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Korea's job growth in September hits 19-Month high, manufacturing still tepid SEOUL, October 17 (AJP) - South Korea saw the largest job addition in 19 months in September, driven mainly by service-sector hiring under government stimulus measures, while manufacturing and youth employment remained sluggish, data showed Friday. According to the Ministry of Data and Statistics, the number of employed people aged 15 and over reached 29.15 million in September, an increase of 312,000 from a year earlier. It was the largest on-year gain since February 2023, when employment rose by 329,000. The headline employment data has stayed positive throughout the year, but gains were uneven across sectors and age groups. Employment among young people aged 15 to 29 fell by 146,000, marking the steepest decline among all age groups. Workers in their 50s also continued to lose jobs for the ninth consecutive month. In contrast, those aged 60 and older added 380,700 positions, more than offsetting the declines in younger cohorts. By industry, the largest job gains were seen in health and social welfare services, which added 304,000 positions (a 10.1 percent increase), followed by arts, sports and recreational services with 75,000 (up 14.5 percent) and education services with 56,000 (up 2.9 percent). The nation’s traditional backbone sectors continued to shed workers. Construction lost 84,000 jobs (down 4.1 percent), and manufacturing contracted by 61,000 (down 1.4 percent). The agriculture, forestry and fisheries sector also saw a sharp fall, losing 146,000 jobs (down 9.1 percent). Among self-employed workers, those with employees increased by 30,000, partly reflecting government support programs such as livelihood recovery subsidies. In contrast, self-employed without employees declined by 80,000, and family workers decreased by 20,000. The number of unemployed persons stood at 635,000, up 12,000 from a year earlier, led largely by workers in their 30s to 50s. Meanwhile, the population classified as “inactive,” who have given up job hunting, increased by 42,000 (up 1.7 percent) to 2.52 million. On a brighter note, the number of inactive people aged 15 to 29 and those in their 30s fell by 34,000 and 12,000, respectively. 2025-10-17 15:36:19 -
INTERVIEW: K-Park in Kazakhstan's smart city embodies fortitude of ethnic Koreans — past and future SEOUL, October 17 (AJP) - The K-Park Project, rising in Kazakhstan’s flagship smart city of Alatau, encapsulates both the endurance of the Koryo-saram—descendants of Korean settlers across the Russian Far East in the 19th and early 20th centuries—and their forward-looking confidence as a thriving minority in Kazakhstan’s digital transformation drive. "K-Park is not merely a memorial project. It is a symbol of gratitude toward the Kazakh people who embraced our ancestors—and a message to the next generation: never be afraid," said Yuriy Tskhay, founder of the Caspian Group, one of Kazakhstan’s largest conglomerates with business interests spanning urban development and finance, in an interview with AJP. Tskhay, named among Kazakhstan’s 50 most influential business leaders by Forbes, described K-Park as "a collective endeavor of the entire Koryo-saram community," noting that "nearly every Korean business leader in Kazakhstan has contributed to the effort." Tskhay and the Caspian Group play a central role in the Kazakh government’s grand campaign to build Alatau, a fully digitalized and AI-powered city north of Almaty. He joined a high-level government delegation to Seoul this week to seek Korean participation and partnership in the project. The first Korean migrants crossed the Tumen River into Russian territory in 1863, with larger waves following Japan’s annexation of Korea in 1910. Neither North nor South Koreans, the community’s fate changed in 1937 when Stalin’s Soviet regime deported roughly 172,000 Koreans to Central Asia. Tskhay, himself born into one of those deported families, said the K-Park project embodies "the endurance, gratitude, and aspirations of all Koryo-saram descendants." Located within Alatau City, K-Park is envisioned as a cultural and business hub for ethnic Koreans across Eurasia. The sprawling Alatau project—spanning 880 square kilometers, roughly 1.1 times the size of Busan—involves a 25-trillion-won (about $18 billion) government investment and is designed to host 1.9 million residents and 1.1 million jobs. It will feature four major zones for industry, finance, tourism, and education. "The idea emerged when Koryo-saram leaders from different fields—culture, business, journalism—came together to create a symbolic space," Tskhay explained. "After many discussions, we agreed on a center that would blend culture and commerce, and serve as a Eurasian hub for Korean cultural industries." Ground was broken in September, with completion scheduled for 2027—coinciding with the 90th anniversary of the 1937 deportation. "When our ancestors arrived, Kazakhstan itself was struggling," said Tskhay. "Yet the Kazakh people shared their land and food. K-Park is our way of passing that gratitude on and showing how far we’ve come." More than 300 people attended the groundbreaking ceremony, which culminated in a moving rendition of the Korean folk song "Arirang," echoing across the site. "It was one of the most emotional moments of my life," Tskhay recalled. "Kazakhstan gave me the chance to study, build a business, and earn respect—it shaped who I am." A former boxer and coach, Tskhay credits his athletic background with his grit and perseverance. "When I first visited New York, the cultural shock was transformative," he said. "But my first ten years in business were brutally hard—I knew nothing beyond boxing. No one believed in my vision, but that struggle became my foundation." To younger generations, Tskhay offers a message of self-belief. "There’s no such thing as impossible. If you set a goal and work toward it daily, you’ll achieve it," he said. "My parents once told me to 'live quietly' to survive—but that era has ended. Now is the time to act, to speak, and to lead." Looking ahead, Tskhay hopes K-Park will serve as both a tribute and a springboard—connecting ethnic Koreans across borders under a shared vision. "Our ancestors focused on survival; now it’s our turn to focus on progress," he said. "K-Park should stand as a living testament—not only to the generosity of the Kazakh people, but also to the enduring spirit of the Koryo-saram." 2025-10-17 15:17:40 -
South Korea's Hyosung Heavy opens research center in Netherlands SEOUL, October 17 (AJP) - South Korea's Hyosung Heavy Industries has opened its first European research and development center in Arnhem, the Netherlands, as part of efforts to strengthen its position in next-generation power technologies and eco-friendly energy solutions. The new facility marks the company’s first global R&D hub outside Asia and will focus on developing gas-insulated switchgear — a key component in power substations that traditionally relies on sulfur hexafluoride, a potent greenhouse gas. Researchers at the Arnhem center will also work on high-voltage direct current (HVDC) technology to support the region’s shift toward renewable energy and more efficient power grids. Located near KEMA, a major international testing and certification body for power systems, the facility will allow Hyosung to gather testing data more rapidly and incorporate results into its product development cycle. Hyosung said the surge in artificial intelligence and data centers is reshaping the global energy landscape, driving demand for high-efficiency, low-emission power systems. Europe, with its strict environmental standards and aggressive renewable energy goals, has become a key market for innovation in grid technology. “By collaborating with research institutions in the Netherlands and across Europe, we aim to set new standards in power technology and strengthen Hyosung’s global technological leadership,” said Hyosung Group Chairman Cho Hyun-joon said in a press release. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-10-17 15:05:24 -
Samsung Biologics officially sheds biosimilar unit to expand as pure CMO SEOUL, October 17 (AJP) - Samsung Biologics Co., already the world's largest contract-based drugmaker by capacity, has won full shareholders' blessing to shed its biosimilar business and double down on its global biological outreach as a pure contract manufacturing organization (CMO). The Songdo, Korea-based pharmaceutical giant said on Friday 99.9 percent of voting shares backed the spin-off proposal at an extraordinary general meeting in Incheon, attended by about 93 percent of eligible votes represented by 1,286 shareholders. The 20-minute session passed the single agenda item with near-unanimous support, paving the way for a Nov. 1 separation that will establish Samsung Epis Holdings as a holding company for the biosimilar business. Under the plan, the new holding company will absorb Samsung Biologics' entire stake in Samsung Bioepis, while the parent company will continue as the surviving entity dedicated exclusively to contract development and manufacturing (CDMO) operations. Both firms are scheduled to begin separate trading on the Korea Exchange on Nov. 24 after a brief suspension period. According to the spin-off ratio, shareholders will receive 0.3496087 shares of Samsung Epis Holdings for each Samsung Biologics share held—roughly one new share for every three existing shares. Ownership percentages will remain unchanged based on absolute share issuance. The restructuring resolves a long-standing conflict within Samsung Biologics' hybrid business model. CDMO operations require clients to transfer proprietary processes and technologies, creating potential conflicts of interest when the same company also develops competing biosimilar products. With Plant 5 beginning operations in April, the separation removes a key barrier to securing new contracts from multinational pharmaceutical firms cautious about intellectual property exposure. "This spin-off is a positive decision. Given CDMO's business characteristics of receiving process and technology transfers from clients, pursuing new drug development in parallel could raise technology leakage concerns and restrict new orders," said Jung Yi-soo, analyst at IBK Securities. "With conflict-of-interest concerns resolved through the business separation, prospects are positive for expanding new CDMO orders." Jung added that the split could unlock significant valuation upside, noting that Samsung Bioepis operates with around 20 percent operating margins, compared to 30–40 percent for Samsung Biologics. "Through the split, independent valuation of high margins becomes possible, raising expectations for considerable upside in Samsung Biologics' corporate value," he said. Investor confidence has already reflected optimism over the breakup, with Samsung Biologics' stock gaining 20 percent this year on restructuring expectations. The move comes nine years after Samsung Biologics' IPO, launched under the ambition to replicate Samsung's global dominance in semiconductors in the bio sector. Founded in 2011, the company broke ground on Plant 1 that year, secured FDA approvals by 2015, opened an R&D center in San Francisco by 2020, and achieved full operations at Plant 5 this year, lifting total production capacity to 784,000 liters. Samsung Biologics, which operates all its factories in Songdo, plans to add three more plants by 2032, expanding combined capacity to 1.32 million liters. It currently supplies drugs to 17 of the world's 20 largest pharmaceutical companies, with a total order backlog exceeding $18 billion. Meanwhile, Samsung Epis Holdings will focus on expanding Samsung Bioepis' biosimilar portfolio and future growth areas such as biotechnology platforms through new subsidiaries. The biosimilar arm aims to secure more than 20 product lines while strengthening research and development capabilities. "This spin-off will provide an opportunity for both CDMO and biosimilar businesses to be transparently valued for their unique worth in capital markets through individual listings," said John Rim, CEO of Samsung Biologics. "Each company will do its utmost to further strengthen core business expertise and competitiveness, leading to enhanced shareholder value." Samsung Biologics is slated to announce third-quarter results on Oct. 28. Analysts expect record earnings of 1.55 trillion won in revenue and operating profit of 505.2 billion won, supported by full-scale operations at Plants 4 and 5 and large contract wins earlier this year. 2025-10-17 15:01:12 -
Talks underway with Cambodia for repatriation of dozens of South Koreans SEOUL, October 17 (AJP) - Talks are underway with Cambodia to bring back about 59 South Koreans detained over alleged online job scams and other various crimes, a government task force, currently in Phnom Penh, said on Friday. The development comes after the Southeast Asian country said the previous day that the detainees including four women would be deported to Seoul in cooperation with the South Korean Embassy there. "Authorities plan to deport 59 South Korean nationals….. who have been rescued by Cambodian authorities or detained for other crimes to their country with cooperation from the embassy of South Korea," said Cambodia's National Police said in a statement. According to the Ministry of Foreign Affairs, there were initially about 63 detainees, but with several having already arrived home earlier this week, the rest are expected to return by the end of the week. Led by Vice Foreign Minister Kim Jin-ah, the task force rushed to the Cambodian capital earlier this week to investigate the rising number of crimes targeting South Koreans, following recent revelations of kidnappings, human trafficking, and illegal detentions including the case of a South Korean college student who traveled to the Southeast Asian country in August after being lured by an online job scam and was later found to have been brutally tortured to death. "We are working closely with Cambodian authorities to expedite their repatriation as soon as possible," Kim said. She added that Cambodian Prime Minister Hun Manet expressed his "deep regret" over the student's death and pledged to work toward arresting the suspects while ensuring the safety of South Koreans in Cambodia during their meeting the previous day. Thousands of people, many of them Chinese, are allegedly involved in multinational crime rings that exploit victims by forcing them to carry out online scams and phishing schemes. Crimes targeting South Koreans in Cambodia have reportedly exceeded 300 so far this year. Out of roughly 143 reported cases of individuals suspected of being kidnapped or missing, the whereabouts of about 80 South Korean citizens remain unknown. 2025-10-17 14:39:26 -
Daewoong Pharma in talks with Saudi government to build bio, drug production ecosystem SEOUL, October 17 (AJP) - South Korea's Daewoong Pharmaceutical said Friday it has begun discussions with the Saudi Arabian government on introducing innovative drugs and developing a biotechnology ecosystem that includes research, development, and manufacturing investments. The talks reflect Saudi Arabia’s growing ambition to localize pharmaceutical production and expand its bio-manufacturing capacity as part of its broader economic diversification strategy under Vision 2030. Saudi Deputy Health Minister Khalid Alburaikan and Strategic Cooperation Director Sarah Aref recently visited Daewoong’s headquarters in Seoul, where they met with company executives to discuss collaboration opportunities. The discussions centered on drug development, clinical research, and the establishment of production facilities in the kingdom, the company said. Officials from South Korea’s Ministry of Health and Welfare and the Korea Health Industry Development Institute also attended the meeting. Saudi Arabia, the largest pharmaceutical market in the Middle East, was valued at about $13 billion last year and is projected to grow to $19 billion by 2030. The government has been accelerating efforts to strengthen pharmaceutical self-sufficiency and attract global investment into its bio sector. Daewoong, one of South Korea’s leading drugmakers, launched its botulinum toxin product Nabota in Saudi Arabia earlier this year and plans to introduce additional treatments, including Fexuclu for gastroesophageal reflux disease and Enblo, an SGLT-2 inhibitor for diabetes. The company said the recent discussions also covered cooperation on local clinical trials and regulatory approvals. Daewoong plans to participate in the Saudi Global Health Exhibition in Riyadh later this month and will host its global training program for medical professionals in Saudi Arabia by the end of the year. “We confirmed that Saudi Arabia’s vision for its pharmaceutical and bio industries aligns with Daewoong’s global cooperation goals,” said Park Sung-soo, the company’s chief executive. “We hope to contribute to the growth of Saudi Arabia’s bio industry and improve the quality of life for local consumers through long-term collaboration.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-17 14:13:00 -
South Korea's HD Hyundai promotes heir Chung Ki-sun to chairman SEOUL, October 17 (AJP) - South Korean conglomerate HD Hyundai on Friday appointed Chung Ki-sun, the third-generation heir of the conglomerate’s founding family, as chairman, formalizing his rise to the top of the nation's largest shipbuilding group. The move marks a generational transition and a shift toward owner-led management as the company prepares for a major corporate merger. Chung, 42, was promoted from senior vice chairman, a role he assumed last year. His elevation was announced as part of the group’s 2025 executive reshuffle, which aims to streamline decision-making ahead of the planned integration of four key subsidiaries — HD Hyundai Heavy Industries, HD Hyundai Mipo Dockyard, HD Hyundai Construction Equipment, and HD Hyundai Infracore. The promotion comes as former Chairman Kwon Oh-gap steps down from management to become honorary chairman. Kwon will remain CEO until the shareholders’ meeting in March 2026, when Chung is expected to assume full control of day-to-day operations. A graduate of Yonsei University with an M.B.A. from Stanford University, Chung has held several leadership roles within the group, including head of HD Hyundai’s management support division and chief executive of HD Hyundai Marine Solutions. In the latest reshuffle, Lee Sang-kyun and Cho Young-chul were promoted to vice chairmen, with Cho slated to serve as co-chief executive alongside Chung. Kim Seong-jun was appointed CEO of HD Hyundai Marine Solutions, while Moon Jae-young will head the soon-to-be merged HD Construction Equipment business beginning Jan. 1. Kim Wan-soo of HD Hyundai Robotics was promoted to president. The appointments, which will be finalized at upcoming board and shareholder meetings, are part of what the company described as a strategic effort to position HD Hyundai as a “comprehensive heavy industry group” equipped to compete in a volatile global market. “This leadership change reflects our commitment to pioneering a new era amid a challenging global business environment,” an HD Hyundai spokesperson said. “We aim to become the world’s leading heavy industry group through innovation and collaboration between new and seasoned executives.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-17 14:00:54 -
Asian shares mixed on profit-taking after chip rally, U.S. bad loan concerns SEOUL, October 17 (AJP) - Asian markets opened mixed on Friday as investors weighed renewed credit market jitters in the U.S. and the region’s ongoing chip rally. In Seoul, the KOSPI slipped 0.53 percent to 3,728.50 as profit-taking set in after a bullish run to record highs. The secondary Kosdaq also traded lower. Samsung Electronics edged down 0.2 percent while SK hynix was flat, even as Taiwan’s TSMC reported stronger-than-expected quarterly profits. Automakers extended gains on optimism over a Korea–U.S. settlement on auto tariffs. Hyundai Motor rose 1.24 percent and Kia added 0.72 percent, supported by robust U.S. sales. Japan’s Nikkei 225 opened slightly lower amid cautious sentiment following Wall Street’s overnight decline on reports of bad loans at two U.S. banks. An adjustment by the Osaka Exchange to restore standard price limits for options trading also dampened volatility expectations. China’s Shanghai Composite Index rose 0.10 percent to 3,916.20, lifted by gains in property and energy shares after the IMF upgraded Asia’s 2025 growth outlook and highlighted China’s recovery momentum. Hong Kong’s Hang Seng Index opened mildly higher, supported by rebounds in tech and property stocks, though lingering U.S.–China trade tensions capped broader gains. In Taipei, the TAIEX fell 247.96 points to 27,399.91, pressured by foreign investor selling and fading enthusiasm for AI chip stocks. 2025-10-17 11:38:16 -
Lee Kang-in named AFC's top Asian player SEOUL, October 17 (AJP) - Midfielder Lee Kang-in, who plays for Paris Saint-Germain (PSG), was honored with an award by the Asian Football Confederation (AFC), the Asian governing body for football said on Thursday. At an awards ceremony in Riyadh, Saudi Arabia, Lee was named this year's "AFC Asian International Player of the Year," awarded to the top player from an AFC member country, beating rivals like Japan's Takefusa Kubo of La Liga club Real Sociedad and Iran's Mehdi Taremi of Greece club Olympiacos. The AFC said Lee "picked up his first AFC Asian International Player of the Year..... award, following a season where he won the UEFA Champions League with Paris Saint-Germain and also helped qualify for the FIFA World Cup 2026." Lee became the third South Korean to win the award, following striker Son Heung-min of Los Angeles FC, who has won it four times, and defender Kim Min-jae of Bundesliga club Bayern Munich, who received it once in 2022. Lee played 49 matches for PSG this season, scoring seven goals and helping the team win the UEFA Champions League, Ligue 1, and the French Cup, while finishing as runners-up in the FIFA Club World Cup. In Ligue 1, he scored six goals in 30 appearances. Meanwhile, the AFC "Coach of the Year" award went to Ri Song-ho, who led North Korea to victory in the FIFA U-20 Women's World Cup. Salem Aldawsari of Saudi Arabia and Japan's Hana Takahashi won the men's and women's player of the year awards. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-17 11:25:55 -
PHOTOS: Endangered cranes return SEOUL, October 17 (AJP) - A flock of the white-naped crane, an internationally recognized endangered species, was observed in a rice paddy in Cheorwon County, Gangwon Province, on October 12. The white-naped crane is one of the world's rarest crane species, with a global population estimated to be only around 7,000 to 8,000 individuals. The cranes observed in Cheorwon are part of the eastern flyway population, which breeds in Russia and Mongolia before migrating south. South Korea's border region, particularly the area around the Demilitarized Zone in Cheorwon, is a vital wintering and staging ground for these majestic birds. While many continue their journey further south to Japan, hundreds, and sometimes thousands, spend the winter months in the wetlands and farmlands of Cheorwon and Paju of Gyeonggi Province. Estimates suggest that up to 300 white-naped cranes typically winter in the Paju and Cheorwon areas before flying north in the spring. 2025-10-17 11:05:50