Celltrion wins Irish approval for purchase of Eli Lilly plant in New Jersey SEOUL, November 03 (AJP) - South Korean biopharmaceutical company Celltrion said Monday that it has received approval from the Irish government for its planned acquisition of Eli Lilly’s manufacturing facility in the United States, leaving only U.S. regulatory clearance before the deal can close. The Competition and Consumer Protection Commission of Ireland granted final approval for the purchase on Oct. 31, according to Celltrion. The deal requires the review under Irish competition law because it involves an Eli Lilly subsidiary that generates revenue in Ireland. Celltrion’s U.S. subsidiary is now seeking to acquire the New Jersey-based plant from Eli Lilly for about $330 million. Celltrion said the approval was granted swiftly thanks to what it called “effective communication and the anticipated benefits of the acquisition.” With U.S. approval now the final step, the company said it has encountered no significant issues in the acquisition process so far. "We will diligently prepare for the remaining steps to secure approval promptly," the company said in a press release. Celltrion aims to complete the deal by the end of the year, positioning the acquisition as part of its strategy to reduce tariff risks and strengthen global supply chain resilience amid geopolitical uncertainty. The company said it plans to integrate local production, packaging, logistics and sales to enhance operational efficiency. The company described the purchase as a “key driver” for expanding its global production capacity and boosting shareholder value. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 14:11:13

Heritage agency raises concerns over Seoul's decision to ease height limit near Jongmyo Shrine SEOUL, November 3 (AJP) - The Korea Heritage Service (KHS) on Monday expressed regret over a decision to raise a height limit for buildings in Seoul's derelict district of Sewoon near Jongmyo Shrine. The KHS had been in talks with the Seoul Metropolitan Government to adjust the height limit for the area, which is slated for redevelopment into an urban complex, but the city government abruptly decided last week to raise the limit from 71.9 meters to 145 meters. The KHS worries that the change may diminish the historical and cultural value of the UNESCO World Heritage site, designated in 1995 for its unique architectural landscape and historical significance as a royal ancestral ritual space. Under UNESCO's recommendations, which specify that no high-rise buildings should be permitted near the site to preserve its serene environment, the KHS urged Seoul to conduct relevant assessments before implementing any changes. Despite this, Seoul proceeded with the plan. Once home to the country's first mixed-use apartment complex, the area later became a hub for electronic goods but fell into decline after new, shiny malls opened in Yongsan in the late 1980s. Today, it remains a rundown cluster of low-end electronics shops and dilapidated housing. 2025-11-03 14:06:05

Samsung C&T wins $1.4 billion carbon capture contract in Qatar SEOUL, November 03 (AJP) - Samsung C&T’s construction division has won a $1.4 billion contract to build one of the world’s largest carbon compression and transport facilities in Qatar. The contract, valued at 1.91 trillion won, was awarded by QatarEnergy LNG, the state-run liquefied natural gas producer, and covers engineering, procurement and construction for the project. The new facility will be built about 80 kilometers north of Doha, in Ras Laffan Industrial City, a hub for Qatar’s energy production. Once completed, it will compress and transport up to 4.1 million tons of carbon dioxide a year to depleted gas fields for permanent underground storage — the largest carbon capture and storage capacity in the country. The project will require sophisticated systems for pressure and temperature control to ensure the safe handling of carbon dioxide, one of the most technically demanding elements of large-scale carbon management. Samsung C&T will oversee the full process from design to construction. The deal marks another milestone in Samsung C&T’s expansion beyond traditional construction into decarbonization and renewable energy sectors, including solar power and battery storage. “With our extensive experience in large-scale projects in Qatar, this contract will strengthen our contribution to the country’s sustainability goals,” said Lee Byung-soo, executive vice president of Samsung C&T’s Overseas Business Division. “It builds on our previous collaborations in solar and other clean-energy projects.” The project aligns with Qatar’s national strategy to reduce emissions from its LNG operations. For Samsung C&T, it reinforces the company’s position as a global contractor capable of integrating advanced environmental technologies into industrial-scale projects, company officials said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 13:45:49

Red-hot chip streak bolsters KOSPI as other Asian markets stay muted SEOUL, November 03 (AJP) - South Korea’s benchmark KOSPI extended its record-setting rally on Monday, far outperforming other Asian markets as optimism from the APEC week—marked by Nvidia-linked momentum, eased U.S. tariffs, and expectations of China lifting its unofficial ban on Korean content—kept risk appetite high. The KOSPI rose 1.9 percent to 4,183.52 in early trading, while the KOSDAQ gained 1 percent to 909.09. SK hynix briefly touched 600,000 won ($419) on heavy institutional and retail buying, driven by broad conviction that the world’s leading HBM supplier will dominate the AI memory cycle. Nomura Securities projected the company could overtake Taiwan Semiconductor Manufacturing Co. (TSMC) in operating profit by 2027, raising its target price by more than 55 percent from 540,000 won to 840,000 won. SK Securities went further, lifting its target to 1 million won. Investor sentiment strengthened after President Donald Trump and President Lee Jae Myung concluded a bilateral summit on October 29 that finalized the long-delayed U.S. import tariff framework. The agreement removed one of the biggest overhangs for the Korean economy and helped revive appetite for local equities. Morgan Stanley raised its 2025 growth forecast for South Korea to 1.6–1.7 percent from 1.5 percent, citing reduced risks tied to Korean institutional investments in the United States. The firm said Washington’s new investment cap would help contain capital outflows, while lower U.S. tariffs on auto parts would restore price competitiveness for Korean-made goods. The Federal Reserve’s rate cut at its October FOMC meeting—its first reduction this year—added external support. Lower U.S. borrowing costs are expected to ease global liquidity pressures and draw more capital into Asia’s biggest semiconductor hub. Entertainment stocks also rallied after JYP Entertainment founder and chief producer Park Jin-young met with Chinese President Xi Jinping, fueling speculation that Beijing may be preparing to lift its unofficial ban on Korean pop culture. JYP jumped 6.7 percent to 86,300 won, while SM Entertainment rose 3.4 percent, Cube Entertainment gained 3 percent, and HYBE advanced 0.9 percent. Market enthusiasm grew after reports that Xi offered positive remarks on Korean artists performing in China during a state banquet following Saturday’s Korea–China summit. Park, who serves as JYP’s chief creative officer, also co-chairs the Presidential Commission for Cultural Exchange. Elsewhere in Asia, China’s Shanghai Composite Index slipped 0.2 percent to 3,947.14, while Hong Kong’s Hang Seng Index inched up 0.3 percent to 25,981.31. In Taipei, the TAIEX rose 0.6 percent to 28,399.55, though TSMC—Taiwan’s $1.5 trillion market-cap champion—fell 1.3 percent to $300.4. 2025-11-03 11:45:31

UPDATE: Hanwha Aero and Hyundai Rotem show off K-defense muscles in Q3 SEOUL, November 03 (AJP) - South Korean weapons makers kept up their record-setting earnings streak in the third quarter, powered by solid demand for Korean defense systems known for proven technology and rapid delivery. Hanwha Aerospace posted its strongest third-quarter performance on record, lifted by robust exports and solid contributions from subsidiary Hanwha Ocean — underscoring the group’s growing dominance across Korea’s expanding defense-industrial value chain. The company said Monday its Q3 revenue surged 156.5 percent on-year to 6.5 trillion won ($4.55 billion), while operating profit jumped 79.5 percent to 856.4 billion won ($600 million) — the highest level ever for a third quarter. A key driver was the full consolidation of Hanwha Ocean, which contributed 3 trillion won in sales, representing the single largest chunk of group revenue. The land systems division, responsible for the K9 self-propelled howitzer and multiple-launch rocket systems, followed with 2.1 trillion won, trailed by Hanwha Systems — owner of Philly Shipyard — at 807 billion won and the aerospace arm at 604 billion won. Most of the profit, however, came from land systems, which generated 573 billion won in operating profit, or roughly 27 percent of the companywide total. Hanwha Ocean logged 290 billion won. Hanwha Systems saw a temporary earnings dip due to costs tied to its Philly Shipyard acquisition, while the aerospace segment swung back to profit after its Risk and Revenue Sharing Program (RSP) — a joint development mechanism where partners share profit and losses by equity ratio — turned profitable. RSP projects are known to incur front-loaded costs, so the turnaround is viewed as evidence the aerospace unit is entering a more stable earnings phase. “The land-systems backlog now stands at 31 trillion won, or around 69 percent of total orders,” a Hanwha Aero official said, adding that earnings momentum is expected to extend through 2029 as defense expansion remains the primary growth engine. Hanwha Aero is also accelerating its European push. The company plans to begin construction on a new production base in southern Romania by year-end, with local manufacturing to start in 2027. Hanwha entered the Romanian market last July by signing a 1.38 trillion-won deal to supply 54 K9 howitzers and 36 K10 armored ammunition resupply vehicles. It plans to partner with Romanian defense company PRO OPTICA and Italy’s Iveco for the new plant, ultimately targeting Romania’s infantry fighting vehicle (IFV) market. Hanwha Aerospace rose 6.44 percent to close at 1,042,000 won. Hyundai Rotem delivers best results since founding Hyundai Rotem also posted its best-ever results since its establishment, buoyed by soaring global demand for armored vehicles and main battle tanks. From January to September, the company recorded cumulative revenue of 4.2 trillion won and operating profit of 738 billion won — up 44 percent and 150 percent, respectively, from a year earlier. Even on a Q3-only basis, revenue rose 48 percent year-on-year, while operating profit more than doubled, up 102 percent. Like Hanwha Aero, Rotem’s standout performance came from its defense division. Cumulative new defense orders soared from 438 billion won in the first three quarters of last year to 9.14 trillion won this year — an explosive 1,988 percent jump — driven by skyrocketing demand for K2 main battle tanks across NATO states such as Poland and Romania, along with new export contracts for wheeled armored vehicles (WAVs) with Peru. Made-in-Korea armored assets have long been recognized for strong fundamentals, backed by Korea’s advanced manufacturing capabilities and its operational credibility as a nation effectively still at war. Sales gained renewed momentum after Russia’s invasion of Ukraine. Bordering NATO states, particularly Poland and Romania, began rushing to place large-scale tank orders amid mounting security concerns. Korean producers gained an edge with faster delivery timelines and high-performance systems, rivaling established European defense giants Rheinmetall and Krauss-Maffei Wegmann (KMW). Riding on its strengthened global position, Hyundai Rotem plans to continue research into hypersonic vehicles and dual-mode ramjet propulsion systems, aiming to develop maneuverable hypersonic missiles — a technology critical for penetrating missile defense systems and striking high-value targets. The company is also working to integrate robotics and drone technologies from Hyundai Motor Group to expand into next-generation autonomous and unmanned defense platforms. Hyundai Rotem shares surged 6.07 percent to 244,500 won. Eugene Investment & Securities analyst Yang Seung-yoon remains bullish on Korea’s broader defense sector, which also includes Korea Aerospace Industries and LIG Nex1, known for missile and radar capabilities. “NATO’s upward revision of defense spending targets and the EU’s exemption of defense-related debt limits could create meaningful opportunities,” Yang said. 2025-11-03 11:43:25

Coming-of-age indie film continues impressive run at box office SEOUL, November 3 (AJP) - Low-budget film "The World of Love" directed by Yoon Ga-eun has attracted over 60,000 viewers since its release late last month. The impressive feat for an independent film came after positive word of mouth boosted its popularity, with the 119-minute film still drawing hordes of moviegoers in its second week since its release on Oct. 22. In particular, it continues to draw viewers despite being shown on fewer screens, becoming the only film in the top 10 at the box office to maintain a double-digit seat occupancy rate for five consecutive days. "The World of Love," which earned critical acclaim at the Toronto International Film Festival (TIFF) in September, revolves around a teenage girl who becomes isolated and ostracized after refusing to participate in a school-wide petition. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 10:54:57

Hyundai Motor to cooperate with Singapore for development of hydrogen, low-carbon technologies SEOUL, November 03 (AJP) - Hyundai Motor Group has signed a memorandum of understanding with Singapore’s Economic Development Board to cooperate on the development of hydrogen and low-carbon technologies. Under the agreement, Hyundai will use its experience in fuel cell and hydrogen infrastructure to help Singapore identify and develop opportunities in hydrogen-based, low-carbon technologies. The EDB, a government agency under Singapore’s Ministry of Trade and Industry, will support Hyundai’s efforts to establish a hydrogen ecosystem in the city-state. Hyundai said it plans to expand its hydrogen business in Singapore, focusing on applications such as power generation and long-distance hydrogen transport. The company also intends to work with local partners to introduce hydrogen-powered vehicles, helping raise public awareness of cleaner energy alternatives and sustainable mobility. “This collaboration aligns with Singapore’s commitment to a low-carbon economy,” said Jingxin Zheng, director of mobility at the EDB. Park Jae-ha, who oversees Hyundai’s global hydrogen business, said government backing would be crucial to establishing the foundations of a hydrogen economy. “Through this partnership with EDB, we hope to develop policies and practical models that can accelerate hydrogen adoption,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 10:36:08

HD Hyundai Heavy to develop submarines for Peruvian Navy SEOUL, November 03 (AJP) - South Korea's HD Hyundai Heavy Industries has signed a letter of intent with Peru’s state-run SIMA shipyard to jointly develop a new class of submarines for the Peruvian Navy, in what could become one of its most significant defense export ventures in Latin America. The agreement, announced Monday, builds on a series of accords between the two countries over the past year. It follows a memorandum of understanding signed at the APEC summit in Peru last November and a memorandum of agreement reached during the SITDEF defense exhibition in April. The letter of intent, timed to coincide with the APEC 2025 in Gyeongju, lays the groundwork for a final contract on submarine development and construction. At the signing ceremony were Joo Won-ho, president of HD Hyundai Heavy Industries, Teresa Mera, Peru’s minister of trade and tourism, and Adm. Bravo de Rueda, commander of the Peruvian Navy. Under the agreement, the two companies will discuss cooperation in design, production, and technology transfer, as well as broader industrial partnerships. The aim is to conclude a formal development contract later this year, with Peruvian engineers working alongside HD Hyundai teams at the company’s Ulsan shipyard to design submarines tailored to Peru’s naval requirements. The deal builds on an existing collaboration: HD Hyundai and SIMA are already constructing four naval vessels, including frigates and patrol ships, part of a broader effort to modernize Peru’s maritime capabilities. The partnership also includes training programs intended to bolster Peru’s shipbuilding workforce and expand local production capacity. “The joint construction of four surface vessels has strengthened Peru’s shipbuilding industry and deepened bilateral cooperation,” Joo said in a statement. “This submarine project will take that partnership to the next level, enhancing the Peruvian Navy’s operational capabilities.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 10:17:56

CJ Olive Young, riding K-beauty wave, becomes must-visit stop for foreign tourists SEOUL, November 03 (AJP) - At the Olive Young flagship store in Myeongdong, the aisles are crowded not just with locals but with visitors from Tokyo, Bangkok and Los Angeles, filling baskets with sheet masks, toners and serums. What began as a domestic health and beauty chain has quietly become one of South Korea’s most popular tourist destinations — and a symbol of how K-beauty has gone global. From Seoul’s bustling shopping districts of Myeongdong, Hongdae and Gangnam to stores in Busan and Jeju, CJ Olive Young has emerged as a key stop for international travelers. The influx has buoyed both in-store and online sales, reflecting the powerful pull of Korean skincare and cosmetics abroad. Industry data show that from January to September, Olive Young’s offline foreign sales jumped more than 50 percent from a year earlier. Foreign purchases, which accounted for single digits in early 2023, climbed to 26.4 percent this year, surpassing 30 percent in the second quarter alone. According to data from the Korea Tourism Data Lab, roughly 7.2 million people visited South Korea between January and May, and about 5.96 million — or 80 percent — shopped at Olive Young. The brand’s international reach has even found its way into diplomatic circles. During the 2025 APEC Summit in Gyeongju, White House Press Secretary Karoline Leavitt was seen browsing the shelves of an Olive Young branch, later posting her haul of 13 skincare products on Instagram. Last year, the wives of Los Angeles Dodgers players shared their own visits online, helping to amplify Olive Young’s global profile. Much of the retailer’s success lies in its deliberate courting of foreign shoppers. Olive Young has designated over 110 stores nationwide as “global tourist zones,” equipped with multilingual staff and signage in English, Japanese and Chinese. Product displays highlight bestsellers favored by foreign customers, while promotions are tailored to shopping behaviors by region. The company’s global e-commerce platform, launched in 2019, has further extended its reach. Many travelers who discover Olive Young in Korea continue to shop from their home countries. From January to August, sales rose 230 percent in Britain and 140 percent in Japan, according to company figures. “K-beauty is no longer just a trend — it’s becoming a lifestyle,” an Olive Young spokesperson said. “As more travelers experience our products firsthand, they’re helping expand Korea’s beauty culture worldwide.” During the APEC Summit, Olive Young presented curated K-beauty gift packages to world leaders, featuring 17 products spanning skincare, makeup and personal care. The gesture symbolized both national pride and the growing cultural weight of Korean brands. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 10:02:32

Drunk driver arrested after hitting Japanese tourists in Seoul SEOUL, November 3 (AJP) - Two pedestrians were hit by a drunk driver in central Seoul on Sunday, according to police. They have been identified as a Japanese tourist and her daughter. A man in his 30s was arrested for drunk driving after allegedly driving onto the sidewalk and hitting them as they crossed the street at around 10 p.m. His blood alcohol level was high enough to have his license immediately revoked. The mother, in her 50s, was taken to a nearby hospital in cardiac arrest and later died, while her daughter, in her 30s, sustained minor injuries. Police are investigating the exact cause of the accident after arresting the driver at the scene. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 09:49:02