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Naver partners with United Korea Founders to expand global tech footprint SEOUL, October 16 (AJP) - South Korean internet giant Naver has teamed up with United Korea Founders, North America's largest Korean entrepreneur network, to strengthen ties with the global startup ecosystem and secure new growth engines in emerging technologies. Naver and Naver Webtoon announced they would participate as official sponsors in UKF's three-day KOOM Festival starting Wednesday in New York. UKF, a non-profit organization, brings together Korean entrepreneurs and investors from Silicon Valley, New York and other tech hubs to the festival. Sharing Korean music, culture, and speeches from prominent industry leaders, the KOOM Festival will also feature food and beverages from 16 F&B brands as well. On the opening day, Naver Webtoon chief executive Kim Jun-koo will deliver a keynote on the global rise of new storytelling formats, sharing the company's platform strategy and webtoon success story. The festival's final day will spotlight Naver's virtual and XR technologies, with executives from its Realtime Engine Studio and Prism Studio unveiling production capabilities and the growth secrets behind Prism, the world's top live-streaming application. Sessions will feature startups backed by Naver's venture arm D2SF, including virtual intellectual property firm Scone and artificial intelligence motion capture company Movin, as the company seeks to expand its virtual ecosystem globally. "Through D2SF, Naver supports startup growth and global expansion, and this UKF sponsorship will further strengthen our connection with North America's startup ecosystem," Naver chief executive Choi Soo-yeon said. 2025-10-16 12:03:29 -
PHOTOS: Ancient historic city of Gyeongju lights up ahead of APEC summit SEOUL, October 16 (AJP) - With the Asia-Pacific Economic Cooperation (APEC) summit just around the corner, rehearsals and other preparations are underway in South Korea's southeastern city of Gyeongju. One project involved a 15 billion Korean won investment to enhance nighttime scenery around an artificial lake in Bomun, a popular tourist destination in the historic city. At a pre-event called the "Festival of Light" held on Wednesday ahead of the summit to be held from Oct. 31 to Nov. 1, the exterior of Yukbuchon, a traditional Korean house or hanok with tiled roofs and wooden-and-clay structures, was adorned with an illuminated façade, showing the history of Gyeongju, once the capital of the ancient kingdom of Silla that flourished for over 1,000 years. Other dazzling light and media art displays also promoted the summit, showcasing symbols and installations, including a 15-meter-tall egg-shaped structure inspired by the myth of the kingdom's first king, who is believed to have been born from an egg, according to folklore. Governor of North Gyeongsang Province Lee Cheol-woo said, "The festival brings together the city's past, present, and future in a modern style," adding that it is not merely a temporary spectacle limited to the APEC period. Additionally, various events and performances is expected to amaze visitors before and after the summit near a slew of national heritage sites there including Daereungwon, a complex of Silla-era tombs. 2025-10-16 11:28:34 -
Hanwha to unveil next-generation AI weapons at ADEX 2025 SEOUL, October 16 (AJP) - South Korea's Hanwha Group plans to unveil a suite of AI-driven defense systems designed to address manpower shortages and enhance battlefield efficiency. The group said Thursday Hanwha Aerospace, Hanwha Systems, and Hanwha Ocean will jointly participate in the Seoul International Aerospace and Defense Exhibition (ADEX) 2025, to be held Oct. 20–24 at KINTEX in Ilsan, northwest of Seoul. The companies plan to showcase more than 10 thematic zones centered around a “space zone,” underscoring Hanwha’s commitment to AI integration across land, sea, air, and space technologies. Among the highlights will be the debut of the Loitering Precision Guided Weapon (L-PGW), a next-generation system that combines the capabilities of a missile and a drone. Designed as a future export model, the L-PGW can be launched from Hanwha’s Chunmoo multiple rocket launcher and uses AI to locate, track, and engage targets via satellite link before deploying a self-destructing drone on impact. The company will also introduce the Themis-K, an unmanned ground vehicle (UGV) tailored for the Korean military and built on a platform developed by Estonia’s Milrem Robotics. The vehicle, equipped with Hanwha Aerospace’s remote-controlled weapon system, will appear alongside smaller UGVs such as the Arion-SMET and Grunt models. Another exhibit will feature the evolution of Hanwha’s signature K9 self-propelled howitzer — from the semi-automated K9A2, which reduces crew needs from five to three, to the fully unmanned K9A3, capable of autonomous maneuvering in coordinated formations under a single command vehicle. At sea, Hanwha Ocean will showcase a next-generation “strategic surface ship” equipped with AI-based threat detection, while Hanwha Systems will present a “Smart Battleship” that integrates combat, engine control, and bridge operations through AI-assisted target recognition and engagement management. In the space zone, Hanwha Systems will display the Nuri rocket, slated for its fourth launch, alongside a 0.15-meter ultra-high-resolution synthetic aperture radar (SAR) satellite. The company said that combining AI with satellite imaging will dramatically enhance surveillance and target identification capabilities. Hanwha will also outline its long-term vision for “Defense Sovereign AI” — a Korean-developed AI framework for secure defense applications. Working with domestic IT firms and small and midsize enterprises, Hanwha aims to build an integrated system linking detection, command, and strike capabilities based on Korean defense data and infrastructure. “In a rapidly changing security environment, we aim to contribute to self-reliant defense with cutting-edge AI technology,” Kim Dong-kwan, vice chairman of Hanwha Group, said in a press release. “Together with our partners, we hope to build a competitive domestic defense ecosystem that serves as a growth engine for the future.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 11:11:32 -
Korean builders face $9 billion PF maturities and govt judgment in Q4 SEOUL, October 16 (AJP) — South Korean construction firms reeling from a prolonged industry slump are on edge as 13 trillion won ($9.4 billion) in real estate project financing (PF) debt comes due in the fourth quarter, with the government set to decide next month which projects to rescue or wind down. According to the National Assembly’s Land, Infrastructure and Transport Committee, PF bonds worth 13.48 trillion won mature between October and December. Of that, roughly 5 trillion won is under rollover negotiations, while more than 3 trillion won is at risk of default. Financial authorities are scheduled to unveil the second phase of their PF restructuring plan next month. Given the liberal administration’s hawkish stance on real estate, market watchers expect tighter standards for classifying distressed projects, stricter limits on bridge loan rollovers, and expanded requirements for credit enhancements. A Ministry of Land, Infrastructure and Transport official said the focus of policy “will shift from liquidity to stability,” stoking fears among industry insiders of another wave of funding freezes and liquidity crises across construction sites. Authorities plan to release the results of a nationwide PF project audit by the end of November, determining which ventures will be salvaged and which will be liquidated. Mid-sized builders have been under acute financial strain since the industry-wide crunch of 2022, when the default of a Legoland theme park developer sent funding costs for construction firms to the highest levels in more than a decade. “Negotiating maturities is now a bigger challenge than winning new orders,” said a finance official at a mid-tier builder, adding that “creditor meetings have effectively replaced management meetings.” Even large builders have not been spared. A prolonged property market downturn and project delays have eroded cash flows, while average debt ratios have climbed by more than 10 percentage points from a year earlier. PF loan-linked borrowing costs have averaged above 7 percent this year, further squeezing profitability. Government aid has also been slow to arrive. The Korea Land and Housing Corporation’s program to purchase unsold homes has reached only 40 percent execution, while the Housing and Urban Guarantee Corporation’s PF guarantees have fallen 25 percent from last year. The reduction in guarantees has worsened liquidity bottlenecks by restricting developers’ ability to raise funds. As of September, PF refinancing rates averaged 8.1 percent — up 1.8 percentage points from the end of last year. Smaller builders face borrowing costs exceeding 12 percent, with some projects unable to cover monthly interest payments. “Even high returns aren’t attracting investors to construction-linked bonds,” a commercial banker said. The Korea Construction Industry Institute projects construction starts will plunge 21 percent in the fourth quarter from a year earlier. The sharp decline in new projects threatens to further choke cash inflows and drive up PF defaults. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 11:01:51 -
SK chief's divorce case sent back to lower court SEOUL, October 16 (AJP) - The Supreme Court of Korea on Thursday sent the high-profile divorce case of SK Group chairman Chey Tae-won and his estranged wife Roh Soh-yeong back to the high court. The top court found flaws in the lower courts' assessment of Roh's contribution to the conglomerate's growth, ruling that some 30 billion Korean won (US$21 million) in slush funds from Roh's father, the late former President Roh Tae-woo, which were funneled into SK Group, cannot be considered assets jointly accumulated by the couple. The court clarified that such illegally raised funds constitute bribes and therefore cannot be subject to property division, requiring a recalculation of the couple's marital assets. The court also determined that stocks or cash donated or disposed of by Chey in the course of managing the conglomerate cannot be subject to division if they are no longer held. However, the court finalized its order for Chey to pay 2 billion won in alimony, dismissing his appeal. Thursday's partial referral to the lower court came after the appellate court, which overturned the previous ruling in May last year, ordered Chey to pay Roh 1.38 trillion won (about US$970 million) in property division and 20 billion won in alimony, marking it as the most expensive divorce case in the country's history. In the first trial in December 2022, Roh sought 50 percent of Chey's shares in SK Holdings, the conglomerate's parent company, but the court upheld Chey's argument that she had not contributed to his acquisition of the shares, which he inherited from his father. SK Group appeared relieved by the court's decision to remand the case in favor of Chey, allowing him to avoid the worst-case scenario of having to sell off stakes in SK affiliates to pay astronomical sums to Roh, which could have jeopardized his control over the conglomerate. "We respect the court's decision," Chey's legal representatives said in a press release, adding, "It is fortunate that the misunderstandings and factual errors in the appellate court's ruling have been rectified." But looming uncertainties over the prolonged divorce settlement sent SK shares tumbling, down 5.62 percent from the previous trading session to close at 218,500 won. Chey is the chief of the country's second-largest conglomerate after Samsung. The couple married in September 1988 and have three children between them. In December 2015, Chey revealed that he had a child out of wedlock and later filed for divorce in July 2017 as the two failed to agree on the terms of separation. 2025-10-16 10:41:37 -
CJ ENM, Warner Bros. Discovery join hands for K-content production SEOUL, October 16 (AJP) - South Korea's CJ ENM and Warner Bros. Discovery announced a strategic partnership aimed at strengthening the global presence of Korean entertainment, Thursday, underscoring the growing influence of K-content on international audiences. Under the agreement, the two companies will jointly plan and produce original Korean programming while expanding distribution through Warner Bros. Discovery’s global platforms. The collaboration includes the launch of a dedicated TVING brand section on HBO Max in 17 Asia-Pacific regions, marking TVING’s first entry into the overseas streaming market. The rollout will begin with select content in November, followed by a full launch early next year. The section will feature TVING’s most popular dramas and variety shows, designed to attract both existing fans of Korean entertainment and new audiences across the region. “This partnership aligns perfectly with HBO Max’s strategy to showcase unique premium content,” JB Perrette, president and CEO of global streaming and games at Warner Bros. Discovery, said in a press release. “We are excited to work with CJ ENM, a leader in the K-content genre.” The two companies also plan to co-invest in global production projects, which will be distributed internationally through HBO Max. Lee Mi-kyung, vice chair of CJ Group, said the collaboration would “further elevate the global standing of K-content,” while David Zaslav, CEO of Warner Bros. Discovery, described it as “a milestone in bringing locally inspired stories to worldwide audiences.” Yoon Sang-hyun, CEO of CJ ENM, said the company would continue to expand its strategic partnerships in key global markets to ensure the sustainable growth of Korean culture. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 10:21:30 -
PHOTOS: Why Seoul is hiker's paradise SEOUL, October 16 (AJP) - Seoul, a dazzling metropolis, holds a secret weapon for escaping the urban bustle: its surrounding peaks. Unlike most megacities, Seoul’s mountains are easily accessible via its subway system, offering hikers a quick dose of nature, sweeping city views, and a deep dive into Korean history. Even on a busy weekday, a nature escape is just a short trip away. Mountains like Naksan, Inwangsan, Namsan, and Baegaksan — often integral parts of the ancient Seoul Fortress Wall — are perfect for a quick hike. These trails are generally less strenuous and can be easily tackled during a half-day outing. For a more substantial climb, the grand mountains ringing the capital are a popular weekend destination for locals. Bukhansan, Dobongsan, Suraksan, Buramsan, and Gwanaksan typically require two to four hours of hiking and proper gear. The reward for your effort? A truly spectacular perspective on one of Asia's most dynamic cities. Autumn is an especially magical time, as the crisp, clear air offers the most breathtaking, unobstructed views of the landscape. The crown jewel of Seoul's hiking scene is Bukhansan National Park, an astonishing natural preserve that exists within the borders of a massive metropolitan area — a rarity globally. Its unique geology features a granite base that has eroded over millennia, creating dramatic, sheer rocky peaks interspersed with beautiful, flowing valleys. Bukhansan is not just a natural wonder; it's a historical hub. The park is home to the remains of the Bukhansanseong Fortress, numerous historical and cultural relics, and over a hundred Buddhist temples and hermitages, making every trail a walk through history. You can easily access the park by getting off at a Seoul Subway Line 3 station like Gupabal Station or Bulgwang Station and taking a short bus or walking to the trail entrance. One of the park’s most historic spots is Bibong Peak (560m above sea level). This peak is the original location of an ancient monument set up during the era of King Jinheung of Silla, a designated National Treasure. Erected around 555, it marked King Jinheung’s visit to the newly conquered Han River basin. While the original stele is preserved at the National Museum of Korea, a replica stands on Bibong Peak, offering a stunning panoramic vista of the city below. If you're looking for an easier hike with a high payoff, head to Achasan Mountain, which straddles Seoul’s Gwangjin-gu and Guri City. At a modest 296m above sea level, it’s a relatively easy climb that boasts an incredible vantage point over the Han River and the city's modern skyline. From the summit, you can gaze upon the winding Han River, the towering Lotte World Tower, and the sprawling districts of Gangnam and Hanam City. On a clear day, the views extend across the city, capturing the figures of Namsan and the distant ridgelines of Bukhansan. For any international visitor to Seoul, allocating a few hours to climb one of these accessible mountains is highly recommended. It’s an easy, rewarding, and truly unforgettable experience that shows a side of the city few ever see. 2025-10-16 10:09:51 -
Top court set to deliver ruling in SK chief's divorce case SEOUL, October 16 (AJP) - The Supreme Court of Korea is set to deliver its final ruling on Thursday for a high-profile divorce case between SK Group chairman Chey Tae-won and his estranged wife Roh Soh-yeong. The court will decide whether to uphold or overturn the previous ruling that ordered Chey to pay Roh 1.38 trillion won (approximately US$970 million) in asset division and 20 billion won in alimony, making it the most expensive divorce case in the country's history. The final verdict comes after the Seoul High Court overturned the initial ruling in May last year, siding with Roh and deeming the previous settlement set by the lower court insufficient. In the first trial in December 2022, Roh sought 50 percent of Chey's shares in SK Holdings, the conglomerate's parent company, but the court upheld Chey's argument that she had not contributed to his acquisition of the shares, which he inherited from his father. The key issue in the case is whether Chey's SK shares, acquired prior to the marriage, should be considered personal property and excluded from their asset division. Another point of contention is whether 30 billion won of slush funds from Roh's father, the late former President Roh Tae-woo, were funneled into SK Group. The court found evidence suggesting the funds contributed to the company's transformation into the conglomerate it is today, though Chey's side argues the shares were acquired independently. Chey is the chief of the country's second-largest conglomerate after Samsung. The couple married in September 1988 and have three children between them. In December 2015, Chey revealed that he had a child out of wedlock and later filed for divorce in July 2017 as the two failed to agree on the terms of separation. 2025-10-16 09:56:27 -
SK Enmove forms joint venture in India for lubricant business SEOUL, October 16 (AJP) - South Korea’s SK Enmove has joined hands with India’s Gabriel India Limited to form a joint venture to expand its lubricant business in India. The agreement, signed Sept. 15 at SK’s Seorin headquarters in central Seoul, establishes SK Enmove Gabriel India, with SK Enmove holding a 51 percent stake and Gabriel India owning the remaining 49 percent, according to SK Enmove, Thursday. The venture plans to introduce a full range of products — including engine oil, gear oil, industrial lubricants and electric-vehicle lubricants — beginning in December. The two companies agreed to focus on expanding sales channels and building a premium brand presence across India, the world’s third-largest automobile market, SK Enmove said. India’s auto industry, buoyed by urbanization and a rising young population, produced 5.1 million passenger cars, 24.3 million two-wheelers and 1.1 million commercial vehicles in 2024, according to the Society of Indian Automobile Manufacturers. The industry is projected to grow more than 4 percent annually over the next five years, fueled by increasing demand for environmentally friendly vehicles. Gabriel India is part of the Anand Group, a major auto components supplier that operates 13 joint ventures with global companies including HL Holdings and Henkel. The group maintains a broad distribution network and long-standing partnerships with major automakers across the country — a foundation the new venture intends to use to accelerate market entry. “Combining Gabriel India’s extensive distribution network and market experience with SK Enmove’s advanced lubricant technology will rapidly expand our presence in the Indian market,” said Anjali Singh, chairperson of Gabriel India and the Anand Group. Kim Won-ki, president of SK Enmove, said the partnership with Anand Group would help position SK’s lubricants in the premium segment. “With this strategic partnership, we aim to elevate our brand and establish SK Enmove as a leading name in India’s lubricant market,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 09:25:36 -
Hanwha Aerospace on a roll on soaring global defense spending Editor's Note: This article is the 39th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, October 16 (AJP) - Since Russia's invasion of Ukraine in February 2022, global defense spending has soared. Europe's rush to rearm has opened new markets for Asian manufacturers, pushing South Korea into the front line of the world's fast-growing arms trade. Among the companies leading this surge is Hanwha Aerospace, which has evolved from a domestic supplier into one of Asia's most active defense exporters. Global rearmament and Hanwha Aerospace's rise So-called "K-defense" exports jumped from $7.2 billion in 2021 to $17.3 billion in 2022, according to South Korea's defense ministry. SIPRI — a Stockholm-based institute that tracks international arms transfers — ranked Seoul among the world's top 10 arms exporters, alongside the United States, France, Russia, China and Germany. The surge, fueled by competitive pricing and flexible production, marks a structural shift in the nation's export portfolio long dominated by semiconductors, cars and ships. At the center of this export boom stands Hanwha Aerospace, South Korea's largest defense contractor by sales. Since 2022, the company has secured a series of contracts with Poland, including billions of dollars' worth of K9 self-propelled howitzers and K239 Chunmoo multiple rocket launchers. These deals were followed by exports of Redback infantry fighting vehicles to Australia and new artillery and ammunition agreements with Romania, reflecting a broader push into NATO and EU markets. Founded in 1977 as Samsung Precision, Hanwha Aerospace began with aircraft engines and joined Hanwha Group in 2015. It has since grown into South Korea's leading defense manufacturer, spanning technologies from artillery systems to space propulsion. A soaring stock and divided performance The company's rapid expansion has also been mirrored in financial markets. Hanwha Aerospace's stock has surged nearly twentyfold since early 2022—just before the Ukraine war—jumping from around 50,000 won (about $36) to more than 1 million won (about $720) this year. "The surge in Hanwha's stock was largely driven by its export deals with Poland following the outbreak of the war in Ukraine," said Lee Hangyeol, senior analyst at Kiwoom Securities. "Those contracts significantly boosted earnings in the land systems division." Still, risks remain. Defense orders are cyclical and often subject to shifts in global security priorities. The sustainability of Hanwha's export momentum depends on continued demand and its ability to scale production efficiently. Lee added that while the company's land systems remain highly profitable, "the aerospace segment needs greater focus on R&D, particularly in indigenous engine development, to build new growth momentum." In fact, in its latest earnings report for the second quarter of 2025, Hanwha Aerospace's overall operating profit rose 156 percent year-on-year to 865 billion won (about $630 million), driven largely by surging demand in its land systems division. However, the company's aerospace segment posted a 1.8 percent loss. From firepower to future technology Beyond defense exports, Hanwha Aerospace is investing heavily in AI-based unmanned systems, advanced propulsion technologies and satellite engines — areas that bridge defense and commercial innovation. The company played a key role in the country's Nuri space launch project and continues to expand its aerospace portfolio, positioning itself at the intersection of national security and space technology. Analysts expect Hanwha Aerospace's defense business to remain solid in the coming years, as defense spending continues to rise across Europe and the Middle East. "This isn't just a short-term boom," Lee said. "Structural growth in overseas defense projects, combined with persistent geopolitical tensions, would keep exports expanding. As a result, Hanwha's stock is likely to maintain its upward trend over the medium to long term." 2025-10-16 09:00:00