Seoul moves to tackle Beijing's rare earth export controls

SEOUL, October 16 (AJP) - Amid China’s tightening restrictions on rare earth exports, South Korea has launched a high-level task force to strengthen communication with Beijing and craft a comprehensive supply chain strategy by the end of the year, officials said Thursday. The move follows China’s Oct. 9 announcement of expanded export controls that require foreign companies to obtain government permits for seven types of rare earths — materials vital to advance

October 16, 2025

South Korea's HMM orders $2.3 billion fleet of LNG-powered container ships

SEOUL, October 16 (AJP) - HMM, South Korea’s largest shipping company, said Thursday that it will order 12 eco-friendly container ships from domestic shipbuilders in a deal worth 3.05 trillion won ($2.3 billion), marking its first major local order in seven years. The 13,000 twenty-foot equivalent unit (TEU) vessels will be built by HD Hyundai Heavy Industries and Hanwha Ocean, two of South Korea’s leading shipbuilders. Each ship will run on liquefied natural gas (L

October 16, 2025

Korean, Japanese firms to collaborate on Korea's power transmission upgrade

SEOUL, October 16 (AJP) - South Korea's HD Hyundai Electric has joined forces with Hitachi Energy, a global leader in high-voltage direct current (HVDC) systems, to take part in South Korea’s ambitious West Coast energy highway project, a key step in the nation’s push toward renewable energy integration. The partnership was formalized on Thursday at the Korea-Sweden Sustainable Partnership Summit in Seoul, where Kim Young-gi, president of HD Hyundai Electric, and

October 16, 2025

Major flour companies of South Korea under probe over alleged price fixing

SEOUL, October 16 (AJP) - South Korea’s antitrust regulator has launched an investigation into seven major flour producers, including Daehan Flour Mills and CJ CheilJedang, over allegations of price fixing and other unfair market practices. The Korea Fair Trade Commission (KFTC) is examining whether the companies colluded to set flour prices or coordinated shipment volumes, actions that could have distorted competition and inflated costs for consumers. The probe comes a

October 16, 2025

Asian stocks rise broadly; KOSPI scales new heights, SK shares mixed

SEOUL, October 16 (AJP) - Asian stocks traded broadly higher on Thursday, buoyed by renewed bets on another U.S. rate cut, with South Korean shares testing fresh record highs amid optimism over an imminent U.S.–Korea trade deal and a stronger-than-expected chip boom. The benchmark KOSPI climbed 1.7 percent to 3,718.93 as of midday, crossing the 3,700 mark for the first time ever. Investor sentiment improved on expectations that trade negotiations between Seoul and Washington

October 16, 2025

Naver partners with United Korea Founders to expand global tech footprint

SEOUL, October 16 (AJP) - South Korean internet giant Naver has teamed up with United Korea Founders, North America's largest Korean entrepreneur network, to strengthen ties with the global startup ecosystem and secure new growth engines in emerging technologies. Naver and Naver Webtoon announced they would participate as official sponsors in UKF's three-day KOOM Festival starting Wednesday in New York. UKF, a non-profit organization, brings together Korean entrepreneurs

October 16, 2025

PHOTOS: Ancient historic city of Gyeongju lights up ahead of APEC summit

SEOUL, October 16 (AJP) - With the Asia-Pacific Economic Cooperation (APEC) summit just around the corner, rehearsals and other preparations are underway in South Korea's southeastern city of Gyeongju. One project involved a 15 billion Korean won investment to enhance nighttime scenery around an artificial lake in Bomun, a popular tourist destination in the historic city. At a pre-event called the "Festival of Light" held on Wednesday ahead of the summit to be held

October 16, 2025

Hanwha to unveil next-generation AI weapons at ADEX 2025

SEOUL, October 16 (AJP) - South Korea's Hanwha Group plans to unveil a suite of AI-driven defense systems designed to address manpower shortages and enhance battlefield efficiency. The group said Thursday Hanwha Aerospace, Hanwha Systems, and Hanwha Ocean will jointly participate in the Seoul International Aerospace and Defense Exhibition (ADEX) 2025, to be held Oct. 20–24 at KINTEX in Ilsan, northwest of Seoul. The companies plan to showcase more than 10 thematic z

October 16, 2025

Korean builders face $9 billion PF maturities and govt judgment in Q4

SEOUL, October 16 (AJP) — South Korean construction firms reeling from a prolonged industry slump are on edge as 13 trillion won ($9.4 billion) in real estate project financing (PF) debt comes due in the fourth quarter, with the government set to decide next month which projects to rescue or wind down. According to the National Assembly’s Land, Infrastructure and Transport Committee, PF bonds worth 13.48 trillion won mature between October and December. Of tha

October 16, 2025

SK chief's divorce case sent back to lower court

SEOUL, October 16 (AJP) - The Supreme Court of Korea on Thursday sent the high-profile divorce case of SK Group chairman Chey Tae-won and his estranged wife Roh Soh-yeong back to the high court. The top court found flaws in the lower courts' assessment of Roh's contribution to the conglomerate's growth, ruling that some 30 billion Korean won (US$21 million) in slush funds from Roh's father, the late former President Roh Tae-woo, which were funneled into SK Group, can

October 16, 2025