Journalist
Joonha Yoo유준하
joonhayoo94@ajupress.com
ReporterCOEX Sejong Center for the Performing Arts & Music, Culture, Entertainment, Automotive
Joonha Yoo is a bilingual journalist at AJU Press (AJP), covering music, culture, entertainment and Korea’s automotive industry.
Raised in Fort Collins, Colorado, he often writes from the scene, bringing firsthand detail to stories ranging
from BTS comeback concerts to unique cultural events that catch the world's eye. "I write from the scene, not from the sidelines."
Raised in Fort Collins, Colorado, he often writes from the scene, bringing firsthand detail to stories ranging
from BTS comeback concerts to unique cultural events that catch the world's eye. "I write from the scene, not from the sidelines."
Latest by Joonha Yoo
-
Netflix's 'The East Palace' debuts at No. 2 on global non-English TV chart SEOUL, July 22 (AJP) - Netflix's Korean fantasy mystery series The East Palace debuted at No. 2 on the streamer's global Top 10 list for non-English television after drawing 4.9 million views in its first three days, marking a strong international start for Nam Joo-hyuk's first series since completing military service. Released on July 17, the eight-episode series also topped Netflix's daily rankings in South Korea and entered the Top 10 in 27 markets, including Hong Kong, Thailand, the Philippines and India. Netflix calculates views by dividing a title's total watch time by its runtime. Directed by Choi Jung-kyu and written by Kwon So-ra and Seo Jae-won, The East Palace follows Gucheon, a supernatural warrior who can cross between the human and spirit worlds, and Saenggang, a palace court lady harboring a secret, as they investigate a curse haunting the royal palace at the king's request. Decider praised Roh Yoon-seo's performance for balancing vulnerability with resolve, while Collider called the series one of Netflix's most striking fantasy productions of 2026, citing its rendering of the spirit world. Produced by Showrunners and Imaginus, The East Palace is streaming exclusively on Netflix. 2026-07-22 10:14:38 -
AI-theme stocks turbocharge KOSPI above 7,100 mark SEOUL, July 22 (AJP) - AI-theme turbocharged South Korean chip and robotics stocks on Wednesday, sending both the main and secondary market indices well above 5 percent as big-tech earnings reaffirmed AI demand and investment. A buy-side sidecar was triggered on the KOSPI at 9:06:02 a.m., halting program buying for five minutes after the KOSPI 200 futures index surged 5.40 percent. As of 9:06 a.m., the KOSPI was up more than 6.1 percent at 7,155.5, while the tech-heavy KOSDAQ had climbed 4.2 percent to 784.8. The KOSPI reclaimed the 7,000 mark for the first time in a week. SK hynix jumped 8 percent to 1,986,000 won, while Samsung Electronics gained 5.4 percent to 273,000 won. Foreign investors returned in full force, buying a net 1.2 trillion won ($866 million) worth of shares, triggering retail profit-taking with net sales of 708.6 billion won. The rally was broad-based, with gainers outnumbering decliners 740 to 139 on the KOSPI. The AI supply chain advanced almost across the board. Electronics and equipment stocks surged an average 10.5 percent, while electronics shares gained 8.2 percent on mounting expectations that the AI boom will extend into robotics. The rally followed another strong overnight advance in U.S. semiconductor shares. The Philadelphia Semiconductor Index jumped 5.21 percent, extending gains for a second straight session as investors bought back beaten-down chip stocks on expectations of sustained AI investment and robust South Korean semiconductor exports. Micron Technology soared 12.17 percent, while SanDisk gained 14.27 percent, Western Digital 12.51 percent and Seagate Technology 11.14 percent. SK hynix's American depositary receipts also jumped 13.75 percent to close at $171.94. Nvidia added 1.97 percent after reports that mass production of its next-generation Vera Rubin AI server platform had begun, fueling expectations for another round of AI infrastructure investment. Investor sentiment was also buoyed by UBS's view that the recent correction in AI chip stocks reflected hedge-fund position unwinding rather than deteriorating fundamentals. The recovery in risk appetite extended beyond semiconductors. The MSCI Korea ETF rose 6.16 percent overnight, while the MSCI Emerging Markets ETF gained 2.80 percent. 2026-07-22 09:44:05 -
ARKO festivals bring Korea's living traditions to new audiences SEOUL, July 21 (AJP) — "Ulsoo!" The spirited exclamation that punctuates BTS's hit song "Idol" comes from Pansori, Korea's traditional musical storytelling in which audiences cheer performers over the hypnotic yet exhilarating beat of the janggu drum. That same call-and-response energy also defines Madanggeuk, Korea's open-air folk theater where music, dance, satire and audience participation blur the line between performers and spectators. Now, those centuries-old traditions are finding new audiences through ARKO SUM FESTA, as artists reinterpret Korean heritage while organizers work to ensure it remains accessible — even dispatching vans to bring elderly villagers to performances. Arts Council Korea (ARKO) on Tuesday unveiled the second lineup of ARKO SUM FESTA, featuring eight performing arts festivals to be held across the country from August through September. The events complete a 15-festival nationwide program uniting independently organized dance, music, theater and traditional arts festivals under one banner. Traditional arts occupy the center of this year's lineup, with organizers focusing on three challenges: preserving disappearing performance traditions, encouraging younger artists to reinterpret them and expanding access to audiences often left behind. In Busan, the Dongnae Folk Arts Festival, organized by an association established in 1965, will devote its second day to students studying traditional performing arts, highlighting efforts to cultivate the next generation of performers. Association chairman Kim Ik-hyeon warned that enrollment in traditional arts training programs has continued to decline. "Our responsibility is to interpret these traditions and find ways for them to connect with today's generation," Kim said. Scheduled for Sept. 19-20, the festival preserves five local traditions, including the state-designated Dongnae Yaryu mask dance drama, Dongnae Hakchum crane dance and Jisin Balbgi, a traditional ground-blessing ritual. This year's program will also feature a Japanese creative taiko ensemble and performances led by younger practitioners. Younger artists will also take center stage at the 16th Chum & Pan Gomusin Dance Festival, where 24 emerging choreographers — twice last year's number — will collaborate on a joint production. Kim Yeon-hwa of the Korean Dance Association said the festival's traditional dance performances consistently attract more overseas ticket buyers, both online and at the venue, than any of the organization's other events, reflecting growing international interest in Korean dance. Running in Seoul from Aug. 27 to Sept. 5, the festival will present inherited repertoire alongside newly created works and contemporary reinterpretations of traditional Korean dance. Accessibility remains another defining theme. In Cheongju, the Rural Madanggeuk Grand Festival will continue a tradition it began more than two decades ago by operating shuttle vans that transport elderly residents from surrounding villages to live performances. Organizer Kim Chang-gon said the idea emerged after his theater company relocated to a rural village of about 20 households and discovered many older residents rarely attended performances because of transportation difficulties and costs. The company initially operated four vans, providing transportation, meals, performances and return trips. While audiences have since expanded to include families, the transportation service for senior residents remains a core part of the festival. The lineup also stretches beyond traditional performance. British tenor Ian Bostridge will perform Mahler with the Sejong Soloists at the Hic et Nunc! Music Festival on Aug. 26, while the Seoul International Computer Music Festival will merge electronic sound, digital media and traditional Korean instruments under the theme "Time Synthesis." The Chuncheon Performing Arts Festival will feature Liquid Sound, a Korean performance group officially invited to the 2026 Avignon Festival, alongside dance, theater, music and children's productions staged throughout the city. The eight festivals will take place in Seoul, Chuncheon, Busan, Cheongju and Gwangmyeong through Sept. 20, presenting Korea's performing arts not as museum pieces but as living traditions evolving for new generations at home and abroad. 2026-07-21 20:50:37 -
Korea ups casino taxes while Japan expands casino resort SEOUL, July 21 (AJP) - South Korea is moving to raise the maximum levy on casino operators by 50 percent, a step that could further erode the industry's competitiveness just as Japan expands its gaming sector with its first integrated resort. The government plans to lift the statutory ceiling on the Tourism Promotion and Development Fund levy from 10 percent to 15 percent of casino revenue. The current system applies a progressive levy of 1 percent on annual revenue of up to 1 billion won, 5 percent on revenue between 1 billion won and 10 billion won, and 10 percent on revenue above 10 billion won. The levy is imposed on individual casino properties rather than on operators, meaning a company running several casinos is assessed separately for each location. The government plans to amend the Tourism Promotion Act to raise the legal ceiling, then set the revenue threshold for the new 15 percent rate through an enforcement decree. The threshold has not yet been decided. The Ministry of Culture, Sports and Tourism is also pursuing a five-year casino license renewal system and a prior approval requirement for transfers of casino business rights. The ministry said the renewal system would periodically verify whether operators continue to meet their original licensing conditions. The transfer approval system would tighten scrutiny of ownership changes and how casino acquisitions are financed. The ministry argues that the current levy brackets no longer reflect the scale of the industry. When the levy was introduced in 1994, six of the country's 13 casino properties generated more than 10 billion won in annual revenue. Most casinos now exceed that level. Total revenue at foreigner-only casinos has increased more than tenfold since then, while average revenue per property has risen more than sevenfold. According to the Korea Casino Tourism Association, annual industry payments into the tourism fund increased from 1.2 billion won in 1994 to 303.9 billion won in 2025. The higher levy, however, could add to the cost burden on Korean operators as they prepare for stronger regional competition. Construction is progressing on Japan's first integrated resort on Yumeshima island in Osaka. The project, led by MGM Resorts and Orix, began construction in April 2025 and is scheduled to open in the fall of 2030. Initial investment is estimated at about 1.27 trillion yen. Osaka authorities project the resort will attract about 20 million visitors annually, including 6 million from overseas. In an October 2025 commentary, Seo Won-seok, president of the Korea Tourism Society, estimated that Korean customers could account for at least 33 percent of the Osaka resort's gaming demand. He projected that 1.6 trillion won in Korean casino spending could shift to Japan during the resort's first year of operation, rising to 2.3 trillion won after the business stabilizes. The figures are projections, not confirmed spending data. Korean casino operators argue that a higher levy could reduce funds available for hotel, entertainment and other non-gaming investment, as well as overseas customer recruitment. The Korea Casino Tourism Association has also noted that operators already pay individual consumption, education and corporate taxes, while the tourism fund levy is assessed on revenue regardless of whether a casino turns a profit. Analyst estimates vary depending on how the new bracket is structured. Eugene Investment & Securities estimated that a broad five-percentage-point increase would cost Paradise an additional 47 billion won a year and Grand Korea Leisure an additional 23 billion won. It estimated an additional burden of 30 billion won for Lotte Tourism Development if Jeju introduced a comparable system. Under that assumption, projected operating profit at the three companies could decline by about 20 percent to 30 percent. Hana Securities separately estimated operating profit reductions of 22 percent for Paradise and 28 percent for GKL. The government has said the actual impact will depend on the revenue threshold and progressive brackets established in the enforcement decree. Jeju, whose casinos are governed separately under the Jeju Special Act, is not directly covered by the proposed amendment. The island's eight foreigner-only casinos posted preliminary revenue of 646.5 billion won in 2025, up 40.8 percent from 458.9 billion won a year earlier and the highest annual figure on record. Securities firms have nevertheless included Lotte Tourism Development, which operates the Dream Tower casino in Jeju, in their impact estimates on expectations that the provincial government may eventually follow the central government's move. Company reports published by Eugene Investment & Securities in May showed differing first-quarter customer trends among the major operators. GKL's drop volume rose 12.6 percent year-on-year to 931 billion won, supported by a 31.2 percent increase in Chinese VIP drop volume and a 12.7 percent rise in other VIP segments. The company dispatched staff to Japan, Taiwan, Mongolia and Thailand to recruit VIP customers, although the expanded marketing activity also raised costs. Paradise reported total drop volume of about 1.8 trillion won, up 3.6 percent from a year earlier. Chinese VIP drop volume fell 17.6 percent, while other VIP volume rose 14.8 percent and mass-market betting increased 16.8 percent. First-quarter revenue increased 3.8 percent to 294 billion won, but operating profit fell 34.9 percent to 37.3 billion won as labor, advertising and hotel operating expenses rose. Lotte Tourism Development's Dream Tower casino recorded about 150,000 visitors in the first quarter, up 37.3 percent year-on-year, while drop volume increased 35 percent to 650.5 billion won. Casino revenue rose 40.3 percent to 118.6 billion won. The company reported total first-quarter operating profit of 28.8 billion won, up 121 percent from a year earlier. Gangwon Land, Korea's only casino licensed to admit Korean nationals, is separately pursuing a 2.5 trillion won expansion program through 2032. The plan includes a second casino building, hotel expansion and additional non-gaming facilities. The second casino is scheduled to open in early 2028, while renovation work is underway on 757 of the resort's 1,827 hotel and condominium rooms. Kangwon Land has cited the Osaka project as a factor behind its efforts to expand and diversify the resort. The ministry says the proposed changes are intended to restore progressivity to a levy system that has barely changed in three decades and to direct additional revenue into tourism infrastructure and workforce development. A parliamentary forum on the proposed regulatory changes is scheduled for July 23. Rep. Cho Gye-won of the ruling Democratic Party is expected to introduce related amendments afterward. Specific levy brackets will be determined only after the Tourism Promotion Act is revised and the government completes consultations with the industry and tax and fiscal experts. 2026-07-21 18:00:03 -
KOSPI rebounds over 3% as chipmakers lead broad rally SEOUL, July 21 (AJP) - South Korean stocks closed higher on Tuesday, with the benchmark KOSPI advancing more than 3 percent as Samsung Electronics and SK hynix led a rebound in semiconductor shares. The KOSPI rose 231.68 points or 3.56 percent to close at 6,747.95 as a buy-side sidecar was activated on the main bourse after the index's gains accelerated. It opened 0.58 percent higher at 6,553.88 and fell to an intraday low of 6,429.03 during early volatile trading before climbing as high as 6,836.86. Buying strengthened in the afternoon as investors returned to semiconductor shares following the previous session's sharp selloff. A buy-side sidecar was activated at around 12:41 p.m., temporarily suspending program buy orders for five minutes. It was the 39th sidecar activation of the year and the 19th on the buy side. Institutional investors purchased 1.3744 trillion won ($931.8 million) worth of KOSPI shares, while foreign investors bought 295.1 billion won. Retail investors sold 1.6421 trillion won. Samsung Electronics jumped 6.2 percent to 259,000 won, while SK hynix gained 4.1 percent to 1,836,000 won. Samsung C&T surged 8.2 percent to 343,500 won and SK Square climbed 6.46 percent. Samsung Biologics rose 3.72 percent, Samsung Electro-Mechanics gained 2.75 percent and Naver advanced 3.8 percent to 193,000 won. Hanmi Semiconductor added 0.9 percent to 224,000 won. In contrast, Hanwha Ocean fell 1.6 percent to 81,900 won, while LG Energy Solution, Celltrion and Hana Financial Group slipped 0.16 percent, 0.58 percent and 0.60 percent, respectively. Semiconductor and semiconductor equipment shares gained 5.2 percent, led by a 29.9 percent surge in Zinitix and a 23.1 percent rise in Ajin Extek. Diversified companies advanced 4.8 percent, while life insurers gained 4.4 percent. Robot-related shares were also among the strongest performers. Everybot and Cosmo Robotics both surged 30 percent, while Elensys jumped 30 percent as physical artificial intelligence and humanoid-related shares rallied. A total of 485 KOSPI-listed stocks advanced, while 382 declined and 47 were unchanged. The tech-heavy KOSDAQ rose 3.70 points or 0.49 percent to close at 753.34. The index opened 0.06 percent higher at 750.07. It fell to an intraday low of 730.81 before recovering to reach a session high of 758.36. Retail investors purchased 144.9 billion won worth of KOSDAQ shares. Foreign investors sold 134.3 billion won, while institutions unloaded 14.4 billion won. Zinitix surged 29.9 percent, Ajin Extek gained 23.1 percent and Nature Cell climbed 9 percent to 24,750 won. Samchundang Pharmaceutical plunged 29.8 percent to 167,800 won, while Kolon TissueGene tumbled 29.9 percent to 42,900 won. Among the most actively traded shares, SI Resources surged 29.6 percent and Cho-A Pharmaceutical jumped 29.8 percent. JW Shinyak rose 6.2 percent to 2,145 won, while Mirae Life Resources fell 6.6 percent to 2,460 won. A total of 983 KOSDAQ-listed stocks rose, while 657 declined and 96 were unchanged. The Korean won strengthened against the U.S. dollar, trading at 1,475.0 won per dollar. Japan's Nikkei 225 jumped 3.3 percent to 66,232.2. China's Shanghai Composite Index rose 1.7 percent to 3,861.3, while Hong Kong's Hang Seng Index edged up 0.1 percent to 25,165.6. Brent crude rose 0.2 percent to $89.4 a barrel, while West Texas Intermediate gained 0.6 percent to $83.0 a barrel. 2026-07-21 17:50:05 -
Korean titles make Netflix's most-watched in H1 SEOUL, July 21 (AJP) - South Korean productions remained among Netflix's biggest global draws in the first half of 2026, with two Korean series breaking into the platform's worldwide top 10 and multiple other titles attracting tens of millions of viewers, according to Netflix's latest engagement report. Legal drama "Teach You a Lesson" followed at No. 6 with 48 million views, making South Korea the only non-English market to place two original series in Netflix's global top 10 during the period. South Korea placed several additional productions among Netflix's most-viewed releases. Romantic comedy "Can This Love Be Translated?" drew 29 million views, followed by "The Art of Sarah" with 26 million, the second season of action thriller "Bloodhounds" with 24 million and historical romance "My Royal Nemesis" with 16 million. Korean films also continued to perform strongly. Animated feature "K-Pop Demon Hunters" ranked fourth among all movies on Netflix with 130 million views, trailing "War Machine," and "The Rip and Swapped". Despite premiering in June of 2025, the film remained one of the platform's most-watched movies during the six-month period. Netflix said non-English titles accounted for more than one-third of all viewing worldwide during the January-June period, with South Korea, Japan, Spain, India and South Africa producing many of the platform's strongest-performing local-language releases. Korean animation and live entertainment also drew large global audiences during the period. "BTS THE COMEBACK LIVE | ARIRANG" attracted 21 million views, ranking among Netflix's biggest live-event releases of the half, while K-Pop Demon Hunters was on pace to become the platform's second most-watched original animated film ever. Netflix said viewers spent more than 97 billion hours watching content during the first six months of the year, the highest total ever recorded for a half-year period. Beginning in 2027, the company plans to publish its audience data annually instead of every six months. 2026-07-21 11:24:16 -
HYBE to roll out new K-pop girl group Tuide under new label ABD SEOUL, July 21 (AJP) - HYBE's newly established girl group label ABD has introduced its first artist, unveiling the seven-member act TUIDE ahead of the group's debut expected in the second half of 2026. The launch marks the first project for ABD, short for A Bold Dream, a label dedicated exclusively to developing girl groups within HYBE's multi-label system. According to the company, the label aims to pursue new creative directions while expanding the boundaries of K-pop through artist-focused production. TUIDE will be led by veteran producer Han Sung-soo, whos has previously worked with acts such as SEVENTEEN, After School, IZ*ONE and TWS. His involvement signals another high-profile collaboration within HYBE's network of independently operated labels. The label first introduced the group Monday by opening its official social media channels and unveiling the team's logo. The lineup consists of Seohee, Seoyeon, Elena, Jia, Saki, Seah and Yu Hani. The group's name derives from the phrase "Tune the Tide," reflecting the idea of bringing together members with distinct personalities into a unified team. While ABD has yet to disclose the group's musical direction or debut date, it said TUIDE is intended to balance each member's individuality with a cohesive group identity. TUIDE will become the latest female act under HYBE's expanding label portfolio, joining groups including LE SSERAFIM, managed by Source Music, ILLIT under Belift Lab and KATSEYE, the global girl group created through HYBE's partnership with Geffen Records. HYBE has continued to broaden its multi-label strategy by allowing individual labels to operate with separate creative teams and artistic identities rather than managing all artists under a single production structure. ABD's debut project represents the company's latest effort to diversify its girl group lineup as competition intensifies in the K-pop market. Further details on TUIDE's debut schedule and first release have not yet been announced. 2026-07-21 09:44:32 -
BLACKPINK's Jennie to summer-seasoned single SEOUL, July 21 (AJP) - K-pop girl group BLACKPINK's Jennie will officially release her new solo single "Less than a Lover" on July 24 after previewing the song at a string of major international music festivals, her agency OA Entertainment (ODD ATELIER) said Tuesday. Jennie gave audiences an early listen to the track during headlining appearances at the Governors Ball Music Festival in New York, Denmark's Roskilde Festival, Poland's Open'er Festival and Spain's Mad Cool Festival in Madrid, ahead of its official release. The song marks a stylistic shift from the performance-driven pop that has defined much of Jennie's solo catalog. Built around lo-fi guitar and vintage keyboard sounds, "Less than a Lover" leans toward a more restrained, intimate sound while showcasing a softer vocal approach. Jennie co-wrote the lyrics and participated in directing the music video, according to OA Entertainment, an independent label she founded in late 2023 after ending her individual contract with YG Entertainment, while remaining signed to the label for BLACKPINK's group activities. The singer is expected to continue performing the track on the international festival circuit next month with appearances at Lollapalooza Chicago and Japan's Summer Sonic 2026. Jennie has increasingly focused on solo projects in recent years while continuing activities as a member of BLACKPINK, whose members have each pursued individual careers alongside the group's global promotions. 2026-07-21 09:04:02 -
Coupang back under fire over warehouse automation's safety trade-off SEOUL, July 20 (AJP) - Fast delivery has long been at the core of Coupang's identity, helping transform South Korea into a republic of logistics. But a fire that was still burning Monday afternoon, more than 55 hours after breaking out at the company's state-of-the-art fulfillment center in Incheon, west of Seoul, underscored a new challenge facing increasingly automated warehouses - the costly trade-off between efficiency and the safety risks posed by lithium-powered robotics. The blaze broke out at about 6:54 a.m. on July 18 on the sixth floor of Coupang's No. 32 fulfillment center in Incheon's Seo District. It spread from the section to the right of the building's vehicle ramp to the seventh floor before extending to the left side of the sixth floor. Heo Seok-kyung, chief of the Incheon Seobu Fire Station, told reporters Monday that hundreds of lithium-powered logistics robots — containing roughly the same amount of battery material as about 20 electric vehicles — are stationed on the fifth floor, which has so far escaped the fire. If the flames reach that floor, he warned, they could spread rapidly throughout the building. Firefighters entered the fifth floor in an effort to halt the blaze while deploying 31 pieces of specialized equipment, including aerial ladder trucks. Thermal-imaging drones monitored heat accumulation in real time, directing crews to the hottest areas inside the warehouse. Authorities have maintained a nationwide firefighting mobilization order since Saturday afternoon, drawing personnel from eight provinces. As of Monday, 812 firefighters and police officers supported by 231 pieces of equipment had been deployed, up from 575 personnel when the fire was first reported. After initial attempts to battle the fire from inside were thwarted by extreme heat and poor visibility, firefighters began breaking through the building's exterior walls with excavators to vent smoke and create access points. Rain over Incheon provided little assistance because it could not penetrate deep into the warehouse. No deaths or civilian injuries have been reported. Two firefighters were treated for smoke inhalation and exhaustion. Of the facility's 2,195 workers, 121 were on duty when the fire broke out and evacuated safely on their own. Authorities issued an evacuation order Sunday night covering a 116-meter radius around the warehouse amid concerns that part of the building could collapse. After consulting structural engineers, however, officials decided to continue firefighting operations while installing monitoring sensors that would automatically warn crews of signs of structural failure. Nearby schools and childcare centers were advised to close Monday, while 168 residents stayed at two temporary shelters because of smoke and falling debris. The warehouse spans roughly 299,000 square meters across eight above-ground floors and one basement level, more than double the floor area of the facility involved in Coupang's previous major warehouse fire. Dense three-tier shelving and large quantities of paper and plastic packaging have made the blaze especially difficult to contain. Coupang said it does not expect significant disruption to its nationwide delivery network because most products stored in Incheon are also stocked elsewhere. Orders for items primarily stored at the site have been canceled and refunded. The cause of the fire remains under investigation, and authorities have yet to estimate the financial damage. Once the blaze is extinguished, fire officials will launch a joint investigation with the National Fire Research Institute and the Korea Electrical Safety Corporation to determine the cause, including whether fire detection and sprinkler systems functioned properly, whether fire compartments effectively contained the flames, and whether safety improvements introduced after Coupang's previous warehouse fire were fully implemented. The Incheon fire is the second major blaze at a Coupang logistics center since 2021, when a fire at the company's Deokpyeong facility in Icheon, Gyeonggi Province, burned for six days and claimed the life of a firefighter. Investigators later found that the warehouse's sprinkler system failed to activate for about eight minutes after the fire started. Coupang reopened the rebuilt facility only in 2025. The current fire is larger by most measures. More than 800 emergency personnel have been mobilized, compared with roughly 150 during the initial response to the 2021 blaze. While the Deokpyeong fire was largely contained within hours despite taking days to extinguish completely, the Incheon blaze remained uncontrolled more than 55 hours after it began. It remains too early to compare the overall severity of the two incidents because the Incheon fire is still active and investigators have not determined its cause. Rapid Expansion, Recurring Safety Complaints The disaster comes after years of rapid, capital-intensive expansion of Coupang's logistics network. The company has built 96 logistics facilities across 30 regions nationwide since its founding, investing more than 6.2 trillion won ($4.5 billion) and committing another 3 trillion won through 2026. Total warehouse floor space expanded from about 2.31 million square meters at the end of 2020 to 3.71 million square meters by the third quarter of 2022, an increase of nearly 60 percent in less than two years. Its fulfillment workforce reached roughly 46,000 in 2023, while employment at non-Seoul logistics centers increased from 15,000 workers in September 2024 to more than 17,000 by March this year. Ten workers died at Coupang logistics facilities between 2020 and 2022. A 2021 parliamentary review found that fire inspectors cited 139 of 268 logistics warehouses nationwide for fire-safety deficiencies, underscoring broader concerns across the industry. In December 2025, prosecutors received a criminal complaint alleging that Coupang founder and Executive Chairman Kim Bom-suk instructed a former executive to withhold records related to the 2020 death of warehouse worker Jang Deok-jun in an attempt to obstruct a workers' compensation investigation. Coupang has not publicly addressed the allegation in detail. The fire also comes amid mounting labor tensions. The Coupang Fulfillment Center branch of the Korean Public Service and Transport Workers' Union has scheduled two strikes for Aug. 1 and Aug. 15 after members voted overwhelmingly in favor of industrial action. The union is demanding guaranteed rest breaks during heat waves, expanded cooling facilities and permission for workers to carry mobile phones inside warehouses — a pledge Coupang made during a National Assembly hearing but has yet to implement. Although the branch has only about 200 members among roughly 78,000 fulfillment workers, labor unrest has continued. A strike in August 2023 drew just three participants. Separately, delivery drivers affiliated with the Korea Truckers' Solidarity Union in Gangwon Province staged a warning strike in June after Coupang introduced overnight deliveries in Chuncheon and Wonju. According to the union, 22 of 23 surveyed drivers reported lower daytime delivery volumes after the change, while the company proposed cutting per-package delivery fees by 122 won. National labor federations also organized one-day strikes in January calling for tighter restrictions on overnight delivery shifts and stronger government oversight of the company. Scandals in Korea and lobbying in Washington Coupang is also still dealing with the fallout from a massive data breach disclosed last November. A former employee used an unrevoked cryptographic key to access customer information between April and November 2025, affecting roughly 37.5 million people — including 33.2 million member accounts and at least 4.3 million non-members whose information appeared in delivery records. Regulators concluded the breach stemmed from basic failures in access-key management rather than a sophisticated cyberattack. In June, authorities imposed a record 624.68 billion won ($450 million) fine, the largest privacy-related penalty in Korean history. Kim did not issue a personal apology until about one month after the breach became public. Coupang plans to challenge the decision and will recognize the penalty as an operating expense in its second-quarter earnings. Fire-related costs, meanwhile, are expected to appear in third-quarter results. Coupang generates more than 90 percent of its revenue in South Korea but is controlled by Coupang Inc., a Delaware-incorporated parent listed on the New York Stock Exchange, a structure that has long drawn scrutiny over how profits are transferred overseas. The National Tax Service launched an investigation in December 2025, deploying roughly 150 investigators, including specialists in international transactions. The probe began with Coupang Fulfillment Services and has expanded to examine transfer-pricing practices between the Korean operation and its U.S. parent. For years, Kim largely avoided direct legal responsibility for workplace accidents because he did not serve as chief executive or registered representative director of Coupang's Korean operating entity, leaving his status under the Serious Accidents Punishment Act uncertain. In April, however, the Fair Trade Commission designated Kim as Coupang's "same person," formally recognizing him as the conglomerate's controlling figure. A Seoul court temporarily suspended that designation on July 14 while considering Coupang's legal challenge, leaving its legal status unresolved. Whether the designation ultimately carries implications for the Incheon fire or previous workplace fatalities remains an open question. At a rally outside Coupang's Seoul headquarters in February, the mother of a worker who died on the job publicly called for Kim's prosecution. The crises have coincided with Coupang's weakest earnings performance in years. The company posted an operating loss of 354.5 billion won ($242 million) for the first quarter of 2026, its largest quarterly loss since late 2021, even as revenue increased 8 percent to $8.5 billion. The quarter marked Coupang's slowest revenue growth since its 2021 New York listing. Net loss widened to 389.7 billion won, while active customers declined by 700,000 from the previous quarter to 23.9 million. Adjusted EBITDA fell 35 percent from a year earlier, largely because of customer compensation and other costs related to the data breach. Coupang expects second-quarter revenue growth of 9 to 10 percent at constant exchange rates while warning that margins will remain under pressure. Second-quarter earnings are expected in early August. Fire-related losses are unlikely to appear until third-quarter results, with potential damage estimates ranging from tens of billions of won to several hundred billion won. Investigators have yet to determine what caused the Incheon fire or whether any failures by Coupang or its contractors contributed to the blaze. Even so, the incident comes as the company faces a convergence of challenges — from a record privacy fine and a tax investigation to labor disputes and renewed scrutiny over workplace safety. Firefighters remained at the scene Monday under the nationwide mobilization order with no confirmed timetable for bringing the fire fully under control. Coupang said it is cooperating with investigators while providing relief supplies to firefighters and nearby residents. Whether the blaze ultimately prompts broader changes in fire safety standards across Korea's increasingly automated logistics industry may prove as significant as the investigation itself. 2026-07-20 17:51:51 -
KOSPI drops 4.5% as sell sidecars hit both markets SEOUL, July 20 (AJP) - Korean stocks closed sharply lower Monday, with the benchmark KOSPI losing more than 4 percent and the KOSDAQ falling more than 5 percent as sell-side sidecars were activated in both markets. The KOSPI dropped 304.33 points, or 4.46 percent, to close at 6,516.27. The index opened 2.60 percent lower at 6,643.58. It climbed as high as 6,814.86 during the session before falling to an intraday low of 6,472.80. The selloff followed a buildup of investor anxiety over the semiconductor sector during the Constitution Day holiday, compounded by escalating conflict in the Middle East. Leveraged exchange-traded funds tracking chip stocks were cited by market observers as amplifying the swings in both directions. A sell-side sidecar was activated in the main market at 11:21:26 a.m., temporarily suspending program sell orders for five minutes. Institutional investors sold a net 919.1 billion won worth of KOSPI shares. Foreign investors purchased a net 515.3 billion won, while retail investors bought 349.1 billion won. Samsung Electronics fell 4.31 percent to 244,000 won, while SK hynix dropped 4.23 percent to 1,764,000 won. Samsung Life Insurance plunged 8.91 percent and KB Financial Group lost 6.79 percent. Kia fell 6.48 percent, Hyundai Motor dropped 6.12 percent to 399,000 won and LG Energy Solution declined 4.94 percent. Samsung Biologics fell 3.65 percent, SK Square lost 2.89 percent, Samsung Electronics preferred shares declined 1.63 percent and Samsung Electro-Mechanics edged down 0.16 percent. Hanmi Semiconductor tumbled 8.5 percent to 222,000 won, while LG Innotek dropped 9.9 percent. Hanwha Ocean fell 4.0 percent to 83,200 won. Diversified telecommunications services gained 2.1 percent, led by a 2.8 percent rise in One4U and a 2.1 percent gain in KT. Card shares advanced 1.8 percent, with Samsung Card rising 1.8 percent. Diversified consumer services gained 1.5 percent, led by eSang Networks, which also rose 1.5 percent. The tech-heavy KOSDAQ fell 42.20 points, or 5.33 percent, to close at 749.64. The index opened 2.35 percent lower at 773.21 and traded between an intraday high of 783.74 and a low of 747.00. A sell-side sidecar was triggered in the KOSDAQ market at 10:52:54 a.m., about 29 minutes before the measure was activated in the KOSPI market. Program sell orders were suspended for five minutes. Retail investors purchased a net 190.8 billion won worth of KOSDAQ shares. Foreign investors sold 57.7 billion won, while institutions unloaded 134.8 billion won. Samchundang Pharm surged 29.82 percent to the daily limit at 239,000 won after receiving a response from the U.S. Food and Drug Administration regarding its Pre-ANDA consultation for a generic oral semaglutide product. ROKIT Healthcare jumped 27 percent to 61,400 won. Jinyoung rose 29.9 percent to 1,420 won, Zinitix gained 15.0 percent to 1,852 won and GigaLane climbed 15.1 percent to 12,990 won. Hanil Feed advanced 14.9 percent to 2,770 won, Hantop rose 13.8 percent to 2,765 won and JOLSE gained 9.5 percent to 1,309 won. Mirae Life Resources surged 29.8 percent and Selim B&G rose 9.7 percent as plastic-alternative and soybean-related shares ranked among the strongest themes. Semiconductor equipment shares were among the steepest decliners. Wonik IPS plunged 18.19 percent to 115,100 won, PSK dropped 12.59 percent and Jusung Engineering fell 10.64 percent to 167,900 won. Ecopro lost 8.13 percent and Ecopro BM declined 7.38 percent. Rainbow Robotics fell 5.54 percent, Rino Industrial dropped 4.43 percent, Alteogen declined 2.53 percent and Kolon TissueGene lost 1.45 percent. The Korean won strengthened slightly against the U.S. dollar, with the exchange rate falling 0.1 won to close at 1,478.4 won per dollar. Japan's stock market was closed for the Marine Day public holiday. China's Shanghai Composite Index rose 0.9 percent to 3,796.3, while Hong Kong's Hang Seng Index gained 2.0 percent to 25,059.9. Brent crude rose 2.3 percent to $90.1 a barrel, while West Texas Intermediate gained 2.0 percent to $84.1 a barrel. 2026-07-20 17:34:22