Korea's Oct exports hit record high for the month, extends 5-mo growth streak SEOUL, November 02 (AJP) - South Korea’s exports extended their growth streak for the fifth consecutive month, rising 3.5 percent on year to $59.57 billion in October – the highest ever for the month – despite fewer working days from the Chuseok holiday thanks to record chip and robust vessel shipments. According to data released Saturday by the Ministry of Trade, Industry and Resources, the trade account posted a $6.06 billion surplus as imports fell 1.5 percent to $53.52 billion. The cumulative trade balance for January through October stood at $56.43 billion, already surpassing the total surplus recorded for all of last year. Out of the country’s 15 main export categories, semiconductors, ships, petroleum products and computers posted gains. Semiconductor exports jumped 25.4 percent to $15.73 billion, the largest figure ever recorded for October, buoyed by robust demand for high-capacity memory chips such as HBM and DDR5 and strengthening chip prices from shortages in legacy chips. Ship exports soared 131.2 percent to $4.69 billion, led by offshore plant deliveries, extending their growth streak to eight months. Petroleum product exports rose 12.7 percent to $3.83 billion on higher shipment volumes. By contrast, exports of automobiles fell 10.5 percent, auto parts dropped 18.9 percent and steel exports declined 21.5 percent, largely due to higher tariffs in the main U.S. market. By region, exports to Latin America and the Commonwealth of Independent States (CIS) showed the strongest gains. Exports to Latin America surged 99 percent to $4.71 billion, hitting an all-time high on large-scale offshore plant sales. Shipments to the CIS increased 34.4 percent to $1.34 billion, boosted by strong car demand. Meanwhile, exports to the United States tumbled 16.2 percent to $8.71 billion amid weak sales of cars and steel affected by tariffs. Exports to China slipped 5.1 percent to $11.55 billion, though they remained above the $11-billion mark for a second consecutive month. Industry Minister Kim Jeong-kwan expressed optimism for a turnaround in U.S. trade as a result of the Korea–U.S. trade deal reached during APEC week, which promised nondiscriminatory tariff rates for car, chip and pharmaceutical exports to the U.S. “Despite fewer working days during the Chuseok holidays, semiconductors and ships continued to lead our export growth,” Kim said, adding that “the steady five-month growth streak demonstrates a clear recovery in South Korea’s export performance.” During their summit on the sidelines of the Asia-Pacific Economic Cooperation (APEC) meeting held in Gyeongju, President Lee Jae Myung and U.S. President Donald Trump agreed to allocate $200 billion out of South Korea’s $350 billion investment package in the form of cash investment, with an annual cap set at $20 billion. As part of the deal, car tariffs will be lowered from 25 percent to 15 percent, equal to the duties applied to Japanese and European vehicles. 2025-11-02 11:40:20

Sign unveils vision for 'digital sovereignty' through national blockchain infrastructure SEOUL, November 02 (AJP) - Blockchain technology is moving beyond individual and corporate applications to become the foundation of digital sovereignty at the national level. Amid this shift, global blockchain company Sign is drawing attention for presenting a new framework for state-led blockchain governance. During Korea Blockchain Week held in Seoul last month, Sign released a new white paper titled "Sovereign Infrastructure for Global Nations (S.I.G.N.)." The paper outlines how blockchain governance can evolve from its original decentralization philosophy into a "Sovereign Governance Architecture" — a system that supports national digital infrastructure while maintaining both autonomy and legitimacy. At the center of the proposal is the "Double Chain Architecture," a structure combining two blockchain layers. The first, called the Sovereign Public Chain, is designed for public administration, fiscal management, and policy execution. The second, the Privacy Permissioned Chain, is tailored for secure data handling and financial operations. Sign emphasized that a national blockchain must combine transparency, autonomy, and legal oversight. "A state-led blockchain should not simply serve as a distributed ledger," the company said, "but as a governance infrastructure that enables digital sovereignty." On October 24, Sign signed an agreement with the National Bank of Kyrgyzstan to begin a Central Bank Digital Currency (CBDC) project known as "Digital SOM." The system will serve roughly 7.2 million citizens and link to the local stablecoin "KGST." The initiative represents a dual digital currency framework, combining a government-backed CBDC with a private stablecoin. It is expected to improve efficiency in domestic payments, tax collection, and welfare distribution while upgrading cross-border settlement systems. Industry observers said Sign's infrastructure could go beyond digital payments to accelerate the digital transformation of public sectors such as taxation and social welfare. On October 27, YZi Labs — a cryptocurrency investment firm rebranded from Binance Labs — announced a 25.5 million-dollar strategic investment in Sign. The funding round also included global investors such as IDG Capital. Sign said it plans to use the new capital to advance the development of sovereign blockchain infrastructure for governments around the world. YZi Labs manages more than 10 billion dollars in assets globally and has invested in over 300 projects across 25 countries in sectors including Web3, AI, and biotechnology. The latest investment follows an initial round made in December 2024 and is intended to accelerate blockchain adoption in public systems, combining digital sovereignty with real-world utility. "Sign is turning blockchain into everyday infrastructure," said Dana H., an investment partner at YZi Labs. "Its move from users to enterprises and now to national-level applications will set a new standard for digital sovereignty and public infrastructure." Sign plans to work with BNB Chain to build a Sovereign Blockchain Application Platform for governments and public institutions. CEO and co-founder Xin Yan said, "The crypto industry is rich in technology but poor in adoption. Sign aims to build national digital infrastructures — such as currency systems and verifiable proofs — that make blockchain part of everyday life." The company is currently partnering with government agencies in Thailand, South Korea, the Middle East, and Central Asia, with a ten-year plan to help countries develop their own digital currency and identity systems. Industry experts describe Sign’s approach as a sign of how blockchain is evolving from a philosophy of decentralization into a tool for national governance and public infrastructure. 2025-11-02 09:56:03

Korea scores win on national interests and regional leadership on AI and K-culture via APEC GYEONGJU, November 01 (AJP) - South Korea on Saturday successfully wrapped up the 2025 APEC Summit in Gyeongju, securing major diplomatic, economic, and security wins while ushering regional economies toward a rare consensus on an AI-driven economic roadmap, a non-protectionist community, and the recognition of cultural creation as a regional growth engine — underscoring its K-culture power. President Lee Jae Myung declared the adoption of the Gyeongju Declaration, outlining a shared vision among the 21 member economies for an open, dynamic, peaceful, and innovative community with long-term priorities across trade, digital transformation, climate action, and inclusive economic development. For the first time in APEC’s history, the declaration acknowledges the cultural-creation and content industry as a regional growth engine, a move expected to inject new momentum into Asia’s expanding cultural economy, including Korea’s global K-culture boom. The document also establishes principles for safe and trustworthy AI development, cross-border data cooperation, and equitable sharing of AI-driven economic benefits. In another first, APEC formally recognized demographic challenges — low birth rates, labor shortages, and rapid aging — as core regional issues. The demographic framework promotes cooperation on workforce mobility, family policies, and social safety-net innovation. President Lee emphasized that the trio of outcome documents together constitute “a new operating system for peace and prosperity in the Asia-Pacific.” The summit opened with Lee’s keynote at the APEC CEO Summit, where he warned against rising protectionism and urged member economies to restore APEC’s founding principles of openness and inclusiveness. Chairing the leaders’ sessions at the Gyeongju Hilton from Oct. 31 to Nov. 1, Lee guided discussions on artificial intelligence, digital transformation, and the demographic headwinds confronting the region. For President Lee, the collection of documents represents the most meaningful update to APEC’s cooperative architecture since the 2005 Busan Roadmap, another milestone under South Korean leadership. He said the Gyeongju Declaration has “restored cooperation among APEC members,” reaffirming multilateralism at a time of deep geopolitical divides. In his first hosting of a multinational summit event, Lee secured breakthroughs in long-stalled tariff negotiations with the United States, won Washington’s approval for nuclear-powered submarine construction, and clinched multibillion-dollar investment commitments that strengthen South Korea’s role in the global AI race. Lee held bilateral meetings with leaders from Japan, the IMF, New Zealand, Vietnam, the UAE, Indonesia, Chile, Canada, Thailand, the Philippines, and Australia. In talks with Japanese Prime Minister Sanae Takaichi, the two reaffirmed shuttle diplomacy and agreed to stabilize forward-looking cooperation. Economic gains complemented diplomatic achievements. Lee reached an agreement with Amazon Web Services to build large-scale AI data centers in Incheon and Gyeonggi Province by 2031, backed by more than $5 billion in investment. He also helped to arrange the purchase of 260,000 Nvidia high-performance GPUs, with a national target of expanding the total to 300,000 by 2030 — positioning South Korea as the world’s third-largest holder of advanced GPUs, behind the United States and China. Capping the momentum of the APEC summit, President Lee held his first summit with Chinese President Xi Jinping in Gyeongju — marking Xi’s first state visit to South Korea in 11 years and signaling renewed engagement between the two countries. The nearly two-hour meeting focused on restoring strategic communication and reopening dialogue channels with North Korea. “I hope South Korea and China can strengthen strategic communication to restart talks with North Korea,” Lee said, welcoming China’s recent high-level exchanges with Pyongyang as “positive momentum” for diplomacy. Xi expressed a strong willingness to deepen engagement with Seoul, describing South Korea as “an indispensable partner” and congratulating the country on hosting a successful APEC summit. The two leaders signed seven memorandums of understanding, including a joint economic cooperation plan for 2026–2030, an agreement on combating cybercrime, and frameworks for collaboration in the silver economy, innovation partnerships, and trade in services. Officials from both sides described the agreements as pragmatic steps toward stabilizing a relationship that had drifted amid geopolitical tensions. Following the summit, Lee and Xi attended a dinner featuring a blend of Korean and Chinese cuisine, symbolizing harmony and signaling readiness to usher in a more stable phase of bilateral relations. With the Gyeongju Declaration, the Lee–Xi summit, and associated initiatives, the 2025 APEC Summit marked a defining moment for South Korea’s global leadership — one that strengthened its diplomatic leverage, expanded security partnerships, and solidified its position as a central player in the world’s AI-driven economic future. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-01 18:43:47

Kazakhstan eyes Korean investment for AI-driven smart city, industrial growth ASTANA, Kazakhstan, November 01 (AJP) - Kazakhstan is courting South Korean investment for its next phase of industrial and digital transformation, including an AI-centered smart city project and new transport initiatives, Deputy Foreign Minister Alibek Kuantyrov said Thursday. Speaking at a briefing held at The Hilton Hotel ahead of the Kazakhstan Global Investment Round (KGIR) in Astana, Kuantyrov said the two countries share common goals in digitalization and artificial intelligence, and that a new project — the city of Alatau — will anchor future cooperation. “One of the largest projects specifically targeting South Korea is the new city of Alatau — it’s more than just a city, it’s a special economic zone,” Kuantyrov said. “It will be an artificial-intelligence-centered city, fully digitalized, and we expect significant Korean investment to flow there,” he added. The Alatau project near Almaty is envisioned as a “smart zone” built from the ground up, following a Seoul business forum led by Kazakhstan’s deputy prime minister earlier this year. Kuantyrov also highlighted Kia Corporation’s plant in Kostanay, which produces about 90,000 vehicles annually, calling it one of South Korea’s most significant overseas investments. He noted that South Korea ranks among Kazakhstan’s top five investors, alongside the Netherlands and the United States, and mentioned the country’s ethnic Korean community, which migrated to Central Asia in the 1930s and now serves as a “natural bridge” between the two economies. Madiyar Sultanbek, deputy chairman of Kazakh Invest, said cooperation with Korean companies is expanding into advanced mobility and infrastructure, including urban air mobility and magnetic-levitation railway projects connecting Almaty and Konaev. “We have a long history with Korean investors — from Lotte’s Rakhat chocolate factory to LG, Hyundai, and Samsung — and we’re now entering a new phase in areas like maglev and smart mobility,” he said. He added that Kazakhstan maintains several official investment partnerships in South Korea, with a dedicated representative based in Seoul. The government aims to attract technology-driven investment while doubling exports and raising the share of processed goods to 70 percent of total exports. Officials at the briefing also pointed to Kazakhstan’s growing interest in AI applications across industry and governance, noting examples such as AI-assisted locomotives that improve energy efficiency and digital tools used in government decision-making. “AI will reshape how we manage both the public and private sectors,” Kuantyrov said. “It’s not about replacing people but improving efficiency and creating new industries.” As Kazakhstan positions itself as Central Asia’s financial and logistics hub — accounting for nearly half of all foreign investment in the region — officials said the next wave of cooperation with South Korea would focus on green mobility, smart infrastructure, and AI innovation. 2025-11-01 10:27:36

Nvidia to supply 260,000 GPUs to South Korea in sweeping AI partnership SEOUL, October 31 (AJP) - Nvidia has unveiled a sweeping initiative to deploy about 260,000 advanced graphics processing units to South Korea, partnering with the government and four major corporations in a deal valued at up to 14 trillion won ($10.5 billion), the company disclosed Friday. The chipmaker said it will work with Samsung Electronics, SK Group, Hyundai Motor Group and Naver Cloud to build what it terms "AI factories" across the Asian nation, marking one of its most ambitious sovereign AI infrastructure projects to date. "Korea's leadership in technology and manufacturing positions it at the heart of the AI industrial revolution — where accelerated computing infrastructure becomes as vital as power grids and broadband," said Jensen Huang, founder and CEO of NVIDIA, during the sidelines of the Asia-Pacific Economic Cooperation summit held in Gyeongju. "Just as Korea's physical factories have inspired the world with sophisticated ships, cars, chips and electronics, the nation can now produce intelligence as a new export that will drive global transformation." Under the arrangement, the South Korean government will secure up to 50,000 GPUs to support corporate AI development. Samsung, SK Group and Hyundai Motor will each receive up to 50,000 units, while Naver Cloud will obtain 60,000 processors. The deployment will expand South Korea's total AI GPU inventory from 65,000 to more than 300,000 units, the partnership extending beyond hardware supply to encompass platform collaboration. The Korean companies will leverage Nvidia's software ecosystem, including its Nemotron language models and CUDA-X computing platform, to develop digital twins that enhance semiconductor manufacturing speed and yields. Samsung plans to construct what Nvidia described as the industry's largest "semiconductor AI factory" equipped with 50,000 GPUs, while SK Group will focus on semiconductor research, cloud infrastructure and AI agent development. Hyundai Motor will build an AI factory for autonomous vehicles, smart manufacturing and robotics, with the Korean government co-investing $3 billion in physical AI expansion. The GPUs, primarily featuring Nvidia's latest GB200 Grace Blackwell architecture with some RTX 6000 series processors, face tight global supply constraints. Nvidia said it would prioritize allocation to ensure Korean entities receive priority access to the scarce chips. 2025-11-01 05:00:43

HOT STOCK: Hyundai Motor stocks fly on Trump and Jensen Huang effect SEOUL, October 31 (AJP) - Listed units of Hyundai Motor Group rode the APEC wave on Friday, lifted by eased tariffs during U.S. President Donald Trump’s visit and the halo of Nvidia CEO Jensen Huang, whose appearance dominated the APEC scene after Trump’s departure. Hyundai Motor closed up 9.4 percent at 290,000 won ($203). Hyundai Glovis rose 10.4 percent, and Hyundai AutoEver surged 26 percent to finish at 203,500 won. The rally was fueled by the long-awaited settlement of a trade deal under which Washington agreed to cut tariffs on Korean car exports from 25 percent to 15 percent, aligning Korea with Japanese and European rivals. Tariff negotiations over the past year had weighed heavily on the corporate outlook, particularly for Hyundai Glovis, complicating its logistics operations. The resolution removes a major point of uncertainty for the auto and shipping sectors, said Hyung-Kyu Kang, emeritus professor of transportation and logistics at Hanyang University. The tech leaders’ night out added to the momentum behind Hyundai Motor shares. The talk of the town was the chicken-and-beer gathering at Kkanbu Chicken in southern Seoul, where Samsung Electronics Chairman Lee Jae-yong, Nvidia CEO Jensen Huang and Hyundai Motor Group Chairman Chung Eui-sun shared drinks and casual conversation. Images of the trio mingling with patrons in everyday attire went viral, briefly boosting sales at Kkanbu Chicken outlets, with some stores reporting nearly double their usual weekend orders. “Kkanbu,” meaning trusted friend, became globally familiar after its appearance in the Netflix hit Squid Game. In Korean schoolyard slang, a kkanbu is a true equal — someone who has your back. The three industry leaders’ toast beneath the restaurant’s symbolic sign came at a moment of rising influence for all three companies: Nvidia’s ascent as the world’s most valuable firm, Samsung Electronics’ record-breaking rally securing its place as Korea’s top market-cap company, and Hyundai Motor’s climb to No. 5. 2025-10-31 17:43:18

'K-Submarine' moves to the center in Korea's defense ambition SEOUL, October 31 (AJP) - Nuclear submarines, once a politically sensitive topic in South Korea, have abruptly moved into the mainstream after U.S. President Donald Trump publicly endorsed Seoul's pursuit of a nuclear-powered submarine program. With Washington's unusually explicit approval, President Lee Jae Myung elevated submarine cooperation to the top of his diplomatic agenda, raising the issue in back-to-back summits with Canada and Thailand on the sidelines of the APEC meetings in Gyeongju. For years, Korea's submarine capabilities have remained overshadowed by its global dominance in commercial shipbuilding. That perception is beginning to shift. In talks with Canadian Prime Minister Mark Carney, Seoul proposed launching a new Security and Defense Cooperation Partnership to expand joint defense research and industrial collaboration. The discussion comes as Canada prepares a 60 trillion won ($44 billion) next-generation submarine procurement, in which several Korean firms have been shortlisted. During his meeting with Thai Prime Minister Anutin Charnvirakul, Lee emphasized the need for closer defense and maritime cooperation and encouraged Korean companies to participate in Thailand's defense-modernization projects. Submarines occupy one of the highest tiers of military trust. Whether nuclear-powered or diesel-electric, their propulsion systems, operational doctrine and crew training structures remain among a nation's most tightly guarded secrets. By placing submarines at the center of bilateral dialogue, Seoul is signaling that submarine cooperation has become a new measure of alliance confidence. "Submarines are not a sudden diplomatic trend," said Nam Dong-woo, senior advisor at Hanwha Ocean. "Diesel-electric submarine exports have been progressing for years. The current talks simply continue that trajectory." South Korea now designs and builds its own 3,000-ton KSS-III (Dosan Ahn Changho class) submarines equipped with air-independent propulsion (AIP) systems and lithium-ion batteries, allowing them to remain submerged longer and operate more quietly than traditional diesel models. Unusually for a non-nuclear state, South Korea has also successfully tested submarine-launched ballistic missiles, giving its fleet a rare form of strategic deterrent capability. These advances place South Korea among the small group of nations with full-cycle design, manufacturing and export capacity. "South Korea is one of the few countries capable of building large conventional submarines powered by diesel-electric engines equipped with AIP systems," said Yang Uk, research fellow at the Asan Institute for Policy Studies. He added that Korea's commercial shipbuilding strength has naturally extended into submarine expertise, helping build its reputation as a reliable supplier. Major builders Hanwha Ocean and Hyundai Heavy Industries anchor the sector, combining proven export experience with cost-efficient, high-performance designs. Their momentum is reflected in the stock market. Over the past year, Hanwha Ocean shares have surged about 415 percent, from 26,750 won ($19) to around 138,000 won ($100), while Hyundai Heavy Industries has jumped roughly 230 percent, from 182,600 won ($132) to 603,000 won ($437). The submarine drive is closely tied to Lee's goal of making South Korea the world's fourth-largest defense exporter by 2030. Submarines, alongside fighter jets and advanced artillery systems, sit at the top of the K-Defense portfolio not only for their technological prestige but also for their long-term economic value. Each contract typically spans decades of maintenance, logistics support and crew training, creating years of sustained partnerships rather than one-off sales. Nam said the U.S. decision to approve Seoul's pursuit of a nuclear-powered submarine offers major momentum. "Few countries gain such direct access to the U.S. defense market," he said. "Once Washington opens that gate, it validates Seoul’s defense credibility worldwide — from North America to Europe and beyond." The growing emphasis on submarines also reflects shifting regional dynamics. North Korea claims to have fielded a nuclear-armed submarine, though experts view the capability as limited, and China and Russia have stepped up joint naval operations across the Pacific. As Seoul's submarine diplomacy accelerates, experts caution that the next test lies in ensuring unified political leadership. Nam noted that defense exports can no longer rely solely on private initiative. "What matters now is how the government takes the lead," he said. "Korea needs a clear control tower to turn defense exports into a coordinated national strategy, and that moment has arrived." 2025-10-31 17:28:41

AI firm among two bidders seeking to acquire Homeplus SEOUL, October 31 (AJP) - An artificial intelligence company has joined the bid to acquire Homeplus, the troubled South Korean retail chain now under court-led rehabilitation. Homeplus said Friday that multiple bidders had submitted letters of intent by the deadline. While Homeplus did not reveal details of the participants, one bidder is reportedly Harex InfoTech, an AI solutions firm. The AI firm reportedly plans to raise about $2 billion in the United States to finance the acquisition. Under the current sale plan, all common shares held by majority shareholder MBK Partners would be canceled, except for preferred shares, and new shares issued to the successful bidder. In 2015, MBK Partners, a private equity firm, acquired a 100 percent stake from British supermarket chain Tesco Plc for 7.2 trillion won (about $5.2 billion at the time). But a prolonged slump in the discount store industry, compounded by competition from online platforms, left the company financially distressed. It eventually entered court-led rehabilitation proceedings in March. Samil PwC, the lead manager for the open bidding process, said it will review the letters of intent and financing plans before signing non-disclosure agreements with the qualified bidders. The due diligence will run from Nov. 3 to 21, with final bids due by Nov. 26. The identity of the second bidder remains undisclosed. NongHyup, previously mentioned as a potential participant, did not submit a letter of intent. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 17:09:41

KOSPI and Nikkei duo end historic week on upbeat note, other Asian markets low-key SEOUL, October 31 (AJP) - South Korean and Japanese equities extended their record-setting momentum on Friday, moving in lockstep toward new highs while most other Asian markets ended lower amid mixed regional sentiment. Japan’s Nikkei 225 led the advance, soaring 2.25 percent to 52,478, the first time the benchmark has ever topped the 52,000 threshold. The rally accelerated after Bank of Japan Governor Ueda Kazuo signaled a pause in rate hikes, reinforcing expectations for renewed stimulus. Tech shares also strengthened after Apple posted an 8 percent on-year increase in quarterly revenue, lifting suppliers across the region. Murata Manufacturing, a top MLCC component producer, jumped 12 percent to 3,395 yen ($22). In Seoul, the KOSPI gained 0.5 percent to 4,107.5, closing out a historic week on a firm note. Samsung Electronics climbed 3.27 percent to 107,500 won ($75.42), while Hyundai Motor surged 9.43 percent to 290,000 won on optimism stemming from the recently concluded Korea–U.S. tariff negotiations and the “Huang halo” following Nvidia CEO Jensen Huang’s high-profile visit. On Thursday, Samsung Electronics Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Eui-sun met the visiting Nvidia chief for a late-night “chimaek” (chicken-and-beer) gathering in Seoul — a scene that underscored the deepening alignment between Korea’s top tech and mobility leaders. NAVER — another core player in the emerging “AI alliance” orbiting Nvidia — rose 4.7 percent to 267,500 won. NAVER Chairman Lee Hae-jin, who joined President Lee Jae Myung and Huang during their meeting, said the company plans to co-develop a “Physical AI” platform aimed at supporting national industries including defense and shipbuilding. Robotics stocks also surged on the Huang effect after the CEO hinted at future collaboration with Korean robotics firms during Thursday’s Nvidia GeForce Gaming Festival. Hyundai Autoever, specializing in automotive and robotics software, spiked 26.08 percent to 203,500 won, while Rainbow Robotics jumped 24 percent to 436,500 won. The KOSDAQ climbed 1.07 percent, reclaiming the 900 level, driven by similar enthusiasm for robotics names. Neuromeka, known for its medical robotic arms, surged 20.15 percent to 31,900 won. Elsewhere in Asia, sentiment was subdued. China’s Shanghai Composite Index fell 0.81 percent to 3,954.79, slipping below the 4,000 mark as manufacturing activity contracted for the seventh straight month and PMI data disappointed. Taiwan’s TAIEX slipped 0.19 percent to 28,233.35 amid weakness in export-oriented sectors. As of 4:25 p.m., Hong Kong’s Hang Seng Index was down 1.15 percent at 25,985. 2025-10-31 17:04:26

LG Chem posts 43% jump in Q3 operating profit on cost cuts, battery unit recovery SEOUL, October 31 (AJP) - South Korea's LG Chem reported a 42.6 percent quarter-on-quarter increase in operating profit for the third quarter on Friday, driven by its battery unit's improved performance and company-wide cost reduction efforts despite sluggish global demand. The chemical giant posted an operating profit of 679.7 billion won (around $476 million) for the July to September period, up 38.9 percent from a year earlier, while revenue fell 1.9 percent to 11.2 trillion won. LG Energy Solution, its battery-making subsidiary, contributed 601.3 billion won in operating profit with revenue of 5.7 trillion won. Operating profit grew by 34.1 percent year-on-year, while revenue fell 17.1 percent during the same period. "In the third quarter, we delivered improved earnings through growth across our diverse business portfolio, including the petrochemical division's return to profit, receipt of upfront payments from life sciences license-outs, and LG Energy Solution's performance improvement, as well as cost reduction activities along the entire value chain," Chief Financial Officer Cha Dong-seok said. "While challenging business conditions will persist due to weak global demand, we will overcome these difficult times by accelerating our shift toward a high-value, high-profit business portfolio and through new business development and operational optimization activities." Shares of LG Chem closed Friday 1.85 percent lower at 397,500 won. 2025-10-31 17:03:54