Major battery pack fires pose setback to Korean battery makers' ESS bet SEOUL, September 29 (AJP) - A fire from an aging lithium battery storage system that triggered a nationwide disruption of South Korea’s electronic public services has cast a shadow over its maker, LG Energy Solution (LGES), and the government’s renewable transition drive centered on energy storage systems (ESS). LGES, the country’s top battery producer, has been betting heavily on ESS to offset a slowdown in electric vehicle demand. According to Mirae Asset Securit September 29, 2025

KOSPI bull run, recent IPO wins may spark 4Q rush led by K Bank SEOUL, September 29 (AJP) - K Bank is poised to file for its third initial public offering (IPO) prospectus early next month, potentially triggering a flurry of delayed listings in the fourth quarter as Korea's equity market is expected to sustain a bullish rally through year-end. The eight-year-old online-only bank — Korea's first of its kind — had pledged its investors of a 1.15 trillion won rights offering in 2021 to complete its KOSPI debut by July 2026. Fa September 29, 2025

S. Korea launches alliance to lead in 'Physical AI' with backing from BlackRock SEOUL, September 29 (AJP) - South Korea unveiled a new initiative on Monday aimed at securing a lead in what it calls “physical artificial intelligence,” a field that integrates advanced computing with the physical world, from robotics to autonomous vehicles. The Physical AI Global Alliance, as the project is known, is supported by a multibillion-dollar investment commitment from BlackRock, the American asset management firm, and forms part of the government’s September 29, 2025

Taekwang Industry bets on K-beauty with Aekyung acquisition SEOUL, September 29 (AJP) - Taekwang Industry has been selected as the preferred bidder to acquire a controlling stake in Aekyung Industry, a move its leadership is casting as a strategic entry into South Korea’s booming K-beauty market. The company said Monday that its consortium would purchase about 63 percent of Aekyung’s shares in a deal valued at roughly 400 billion won, or $293 million. If completed, the transaction would mark a significant shift for Taekwang, September 29, 2025

Digital front-runner Korea chagrined by lack of backup for e-government SEOUL, September 29 (AJP) - South Korea tops the OECD scale in digitalization and proudly teaches and exports e-government strategy and systems, which may explain the chagrin and furor over the mass-scale crippling of the public-sector electronic system. Much of the work at public-service windows had to be handled in person after an outage caused by a battery fire at the National Information Resources Service (NIRS) data center in Daejeon, which brought down 647 civil service syst September 29, 2025

HD Hyundai Mipo wins $167 million order for 3 container ships SEOUL, September 29 (AJP) - HD Hyundai Mipo, a subsidiary of South Korea’s HD Hyundai, said Monday that it had won a contract to build three container ships worth 222 billion won, or about $167 million, from an Oceania-based shipping company. The order calls for two 2,800-TEU container vessels and one 1,800-TEU container vessel, all to be constructed at the company’s Ulsan shipyard and delivered by October 2027. The so-called feeder ships, which typically carry fewer September 29, 2025

ASEAN students receive scholarships from Chung Mong-Koo Foundation SEOUL, September 29 (AJP) - The Hyundai Motor Chung Mong-Koo Foundation of South Korea has awarded scholarships to 13 students from across Southeast Asia, the latest recipients in a program that has supported hundreds of young scholars since its creation in 2012. At a ceremony held Sept. 27 in central Seoul, the foundation announced that the new recipients — from Myanmar, Vietnam, Indonesia, Thailand and the Philippines — will begin graduate and undergraduate studies September 29, 2025

Naver's e-commerce gains boost from strategic alliance SEOUL, September 29 (AJP) - Naver, a distant second in Korea's e-commerce market, has received a boost through strategic alliances it has struck with premium-grocery platform Kurly and Uber delivery service to stay in the competition versus dominant local player Coupang and fast-rising Chinese entrants. According to Mobile Index, Naver's shopping app, Naver Plus Store, saw its monthly active users (MAU) rise to 3.86 million last month, snapping a two-month decline, ti September 29, 2025

Samsung Heavy signs partnership with Indian shipyard Namgoong Geum-seong of Samsung Heavy Industries, right, and Vipin Kumar Saxena of India's Swan Shipyard pose after signing an MOU on Sept. 29. Courtesy of Samsung Heavy Industries SEOUL, September 29 (AJP) - South Korea's Samsung Heavy Industries said Monday it had signed a memorandum of understanding with Swan Defence and Heavy Industries, an Indian shipyard, in a move to expand its global footprint in shipbuilding and marine projects. The agreement positions Samsung Heavy September 29, 2025

OpenAI appoints former Google Korea head as first South Korea chief SEOUL, September 29 (AJP) - OpenAI has named Kim Kyung-hoon, a former head of Google Korea, as its first chief executive in South Korea, the company announced Monday. Kim, who has more than two decades of experience in global technology and consulting, will lead OpenAI’s strategic partnerships and oversee the expansion of its artificial intelligence ecosystem in the country. The appointment comes amid surging demand for the company’s products in South Korea. Wee September 29, 2025