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Celltrion shares jump on deal to acquire Eli Lilly and fend off US tariff risks SEOUL, September 23 (AJP) - South Korean biopharmaceutical company Celltrion's shares surged upon a major M&A deal in the United States, setting the contract-based drug maker better positioned against U.S. tariff exposure. The company said on Tuesday its U.S. operation signed a deal to acquire Eli Lilly's biopharmaceutical manufacturing facility in Branchburg, New Jersey for about 460 billion won ($330 million), with an aim to close the deal by the end of the year. Shares of Celltrion closed Tuesday 8.93 percent higher at 184,200 won. The facility operates as a ready-to-use biopharmaceutical drug substance current good manufacturing practice production site, allowing immediate operations and significantly reducing the five-year timeline and trillion-won costs typically required for new plant construction. The deal includes full employment transfer of experienced local staff. Celltrion also signed a contract manufacturing agreement with Lilly to supply drug substances from the facility, providing revenue growth and early investment recovery opportunities while establishing a complete local supply chain from production to sales in the U.S. market. 2025-09-23 15:35:11 -
PHOTOS: The present and future of the Korean Army at Gyeryongdae airstrip SEOUL, September 23 (AJP) - From the moment visitors passed through the main gate of Gyeryongdae and walked toward the venue, there was a palpable sense of tension and anticipation. The chance to see up close the military equipment usually only seen on television quickened their steps. Upon entering the airstrip with the guidance of soldiers, the scale was overwhelming. Massive tanks stood proudly with their barrels pointed skyward, helicopters spread their rotor blades wide, and the Chunmoo multiple rocket launcher system exuded power by its sheer size. Set against the quiet hills of Gyeryong city in South Chungcheong Province, Gyeryongdae is normally closed to civilians. But on Sep. 18, the 21st Ground Forces Festival opened the heart of the Korean Army to the public. Rows of equipment stretched endlessly along one side of the airstrip, each accompanied by panels detailing their names, capabilities, and specifications. Many offered opportunities for children to climb aboard and take photos with soldiers. Young visitors raised their arms in salute beside troops, creating memories that parents and children shared together. Beyond the exhibition stood the experience zone, where civilians tried out simulators and saw daily life in uniform. Long lines formed at the shooting simulator, and children filled the uniform experience booth with laughter. Soldiers at each stand patiently explained to the crowd, turning curiosity into understanding. Even small tank and helicopter models, as well as army-themed souvenirs, drew attention from visitors who wished they could take them home. In the early afternoon, the highlight of the day began: a combined-arms combat demonstration. The K2 tank, the K1A1 armored vehicle for mine-clearing and obstacle removal, the AVLB bridge-laying tank, and Apache helicopters all took part. Over 40 minutes, they recreated a battlefield scenario—reconnaissance, obstacle removal, bridge deployment, enemy clearance, and drone-based resupply. With the ground still muddy from the previous day’s rain, tanks and vehicles churned through the dirt, their dramatic movement amplified by the conditions. The finale featured 21 soldiers parachuting from aircraft, landing with flags, colored smoke, and banners. The quiet grace of parachutes drifting through the blue sky contrasted with the intensity of the combat display, yet underscored the concentration and responsibility of those in uniform. Close-combat demonstrations showcased the Army’s precision and discipline. Quick, sharp movements, seamless teamwork, and performance under smoke and mud displayed the professionalism of trained soldiers. The audience responded with resounding applause, a sign of respect and trust. Later in the afternoon, a road parade stretched about 1 kilometer (0.62 miles) down the runway. Military police on motorcycles, K-pop dance routines by soldiers, and rifle-spinning by the honor guard entertained the crowd. A mock "turtle ship" accompanied by martial arts, traditional drums, and plate-spinning added a mix of modern and historical flair. One section of the festival highlighted a joint Korea–U.S. equipment display. Korean and American vehicles stood side by side, symbolizing 70 years of alliance. Though designed with different philosophies and technologies, they shared a single purpose—defending freedom and democracy. As visitors left Gyeryongdae, it became clear that the day was more than a spectacle. The displayed weapons, the soldiers’ demonstrations, and the advanced technology represented the will to defend freedom and peace. Through its array of equipment, performances, and explanations, the festival presented the past, present, and future of the Korean Army in one place. The commitment, effort, and continuous pursuit of advanced defense technologies reminded visitors that Korea’s safe daily life is supported by this dedication. What unfolded at Gyeryongdae was not merely a display of strength but the Army’s deliberate effort to earn the trust of the people while preparing to safeguard peace. 2025-09-23 14:51:03 -
Lotte exit from Ho Chi Minh property project exposes risks in Vietnam SEOUL, September 23 (AJP) - South Korea’s Lotte Group has officially withdrawn from a large-scale property development in Ho Chi Minh City after completing documentation for its exit, according to regulatory filings. The company concluded that the Thu Thiem Eco Smart City project had become “financially unfeasible” as costs ballooned due to regulatory delays and surging land prices. The project, on a 74,513 m² site with a 50,000 m² development area in functional area 2A, was planned as a landmark complex with five underground floors and 60 above-ground stories. Lotte had pledged about VND 20,100 billion in investment. Ground was broken in September 2022 in a ceremony attended by Lotte Group Chairman Shin Dong-bin. The complex was intended to anchor a financial, banking, trade, and service hub in the Thu Thiem new urban area. In its request to the government to terminate the project, Lotte cited prolonged delays in land valuation, regulatory inspections, and frequent legal changes that inflated land use and investment costs, sharply reducing financial efficiency compared with the initial plan. The Ho Chi Minh City Department of Finance acknowledged receipt of Lotte’s request but stressed that the group remains the legal investor until termination procedures are finalized under the Investment Law. The city also noted that land prices related to the project were announced in early July 2025. At a September 22 meeting of the National Assembly Standing Committee, Phan Van Mai, chairman of the Economic and Financial Committee, criticized the withdrawal as “a waste,” warning that years of idle land use could damage Vietnam’s investment environment. Industry watchers say the retreat underscores the risks of large-scale property investment in Vietnam, where slow administrative procedures and shifting policies can derail projects. The decision could also disrupt Lotte’s retail and real estate expansion plans in the country, leaving the group exposed to sunk costs, possible compensation liabilities, and legal entanglements. Lotte’s exit highlights how rising costs and policy uncertainty can transform seemingly viable projects into financial burdens, raising fresh concerns about Vietnam’s stability as a destination for foreign investment. 2025-09-23 14:32:31 -
Homegrown multi-purpose satellite shipped to South America ahead of launch in November SEOUL, September 23 (AJP) - A multi-purpose satellite, dubbed "Arirang 7," has been shipped to South America, the Korea AeroSpace Administration (KASA) said on Tuesday. The satellite, equipped with an ultra-high-resolution electro-optical camera, left the KASA in Daejeon on a freight aircraft bound for the Guiana Space Center in Kourou, French Guiana. The homegrown satellite, expected to arrive there on Thursday, is being transported in a specially designed, vibration-free container that protects it from temperature and humidity fluctuations. Upon arrival, the satellite will be integrated with French commercial launch service provider Arianespace's "Vega-C" for a launch planned in late November, after undergoing final checks and preparations. Once launched, the satellite will begin observing the Earth and transmitting high-resolution images and other data, which are expected to be available by early next year. "We will be able to obtain higher-resolution images in a more timely manner, which is expected to be of great help for both the public and private sectors in responding to various natural disasters as well as conducting environmental research," said Kim Jin-hee, a head of KASA's satellite division. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-23 14:19:51 -
Kim Jong-un reaffirms closer ties with Xi Jinping in message through domestic newspaper SEOUL, September 23 (AJP) - North Korean leader Kim Jong-un has reaffirmed his country’s commitment to strengthening ties with China, sending a reply letter to Chinese President Xi Jinping that was published on the front page of Rodong Sinmun on Tuesday. The letter was written in response to Xi’s earlier congratulatory message marking the 77th anniversary of North Korea’s founding. In the official English version of the message, provided by the Korean Central News Agency (KCNA), Kim wrote: "I express thanks to comrade general secretary for sending warm congratulations and sincere wishes on the occasion of the 77th founding anniversary of the DPRK." He recalled his recent visit to Beijing for the 80th anniversary of the end of the war against Japan and World War II, saying: "I could feel well enough the invariable support and special friendly feelings of the Chinese Party, government and people towards our Party, government and people." Kim pledged that "it is the steadfast stand of the Workers' Party of Korea and the government of the Democratic People's Republic of Korea to further strengthen and develop the traditional relations of friendship and cooperation between the DPRK and China as required by the times." He added that both countries would "more vigorously promote the development of the DPRK-China friendly relations in the common struggle for accomplishing the socialist cause and thus provide the peoples of the two countries with greater welfare." Rodong Sinmun's coverage carries particular weight. While the KCNA is the regime’s outlet for international audiences, Rodong is the official newspaper of the ruling Workers’ Party and is directed at the domestic readership. By placing Kim’s letter prominently on its front page, the leadership signaled to the North Korean public that the alliance with China is strong and remains a source of legitimacy and pride. The relationship between China and North Korea has long swung between cooperation and tension. Beijing backed international sanctions in response to Pyongyang’s nuclear weapons tests, which created friction in the mid-2010s. But starting in 2018, the relationship warmed again as Kim and Xi met several times ahead of Kim’s high-profile summits with then U.S. President Donald Trump. The pandemic later stalled such exchanges, with North Korea sealing its borders for several years, but renewed contacts since 2024 have steadily restored ties. Kim's Beijing trip earlier this month was his first overseas journey since the COVID-19 lockdowns. His summit with Xi was the first in nearly seven years, and both sides declared their ties "unshakable." China's Ministry of Foreign Affairs, in its official readout of the meeting on September 5, avoided mentioning denuclearization of the Korean Peninsula, a notable departure from Beijing’s past position. The omission pointed to a recalibration in how China now presents its relationship with Pyongyang. The timing of this renewed closeness comes as regional dynamics grow more complicated. Since taking office for his second term in January 2025, U.S. President Donald Trump has taken a tougher stance toward both North Korea and China. The U.S. State Department, in a September 4 press briefing, criticized Kim's participation in the Beijing parade, describing it as a move that "emboldens authoritarian alliances." South Korea has taken a more restrained line, emphasizing the importance of dialogue and peace on the Korean Peninsula while monitoring the closer ties between its northern neighbor and Beijing. The renewed emphasis on ties with Beijing comes just two days after Kim’s address at the Supreme People’s Assembly in Pyongyang on Sunday. In that speech, he signaled openness to talks with Washington if the United States dropped its denuclearization demand, while firmly rejecting any dialogue or unification with South Korea, which he dismissed as a "U.S.-dependent colony." 2025-09-23 13:59:14 -
Seoul's AI initiative gains BlackRock support SEOUL, September 23 (AJP) - South Korea is making strides in the race for artificial intelligence (AI) supremacy as it brings on U.S. funding to back its initiative to become the Asia-Pacific hub of the big data economy. Korea's Ministry of Science and ICT signed a memorandum of understanding with BlackRock on a global partnership in the AI industry on the sidelines of President Lee Jae Myung's meeting with BlackRock CEO Larry Fink in New York on Monday (local time). The MOU calls for cooperation on building infrastructure to meet rising AI demand, renewable energy initiatives, and a comprehensive approach to expanding AI capabilities, underscoring the confidence of the world’s largest asset manager with $12.5 trillion under management in Korea's state initiative and potential to achieve AI leadership. Earlier this month, Seoul launched the National AI Strategy Committee commanded by the president with the ambition to become one of the world's top three AI powers. For the aim, the government is proposing to triple AI-related budget to 10.1 trillion won next year from this year's 3.3 trillion. "Since Korea has just begun pushing for AI, a broad range of investment for AI development should be considered positive," said Kong Duk-jo, professor of AI policy strategy at the graduate school of the Gwangju Institute of Science and Technology. Korea falls far behind the front runners in the AI race. According to Stanford HAI's 2025 AI Index, Korea's AI investment reached $1.33 billion, meager versus U.S.'s $109 billion and China's $9.29 billion. The private sector is moving quickly to match the public push. SK Group is building what would be the country's largest AI data center in Ulsan with 60,000 GPUs and targeted capacity of 103MW by 2029, ultimately aiming for 1GW capacity, in a joint venture with Amazon Web Services (AWS). AWS is investing $4 billion and SK contributing sources plus $2.5 billion. The initiative is to establish "sovereign AI" infrastructure to position Korea as the hub for the Asia-Pacific region, SK Group and Korea Chamber of Commerce and Industry Chairman Chey Tae-won said in an interview with Japan's Yomiuri Shimbun on Monday. He proposed Korea and Japan to join hands to seek AI opportunities in overseas markets. Experts urge Korea to carve out its own AI specialty as it did with memory chips in semiconductors. “We'll always be number two or three if we keep chasing AI themes other nations coined like physical AI,” Kong of Gwangju Institute pointed out. 2025-09-23 13:47:15 -
South Korea, Japan, and US reaffirm commitment to North Korea's denuclearization SEOUL, September 23 (AJP) - The foreign ministers of South Korea, Japan, and the U.S. on Monday reiterated their commitment to the denuclearization of North Korea during a meeting on the sidelines of the UN General Assembly in New York, while stressing the importance of their trilateral alliance. South Korean Foreign Minister Cho Hyun met with U.S. Secretary of State Marco Rubio along with his Japanese counterpart Iwaya Takeshi. In a joint statement released later in the day, they reaffirmed their "resolute commitment" to the complete denuclearization of North Korea and agreed to continue efforts to maintain peace and stability on the Korean Peninsula through dialogue. To achieve that commitment, Rubio emphasized that trilateral cooperation is "critical" for peace and security across the broader Asia region, in a post on X, formerly Twitter. "Our trilateral partnership is critical to promoting peace and stability in the relevant United Nations Security Council (UNSC) resolutions Indo-Pacific and to advancing economic and security cooperation," he wrote. Washington also reaffirmed its "ironclad commitment to the defense of Japan and , backed by America's unmatched military strength, including its nuclear capabilities," pledging extended deterrence for Seoul and Tokyo, which are "critically important to the security and stability of the Korean Peninsula and the broader Indo-Pacific region." Their talks came after North Korea the previous day hinted at possible talks with the U.S. if Washington drops its denuclearization demands and accepts the North's nuclear weapons program, emboldened by the reclusive country's deepening military ties with Russia in recent years, alongside its traditional ally, China. With Washington reaffirming its commitment to North Korea's denuclearization, it remains to be seen whether talks between Pyongyang and Washington will take place. 2025-09-23 11:01:50 -
Bithumb partners with Trump-backed blockchain company SEOUL, September 23 (AJP) - South Korea’s leading cryptocurrency exchange, Bithumb, has entered into a strategic partnership with World Liberty Financial, a blockchain finance company co-founded by Donald Trump Jr. and his brother Eric Trump. The agreement, announced Monday at Bithumb Financial Tower in Seoul, was formalized through a memorandum of understanding signed by Bithumb’s Chief Executive, Lee Jae-won, and Jack Forkman, a co-founder of World Liberty Financial. Company officials said the partnership would explore new business opportunities and aim to bolster investor confidence worldwide. World Liberty Financial, established earlier this year with the Trump brothers as high-profile co-founders, promotes itself as a digital finance platform built around its governance token, WLFI, which is listed on major exchanges including Bithumb and Binance. The venture has drawn attention both for its technological ambitions and for its ties to the Trump family, whose political prominence has added a degree of visibility — and scrutiny — to the project. “This collaboration with World Liberty Financial marks a significant milestone in enhancing Bithumb’s global competitiveness,” Lee said in a statement. “We will continue to strengthen our strategic network.” * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-09-23 10:42:05 -
Turkish President Erdoğan urges global recognition of Palestine SEOUL, September 23 (AJP) - Türkiye's President Recep Tayyip Erdoğan said Tuesday the Palestinian cause has become "a global issue," pointing to growing recognition of Palestine and widespread public support. Speaking at the High-Level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution in New York, he said, "In Europe, in Asia, in the Americas, in Africa, we are witnessing people chanting 'Free Palestine' on streets, on social media, or in the press more than ever before now." Erdoğan praised the recent recognition of Palestine by several countries, including some members of the UN Security Council, calling those acknowledgments "extremely significant and historic steps." France formally recognized the State of Palestine on September 22, joining nations such as Britain, Canada, Australia, and Portugal. About eighty percent of UN member states now recognize Palestine. The Turkish president urged that recognition be followed by action: ceasefire, humanitarian aid access, and Israeli withdrawal from Gaza. "We wish we could see President Abbas of Palestine among us here today. Nevertheless, I find it extremely valuable that all the participants speaking today are also serving as the voice of the Palestinian people," he said. The speech came as the humanitarian crisis in Gaza continues to worsen. Since October 7, 2023, when Hamas-led militants attacked Israel -- killing about 1,200 people and taking some 250 hostages -- Israel has responded with sustained air, sea, and ground operations in the Gaza Strip. More than sixty-five thousand Palestinians have reportedly died, many civilians, and large swaths of Gaza have been destroyed or rendered uninhabitable. Displacement is widespread; famine and shortages of necessities have been widely reported. Clinics, hospitals, water, and electricity systems have been damaged. In recent weeks, Israeli forces have intensified ground operations in Gaza City. On September 20, at least sixty Palestinians were killed in assaults on underground shafts and booby-trapped tunnels, according to health authorities in Gaza. Displaced civilians are said to be caught in the crossfire, with housing blocks destroyed and limited safe routes remaining. Two hospitals have stopped operations due to nearby bombings and extensive damage, while aid access has become increasingly difficult. These new phases of the offensive deepen concerns for civilian safety. Israel has strongly opposed the latest wave of recognition, arguing that such moves reward terror and undermine its security. Israeli leaders have warned of diplomatic and legal responses, including maintaining or expanding settlement activity. Some countries that have not recognized Palestine remain cautious, tying recognition to commitments to non-violence and political reform. Erdoğan said the worldwide showing of support reflects a shift in public opinion that cannot be ignored. "Participation in this hall is the most important proof of this," he said. 2025-09-23 10:36:46 -
PHOTOS: Seoul's public transportation on river SEOUL, September 23 (AJP) - Seoul's newest water transportation service, the Hangang Bus, officially began operations on Sept. 18. This new public transit option is expected to become a significant attraction for both tourists and locals, offering a unique way to experience the city. The Hangang Bus navigates a 28.9-kilometer route, connecting seven key piers along the river: Magok, Mangwon, Yeouido, Apgujeong, Oksu, Ttukseom, and Jamsil. The full journey from the Magok pier to the Jamsil pier takes approximately 127 minutes. The fare for a single trip is 3,000 won ($2.2) . Travelers can benefit from a transfer discount when connecting to or from other public transportation. It is important to note that cash payments are not accepted; fares must be paid with a transportation card or other cashless methods. Passengers can check real-time operational details, including schedules, remaining seats, and service cancellations due to weather, through major mobility applications such as Naver Maps and Kakao Maps. 2025-09-23 10:26:00