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SOUTH KOREA: Kumho Tire Co., South Korea’s second-largest tyre manufacturer, has halted operations at its Gwangju plant after a fire broke out at the facility early Saturday morning. The incident occurred at approximately 07:11 KST, prompting the immediate evacuation of around 400 employees who were on site at the time. The fire is believed to have originated from machinery used in the heating of raw rubber materials. As a precaution, the company has suspended all production activities at the site until the situation is fully stabilised. A company spokesperson confirmed to Yonhap News Agency that “All production will be suspended until the situation is brought under control.” Emergency response teams were quickly dispatched, with 167 personnel and 65 firefighting units deployed to the scene. One male employee in his 20s sustained injuries during the incident and has been transported to a nearby hospital. His condition is reported as non-life threatening. Authorities estimate that extinguishing the blaze may take several days due to the significant volume—approximately 20 tonnes—of raw rubber stored at the facility, which has made firefighting efforts more complex. Kumho Tire has not yet provided an estimate for when operations will resume, as emergency response remains the immediate priority. -Yonhap

Cambodia has officially begun exporting fresh durians to China, joining the ranks of Southeast Asian producers vying for a share of the world’s largest durian market. The move follows Beijing’s approval in late April for Cambodian shipments that comply with China’s food safety regulations, part of a broader agreement signed earlier in the month between Chinese President Xi Jinping and Cambodian officials. The entry positions Cambodia against regional heavyweights Thailand, Vietnam, and Malaysia, which already enjoy established reputations in China for their premium durian varieties. Thailand alone accounted for 57% of China’s US$6.99 billion durian imports last year, with Vietnam supplying 38%. Malaysia and the Philippines, meanwhile, contributed a combined US$38.2 million, according to Chinese customs data. While Cambodia’s durians are gaining regulatory access, industry analysts caution that the country still has work to do to win over Chinese consumers. Lim Chin Khee, an adviser to Malaysia’s Durian Academy, noted that Cambodia lacks the brand equity enjoyed by Thailand’s Monthong or Malaysia’s Musang King. “Cambodia is still building its reputation in the international market,” Lim said. However, there is optimism. Some Chinese consumers are reportedly eager to sample Cambodia’s native Ah Khak durian variety. According to Rajiv Biswas, CEO of Asia-Pacific Economics in Singapore, rising numbers of ASEAN nations are meeting China’s phytosanitary standards, giving Chinese consumers a broader range of quality durian choices. Cambodian durians are said to rival Malaysian counterparts in quality, supported by increasing foreign investment and technical assistance—particularly from China. The country’s durians are also reported to have a high market value due to labour-intensive cultivation and limited suitable farmland, according to research published on the travel platform Adventures Cambodia. Durian consumption in China continues to surge, with individual fruits selling for up to 200 yuan (US$27.75). The fruit is often considered a premium delicacy and is even given as formal gifts. Cambodia’s durian exports are also expected to support broader trade goals between the two countries. China’s move to greenlight the shipments strengthens ties with a close Southeast Asian partner, while further diversifying trade relationships in light of ongoing tensions with the United States. Since 2018, the trade war initiated under former US President Donald Trump has accelerated Beijing’s shift towards ASEAN, which became China’s largest trading partner in Q1 2025, accounting for 16.6% of total trade. A joint statement issued on 18 April confirmed that Beijing and Phnom Penh plan to fast-track the negotiation and signing of quarantine protocols to facilitate additional agricultural exports from Cambodia to China. According to Carl Thayer, emeritus professor at the University of New South Wales, these developments offer a modest but meaningful way of addressing China’s US$12 billion trade surplus with Cambodia. -South China Morning Post

Japan Display Inc. (JDI) has announced plans to reduce its workforce by approximately 1,500 jobs in Japan, accounting for nearly 60% of its domestic employees. The move follows 11 consecutive years of financial losses, with the company reporting a consolidated net loss of ¥78.2 billion ($538.7 million) for the fiscal year 2024, significantly higher than the previous year’s loss of ¥44.3 billion. Chief Executive Officer Scott Callon is set to resign on 1 June, assuming responsibility for the ongoing financial challenges. He will continue to support his successor as non-executive chairman following approval at the general shareholders meeting on 21 June, though he will forgo compensation. Jun Akema, the current head of JDI’s procurement division, will succeed Callon, also taking on the role of president. During a news conference, Callon expressed regret over the company’s performance, offering apologies to shareholders, client companies and employees for the inconvenience caused by the deteriorating business results. The job cuts will primarily be managed through a voluntary redundancy programme running from 26 June to 25 August. This initiative aligns with JDI’s decision to cease liquid crystal display (LCD) panel production at its Mobara plant in Chiba Prefecture by March next year. The company also plans to implement job reductions at its overseas locations. JDI’s financial performance for the year ending March showed a 21.4% drop in sales compared to the previous year, totalling ¥188 billion. Its operating loss increased to ¥37.0 billion from ¥34.1 billion. Due to ongoing restructuring efforts, the company has not released an earnings forecast for fiscal year 2025. Formed in 2012 through the merger of LCD panel operations of Hitachi, Toshiba and Sony Corp., JDI’s domestic production will be consolidated at its remaining facility in Kawakita, Ishikawa Prefecture, once the Mobara plant ceases operations. -Japan Times

Samyang Foods Inc., the South Korean company renowned for its globally popular Buldak spicy ramyeon, has experienced a significant rise in its share value following a robust first-quarter earnings report. As of 2:30 p.m. on May 16, the company’s shares were trading 20 percent higher at 1.19 million won (US$855), considerably outperforming the broader Korea Stock Price Index (KOSPI), which saw a modest increase of 0.2 percent. The surge in share value came after Samyang Foods reported a 49 percent year-on-year increase in net profit for the January to March period. Operating profit climbed 67 percent compared to the previous year, reaching an all-time high of 133.99 billion won. The company also recorded a 37 percent rise in sales, hitting a record high of 529.01 billion won. These financial results highlight the company’s strong performance in overseas markets, which accounted for more than 80 percent of its total revenue. The company’s export performance has been particularly impressive, with last year marking the first time exports exceeded the 1 trillion-won mark. This achievement was driven by robust sales of the Buldak ramyeon series, particularly in the United States and China. Looking ahead, Samyang Foods aims to surpass the 1 trillion-won mark in overseas sales again this year, supported by plans to expand its production capacity. To meet growing global demand, the company currently operates three domestic production plants and plans to open a fourth in the first half of this year. Additionally, Samyang Foods intends to construct its first overseas manufacturing facility in China, with work expected to commence in July. The company already has established business operations in China, Japan, Indonesia, the Netherlands, and the United States. Samyang Foods’ Buldak Bokkeummyeon, widely known as “fire ramyeon,” continues to be a significant driver of the company’s success. Since its launch in 2012, the hot chicken-flavored instant noodles have sold more than 7 billion units, generating over 4 trillion won in revenue. Approximately 1 billion units are sold annually across 100 countries. The product gained substantial international attention following a viral food-eating challenge in 2014, cementing its status as a global phenomenon. The company’s strategic expansion and sustained product popularity have positioned Samyang Foods as a prominent player in the global instant noodle market, as evidenced by its strong financial performance and positive market response. -Yonhap

Alibaba has reported a 6% rise in annual revenue, offering a positive indication for China’s technology sector despite ongoing economic uncertainties, including subdued spending and concerns over trade relations. The Hangzhou-based tech giant, one of China’s largest companies with operations in retail, digital payments, artificial intelligence, and entertainment, recorded revenue of ¥996.3 billion (US$138.2 billion) for the fiscal year ending March 31. This marks a 6% increase from the previous year. Net income attributable to ordinary shareholders rose by 62% to ¥129.5 billion, according to a statement released on the Hong Kong Stock Exchange. In the final quarter alone, the company reported revenue of ¥236.5 billion, slightly below a Bloomberg forecast, while net income attributable to ordinary shareholders surged by 279% to ¥12.4 billion compared to ¥3.3 billion in the same period the previous year. CEO Eddie Wu stated that the company’s results reflect the effectiveness of Alibaba’s “user first, AI-driven” strategy, with core business growth continuing to accelerate. This growth arrives amid a renewed investor interest in China’s technology sector, sparked earlier this year by the release of the advanced AI chatbot DeepSeek. Alibaba’s share price has been highly volatile, influenced by fluctuating investor enthusiasm regarding Chinese AI advancements. A surge of optimism in January was followed by a significant decline last month after US President Donald Trump imposed a series of global tariffs. As competition intensifies, Alibaba, alongside tech giants Tencent and Baidu, is channeling substantial investments into developing and integrating advanced AI applications. This renewed focus comes at a time when China’s economy faces challenges from sluggish consumer spending and strained trade relations with the United States. Despite recent improvements, including announcements by Beijing and Washington to reduce tariffs, economic forecasts remain cautious. Economists suggest that China may find it difficult to meet the government’s growth target of approximately 5% for the year. Earlier this week, Alibaba’s industry counterparts Tencent and JD.com also reported moderate revenue growth in the first quarter, indicating a potential recovery in consumer spending. However, official figures released last Saturday revealed continued deflationary pressure, with consumer prices remaining low. In recent years, Alibaba has faced increased regulatory scrutiny as part of China’s crackdown on large domestic tech companies. Jack Ma, Alibaba’s co-founder, who was notably critical of China’s financial regulations, kept a low profile during this period. However, his public appearance alongside President Xi Jinping in February signaled a potential shift in the government’s stance, leading to a rise in Alibaba’s share price. Although Ma is no longer actively involved in the company’s management, he is believed to retain a significant ownership stake. -AFP