Dismantling work begins on South Korea's long-shuttered nuclear reactor SEOUL, November 04 (AJP) - Doosan Enerbility has begun dismantling South Korea’s first commercial nuclear reactor, which was shut down in 2017. The company said on Tuesday that it signed a contract with Korea Hydro & Nuclear Power to remove non-controlled area facilities at the Kori Unit 1 plant, located near the southeastern city of Busan. The project represents the first phase of dismantling Kori Unit 1, which began operations in 1978 and was permanently shut down in 2017 due to safety concerns. The government approved its final decommissioning plan in June, paving the way for physical dismantling work to begin. Doosan Enerbility, leading a consortium with HJ Heavy Industries and KEPCO KPS, will remove secondary systems — including turbines, piping and auxiliary equipment — by 2028. The signing ceremony in Seoul was attended by Jo Seok-jin, vice president of Korea Hydro & Nuclear Power, and Kim Jong-doo, president of Doosan Enerbility’s nuclear business group. “This project carries historical significance as the first dismantling of a commercial nuclear power plant in Korea,” Kim said in a statement. “We are committed to leveraging our decades of expertise to ensure its safe and successful completion.” Doosan Enerbility has positioned the project as a springboard for expanding its presence in the global nuclear decommissioning market. According to the International Atomic Energy Agency, the number of reactors permanently shut down worldwide is projected to rise from 214 to 588 by 2050, as more countries retire aging nuclear facilities. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-04 15:13:51

HOT STOCK: Samsung SDI shares jump on report of Tesla battery deal SEOUL, November 04 (AJP) - Shares of Samsung SDI climbed more than 4 percent in afternoon trading on Tuesday following a news report that the South Korean battery maker may supply more than 3 trillion won ($2.08 billion) worth of energy-storage system batteries to Tesla over the next three years. As of 2:20 p.m. in Seoul, Samsung SDI’s stock was up 4.1 percent at 340,500 won, extending gains after the report circulated in local media. The company, a unit of Samsung Group, develops rechargeable batteries for electric vehicles, energy-storage systems and IT devices, as well as electronic materials for semiconductors and displays. The report said Tesla’s demand for energy-storage systems, or ESS, has grown rapidly amid heavy investment in artificial intelligence data centers — prompting the U.S. electric vehicle maker to seek additional battery suppliers. If finalized, the deal could involve batteries produced at Samsung SDI’s factory under construction with Stellantis in Kokomo, Indiana, according to the report. When the Indiana project was announced in October 2023, CNBC reported that the two companies planned to invest about $3.2 billion in the facility. Industry analysts estimate that the potential Tesla supply agreement could reach an annual capacity of roughly 10 gigawatt-hours. Samsung SDI, however, denied that a deal had been concluded. “Reports suggesting that a deal between the two companies had been finalized are not true,” a company spokesperson said. “Negotiations are still underway, and the company has issued a regulatory filing to clarify the matter.” The market reaction also lifted sentiment toward Samsung SDI’s suppliers, including EcoPro BM, which produces cathode materials used in the company’s batteries. EcoPro BM reported an operating profit of 50.7 billion won ($36.6 million) for the third quarter, marking its third consecutive quarterly profit, driven by higher sales of energy-storage materials and investments in nickel refining projects in Indonesia. EcoPro BM, which also supplies SK On, said its 10 percent stake in an Indonesian nickel smelting project has helped stabilize raw material sourcing and improve profitability. The company expects further growth once its new plant in Debrecen, Hungary, begins operations. 2025-11-04 14:36:28

Unification minister sends condolences to former North Korean figurehead SEOUL, November 4 (AJP) - Unification Minister Jeong Dong-young on Tuesday expressed condolences over the death of North Korea's former perennial nominal head of state Kim Yong-nam. In a statement, Jeong said, "We express our condolences over Kim's death and extend our deepest sympathies to his family on behalf of the government," adding that Kim had led the North Korean delegation to the 2018 Pyeongchang Winter Olympics, contributing to inter-Korean dialogue. Jeong also recalled meeting him in Pyongyang in June 2005 and September 2018, during which they discussed ways to improve inter-Korean relations and promote peace on the Korean Peninsula. With inter-Korean communication channels currently severed, the ministry opted to release a public statement rather than send a condolence message, according to a ministry official. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-04 14:34:31

South Korea's Samsung Biologics hits record $4 billion in annual orders SEOUL, November 04 (AJP) - Samsung Biologics said on Tuesday that it has surpassed last year’s total orders, securing 5.5 trillion won (about $4 billion) in contracts so far this year — the highest annual performance since the company was founded. The announcement came as the South Korean biopharmaceutical manufacturer disclosed a new 275.9 billion won deal with a European drugmaker, adding to a string of large contracts signed in 2024. The company has completed eight new or expanded agreements this year, including a record 2 trillion won contract in January and another worth 1.8 trillion won with a U.S. pharmaceutical company in September. Samsung Biologics said its cumulative order volume now exceeds $20 billion (28.7 trillion won), underscoring its growing role as one of the world’s leading contract development and manufacturing organizations (CDMOs). The company counts 17 of the world’s 20 largest pharmaceutical firms among its clients. To meet surging global demand for biopharmaceutical production, Samsung Biologics has continued to expand its manufacturing capacity. The company’s fifth plant, which began operations in April, has increased total capacity to 784,000 liters — the largest single-site production capability in the world. The company also cited a 99 percent batch success rate and 394 regulatory manufacturing approvals from agencies including the U.S. Food and Drug Administration, the European Medicines Agency, and Japan’s Pharmaceuticals and Medical Devices Agency as of October. “This achievement is a result of customer trust and our focus on quality-driven management, achieved through close collaboration with our global partners,” said John Rim, the company’s chief executive, in a statement. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-04 14:00:08

OPINION: Greece and Korea: A living dialogue between civilizations SEOUL, November 04 (AJP) - Throughout history, countless thinkers and philosophers have drawn inspiration from ancient Greece. Among them, Johann Wolfgang von Goethe (1749–1832) held a lifelong admiration for Greek civilization, seeing in its art, philosophy, and culture the supreme ideals of beauty, harmony, and humanity. He once proclaimed, “Become like the Greeks! They lived divinely.” Inspired by such timeless admiration, my own fascination with Greece was awakened by the exhibition “The Body Beautiful in Ancient Greece,” sponsored by The Chosun Ilbo and presented with treasures from the British Museum at the National Museum of Korea in 2010. Among its 135 masterpieces—sculptures, bronzes, and painted vases—I came to see the human body as the Greeks once did—not simply as flesh and form, but as an enduring expression of beauty, harmony, and meaning. I recently had the honor of meeting H.E. Olga Kefalogianni, Minister of Tourism of the Hellenic Republic, at a welcoming luncheon held on August 27 at Hotel Naru, Mapo in Seoul, graciously hosted by H.E. Mr. Loukas Tsokos, Ambassador of Greece to the Republic of Korea. Our conversation reaffirmed Greece’s deep dedication to promoting cultural exchange and sustainable tourism, as well as its growing partnership with Korea in the travel sector. Greece stands as a land of timeless allure, where distinctive ancient cultural heritage sites and historic cities blend gracefully with sunlit coastlines, eco-tourism trails, and a vibrant modern society. It is a nation where tradition and modernity meet in harmony, and where every journey transcends leisure—becoming a passage through philosophy, history, and the living spirit of culture. Accessibility is also an important priority. The Greek government is working closely with airlines, and the Ministry of Tourism is currently in discussions with Korean Air to establish the first direct flights between Athens and Incheon. Such an initiative would not only make Greek destinations more accessible to Korean travelers but also strengthen cultural and human exchanges—serving as a symbolic bridge linking the two nations through shared values and friendship. Beyond tourism, the resonance between Greece and Korea runs deeper, reflecting a mutual appreciation for history, culture, and universal ideals. Greece, the cradle of Western civilization, is celebrated for its philosophical traditions, theatrical genius, and foundational contributions to science, mathematics, democracy, and the Olympic Games. Universal values such as human rights, freedom, and justice trace their roots to ancient Greece—principles that continue to inspire nations around the world, including Korea, in their pursuit of peace and progress. Remarkably, traces of Hellenic culture appear in Korea’s history, visible in artifacts that reflect distant influences and long-standing cultural exchanges. Currently, the National Museum of Korea, steward of the nation’s heritage, preserves countless relics, including a remarkable Greek-influenced artifact—a phoenix-shaped glass bottle from the tomb of Hwangnamdaechong in Gyeongju, the ancient capital of the Silla Dynasty. Standing 25 cm tall, this 5th–6th century bottle was unearthed in 1975 as fragments and later restored in the 1980s. Its form closely resembles the Greek Oinochoe (wine pitcher). The egg-shaped body, wavy spout, and delicate blue glass bands combine Silla artistry with Mediterranean craftsmanship, reflecting the rich cultural and trade exchanges that once traveled along the Silk Road. Modern history, too, binds the two nations. Following the outbreak of the Korean War in 1950, Greece dispatched more than 10,000 troops as part of the United Nations Allied Forces. Their sacrifice and humanitarian spirit made a profound contribution to defending Korea’s freedom and democracy—a noble gesture deeply cherished and remembered by the Korean people. Presently, as Greece seeks to strengthen ties with Korea through tourism, the endeavor carries deeper meaning. It is not simply about leisure or commerce, but about honoring centuries of cultural connection and reaffirming a friendship forged in sacrifice. Tourism, in this sense, becomes a bridge of empathy, understanding, and shared values. As direct flights draw the two nations closer, the horizon of cooperation widens beyond tourism to embrace cultural exchange, academic collaboration, and enduring people-to-people bonds—the true bedrock of their relationship. The worldwide resonance of K-culture has not escaped Greece’s notice and may well serve as a vibrant bridge for deeper tourism and cultural partnership. Two months after the visit of the Greek Minister of Tourism to Korea, the “Greek Day in Seoul” event was held at Yiayia and Friends in Sinsa-dong, Gangnam-gu, Seoul, on October 30. The occasion offered a delightful celebration of authentic Greek products, cuisine, and wine. Guests were warmly welcomed by Mr. Konstantinos Daskalopoulos, Counsellor and Head of the Economic Diplomacy Department at the Greek Embassy in Seoul. It was a wonderful opportunity to experience the rich flavors and warm hospitality of Greece and its vibrant culinary culture. As the lingering taste of Greek wine, Grande Reserve (2019), caressed my palate, my spirit seemed to commune with the soul of ancient Greece, transported back to the bygone days when the Hellenic world shone as the cradle of art, wisdom, culture, and harmony. The majority of guests at the event were excited to learn about plans to establish the first direct flights between Athens and Incheon in the near future. Although Korea and Greece may be geographically distant, the two nations share a profound respect for culture, tradition, and hospitality. As I reflected on my encounter with Minister Kefalogianni, I was reminded that tourism transcends leisure — it is a living dialogue between civilizations. As a Korean who has long admired Greece’s distinctive cultural legacy, I believe our two nations stand at the threshold of a renewed partnership. The truest form of diplomacy lies in the warmth of people-to-people exchange — in those encounters that bridge hearts across borders and generations. By deepening these enduring bonds of friendship and trust, we not only honor the connections of the past but also open new pathways toward a future illuminated by empathy, mutual respect, and shared values. 2025-11-04 13:46:48

South Korea's Naver forms strategic partnership with Spotify SEOUL, November 04 (AJP) - South Korea's Naver said Tuesday it has entered into a strategic partnership with Spotify to bring the global streaming platform’s vast library of music and podcasts to more users across Naver’s digital ecosystem. The collaboration aims to integrate Spotify’s catalog — which includes more than 100 million songs and 7 million podcasts — into Naver’s suite of services, allowing users to more easily enjoy audio content tailored to their tastes and moods. Lee Jae-hoo, head of Naver’s app services, and Gautam Talwar, Spotify’s general manager for the Asia-Pacific region, met at Naver’s headquarters in Seongnam to discuss joint strategies and explore new areas of cooperation. “Through our collaboration with Spotify, users will find it easier to discover and enjoy audio content that matches their preferences and moods,” Lee said in a statement. “We aim to strengthen the synergy between our companies to offer richer and more personalized audio experiences.” Talwar noted that since Spotify entered the Korean market in 2021, the platform has helped connect fans with their favorite music and artists through personalization and algorithmic recommendations. “This partnership will allow even more listeners to find music that fits their moments and emotions,” he said. While the companies did not disclose specific plans, they said details of upcoming services will be announced gradually. Industry observers expect the partnership to help Naver expand its reach in digital entertainment while giving Spotify a deeper foothold in South Korea’s competitive streaming market, where local players like Melon and Genie dominate. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-04 13:45:00

Asian markets mostly subdued amid mixed economic signs SEOUL, November 04 (AJP) - Asian markets were broadly muted on Tuesday as South Korea and Japan paused after nearly a week of uninterrupted gains, while Chinese equities traded flat amid conflicting economic signals. South Korea’s KOSPI slipped 0.7 percent to 4,192.20 in early trading as investors locked in profits following a sharp rally in large-cap semiconductor stocks. Foreign investors sold 701.2 billion won, while domestic institutions offloaded 207.9 billion won. Tech bellwethers weakened, with Samsung Electronics down 1.6 percent at 109,300 won ($76) and SK hynix falling 3.2 percent to 600,000 won. Hyundai Motor, Asia’s second-largest automaker, also declined 3.4 percent to 281,500 won. In Tokyo, the Nikkei 225 edged down 0.2 percent to 52,305.91, as the index’s first move above the 52,000 threshold prompted profit-taking. A softer tone on Wall Street—despite gains in the Nasdaq and Philadelphia Semiconductor Index—also weighed on sentiment. China’s markets were largely unchanged. The Shanghai Composite Index inched up 0.01 percent to 3,977.10, while Hong Kong’s Hang Seng Index added 0.02 percent to 26,162.96. Investors digested mixed macroeconomic signals: manufacturing activity in China weakened more than expected in October, clouding the demand outlook, while easing U.S.–China trade tensions—after Beijing suspended select export controls and Washington paused some tariffs following the recent high-level summit—provided a measure of support. 2025-11-04 11:26:24

Lee praises APEC achievements, urges swift approval of next year's budget SEOUL, November 4 (AJP) - In an address to the National Assembly on Tuesday, President Lee Jae Myung highlighted his endeavors at last week's Asia-Pacific Economic Cooperation (APEC) summit in the country's southeastern city of Gyeongju, saying he had "put every possible effort into achieving the best results even in the worst-case scenario." During the address, his second of its kind following a similar speech on a supplementary budget in June, Lee outlined his key policies and proposed allocation of 728 trillion Korean won (about US$506 billion) in next year's budget to boost economic growth. He called for cooperation to swiftly approve the budget, which includes approximately 10 trillion won earmarked for areas such as artificial intelligence (AI)-related research and development, as part of efforts to make South Korea one of the world's leading powerhouses. Lee also said that economic uncertainties have eased after finalizing a tariff-related deal with the U.S., praising progress in discussions on the supply of fuel for nuclear-powered submarines and other matters. But in fact it still remains to be seen, as the two sides have not signed an official written agreement yet, and there appear to be some disagreements over further market openings for agricultural products and semiconductor-related tariffs. Meanwhile, the main opposition People Power Party (PPP) boycotted his speech amid a series of disputes in their political wrangling with the ruling Democratic Party (DP), staging a protest rally at the National Assembly instead. 2025-11-04 11:24:57

South Korea's inflation gains fastest in 15 months, markets price in rate freeze SEOUL, November 04 (AJP) - South Korea’s consumer inflation accelerated at the fastest pace in 15 months in October, reinforcing market expectations for another rate freeze this month as authorities attributed much of the pickup to increased spending during the extended Chuseok holiday, government data showed Tuesday. According to the October consumer price index (CPI) released by the Ministry of Data and Statistics, headline inflation rose 2.4 percent from a year earlier, the quickest pace since the 2.6 percent gain logged in July last year. Personal service charges — a category covering overseas travel and hospitality — climbed 3.6 percent, adding 0.7 percentage point to the overall price increase. Prices of agricultural, livestock and fishery products rose 3.1 percent, the second-largest contributor, largely reflecting Chuseok demand as families prepared traditional holiday meals. Ingredients for typical holiday offerings posted some of the sharpest increases: rice up 21.3 percent, apples up 21.6 percent, pork up 6.9 percent, mackerel up 11 percent, and eggs up 6.9 percent. Dining-out prices remained firm, rising 3.0 percent, though overall fresh food prices fell 0.8 percent. Housing costs continued to edge up on persistent market instability, with monthly rents rising 1.1 percent and long-term rental deposits (jeonse) up 0.5 percent. Fuel prices jumped 4.8 percent, the biggest rise in eight months, due to a weaker won and a base effect from last October’s 10.9-percent plunge. Diesel rose 8.2 percent, while gasoline prices increased 4.5 percent, reflecting the combined impact of U.S. sanctions on Russian oil companies and OPEC+’s production halt. Core inflation — excluding volatile food and energy — also strengthened, rising 2.5 percent on year. Whether the firmer inflation will sway the Bank of Korea’s final rate-setting meeting of the year on Nov. 27 remains unclear, as policymakers view the latest uptick as largely temporary. The bond market, meanwhile, continues to discount the likelihood of a rate cut this year. As of Monday, benchmark government bond yields stood at 2.741 percent for 3-year notes, 2.883 percent for 5-year notes, and 3.086 percent for 10-year notes, up 2.5 to 2.8 basis points. The Bank of Korea kept its policy rate at 2.50 percent for a third straight meeting last month, with Governor Rhee Chang-yong signaling that the current easing cycle may be nearing its end. 2025-11-04 11:22:02

LG Chem, China's Sinopec to co-develop sodium-ion battery materials SEOUL, November 04 (AJP) - South Korea’s LG Chem said Tuesday it has formed a partnership with China’s largest energy and chemical company, Sinopec, to develop key materials for next-generation sodium-ion batteries, a technology seen as a promising alternative to lithium-based systems. The two companies signed an agreement on Oct. 30 to jointly research and produce cathode and anode materials for sodium-ion batteries, known as SIBs. The collaboration aims to strengthen supply chain stability and improve cost competitiveness as global demand for electric vehicles and energy storage grows. Sinopec, a state-run energy giant with operations spanning oil and gas exploration, refining, petrochemicals, and new energy, has increasingly turned its focus toward advanced materials and cleaner technologies. For LG Chem, the partnership underscores its ambition to expand its portfolio beyond lithium-ion batteries, which currently dominate the electric vehicle market. Sodium-ion batteries offer several advantages over their lithium counterparts: the raw materials are more abundant and less expensive, performance remains stable in colder temperatures, and the technology poses lower safety risks. Analysts view them as particularly well-suited for large-scale energy storage systems and lower-cost electric vehicles. Global sodium-ion battery capacity is expected to expand from about 10 gigawatt hours in 2025 to 292 gigawatt hours by 2034, according to industry data. China is projected to account for more than 90 percent of production by the end of the decade. LG Chem and Sinopec plan to explore various business models in the sodium-ion sector, targeting applications in grid-scale storage and affordable electric vehicles while also expanding into eco-friendly energy and high-value chemical materials. “As a leading global battery materials company, LG Chem has provided differentiated solutions in the global battery market,” said Shin Hak-cheol, the company’s chief executive, in a statement. “Our collaboration with Sinopec will help us develop next-generation battery materials on time and strengthen our portfolio in line with future customer strategies.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-04 10:02:31