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Hyundai E&C wins major seawater plant contract in Iraq SEOUL, September 15 (AJP) - Hyundai Engineering & Construction said Monday it had secured a contract worth more than $3 billion to build a seawater treatment plant in southern Iraq, one of the largest infrastructure projects the country has awarded in recent years. The agreement, signed Sept. 14 in Baghdad at the office of the Iraqi prime minister, is part of Iraq’s Gas Growth Integrated Project, an ambitious initiative that spans oil, gas, solar energy and water infrastructure. Under the contract, Hyundai will construct a facility near Khor Al-Zubair Port, about 500 kilometers southeast of Baghdad, capable of producing five million barrels of water a day. The treated seawater will be pumped to oil fields in Basra, including West Qurna and South Rumaila, to help extract more crude through enhanced recovery techniques. The project is backed by a consortium of global energy firms, including TotalEnergies of France, Basra Oil Company under Iraq’s Ministry of Oil, and QatarEnergy, Qatar’s state-owned oil producer. Construction is expected to take just over four years. Hyundai E&C is no stranger to Iraq. Since it first entered the market in 1978 with the Basra sewage system project, the company has delivered about 40 projects worth $9 billion, ranging from the Al-Mussaib Power Plant and Baghdad Medical City to the Karbala Oil Refinery, which was completed in 2023. The new water treatment plant marks Hyundai’s largest undertaking in Iraq since Karbala. 2025-09-15 15:42:39
[[K-Tech]] South Korean food technology company bets on chocolate without cocoa SEOUL, September 15 (AJP) - On a recent afternoon, oval-shaped chocolate balls sat neatly on a platter at HN Novatech's research center. Their glossy shells promised indulgence, and the first bite delivered a familiar rush: creamy tartness followed by a flood of chocolate flavor. What the confection lacked was the very ingredient that defines chocolate. Instead of cacao, the morsels were made largely from plants like perilla seeds, almonds and coconuts — engineered to mimic the taste, texture and fattiness of real chocolate. HN Novatech, a South Korean food technology firm, calls its product Ecao, short for "eco" and "cacao." The company is pitching it as a cheaper, healthier and more sustainable alternative at a moment when the global cocoa market is under severe strain. "We're hoping to develop substitute cacao powder that replicates the experience of luxury chocolates most people can only dream of trying," Kim Yang-hee, the company's chief executive, said in an interview with AJP. Founded in 2016 as a maker of alternative meats, HN Novatech nearly collapsed when that market stalled. In 2021, it pivoted to chocolate substitutes just as cacao prices began to soar. "We were extremely fortunate to catch the cacao wave," Kim said. Cocoa prices have spiked to record levels, fueled by extreme weather, crop disease and pest outbreaks across West Africa, which produces more than half the world's supply. Prices on the Intercontinental Exchange in Chicago have risen 178 percent over the past year. "Before COVID-19, we bought cacao at $2,000 to $3,000 a ton for more than a decade," said Lee Soo-ho, a manager at Lotte Wellfood, one of South Korea's largest chocolate producers. "Now the price is $7,000 to over $8,000. Some shipments cost nearly five times more." The International Cocoa Organization reported that global production fell nearly 13 percent from 2023 to 2024, with stockpiles dropping almost 30 percent. While a modest recovery is expected, scientists warn that by 2050, rising temperatures in Ghana and Côte d'Ivoire could make cocoa farming untenable. Ecao costs less than half the price of natural cocoa powder in South Korea — about 5,500 won ($4) per kilogram, compared with 12,000 won for the real thing. It contains no caffeine, requires little pesticide, and, unlike traditional cocoa, involves no child labor in harvesting. The company describes its approach as "ingremimetics," a portmanteau of "ingredient" and "mimetics," designed to extract the essence of chocolate eating — taste, texture and fat content — from other plants. The substitutes are already drawing attention. HN Novatech said it is in talks with both international and domestic confectionery firms to develop products using Ecao. Beyond Chocolate The company's ambitions extend further. It is experimenting with so-called "weed crops" like milk thistle and bur cucumber — hardy plants that thrive in extreme climates with little water or fertilizer. "We could help the environment by utilizing these vigorous plants while finding sustainable options," Kim said. But food safety experts remain cautious. "Thorough safety testing will be required before unconventional plants can be commercialized," Seo Seung-oh, a professor of food science and biotechnology at Seoul National University, told AJP. Meanwhile, demand for chocolate shows no sign of slowing. The global confectionery market is projected to reach $140 billion by 2025. CEO Kim says her company's next target is the prized criollo cacao bean, a rare variety that makes up just a sliver of the global market but commands luxury prices. "We could take chocolates that cost 10 million won and bring them down to 10,000," she said. "Special gifts for special occasions — but accessible to more people." 2025-09-15 15:32:09
Seoul trade chief picks up baton in stalled trade talks with US SEOUL, September 15 (AJP) -South Korean Trade Minister Yeo Han-koo has left for Washington in hopes of finalizing a trade deal with the United States that has been stalled since a framework was agreed in late July, in return for a reprieve on the U.S. tariff rate for Korean imports from the initial 25 percent to 15 percent. Yeo ascends to the mound on behalf of Seoul after Industry and Energy Minister Kim Jung-kwan returned to Seoul Sunday without settling talks with his U.S. counterpart, Commerce Secretary Howard Lutnick, in New York. Yeo is likely to iron out further differences with his counterpart, U.S. Trade Representative Jamieson Greer, and other officials. Seoul officials place top priority on “defending national interests,” said Presidential spokeswoman Kang Yu-jung Thursday in a press briefing explaining the deadlock in the talks. The discussions are ongoing, and Seoul is open to various options so as not to compromise national interests. One option is a bilateral currency swap without any limit, as massive dollar-based investment could influence the won-dollar exchange rate. Commerce Secretary Lutnick made it clear that Korean imports would face a universal reciprocal tariff rate of 25 percent if Seoul declines to accept the deal laid out by Washington. “The Koreans didn’t sign when the president…came to the White House,” he said in a CNBC interview last Thursday, referring to the Aug. 25 visit by Korean President Lee Jae Myung for a summit with Trump. “The devil is in the details…. The Japanese signed the contract. The Koreans either accept the deal or pay the tariffs. Black and white.” From Tuesday, U.S. tariffs on Japanese goods are lowered to 15 percent, according to the finalized deal between the U.S. and Japan in exchange for a $550 billion investment package, giving price leverage over Korean cars and other rival finished goods exports to the U.S. still charged with 25 percent duties. Korean car producers face multiple scourges in the U.S. – the phase-out of federal tax credits for EV purchases in the U.S. on Sept. 30 and setbacks in the construction deal on the joint battery plant of Hyundai Motor and LG Energy Solution over visa and labor terms. 2025-09-15 15:28:01
Dollar's dominance amplifies US financial shocks in South Korea: BOK The Bank of Korea has warned that South Korea’s economy remains acutely vulnerable to financial turbulence in the United States, a consequence of the dollar’s unrivaled role in global finance and trade. In a report released on Monday, the central bank argued that the international status of the dollar magnifies the effect of American financial shocks, rippling through South Korea’s markets, exports and investment. The analysis also urged policymakers to prepare for shifts in the global currency order, including the rise of dollar-based stablecoins and efforts to expand the use of the Korean won in cross-border settlements. The dollar’s standing as the world’s primary safe asset, the report noted, means that U.S. interest rate hikes or episodes of market instability can quickly strengthen the greenback, depress consumption and investment at home, and raise the cost of South Korean exports abroad. Without the dollar’s dominance in trade and finance, the report estimated, the decline in South Korean production during such shocks could be cut by as much as one-third. A strong dollar also weighs heavily on exporters by pushing up the relative price of South Korean goods. If trade settlements were conducted in won instead of dollars, the bank found, the resulting decline in production could be reduced by a quarter. “The global role of the dollar creates an additional transmission channel that amplifies financial shocks from the United States,” the bank wrote. The study also examined the potential long-term effects of digital innovation in finance. Son Min-kyu, head of the bank’s financial modeling team, said that greater use of dollar-based stablecoins in trade settlements could intensify the impact of dollar fluctuations worldwide, while potentially increasing demand for U.S. Treasuries used as collateral. But the implications for the dollar’s status as the world’s dominant safe asset, Son added, remain uncertain. He noted that South Korea could cushion itself from some of these shocks if its government bonds gain inclusion in the World Government Bond Index, a move that could attract more global investors. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-15 14:43:55
[[K-Pop]] Soundtrack from Netflix' K-pop anime tops Billboard 200 albums chart SEOUL, September 15 (AJP) - The soundtrack of Netflix's hit South Korean anime "KPop Demon Hunters" topped the U.S. Billboard 200 albums chart this week. According to the American music chart on Sunday, the soundtrack claimed the top spot on the Billboard 200, overtaking American singer Sabrina Carpenter's "Man's Best Friend." After debuting at No. 8 on June 20, the album remained at No. 2 for seven nonconsecutive weeks before reaching the top. "Golden," one of the main theme songs from the anime, has also held the top spot on the Billboard Hot 100 singles chart for a cumulative four weeks, simultaneously dominating both of Billboard's main charts. Billboard said, "'KPop Demon Hunters' rise to No. 1 on the Billboard 200 was preceded by four top 10-charted hits on the Billboard Hot 100 songs chart – the most from a soundtrack in nearly 30 years, with the soundtrack the first ever with four simultaneous top 10s." It attributed the soundtrack's success to the huge popularity of the anime's "sing-along" screenings in the U.S., which led to the upcoming release of additional versions including instrumental and acappella tracks, slated for next month. 2025-09-15 14:09:42
Homeplus, other retail chains struggle to attract buyers amid restructuring SEOUL, September 15 (AJP) - South Korea’s retail industry is in crisis, with once-prominent chains flooding the market in search of new owners. Yet despite months of outreach, potential buyers are steering clear, leaving companies from hypermarkets to e-commerce platforms stuck in limbo. Homeplus, one of the country’s largest hypermarket chains, has been searching for investors since March, when it entered restructuring to protect jobs and stabilize operations. Despite months of outreach, not a single bidder has shown interest. The Seoul Bankruptcy Court has now extended the company’s deadline to submit a new restructuring plan, including its M&A strategy, until November 10. Analysts say the lack of interest underscores the depth of the retail slump. Weak consumer spending, shrinking offline sales and fierce competition from Chinese e-commerce platforms like AliExpress and Temu are making acquisitions look too risky. Speculation once centered on rivals E-Mart and Lotte Mart. But both chains have backed away, focusing instead on renovating existing stores and pushing into international markets. Lotte Mart has already reduced its domestic footprint from 125 locations in 2019 to 112 today. E-commerce giant Coupang isn’t interested either, citing an incompatible business model. Another retail giant Nonghyup Agribusiness Group has denied any interest, pointing to mounting losses at its own retail subsidiaries. With no rescue in sight, labor unions and civic groups are urging the government to intervene, warning that the fallout could hit jobs and local economies hard. “This is not just a management issue,” Kim Dae-jong, professor of business administration at Sejong University, told AJP. “It’s a structural shift in offline retail that affects employment and entire regional economies. The government should create a social dialogue to find solutions.” Even the once high-flying e-commerce sector is feeling the squeeze. WeMakePrice, which collapsed into receivership last year after a payment and refund crisis, has been unable to find a buyer for over a year. Earlier this month, a Seoul court terminated its rehabilitation proceedings, leaving the company headed for liquidation. Interpark Commerce, also under restructuring, is still struggling to attract investors. Analysts say the problem is structural: offline retail is shrinking while online growth slows under pressure from Chinese competitors. That combination has left distressed companies with few options. “The appetite for risky takeovers just isn’t there,” said one retail executive. “Nobody wants to inherit these problems.” 2025-09-15 14:07:01
South Korea, China to hold foreign ministers' meeting in Beijing SEOUL, September 15 (AJP) - Foreign Minister Cho Hyun will visit Beijing this week, making his first trip to China since assuming his post. According to the Foreign Ministry, Cho is scheduled to hold talks with his Chinese counterpart Wang Yi on Wednesday during his two-day visit. The meeting's agenda is expected to include North Korea-related issues and raise concerns over large steel structures recently installed by Chinese authorities in waters near the West Sea. Although it is China's turn to visit Seoul following his predecessor Cho Tae-yul's trip to Beijing in May last year, Cho intends to prioritize practical diplomacy over protocol. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-15 11:31:49
South Korea's trade chief heads to US for tariff talks South Korea's Trade Minister Yeo Han-koo is traveling to Washington, D.C., on Monday to advance stalled tariff negotiations with the United States. This visit follows Industry Minister Kim Jeong-gwan's recent meeting with U.S. Commerce Secretary Howard Lutnick. Yeo plans to meet with U.S. trade officials, including Jamieson Greer from the U.S. Trade Representative's office, to discuss follow-up agreements. In July, both nations agreed to reduce mutual tariffs from 25 percent to 15 percent in exchange for South Korea's $350 billion investment in the U.S., but details remain unresolved. Earlier this month, a South Korean delegation visited Washington for talks but failed to bridge differences on investment issues. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-15 11:02:03
South Korea seeks unlimited currency swap with US South Korea has asked the United States for an unlimited currency swap arrangement to cushion potential shocks in the foreign exchange market as the two countries continue trade talks, the government said Monday. The Ministry of Economy and Finance confirmed that discussions are underway on a range of measures to stabilize markets but declined to disclose details. A currency swap allows two central banks to exchange currencies at a fixed rate and later reverse the transaction, providing liquidity in times of financial stress. If approved, the Bank of Korea could borrow dollars directly from the Federal Reserve — a step previously taken during the 2008 global financial crisis and again at the height of the COVID-19 pandemic. The request underscores Seoul’s growing concerns over volatility as it works to meet U.S. investment demands amounting to $350 billion. That figure represents more than 83 percent of South Korea’s foreign exchange reserves, which stand at about $416.3 billion. 2025-09-15 10:20:04
Kim Se-young racks up third consecutive top-10 finish at LPGA event in Ohio SEOUL, September 15 (AJP) - Golfer Kim Sei-young has secured three consecutive top-10 finishes on the LPGA Tour. In the fourth and final round of the Kroger Queen City Championship at TPC River's Bend in Cincinnati, Ohio on Sunday, Kim shot a 3-under 69 to finish at 15-under 273, tying for fifth with Nelly Korda of the U.S. and Nasa Hataoka of Japan. Charlie Hull of England won the tournament with a 20-under 268, five strokes ahead of Kim. Hull narrowly defeated world No. 1 Atthaya Thitikul of Thailand by one stroke to claim her third LPGA title, earning a $300,000 prize. Compatriot Choi Hye-jin finished tied for 14th at 13-under 275, along with Lydia Ko and Lee Minjee. Kim recently tied for 10th at the CPKC Women's Open in Canada and placed third at the FM Championship in Boston last month. With 12 LPGA wins under her belt, her last victory was at the Pelican Women's Championship in Florida in November 2020. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-15 09:50:05