Hormuz to reopen, but the war has redrawn Asia's energy map for good SEOUL, June 18 (AJP) - The Strait of Hormuz may reopen within the next 60 days under a U.S.-Iran deal, and oil prices have already retreated close to prewar levels. But Asia's energy order will not return to what it was. The war taught the region a costly lesson: dependence on a single supplier and a single shipping lane is no longer a risk worth taking. Brent crude fell below $79 a barrel on Thursday, its lowest level since early March and nearly 40 percent below its wartime June 18, 2026

U.S. Senate panel moves to allow overseas construction of noncombat naval ships SEOUL, June 18 (AJP) - A U.S. Senate panel is seeking to allow some noncombat Navy vessels to be built at shipyards in allied countries, a move that could create opportunities for South Korean shipbuilders. According to a summary of the fiscal 2027 National Defense Authorization Act released by the Senate Armed Services Committee on Tuesday, the bill would authorize the procurement of up to two bulk fuel carriers or strategic sealift vessels from overseas shipyards. The proposal June 18, 2026

Celltrion to court global partners at BIO 2026 SEOUL, June 18 (AJP) - South Korea's Celltrion will join the BIO International Convention in San Diego from June 22 to 25, where it aims to recast itself as a global drug developer and broaden partnerships built on artificial intelligence, antibody-drug conjugates and multispecific antibodies. The annual gathering, the world's largest biotech business event, draws more than 1,500 companies, investors and research bodies and over 20,000 participants. Celltrion plans to use June 18, 2026

Anthropic lands in Seoul as US export curbs cloud its top AI models SEOUL, June 18 (AJP) - Anthropic opened its first office in South Korea, pressing ahead with global expansion even as Washington's export controls on its most advanced artificial intelligence models cast a shadow over the launch. The U.S. company unveiled a partnership strategy spanning major firms such as Naver and Nexon on its Wednesday Korean office launch day, alongside research institutions and startups, signaling a determined push into a market it called one of its fastest June 18, 2026

Samsung launches mid-tier Galaxy A37 5G smartphone in South Korea SEOUL, June 18 (AJP) - South Korea's Samsung Electronics Co Ltd said on Thursday it will launch the Galaxy A37 5G smartphone in its domestic market on Friday. The new mid-range model is priced at 598,400 won ($434) and will be available through Samsung's retail stores, its official website, and local mobile carriers. The device will be offered in three colors: lavender, white, and charcoal. The Galaxy A37 5G features a 6.7-inch FHD+ Super AMOLED display with a maximum June 18, 2026

SK hynix samples next-gen 12-layer HBM4E chips, stock at new high SEOUL, June 18 (AJP) - South Korea's SK hynix said on Thursday it has begun supplying samples of its next-generation 12-layer High Bandwidth Memory (HBM4E) chips to major customers, moving to solidify its position in the booming artificial intelligence hardware market. The world’s leading supplier of HBM chips said the new HBM4E product delivers a data processing speed of up to 16 gigabits per second (Gbps) per pin while improving energy efficiency by more than 20 percen June 18, 2026

Pulmuone's US tofu sales climb 17% as plant expansion lifts output SEOUL, June 18 (AJP) - Pulmuone announced its US tofu sales rose 16.8 percent from a year earlier to 107.8 billion won ($70.5 million) in the first five months of 2026, extending a streak of double-digit growth in the world's largest market for the soy product. The South Korean food maker said Thursday the gains held up even as stubborn inflation curbed consumer spending in the United States, helped by wider distribution and steady investment in production. Its tofu now reach June 18, 2026

Foreign tourist spending in S. Korea hits record $1.3bln on local lifestyle boom SEOUL, June 17 (AJP) - Credit card spending by foreign tourists in South Korea reached an all-time monthly high in May, fueled by a surge in visitors adopting everyday local lifestyle trends, the Korea Tourism Organization said Wednesday. Over the last few years, global interest in South Korean culture has shifted from entertainment like music and television to everyday fashion, beauty, and wellness. This growing fascination has changed how tourists shop, drawing them away from tr June 17, 2026

South Korea's high power costs pose AI competitiveness concerns SEOUL, June 17 (AJP) - South Korea's electricity rates for data centers are higher than those in major countries, a recent report shows. While the country's overall power prices remain relatively low, industrial rates for large users including artificial intelligence (AI)-related data centers are higher than in countries such as China and the U.S. According to data released by the U.S. Energy Information Administration (EIA) on Tuesday, the average industrial rate appli June 17, 2026

SK hynix confirms U.S. ADR plan, denies 100 trln won shareholder payout SEOUL, June 17 (AJP) - SK hynix confirmed Wednesday that it is actively pursuing a U.S. American Depositary Receipt (ADR) listing to expand its AI-era memory chip capacity, but denied reports that it is preparing a 100 trillion won ($72.5 billion) shareholder reward program to offset concerns about equity dilution. The clarification came after the Korea Economic Daily reported Tuesday that the South Korean chipmaker was preparing a historic fourth-quarter shareholder return packag June 17, 2026