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Hanwha Ocean stock cools after KRX flags overheating amid 11-fold jump in Q3 profit SEOUL, October 28 (AJP) - Hanwha Ocean’s red-hot rally lost steam Tuesday after the Korea Exchange (KRX) warned of overheating in the shipbuilder’s stock, which has surged more than 20 percent this month on anticipation of blockbuster quarterly earnings. Shares of Hanwha Ocean fell about 5 percent to 132,300 won ($92.16) by midday after the KRX designated the stock as an “issue of investment caution,” citing excessive volatility in price and trading volume. The stock recently drew the second-largest margin loan balance on the market after SK hynix. On Monday, Hanwha Ocean reported 289.8 billion won in operating profit for the July–September period — more than 11 times the 25.6 billion won earned a year earlier. Revenue rose 11.8 percent on year to 3.02 trillion won. The turnaround was largely driven by a surge in commercial-ship deliveries, which accounted for 2.46 trillion won, or 82 percent of total revenue, with the segment’s operating margin staying strong at 12.5 percent. High-value vessels, particularly liquefied natural gas (LNG) carriers, were cited as the main growth driver. “LNG carriers are expected to represent about 60 percent of our total revenue this year,” a company official said. “As related projects continue to be recognized, we expect to sustain solid profitability.” Further upside may come from the defense sector. Hanwha Ocean and HD Hyundai Heavy Industries have formed the “Team Korea” consortium to bid for Canada’s Patrol Submarine Project (CPSP), competing against Germany’s ThyssenKrupp Marine Systems (TKMS). The deal, if won, could open access to a market worth an estimated 60 trillion won. On Oct. 22, Hanwha Ocean launched the 3,600-ton diesel-electric submarine Jang Yeong-sil, underscoring its expanding naval shipbuilding capabilities. The company also plans to submit a letter of intent for Poland’s Orka submarine program, which calls for the construction of three vessels valued at around 8 trillion won, potentially deepening its foothold in Europe’s defense market. Meanwhile, Hanwha Philly Shipyard — the company’s U.S. unit acquired last December and central to the Korea–U.S. “Make American Shipbuilding Great Again” initiative — remains in a turnaround phase. It posted third-quarter revenue of 172 billion won but an operating loss of 39 billion won. Still, the yard’s backlog of 4.3 trillion won suggests a return to profitability once key contracts are delivered. Analysts expect Hanwha Ocean to maintain solid earnings momentum through steady LNG-carrier demand and new defense opportunities. According to Yuanta Securities Korea analyst Kim Yong-min, LNG-carrier revenue is projected to rise about 2 percent in the first quarter of 2026, while “a major event in the defense segment could further boost the stock.” Kim added that container-ship sales may dip temporarily but rebound by the third quarter of 2026, with revenue from very large crude oil carriers (VLCCs) increasing roughly 8 percent. 2025-10-28 13:35:14 -
FM urges regional cooperation against online scams at forum in Malaysia SEOUL, October 28 (AJP) - Foreign Minister Cho Hyun called for closer cooperation to tackle online scams and other crimes while discussing regional issues with participating countries at the annual East Asia Summit (EAS) in Kuala Lumpur, the Ministry of Foreign Affairs said on Tuesday. According to the ministry, Cho emphasized the need to "work closely with EAS member countries and the broader international community" to combat the growing threat of transnational cybercrime and online scams increasingly targeting citizens across the region including South Koreans. His comments came after the recent revelation of a series of online job scams and phishing schemes targeting South Korean citizens, often involving kidnappings, detentions, and brutal torture by sprawling criminal rings in Cambodia. Cho also urged support for efforts toward North Korea's denuclearization to ensure peace and security on the Korean Peninsula. The EAS, an annual pan-Asian forum, was held following the biannual Association of Southeast Asian Nations (ASEAN) summit attended by President Lee Jae Myung. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 13:31:04 -
KOSPI, Nikkei take breather, China-related markets gain ahead of Trump–Xi summit SEOUL, October 28 (AJP) - Seoul and Tokyo shares slipped Tuesday morning as investors locked in profits following a sharp rally, while China-related markets firmed on expectations of progress in upcoming U.S.–China summit talks. The benchmark KOSPI fell 1 percent, slipping back below the 4,000 threshold just a day after breaching it for the first time, as traders took profits from a near two-week rally. The stronger-than-expected third-quarter GDP report failed to lift sentiment. Samsung Electronics dropped below the hard-won 100,000-won mark, while SK hynix managed to hold above 500,000 won. The secondary KOSDAQ index eased 0.2 percent to stay above the key 900-point level. In Tokyo, the Nikkei 225 edged down to 50,304.53 from Monday’s close of 50,512.32, weighed by profit-taking in export and tech shares. Investors turned cautious after softer-than-expected U.S. jobs data stoked concerns about a slowdown in the world’s largest economy. China-linked markets extended gains. The Shanghai Composite Index rose 0.7 percent to 3,950 on the back of stronger industrial profit growth and optimism over renewed trade cooperation between Washington and Beijing. Hong Kong’s Hang Seng Index advanced 0.8 percent to 26,360, supported by tech and biotech shares, while Taiwan’s TAIEX jumped 1.7 percent to 27,993, driven by heavy buying in TSMC and other chip names amid hopes for easing trade tensions and another potential U.S. rate cut. Markets in Southeast Asia were mixed. Vietnam’s VN-Index slipped 0.2 percent to 1,683, while Malaysia’s FBM KLCI added 0.3 percent to 1,613 on steady economic prospects. 2025-10-28 13:12:24 -
Czech National Day reception marks 35 years of ties with South Korea SEOUL, October 28 (AJP) - A reception celebrating the Independent Czechoslovak State Day was held Monday evening at a hotel in central Seoul, drawing some 250 guests from the diplomatic, business, academic, and media communities. Hosted by H.E. Ivan Jančárek, Ambassador of the Czech Republic to South Korea, and Mrs. Andrea Jančárková, the event marked the 35th anniversary of diplomatic relations and the 10th anniversary of the strategic partnership between the two countries. The evening opened with a performance by the Severáček Choir from the Czech Republic, setting a warm tone before the official speeches. Ambassador Jančárek welcomed guests and called the year a milestone in bilateral relations. "These anniversaries remind us how far our two nations have come together and how strong and dynamic our relationship has become," he said. He highlighted growing cooperation across politics, economy, and culture, as well as a recent meeting between Presidents Petr Pavel and Yoon Suk Yeol in New York. He also noted the signing of an agreement to build two nuclear power units in Dukovany, calling it a "historic accomplishment" that will strengthen energy security and expand cooperation in artificial intelligence, semiconductors, e-mobility, defense, and nuclear technology. Vice Minister for Trade, Industry and Energy Moon Sin-hak delivered a congratulatory address on behalf of the South Korean government. "Since establishing diplomatic relations in 1990, South Korea and Czechia have steadily expanded cooperation, elevating our relationship to a strategic partnership in 2015," he said. Moon described the Dukovany nuclear power project as the largest investment in Czech history, expressing confidence in its success. He added that both countries are exploring new areas of collaboration, including robotics, next-generation vehicles, and batteries, and are pursuing an industrial cooperation center to promote joint research and talent exchange. He also emphasized the shared democratic values of the two nations and recalled Czech support for Korea’s independence movement in the early 20th century. Ambassador Jančárek closed by thanking the partners and supporters of the event. "I believe the near future will bring us only positive news, and I look forward to further cooperation and friendship between Czechia and South Korea," he said. 2025-10-28 10:43:08 -
PHOTOS: Divers capture underwater beauty of Jeju in photo contest SEOUL, October 28 (AJP) - The Jeju Underwater Photography Championship, a four-day contest held in the waters off Jeju Island, recently concluded its fifth annual event from October 16 to 19. The competition is widely regarded as South Korea's largest and most authoritative underwater photography event. Approximately 150 scuba divers and underwater photography enthusiasts participated, showcasing their skills beneath the surface. A panel of esteemed photography experts judged the submissions, selecting a grand prize winner and the TOP 10 entries. The grand prize was awarded to Yang Chung-hong for his photography capturing a striking moment of a group of lionfish lying in wait for their prey. 2025-10-28 10:40:53 -
Countdown begins as global leaders set to converge in Gyeongju for APEC summit SEOUL, October 28 (AJP) - The countdown to the Asia-Pacific Economic Cooperation (APEC) summit has begun, with leaders from 21 member economies set to converge in South Korea's historic city of Gyeongju this week. According to diplomatic sources, participants from Australia, Canada, Indonesia, Japan, and the U.S. will gather ahead of the summit's opening on Friday. Among them were U.S. President Donald Trump, making his first visit since beginning his second, non-consecutive term earlier this year, and Chinese President Xi Jinping, whose visit is his first in about 11 years. Also attending is Japan's newly elected Prime Minister Sanae Takaichi, who took office last week, along with Australian Prime Minister Anthony Albanese, Canadian Prime Minister Mark Carney, and Indonesian President Prabowo Subianto. Chilean President Gabriel Boric will be the only Latin American leader at the multilateral gathering. Chile was the first Latin American country to sign a free trade agreement with South Korea. Leaders from Hong Kong, Russia, and Taiwan will skip the summit, with representatives attending on their behalf. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 10:24:58 -
South Korean barbecue chain Myeongryun Jinsagalbi expands across Southeast Asia SEOUL, October 28 (AJP) - South Korea’s leading charcoal-grilled rib franchise, Myeongryun Jinsagalbi, said Tuesday it has established a local subsidiary in the Philippines, betting on Southeast Asia to turn “K-barbecue” into a global brand. Through a master franchise agreement, it opened eight restaurants there as of October 2025, including one directly operated outlet. The move reflects a deeper commitment to managing brand quality and adapting to local tastes. On Oct. 16, the first directly operated restaurant opened in the Philippines, marking what the company described as a key milestone in its overseas expansion. In Thailand, Myeongryun Jinsagalbi currently operates six outlets under a master franchise agreement, with two more under construction. The company is also negotiating a joint venture with a major Thai retailer, with final terms expected by the end of October. In Malaysia, the company’s first location inside Kuala Lumpur’s 1Mont Kiara Mall has established a strong foothold, leading to plans to expand into premium residential neighborhoods. The brand has also entered Vietnam, China, Laos, and Indonesia, cementing its position as one of the fastest-growing Korean dining chains in Asia. Myeongryun Jinsagalbi’s strategy centers on local adaptation without sacrificing Korean authenticity. In Thailand, for instance, the company has introduced spicy sauces and localized desserts to appeal to younger diners, while in the Philippines, spacious layouts and self-service bars have made the brand a popular destination for families. Founded in 2017 with its first outlet in Yongin, south of Seoul, Myeongryun Jinsagolbi has expanded rapidly to more than 550 domestic locations. The company plans to open 100 stores across 10 Southeast Asian countries by 2026, with longer-term ambitions to enter the Americas and the Middle East. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 10:11:37 -
BMW vehicles to adopt Kakao unit's voice AI system SEOUL, October 28 (AJP) - Kakao’s artificial intelligence model, Kanana, is set to make its global debut through a partnership with BMW. DK Techin, Kakao’s IT service subsidiary, said Tuesday that it had signed an agreement with BMW Group to develop a Korean-language voice AI system for the German automaker’s vehicles. The signing took place at DK Techin’s headquarters in Seongnam, south of Seoul. Under the partnership, BMW’s upcoming models will feature Kanana-powered voice recognition technology, allowing drivers to control a range of functions and access in-car services through natural conversation. The collaboration represents Kanana’s first step into global markets and a key milestone in Kakao’s broader AI ambitions. The companies plan to develop an AI-driven vehicle control system that will eventually incorporate large language model–based generative AI, enhancing both the precision of vehicle commands and the quality of infotainment services. The integration aims to deliver a more intuitive and personalized driving experience for BMW customers. “We plan to combine our expertise in vehicle control systems with Kanana’s AI capabilities to implement a next-generation automotive intelligence platform,” said Lee Won-joo, chief executive of DK Techin. “Through this collaboration, we aim to elevate BMW’s customer experience and brand satisfaction.” The partnership underscores a growing trend among automakers turning to tech firms to strengthen in-car AI and digital ecosystems. For Kakao, best known for its popular messaging platform and expanding AI portfolio, the deal with BMW represents a crucial test of its ability to compete on the global stage. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 09:59:24 -
Putin meets North Korean foreign minister, hails progress in ties SEOUL, October 28 (AJP) - Russian President Vladimir Putin affirmed that relations with Pyongyang are moving forward as planned during a meeting in Moscow with North Korean Foreign Minister Choe Son-hui, the Kremlin said Monday. Conveying his warm regards to North Korean leader Kim Jong-un, he said, "Everything is going according to plan." Choe thanked Putin for taking the time to meet with her and mentioned that she had heard his summit with Kim in Beijing early last month was held in a warm atmosphere, which Putin confirmed as a success. After shaking hands with Sin Hong-chol, North Korea's ambassador to Russia, Putin headed to a closed-door meeting with Russian Foreign Minister Sergey Lavrov and Kremlin aide Yuri Ushakov in attendance. While details of their discussions were not disclosed, they may have discussed Kim's possible visit to Russia, as Putin had previously invited him to Moscow during their summit in Pyongyang in June last year and asked him again to visit the Kremlin while they were in Beijing in September. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 09:36:58 -
OPINION: South Korea's defense rise owes debt to Russia SEOUL, October 28 (AJP) - President Lee Jae Myung recently declared that South Korea aims to become the world’s fourth-largest defense exporter by 2030 — a bold vision reflecting the country’s growing role in the global arms market. According to the Stockholm International Peace Research Institute, South Korea ranked 10th in defense sales in 2023. Its share of global arms exports surged from 1 percent in 2012–2016 to 2.8 percent in 2017–2021 on average. That ascent was no accident. South Korea’s defense industry was born out of necessity in the early 1970s, after the withdrawal of a U.S. Army division exposed the country’s vulnerability. Yet what began as a survival strategy has become one of the most dynamic defense sectors in the world — and its trajectory owes more to Russian cooperation than many in Seoul care to admit. In the 1990s, under a project known as Bulgom (or “Brown Bear”), South Korea acquired Russian weapons and technology, including T-80U tanks and BMP-3 armored vehicles. At the time, these deals were seen as practical exchanges — part of broader efforts to normalize ties after the Cold War. But the technical knowledge gained from those purchases proved transformative. The K2 Black Panther tank and K9 self-propelled howitzer — now pillars of South Korea’s defense exports — owe much to those early collaborations. A second wave of cooperation followed in the early 2000s, when South Korea obtained Metis-M anti-tank missiles and other systems. Those technologies would later inform the development of the KF-21 Boramae fighter jet and the KM-SAM Cheongung air defense system, products now attracting global attention. Russia also played an unexpected role in South Korea’s entry into space. Through joint work on the KSLV-1, or Naro, launched between 2004 and 2013, South Korean engineers gained vital experience in rocket technology. That partnership paved the way for the nation’s first fully domestic launch vehicle, the KSLV-2, known as Nuri. Critics often view such projects as evidence of technological dependence. Yet it was precisely Russia’s willingness to transfer missile and propulsion technology — something the United States, constrained by international regimes, was reluctant to do — that allowed South Korea to accelerate its aerospace ambitions. Today, “K-Defense” has become a global brand. South Korean tanks, howitzers and missile systems are in high demand, especially after Russia’s invasion of Ukraine reshaped the global arms market. European nations like Poland and Romania, seeking reliable suppliers outside the United States, have turned to Seoul. So have Middle Eastern buyers such as Saudi Arabia, drawn by the combination of affordability, quality and speed of delivery. Still, South Korea’s strategic mindset remains shaped by Cold War instincts — a lens through which Russia is often viewed as a threat rather than a former partner. This narrow perspective risks overlooking a historical truth: Russia played an indispensable role in building the technological foundation of South Korea’s defense and aerospace industries. Recognizing that contribution need not mean aligning politically with Moscow, but rather acknowledging that pragmatic cooperation has, at times, served the national interest. As South Korea looks to climb further up the global defense ladder, it would do well to remember the lessons of its own history — that progress often comes not only from alliances of ideology, but from partnerships of opportunity. About the author Park Byung-hwan holds a law degree from Korea University and received diplomatic training at Oxford University. He is a former deputy ambassador to Uzbekistan and Russia, a former consul general in Irkutsk, and currently serves as director of the Eurasia Strategy Institute and visiting professor at Sangmyung University. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 09:14:59