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

S. Korea evolving beyond outsourcing clinical testbed as global R&D investment nears $1 bn SEOUL, October 31 (AJP) - South Korea’s biopharmaceutical sector has expanded rapidly over the past decade, yet new breakthrough drugs have been scarce and the country has produced no Nobel Prize winners in science — a stark contrast to neighboring Japan’s 22 laureates in natural sciences this century. But there may be hope as global pharmaceutical giants ramp up investment and clinical activity in Korea. The Korean Research-based Pharma Industry Association (KRPIA) said Thursday that 33 multinational drugmakers invested 1.0369 trillion won ($745 million) in clinical research here last year, an 18.8 percent increase from a year earlier. The figure reflects spending made through their Korean subsidiaries only, excluding direct funding from global headquarters — marking the first time locally executed clinical R&D investment has surpassed the 1 trillion won threshold. Over the past five years, R&D spending by global pharma companies in Korea has grown at an average annual rate of 14.8 percent. Clinical-stage research accounted for 42.9 percent, or roughly 445 billion won, the largest share of all R&D categories. The number of R&D personnel reached 2,470, up 7.4 percent, with more than half (52.6%) directly involved in clinical trials — underscoring Korea’s strengthening position as a clinical development hub. Pfizer Korea, the local unit of the New York-based drug giant, for one, has sharply increased R&D spending from 9.3 billion won ($6.7 million) in 2022 to 10 billion won in 2023, and to about 10.5 billion won in 2024, up roughly 5% from the previous year. Pfizer’s R&D investment in Korea has been steadily growing since 2021, a spokesman in Korea said, adding, "We expect this trend to continue." In the investment segment, cancer and rare disease treatments dominated clinical activity. In 2024, 974 trials (69.4%) were oncology-related, while 184 trials (13.1%) focused on rare diseases. Over the last five years, oncology trials increased by 5.7 percent annually, and rare-disease trials rose by 10.1 percent, driven by Korea’s advanced hospitals, efficient clinical trial networks, strong patient participation, and robust medical data infrastructure. These factors have made Korea one of the most attractive sites globally for late-stage clinical studies. According to the Korea Health Industry Development Institute (KHIDI), the global pharmaceutical market, valued at $1.6 trillion in 2023, is expected to expand to $2.24 trillion by 2028. Global R&D spending is projected to grow from $306 billion to $377 billion over the same period. The world’s top 10 pharmaceutical firms now account for 38.1 percent of all global R&D expenditure, with many allocating over 20 percent of their revenue to research and development — intensifying global competition for innovative drug pipelines. Against this backdrop, South Korea is rising as Asia’s premier clinical trial hub. “Over the past decade, Korea has become a major player in clinical research thanks to its rapidly growing biopharmaceutical sector, advanced medical infrastructure, and high patient participation rates,” KRPIA said. The association added that Korea’s strong research networks and skilled professionals are helping patients gain earlier access to innovative treatments and that the country is poised to solidify its role as a regional R&D base for global drug development. 2025-10-31 16:58:35

Korea launches first private Korea-India association for southern pivot traction SEOUL, October 31 (AJP) - Former and incumbent diplomats, along with large and small businesses, joined hands Friday to launch South Korea’s first non-governmental Korea–India friendship association, adding private-sector momentum to Seoul’s expanding southern pivot beyond China and Southeast Asia. “India is now the world’s most populous country with a median age in the 20s among its 1.5 billion people. It is set to overtake China not only in population but also in economic scale as it grows nearly 7 percent annually. Yet we know far too little about the country,” said Shin Bong-kil, president of the Korean Council on Foreign Relations, at the inauguration ceremony. Shin pointed out that while there are hundreds of private associations devoted to Korea–China relations, there has been none for Korea–India relations—until now. The newly launched Korea–India Future Society is an initiative Shin conceived during his tenure as South Korea’s ambassador to India from 2018 to 2021, aiming to close the gap between Korea’s rapidly rising business interest in India and the persistent lack of understanding and bias toward the South Asian nation. "The society has chosen 'future' instead of exchange or friendly to define the forward-looking direction for the body's role," Shin said. The launch drew attendance from Korea’s major conglomerates — Posco, Samsung Electronics, LG Electronics, and LG Chem — as well as SMEs including AutoGen, which operates manufacturing facilities in India. Scholars and cultural figures also joined, among them Abhishek Gupta, the Indian entertainer and businessman widely known in Korea as Lucky from JTBC’s “Abnormal Summit.” “Interest in Korea has risen sharply, and I hope I can contribute in cultural exchange,” Lucky said. India has been making frequent business headlines for Korean companies posting record-setting IPOs — LG Electronics’ $1.3 billion listing earlier this month and Hyundai Motor’s $3.3 billion IPO last year. Yet India’s share in Korea’s overall economic footprint remains small. Korea–India trade averages around $20 billion, far below Korea–Vietnam’s $82 billion and Korea–China’s $273 billion as of 2024. Fewer than 1,000 Korean companies currently operate in India — a figure that should be “at least ten times larger, given India’s size and opportunities,” said Park Euy-don, managing director of Haryana-based Seela Infratech, who has worked in India for over two decades. India’s multi-ethnic society, complex layers of federal and state regulations, and cultural differences continue to pose challenges. These hurdles are a key reason major firms such as Hyundai Motor and LG Electronics chose to list their Indian subsidiaries locally — a move that helps navigate India’s regulatory fragmentation between New Delhi and state governments. Still, “business should follow the market,” said Cho Hong-shin, vice chairman of AutoGen, which operates a plant in Khed City, Pune, producing ultra-high-strength steel components for automotive bodies for clients such as Mahindra & Mahindra. Founded with a modest membership, the Korea–India Future Society aims to expand alongside deepening bilateral ties, with plans to sponsor forums, cultural programs, and academic partnerships to strengthen long-term cooperation between the two countries. 2025-10-31 15:31:16

TOPIK website restored after data center fire, tests to resume normally SEOUL, October 31 (AJP) - The official website for the Test of Proficiency in Korean, or TOPIK, has resumed normal operations, about two months after a fire at a government data center forced cancellations of some tests, the Ministry of Education and the National Institute for International Education said Friday. The restoration means that upcoming tests, including those scheduled for November, will be held as planned, officials said, adding most systems related to test administration have now been fully recovered. The website, topik.go.kr, serves as the main portal for hundreds of thousands of applicants worldwide who take the Korean language test each year. With the system restored, test-takers can once again log in to download their official score reports, which are required for university admissions, graduation, and visa procedures. TOPIK results are also used as a key evaluation criterion in government programs assessing universities’ internationalization capacity and their management of foreign students. The 103rd paper-based TOPIK (PBT) and the 10th internet-based TOPIK (IBT) will both proceed next month as scheduled. About 36,000 candidates in South Korea and 49,000 in 11 other countries have registered for the 103rd PBT, which will take place on Nov. 16. Details on printing admission tickets will be provided later through the website, officials said. The 10th IBT, which faced disruptions during its registration period due to the system failure, will reopen for additional applications from Nov. 4 to 6. The test will be administered in South Korea and in three overseas countries. The 102nd PBT, held during the outage, was conducted using pre-stored data, but the 9th IBT and the 9th speaking test were canceled because both formats rely on active online systems. Applicants for the canceled IBT have been refunded, while those who wish to sit for the 10th IBT have been given a registration opportunity. The 9th speaking test, which had been planned only in South Korea, has also been canceled and refunded. 2025-10-31 15:18:38

Kia's profit plunges as US tariffs, strong dollar weigh on margins SEOUL, October 31 (AJP) - South Korean automaker Kia reported a steep drop in quarterly profit despite record revenue and global sales, Friday, as higher tariffs and currency fluctuations eroded margins in key markets. The company said its operating profit for the third quarter fell 49.2 percent from a year earlier to 1.46 trillion won ($1.06 billion), even as revenue climbed 8.2 percent to 28.69 trillion won. Net profit declined 37.3 percent to 1.42 trillion won. “Despite record sales and revenue driven by rising global demand for hybrid and electric vehicles, profits were affected by U.S. tariffs, higher global incentives and exchange rate volatility,” Kia said in a press release. Global sales rose 2.8 percent from a year earlier to 785,137 vehicles. Domestic sales jumped 10.2 percent, led by high-margin recreational vehicles such as the Sorento and Carnival and the new EV4. Overseas deliveries increased 1.4 percent, supported by strong hybrid demand in the United States and higher sales in emerging markets in Asia and South America. In western Europe, production adjustments at Kia’s Slovakia plant offset solid demand for the EV3, while sales in India fell as buyers delayed purchases in anticipation of a possible reduction in the goods and services tax. Eco-friendly vehicles accounted for more than a quarter of total sales, rising 32.3 percent to 204,000 units. The company sold 118,000 hybrids, up 40.9 percent; 17,000 plug-in hybrids, down 2.6 percent; and 70,000 fully electric vehicles, up 30 percent. Kia said it plans to expand its hybrid lineup and introduce new electric models to reinforce its position in the global market amid trade and policy uncertainties. In South Korea, the company will focus on high-margin hybrid RVs and the upcoming EV5, while in the United States it plans to broaden its hybrid offerings to meet shifting regulatory and consumer trends. In Europe, Kia aims to strengthen its EV portfolio with new models, and in India, it intends to grow its dealer network and introduce additional vehicles, company officials said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 14:36:32

Woori Card launches QR-based payment service in Indonesia SEOUL, October 31 (AJP) - Woori Card has become the first South Korean credit card company to introduce a QR-based payment and cash withdrawal service in Indonesia. The company unveiled the service on Friday at the 2025 Indonesia Digital Finance Festival in Jakarta, in partnership with the Korea Financial Telecommunications & Clearings Institute. The system allows users to make payments and withdraw cash using a single QR code generated through Woori Card’s mobile app. As part of the launch, Woori Card also signed a multilateral memorandum of understanding to develop a “cardless ATM” service that enables withdrawals via QR code. The new service is awaiting approval from Indonesia’s central bank and is expected to go live by the end of the year, with plans to expand later to other Asian markets, including Vietnam, the company said. “By entering the overseas QR payment market, we aim to build a convenient and secure payment ecosystem across Asia,” said Jin Seong-won, Woori Card’s chief executive. In Southeast Asia, digital payment adoption has accelerated rapidly amid a surge in smartphone usage and government-backed initiatives, according to Woori Card. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 14:01:02

Japan's Nikkei tops 52,000 for first time as Asian markets trade mixed SEOUL, October 31 (AJP) - Asian stock markets were mixed on Friday, with Japan’s Nikkei 225 surging past the 52,000 mark for the first time in its 75-year history, while Chinese and Hong Kong shares slipped and South Korea’s benchmark index traded little changed. As of late morning, Japan’s Nikkei 225 was up 1.5 percent at 52,089.30, building on a week of record-breaking gains. The index crossed 50,000 on Monday and 51,000 on Wednesday before reaching another milestone Friday. The rally has been supported by a weaker yen, steady policy from the Bank of Japan and upbeat earnings from major U.S. technology firms such as Apple. In Seoul, the Kospi edged up 0.2 percent to 4,096.66 as of 10:17 a.m., holding near flat as foreign investors continued to sell local equities, limiting further gains. Foreigners sold a net 122 billion won ($87 million) worth of Korean shares, reflecting lingering caution in the market. Analysts said several factors were weighing on sentiment. Although Seoul and Washington reached a tariff agreement at the Asia-Pacific Economic Cooperation summit in Gyeongju, Thursday, unresolved details have kept trade-related risks in play. Profit-taking has also emerged after recent sharp gains, while Federal Reserve Chair Jerome Powell’s unexpectedly hawkish remarks on rate cuts have tempered expectations for additional monetary easing this year. Powell told reporters Thursday that a December rate cut was “not a foregone conclusion,” surprising investors who had priced in further accommodation. A weaker close on Wall Street overnight — with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all ending lower — has added to the cautious mood across Asia. Still, optimism around artificial intelligence provided some support for Korean technology shares. Market sentiment brightened after Nvidia Chief Executive Jensen Huang met informally over “chimaek” — Korean fried chicken and beer — with Samsung Electronics Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Eui-sun. Media reports said Nvidia may soon announce major AI chip supply deals with leading Korean firms, potentially deepening partnerships in the global tech race. In China, the Shanghai Composite Index slipped 0.5 percent to 3,969.13, while Hong Kong’s Hang Seng Index fell 0.4 percent to 26,186.24. The South China Morning Post reported that investors remained cautious following the Xi-Trump meeting at APEC, noting that markets had already priced in expectations of a limited trade thaw. Persistent skepticism over the durability of any trade relief continued to weigh on sentiment. 2025-10-31 11:35:12

South Korea to complete military satellite network with final launch on Sunday SEOUL, October 31 (AJP) - South Korea is set to complete its first military reconnaissance satellite network this weekend with the launch of a rocket carrying its fifth and final satellite under its “425 Project." The Ministry of National Defense said Friday that the rocket will lift off from Cape Canaveral Space Force Station in Florida at 2 p.m. (KST) on Nov. 2. Once operational, the five-satellite constellation will allow South Korea to monitor North Korean military movements with far greater speed and precision, enhancing the country’s “kill chain” — a preemptive strike capability that forms a core pillar of its defense system. The 425 Project is named for the Korean pronunciations of one electro-optical, infrared satellite and four synthetic aperture radar (SAR) satellites. The first satellite was launched in December 2023 and became operational the following August. Subsequent SAR satellites were launched in April and December 2024 and in April 2025, with three of them now fully operational. The project is part of South Korea’s broader effort to reduce reliance on U.S. intelligence assets and to build independent reconnaissance capacity. Unlike optical sensors, SAR technology can capture high-resolution images regardless of weather or lighting conditions, enabling round-the-clock surveillance. Once the network is complete, the system will be capable of revisiting specific sites in North Korea every two hours, according to the ministry. Jeong Kyu-heon, who heads the Defense Acquisition Program Administration’s Future Power Project Division, said the launch represents a turning point in South Korea’s space defense capabilities. “After securing the military reconnaissance satellite system, we will continue advancing micro-satellite development and establishing the infrastructure needed for space operations, including launch facilities and technology,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 11:06:35

Samsung SDI works with BMW, Solid Power of US to develop next-generation EV batteries SEOUL, October 31 (AJP) - Samsung SDI said Friday it has entered a three-way partnership with BMW and U.S.-based Solid Power to develop and test solid-state batteries for electric vehicles, deepening a long-running collaboration with the German automaker as the global race to commercialize next-generation batteries intensifies. Under the agreement, the three companies will work together to improve the energy density and safety of solid-state batteries using Solid Power’s proprietary solid electrolytes. BMW will design and assemble battery modules and packs for installation in its next generation of electric vehicles. Unlike conventional lithium-ion batteries, which use liquid electrolytes, solid-state batteries rely on solid materials to conduct ions. The technology promises greater safety and higher energy density, which could allow electric vehicles to travel farther on a single charge while reducing overall battery weight. The collaboration combines Samsung SDI’s manufacturing expertise, BMW’s engineering capabilities, and Solid Power’s materials technology, with the shared goal of accelerating the commercialization of solid-state batteries and building a global supply chain. Samsung SDI and BMW have maintained a close partnership since 2009, with Samsung serving as a key supplier of battery cells for BMW’s electric and plug-in hybrid models. “Battery technology drives electric vehicle innovation,” said Ko Ju-young, vice president of Samsung SDI’s battery business team. “We will continue to lead in solid-state battery commercialization with partners like BMW and Solid Power.” Samsung SDI has been steadily expanding its solid-state battery development efforts. The company established a pilot production line at its Suwon R&D center in March 2023 and began producing sample cells later that year. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 09:59:43

OPINION: Why K-food must become trusted global brand SEOUL, October 31 (AJP) - Korean food has become a fixture on dining tables around the world. In New York, restaurants serve gochujang-marinated steak. In Paris, supermarkets feature kimchi sections. Across Southeast Asia, spicy instant noodles have achieved near–pop culture status. Even in the United States, retailers like Costco and Walmart now boast bustling K-food aisles. What began as a culinary curiosity has evolved into a living cultural experience — one that connects people to the broader phenomenon of the Korean Wave. Yet the success of K-food remains fragile. For now, its global rise leans heavily on the momentum of K-pop, K-drama, and other cultural exports. Without strategic policy support and a cohesive national brand, its growth could prove short-lived. To endure, K-food must move beyond being a popular export and become a symbol of national philosophy and trust. So far, the government has concentrated on expanding exports, from smart farming initiatives to the promotion of traditional liquors. But the focus has largely remained on boosting sales volume. True competitiveness, however, begins not with quantity but with credibility. Korea should export not only its products, but also the values and identity they represent. The most successful global industries do precisely that. K-beauty markets a philosophy of natural, sustainable self-care. K-content — from film to television — conveys Korean emotion and creativity. Likewise, K-food must sell trust: the assurance that what comes from Korea is not only delicious but also safe, healthy, and authentic. In today’s markets, stories matter as much as products. To many abroad, kimchi is more than fermented cabbage — it is a symbol of well-being and national pride. To make that story compelling, scientific evidence must back it up. If research can prove the nutritional and probiotic benefits of Korean foods, then the narrative of “kimchi = health = K-food” will carry genuine power. Trust in K-food should rest on two pillars: health and safety. Rigorous scientific data can affirm its health benefits, while internationally recognized certification systems can guarantee its quality and safety. When these two forms of trust converge, K-food will evolve from a culinary trend into a lasting global brand. Thailand offers a valuable precedent. Its “Global Thai” campaign, launched in 2002, unified cuisine, culture, and tourism under the slogan “Thailand: Kitchen of the World.” In doing so, it positioned Thai food as not only flavorful but also reliable — and transformed Thailand into a trusted culinary nation. South Korea stands at a similar crossroads. Its cultural exports — from pop culture to cuisine and traditional liquor — are shifting from the idea of “seeing Korea” to “tasting Korea.” The government is now strengthening brand strategies that connect food exports, cultural industries, and public diplomacy. K-food globalization is no longer just an industrial project; it has become a central pillar of national identity. What South Korea truly needs to export, then, is not just food, but philosophy — the integrity and dignity embodied in the name “Korea.” The success of K-food will depend on whether the country can embed that philosophy into a brand the world can trust. It is time for South Korea to move from being a nation that sells to a nation that is remembered — from a “K-food selling nation” to a “K-food trusted nation.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 09:33:53