Korea, Indonesia elevate ties as Middle East shock drives energy cooperation SEOUL, April 1 (AJP) — South Korea and Indonesia elevated their relationship to a “special comprehensive strategic partnership” on Wednesday, as Middle East tensions disrupting energy markets pushed the two Asian economies to deepen cooperation on supply security and strategic industries. In their first summit in Seoul, President Lee Jae Myung and Indonesian President Prabowo Subianto framed the upgrade as a response to mounting global uncertainty, with both sides stressing the need for closer coordination on energy, supply chains and defense. Hosting Prabowo with full state honors, Lee called the bilateral relationship “a blessing” at a time of deepening instability worldwide. He said South Korea has long relied on Indonesia, a trusted supplier of liquefied natural gas, coal and other key resources, over the five decades since the two countries established diplomatic ties. Prabowo echoed that view, saying rising global uncertainty made the partnership even more important. He said that the two countries were well placed to complement each other as Pacific nations and trade-dependent economies. South Korea has strong industrial capabilities and advanced science and technology, while Indonesia has abundant resources and a large market, he pointed out. As middle powers, the two countries also share the importance of peace and stability, as well as the need for strong security and defense, he said. The two governments signed 16 memorandums of understanding to expand cooperation in areas including defense, energy, critical minerals and artificial intelligence. Ten of the agreements were signed in the presence of the two leaders, including plans to establish a high-level diplomatic dialogue channel and resume a joint economic committee that has been suspended since 2023. Other agreements covered critical minerals, digital development, AI-based primary healthcare, clean energy including renewables and nuclear power, and carbon capture and storage. The two sides also agreed to cooperate on maritime plant services, financial cooperation and intellectual property protection. Six additional MOUs were signed separately in areas such as environmental cooperation, forestry, wildfire management, development assistance and data collaboration. The summit underscored growing strategic alignment between the two economies as they seek to deepen cooperation in supply chains, investment and defense industries. South Korea has been a key partner in Indonesia’s industrial and infrastructure development, while Indonesia’s natural resources have become increasingly important for Korean manufacturers. Prabowo’s visit was marked by full state protocol, highlighting Seoul’s push to strengthen ties with Southeast Asia’s largest economy. A state luncheon followed, with Korean and Indonesian dishes prepared with halal-certified ingredients in consideration of Prabowo’s Muslim faith. After the luncheon, the leaders were scheduled to attend a cultural program featuring a taekwondo demonstration, reflecting Prabowo’s long-standing interest in martial arts as a former military officer and head of Indonesia’s pencak silat association. Lee was also expected to confer South Korea’s highest honor, the Mugunghwa Order of Merit, on Prabowo in recognition of his contribution to bilateral ties. Business leaders from major Korean conglomerates including SK Group, Hyundai Motor, Lotte Group and POSCO attended related events, signaling expectations for broader investment and industrial cooperation. Both governments see the upgraded partnership as a platform to expand collaboration not only in traditional sectors such as defense and infrastructure, but also in emerging areas including AI, shipbuilding, energy transition and cultural content. 2026-04-01 14:43:23

Toss Bank Confirms CEO Lee Eun-mi for Second Term Through March 2028 Toss Bank said Tuesday it approved the reappointment of CEO Lee Eun-mi as originally proposed, after holding its sixth annual shareholders meeting and a board meeting Monday at its headquarters on Teheran-ro in Seoul’s Gangnam district. Her term will run through March 31, 2028. Lee took office in March 2024 and has focused on strengthening the fundamentals so the startup bank can continue what it calls “sustainable innovation.” The bank said she has built a sustainable management base around four core pillars: growth, profitability, longevity and soundness. Toss Bank said it posted its first full-year profit in 2024, Lee’s first year in office. Last year, net profit rose 111.7% from a year earlier to 96.8 billion won. “The essence of a bank is trust with customers,” Lee said. She said she will further reinforce basics such as internal controls, system stability, and financial soundness and stability to build “an unshakable foundation of trust.” She added that the bank will use technological innovation to make finance more convenient and expand access so more customers can benefit from financial services.* This article has been translated by AI. 2026-04-01 14:42:00

Kia launches massive recruitment drive SEOUL, April 1 (AJP) - Kia will hire a large number of new employees in the first half of this year, a rare move at a time when many companies are tightening their belts amid a prolonged economic slowdown, exacerbated by the ongoing conflict in the Middle East. The automaker said on Wednesday that the recruitment drive, which will hire both entry-level and experienced workers as well as interns across some 34 fields within the company, aims to expand opportunities for young talent amid a tough job market, while also strengthening its competitiveness in new business areas. It will accept applications by mid-April for entry-level positions, while experienced workers will have a few more weeks to apply until late April. To encourage more job seekers to apply, Kia is also holding an on-campus recruitment campaign at roughly a dozen universities through next week, highlighting its 80-year history and future vision and providing career mentoring from alumni employees. "We hope all talented individuals who will lead Kia's next 80 years will apply," a Kia spokesman said. 2026-04-01 14:20:31

Samsung Biologics completes $353 mln Maryland, US plant acquisition SEOUL, April 01 (AJP) -Samsung Biologics, South Korea’s leading contract drug manufacturer, has completed its acquisition of a biopharmaceutical manufacturing facility in Rockville, Maryland, marking its first production base in the United States to better access the world’s largest drug market and mitigate tariff risks. The company said in a press release on Wednesday its wholly owned unit Samsung Biologics America acquired Human Genome Sciences from GSK for $353.1 million, including $280 million for the facility and equity and $73.1 million for inventories and raw materials. The Rockville site comprises two manufacturing plants with a combined 60,000-liter drug substance capacity, supporting both clinical and commercial biologics production. The addition lifts Samsung Biologics’ total global capacity to 845,000 liters. The deal comes as the company seeks to mitigate supply chain risks and expand its contract manufacturing presence beyond Korea, where all of its production facilities had previously been concentrated. Samsung Biologics said it will continue supplying products previously manufactured at the site to GSK while expanding contract manufacturing services. It also plans further investments to increase capacity and upgrade technologies at the facility. The acquisition secures more than 500 jobs at the site and strengthens the company’s ability to offer multi-site manufacturing options to global clients, particularly in North America. “This represents a meaningful step in expanding our U.S. manufacturing footprint,” CEO John Rim said, highlighting the role of the new facility in building a geographically diversified production network. “Today’s ribbon cutting is the realization of that meeting and our state’s momentum,” Maryland Gov. Wes Moore said. “South Korea’s largest biotech company is opening its first U.S. manufacturing facility here in Maryland.” The deal’s closure came three months after Samsung Biologics announced the acquisition on Dec. 22 last year, as part of efforts to mitigate risks stemming from U.S. tariff policies on biopharmaceuticals. As of 2:00 p.m. Wednesday, KOSPI-listed Samsung Biologics were 5 percent up at 1,580,000 won ($1,047). 2026-04-01 14:13:58

Tiger Woods Says He Will Step Away From Golf After DUI Arrest Tiger Woods, the American golfer known as the "golf emperor," said he will suspend his activities and focus on treatment after being arrested on suspicion of driving under the influence of alcohol or drugs and later released on bail. In a message posted to social media on April 1 (Korean time), Woods said he understood "the seriousness" of his situation and would step away for a while to receive treatment and focus on recovering his health. He said he would take enough time to return "healthier and stronger," and asked that his and his family’s privacy be respected during that period. Reuters reported that Woods pleaded not guilty in court to the DUI charge and requested a jury trial. Woods was involved in a crash on March 28 on a two-lane road on Jupiter Island in Martin County, Florida, while driving a Land Rover. He collided while trying to pass a pickup truck towing a small trailer, and his vehicle overturned. Woods took a breath test at the scene that was negative, but he refused a urine test. He was arrested, held under state law and later released after posting bail. According to an accident report released March 31 by the Martin County Sheriff’s Office, responding officers said Woods’ eyes were bloodshot and unfocused after the crash and that he was sweating, lethargic and moving slowly. The report said two white pills containing hydrocodone, classified as an opioid painkiller, were found in his pocket. This is not the first time Woods has faced allegations of drug-impaired driving. In May 2017, he was found asleep in a stopped car near his home, and opioid drugs were detected. He was punished at the time with a fine and probation, among other penalties.* This article has been translated by AI. 2026-04-01 13:57:00

Hot Stock: Debt overhang drags Hanwha Solutions in recovery bourse SEOUL, April 01 (AJP) -Shares of Hanwha Solutions Co. were largely grounded and sidelined from a KOSPI rebound of more than 7 percent from expectations of a Gulf war exit Wednesday, weighed down by debt overhang and dilution concerns. In its disclosure of 2025 annual report, the company classified a €215 million ($249 million) foreign-currency loan held by its European subsidiary, Q Energy Solutions SE, as a current liability despite its maturity dated February 2028. The loan, issued in December 2021, was reclassified after Hanwha Solutions failed to meet a covenant requiring its net debt-to-EBITDA ratio to remain below five times. As of end-2025, the company’s net debt stood at 12.2 trillion won ($8.1 billion), equivalent to 29.1 times EBITDA of 419.5 billion won. The breach triggered an event of default (EOD), giving lenders the right to demand early repayment—effectively accelerating the liability profile and increasing financial risk. The spike in the debt ratio has also raised scrutiny — 29.1 times last year and 25.4 times in 2024, compared with 5.9 times in 2023, 3.1 times in 2022, and 3.3 times in 2021. Hanwha Solutions announced a 2.4 trillion won rights offering on March 26, issuing 72 million new shares. Of the proceeds, 1.5 trillion won, or 62.6 percent, will go toward debt repayment, with the remaining 900 billion won earmarked for strengthening its solar business. The new funding is unlikely to materially improve leverage metrics. NICE Investors Service estimates that even if the entire proceeds were used to reduce debt, the net debt-to-EBITDA ratio would still hover at 23.4 times, as earnings remain subdued. Shares of Hanwha Solutions plunged 18.2 percent on March 26 following the announcement and fell an additional 3.13 percent the next day. Hanwha Solutions’ shares rose 0.67 percent to 37,400 won as of 1:37 p.m. Wednesday. 2026-04-01 13:47:06

Samsung Biologics Completes Purchase of Rockville Biologics Plant From GSK Samsung Biologics said it has completed its acquisition of a manufacturing facility in Rockville, Maryland, adding 60,000 liters of production capacity. The company said Tuesday it finalized the purchase of the biopharmaceutical plant from GlaxoSmithKline on March 31 (local time), about three months after signing the deal in December. The buyer was its U.S. subsidiary, Samsung Biologics America. The Rockville site is a 60,000-liter drug substance (DS) plant made up of two manufacturing buildings. It has infrastructure to produce antibody drugs at various scales, from clinical-stage batches to commercial production. With the acquisition, Samsung Biologics said its total production capacity increased to 845,000 liters from 785,000 liters. The company said the deal strengthens its ability to serve customers in North America and creates a two-hub manufacturing system linking Songdo, South Korea, and Rockville, offering global clients stable and flexible production options. Samsung Biologics said it will retain all of the roughly 500 local specialists at the site to ensure operational continuity. It plans to integrate the two production bases to maintain supply of existing products and step up efforts to win new orders. “This acquisition is meaningful progress in expanding our global manufacturing footprint,” CEO John Rim said. “Together with the Rockville site’s skilled workforce, we will maintain operational continuity and continue a stable supply system.”* This article has been translated by AI. 2026-04-01 11:42:26

Lotte Biologics Signs CDMO Deal With U.S. Cancer Biotech for Antibody Drug Substance Lotte Biologics said Wednesday it has signed a contract manufacturing and development (CDMO) agreement with a U.S.-based biotech company specializing in cancer to produce antibody drug substance and develop related processes. Under the deal, Lotte Biologics will produce antibody samples needed for global late-stage clinical trials and optimize large-scale processes, supported by its Syracuse Bio Campus in New York. The company said the project is designed with follow-on clinical work and commercialization in mind, beyond producing clinical samples. It plans to support the candidate’s clinical and commercialization readiness using its large-scale facilities and manufacturing capabilities. Lotte Biologics said it is using the Syracuse campus as a base to expand collaboration with customers and will link it with its Songdo Bio Campus, scheduled for completion this year, to strengthen customized CDMO services built on integrated quality operations and to enhance supply chain management capabilities. A Lotte Biologics official said the order “has laid the groundwork for large-scale contracts” with cancer-focused biotech companies and added the company will work to ensure it leads to commercialization and additional orders.* This article has been translated by AI. 2026-04-01 11:42:00

Seoul leads Asian bourse rally on war endgame hopes SEOUL, April 01 (AJP) - Asian markets surged Wednesday, with Seoul leading gains as investors moved on bargain-hunting opportunities amid signs the Middle East conflict may be winding down. U.S. President Donald Trump is due to hold a press conference later Wednesday after signaling a possible withdrawal of U.S. forces from Iran within “two to three weeks.” Overnight, the Dow Jones Industrial Average rose 2.5 percent, while the S&P 500 and Nasdaq Composite gained 2.9 percent and 3.8 percent, respectively. The CBOE Volatility Index (VIX) plunged 17.5 percent to 25.25, signaling a sharp easing in market anxiety. The U.S. dollar sharply retreated to 1,507.3 won after hovering above 1,530 won in the previous session. Oil prices remained elevated, with Brent crude rising 1.7 percent to $105.7 per barrel and West Texas Intermediate gaining 1.5 percent to $102.9, as supply concerns persisted despite improving risk sentiment. In Seoul, the benchmark KOSPI surged 6.2 percent to 5,370.7 in early trade, reclaiming the 5,300 level. The rally triggered a buy-side sidecar at 9:07 a.m., temporarily halting program buy orders after futures jumped more than 5 percent. The gains were driven by hopes of easing geopolitical tensions, which lifted risk appetite and spurred institutional buying in large-cap stocks. Institutional investors led the rally, buying 1.05 trillion won ($697 million) worth of shares, while retail and foreign investors sold 1.00 trillion won and 135.8 billion won, respectively. Large-cap stocks advanced broadly. In semiconductors, Samsung Electronics surged 8.5 percent to 181,400 won, while SK hynix climbed 8.4 percent to 875,000 won. Automakers also gained, with Hyundai Motor rising 7.4 percent to 478,500 won. Industrial and defense-related shares outperformed, with Doosan Enerbility rising 6.8 percent to 98,000 won, SK Ocean Plant jumping 10.8 percent to 29,750 won, and Hanwha Systems surging 14.5 percent to 130,600 won. Hyundai Engineering & Construction gained 9.6 percent to 155,700 won. The KOSDAQ also rallied, rising 5.0 percent to 1,105.7 as of 10:30 a.m. Institutional and foreign investors supported the gains, purchasing 145.9 billion won and 150.5 billion won, respectively, while retail investors sold 304.3 billion won. Improved risk sentiment fueled buying in high-beta and thematic stocks. Biotech shares advanced, with Alteogen rising 4 percent to 355,000 won, while battery-related stock EcoPro BM gained 3.6 percent to 199,300 won. Robotics-related shares outperformed, as Rainbow Robotics jumped 7.3 percent to 559,000 won. Elsewhere in Asia, Japan’s Nikkei 225 climbed 3.6 percent, Hong Kong’s Hang Seng Index gained 2.2 percent, and China’s Shanghai Composite rose 1.2 percent, reflecting improved risk appetite. 2026-04-01 11:37:42

Navy deploys US Seahawks to boost South Korea's naval capabilities SEOUL, April 1 (AJP) - The U.S. MH-60R Seahawk, a multi-mission maritime helicopter, has been deployed in South Korea, the Navy said on Wednesday. The deployment follows the delivery of two MH-60Rs by American defense and aerospace manufacturer Lockheed Martin under a deal signed with the U.S. in December 2020 to procure around a dozen, with the remaining units to be gradually deployed, making South Korea the seventh country to operate the highly versatile helicopter, widely regarded as the world's most advanced. The helicopter, currently operated by the U.S. Navy and several allies for anti-submarine and anti-surface warfare missions as well as search and rescue operations, is expected to strengthen South Korea's capabilities to detect and counter North Korean vessels and submarines. When equipped with an auxiliary fuel tank, the helicopter can fly for more than four hours per sortie. At a handover ceremony in Jinhae, South Gyeongsang Province, Navy Chief Kim Kyung-ryul said, "The Seahawk, armed with advanced weaponry, would deliver a crushing defeat to enemies through its detection and tracking capabilities and rapid mobility." 2026-04-01 11:31:30