Journalist

Lee Hugh
  • Kimchi-making costs expected to drop slightly
    Kimchi-making costs expected to drop slightly SEOUL, November 18 (AJP) - The cost of making kimchi, the country's staple side dish, for a family of four is estimated to decrease by 5.6 percent from last year to 201,151 Korean won, according to the Korea Agro-Fisheries & Food Trade Corporation (aT). The estimate came after a survey of prices for about a dozen key ingredients at about 17 farmers' markets and 36 large retailers. Despite more and more households opting to buy kimchi these days, many South Koreans still maintain the traditional seasonal ritual of kimjang, the process of making and preserving kimchi in preparation for the long, cold winter season. Unseasonably frequent autumn rains led to poor harvests, driving up wholesale prices for cabbages and radishes. But the government's support measures including discounts aimed at stabilizing the market, helped lower retail prices overall. Cabbage prices dropped 10 percent and radishes 24 percent, compared to last year. Wholesale prices for agricultural produce are likely to decline further as supplies from southern regions are expected to increase later this month. "We are releasing government reserves of garlic and onions to stabilize prices during the kimchi-making season and will continue working to ensure stable supplies," said Moon In-cheol, an official at aT. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 17:38:20
  • Micron courts talents in its rivals home turf as heat intensifies in memory sector
    Micron courts talents in its rivals' home turf as heat intensifies in memory sector SEOUL, November 18 (AJP) - The three-way memory race in the high-stakes AI battlefield has spilled onto South Korean campuses, as the U.S. contender Micron Technology aggressively hunts for engineering talent on its rivals’ home turf amid intensifying competition in advanced chipmaking. Micron has been posting multiple Korea-based engineering roles on LinkedIn — including HBM system architecture, DRAM product engineering, and logic-integration positions — and will hold a recruiting session at Seoul National University’s College of Engineering next month, along with visits to other top tech universities. The SNU event advertises Micron’s global talent programs, relocation tracks, and “fast-track” or on-site engineering recruitment. The company toured Seoul, Daejeon, and Busan last year in a similar talent drive. Micron’s push comes as demand for high-performance memory surges on the back of AI and hyperscale servers. The U.S. company produces high-bandwidth memory (HBM) for GPUs powering AI applications across three regions — design and development in the U.S., memory fabrication in Japan, and advanced packaging and testing in Taiwan. DRAM accounts for nearly 70 percent of Micron’s revenue, with most NAND output — the remaining 30 percent — manufactured in Singapore. Recruits from Korea largely join these Asian operations. According to Micron’s post on SNU’s job board, the Idaho-based company hired 98 graduates and soon-to-be graduates from Korea for its Taiwan operations last year. Micron declined to comment on its reasons for stepping up recruitment in Korea. Korean memory makers, however, are well aware of their U.S. rival’s intentions. “Talent competition among the three DRAM makers has always existed. Micron’s activity in Korea appears tied to the intensifying HBM race, but Korean companies are not yet worried about a meaningful drain of engineers,” said a source familiar with SK hynix’s HR affairs. Samsung Electronics also declined to comment. Still, both Korean chipmakers have recently strengthened compensation packages to hold on to skilled engineers. Graphics by AJP Song Ji-yoon Samsung Electronics, long the comfortable leader among the three companies that together command more than 90 percent of the global DRAM market, has been losing ground since HBM emerged as the defining metric of DRAM leadership in the hyperscale era. As of June 2025, SK hynix leads the HBM market with a 62 percent share, followed by Micron at 21 percent and Samsung at 17 percent. Micron — once a distant third — has surged on strong U.S. demand for HBM. The company is now targeting engineers with one to three years of hands-on experience in HBM packaging, through-silicon via (TSV) technologies, and DRAM design — a talent pool heavily concentrated in South Korea. Without stronger defenses, Korea’s chip supremacy — built on its high-quality engineering base — is at risk, experts warn. “Korean engineers are among the most attractive in the global market. Losing mid-career engineers to overseas companies will directly weaken Korea’s chip competitiveness,” said Ahn Ki-hyun, executive director at the Korea Semiconductor Industry Association. Micron, which is racing to narrow the gap with Samsung and SK hynix in HBM3E and HBM4, is simultaneously expanding engineering capabilities across Boise, Singapore, Taiwan, and Japan. Analysts say Micron must deepen its expertise in advanced packaging and DRAM-logic integration to compete in AI-era data-center memory — the fastest-growing segment in the semiconductor market. Korean universities have become a critical battleground, leveraging long-standing academic-industry networks that accelerate testing and commercialization of next-generation chips. 2025-11-18 17:34:23
  • Nvidia-related rout spills over to Asian markets, spoiling Baby Shark creators KOSDAQ debut
    Nvidia-related rout spills over to Asian markets, spoiling Baby Shark creator's KOSDAQ debut SEOUL, November 18 (AJP) - The Wall Street tech rout — fueled by renewed concerns over Nvidia’s overvaluation — spilled into Asia on Tuesday, hammering semiconductor names and dragging down major regional indices. South Korea’s KOSPI plunged 3.32 percent to 3,953.62, losing the symbolically important 4,000 level. Sentiment soured after news that Thiel Macro — the hedge fund founded by Palantir Technologies chairman Peter Thiel — had fully liquidated its Nvidia stake. Foreign investors dumped 440 billion won ($300 million) of shares, while institutions unloaded 677 billion won, deepening the sell-off. Individual investors, however, stepped in with 1.24 trillion won in bargain hunting. SK hynix led the decline among heavyweight stocks, tumbling 5.94 percent to 570,000 won. Samsung Electronics slid 2.78 percent to 97,800 won. Shipbuilding stocks — buoyed early in the session by optimism over the Korea–U.S. trade fact sheet — also reversed. HD Hyundai Heavy Industries, which touched 626,000 won intraday, ended flat at 603,000 won, while Hanwha Ocean slipped 2.37 percent to 127,800 won. The tech-heavy KOSDAQ shed 2.66 percent to 878.70, falling below 900. The broad selling pressure spoiled the much-anticipated debut of The Pinkfong Company, creator of the global “Baby Shark” hit. Shares closed at 41,500 won, up 9.34 percent from the IPO price of 38,000 won — positive but well short of expectations for a stronger first-day pop. Japan’s Nikkei 225 also tumbled, losing 3.22 percent to 48,702.98 and slipping below the 50,000 mark. As in Seoul, Nvidia-linked suppliers were hit hardest. Advantest fell 3.7 percent to 19,260 yen ($124), Tokyo Electron dropped 5.47 percent to 31,480 yen, and semiconductor circuit-board supplier Ibiden posted the steepest loss with an 8.48 percent plunge to 12,140 yen. Taiwan’s TAIEX also declined as tech stocks dragged the market lower. Chipmaking titan TSMC, Nvidia’s largest foundry partner, slid 2.77 percent to 1,405 Taiwan dollars ($45), while chip designer MediaTek dropped 4.88 percent to 1,170 Taiwan dollars. China’s Shanghai Composite Index dipped 0.81 percent to 3,939.81, a milder fall compared with Seoul, Tokyo and Taipei but still weighed down by weaker-than-expected Singles’ Day consumption. The Shenzhen Composite Index lost 0.92 percent to 13,080.49. The sharpest correction in Greater China was seen in Hong Kong, where the Hang Seng Index dropped 1.86 percent to 25,893.06. Lenovo fell 4.46 percent to 9.64 Hong Kong dollars ($1.24) after Nomura cut its target price from 14 to 11 Hong Kong dollars, worsening the broader tech slump. BYD slid 3.82 percent to 96.85 Hong Kong dollars amid renewed concerns over margin pressure and supply gluts in China’s EV market. 2025-11-18 17:07:30
  • K-beauty set to be next collateral damage from localization fever in China
    K-beauty set to be next collateral damage from localization fever in China SEOUL, November 18 (AJP) - Korean beauty brands were virtually absent from this year's Singles' Day shopping festival — often dubbed China's version of Black Friday — marking a stark retreat from a market they once dominated and positioning K-beauty as the next collateral damage of China’s localization drive after smartphones and cars. The simultaneous withdrawal of Korean players underscores both the sophistication and rising confidence of Chinese manufacturing — from AI phones to skincare — under Beijing's state-steered industrial system. It also highlights the failure of Korean brands to either localize deeply or assert a distinctive identity compelling enough to withstand China’s fast-advancing competitors. China's largest e-commerce platform, Tmall, reported that Proya, a Chinese skincare giant, was the top-selling beauty brand this Singles' Day. Proya surpassed 100 million yuan ($14 million) in sales within the first minute of pre-sales and ranked No.1 throughout the Oct. 15 to Nov. 11 promotion period. Chinese beauty labels consolidated their dominance across platforms. Five domestic brands — Proya, Winona, Kefumei, Herborist, and Mao Geping — made the Tmall top-20 ranking, reaffirming the sector’s shift to high-performing local names. With the exception of Mao Geping, a color-cosmetics specialist, most are skincare labels built around plant-based ingredients, hydration, and sensitive-skin solutions. No Korean brands made Tmall's top-20 list. LG Household & Health Care's luxury label, The History of Whoo, managed only ninth place on Douyin's beauty sales chart. Demand for dermacosmetics — functional skincare that blends dermatology with cosmetics — is also surging in China, particularly for sensitive-skin consumers. According to the Korea Trade-Investment Promotion Agency's Hangzhou office, 36.1 percent of Chinese women today have sensitive skin, a figure projected to reach 48 percent by 2030 due to pollution, stress, UV exposure, and changing lifestyles. This shift has rapidly fueled demand for irritation-free, dermatology-backed products — a category where Chinese brands have strengthened capabilities far faster than their Korean rivals. Kim Hee-jong, CEO of the China-based Sangsangrak Creative Center and a researcher with the China Specialist Forum (CSF) under the Korea Institute for International Economic Policy, noted that "Guochao" — China's homegrown consumer-product wave — is reshaping sectors from cosmetics and food to home appliances and apparel. "Guochao products may look trendy, but their core appeal is high quality at practical prices," he said. "People used to distrust domestic brands, but once they try them, they find the quality surprisingly strong. With social-media-savvy Gen Z embracing Guochao as cultural identity, the trend is here to stay." Lee Wook-yon, a professor of Chinese Culture at Sogang University, said in a CSF column that Guochao first gained momentum in 2018, the year U.S. sanctions on Huawei escalated the U.S.–China tech rivalry. "What began as niche consumer behavior under external pressure has now become a mass phenomenon," he said. A similar story has played out in China's smartphone market. Xiaomi, Samsung, Huawei, and Apple once competed fiercely. But when U.S. sanctions throttled Huawei's access to advanced 5G chips in 2019, citing security risks, its market share collapsed. Apple captured the premium segment as Xiaomi, Oppo, and Vivo strengthened their grip on mid-range categories. Defying restrictions, Huawei partnered with China's SMIC to develop its own 7-nanometer chips. Its 2023 launch of the Mate 60 Pro, powered by the Kirin chipset, marked a symbolic return to 5G prowess. While Huawei still faces hurdles abroad, its domestic brand power has sharply rebounded. Korean firms lost ground. Samsung, which held nearly 20 percent of China's smartphone market a decade ago, now has less than a 3 percent share. Chinese EVs and SUVs account for more than half of the automotive market, pushing Hyundai Motor to shut down its Beijing sales unit in September as demand in major cities wanes. Business prospects in the world's second-largest consumer market have grown dimmer as Beijing intensifies its push for self-sufficiency and domestic consumption. China's research and development spending surpassed 700 trillion won ($477 billion) last year — more than Korea's entire fiscal budget. According to the National Bureau of Statistics, China's R&D expenditure reached 3.63 trillion yuan in 2023, up 8.9 percent from a year earlier. From 2021 to 2024, R&D spending grew at an average annual rate of 10.5 percent, underscoring its accelerated drive for technological competitiveness. 2025-11-18 17:01:09
  • Lee seeks to expand cooperation in high-tech industries with UAE
    Lee seeks to expand cooperation in high-tech industries with UAE SEOUL, November 18 (AJP) - South Korea aims to lay the foundation for a new phase in bilateral relations with the United Arab Emirates (UAE) by expanding cooperation in high-tech and future industries including healthcare, artificial intelligence (AI), and other advanced technologies, President Lee Jae Myung said in an interview with the UAE's English-language newspaper Aletihad. Lee, who is currently in Abu Dhabi before attending the Group of 20 (G20) summit in South Africa later this week, explained that choosing the UAE as the first stop on his Middle East tour reflects his "strong will to solidify and advance bilateral relations." South Korea has "the capacity to meet the UAE's requirements for developing its semiconductor ecosystem and strengthening its competitiveness in advanced industries," he said. "As a leading global producer of memory chips in the semiconductor supply chain, Korean-made electric and hybrid vehicles and UAE petrochemical products. This will help expand bilateral trade, enhance industrial competitiveness, and generate benefits for consumers in both nations." After wrapping up his itinerary in the UAE, he will travel to Egypt before heading to Johannesburg for the first G20 summit to be held on the African continent slated for this weekend. After a brief stop in Turkey, Lee is scheduled to return home on Nov. 26. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-18 16:35:22
  • INTERVIEW: Sookmyung Womens University builds global footprint in pharmaceutical science
    INTERVIEW: Sookmyung Women's University builds global footprint in pharmaceutical science SEOUL, November 18 (AJP) - Sookmyung Women’s University’s College of Pharmacy has emerged as one of South Korea’s most active incubators of medical and pharmaceutical R&D, expanding its global footprint and highlighting the strength of female scientific leadership in the country. In an interview with AJP, Dean Jeon Ra-ok said the college’s competitiveness "comes from its history, and the networks and research foundation that history has built." A central marker of that strength is the college’s back-to-back selection for the Medical Research Center (MRC) program — one of Korea’s most competitive national grants in medical and pharmaceutical science. Only a handful of pharmacy schools nationwide qualify. Sookmyung’s project, built around its Muscle and Sebum Research Center, receives roughly 1.5 billion won (about $1.1 million) per year. "MRC selection is one of the highest research recognitions a pharmacy school can receive," Jeon said. "Being chosen twice in a row reflects not the achievement of one professor but the collective capacity of our entire research team." The long-running program, she added, connects undergraduate internships with graduate-level research and requires "many years of accumulated infrastructure and collaboration." This year, the college also secured a spot in the newly expanded Glocal Lab program, another major government initiative that provides funding on a similar scale. The program mandates global partnerships, and Jeon said the college already collaborates with Princeton University, the University of Massachusetts, and Ghent University in Belgium. "This is not symbolic," she said. "We co-design research and verify results together. Our selection shows that the school has both regional influence and global expansion potential." Alumni have become another pillar of Sookmyung’s rise. Since its founding in 1953, just after the Korean War, the college has produced graduates who now hold mid- to senior-level positions across healthcare and pharmaceuticals. "If you gathered only our graduates, you could form an entire market ecosystem," Jeon said. Among its most distinguished alumnae is Chung Hee-sun, a forensic scientist who served as the inaugural president of the National Forensic Service. Renowned for her work in drug analysis, toxicology, and forensic science, Chung frequently returns to campus for special lectures. Jeon noted that the number of pharmacy-trained professionals in the forensic field has declined, and that Chung "actively encourages more pharmacy graduates to enter." In the pharmacy profession, Kwon Young-hee, president of the Korean Pharmaceutical Association and the first woman to head the century-old organization, is also a Sookmyung graduate. She has pushed to redefine pharmacists as public health professionals and is advocating for generic-name prescriptions, which allow patients to choose among products containing the same active ingredients. The pharmaceutical distribution sector is shaped by another alumna, Cho Sun-hae, co-founder and chairwoman of Geo-Young, Korea’s largest drug distributor with annual sales of around 4 trillion won. She has long supported student and alumni initiatives. In biotechnology, Professor Bae Gyu-un founded Animusquare, a muscle-research-based startup now in discussions with Merck over a Phase II clinical-stage technology. Jeon summarized the college’s strengths as "history, research, and network." Founded in a time of national hardship, the school was one of Korea’s earliest pharmacy programs. "Our long history gives the institution stability and credibility," she said. "When you have stability, you have the confidence to take on new challenges." Reflecting that philosophy, the college recently overhauled its curriculum to include biopharmaceuticals, data science, and bioinformatics — fields expected to define the next era of health care. Faculty expansion has further reinforced the academic structure. "Pharmacy is a professional discipline, but it is also an area where innovation is essential," Jeon said. "I hope our students grow into innovators who can take bold steps forward on a strong foundation." 2025-11-18 16:30:36
  • IBK opens Silicon Valley center to support Korean startups
    IBK opens Silicon Valley center to support Korean startups SEOUL, November 18 (AJP) - The Industrial Bank of Korea (IBK) said Tuesday it has opened a center in Palo Alto, Calif., to help South Korean startups establish a foothold overseas. The IBK Silicon Valley Center replaces a smaller office the bank launched in 2023 and marks its first full-scale overseas startup hub. The new facility includes space for investor presentations, meetings with local partners and networking events aimed at early-stage companies. IBK has operated a network of startup support centers in South Korea and overseas since 2017, backing more than 200 startups annually through financing, mentoring and global expansion programs. “Launching our first center in Silicon Valley, the hub of the startup ecosystem, will help South Korean startups reach international markets,” Kim Sung-tae, the bank’s president, said in a statement. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 16:14:02
  • Team Korea lands in UAE to widen defense, energy, high-tech foray
    Team Korea lands in UAE to widen defense, energy, high-tech foray SEOUL, November 18 (AJP) - Team Korea — led by South Korean President Lee Jae Myung and a delegation of top corporate chiefs — arrived Wednesday in the United Arab Emirates to pursue business opportunities in a Middle East rapidly pivoting toward digitalization, high-tech manufacturing, militarization and decarbonization powered by its oil wealth. The two-day UAE visit includes leaders from Korea's industrial backbone: Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Eui-sun, and Hanwha Group Vice Chairman Kim Dong-kwan, who are bringing with them Korea's strengths in semiconductors, mobility and defense. The broader Middle East has emerged as a fast-expanding frontier for Korean exporters. While it ranked eighth among Korea's nine major export destinations in the first half of 2025, its growth rate was the third-fastest, rising 14.8 percent year-on-year. Total annual exports to the region climbed from 14.6 billion won in 2020 to 19.6 billion won in 2024, recording a compound annual growth rate of 6.05 percent, according to the Ministry of Trade, Industry and Energy. Defense is set to be one of the most significant agenda items, with President Lee and executives from Hanwha and Hyundai Motor Group promoting Korean weapons systems at the Dubai Airshow, the Middle East's largest aviation and defense exhibition. The region – a persistent flashpoint for conflict - has shown rising interest in modernized Korean defense systems. The UAE became the first foreign nation to acquire South Korea's Cheongung-II surface-to-air missile system in 2022 through a $3.5 billion deal, followed by Saudi Arabia and Iraq with separate contracts worth $3.2 billion and $2.8 billion. Korean companies have intensified their outreach as regional conflicts show no signs of easing. Hanwha Aerospace opened a Middle East–North Africa regional headquarters in Riyadh on Sept. 3 and is reviewing a joint venture with Saudi Arabia's Ministry of National Defense. Vice Chairman Kim Dong-kwan met Saudi Defense Minister Prince Abdullah bin Bandar bin Abdulaziz on Sept. 21 to present key weapons including the K9 self-propelled howitzer and Redback infantry fighting vehicle, while discussing localization strategies. Hyundai Rotem is competing with a desert-adapted K2 main battle tank designed for extreme heat, equipped with desert camouflage and an active protection system to counter anti-tank missiles in local environments. LIG Nex1, already established in the region through the Cheongung program, signed a 1.477 trillion won contract on Oct. 27 to supply core components for Iraq's Cheongung-II project, alongside Hanwha Systems and Hanwha Aerospace. Experts say the region's combination of unstable security conditions, high defense spending relative to GDP, and disrupted global supply chains is driving new opportunities. Jang Nam-hyun, analyst at Korea Investment & Securities, said at a defense seminar on Oct. 27 that opportunities are opening as traditional exporters — the United States, France and Germany — have shifted focus to Europe since the Russia-Ukraine war, while many Middle Eastern militaries face replacement demand for aging tanks and armored vehicles. Beyond defense, the UAE remains Korea's closest economic partner in the Middle East and the only country in the region with which Seoul maintains a special strategic partnership. The UAE was the first to import South Korea's nuclear reactor technology through the Barakah project, and is now looking to expand cooperation into hydrogen, leveraging abundant natural gas and renewable energy assets, Undersecretary for Energy and Petroleum Affairs Sharif Al Olama said in an interview with AJP. President Lee described the UAE as a vital platform for Korea's broader regional ambitions. "The UAE can serve as a base camp for Korea as we expand into Africa, Europe and the Middle East," he said Monday. "The two countries should evolve from brotherly nations into an economic community." Lee also called for expanded joint research, co-production and third-country energy projects between Seoul and Abu Dhabi. After the UAE, President Lee will travel to Egypt before heading to South Africa for the Group of 20 summit, state visiting Turkiye (Turkey) for his final destination. 2025-11-18 15:51:50
  • Korean calorie-support product tops Japans beauty platform for 24 weeks
    Korean calorie-support product tops Japan's beauty platform for 24 weeks SEOUL, November 18 (AJP) - South Korean food supplement company Foodology said Tuesday that its “Cutting Jelly” product has claimed the No. 1 spot in the “Calorie Support Supplement” category on @cosme, Japan’s largest beauty and personal care platform, for 24 consecutive weeks. @cosme, which draws roughly 20 million monthly visitors, updates its rankings based on user reviews and recommendations. Its reputation-based ratings system is widely regarded as one of the most trusted gauges of consumer sentiment in Japan’s beauty market. From March 1 to Aug. 31, Cutting Jelly outperformed well-known Japanese wellness products, including Fancl’s Calorie Limit and Orbis’s Petit Shake. The sustained lead underscores Foodology’s rising presence in Japan, supported by consistently high user scores, the company said. The company’s broader “Colleology” line — which includes Cutting Jelly — has also maintained strong rankings on the platform. The range is marketed for helping regulate post-meal blood sugar levels and supporting digestion, and is known for its tangy pomegranate flavor. Cutting Jelly, sold in portable stick packs, has been particularly popular, topping Rakuten’s jelly category in early April. “With Cutting Jelly leading the way, the Colleology line continues to perform strongly in Japan,” a Foodology spokesperson said. “We aim to solidify our position as a leading K-beauty brand in Japan and expand our global footprint.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 15:42:32
  • No hostile intention toward North Korea, South Korea says
    No hostile intention toward North Korea, South Korea says SEOUL, November 18 (AJP) - South Korea has "no hostile or confrontational intent toward North Korea," the presidential office said on Tuesday, suggesting that it will continue to pursue rapprochement with the North. "We have no hostile or confrontational intent toward the North," said spokesperson Kang Yu-jung. She added, "We will continue working to ease inter-Korean tensions and restore trust between the two Koreas." The remarks came just hours after North Korea harshly denounced a joint fact sheet detailing trade and security agreements between Seoul and Washington, which was released last week after the two countries finalized a tariff-related deal during U.S. President Donald Trump's visit here late last month. Kang stressed that South Korea's security cooperation with the U.S. is aimed at strengthening peace and security on the Korean Peninsula while protecting national interests. Earlier in the day, the state-run Korean Central News Agency criticized the fact sheet, claiming that it reveals a "confrontational stance" and vowing to take countermeasures. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 15:35:46