Lotte Chemical to sell Pakistan unit to address liquidity concerns

SEOUL, February 20 (AJP) - Lotte Chemical announced plans to sell its Pakistan subsidiary, Lotte Chemical Pakistan (LCPL), for 97.9 billion won ($67.9 million) as it seeks to address concerns over its financial health. The Seoul-based firm will divest its entire 75.01 percent stake in LCPL to a consortium comprising Pakistan’s Asia Park Investment and the United Arab Emirates-based Montage Oil DMCC. The transaction is expected to close in the first half of 2025. Lotte Chemi

February 20, 2025

North Korea condemns Australia's nuclear submarine deal with US

The leaders of Australia, the U.K. and the U.S. attend a ceremony for the security pact between the three countries, known as AUKUS, at a naval base in San Diego, in this file photo from March 2023. Reuters-Yonhap SEOUL, February 20 (AJP) - North Korea has criticized Australia's plan to acquire nuclear-powered submarines from Washington through its trilateral security pact with the U.S. and U.K. In a commentary on Thursday, the official Korean Central News Agency condemned Australi

February 20, 2025

Celltrion, SK Bio brace for US tariff fallout

SEOUL, February 20 (AJP) - South Korean pharmaceutical and biotechnology companies are scrambling to devise contingency plans following U.S. President Donald Trump’s announcement of proposed tariffs of 25 percent or higher on imported drugs, a move that could disrupt one of their most critical export markets. Trump's announcement has sent ripples through South Korea’s pharmaceutical sector, where leading firms such as Celltrion and SK Biopharmaceuticals have establis

February 20, 2025

POSCO bets on innovation as tariffs, Chinese steel shake industry

Editor's Note: This article is the seventh installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, February 19 (AJP) - For the 15th consecutive year, South Korean steelmaker POSCO has retained its title as the "World's Most Competitive Steelmaker," according to global steel analysis firm World Steel Dynamics. POSCO ranked as the world’s

February 20, 2025

Three K-pop acts included on this year's Global Artist Chart

SEOUL, February 19 (AJP) - Three K-pop groups have made it onto this year's list of global recording artists, released by the International Federation of the Phonographic Industry (IFPI) on Tuesday. K-pop boy band Seventeen ranked third, followed by Stray Kids at fifth and ENHYPEN at 14th. The annual IFPI Global Artist Chart is "calculated according to an artist's or group's worldwide sales across streaming, download and physical music formats." Seventeen

February 19, 2025

Samsung weighs fees for mobile payment service

SEOUL, February 19 (AJP) - Samsung Electronics is moving to introduce fees for its Samsung Pay mobile payment service this year, following Apple Pay's growing presence in South Korea's digital payments market, according to financial industry sources Wednesday. Samsung Electronics, which has not charged card companies any fees since launching Samsung Pay in 2015, recently met with lawmakers and card companies to discuss implementing service fees. The discussions come as

February 19, 2025

Korean government eyes railway underground project to revive construction sector

SEOUL, February 19 (AJP) - The South Korean government on Wednesday unveiled a 4.3 trillion won ($2.98 billion) initiative to move railway infrastructure underground in three major cities, an effort aimed at revitalizing the country’s struggling construction sector. Announced during an economic policy meeting at the Government Complex Seoul, the initiative is part of a broader social overhead capital (SOC) strategy. The project will cover railway sections in Busan, Daejeon, an

February 19, 2025

Trump comments on North Korean soldiers in Russia, hints at possible deal to end war

SEOUL, February 19 (AJP) - U.S. President Donald Trump on Tuesday commented on North Korean soldiers deployed to Russia to assist its war in Ukraine. "Soldiers are being killed by the thousands on a weekly basis," Trump said. "Apart from Russian and Ukrainian soldiers, a lot of Koreans have been killed. We want to end it. It's a senseless war. It should have never happened." Speaking at a press conference at his Mar-a-Lago residence in Florida,

February 19, 2025

Actress Kim Sae-ron laid to rest

SEOUL, February 19 (AJP) - Actress Kim Sae-ron was buried in Paju, Gyeonggi Province on Wednesday. The 24-year-old, best known for her role in the 2010 hit action thriller "The Man from Nowhere," shocked the nation when she was found dead of apparent suicide at her home in Seongsu-dong, eastern Seoul last Sunday. Police said there is no suspicion of foul play, although no suicide note was found. Earlier in the morning, the young actress' private funeral was held

February 19, 2025

PHOTOS: Wildlife at Gangneung's Namdaecheon Stream

SEOUL, February 19 (AJP) - Namdaecheon Stream in Gangneung, Gangwon Province, a haven for wildlife, becomes a battleground in winter. As food grows scarce, a fierce struggle for survival unfolds among the animals that gather there.

February 19, 2025