Hyundai E&C completes major phase of Iraq's Basra refinery project SEOUL, October 28 (AJP) - South Korea's Hyundai Engineering & Construction said on Tuesday that it has completed key construction work at the Basra refinery in southern Iraq and begun test operations. Awarded to Hyundai E&C in 2020, the 2 trillion won ($1.4 billion) project is expected to be fully completed early next year. Located about 450 kilometers southeast of Baghdad, the upgraded facility will produce 24,000 barrels of gasoline per day using residues from crude oil refining. The South Korean builder held a ceremony on Oct. 25 to commemorate the first gasoline production from the site. The event was attended by Iraqi Prime Minister Muhammad Shia’ al-Sudani, Oil Minister Hayan Abdul Ghani, South Korean Ambassador to Iraq Lee Joon-il, and Ryu Seong-an, head of Hyundai E&C’s plant division. The modernization converts heavy oils such as bunker C and asphalt into higher-value gasoline and diesel. Hyundai E&C carried out the project on a turnkey basis — encompassing design, procurement, construction, and testing — in partnership with Japan’s JGC Corporation. Despite Iraq’s vast oil reserves, among the world’s five largest, the country has long struggled with outdated refining capacity, forcing it to import large volumes of gasoline. Once fully operational, the Basra refinery expansion is expected to strengthen Iraq’s energy self-sufficiency and boost profitability. “With the Iraqi government’s continued support, we hope to take part in future reconstruction and high-value plant projects in Iraq," Hyundai E&C said in a press release. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 15:37:39

South Korea opens direct air route to Indonesia's diving paradise Manado SEOUL, October 28 (AJP) - Eastar Jet has become the first South Korean airline to launch direct flights between Incheon and Manado, Indonesia, which is famed for its crystal-clear waters, coral reefs, and rich biodiversity. The budget carrier began operating the new route on Oct. 26, with four weekly flights scheduled through mid-December. Starting Dec. 16, the service will increase to daily operations. Tickets and travel packages are now available through local travel agencies, the company said Tuesday. Manado, the capital of Indonesia’s North Sulawesi province, is home to more than 1,300 marine species and 370 varieties of living coral, earning it a reputation as one of the world’s top three diving locations. To mark the route’s launch, Eastar Jet signed a letter of intent on Tuesday with the provincial government of North Sulawesi to promote tourism and sustainable development in the area. The signing ceremony was attended by Lee Kyung-min, Eastar Jet’s commercial director, and Julius Selvanus, the governor of North Sulawesi. Under the agreement, the two parties will collaborate to promote tourism exchange, and support local communities through environmentally sustainable initiatives. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 14:29:58

South Korea's CJ ENM eyes one-stop platform for K-pop fans worldwide SEOUL, October 28 (AJP) - CJ ENM, one of South Korea’s largest entertainment companies, is betting that K-pop’s next wave of global expansion will happen not just on stage, but on screens. The company announced plans to turn its digital platform Mnet Plus into a global “fanteractive” hub — blending content, fandom, and commerce for the hyper-connected generations of Gen Z and Alpha. At a Culture TALK event in Seoul, Tuesday, CJ ENM said Mnet Plus had surpassed 40 million cumulative subscribers within three years of its launch. The platform now boasts up to 20 million monthly active users and 7.6 million daily users, with international audiences making up about 80 percent of its traffic. The company said much of that growth is being driven by younger fans who consume, create, and share K-pop content across borders and languages. Company officials said the platform’s strength lies in its interactive features. Users can vote for their favorite artists, participate in fan support campaigns, join live streams, and chat in real time. During the finale of Boys Planet 2, Mnet Plus recorded a staggering 70,000 votes per second and more than 130 million cumulative views. “Our goal is to create an ‘experience platform’ where fans can engage and immerse themselves beyond just watching,” said Kim Ji-won, head of Mnet Plus. CJ ENM plans to broaden Mnet Plus’s lineup of original K-pop content and expand its global streaming infrastructure. The company will introduce an ad-supported free viewing model alongside premium paid tiers designed to deepen fan experiences and connect audiences with artists and brands. Chae Woo-jin, head of the Entertainment Culture Research Institute, said, “The future of K-pop depends on what kind of value and experiences these platforms can offer. They must widen the cultural reach of K-pop for fans worldwide.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 14:09:19

Weak EV sales push Samsung SDI deeper into the red SEOUL, October 28 (AJP) - South Korea's Samsung SDI reported a fourth consecutive quarterly loss on Tuesday, as a downturn in electric vehicle demand and trade headwinds in the United States continued to weigh on the South Korean battery maker’s earnings. The company logged an operating loss of 591.3 billion won, or about $430 million, in the July–September period, pushing its cumulative deficit above 1 trillion won for the year. Revenue fell 22.5 percent from a year earlier to 3.05 trillion won, while net income plunged 97.5 percent to 5.7 billion won. Battery sales, which make up the bulk of Samsung SDI’s business, declined 23.2 percent from a year earlier to 2.82 trillion won. The segment reported an operating loss of 630.1 billion won, reflecting weaker sales of electric vehicle batteries and the impact of U.S. tariffs on energy storage products. Samsung SDI said it expected performance to improve in the final quarter of the year, supported by a rebound in the European electric vehicle market and stronger demand for energy storage in the United States. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 13:52:22

Hanwha Ocean stock cools after KRX flags overheating amid 11-fold jump in Q3 profit SEOUL, October 28 (AJP) - Hanwha Ocean’s red-hot rally lost steam Tuesday after the Korea Exchange (KRX) warned of overheating in the shipbuilder’s stock, which has surged more than 20 percent this month on anticipation of blockbuster quarterly earnings. Shares of Hanwha Ocean fell about 5 percent to 132,300 won ($92.16) by midday after the KRX designated the stock as an “issue of investment caution,” citing excessive volatility in price and trading volume. The stock recently drew the second-largest margin loan balance on the market after SK hynix. On Monday, Hanwha Ocean reported 289.8 billion won in operating profit for the July–September period — more than 11 times the 25.6 billion won earned a year earlier. Revenue rose 11.8 percent on year to 3.02 trillion won. The turnaround was largely driven by a surge in commercial-ship deliveries, which accounted for 2.46 trillion won, or 82 percent of total revenue, with the segment’s operating margin staying strong at 12.5 percent. High-value vessels, particularly liquefied natural gas (LNG) carriers, were cited as the main growth driver. “LNG carriers are expected to represent about 60 percent of our total revenue this year,” a company official said. “As related projects continue to be recognized, we expect to sustain solid profitability.” Further upside may come from the defense sector. Hanwha Ocean and HD Hyundai Heavy Industries have formed the “Team Korea” consortium to bid for Canada’s Patrol Submarine Project (CPSP), competing against Germany’s ThyssenKrupp Marine Systems (TKMS). The deal, if won, could open access to a market worth an estimated 60 trillion won. On Oct. 22, Hanwha Ocean launched the 3,600-ton diesel-electric submarine Jang Yeong-sil, underscoring its expanding naval shipbuilding capabilities. The company also plans to submit a letter of intent for Poland’s Orka submarine program, which calls for the construction of three vessels valued at around 8 trillion won, potentially deepening its foothold in Europe’s defense market. Meanwhile, Hanwha Philly Shipyard — the company’s U.S. unit acquired last December and central to the Korea–U.S. “Make American Shipbuilding Great Again” initiative — remains in a turnaround phase. It posted third-quarter revenue of 172 billion won but an operating loss of 39 billion won. Still, the yard’s backlog of 4.3 trillion won suggests a return to profitability once key contracts are delivered. Analysts expect Hanwha Ocean to maintain solid earnings momentum through steady LNG-carrier demand and new defense opportunities. According to Yuanta Securities Korea analyst Kim Yong-min, LNG-carrier revenue is projected to rise about 2 percent in the first quarter of 2026, while “a major event in the defense segment could further boost the stock.” Kim added that container-ship sales may dip temporarily but rebound by the third quarter of 2026, with revenue from very large crude oil carriers (VLCCs) increasing roughly 8 percent. 2025-10-28 13:35:14

FM urges regional cooperation against online scams at forum in Malaysia SEOUL, October 28 (AJP) - Foreign Minister Cho Hyun called for closer cooperation to tackle online scams and other crimes while discussing regional issues with participating countries at the annual East Asia Summit (EAS) in Kuala Lumpur, the Ministry of Foreign Affairs said on Tuesday. According to the ministry, Cho emphasized the need to "work closely with EAS member countries and the broader international community" to combat the growing threat of transnational cybercrime and online scams increasingly targeting citizens across the region including South Koreans. His comments came after the recent revelation of a series of online job scams and phishing schemes targeting South Korean citizens, often involving kidnappings, detentions, and brutal torture by sprawling criminal rings in Cambodia. Cho also urged support for efforts toward North Korea's denuclearization to ensure peace and security on the Korean Peninsula. The EAS, an annual pan-Asian forum, was held following the biannual Association of Southeast Asian Nations (ASEAN) summit attended by President Lee Jae Myung. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 13:31:04

KOSPI, Nikkei take breather, China-related markets gain ahead of Trump–Xi summit SEOUL, October 28 (AJP) - Seoul and Tokyo shares slipped Tuesday morning as investors locked in profits following a sharp rally, while China-related markets firmed on expectations of progress in upcoming U.S.–China summit talks. The benchmark KOSPI fell 1 percent, slipping back below the 4,000 threshold just a day after breaching it for the first time, as traders took profits from a near two-week rally. The stronger-than-expected third-quarter GDP report failed to lift sentiment. Samsung Electronics dropped below the hard-won 100,000-won mark, while SK hynix managed to hold above 500,000 won. The secondary KOSDAQ index eased 0.2 percent to stay above the key 900-point level. In Tokyo, the Nikkei 225 edged down to 50,304.53 from Monday’s close of 50,512.32, weighed by profit-taking in export and tech shares. Investors turned cautious after softer-than-expected U.S. jobs data stoked concerns about a slowdown in the world’s largest economy. China-linked markets extended gains. The Shanghai Composite Index rose 0.7 percent to 3,950 on the back of stronger industrial profit growth and optimism over renewed trade cooperation between Washington and Beijing. Hong Kong’s Hang Seng Index advanced 0.8 percent to 26,360, supported by tech and biotech shares, while Taiwan’s TAIEX jumped 1.7 percent to 27,993, driven by heavy buying in TSMC and other chip names amid hopes for easing trade tensions and another potential U.S. rate cut. Markets in Southeast Asia were mixed. Vietnam’s VN-Index slipped 0.2 percent to 1,683, while Malaysia’s FBM KLCI added 0.3 percent to 1,613 on steady economic prospects. 2025-10-28 13:12:24

Czech National Day reception marks 35 years of ties with South Korea SEOUL, October 28 (AJP) - A reception celebrating the Independent Czechoslovak State Day was held Monday evening at a hotel in central Seoul, drawing some 250 guests from the diplomatic, business, academic, and media communities. Hosted by H.E. Ivan Jančárek, Ambassador of the Czech Republic to South Korea, and Mrs. Andrea Jančárková, the event marked the 35th anniversary of diplomatic relations and the 10th anniversary of the strategic partnership between the two countries. The evening opened with a performance by the Severáček Choir from the Czech Republic, setting a warm tone before the official speeches. Ambassador Jančárek welcomed guests and called the year a milestone in bilateral relations. "These anniversaries remind us how far our two nations have come together and how strong and dynamic our relationship has become," he said. He highlighted growing cooperation across politics, economy, and culture, as well as a recent meeting between Presidents Petr Pavel and Yoon Suk Yeol in New York. He also noted the signing of an agreement to build two nuclear power units in Dukovany, calling it a "historic accomplishment" that will strengthen energy security and expand cooperation in artificial intelligence, semiconductors, e-mobility, defense, and nuclear technology. Vice Minister for Trade, Industry and Energy Moon Sin-hak delivered a congratulatory address on behalf of the South Korean government. "Since establishing diplomatic relations in 1990, South Korea and Czechia have steadily expanded cooperation, elevating our relationship to a strategic partnership in 2015," he said. Moon described the Dukovany nuclear power project as the largest investment in Czech history, expressing confidence in its success. He added that both countries are exploring new areas of collaboration, including robotics, next-generation vehicles, and batteries, and are pursuing an industrial cooperation center to promote joint research and talent exchange. He also emphasized the shared democratic values of the two nations and recalled Czech support for Korea’s independence movement in the early 20th century. Ambassador Jančárek closed by thanking the partners and supporters of the event. "I believe the near future will bring us only positive news, and I look forward to further cooperation and friendship between Czechia and South Korea," he said. 2025-10-28 10:43:08

PHOTOS: Divers capture underwater beauty of Jeju in photo contest SEOUL, October 28 (AJP) - The Jeju Underwater Photography Championship, a four-day contest held in the waters off Jeju Island, recently concluded its fifth annual event from October 16 to 19. The competition is widely regarded as South Korea's largest and most authoritative underwater photography event. Approximately 150 scuba divers and underwater photography enthusiasts participated, showcasing their skills beneath the surface. A panel of esteemed photography experts judged the submissions, selecting a grand prize winner and the TOP 10 entries. The grand prize was awarded to Yang Chung-hong for his photography capturing a striking moment of a group of lionfish lying in wait for their prey. 2025-10-28 10:40:53

Countdown begins as global leaders set to converge in Gyeongju for APEC summit SEOUL, October 28 (AJP) - The countdown to the Asia-Pacific Economic Cooperation (APEC) summit has begun, with leaders from 21 member economies set to converge in South Korea's historic city of Gyeongju this week. According to diplomatic sources, participants from Australia, Canada, Indonesia, Japan, and the U.S. will gather ahead of the summit's opening on Friday. Among them were U.S. President Donald Trump, making his first visit since beginning his second, non-consecutive term earlier this year, and Chinese President Xi Jinping, whose visit is his first in about 11 years. Also attending is Japan's newly elected Prime Minister Sanae Takaichi, who took office last week, along with Australian Prime Minister Anthony Albanese, Canadian Prime Minister Mark Carney, and Indonesian President Prabowo Subianto. Chilean President Gabriel Boric will be the only Latin American leader at the multilateral gathering. Chile was the first Latin American country to sign a free trade agreement with South Korea. Leaders from Hong Kong, Russia, and Taiwan will skip the summit, with representatives attending on their behalf. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 10:24:58