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[[K-Tech]] Hanwha Ocean to secure $254 million order for very large crude oil carriers SEOUL, July 29 (AJP) - Hanwha Ocean has secured a 353.6 billion won (approximately $254 million) order to build two Very Large Crude Carriers (VLCCs) for a shipowner based in the Oceania region, the company announced in a regulatory filing on Tuesday. The vessels will feature Hanwha Ocean’s proprietary fuel-saving technology designed to minimize carbon emissions, highlighting the company’s focus on eco-friendly shipbuilding solutions. With this latest deal, Hanwha Ocean’s cumulative order book for 2025 now totals 17 vessels. This includes earlier contracts for two LNG carriers, seven VLCCs, and six ultra-large container ships, amounting to approximately $3.07 billion (about 4.2 trillion won). According to Clarkson Research from the UK, Hanwha Ocean has built 198 of the 1,015 VLCCs currently in global operation, representing a market-leading 19.5 percent share. As of 2025, the company also holds the top spot for new VLCC orders, with 10 vessels secured year-to-date. 2025-07-30 14:18:46
[[K-Tech]] KITA urges nation to nurture fabless startups to boost semiconductor competitiveness SEOUL, July 30 (AJP) - South Korea must foster fabless semiconductor startups to strengthen its position in the rapidly expanding system semiconductor market driven by artificial intelligence growth, a trade association report said Wednesday. The Korea International Trade Association (KITA) released a report highlighting the urgent need to develop the fabless ecosystem as non-memory semiconductors increasingly dominate global markets. Korea's share of the global system semiconductor market stands at a mere 2 percent, trailing far behind the United States' commanding 72 percent, according to the report. Taiwan holds 8 percent, Japan 5 percent and China 3 percent. The disparity becomes more concerning as non-memory semiconductors, led by system chips, accounted for 75.3 percent of global semiconductor sales as of May. This share is projected to reach about 80 percent by 2028. Despite the challenges, Korea shows promise in fabless startup development, ranking fourth globally with 61 companies behind China's 567, the United States' 323 and India's 104. Korean fabless startups demonstrate strong innovation potential, with 42.6 percent holding at least one patent - the second-highest rate globally after Israel's 68.8 percent. However, the domestic ecosystem remains fragile, the report noted. Korean fabless startups attract an average of $37.8 million in cumulative investment, significantly less than China's $101.65 million and the United States' $82.72 million. About 95 percent of Korean fabless startups remain in early funding stages focused on product launches or business expansion, while mature companies pursuing overseas expansion represent 29.9 percent in the United States and 14.8 percent in China. The report recommended streamlining budget channels across multiple ministries and establishing clear allocation quotas for fabless firms within the government's semiconductor ecosystem fund. "The government should take the lead in creating the ecosystem, and in the long term, promote autonomous growth led by the private sector," said Heo Seul-bi, a KITA researcher. "If Korea concentrates on developing capabilities in neural processing units and edge devices where it has strengths, it can seize opportunities in global competition." 2025-07-30 14:18:29
[[K-Drama]] 'Squid Game' finale holds top spot on Netflix's non-English chart for fifth consecutive week SEOUL, July 30 (AJP) - The third and final season of Netflix's South Korean series "Squid Game" topped its weekly charts for non-English shows last week, the American streaming giant said on Wednesday. The dystopian thriller garnered 4.6 million views or 28.59 million viewing hours worldwide in the third week of July to claim the top spot on Netflix's ranking website Tudum's weekly chart for non-English shows, extending its streak for the fifth consecutive week since its release late last month. The latest series has now accumulated 134.7 million views to become the third-most-watched show on Netflix's all-time chart, with its two previous seasons taking the top two spots. The six-episode finale continues the deadly, high-stakes saga that began with its first season in September 2021, once again revolving around hundreds of cash-strapped players who "accept a strange invitation to compete in children's games" for a tempting prize. Also included in Tudum's top ten was crime drama "Trigger" starring Kim Nam-gil and Kim Young-kwang, which debuted at No. 4 after its release last Friday. Meanwhile, "Wall to Wall" starring Kang Ha-neul, also released last Friday, topped Netflix's weekly chart for non-English movies, racking up 7.8 million views in just about a week. The film revolves around a man who spent all his savings buying a new apartment, only to uncover "disturbing noises, hostile neighbors, and unsettling secrets" within its walls. 2025-07-30 14:09:06
IMF cuts Korea's 2025 growth outlook to 0.8 percent SEOUL, July 30 (AJP) - The International Monetary Fund (IMF) has downgraded South Korea's 2025 economic growth forecast to below 1 percent, amid rising global trade uncertainty driven in part by the United States-related tariff tensions. According to the Ministry of Economy and Finance on Tuesday, the IMF, in its July World Economic Outlook (WEO), lowered South Korea's growth projection by 0.2 percentage points from its previous estimate to 0.8 percent. This revision stands in contrast to the upward adjustments made for the global and advanced economies. The IMF expects the global economy to grow by 3.0 percent this year, up 0.2 percentage points from its earlier forecast. For advanced economies, which include 41 countries such as South Korea, the U.S., and Britain, the projection was raised by 0.1 percentage point to 1.5 percent. The IMF had initially forecast 2.0 percent growth for South Korea in its annual consultation report released in February, but sharply cut it to 1.0 percent in April and has now revised it downward again. The new estimate aligns with projections by the Bank of Korea, Korea Development Institute (KDI), and Asian Development Bank (ADB), but falls short of the OECD’s 1.0 percent forecast. The IMF did not include additional commentary on South Korea in the July report. However, Rahul Anand, head of the IMF Korea mission, stated that the latest downgrade was due to weaker-than-expected performance in the first half of the year, saying, "The subdued outcome was driven by domestic political and global trade uncertainty." For 2026, the IMF revised South Korea’s growth forecast upward by 0.4 percentage points to 1.8 percent, reflecting improving consumer and investment sentiment following two rounds of supplementary budgets and easing political tensions. Anand added, "We expect a gradual economic recovery to begin in the second half of this year and continue into next year." Regarding the broader global economy, the IMF warned of persistent downside risks stemming from uncertain trade policies, particularly those centered on the U.S. It stated, "The direction of trade policy developments will be a key determinant of global risk," and warned that "rising effective tariffs or failed trade negotiations could suppress corporate and trade-related investment, undermining growth momentum." 2025-07-30 13:53:34
[[K-Biotech]] Celltrion to acquire US factory to counter potential drug tariffs SEOUL, July 30 (AJP) - South Korean biopharmaceutical company Celltrion said Tuesday it will invest up to 1.4 trillion won to acquire and expand a US manufacturing facility as a preemptive response to potential drug tariffs threatened by the Trump administration. The company plans to complete the factory acquisition this year and begin local production of drugs sold in the US from the fourth quarter of 2026. Celltrion announced it was selected as the preferred bidder for a US drug substance production facility owned by a global pharmaceutical company. The factory, located in a major pharmaceutical industry cluster, has been producing cancer and autoimmune disease treatments for several years. Contract details will be disclosed in October when the final agreement is signed. Chairman Seo Jung-jin said the acquisition and operation of the production facility will require about 700 billion won, with additional expansion costing between 300 billion and 700 billion won. The expanded facility could reach up to 1.5 times the production capacity of Celltrion's Songdo plant in Incheon, which has a 90,000-liter capacity. The acquisition includes a multi-billion won contract manufacturing agreement that will allow Celltrion to generate immediate revenue. Under the five-year deal, Celltrion will exclusively produce biopharmaceuticals for the selling company using half of the facility, while the other half will manufacture Celltrion's own products starting in the fourth quarter of 2026. Celltrion currently sells 11 biosimilar products in the US market, with plans to expand to 41 products by 2033. Seo said the company had stockpiled two years' worth of inventory in the US to provide time for setting up local production, while non-US sales will continue to be manufactured in South Korea. 2025-07-30 13:48:57
[[K-Tech]] Krafton's Q2 net profit tumbles 95 percent despite record sales for first half of the year SEOUL, July 30 (AJP) - South Korean gaming giant Krafton, well-known for its flagship game “PUBG: Battlegrounds”, reported on Tuesday its second-quarter net income tumbled 95.4 percent due to increased operational costs. The company reported 15.5 billion won, around US$11.1 million, in net profit for the April to July period, down 95.4 percent compared to year-on-year, in a regulatory filing on Tuesday. Krafton attributed its sharp fall in net income to increased marketing expenses and labor fees. Despite its moody second quarter results, the company posted its highest sales for the January to June period, with sales nearing 1.53 trillion won, up 11.9 percent from the same period of last year. Operating profits for the first half of 2025 also rose 9.5 percent to 703.3 billion won. The firm analyzed its sales that mobile gaming contributed 960 billion won, followed by PC gaming with 543.2 billion won, console gaming and others with 33 billion won. Looking ahead, Krafton is to broaden its portfolio by digging new franchise intellectual properties under its five-year long-term strategy for new games. 2025-07-30 13:45:42
[[K-Tech]] LG key wings' 2Q performance fall short of expectations SEOUL, July 30 (AJP) - LG Electronics, LG Display, and LG Innotek, the core electronics wings of South Korea’s LG Group, posted underwhelming second-quarter results, falling short of market expectations amid headwinds including U.S. tariffs, high logistics costs, and exchange rate fluctuations. However, industry analysts anticipate a rebound in the second half, aided by seasonal demand in the IT sector and a product cycle led by Apple. According to industry data released Tuesday, LG Electronics, the largest of the three, reported 20.7352 trillion won (approximately $14.93 billion) in revenue and 639.4 billion won (approximately $460 million) in operating profit for the second quarter. Revenue declined 4.4 percent year-on-year, while operating profit plunged 46.6 percent. The company cited weakening demand in key markets, heightened tariff burdens from shifting U.S. trade policy, and intensified global competition as overlapping challenges weighing on earnings. LG Display widened its operating loss to 116 billion won ($83.5 million) from 93.7 billion won ($67.5 million) a year earlier, with revenue falling nearly 20 percent over the same period. The company attributed the decline to lower mobile shipments and its strategic exit from the LCD TV business as it pivots toward OLED-centered operations. The depreciation of the U.S. dollar against the Korean won also negatively affected earnings. LG Innotek also underperformed significantly. Its second-quarter operating profit dropped 92.5 percent year-on-year to just 11.4 billion won ($8.2 million), well below market forecasts. Looking ahead, LG Electronics is expected to continue facing pressure in the second half, as tariffs on home appliances take full effect and macro uncertainties persist. In contrast, LG Display and LG Innotek may benefit from a rebound in IT demand as smartphone and other device launches pick up pace. An analyst at Shinhan Investment Corp. projected that LG Display’s mobile segment will grow 69.9 percent quarter-over-quarter in Q3, driven by ramped-up production capacity and improved technological competitiveness that is expected to translate into greater customer share. With Apple ramping up production of the iPhone 17 and new iPad Pro models from July, LG Display’s OLED market share is forecast to exceed 30 percent. Market research firm UBI Research stated, "The increase in OLED panel shipments for iPhones and iPads will drive a performance rebound," projecting Q3 shipments of 18.5 million iPhone panels, up nearly 70 percent from the previous quarter, and 1.6 million iPad panels, double the previous volume. LG Display is expected to see robust gains across its OLED business in the second half. "Achieving our full-year profitability goal is within reach," said Kim Sung-hyun, Chief Financial Officer at LG Display. LG Innotek, meanwhile, is eyeing a recovery in camera module demand fueled by Apple’s upcoming product launches. Growth is also expected from previously secured orders for high-value vehicle components such as telecom and lighting systems as well as steady demand for RF-SiP (Radio Frequency-System in Package) semiconductor substrates used in communications. 2025-07-30 13:44:34
Samsung chief heads to Washington as tariff talks deadline with US looms SEOUL, July 29 (AJP) - Samsung Electronics Chairman Lee Jae-yong left for the U.S. on Tuesday to lend a hand in ongoing tariff negotiations between Seoul and Washington, according to industry sources. Lee's trip comes just a couple of days before the tariff deadline set by U.S. President Donald Trump looms later this week. Industry watchers expect Lee may offer Samsung's commitment to expanding investment in the semiconductor sector, as well as deepening cooperation in artificial intelligence-related technologies with the U.S. It also coincided with Samsung's signing of a record 23 trillion won contract for foundry supply with American electric vehicle giant Tesla the previous day. Under the deal, Samsung will produce Tesla's next-generation AI6 autonomous driving chips using 2-nanometer manufacturing processes at its facility in Taylor, Texas starting next year. Calling it a "key milestone for Samsung’s foundry business amid fierce market competition," Tesla CEO Elon Musk expressed his expectations on X, praising the partnership as a way to help Tesla maximize manufacturing efficiency. He added he would personally inspect production lines to accelerate progress in the partnership between the two companies. Market analysts believe the deal will create a favorable atmosphere for the tariff negotiations. Samsung is currently expanding its American operations with a mega factory under construction in Taylor, in addition to its existing foundry facility in Austin, also in Texas. 2025-07-29 18:10:15
Elderly population surpasses 10 million SEOUL, July 29 (AJP) - The elderly population in South Korea surpassed 10 million for the first time, Statistics Korea said Tuesday. Those aged 65 and older stood at 10.12 million as of November last year, accounting for 19.5 percent of the total population of 51.81 million, roughly one in five. That also brought the average age of the population to 46.2. Amid an aging society with a super-low birthrate, the elderly population has steadily increased in recent years from 8.71 million in 2021 to 9.61 million in 2023, while the working-age population continues to dwindle. Those aged 15 to 64 stood at 36.26 million last year, down 283,000 from a year ago, with the number of children also dropping by 199,000 to 5.42 million during the same period, further worsening the demographic imbalance. Despite this trend, the total population rose slightly to 51.81 million, up 31,000 from the previous year, mainly due to the influx of foreigners who came here for work or study. The number of South Koreans declined by 77,000 to 49.76 million, but the number of foreign residents increased by 108,000 to 2.04 million, surpassing 2 million for the first time. Among them, ethnic Chinese Koreans accounted for the largest number at 538,000, followed by Vietnamese at 285,000 and Chinese at 223,000. 2025-07-29 16:41:57
Korean shipbuilders gain market share as US sanctions target China SEOUL, July 29 (AJP) - South Korean shipbuilders saw their global market share recover to over 20 percent in the first half of 2025, benefiting from the United States sanctions on Chinese maritime industries, according to data released Tuesday by the Korea Development Bank's overseas economic research institute. South Korea's order share reached 25.1 percent in the January-June period based on compensated gross tonnage, up 8 percentage points from 17.2 percent a year earlier. The gap with top-ranked China narrowed from 51.0 percentage points to 26.7 percentage points as Korean yards capitalized on container ship orders shifting away from Chinese competitors. The rebound was driven by the US Trade Representative's decision to impose port fees on Chinese shipping companies and operators of Chinese-built vessels entering US ports. Container ships accounted for 53.3 percent of Korea's 4.87 million CGT in orders during the first half, compared to just two medium and large container ships ordered in the same period last year. However, the overall global shipbuilding market contracted sharply amid economic uncertainties. Global orders fell 54.5 percent to 19.39 million CGT in the first six months, with liquefied natural gas vessel orders - a Korean specialty - plunging 82.9 percent to 1.05 million CGT. The research institute warned that South Korean shipbuilders should use this temporary advantage to strengthen fundamental competitiveness rather than becoming complacent. The report noted that the market share recovery represents "fisherman's profit" from US-China tensions and urged companies to focus on widening quality gaps with Chinese rivals while the government provides active support given the industry's national security importance. 2025-07-29 16:06:43