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Samsung Chairman Lee Jae-yong's stock wealth surges $2.7 billion SEOUL, October 01 (AJP) - Samsung Electronics Chairman Lee Jae-yong added more than 3.7 trillion won ($2.7 billion) to his stock wealth in the third quarter, cementing his position as South Korea’s richest corporate leader by equity holdings, according to new data released Tuesday. The Korea CXO Institute reported that the market value of Lee’s shares rose 24.4 percent from 15.25 trillion won at the end of June to 18.98 trillion won by the end of September, driven by a rebound in Samsung Electronics’ share price. Lee tops a group of 16 South Korean executives whose individual stock holdings exceed 1 trillion won. He is followed by Seo Jung-jin, honorary chairman of Celltrion, with 11.13 trillion won, and Kim Beom-su, founder of Kakao, with 6.28 trillion won. Hyundai Motor Group Chairman Chung Eui-sun and HYBE’s Bang Si-hyuk round out the top five. Overall, the combined stock wealth of 45 major business leaders climbed from 74 trillion won at the end of June to 78.3 trillion won by September, an increase of more than 4.27 trillion won. Other notable gains included Cho Hyun-joon of Hyosung, whose holdings rose 23.4 percent to 2.25 trillion won, and Lee Yong-han of Wonik, who saw the largest percentage jump, with his stock value nearly doubling to 3.26 trillion won. Not all leaders benefited. Chung Mong-kyu of HDC saw his stock wealth fall 24.6 percent to 4.62 trillion won, while HYBE’s Bang Si-hyuk recorded the steepest monetary loss, with his holdings shrinking by 565.5 billion won to 3.5 trillion won. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 14:30:46
Celltrion secures $300 million in export insurance to bolster global expansion SEOUL, October 01 (AJP) - Celltrion, one of South Korea’s leading biopharmaceutical companies, has obtained $300 million in short-term export insurance from the Korea Trade Insurance Corporation (K-Sure), a move aimed at strengthening its overseas operations and cash flow. The agreement marks the first time the state-run insurer has extended such support to the overseas branch of a Korean pharmaceutical and biotechnology company, underscoring the government’s efforts to expand the global reach of the country’s bio sector. The insurance allows banks to purchase export receivables between Celltrion’s headquarters and its international branches, while guaranteeing compensation if payments are delayed or uncollected. By improving lenders’ capital adequacy ratios, the program enables Celltrion to access financing on more favorable terms, easing working capital constraints. Celltrion has increasingly relied on its overseas branches to tailor sales to local markets, and the company is preparing for significant exports of new treatments in the second half of the year. The added financial buffer is expected to help sustain research, global production capacity, and international competitiveness. “We are pleased to offer effective support to the growing pharmaceutical and bio sectors,” said Jang Young-jin, president of K-Sure. “We will continue to ensure our companies can secure working capital under favorable conditions through trade insurance.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 14:12:07
North Korean leader sends congratulatory message to Xi on China's founding anniversary SEOUL, October 1 (AJP) - North Korean leader Kim Jong-un sent a congratulatory message to Chinese President Xi Jinping on the 76th anniversary of China's founding, reaffirming his commitment to enhancing strategic communication and cooperation between the two countries. According to the state-run Korean Central News Agency, Kim said Pyongyang remains "steadfast" in its relations with Beijing, seeking to "steadily develop the traditional..... friendship no matter how the international situation may change." Expressing North Korea's willingness to work with China to "further strengthen and develop their friendly and cooperative relations," he proposed joint efforts to "defend peace and stability in the region and the rest of the world through close strategic communication and cooperation." Kim has traditionally sent congratulatory messages to Xi on the occasion of the anniversary, which has been observed since Mao Zedong's proclamation on Oct. 1, 1949. This year's notably lengthy message emphasized strategic cooperation between the two allies on regional security, while mentioning China's efforts to protect its "territorial sovereignty," likely referring to Taiwan. The move appears aimed at strengthening ties, following Kim's recent attendance at China's "Victory Day" parade earlier this month and a summit with Xi. Meanwhile, KCNA reported that Foreign Minister Choe Son-hui returned from Beijing after meeting with Chinese Foreign Minister Wang Yi and Premier Li Qiang during her visit early this week. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 14:10:27
Battery materials plant opens in Saemangeum complex SEOUL, October 01 (AJP) - LS-L&F Battery Solution, a joint venture between LS Corp. and battery materials maker L&F, inaugurated a precursor plant on Tuesday in the Saemangeum National Industrial Complex in Gunsan, North Jeolla Province. The 1 trillion won ($730 million) facility, spanning about 40,000 square meters, is expected to employ roughly 1,000 people, underscoring the government’s efforts to strengthen domestic supply chains in the fast-growing battery sector. The opening ceremony was attended by senior executives from LS Group and L&F, along with regional officials including North Jeolla Governor Kim Kwan-young. “This plant will be a key hub for K-battery materials, reducing reliance on China and accelerating our path to global leadership,” said LS Group Chairman Koo Ja-eun, noting that China currently controls about 80 percent of the global precursor market. The plant began trial operations in April and aims to gradually scale up production to 120,000 tons of precursor by 2029, a volume sufficient for about 1.3 million electric vehicles. LS-L&F Battery Solution was formed in October 2023 as part of LS Group’s push beyond its traditional businesses in electricity and materials into growth areas such as batteries, electric vehicles, and semiconductors. The expansion is supported by LS MnM, the group’s non-ferrous metal unit, which plans to invest 1.8 trillion won in new plants in Ulsan and Saemangeum by 2029 to produce nickel sulfate, a critical raw material for precursors. That output will feed into LLBS, which will then supply L&F for cathode manufacturing, creating what the company describes as a fully domestic battery materials value chain. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 13:55:32
South Korea's Sept exports at 3-year high and Q3 all-time high SEOUL, October 01 (AJP) - South Korea’s exports surged nearly 13 percent in September from a year earlier, extending growth for the fourth straight month on strong demand for semiconductors and automobiles, despite tariff-related setbacks in the United States. According to the Ministry of Trade, Industry and Energy, outbound shipments totaled $65.95 billion, up 12.7 percent on-year and the highest monthly tally since March 2022. For the July–September period, exports rose 6.6 percent to a record $185.03 billion, lifting cumulative shipments for the first nine months of the year by 2.2 percent to $519.78 billion. Officials noted that September gains partly reflected more working days, as the Chuseok holiday fell in the same month last year. On an average daily basis, exports slipped to $2.93 billion from $2.75 billion a year ago. Semiconductor shipments jumped 22 percent to $16.61 billion, powered by demand for AI servers and high-value memory products. Automobile exports, including electric and hybrid vehicles, gained 16.8 percent to $6.4 billion, while vessel exports climbed 22 percent to $2.89 billion, marking a seventh consecutive month of growth. Bio products and displays posted record September sales, while agricultural and cosmetic products also hit all-time highs, buoyed by the global popularity of Korean food and beauty items. By contrast, petrochemical and steel exports edged down on weak oil prices and global oversupply. Exports to the United States slipped 1.4 percent to $10.27 billion, dragged by a 2 percent fall in car sales. Shipments to China inched up 0.5 percent to $11.68 billion, ending a four-month slide, while most other regions recorded growth. Imports increased 8.2 percent to $56.39 billion, with energy purchases down 8.8 percent but non-energy imports up 12.5 percent. The monthly trade surplus widened to $9.56 billion, the largest for September since 2018. For the year to date, the surplus reached $50.47 billion, up $13.85 billion from a year earlier. “The robust trade results are meaningful, as they were achieved despite external headwinds such as U.S. trade barriers,” Trade Minister Kim Jung-kwan said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 13:48:41
Kakao rolls out 'Kakao Travel Pack' in 16 languages SEOUL, October 01 (AJP) - Kakao announced on Monday it will run a 'Kakao Travel Pack', mobility services in 16 languages, aiming at foreign visitors. The campaign aims to assist the increasing number of tourists expected due to global content popularity and the Asia-Pacific Economic Cooperation (APEC) summit. The 'Kakao Travel Pack' includes KakaoTalk, KakaoMap, and K-Ride, services popular among foreigners. KakaoTalk supports 16 languages, including English, Japanese, and Chinese, and offers free voice and video calls, local communication through open chat, and reservation services. KakaoMap provides rankings for restaurants and attractions and real-time public transport information. K-Ride, a mobility app for foreigners, supports four languages, allowing tourists to use KakaoT Blue, Venti, Black, and premium taxi services without language or payment issues. These services are available in over 30 countries, including the U.S., Japan, and Europe. To enhance accessibility, Kakao is advertising at key locations like Incheon International Airport, Myeongdong, and Seoul Station, and promoting on global social media platforms like Instagram and TikTok. This initiative responds to the growing demand for tourism. According to the Korea Tourism Organization, 15.6 million foreign tourists visited South Korea from January to August, a 15.8% increase from the previous year. The APEC summit and visa exemptions for Chinese group tourists are expected to further boost numbers. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 12:49:10
LG Elec eyes $1.8 bn Indian IPO, third largest in India for 2025 SEOUL, October 01 (AJP) - The Indian unit of South Korea’s household white-goods giant LG Electronics has set its initial public offering (IPO) price band at ₹1,108 to ₹1,140 per share, targeting up to $1.8 billion in proceeds. The listing, scheduled for Oct. 14, marks the third-largest IPO in India this year and second largest Korean IPO in the country following last year’s $3.3 billion Hyundai Motor India listing. Like Hyundai, LG’s IPO will be structured entirely as an offer for sale (OFS), with the Korean parent divesting a 15 percent stake—over 101 million shares—in its Indian subsidiary. Under the OFS format, no new equity will be issued, meaning the Indian unit itself will not receive funds from the flotation. If priced at the upper end of the band, LG Electronics India would command a valuation of over $12 billion. Proceeds will be channeled into future growth strategies at the group level, including equity investments, mergers and acquisitions, and B2B expansion aimed at bolstering long-term competitiveness. Some of the funds may also return to shareholders. India’s fast-growing home appliance market underpins LG’s confidence. Despite its 1.4 billion population, penetration of refrigerators, washing machines, and air conditioners remains relatively low, leaving substantial room for growth. Since its entry in 1997, LG has built an extensive local presence with two manufacturing bases, 51 regional offices, and more than 780 branded shops. A third factory at Sri City is underway to expand production capacity. Analysts expect LG to leverage IPO proceeds into strategic investments and partnerships, including backing promising startups and pursuing M&A opportunities, as it positions itself for the next decade of competition in India’s booming consumer market. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 11:07:52
South Korea, US agree to launch dedicated visa desk in Seoul SEOUL, October 1 (AJP) - South Korea has agreed with the U.S. to set up a dedicated visa desk at the U.S. Embassy in Seoul to streamline visa processes for South Korean companies investing in the U.S. The decision was made after the two sides met in Washington, D.C. on Tuesday for their first meeting since forming a working group to address the issue. The Ministry of Foreign Affairs here said the desk is expected to launch sometime in October, with details to be announced on the U.S. Embassy's website soon. The meeting was attended by officials from both countries' foreign, labor, and other relevant ministries, including Kevin Kim, a senior official from the U.S. State Department's Bureau of East Asian and Pacific Affairs. The U.S. clarified the activities allowed for workers under the B-1 business visa, confirming that they can apply for it to provide services including the installation and repair of equipment and devices in the U.S. The same activities are also permitted those under the Electronic System for Travel Authorization (ESTA). The clarification comes after a sweeping raid by U.S. immigration authorities, which detained more than 300 South Koreans, mostly employees of Hyundai Motor Group and LG Energy Solution, working at a joint electric vehicle battery plant under construction in Georgia, who held either ESTA or B-1/B-2 visas. Agreeing to strengthen cooperation between South Korean consulates and U.S. immigration agencies, the U.S. pledged to prevent similar incidents from happening again. South Korea stressed the need to fundamentally improve its visa-issuance process to facilitate investment and implement projects there, while the U.S. admitted legislative hurdles but pledged to come up with feasible solutions. LG Energy Solution welcomed the establishment of the dedicated visa desk, thanking the government for the swift measure. "We will thoroughly prepare and work diligently to complete the construction and operation of our U.S. plants as scheduled," the company said in a statement. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 10:12:42
[[South Korea-Japan Ties]] Seoul should forge strategic industrial alliance with Tokyo, KOTRA chief urges Editor's Note: Aju Business Daily is publishing a special series to mark the 60th anniversary of the normalization of diplomatic ties between South Korea and Japan. The series reflects on the renewed relationship between the two neighbors. SEOUL, October 1 (AJP) - "If South Korea becomes a reliable partner in Japan's major manufacturing projects including semiconductors, hydrogen, ammonia, secondary batteries, and shipbuilding, the country's competitiveness in advanced industry competitiveness can make a quantum leap," said Park Yong-min, head of the Korea Trade-Investment Promotion Agency (KOTRA)'s office in Tokyo. In an interview with Aju Business Daily on Sept. 16, he vowed, "KOTRA will be at the forefront of securing a competitive edge in exports." Park said that Japan increasingly recognizes the need to partner with South Korea amid the U.S.-China rivalry and its own focus on nurturing advanced industries. Reflecting on his career, Park said, "When I first started working in Japan about 30 years ago, there was skepticism about South Korea's technology and corporate resilience. Now, Japanese companies are actively seeking partnerships with South Korean firms." Since joining KOTRA in 1995, Park has worked in Japan, Canada, China, and the U.S.' Silicon Valley, supporting South Korean companies' global expansion. He now works in Japan, overseeing four trade offices while formulating strategies for South Korean firms seeking to expand into the Japanese market. Park explained that while the two neighbors were once competitors, they now complement each other, with South Korea focusing on manufacturing and Japan on materials and equipment. "For advanced industries to remain competitive, core technology, manufacturing, and component design must work seamlessly together, making the two countries ideal partners," he said. Japan serves as a perfect testbed for South Korean startups, offering a market 2.5 times larger than South Korea's, with geographic proximity and similar political and cultural backgrounds. Comparing Japan to Silicon Valley, he said, "While Silicon Valley teaches success, Japan is where business ideas can be turned into revenue." He highlighted promising sectors like artificial intelligence (AI), digital transformation, healthcare, and pet industries, where South Korean startups can address Japan's social issues like low birthrates and aging populations. Park cited Caplix, which launched an unmanned rental car solution in Okinawa in 2022, as an example. Caplix's facial recognition kiosks allow rental processes to be handled automatically, tackling labor shortages in Japan's aging society. Since Japan's Digital Agency was established in 2018, local governments have allocated significant budgets for digital transformation projects to address issues like automation, low birthrates, and aging populations. "KOTRA has supported South Korean startups and exporters by connecting them with local importers and helping them adapt to Japan's policy changes and relevant regulations," Park said. He emphasized that South Korea and Japan can form an effective value chain in advanced industries such as semiconductors, automobiles, batteries, and hydrogen, helping mitigate supply chain risks amid U.S.-China tensions and tariff disputes. "We are looking at sectors where South Korea and Japan can create a synergy through collaborative projects," he added. Park urged South Korean exporters to be proactive, stressing that many fail despite having high-quality products with competitive prices, due to a lack of understanding of Japan's customs procedures and distribution networks. "Without patience for lengthy administrative processes and bold local hiring and investment, success is difficult," he advised. "Now is the time to strengthen partnership as both South Korea and Japan seek new frameworks for cooperation," said Park, wrapping up the interview. "Within the broader framework of building a supply chain between the two countries, KOTRA is developing long-term projects such as expanding collaboration in research and development and forming joint ventures." * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 09:44:02
MBK Partners weighs exit from Korea Zinc SEOUL, October 01 (AJP) - Facing mounting scrutiny from lawmakers and civic groups, MBK Partners is considering selling its stake in Korea Zinc, a move that could alter control of one of the world’s leading producers of nonferrous metals. A person briefed on the matter said on condition of anonymity that MBK is “reviewing its control over Korea Zinc, with an exit strategy as one option.” The stake could be transferred to Young Poong, the company’s largest shareholder, or potentially to another buyer. The review comes as MBK grapples with crises elsewhere in its portfolio. The private equity firm has faced backlash over a restructuring at Homeplus, one of South Korea’s largest retailers, and a data breach at Lotte Card. In response, it has issued a rare public apology and pledged $500 million to shore up shareholder confidence. Kim Byung-ju, MBK’s chairman and one of Asia’s most prominent private equity investors, has also been summoned by the National Assembly’s Political Affairs Committee to testify about the Homeplus case. His appearance is expected to intensify political pressure at a moment when lawmakers are seeking tighter oversight of private equity ownership in domestic companies. Industry insiders say MBK is eager to avoid a protracted dispute at Korea Zinc, which could draw further political and public scrutiny. But an exit may prove difficult: the firm is bound by a management cooperation agreement with Young Poong that carries penalty clauses for early withdrawal. Young Poong has signaled its intent to assert greater influence. “Korea Zinc does not belong to its management agent, Choi Yoon-beom,” the company said in a statement. “As the largest shareholder, we will ensure fair management.” Analysts note that MBK’s decision will serve as a test case for the balance of power between global private equity and domestic corporate governance in South Korea, where political headwinds are increasingly shaping boardroom outcomes. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 08:56:03