Hanwha finalizes $637 million acquisition of catering firm Ourhome SEOUL, May 15 (AJP) - Hanwha Group has completed its acquisition of catering firm Ourhome for 869.5 billion won (approximately $637 million), expanding its presence in the food services sector in one of the country’s most notable recent mergers. The deal, announced Thursday by Hanwha Hotel & Resort, gives the conglomerate a controlling 58.62 percent stake in Ourhome, marking the end of a seven-month negotiation and due diligence process that began in October. The acquisition was spearheaded by Kim Dong-seon, vice president of Hanwha Hotel’s Future Vision Division and the youngest son of Hanwha Group Chairman Kim Seung-yeon. With the transaction now complete, Ourhome officially becomes part of the sprawling Hanwha corporate family. The merger has drawn attention within the South Korean business community for what some analysts have described as “a shrimp swallowing a whale,” referencing the disparity in size between the two companies. Ourhome, a leading player in catering and food distribution, reported revenue of 2.24 trillion won in 2023 — more than double Hanwha Hotel & Resort’s 750.9 billion won in sales during the same period. To facilitate the acquisition, Hanwha Hotel & Resort established a special purpose vehicle, Woorijib f&b, earlier this year. Regulatory approvals for the deal were secured from both domestic and international authorities last month. Hanwha said it plans to integrate Ourhome’s scale and distribution capabilities with its own expertise in food service, drawing on nearly three decades of experience in the sector through its subsidiary Hanwha Foodtech. “We will lead the transformation of both domestic and global food markets together with Ourhome, which has shown excellence in catering and food distribution,” a Hanwha Hotel & Resort spokesperson said in a statement. The company also emphasized plans to accelerate automation in commercial kitchens and pursue collaborations with other Hanwha affiliates, viewing technological innovation as key to shaping the future of the food industry. 2025-05-15 13:38:09

Korea's agricultural giant balances tradition with global ambition Editor's Note: This article is the 18th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, May 14 (AJP) - South Korea’s largest agricultural cooperative and financial group, NongHyup (NH), is navigating a volatile landscape in 2025, shaped by climate disruptions, demographic shifts, and rising global tensions. According to a recent report from the NH Future Strategy Research Institute, the organization is confronting a web of challenges: erratic weather patterns impacting food supply chains, unstable agricultural prices, rural depopulation, and renewed geopolitical friction amid the second Trump administration in the United States. In response, NongHyup is doubling down on food security, managing domestic rice supplies, and working to boost the global profile of Korean food products. Legacy of rural support Founded in 1958, NongHyup was created to empower farmers following Korea’s liberation from Japanese colonial rule. At the time, rural communities were burdened by weak infrastructure and limited access to capital, leaving agricultural production fragmented and inefficient. The cooperative has since evolved into a national institution rooted in its 2.05 million-member base, with 1,111 agricultural and livestock cooperatives operating across the country. Its central body, the NongHyup Central Association, oversees a broad portfolio that includes eight headquarters divisions, 34 departments, and specialized units. NongHyup operates under a dual structure: NH Economic Holdings, which manages distribution, food, and chemical subsidiaries; and NH Financial Holdings, which oversees banking, insurance, securities, and asset management arms. This hybrid model allows NongHyup to deliver both agricultural and financial services to farmers and rural residents, creating a rare synergy between the farm and the financial system. NH Bank and its sister firms not only provide credit and investment tools but also offer social and logistical support across the agricultural supply chain. Under the leadership of Kang Ho-dong, Chairman of the Central Association; Lee Seok-jun, Chairman of NH Financial Holdings; and Kang Tae-young, President of NH Bank, NongHyup has emphasized Environmental, Social, and Governance (ESG) principles as a cornerstone of its long-term strategy. “The core of future preparation is AI and ESG,” Lee said in a recent speech, highlighting the organization’s ambition to fuse cooperative ideals with cutting-edge technology and sustainability practices. As part of this pivot, NH NongHyup Bank is accelerating its international expansion. The bank plans to upgrade its London office into a full-service branch and establish a strategic foothold in Singapore. Additional branches are in the works in Ho Chi Minh City, Vietnam. Since launching its global division in 2017, NH has opened offices in New York, Sydney, Hong Kong, Beijing, Noida (India), and across Southeast Asia. The expansion is beginning to pay off. In the past year alone, NH NongHyup Bank’s overseas assets have grown by 39 percent. The bank aims to generate 150 billion won in international profits by 2030, with overseas operations already surpassing 100 billion won in net income for the first time. NH Financial Holdings Chairman Lee Seok-jun/ Courtesy of NongHyup At the 2025 Global Strategy Council, NH executives made clear that the group intends to move beyond its traditional “fast follower” posture. Instead, they aim to become a “first mover,” aggressively pursuing new business and investment opportunities. “We cannot close the gap with global leaders by simply following in their footsteps,” said Jo Jung-rae, Vice President of NH Financial Group. “Risk management and speed in seizing new opportunities must define our approach.” That strategic agility builds on a history of bold corporate moves, including the 1998 acquisition of Namhae Chemical for 300 billion won, the 2014 purchase of seed firm Nongwoo Bio, and the acquisition of Woori Investment & Securities for over 1 trillion won. In 2003, NH partnered with France’s Amundi to launch NH Amundi Asset Management, expanding its global reach in asset management. The organization faces scrutiny over governance and ethical lapses. NH Bank has come under fire for improper lending practices and recurring financial missteps. Critics have raised concerns over politically influenced executive appointments, particularly at subsidiaries like NH Life Insurance. There have also been reports of workplace harassment and wrongful dismissals at some regional branches. Farmer advocacy groups have also voiced frustration over persistent agricultural price declines and what they see as insufficient reforms in distribution channels. As it eyes the future, NongHyup is seeking to balance tradition with transformation. Its long-term strategy centers on blending cooperative values — mutual aid, community development, social responsibility — with the demands of a modern, competitive economy. That includes deepening ESG adoption, investing in digital innovation, expanding its global presence, and supporting farmers in navigating the new realities of climate change, market volatility, and global supply chain shifts. In a country where agriculture still plays a vital — if shrinking — role, NongHyup’s ability to evolve may well determine the fate of Korea’s rural communities in the decades ahead. 2025-05-15 11:02:52

PHOTOS: Presidential election posters to appear nationwide SEOUL, May 14 (AJP) - The National Election Commission has released the official campaign posters of the candidates vying for the 21st presidential election on June 3. These posters are slated for display in prominent public spaces across the nation, beginning on May 15. 2025-05-14 16:39:40

North Korea remains on list of countries 'not fully cooperating' with US counterterrorism efforts SEOUL, May 14 (AJP) - North Korea was included in the list of countries that "did not fully cooperate with U.S. counterterrorism efforts," along with Cuba, Iran, Syria, and Venezuela, the U.S. Department of State said in a press release on Tuesday. The designation on the list, updated annually in May, prohibits the "sale or license for export of defense articles and services." North Korea has been on the list of "Not Fully Cooperating Countries (NFCCs)" for 29 consecutive years since 1997, while Cuba was placed back on the list this year after being briefly removed last year. Separately, North Korea has also been on the U.S.' list of state sponsors of terrorism since 2017, when it was redesignated. The U.S. will "continue to promote international cooperation on counterterrorism issues. We also continue to promote accountability for countries that do not stand against terrorism," the department said. 2025-05-14 15:56:53

Kim Moon-soo promises science-focused presidency in aerospace hub SEOUL, May 14 (AJP) - Kim Moon-soo, the presidential candidate of the People Power Party, pledged Wednesday to become a president who prioritizes science and technology, as he toured Jinju and Sacheon, cities in South Gyeongsang Province known for their concentration of aerospace and defense industries. In a campaign speech in Jinju, Kim urged voters to back his vision of transforming South Korea into a global leader in aerospace. “Let’s raise our aerospace technology and industries to the top level worldwide,” he said. “If I am elected as president, I will be a ‘science and technology president.’” He drew parallels with the legacy of former President Park Chung-hee, saying, “Some might ask, ‘What do you know about science and technology?’ President Park wasn’t a scientist, but he knew the importance of those sectors and trained some of the world’s best experts. He built POSCO, the automobile industry, shipbuilding, and K-defense.” Kim also proposed bringing in top talent from overseas. “We need to recruit the best minds from abroad and create a Korea, especially Jinju, Sacheon, and the whole of South Gyeongsang Province, where practicing science and raising a family are both ideal,” he said. Mentioning the major shipyards in nearby Geoje, Kim added, “Korea’s shipbuilding technology is the best in the world. We need to keep expanding this strength.” He also spoke about the symbolic value of Jinju, invoking patriotic and civic pride. “Jinju has always stood firm for the country,” he said. Kim also visited the Korea Aerospace Administration in Sacheon and received a policy briefing from Commissioner Yoon Young-bin. Kim also engaged in discussions with staff and experts. 2025-05-14 15:56:24

North Korean IT workers in China linked to remote work scams overseas SEOUL, May 14 (AJP) - North Korea has set up dozens of front companies in China, helping its IT workers "trick Western companies into hiring them," the American news website Axios reported on Tuesday. Citing a fresh report released by strategic intelligence platform Strider Technologies, the website revealed details of a vast network of China-based companies allegedly involved in facilitating North Korea's clandestine IT operations overseas, evading international sanctions. According to Axios, the scheme involves North Korean workers using aliases to land jobs at tech companies in the U.S., with "nearly every Fortune 500 company" having "struggled with the problem of North Korea-based IT workers trying to get hired at their firms." The report identified about 35 companies believed to be connected to Liaoning China Trade Industry, a Chinese firm already sanctioned by the U.S. Department of the Treasury. The firm was blacklisted earlier this year for shipping laptops and other IT equipment to North Korea's military unit, known as Department 53, which is involved in weapons trading. Among other suspected firms named in the report are Dandong Deyun Trading, a textiles and electronics wholesaler; Guangzhou Aiyixi Trading, which engages in the sale of cosmetics and clothing; and Yongping Zhuoren Mining, a distributor of minerals and construction materials. The report suspected that these firms may be helping to funnel resources to fund Pyongyang's missile and nuclear weapons program. But more recently, North Korea's aims appear to be shifting from earning dollars to intelligence gathering such as "intellectual property and any other company secrets," Axios said, quoting Strider CEO Greg Levesque as saying. The latest revelation raises concerns over North Korea's increasingly sophisticated tactics to infiltrate Western businesses, posing threats to their cybersecurity. 2025-05-14 15:41:31

Container ship orders surge, defying global shipping slowdown SEOUL, May 14 (AJP) - Global orders for container ships surged in early 2025, defying broader trends in the maritime industry and signaling a shift driven by environmental regulations and geopolitical trade tensions. As of the first week of May, new container ship orders reached approximately 1.65 million twenty-foot equivalent units (TEUs), nearly equaling the 20-year annual average of 1.71 million TEUs, according to industry data released Wednesday. That figure represents a 285 percent increase from the same period last year. The surge stands in contrast to the rest of the shipbuilding sector. Overall global vessel orders dropped nearly 50 percent year-on-year to 12.59 million compensated gross tons (CGT), a standard measure that adjusts for ship complexity and labor intensity. Analysts and industry observers had expected a slowdown in container ship demand, particularly as new vessels ordered during the pandemic began entering service. Compounding the skepticism were forecasts of weakening global trade amid revived protectionist policies under U.S. President Donald Trump. In January, the Export-Import Bank of Korea projected a 32 percent decline in overall shipbuilding orders for the year, citing diminished demand for both LNG carriers and container ships. But the recent uptick suggests a more complex picture. “Despite massive supply of container vessels already entering the market with more to come, shipowners continue purchasing container ships,” said Han Young-soo, an analyst at Samsung Securities. “This can be explained by replacement demand to comply with environmental regulations.” The International Maritime Organization in April approved new measures to regulate greenhouse gas emissions for ships over 5,000 tons starting in 2027. Penalties for excess emissions will range from $100 to $380 per ton, prompting shipping companies to replace older fleets with more energy-efficient models. Flush with cash from elevated freight rates during last year’s crisis in the Red Sea — disruptions caused by the Israel–Hamas war — container carriers are accelerating the transition to low-emission vessels. The demand has been particularly robust for feeder container ships, smaller vessels typically under 3,000 TEU used on regional routes. South Korea’s HD Hyundai Mipo has secured contracts for 16 of the 33 feeder ships ordered globally this year, making it the market leader in that category. South Korean shipbuilders are also poised to benefit from geopolitical headwinds. The Trump administration has announced a new tariff targeting Chinese-built and Chinese-flagged ships, imposing a $50 per ton levy on vessels docking at U.S. ports starting in October. That figure is set to rise to $140 per ton by 2028. 2025-05-14 15:29:37

LG Electronics expands global 'Life's Good' campaign with community initiatives SEOUL, May 14 (AJP) - LG Electronics is broadening the reach of its global brand campaign, “Life’s Good,” with a series of initiatives aimed at fostering environmental stewardship and social engagement across several continents. In the United States, LG’s North American headquarters in Englewood Cliffs, N.J., has taken a hands-on approach to urban ecology. Employees recently installed more than 150 handcrafted bird nests on company grounds and at their own residences, offering shelter to birds that have been displaced by urban development. Additionally, the company expanded its pollinator garden on the New Jersey campus, planting over 100 species of native plants. The garden, now recognized as a Certified Wildlife Habitat by the National Wildlife Federation, is the first of its kind established by a Korean company in the United States. These actions, LG said, reflect its broader environmental, social and governance (ESG) strategy, which it has framed under the vision of “Better Life for All.” The campaign also extends beyond environmental efforts. In Central Asia, LG Kazakhstan hosted educational events at two universities in Kyrgyzstan, engaging approximately 300 students. The sessions explored the core tenets of the “Life’s Good” philosophy, emphasizing the role of optimism in personal development and social innovation, as well as the ways in which technology can enhance daily life. Company officials describe the campaign as a reflection of LG’s evolving corporate identity. In 2023, LG redefined its brand direction, seeking to align its core values with global movements for sustainability and human well-being. “The ‘Life’s Good’ campaign is a journey beyond a simple brand slogan to create positive change together with customers,” a spokesperson for LG Electronics said in a statement. The company added that it intends to continue supporting initiatives around the world that embody its commitment to a more sustainable and optimistic future. 2025-05-14 15:22:35

Protesters get prison terms for violent court intrusion SEOUL, May 14 (AJP) - Two far-right YouTubers were sentenced to prison terms on Wednesday for resorting to violence in a protest against disgraced former President Yoo Suk Yeol's arrest over his botched martial law debacle late last year. The Seoul Western District Court handed down a sentence of one and a half years in prison to a 35-year-old man surnamed Kim, and a one-year sentence to another man in his late 20s surnamed So, for their violent intrusion into the court building in Mapo, western Seoul in mid-January. In complete chaos, dozens of protesters illegally stormed the court on Jan. 19, damaging public property and vandalizing items, while several YouTube channels livestreamed the scene, with hordes of their fervent subscribers tuning in. The two were among about dozens of protestors arrested during the day's chaotic intrusion. Wednesday's ruling marked the first in the case, with a trial for the remaining four others, who are accused of assaulting police officers and reporters, scheduled for later this week. 2025-05-14 15:08:13

Lee Jae-myung urges Busan voters to hold PPP accountable in election SEOUL, May 14 (AJP) - Democratic Party (DP) presidential candidate Lee Jae-myung called on voters in the southern port city of Busan to deliver a clear judgment on the People Power Party (PPP), taking direct aim at the conservative bloc for its support of former President Yoon Suk Yeol. Speaking at a campaign rally in Seomyeon on Wednesday, Lee described Busan as a city with a proud democratic history and urged its citizens to reflect on the PPP’s role in backing Yoon, who was impeached in April following his controversial declaration of emergency martial law. “If the People Power Party truly respects the constitutional order of liberal democracy, it must immediately expel the ringleader of the military coup, Yoon Suk Yeol,” Lee said. Turning to the crowd, he continued, “Isn’t this the sacred ground of democracy? Isn’t this the political hometown of Kim Young-sam, a fighter for democracy? I ask you once again to hold the PPP accountable.” Busan, South Korea’s second-largest city, has long been considered a conservative stronghold. Lee’s campaign stop there follows earlier visits to Daegu and North Gyeongsang Province, also known for their conservative leanings. Lee also called on his supporters to stay vigilant and participate fully in the June 3 election. Quoting former President Kim Dae-jung, he said, “A conscience without action sides with evil.” He added, “Abstaining from voting isn’t neutrality. It’s choosing their side.” While some experts have projected a comfortable lead for the DP, Lee struck a cautious tone. “This will be a close contest,” he said. “Our goal isn’t a landslide — it’s to win for certain.” He also urged his supporters to act as if the race could come down to just a few votes. “I’m doing everything I can to win even by a single vote,” he said. “Please help us by thinking we’re short by three votes and secure three more each.” 2025-05-14 15:01:35