment was disclosed in a regulatory filing on June 16 and marks an expansion of Glovis’s involvement in the private equity fund. The fund — jointly managed by Socius Private Equity and Korea Investment Partners — is spearheading the takeover of Asiana’s cargo business by Air Incheon, South Korea’s only dedicated cargo airline. With this latest infusion, Hyundai Glovis has increased its stake in the fund from 34.9 percent to 45.2 percent, becoming its largest investor. The company had initially planned to commit 150 billion won, but the expanded stake reflects a deepening strategic interest in air freight and logistics infrastructure. The acquisition structure includes roughly 350 billion won in equity and 300 billion won in acquisition financing. Of that, 470 billion won is expected to be injected into Air Incheon through a capital increase, with the remaining funds earmarked for aircraft procurement and infrastructure development post-merger. Glovis previously invested 50 billion won in a separate Socius PE fund in 2024, signaling its growing appetite for high-value logistics plays amid intensifying global demand for integrated supply chain services. The divestiture of Asiana’s cargo unit was a key condition set by the European Commission earlier this year as part of its antitrust approval for the merger between Korean Air and Asiana. Air Incheon was named the preferred buyer, with the newly integrated cargo carrier slated to begin operations on August 1, 2025. 2025-06-17 15:35:08

TRAVEL: A taste of Busan's past and future at Jagalchi Market SEOUL, June 17 (AJP) - Nestled along the vibrant Nampo-dong beachfront in Busan, Jagalchi Market stands as an enduring symbol of the city's rich maritime heritage. For well over a century, this bustling hub has drawn both local residents and a steady stream of international visitors, making it an essential stop for anyone exploring Busan. The market’s origins trace back to 1922, when a consignment sales center for the Busan Fisheries Cooperative was established on this very spot. It officially opened as Jagalchi Market in 1970, swiftly growing into South Korea’s largest seafood market. Its distinctive name, “Jagalchi,” is believed to come from the small, black “jagal” (pebbles) that once dotted the nearby beach, with “chi” being a common suffix for fish. Though land reclamation during the Japanese colonial period has erased the original scenic beachfront, it was once celebrated for its stunning views. Stepping off the subway and into the market's entrance, visitors are immediately greeted by the distinctive sight of a knife-sharpening truck. On this small vehicle, an array of blades — from compact knives for filleting to larger ones for butchering — are meticulously displayed. Here, Hong Soon-chil, 79, a knife sharpener with 45 years of experience, tends to his craft in a small, vinyl-enclosed workspace behind the truck. His vital trade underscores the market's reliance on sharp tools for its daily operations. The market building itself is a hive of activity. The first floor houses a vibrant emporium of fresh seafood. Here, a dizzying array of live fish, various other marine species, and imported king crabs are on offer. Purchases made on the first floor can be taken upstairs to the second-floor restaurants, where skilled chefs prepare them to order. These dining establishments, offering both raw fish and an assortment of other seafood dishes, are consistently packed with tourists from across the globe. For a broader perspective, the seventh-floor observatory provides a sweeping vista of Namhang Port, showcasing the impressive Namhang Bridge directly ahead, with the Busan and Yeongdo bridges to the left. To the right, fishing boats are moored, preparing for their next voyage. The continuous ebb and flow of fishing boats and cruise ships, combined with the expansive view, offers a refreshing spectacle. Beyond the main market building, a labyrinth of street vendors beckons. This bustling alley features stalls laden with fresh and semi-dried fish, alongside restaurants specializing in charcoal-grilled delights. Some grilled fish eateries prominently display their appetizing wares, tempting passersby with their smoky aromas. While Jagalchi Market historically began with these very street stalls, the majority of its businesses are now housed within the market building. The remaining street vendors are slated to relocate to the newly completed "Jagalchi Ajimae" market building, suggesting that this traditional element of the market may soon fade from view. For photographers, the disappearance of such a vibrant slice of life is a regrettable loss. However, there is also a clear desire to support the resilient vendors, enabling them to conduct their daily business in a more comfortable and weather-protected environment. 2025-06-17 14:44:31

S. Korea plans $14 billion second supplementary budget to boost economy SEOUL, June 17 (AJP) - The South Korean government is expected to introduce a 20 trillion won (approximately $14.6 billion) supplementary budget on Thursday, part of a broader effort to revitalize the nation’s faltering export-driven economy. The proposal, which would mark the second supplementary budget of 2025, is scheduled for submission at the cabinet meeting on June 19. It follows a 13.8 trillion won stimulus package announced in May and is aimed at boosting domestic consumption through targeted fiscal support. According to presidential spokesperson Kang Yu-jung, President Lee Jae-myung has been closely involved in crafting the new budget. The centerpiece of the package is a nationwide economic recovery program that will distribute cash payments scaled to income levels. Since taking office on June 4, President Lee has consistently advocated for expansionary fiscal policy and direct cash-transfer schemes. His administration’s urgency has been underscored by the Bank of Korea’s recent downward revision of its 2025 growth forecast to 0.8 percent, citing weak household spending and a slump in construction activity. The revised plan moves away from the ruling Democratic Party’s original proposal of universal 250,000 won payouts. Instead, recipients of basic livelihood subsidies would receive 450,000 won in the initial phase. Low-income families and single-parent households would be allotted 350,000 won, while the general public would receive 250,000 won. The budget also earmarks approximately 500 billion won for local currency programs and fiscal adjustments to address revenue shortfalls attributed to policies under former President Yoon Suk Yeol. 2025-06-17 14:44:14

South Korea slides in global competitiveness ranking SEOUL, June 17 (AJP) - South Korea fell seven notches to 27th place in global competitiveness rankings, according to a report released by the International Institute for Management Development (IMD) on Tuesday. The annual report by the Swiss business school, which ranks some 69 countries around the world based on four key categories — economic performance, government efficiency, business efficiency, and infrastructure — placed South Korea at 27th, down from 20th last year. Despite a slight improvement in economic performance, the country's overall standing fell due to drastic declines in other categories. The report pointed out the country need to "address demographic decline with world-lowest birth rates and mounting fiscal pressures." It also stressed the importance of overcoming "regulatory barriers to sustain competitiveness in emerging technologies." Switzerland rose one spot to claim first place, while Singapore slid to second. They were followed by Hong Kong, Denmark, and the UAE. Meanwhile, presidential spokesperson Kang Yu-jung attributed the drop to economic struggles and other disruptions caused by "political turmoil" following former President Yoon Seok Yeol's botched Dec. 3 declaration of martial law and his subsequent impeachment. 2025-06-17 14:39:46

Samsung starts key meetings to chart course through geopolitical, trade turbulence SEOUL, June 17 (AJP) - Samsung Electronics on Tuesday convened its biannual global strategy meeting at its headquarters in Seoul, gathering top executives and international subsidiary heads to chart a path forward. The four-day meeting, held each June and December, provides a forum for the South Korean firm's leadership to assess challenges across markets and divisions, and coordinate marketing and production strategies for the months ahead. This week’s meetings are led by Jeon Young-hyun, head of the company’s Device Solutions (DS) division, and Roh Tae-moon, acting chief of the Device Experience (DX) division. This year’s gathering takes place under heightened pressure. The Trump administration’s protectionist trade policies — including new tariffs on steel-derived products — and ongoing military conflict involving Israel and Iran have complicated Samsung’s global operations. The opening session Tuesday spotlighted the Mobile Experience (MX) unit within the DX division, with executives reviewing launch plans and regional sales strategies for the Galaxy Z Flip 7 and Fold 7 smartphones, slated for release in July. Other consumer electronics units, including the Video Display and Digital Appliances divisions, are scheduled to hold sessions on Wednesday. The week will culminate in a full-company review of first-half performance and strategic planning for the remainder of the year. The semiconductor division, which will meet Wednesday, faces its own set of challenges. Samsung recently ceded its long-held lead in the global DRAM market to SK hynix, ending a dominance that began in 1992. Weak performance in high-bandwidth memory and foundry services has further pressured the business, prompting internal reviews of its product roadmap, organizational structure, and long-term competitiveness. Several of Samsung’s key affiliates — including Samsung Display, Samsung Electro-Mechanics, and Samsung SDI — will hold individual strategy meetings beginning Tuesday to outline their plans for the second half of the year. 2025-06-17 13:56:50

Korean biotech firms showcase innovation at BIO International Convention SEOUL, June 17 (AJP) - Global biotechnology leaders and emerging innovators have convened in Boston as the 2025 BIO International Convention opened, drawing an estimated 20,000 industry professionals from across the world. The four-day event, held at the Boston Convention and Exhibition Center, marks the 32nd edition of the world’s largest biotechnology trade show. “BIO 2025 offers Korean biotech companies an unparalleled global platform to showcase their technologies and establish transformative partnerships,” said Jurie Hwang, director of public and international relations at the Korea Biotechnology Industry Organization (KoreaBio). The convention takes place against the backdrop of evolving pharmaceutical markets. With the U.S. under renewed political pressure to curb rising drug prices, South Korean firms are eyeing the American biosimilar market, where several high-profile patents are nearing expiration. South Korea’s pharmaceutical sector made a notable showing at this year’s gathering. Samsung Biologics, Celltrion, Lotte Biologics and SK Biopharmaceuticals were among the major companies hosting large-scale booths aimed at securing global partnerships and licensing agreements. 2025-06-17 10:36:58

S. Korean companies evacuate employees from Israel amid escalating conflict SEOUL, June 17 (AJP) - As military tensions between Israel and Iran continue to escalate, South Korea’s largest technology firms are relocating employees and implementing precautionary measures to safeguard their personnel in the region. Samsung Electronics and LG Electronics confirmed Tuesday that they have withdrawn South Korean staff and their families from Israel, relocating them to neighboring Jordan in response to growing security concerns. Samsung, which maintains a semiconductor research and development center and a local marketing unit in Israel, completed the relocation over the weekend. The company has since shifted its Israeli operations to remote work until further notice. LG Electronics, which operates a smaller sales presence in Israel, enacted similar evacuation procedures for its Korean employees. The company has also issued a group-wide advisory prohibiting business travel to the Middle East. Hyundai Motor Group, which distributes vehicles in Israel through local dealerships, is continuing operations with caution, adhering to guidance from the Israeli government. While the company has scaled back active sales efforts, long-term projects — including the construction of a new manufacturing plant in Saudi Arabia slated to open next year — remain on schedule. Elsewhere in the region, Hyosung TNC, a textiles and materials company that operates a spandex production facility in Turkiye, reported that operations are proceeding normally. The company said it is closely monitoring regional developments for any potential escalation. The South Korean government is also preparing for possible economic ripple effects. The Ministry of SMEs and Startups convened a task force on June 16 to assess the potential impact of the conflict on small and medium-sized enterprises engaged in trade with the Middle East. Officials reviewed a range of scenarios, including shipping delays and interruptions to import and export flows. While some risks have been identified, the ministry has so far concluded that the direct impact on Korean SMEs remains limited. 2025-06-17 10:31:24