Korean defense industry posts record quarter amid export boom to Europe, Middle East SEOUL, July 10 (AJP) - South Korea’s defense industry continued its unprecedented growth trajectory in the second quarter, buoyed by sustained international demand for weapons systems and armored vehicles. The nation’s four leading defense contractors — Hanwha Aerospace, Hyundai Rotem, LIG Nex1, and Korea Aerospace Industries (KAI) — are projected to report a combined operating profit exceeding 1 trillion won for the first time, according to financial estimates released this week. Analysts at FnGuide, a South Korean financial data provider, forecast total revenue of 9.7 trillion won ($7 billion) for the April–June period, with operating profit expected to reach 1.1 trillion won ($800 million). The performance eclipses the previous record set just a quarter earlier, when the sector posted 8.3 trillion won in revenue and fell just short of the 1 trillion won profit mark. Hanwha Aerospace led the surge, with second-quarter revenue projected at 6.26 trillion won and operating profit at 696.3 billion won — up 124.8 percent and 94.1 percent, respectively, from a year earlier. The company benefited from continued deliveries of K9 self-propelled howitzers and Cheonmu multiple launch rocket systems to Poland, as well as exports of propellant materials to the United Kingdom and Sweden. A sharp increase in European ammunition demand, spurred by the protracted conflict in Ukraine, further boosted performance. Hyundai Rotem also reported robust growth, driven by Poland’s large-scale acquisition of K2 main battle tanks. The company is expected to post 1.38 trillion won in revenue and 232.5 billion won in operating profit, reflecting annual increases of 26.5 percent and 106.1 percent, respectively. Of the 180 K2 tanks contracted under a 2022 agreement, 133 had been delivered by the end of June, including 49 units shipped this year. The remaining 47 are scheduled for delivery later in 2025. On July 2, Hyundai Rotem confirmed it had concluded negotiations with Poland’s Ministry of Defense for a second-phase contract valued at $6.5 billion (approximately 8.8 trillion won). The deal was South Korea’s largest-ever single defense export contract. LIG Nex1, a key player in the guided weapons sector, is expected to post revenue of 883.4 billion won and operating profit of 83.1 billion won, representing year-over-year increases of 46.1 percent and 69 percent. Much of the growth stems from domestic production of the Cheongung-II (M-SAM) surface-to-air missile system and a significant export deal with the United Arab Emirates. Signed jointly with Hanwha Aerospace in 2022, the $3 billion contract includes a 2.34 trillion won share for LIG Nex1. Korea Aerospace Industries (KAI) was the lone outlier, with earnings expected to dip slightly in the second quarter. The company is forecast to report 891.4 billion won in revenue and 68.6 billion won in operating profit — down 0.08 percent and 8.77 percent, respectively, from the same period last year. The decline is attributed to delayed deliveries of FA-50 light combat aircraft to Poland and the absence of large-scale aircraft handovers during the quarter. However, analysts remain optimistic about a rebound later in the year, as KAI ramps up mass production of its KF-21 next-generation fighter and begins work on a recently awarded order from the Philippines for an additional 12 FA-50 jets. 2025-07-10 15:55:27

Samsung C&T's 8 Seconds opens first Philippine store, expanding K-fashion reach in Southeast Asia SEOUL, July 10 (AJP) - Samsung C&T’s casual fashion brand 8 Seconds made its official debut in Southeast Asia this week, opening its first store in the Philippines through a partnership with local retail powerhouse Suyen Corporation. The 420-square-meter flagship, located on the second floor of SM Mall of Asia in Manila, launched Wednesday with a grand opening event. Founded in 2012, 8 Seconds is positioned as a trend-driven, accessible fashion label aimed at younger consumers, often described as South Korea’s answer to fast fashion giants like H&M and Zara. Its partnership with Suyen Corporation—a veteran Philippine retailer with approximately 1,600 stores nationwide across fashion, beauty, and food sectors—signals Samsung’s broader ambition to capture Southeast Asia’s growing appetite for Korean culture and aesthetics. The ceremony attracted a mix of high-level dignitaries and brand representatives. Korean Ambassador to the Philippines Lee Sang-hwa and Philippine Trade and Industry Director Jo-Dann Darong were in attendance, along with Pasay City Councilor Luigi Calixto Rubiano. From the corporate side, Suyen executives Ben Chan, Virgilio Lim, and Bryan Lim joined Samsung C&T Fashion Division Head Lee Jun-seo and Vice President Ko Hee-jin to mark the occasion. Sunoo, a member of the K-pop group ENHYPEN and the brand’s global ambassador, also made an appearance, further amplifying the brand’s youth appeal. “The Philippines, and Manila in particular, represents strong potential for K-fashion,” said a Samsung C&T official. “The market has a youthful demographic and a high affinity for Korean culture, which aligns well with the identity of 8 Seconds. Local consumer feedback shows strong demand and high satisfaction with our products.” Samsung cited the country’s favorable population pyramid — heavily skewed toward younger generations — as a primary driver for choosing Manila as its entry point. The brand also emphasized its differentiation from global competitors by offering sizing and styles more attuned to Asian body types and fashion sensibilities. The flagship store at SM Mall of Asia, one of Southeast Asia’s largest shopping destinations operated by the retail conglomerate SM Group, marks the first step in a broader regional expansion strategy. 8 Seconds plans to open two additional locations in Manila by October: one later this month at Uptown Mall in Bonifacio Global City, and another at Robinsons Manila. Samsung also aims to capitalize on its collaboration with ENHYPEN, whose popularity in both South Korea and the Philippines has surged in recent years. Since 2023, the group has secured five No. 1 albums on iTunes in the Philippines alone — a resonance that 8 Seconds hopes to channel as it establishes itself in the local market. With its Philippine launch, 8 Seconds joins a growing wave of Korean fashion brands extending their footprint beyond domestic borders, as Korean cultural exports continue to redefine global trends from beauty to pop music — and now, increasingly, everyday streetwear. 2025-07-10 15:46:33

Shim Eun-kyung's latest Japanese film invited to compete at Locarno Film Festival SEOUL, July 10 (AJP) - Actress Shim Eun-kyung's latest film has been invited to the upcoming Locarno Film Festival, which opens next month in Switzerland, the film's distributor said Thursday. Based on a Japanese manga by Yoshiharu Tsuge, "Tabi to Hibi" or "Two Seasons, Two Strangers" tells the story of a scriptwriter whose journey leads her to an unexpected encounter with the owner of a remote countryside inn. Directed by Japanese filmmaker Sho Miyake, the film will vie for the Pardo d'Oro or the Golden Leopard along with 16 other films in the competition section of the Concorso Internazionale, which showcases "both established auteurs and emerging talents, classical form and experimentation." Expectations are already building among fans for Miyake, known for his acclaimed previous works such as "And Your Bird Can Sing" (2018), "Small, Slow But Steady" (2023), and "All the Long Nights" (2024), all of which were invited to another prestigious annual film festival, the Berlinale. Fluent in Japanese, Shim, who earlier said in an interview that she is "honored to be part of Miyake's beautiful film," is expected to walk the red carpet at this year's festival, which is scheduled to kick off its 10-day run on Aug. 6 in southern Switzerland. 2025-07-10 15:45:13

Samsung unveils slimmest foldable yet with Galaxy Z Fold7 SEOUL, July 10 (AJP) - Samsung Electronics has introduced its latest flagship foldable, the Galaxy Z Fold7, touting it as the slimmest and lightest model in its Z Fold series to date. Unveiled at the company’s Galaxy Unpacked 2025 event in Brooklyn, the Fold7 represents a significant leap in both design and functionality as the firm continues to bet big on foldables and artificial intelligence. The new device measures just 8.9 millimeters thick when folded and 4.2 millimeters when open, and weighs 215 grams. It features an expansive 8.0-inch main display and a 6.5-inch cover screen with a cinematic 21:9 aspect ratio, offering users a tablet-like experience in a smartphone form factor. Beneath the hood, the Fold7 runs on Qualcomm’s Snapdragon 8 Elite for Galaxy processor, which Samsung says delivers a 41 percent improvement in neural processing unit (NPU) performance, along with gains of 38 percent and 26 percent in CPU and GPU speeds, respectively. The device is also equipped with a 200-megapixel wide-angle camera — matching the specifications of the Galaxy S25 Ultra — and Samsung’s AI-powered ProVisual Engine for enhanced low-light photography. At a media briefing in Seoul, Thursday, Samsung officials spoke about the engineering challenges behind the new form factor. “We redesigned almost every component to achieve this level of thinness,” said a lead product planner. “The biggest hurdle was finding the balance between an ultra-slim profile and uncompromising flagship performance.” Security features have also received an upgrade. The Fold7 introduces KEEP, a new encrypted storage function that isolates data for individual apps, while Samsung’s Knox Matrix expands threat detection across its ecosystem. The company also said it has added quantum-resistant encryption to its Secure Wi-Fi capabilities, anticipating emerging cybersecurity threats. In addition to the Fold7, Samsung revealed the Galaxy Z Flip7, which sports a 4.1-inch cover screen, and a more affordable Flip7 FE model, aimed at expanding the reach of its foldable portfolio. Global sales of the Galaxy Z Fold7 begin July 25, with pre-orders in South Korea starting Tuesday. Pricing for the Fold7 starts at 2.379 million won (about $1,780) for the 256GB model, climbing to 2.933 million won for the top-tier 1TB version with 16GB of RAM. Early buyers will receive a complimentary double-storage upgrade. 2025-07-10 15:13:00

Bank of Korea halts rate cuts amid soaring housing prices SEOUL, July 10 (AJP) - The Bank of Korea left its benchmark interest rate unchanged at 2.5 percent on Thursday, pausing its monetary easing cycle as policymakers contend with a surge in housing prices and rapidly rising household debt. The decision underscores mounting concern within the central bank over asset bubbles forming in the capital region. In recent weeks, apartment prices in Seoul have accelerated at their fastest pace in nearly seven years. “Stabilizing market sentiment to prevent further price surges in metropolitan housing and managing household debt are critical priorities,” said Rhee Chang-yong, the bank’s governor, during a news conference. Data from the Korea Real Estate Board showed apartment prices in Seoul rose 0.43 percent in the fourth week of June from the previous week — the sharpest weekly gain since September 2018. The price rally has been accompanied by a spike in household borrowing. Bank lending to households rose by 6.2 trillion won ($4.5 billion) last month, while total financial sector lending jumped 6.5 trillion won, marking the largest monthly increase in eight months. In response, financial regulators in June rolled out tighter mortgage rules in Seoul and neighboring areas, capping home loans at 600 million won in an effort to curb speculative buying. The central bank had begun cutting rates in October, lowering borrowing costs in successive moves aimed at reviving domestic demand and insulating South Korea’s export-driven economy from global headwinds, including protracted trade tensions with the United States. The rate is now down from a peak of 3.25 percent. Still, policymakers remain cautious. While domestic consumption is expected to recover gradually — bolstered by improving business sentiment and government stimulus — exports are forecast to lose momentum amid ongoing U.S. tariff actions and uncertainty surrounding trade negotiations. The BOK maintained its inflation forecast at 1.9 percent for both headline and core consumer prices, in line with projections made in May. Officials expect inflation to hover around 2 percent this year, citing subdued demand-side pressures and stable global oil prices. 2025-07-10 14:03:43

PHOTOS: Record heat grips South Korea SEOUL, July 10 (AJP) - A relentless, record-breaking heat wave is scorching South Korea. Temperatures in Seoul climbed to an unprecedented 37.8 degrees Celsius on Tuesday, the highest ever recorded for early July. The intense heat has sent a dramatic surge of patients to emergency rooms across the country. According to the Korea Disease Control and Prevention Agency, 238 individuals sought emergency medical attention for heat-related illnesses on Monday alone. This brings the total number of heat-illness patients this summer to 1,212, a striking 2.5-fold increase compared to the 486 cases reported during the same period last year. 2025-07-10 13:58:36

Rare Chinese relics unveiled at Daboseong Gallery appraisal session with top experts SEOUL, July 10 (AJP) - Daboseong Gallery in South Korea has once again opened its doors to reveal a selection of Chinese antiquities rarely seen by the public, even in China itself. For the third year running, the gallery invited top Chinese appraisal experts to assess items from its vast collection, believed to be one of the most extensive private holdings of rare Chinese artifacts in Asia. The appraisal session, held on July 9, was led by Professor Lee Jung-soon of Chung-Ang University's Graduate School of International Studies. Invited to the gallery were Xuan Jiaxin, vice president of the Shanghai Calligraphers Association, and Chen Ketao, executive vice president of the Shanghai Collectors Association. The two spent the day examining a series of previously undisclosed Chinese relics, including calligraphy, porcelain, jade ornaments, and Neolithic artifacts. At the center of this year’s review was a Geumnisagyeong, a Buddhist scripture copied in gold ink on indigo-dyed paper by Zhao Mengfu (1254~1322), one of the most influential figures in Chinese calligraphy. The manuscript is a transcription of the Mahāvaipulya Complete Enlightenment Sūtra (Da Fangguang Yuanjue Xiuxiuluo Liaoyi Jing), written in two long scrolls. The upper scroll measures 33 centimeters by 11.46 meters, and the lower one 33 centimeters by 11 meters. Both are stored folded in a 35-by-13.5-centimeter box. At the end of the lower scroll is written: "延祐二年春月三寶弟子趙孟頫敬書", which translates as "Respectfully written by Zhao Mengfu, disciple of the Three Jewels, in the spring of the second year of Yanyou," referring to the year 1315. Zhao Mengfu, known for his mastery of all major Chinese scripts, including seal, clerical, regular, and cursive, was a towering figure in the Yuan Dynasty. His writing style, referred to as Songxue-ti or Zhao-ti, was widely admired not just in China but also in South Korea and Japan. His influence was especially visible during the early Joseon period, when his calligraphy gained widespread popularity. Beyond calligraphy, Zhao was also a painter, poet, and central figure in the artistic revival movement that promoted a return to Tang and Northern Song aesthetics. The Yuanjue Sutra is a central Mahayana Buddhist scripture, presenting a dialogue between the Buddha and twelve bodhisattvas. It lays out the doctrine of Great Perfect Enlightenment and emphasizes the innate Buddha-nature of all living beings. In South Korea, the text remains an important guide in Buddhist practice. Regarding the scripture, Xuan Jiaxin commented, "It’s the first time I’ve seen this piece, so it’s difficult to assign a price." He noted, however, that a similar work by Zhao had once fetched 30 billion won at auction in China. Chen Ketao also evaluated several significant ceramic works, calling them exceptional pieces that could start at several hundred million to several billion won at auction. Among them were a Northern Song Ru ware celadon vase with a gilt rim, a covered Ru ware bowl with a lotus-shaped saucer, a Ding ware bowl decorated with lotus motifs, a late Yuan to early Ming blue-and-white jar with underglaze red cloud-and-dragon designs, and a Xuande-era incense burner in the shape of a deer, painted in cobalt blue and iron red. The team also assessed several jade ornaments associated with the Hongshan culture, including the yuzhulong, a pig-dragon figure carved from jade. The Hongshan culture, which thrived 5,000 to 6,000 years ago, is often referred to as the beginning of Chinese civilization. Most of its relics were excavated from tombs and are considered key to understanding early spiritual practices in the region. Daboseong Gallery began its expert appraisal series in 2022. Last year, the gallery invited Wu Shaohua, adviser to the China Collectors Association, along with Xuan and Chen, to examine its holdings. In July 2023, three more experts, Ye Peilan of the China Cultural Relics Society, Yu Hui from Beijing’s Palace Museum, and Gu Fang from the China Collectors Association, visited South Korea and reviewed over 70 pieces, including paintings, ceramics, and calligraphy. That visit included the appraisal of an eight-meter painting attributed to Song Dynasty artist Shi Ke, as well as a lotus ewer from the Song period, a Yuan blue-and-red phoenix vase, a Ming blue-and-white dragon jar, and a Qing cloisonné lotus vase. The Shi Ke painting, like Zhao’s scripture this year, was described as being too rare to price. At the time, Xuan Jiaxin remarked that a comparable work by Northern Song calligrapher Huang Tingjian had sold at auction in Japan for 250 million yuan, or around 47.7 billion won. Kim Jong-choon, chairman of Daboseong Gallery, said, "This is the third year we’ve invited Chinese experts to evaluate our collection, and each time, the value of our holdings has been affirmed." He added, "We’re creating a platform for cultural exchange through these appraisals and discussions. And with many relics still unreleased to the public, this work will continue." 2025-07-10 13:50:08

Probe into martial law debacle gains steam with ex-President's rearrest SEOUL, July 10 (AJP) - Independent prosecutors are expected to speed up and intensify their probe into disgraced former President Yoon Suk Yeol's martial law debacle after an arrest warrant for him was issued in the small hours of Thursday. The Seoul Central District Court issued the warrant, citing concerns that Yoon could destroy evidence, leading to his immediate detention once again in a remand prison in Uiwang, Gyeonggi Province. His rearrest came about four months after his release in March this year, as independent prosecutors, who took over the case about a week after President Lee Jae-myung took office early last month, filed a request to arrest him on fresh charges related to his Dec. 3 declaration of martial law, after questioning him twice. Yoon, who was arrested in January on charges of insurrection and abuse of power related to the debacle and released after about 50 days of detention, cannot be arrested again on the same charges, so prosecutors sought his arrest on five different charges including falsification of official documents, obstruction of official duties, and other accusations such as refusal to cooperate or attempts to evade questioning. Yoon, who attended a hearing for the arrest warrant the previous day, reportedly denied all the allegations, citing the illegality of his detention. But some key aides and officials involved in the case including Kim Seong-hoon, who was in charge of presidential security, changed their statements, which may have influenced the court's decision, interpreting it as an attempt by Yoon to pressure them into testifying in his favor. Independent prosecutors can hold him for up to 20 days for their investigation and will decide whether to file additional charges to extend his detention. They suspect Yoon may have sent drones to provoke Pyongyang in October last year as part of a broader attempt to justify the debacle or build up excuses for it. 2025-07-10 10:09:20

Hanwha Ocean intensifies bid for Poland's $6 billion submarine project SEOUL, July 10 (AJP) - Hanwha Ocean is intensifying its campaign to win a multibillion-dollar submarine contract from the Polish government, offering a localized production model, technology transfer, and strategic financing in a bid to secure the next-generation Orka submarine program. The project, valued at an estimated 8 trillion won, or roughly $6 billion, is a key component of Poland’s broader military modernization push, as the country seeks to bolster its naval capabilities amid rising geopolitical tensions in the region. At a recent media briefing in Warsaw, Hanwha Ocean laid out its proposal, underscoring its intent to work closely with Polish authorities and domestic defense contractors. According to a defense industry official familiar with the matter, the company is exploring a range of financing mechanisms — including partnerships with private banks and public financial institutions — to help ease the fiscal burden of the project on the Polish government. At the core of Hanwha’s bid is the KSS-III Batch-II class submarine, a cutting-edge vessel equipped with air-independent propulsion (AIP) and ten vertical launch system (VLS) cells. Designed for enhanced stealth and maneuverability, the submarine is seen as particularly well-suited for operations in the shallow waters of the Baltic Sea. Since 2023, Hanwha has steadily deepened its footprint in Poland. In April, the company proposed leasing a KSS-I submarine to provide an interim solution ahead of the delivery of new units — an offer aimed at bridging potential capability gaps in the Polish Navy. Hanwha’s outreach has included direct negotiations with major Polish shipyards, including Remontowa and Nauta, to explore avenues for maintenance, repair and overhaul (MRO) infrastructure development and core technology transfer. In May, the company signed memorandums of understanding with PGZ Stocznia Wojenna (PGZ SW) and Nauta during the MADEX naval defense exhibition, formalizing its commitment to local partnerships. Its proposal also includes the establishment of a permanent MRO center, a $100 million investment package, workforce development initiatives, and long-term industrial cooperation agreements with local shipbuilders. The company frames this not merely as an arms deal, but as a strategic contribution to Poland’s defense industrial base. By offering a comprehensive package that ties cutting-edge technology with local production and economic investment, Hanwha Ocean is positioning itself as more than a supplier — it aims to become a long-term partner in Poland’s national defense strategy. 2025-07-10 09:59:33

Tata Group of India bets on AI, EVs, renewables to power its next chapter Editor's Note: This article is the 26th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, July 10 (AJP) - Spanning sectors from steel and software to salt and automobiles, the Tata Group of India stands as Asia’s most enduring industrial empire. With operations in more than 100 countries and a global workforce exceeding one million, the conglomerate posted $165 billion in revenue in fiscal 2024. Its 29 publicly listed companies boasted a combined market capitalization of $403 billion as of August in 2024. To many, Tata is more than a business. It is a byword for Indian enterprise and a case study in how legacy, ethics, and innovation can form the bedrock of global expansion. At its heart is a model of corporate stewardship that has shaped Indian capitalism and influenced business practices around the world. The group traces its origins to 1868, when Jamsetji Nusserwanji Tata — a visionary Parsi industrialist — founded a modest trading firm with an outsized ambition: to help build a modern, self-reliant India. From establishing the Empress Mills in Nagpur to opening the Taj Mahal Hotel in Mumbai — India’s first hotel with electricity — Jamsetji laid the foundations for what would become one of the world's most diversified conglomerates. But his legacy is not only industrial. Jamsetji championed a radical business philosophy for his time that industry should serve society. He seeded institutions such as the Indian Institute of Science and invested in hydroelectric power projects, embedding public good into private enterprise. That ethos — prioritizing employee welfare, education, and infrastructure over pure profit — remains core to Tata’s identity, setting it apart in an era dominated by shareholder-first capitalism. Tata’s expansion unfolded through a series of calculated bets on India’s industrial future. Tata Steel was launched in 1907 as the nation’s first major steel plant. Tata Motors, founded in 1945, began with locomotives and evolved into a key player in commercial and passenger vehicles. In 1968, Tata Consultancy Services (TCS) was formed — now Asia’s largest IT firm, generating $30 billion in revenue and employing over 600,000 consultants worldwide. Its global footprint grew dramatically in the 2000s with a series of bold acquisitions. In 2000, the group acquired Tetley Tea, marking its foray into international consumer markets. The $12 billion purchase of Corus Steel in 2007 vaulted Tata Steel into the global top tier, and the $2.3 billion acquisition of Jaguar Land Rover in 2008 transformed Tata Motors into an automotive powerhouse. TCS today leads the group in valuation, with a market cap exceeding $150 billion, followed by Tata Motors and Titan Company. Despite its vast scale — more than 30 companies spanning 10 sectors — Tata operates on a decentralized model. Each firm has its own board, granting operational autonomy while adhering to shared principles of governance and ethical conduct. At the center sits Tata Sons, the group’s principal holding company. Nearly two-thirds of its equity is held by philanthropic trusts established by the Tata family. The largest, the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, direct a significant portion of the group’s profits to charitable, educational, and scientific causes — a structure virtually unique among global business conglomerates. Since assuming the chairmanship in 2017, Natarajan Chandrasekaran has accelerated internal consolidation and long-term capital allocation. His tenure has seen the merger of seven metal subsidiaries with Tata Steel and the creation of Tata Consumer Products through strategic reorganization. The group plans to deploy over 80 percent of its capital expenditures in India over the next five years, including Tata Power’s $10 billion push into renewables and $5 billion earmarked for gigafactories. Still, Tata faces the complexities of an evolving global economy — climate pressures, technological disruption, and geopolitical volatility among them. Yet its strengths lie in its unmatched diversification, deep-rooted brand equity, and 157-year legacy of integrity. As the group charts its next chapter, balancing innovation with social purpose, it appears poised to maintain its place as one of Asia’s most resilient and principled industrial dynasties — an empire not only built to last, but built to lead. 2025-07-10 09:52:41