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South Korean shipbuilders surge on hopes of early industry super cycle SEOUL, September 24 (AJP) - South Korea’s shipbuilding companies are bracing for what could be an earlier-than-expected industry super cycle, as surging orders for high-margin vessels and prospects of collaboration with the United States fuel investor optimism. The combined market capitalization of HD Korea Shipbuilding & Offshore Engineering, Hanwha Ocean and Samsung Heavy Industries has more than doubled this year, reaching 92.1 trillion won (about $66 billion) as of Sept. 24, up from 37.9 trillion won at the start of the year, according to data from the Korea Exchange. The 142 percent surge reflects mounting bets that the industry’s third super cycle could arrive well before the widely anticipated 2033 timeline. Shipbuilding cycles typically recur every three decades, driven by the replacement of aging fleets. This time, however, the acceleration is being propelled by a rush of orders for liquefied natural gas carriers and floating LNG production facilities — vessels that command significantly higher margins than conventional cargo ships. Backlogs at South Korea’s top yards already stretch at least three years. Samsung Heavy secured 2.1 trillion won in LNG carrier orders from an Oceania-based owner last month, while Hanwha Ocean signed a 350 billion won contract with a North American client in September. Adding to the momentum is a proposed Korea-U.S. partnership, dubbed the “Make American Shipbuilding Great Again” initiative, or MASGA, which envisions sweeping investments in new American shipyards, joint workforce training and maintenance contracts pairing South Korean companies with U.S. personnel to service Navy vessels. Hanwha Ocean has already announced $700 million in additional investment in its Philadelphia shipyard, aiming to boost annual production capacity from 1.5 vessels to more than 10 by 2035. HD Korea Shipbuilding is preparing to merge two subsidiaries by year’s end to strengthen its naval capabilities, while Samsung Heavy has forged a strategic partnership with U.S.-based Vigor Marine Group. Operating profits for the three builders surged 102 percent to 2.77 trillion won in the first half compared with a year earlier, underscoring the strength of the current upturn. Still, uncertainties loom. The MASGA plan faces hurdles, including stalled negotiations over a proposed $350 billion investment fund, questions about concrete U.S. vessel orders and potential shifts in American trade policy. Recent immigration enforcement actions against Korean workers in Georgia have also complicated labor deployment, adding another layer of risk to an otherwise bullish outlook. 2025-09-24 15:28:31 -
PHOTOS: At 105, philosopher Kim Hyung-seok defines a life well-lived SEOUL, September 24 (AJP) - He arrived not in a wheelchair, but on his own two feet. At 105 years old, Professor Kim Hyung-seok, a living icon of South Korean philosophy, took the stage at a Seoul auditorium this week to a standing ovation, ready to share his blueprint for a meaningful life. Professor Kim, born in 1920, is more than a centenarian; he is a testament to the power of a disciplined mind and a well-nourished soul. With a clarity that defies his age, he captivated the audience by reflecting on a life that has spanned Korea’s colonial era, its devastating war, and its meteoric rise as a global power. His most surprising revelation? He considers his "golden age" to have been between 65 and 75. It was a period, he explained, when financial stability met professional mastery, allowing him the freedom to pursue work he truly loved. This, he argued, is when a person can transition from being an "economic slave" to finding genuine happiness in the value of their labor. While acknowledging the physical decline that comes after 75 and the loneliness that can settle in after 85 as friends pass on, he delivered a powerful message of perseverance: "Happiness can continue as long as you can do your own work." To that end, he offered three essential lessons for a fulfilling "second life" starting in one's 60s: study, cultivate a hobby, and stay active. He singled out reading as the key to personal growth, declaring that "only reading can cultivate you and allow you to live a rewarding and happy life." Professor Kim’s wisdom isn't just theory. It's born from a life of experience, from studying alongside Cardinal Stephen Kim Sou-hwan to pioneering philosophical education at Yonsei University. He has long credited his vitality to a simple, consistent diet of half a glass of milk, a soft-boiled egg, and steamed potatoes, a breakfast he has eaten for 40 years. As he continues to write and lecture, his message resonates deeply with a society grappling with an aging population. Professor Kim stands as a living reminder that age is not an end, but a new beginning — a time to discover, create, and find purpose beyond the pursuit of wealth. 2025-09-24 14:54:11 -
Son of late ex-President Kim Dae-jung dies at 75 SEOUL, September 24 (AJP) - Kim Hong-up, the second son of late former President Kim Dae-jung, died on Wednesday due to complications from a chronic illness, according to his nonprofit organization named after his father, where he served as chairman. "The late chairman was a steadfast supporter who worked quietly behind the scenes to lead democratization movement alongside his father," said the Kim Dae Jung Peace Center. Born in July 1950 in an air-raid shelter in Mokpo, South Jeolla Province, just a month after the outbreak of the Korean War, he helped his father become the country's 15th president in 1997. During the final years of the Kim administration, he was convicted in a corruption scandal and served time in prison, but later won a 2007 by-election to become a lawmaker. After his father's death in 2009, he dedicated his life to preserving his father's legacy by establishing the center, but had an inheritance dispute with his half-brother. His memorial altar has been set up at Severance Hospital in Seoul. Survivors include his wife and two sons. 2025-09-24 14:33:29 -
Samyang's global sensation 'Buldak' noodle sells over 8 billion packs SEOUL, September 24 (AJP) - Samyang Foods has announced a major milestone for its globally popular "Buldak" hot chicken flavor ramen series, with sales surpassing 8 billion units since its launch in 2012. The sales figure, which nearly matches the world’s population of 8.2 billion, underscores the brand's immense global success and its role in popularizing Korean cuisine, or "K-Food," around the world, the company said Wednesday. Exported to more than 100 countries, including the U.S., China, Southeast Asia, and Europe, the Buldak series has become a cultural phenomenon. Samyang Foods credits this success to its meticulous localization strategies, which have adapted the product, distribution, and marketing to resonate with diverse international markets. The spicy noodle line has also expanded into a full-fledged brand, with popular spin-offs including sauces, snacks, and ready-to-eat meals. The highly sought-after Buldak sauce is now exported to over 50 countries, becoming a staple condiment for many consumers. To keep up with soaring demand, the company is increasing production capacity at its Miryang plants, anticipating even faster sales growth for the iconic spicy noodle series. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-24 14:20:16 -
PHOTOS: Chuseok holiday is approaching SEOUL, September 24 (AJP) - As South Korea moves into autumn, families are beginning preparations for Chuseok, one of the nation’s two most significant holidays alongside Seollal (Lunar New Year). Often referred to as "Korean Thanksgiving," the holiday is a time for family reunions, expressing gratitude to ancestors, and celebrating the year's harvest. Chuseok, which literally means "autumn evening," falls on the 15th day of the eighth lunar month when the full moon is at its brightest. Its origins are rooted in Korea's agricultural history, and it has long been a time to give thanks for a bountiful harvest. In the days leading up to the holiday, a common sight across the country are families making trips to ancestral graves. This practice, known as beolcho, involves clearing away weeds and tidying up the burial sites, a sign of respect and devotion. Many will also perform seongmyo, an ancestral memorial rite, at the grave itself. These rituals are a way to honor those who came before and to ensure their spirits are at peace. 2025-09-24 14:08:50 -
China leaps on global corporate stage while Korean Inc. stagnates SEOUL, September 24 (AJP) - China is rapidly widening its footprint in the global corporate landscape while the Korean Inc. has remained stagnant, according to an analysis by the Korea Chamber of Commerce and Industry (KCCI). KCCI study of Forbes’ Global 2000 rankings showed that the number of Chinese firms on the list surged to 275 this year from 180 in 2015. By contrast, Korean names thinned from 66 to 62 over the same period. The U.S. population strengthened from 575 to 612. The gap is more evident in revenue growth. Over the past decade, the Korean Inc. expanded by 15 percent - from $1.5 trillion to $1.7 trillion. During the same period, U.S. firms surged by 63 percent from $11.9 trillion to $19.5 trillion, while Chinese names nearly doubled from $4 trillion to $7.8 trillion. “The data show that China’s corporate ecosystem has been fueled by new players, while the U.S. has rapidly transformed through advanced technologies such as AI,” the KCCI said. In the U.S., corporate expansion was driven by tech and healthcare powerhouses such as Nvidia, UnitedHealth, Microsoft and CVS Health. Newcomers like Tesla, Uber and Airbnb also boosted the ecosystem’s dynamism. China’s rise owed to e-commerce giant Alibaba, EV maker BYD, gaming and media leader Tencent, joined by companies like Xiaomi, ride-hailing platform Didi Global and IT services provider Digital China. Korea, meanwhile, relied heavily on traditional names. Chipmaker SK hynix, LG Chem, KB Financial Group and Hana Financial Group made strides. New entrants to the Global 2000 were mostly financial companies such as Samsung Securities, KakaoBank and Kiwoom Securities. 2025-09-24 12:49:34 -
Kakao deploys ChatGPT to defend ubiquitous rank among Koreans SEOUL, September 24 (AJP) - Kakao Corp., South Korea's dominant messaging platform, announced the most sweeping overhaul in KakaoTalk's 15-year history on Tuesday, unveiling plans to embed OpenAI's ChatGPT directly into the app in a bid to restore public trust after a series of scandals and to sharpen its edge against both domestic and global competitors. The integration, revealed at the company's annual if(Kakao)25 conference in Yongin, will launch in October and represents the first direct collaboration of its kind worldwide. Users will be able to access OpenAI's latest GPT-5 model seamlessly within KakaoTalk without downloading a separate application, enabling AI-powered conversations alongside everyday messaging. "This magnitude of change is unprecedented in KakaoTalk's history," said Kakao CEO Chung Shin-a. "We are demonstrating our commitment to respond swiftly to user demands while embracing the transformative power of AI." The move underscores Kakao's urgency to reinvent itself as an AI-powered super app in South Korea's increasingly competitive digital arena, where rival Naver has steadily expanded its dominance across search, e-commerce, webtoons, and digital payments. "By bringing ChatGPT into KakaoTalk, an app that nearly all Koreans use daily, we are embedding world-class AI into the lives of people across the nation," said Oliver Jay, OpenAI's international managing director. KakaoTalk counts 49.1 million monthly active users, covering more than 90 percent of South Korea's population. AI Aid Across Kakao Services Beyond chatbot functionality, Kakao is building "agent AI" that connects ChatGPT with its ecosystem of services. For instance, users asking for driving music will receive curated playlists from Melon, its music streaming arm, without leaving KakaoTalk. The overhaul also brings Instagram-style feeds to the Friends tab, new organizational tools such as chat room folders, extended message editing up to 24 hours, and AI-powered voice call summaries. Complementing the OpenAI partnership, Kakao introduced Kanana, its own on-device AI model with 1.3 billion parameters, designed to grasp Korean conversational nuance and provide context-aware suggestions. The lightweight model can be downloaded in 18 seconds over Wi-Fi, enabling features to run directly on user devices without cloud reliance. Analysts welcomed the transformation. "KakaoTalk is expected to grow meaningfully as the world’s first messenger-based AI super app," said Choi Seung-ho of DS Investment & Securities. "Short-form content will be a key driver of user retention, while Kakao's AI service integration already outpaces global messenger peers." Kim Jin-gu of Kiwoom Securities added that ChatGPT subscriptions would strengthen data integration and accelerate the development of autonomous agents. Kakao's strategy comes as global tech giants race to bring AI deeper into consumer platforms. On the same day, Google Play introduced a new entertainment-dedicated space in South Korea with Gemini-powered gaming support, highlighting how major players are rushing to anchor user experiences in AI. Shares of Kakao closed Wednesday 0.79 percent lower at 62,800 won. 2025-09-24 12:42:45 -
IMF raises South Korea's growth forecast but warns of structural risks SEOUL, September 24 (AJP) - The International Monetary Fund raised South Korea’s economic growth outlook for this year to 0.9 percent, up slightly from the 0.8 percent it projected in July. But the fund cautioned that the country must push ahead with structural reforms and long-term fiscal consolidation if it wants to strengthen its growth potential. The revised forecast came after the IMF's annual consultation with Seoul, conducted from Sept. 11 to 24. The fund left its projection for next year unchanged at 1.8 percent, according to South Korea’s Ministry of Economy and Finance. Inflation, which fell to 1.7 percent in August, is expected to climb back toward the central bank’s 2 percent target in 2025 and 2026. Still, the IMF warned of “high uncertainty and greater downside risks” facing the economy. “Domestic demand is gradually recovering due to eased fiscal and monetary policies, and strong semiconductor demand is offsetting declines in other exports, leading to a 0.9 percent growth this year,” Rahul Anand, the IMF's mission chief for South Korea, said in a policy briefing. “Next year, GDP is expected to grow by 1.8 percent due to reduced uncertainty, policy effects and base effects.” Anand also pointed to financial stability concerns, noting that recent measures to curb loan growth in parts of Seoul and to address troubled real estate project financing had helped reduce vulnerabilities. While endorsing South Korea’s short-term policy direction, the fund pressed for more ambitious reforms. Anand called on the government to accelerate efforts to narrow productivity gaps between small and large firms, manage risks linked to artificial intelligence while harnessing its benefits, and pursue deeper fiscal reforms. He highlighted the need for pension changes, stronger revenue measures and improved spending efficiency to deal with long-term fiscal pressures. A more credible medium-term fiscal framework, he added, would provide “fiscal anchors” to ensure sustainability. The IMF publishes its economic forecasts for member countries each April and October, with interim updates for major economies in January and July. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-24 11:35:13 -
Barnburner 'KPop Demon Hunters' sparks Seoul pilgrimage boom SEOUL, September 24 (AJP) - The climactic final battle of "KPop Demon Hunters," where HUNTR/X delivers the crushing blow to the demon, unfolds at Seoul's iconic Namsan Tower. The landmark scene has turned the tower into the pinnacle stop on the growing "pilgrimage" trail for fans tracing the film's shooting locations. Namsan Tower's appeal goes beyond fandom. With its cable car ride, panoramic skyline views, and the famed "love-lock" tradition, the spot is already a magnet for foreign visitors — now even more crowded thanks to the barnburner hit. Yet the pilgrimage is more than fandom tourism. It immerses travelers in the essence of Korea itself: a living blend of millennia-old history and vibrant modern culture. Hanbok in Bukchon Polish couple Sebastian and Aleksandra joined the stream of foreign fans dressed in colorful hanbok, strolling through the narrow alleys of Bukchon Hanok Village. "We first became interested in Korea after watching Squid Game," Aleksandra said. Bukchon, nestled near Gyeongbokgung Palace, is also where characters Rumi and Jinu share a quietly romantic walk in the film. In reality, the preserved 600-year-old neighborhood offers visitors a tranquil time-slip, complemented by hip cafés and artisan craft shops. Crossing Paths at Namsan For K-pop pilgrims, paths inevitably cross. Back at Namsan, the Polish couple met Johanna and Emma, two friends from France on their own Seoul journey. "I grew up watching K-dramas, and that made me want to study Korean and eventually live here," Johanna said. Emma, tagging along, admitted she was unexpectedly awed. "I want to discover it firsthand," she said. Fortress Walls at Sunset The day's route ended at Naksan Park Fortress, another cinematic landmark. The fortress's stone walls, lit at night and famed as a romantic backdrop in countless Korean dramas, offered the perfect finale. Visitors lingered as the sun dipped behind Seoul's rooftops, humming "Free," the theme song of Rumi and Jinu. Seoul's Tourism Boom The film's success has ignited real-world momentum. According to the Seoul Metropolitan Government, 1.36 million foreign tourists visited the capital in July — up 23.1 percent from a year earlier and the highest monthly figure ever. From January to July, 8.28 million foreign visitors came to Seoul, a 15.9 percent increase, also setting a new record. The Korea Tourism Organization (KTO) reported that of Korea's 1.73 million foreign visitors in July, 78.6 percent — 1.36 million — headed straight for Seoul. The accolades keep stacking up. Seoul was named the "most popular city among Gen Z travelers" for the fourth year in a row by Trazy Travel, and TripAdvisor ranked it No. 1 on its "Best Cities for Solo Travelers" list. "Seoul's steady rise in foreign visitors shows that the city offers a uniquely attractive experience where flavor, style, and excitement come together," said Koo Jong-won, director of the Seoul Metropolitan Government’s Tourism and Sports Division. "We will continue to build differentiated tourism content and solidify Seoul's place as a leading global destination." 2025-09-24 11:16:08 -
Lee seeks UN chief's help for peace on Korean Peninsula SEOUL, September 24 (AJP) - President Lee Jae Myung on Tuesday called for the UN's cooperation to ensure peace and security on the Korean Peninsula during a meeting with Secretary-General António Guterres. After delivering his keynote speech at the 80th session of the UN General Assembly, Lee met with Guterres, praising his leadership at the multilateral organization, stressing the UN's "crucial" role in addressing global crises and resolving international disputes. Lee highlighted South Korea's dramatic transition from an aid recipient to a donor and pledged that the country would play a greater role in addressing global challenges. He also expressed support for UN-led reforms and promised South Korea's contribution to making the UN more effective, while asking for more opportunities for South Korean talent to work in international organizations. Calling South Korea a "trusted partner" on global issues such as humanitarian aid, sustainable development, and human rights, Guterres pledged to strengthen relations with the country. Lee is now set to preside an artificial intelligence (AI)-themed open debate on Wednesday, making him the first South Korean leader to do so. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-24 10:47:01