Samsung Heavy lands $1.32 billion order for 7 container ships

SEOUL, November 20 (AJP) - Samsung Heavy Industries announced on Thursday that it has secured a 1.92 trillion won (approximately $1.32 billion) order from an Asian shipowner to build seven container ships, scheduled for delivery by November 2029. Amid growing demand for greener vessels — especially LNG dual-fuel ships — this contract brings Samsung Heavy’s total orders this year to $6.9 billion. The order book includes seven LNG carriers, nine shuttle tankers,

November 20, 2025

PHOTOS: Seoul's Namdaemun Market bustles with early holiday shoppers

SEOUL, November 20 (AJP) - As the year's most festive season approaches, Namdaemun Market in central Seoul is bustling with steady streams of visitors and shoppers eager to snap up Christmas decorations and other pre-holiday items. The thrill of the year-end is already sweeping through the streets and shops, with Christmas decorations and their glowing lights illuminating every narrow alley of the market. Christmas carols and cheerful melodies are also filling the air, welcom

November 20, 2025

South Korean banks post record earnings on FX gains

SEOUL, November 20 (AJP) - South Korea’s banking sector logged record profits in the first nine months of the year, buoyed by a sharp rise in non-interest income as a weakening dollar lifted foreign-exchange and derivatives gains, according to preliminary figures released Thursday by the Financial Supervisory Service (FSS). Banks reported a combined net profit of 21.1 trillion won, up 12 percent — or 2.3 trillion won — from a year earlier. The FSS warned t

November 20, 2025

TRAVEL: Tracing Korea's ancient roots in Boeun

BOEUN, November 20 (AJP) - While relatively small, the county of Boeun in North Chungcheong Province has long served as a critical transport hub, imbuing it with significant strategic and cultural importance since ancient times. This rich past is preserved in a remarkable concentration of historic cultural assets, including the revered Beopjusa Temple on Songnisan Mountain, the formidable Sannyeonsanseong Fortress, and the grand Udang traditional house. Beopjusa Temple, a seren

November 20, 2025

Asian shares rise as Nvidia's blowout earnings lift sentiment

SEOUL, November 20 (AJP) - Asian markets rebounded in early Thursday trading as another round of blockbuster Nvidia earnings effectively silenced the “AI bubble” narrative. South Korea’s benchmark KOSPI climbed 2.6 percent to 4,030 as of 10:30 a.m., reclaiming the 4,000 mark for the first time in three days. Foreign investors turned net buyers at 267 billion won ($182 million), while institutions purchased 299 billion won. Retail investors, however, sold 577.5 bi

November 20, 2025

Ferry runs aground after navigator distracted by phone, initial investigation suggests

SEOUL, November 20 (AJP) - The navigator of a passenger ferry carrying 246 passengers and 21 crew members was distracted by his phone, causing the vessel to run aground on an uninhabited islet off the southwestern coast overnight coastguards said Thursday. Initial investigations revealed that he failed to switch from autopilot to manual control while passing through a narrow passage, leading to the accident. The 26,000-ton ferry Queen Zenobia II departed from the southern resor

November 20, 2025

Naver-Dunamu merger heads to board vote, poised to form fintech powerhouse

SEOUL, November 20 (AJP) - Naver’s planned merger with Dunamu, the operator of cryptocurrency exchange Upbit, is gaining traction amid a shifting regulatory climate — potentially clearing the way for one of the most significant tie-ups in Korea’s fintech history. According to industry officials, Naver Financial and Dunamu will convene board meetings on Nov. 26 to approve a proposed stock swap that would effectively combine the two companies under a single corpo

November 20, 2025

Passenger ferry pulled off after running aground

SEOUL, November 20 (AJP) - A passenger ferry that ran aground on an uninhabited islet off the southwestern coast overnight was brought to a nearby port early Thursday morning, about nine hours after the accident. According to coastguards, the 26,000-ton ferry Queen Zenobia II, was pulled off by four tugboats at around 5:40 a.m. in Mokpo, South Jeolla Province, after all 246 passengers and 21 crew members on board were safely rescued. The vessel departed from the southern resort i

November 20, 2025

Samsung narrowly steals back No. 1 DRAM rank from SK hynix Q3- CFM

SEOUL, November 20 (AJP) - South Korea's Samsung Electronics has narrowly reclaimed its No. 1 rank in global DRAM sales in the third quarter after yielding the position to its home rival SK hynix in the first half for the first time amid the surge in high-bandwidth memory (HBM) demand. The shift underscores rapidly strengthening DRAM prices due to frantic stockpiling of memory chips that power servers and a wide range of electronic devices, driven by fears of supply shortages as manufac

November 20, 2025

AI becomes centerpiece of South Korea's military strategy

SEOUL, November 20 (AJP) - South Korea’s defense industry is increasingly positioning itself at the forefront of the global arms race, leaning heavily on artificial intelligence to offset shrinking troop numbers and to adapt to fast-changing warfare technologies. The shift has drawn in some of the country’s most powerful semiconductor companies, deepening ties between its tech and defense sectors. Industry officials say the military has begun widening its defense

November 20, 2025