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PHOTOS: Architectural biennale in Seoul draws visitors with eye-catching installations SEOUL, November 6 (AJP) - The biannual architectural biennale in central Seoul has attracted over 500,000 visitors since its opening in late September. Marking its fifth year, this year's event, directed by renowned British architect Thomas Heatherwick and hosted by the Seoul Metropolitan Government, is taking place near Gwanghwamun in central Seoul and runs until Nov. 18. Under the theme "Radically More Human," which reflects Heatherwick's signature style of innovative and unconventional architecture infused with humanism, vividly colored installations and structures are on display at multiple venues including a verdant park in Songhyeon-dong in Jongno. Beautifully blended with seasonal foliage, autumnal trees and flowers, they immediately capture the attention of passersby and tourists. Among the impressive works is a 90-meter-long installation dubbed "Humanise Wall," standing at the center of the park that is slated to be turned into an art gallery by 2028. The twisted steel structure is a tapestry of about 1,428 metal panels featuring images and stories from Seoulites and people around the world, illustrating how their lives and ideas can be manifested in public space. Along the path, the structure, resembling a Möbius strip, that divides the park's space, guides visitors to a chair shaped like a spinning top, made of spun steel and copper, offering them a place to rest. About two dozen giant walls also greet visitors. While identical in size, they each have their own distinct and diverse styles. Now, with just two weeks remaining until its finale, visitors can explore and appreciate art installations alongside various projects from about 21 cities across 15 countries at Gwanghwamun Plaza and nearby areas. One of the exhibits highlights Seoul's past, present, and future, showing how the city's landscape has evolved through its key landmarks and buildings. Another project features an artificial intelligence–assisted interactive exhibition that explores how urban space and architecture connect with people. 2025-11-06 15:19:07 -
Ethiopia's gold mining boom fuels record sales of Korean excavator SEOUL, November 06 (AJP) - HD Hyundai Infracore said on Thursday that sales of its construction equipment in Ethiopia have risen nearly fivefold this year, propelled by a surge in gold mining activity. The company’s Develon brand sold about 1,300 machines in 2025, a 470 percent increase from a year earlier. Much of that growth came from the popularity of its 36-ton excavator, the DX360, which accounted for roughly 90 percent of total sales, or more than 1,100 units. Ethiopia’s rapidly expanding mining sector has been a key driver. A government report in September said the industry grew by 162 percent in the 2024–25 fiscal year, with gold exports climbing to a record $3.4 billion. To strengthen its foothold, HD Hyundai Infracore has expanded its local network through the “Develon Care” program, which provides regular inspections, training for dealer engineers and after-sales support. The company said the initiative has helped build customer trust and improved its ability to respond to market needs. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 14:43:18 -
HJ Shipbuilding wins nod from Britain's Lloyd's Register for new LPG, ammonia carrier SEOUL, November 06 (AJP) - South Korea's HJ Shipbuilding said it has received an approval from Lloyd’s Register for the design of its new 45,000-cubic-meter liquefied petroleum gas (LPG) and ammonia carrier. The new design adds to HJ’s lineup, which already includes a 38,000-cubic-meter LPG carrier and an 88,000-cubic-meter ammonia carrier. The approval follows a four-month collaboration launched in July between HJ Shipbuilding and the British classification society to meet rising global demand for gas carriers. During that period, HJ developed a mid-sized carrier focused on safety, efficiency, and fuel flexibility. The vessel uses low-temperature steel and advanced tank systems designed to withstand the extreme conditions required for transporting liquefied gases. Lloyd’s Register reviewed and verified the vessel’s compliance and structural integrity before issuing its certification. Measuring 190 meters in length and 30.6 meters in width, the ship can carry up to 45,000 cubic meters of cargo and is capable of transporting a range of liquefied gases, including propane, butane, ammonia, and vinyl chloride monomer — providing shipowners with greater operational flexibility. Given ammonia’s corrosive and toxic nature, the design includes safety measures such as leak detection systems, automated ventilation control, and materials engineered to reduce the risk of cracking. HJ Shipbuilding said it plans to continue expanding its research and development efforts in alternative-fuel vessels, including methanol-powered, dual-fuel, hydrogen, and ammonia-fueled ships. “Receiving approval from Lloyd’s Register reaffirms our design and technical capabilities,” HJ Shipbuilding said in a press release. “We intend to strengthen our competitiveness in the global eco-friendly ship market through continuous innovation and R&D.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 14:19:42 -
South Korea's KGM launches eco-friendly cars in Israel, Turkey SEOUL, November 06 (AJP) - South Korea's KGM is stepping up its global expansion drive with the rollout of new eco-friendly vehicles in Israel and Turkey, as the automaker seeks to strengthen its foothold in key overseas markets. On Nov. 5, the company introduced its Torres Hybrid (HEV) at a launch event held at the Shefayim Event Hall near Tel Aviv. The ceremony was attended by KGM’s Head of Overseas Business, Lee Byung-gil, along with about 40 Israeli journalists. The debut marks KGM’s second major overseas launch in recent months. In September, the company unveiled its Musso EV and Torres HEV in Germany. Israel has emerged as a promising market for eco-friendly cars, fueled by rising fuel costs, higher taxes on combustion engines, and government incentives favoring low-emission vehicles. KGM said it expects the Torres Hybrid to help accelerate its growth across Europe and the Middle East. In late October, the automaker also launched the Musso EV in Istanbul. KGM’s sales in Turkey have surged fivefold, from 2,217 vehicles in 2023 to 11,870 last year, earning the brand recognition as one of the country’s fastest-growing automotive names. The company’s overall exports have been robust this year. As of October, KGM shipped 57,436 vehicles abroad — an 18 percent increase from 48,691 units during the same period a year earlier and the highest level in more than a decade. Eco-friendly models, including the Musso EV and Torres HEV, have played a pivotal role in that momentum, with 1,952 units exported in October alone, accounting for nearly a third of total sales. “With exports at an 11-year high, we will continue to introduce new products tailored to individual markets and pursue differentiated marketing strategies to drive further growth,” a KGM representative said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 13:53:22 -
Asian markets recover early Thursday from AI rout SEOUL, November 06 (AJP) - Asian stocks rebounded Thursday as investors shrugged off a brief scare over stretched valuations in the AI boom. Seoul’s KOSPI gained 1.3 percent to 4,054.56 after a near 3-percent plunge the previous day, while the KOSDAQ edged up 0.25 percent to stay above 900. Retail investors led the recovery, while foreign and domestic institutions continued to take profits after weeks of heavy buying. Hyosung Heavy Industries rose 4.1 percent to 2.3 million won ($1,591). The stock has surged 462.6 percent year-to-date through Tuesday, far outpacing the KOSPI’s 71.8 percent rise over the same period. Analysts downplayed the fears of an AI bubble. "KOSPI has sufficient grounds to attract global investors over the long term," said Kim Dong-won, head of research at KB Securities. "We see the current rally as the beginning of the third bullish era in five decades of the Korean stock market," he added, reaffirming the brokerage's target of 5,000 points in 2026. In Tokyo, the Nikkei 225 rose 1.3 percent to 50,850.12, rebounding from Wednesday’s 2.5 percent drop driven by U.S. tech volatility and concerns about an extended federal government shutdown. Japanese and Korean shares have been sensitive to sentiment around artificial intelligence, semiconductors, and power infrastructure, sectors that form the backbone of regional supply chains. SoftBank Group, involved in the U.S. AI infrastructure project “Stargate” with OpenAI, inched up 0.2 percent to 216.4 yen ($1.4), recovering from a double-digit decline the day before. China also posted modest gains. The Shanghai Composite added 0.3 percent to 3,982.56, and Hong Kong’s Hang Seng Index rose 0.7 percent to 26,109.72. Newly listed autonomous-vehicle stocks underperformed in Hong Kong. WeRide dropped more than 12 percent and Pony.ai fell nearly 8 percent in their trading debut. Pony.ai, which is also listed in the United States, raised HK$6.7 billion ($862 million) through its IPO, according to regulatory filings. 2025-11-06 13:24:16 -
Former North Korean figurehead laid to rest in state funeral SEOUL, November 6 (AJP) - A state funeral for North Korea's former nominal head of state Kim Yong-nam was held in Pyongyang on Wednesday with its leader Kim Jong-un in attendance, according to state media. The official Korean Central News Agency (KCNA) reported Thursday that the funeral service began with a eulogy by premier Pak Tae-song, praising the late senior official's "lifelong dedication" to the reclusive country. Mourners observed a moment of silence, followed by a gun salute. The perennial titular head, who had served under the hereditary dynasty from founder Kim Il-sung through his son Kim Jong-il to his grandson and current leader, died at the age of 96 earlier this week from multiple organ failure caused by complications related to cancer. Despite having no relation to the ruling Kim family, the nonagenarian held the ponderous title of "president of the presidium of the Supreme People's Assembly" from 1998, maintaining his position as the titular head through leadership changes without facing demotion or political purges while playing a key role in foreign affairs until his retirement in 2019. A handful of South Korean officials who had interacted with him in the past expressed their condolences and sought to pay their respects but were unable to do so, as North Korea did not respond. 2025-11-06 11:11:08 -
Samsung Heavy expands into US shipbuilding market with new partnership SEOUL, November 06 (AJP) - Samsung Heavy Industries said on Thursday that it had signed a strategic partnership agreement with DSEC, a ship design and procurement company, in a move to expand into the U.S. shipbuilding market. DSEC, which works closely with American shipyards in areas such as vessel design, equipment supply, maintenance and technical consulting, is expected to provide a key bridge for Samsung’s entry into the U.S. market. The company’s expertise in U.S. regulatory standards and shipyard operations is seen as a competitive advantage for the partnership. Under the agreement, the two companies will collaborate on a range of projects, including medium-sized commercial vessel construction, shipyard modernization, ship retrofitting, liquefied natural gas (LNG) cargo tank repairs, and the development of green and digital solutions. The partnership will also extend to joint research and development facilities in South Korea and abroad. Samsung Heavy Industries said it plans to integrate its shipbuilding and offshore engineering technologies with DSEC’s U.S.-based design and procurement capabilities to enhance efficiency in its global supply chain, particularly for the company’s MASGA project — a strategic initiative to strengthen its global shipbuilding network. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 10:49:14 -
Swiss banking delegation visits Toss Bank to explore digital banking in South Korea SEOUL, November 06 (AJP) - A group of senior Swiss banking executives visited Toss Bank’s headquarters in Seoul on Wednesday to study South Korea’s rapidly evolving digital finance ecosystem, the company said Thursday. The 18-member delegation, organized by the Swiss Embassy in Seoul and telecommunications company Swisscom, was welcomed by Toss Bank’s chief executive, Lee Eun-mi, and other senior executives. During the meeting, Toss Bank shared its experience in digital innovation and financial inclusion since its founding in 2021. Executives highlighted the company’s customer-first approach, technology-driven risk management, and efforts to expand access to financial services for underserved communities — factors that have fueled the online bank’s rapid growth and early profitability. The Swiss representatives, including executives from several cantonal banks — regional institutions that form a cornerstone of Switzerland’s financial system — sought insights into South Korea’s competitive banking landscape, the rise of fintech, and the country’s digital payment infrastructure. They also discussed the challenges of balancing regulatory oversight with financial innovation, according to Toss Bank. “Toss Bank’s achievement of breaking even in just 21 months is impressive, driven by its deeply embedded agile culture,” said Christian Dicke, a corporate representative at Swisscom. Lee said the visit reflected growing global interest in South Korea’s digital finance model. “Toss Bank’s continuous innovation and expanded customer access are not just declarations but evidenced by real changes in the Korean financial market,” she said. “We aim to share our digital finance experience with the Swiss financial sector and contribute to a sustainable global financial ecosystem.” Founded as one of South Korea’s first internet-only banks, Toss Bank has quickly emerged as a major player in the country’s fintech landscape, challenging traditional lenders with its focus on user experience and inclusive banking. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-06 10:28:23 -
North Korea denounces US sanctions, but remains cautious SEOUL, November 6 (AJP) - North Korea strongly denounced the latest sanctions imposed by the U.S., vowing to take responsive measures "with patience," state media reported on Thursday. "The Korean Central News Agency (KCNA) reported, quoting Kim Un-chol, the isolate country's vice-minister for U.S. Affairs of the Foreign Ministry, as saying. Washington again revealed its "wicked nature to be hostile toward the ," KCNA added, lamenting that it still clings to the "obsolete scenario of the failed past." The denouncement came after the U.S. Department of the Treasury earlier this week sanctioned eight North Korean individuals and two entities allegedly involved in cyber fraud and other illicit money-laundering schemes. The U.S. Department of State also said it will seek UN sanctions in the coming days on seven North Korean vessels suspected of illegally exporting coal and iron ore to China. But the North's relatively toned-down condemnation appears to reflect a cautious approach, as those sanctions came despite President Donald Trump's repeated overtures to meet with North Korean leader Kim Jong-un. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 10:20:49 -
Samsung Electronics acquires German heating, air conditioning firm SEOUL, November 06 (AJP) - Samsung Electronics said on Thursday that it had completed its acquisition of FlaktGroup, a German heating, ventilation and air conditioning (HVAC) company, in a move to strengthen its presence in industrial solutions. FlaktGroup, founded more than a century ago, is one of Europe’s largest HVAC companies, supplying central air-conditioning and precision cooling systems for data centers, hospitals and large commercial buildings across more than 65 countries. The company operates over 10 manufacturing sites and manages subsidiaries such as Woods, SEMCO and SE-Elektronic, which specialize in ventilation, air-conditioning and building control technologies. Samsung did not disclose the financial terms of the deal but said it plans to keep the Flakt brand intact, allowing the German company’s management and workforce to continue operating independently. The acquisition signals Samsung’s intent to make HVAC systems a key driver of growth in its business-to-business portfolio. By integrating Flakt’s engineering expertise and global network with Samsung’s AI-powered SmartThings Pro building management platform, the company said it aims to offer more energy-efficient and intelligent solutions for industrial and commercial clients. “The acquisition of Flakt is a strategic decision for Samsung to lead the global HVAC market and provide innovative solutions to customers,” said Noh Tae-moon, acting head of Samsung’s DX division, in a statement. “By combining Flakt’s technology with Samsung’s AI platform, we aim to become an industry leader in the global HVAC market.” The move also positions Samsung to tap into the surging demand for precision cooling systems in hyperscale data centers — a sector growing rapidly as advances in artificial intelligence, cloud computing and telecommunications drive the need for more energy-efficient thermal management. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 10:13:11