Kolmar Korea posts record quarterly earnings on global K-beauty boom SEOUL, August 08 (AJP) - Cosmetics manufacturer Kolmar Korea posted its highest-ever quarterly revenue in the second quarter, fueled by the global proliferation of the K-beauty trend. The company reported consolidated revenue of 730.8 billion won (approximately $555 million) for the April–June period, a 10.7 percent increase from a year earlier, according to a regulatory filing on Friday. Operating profit rose 2.4 percent to 73.5 billion won ($55.8 million), with the operating margin standing at 10.1 percent. For the first half of 2025, cumulative revenue reached 1.38 trillion won ($1.05 billion), up 12.1 percent year-on-year. Operating profit surged 28.1 percent to 133.4 billion won ($101.3 million), underscoring strong momentum in core business areas. Despite the operational gains, net income fell 7.4 percent to 41.8 billion won ($31.7 million), weighed down by a sharp rise in financial expenses. Interest and other financial costs jumped nearly 149 percent year-over-year, from 9.9 billion won to 24.7 billion won ($7.5 million to $18.8 million). Sun care products accounted for 33 percent of second-quarter sales, maintaining their dominant share from a year ago. Makeup revenue grew by a robust 45 percent year-over-year, comprising 18 percent of the total, while skin care’s share slipped to 43 percent. Kolmar noted continued strong performance from major sun care clients, while highlighting a shift in the sales mix toward indie and private-label health and beauty brands, as well as increased demand from global luxury labels. 2025-08-08 16:14:02

POSCO's construction unit under full government probe following repeated worker deaths SEOUL, August 08 (AJP) - South Korea’s Ministry of Land, Infrastructure and Transport has launched a sweeping safety inspection of nearly 100 construction sites operated by POSCO Engineering & Construction, the government announced Thursday, in the wake of a series of fatal workplace accidents. The probe, which began in late July, targets construction sites where POSCO E&C is the main contractor. The company, a subsidiary of steel giant POSCO Holdings, has faced mounting scrutiny after multiple labor-related deaths this year. The government’s action follows a sharp rebuke from President Lee Jae Myung during a Cabinet meeting on July 29. “This is murder by willful negligence,” President Lee said, referencing the company’s repeated safety failures. POSCO E&C responded by announcing an “indefinite suspension of operations” across 103 construction sites, including high-profile developments in Seoul and surrounding areas. In a follow-up directive issued on Aug. 6, President Lee called on government ministries to “review all legally permissible measures,” including the revocation of construction licenses and disqualification from future public contracts. Lee's statement came just two days after another fatal incident — the fifth in a string of deadly accidents at the company’s sites this year. The Ministry of Employment and Labor will begin conducting joint inspections next week alongside the transport ministry, focusing on potential violations related to illegal subcontracting and delayed wage payments. Authorities said sanctions would be escalated if wrongdoing is confirmed. Four workers have died on POSCO E&C sites since January. The most recent case occurred on Aug. 4, when a Myanmar national in his 30s suffered cardiac arrest from electrocution. On July 28, a man in his 60s was fatally trapped in a drilling machine. Earlier incidents in January and April involved deadly falls and structural collapses. 2025-08-08 14:20:06

OpenAI and Anthropic tap S. Korean market, targeting enterprise and public sector markets SEOUL, August 07 (AJP) - Major United States artificial intelligence developers are accelerating their business expansion into South Korea, establishing local offices and recruiting skilled workers as they target the country’s enterprise and public sector markets. According to industry sources on Thursday, OpenAI, the company behind ChatGPT, has recently relocated the address of its South Korean entity to a shared office space in Seoul's southern district of Gangnam, also the capital's heart of finance and technology. The firm previously announced the formation of a South Korean corporation and began hiring locally. OpenAI is currently finalizing the appointment of its Head of OpenAI Korea. Once the position is filled, the company is expected to hold an official launch event for OpenAI Korea as early as next month. The local team is projected to include around 10 employees. In May, OpenAI began hiring for account director positions, as well as roles in client support, solutions engineering, and solution architecture, among others. Anthropic, the developer of Claude and widely seen as a key rival to OpenAI, also recently established a Korean entity under the name Anthropic Korea, marking the start of its formal entry into the Korean market. Although Anthropic has yet to open a physical office in South Korea, industry watchers expect the company to set up local operations by the end of the year. Mike Krieger, Chief Product Officer at Anthropic, said the company plans to begin making significant investments in the Asia-Pacific region this year, during "Amazon Web Services (AWS) Unicorn Day 2025" held in March at COEX, a major exhibition and conference hub complex in Seoul. While OpenAI’s models are widely recognized for their strengths in text generation and summarization, Claude has shown strength in "vibe coding," where the AI autonomously writes code, gaining traction in the enterprise AI model market. South Korea is currently the second-largest market for paid ChatGPT subscriptions globally, and also ranks among the top five countries for enterprise (ChatGPT for Teams) usage. This highlights Korea’s rapid adoption of AI technologies in both business-to-business (B2B) and business-to-government (B2G) domains. An AI industry expert said, "Korea may have a relatively small population and thus a limited consumer market, but it is one of the most proactive countries when it comes to adopting AI to drive real-world results. That’s why it’s increasingly being seen as a proving ground for AI in the broader Asia-Pacific region." 2025-08-07 14:09:58

Watcha enters court receivership, vows to maintain streaming service SEOUL, August 07 (AJP) - Watcha, a South Korean streaming platform, has entered court receivership after a creditor-initiated petition. Despite the ongoing court proceedings, the company has assured users and partners that its services will continue without disruption. According to industry sources on Thursday, the Seoul Bankruptcy Court approved the commencement of Watcha’s rehabilitation process on August 4. The decision followed a petition filed by Enlight Ventures, a holder of Watcha’s convertible bonds. The deadline for Watcha to submit a rehabilitation plan is set for January 7, 2026. The court will then review the proposal to determine whether to approve the restructuring. If the plan is deemed unviable, the company could face bankruptcy. Lists of rehabilitation creditors, secured creditors, and shareholders must be submitted by September 1 this year, followed by rights filings related to claims and securities by September 22. The court did not appoint an external trustee, allowing Watcha CEO Park Tae-hoon to retain control and continue managing the company under the existing leadership. Watcha stated that it will "respect and comply with the court's decision to initiate rehabilitation proceedings." In a statement, the company emphasized, "Existing refund and cancellation policies, as outlined in our terms of service, remain unchanged. All services will continue to operate normally without interruption." It added, "We will maintain transparent communication with our users and partners, and share updates as the process moves forward." Choi Hyo-jong, the attorney representing Watcha, said, "Watcha will diligently follow the court’s schedule throughout the rehabilitation process," and added, "We are also actively exploring M&A opportunities and fundraising efforts." Founded in 2011, Watcha began as a personalized film recommendation platform and expanded into streaming services in 2016. The company once stood out for its strong curation and user rating features. However, as competition in the local streaming market intensified, Watcha struggled to retain users. According to IGAWorks’ Mobile Index, Watcha’s monthly active users (MAU) dropped from an estimated 1.29 million in January 2022 to just 460,000 as of last month. The company's 2024 audit report painted a grim picture: revenue fell to 33.8 billion won (about $24 million), down 22.83 percent from the previous year’s 43.8 billion won. Operating losses totaled 1.84 billion won (about $1.3 million), while net losses reached 8.29 billion won (about $5.9 million). Notably, its current liabilities exceeded current assets by 90.7 billion won. Watcha had raised 49 billion won (about $35 million) in CB investments from major venture capital firms and individual investors in 2021. However, it failed to repay the principal and interest by the maturity date in November 2023, and no extension agreement was reached. As a result, Shinhan Accounting Corporation, the company’s auditor, issued a disclaimer of opinion, citing “substantial doubt about Watcha’s ability to continue as a going concern.” 2025-08-07 10:35:35

[[K-Tech]] Hanwha Systems delivers first mass-produced AESA radar for KF-21 fighter jet SEOUL, August 06 (AJP) - Hanwha Systems has completed delivery of South Korea’s first domestically mass-produced Active Electronically Scanned Array (AESA) radar for the KF-21 fighter jet, marking a significant milestone in the nation’s push for self-reliant defense technology, the company announced Wednesday. The radar handover ceremony was held Tuesday at the Hanwha Systems Integrated Research Center in Yongin, Gyeonggi Province. The event was hosted by South Korea’s Defense Acquisition Program Administration (DAPA) and organized by Hanwha Systems. Under the contract terms, a total of 40 AESA radar units are scheduled to be delivered by 2028 for integration into the next-generation KF-21 Boramae fighter, developed by Korea Aerospace Industries. The AESA radar is considered a cornerstone of modern air combat capability. Comprising approximately 1,000 transmit/receive modules (TRMs), the radar electronically steers its beam without mechanical movement by varying the phase of signals emitted from each module. This enables rapid scanning across wide angles, allowing the radar to detect, track, and identify multiple targets simultaneously — a sharp contrast to older mechanically scanned radars. The successful mass production of the radar underscores South Korea’s emergence as a credible developer of advanced defense electronics — an achievement made more notable by early skepticism surrounding the project. In 2015, the United States declined to transfer core AESA radar technologies for the KF-21, raising doubts about the feasibility of a fully indigenous solution. Hanwha Systems joined the program as a prototype manufacturer under the leadership of the Agency for Defense Development (ADD), completing the first working prototype in 2020 — just four years after development began. The project is now viewed as a landmark case of South Korea’s growing capabilities in strategic military technologies. “Hanwha Systems is the only domestic company to have successfully developed and mass-produced a homegrown AESA radar for aircraft,” said Park Hyuk, head of the company’s Defense Electronics division. “With export deals already in hand, we’re now accelerating efforts to bring our radar systems to the global market.” Park added that the company aims to broaden the application of its AESA radar technology across a range of platforms, including mid-size fighter jets, light combat aircraft, and even small drones. The KF-21, South Korea’s first domestically developed fighter jet, is expected to serve as the backbone of the country’s air force over the coming decades, and its successful integration of homegrown components is central to Seoul’s ambitions for defense autonomy and global competitiveness in the arms industry. 2025-08-06 14:48:13

Coupang posts record revenue, ramps up AI adoption for future growth SEOUL, August 06 (AJP) - South Korean e-commerce company Coupang Inc. reported record quarterly revenue in the second quarter of 2025, buoyed by a broader product lineup and strong international performance, particularly in Taiwan. In a filing with the U.S. Securities and Exchange Commission, Tuesday (local time), Coupang said revenue rose 19.3 percent year-over-year to 11.98 trillion won, or approximately $8.52 billion. The company surpassed its previous record of 11.49 trillion won set the previous quarter. Operating profit reached 209.3 billion won ($149 million), while net income stood at 43.5 billion won ($31 million), marking a return to profitability for the Seoul-based company. Coupang credited the robust results to continued expansion in its core Product Commerce division — which includes Rocket Delivery, Rocket Fresh, Rocket Growth and Marketplace — as well as strong momentum overseas. The number of active customers in the division climbed 10 percent from a year earlier to 23.9 million, while revenue per active customer increased 6 percent to 431,340 won (roughly $307). International operations played a critical role in the company’s record-setting quarter. Coupang’s global and emerging businesses — including its Taiwan subsidiary, luxury fashion platform Farfetch, and food delivery app Coupang Eats — generated 1.67 trillion won ($1.19 billion) in revenue, up 33 percent from the same period last year. Taiwan led the international surge, with Rocket Delivery sales jumping 54 percent quarter-over-quarter and contributing to triple-digit growth in the market, Coupang said. Chairman and founder Bom Kim emphasized the growing role of artificial intelligence in the company’s operations during an earnings call on Wednesday. “AI-powered automation and the strengthening of humanoid robotics will transform Coupang’s operations,” Kim said. “We see this as a long-term engine for both revenue growth and margin expansion.” 2025-08-06 10:46:39

[[K-Tech]] S. Korean firm lands $79 million deal for Singapore power grid expansion SEOUL, August 05 (AJP) - South Korea’s Taihan Cable & Solution has secured a major contract with Singapore’s state-run electricity provider to deliver and install a 400-kilovolt underground power network as part of a regional initiative to expand clean energy transmission. The deal, announced Tuesday, was signed with SP PowerAssets Limited and is valued at approximately 110 billion won, or $79.2 million. The project will form a critical piece of Singapore’s energy infrastructure as the city-state prepares to import renewable electricity from Indonesia. Under a turnkey model, Taihan will oversee the full construction of the high-voltage system — from initial design and cable manufacturing to underground installation, connection, and testing — delivering a fully operational network to SP PowerAssets. The new transmission line will feed power to a substation on Singapore’s West Jurong Island, a key industrial hub. The contract comes as Singapore's electricity demand surges, fueled by a growing number of data centers and AI-driven infrastructure. The cross-border grid project is part of a broader push by Southeast Asian nations to decarbonize energy systems and enhance regional connectivity. “This contract once again proves Taihan’s competitive edge in Singapore’s ultra-high voltage power grid market,” the company said in a statement. “As a key supplier in the region, we plan to accelerate our push into high-value markets by leveraging our technological leadership in strategic products such as HVDC and subsea cable systems.” 2025-08-05 16:22:30

China's EV boom offers new opportunities for Korean auto suppliers: KOTRA SEOUL, August 05 (AJP) - China’s dominance in electric vehicle production is opening a fresh wave of opportunities for South Korean companies, particularly those specializing in core automotive technologies and components, according to a new report by the Korea Trade-Investment Promotion Agency (KOTRA). In a report released Tuesday titled “Recent Trends and Implications in China’s Automotive Industry,” KOTRA identified strong potential for Korean firms to supply electric vehicle-related parts and systems as Chinese automakers expand output and face growing international scrutiny. The agency pointed to surging demand for automotive semiconductors, ultra-lightweight materials, EV software solutions, and components related to speed reduction and transmission as key areas for growth. “As China pivots toward electric mobility, there is a widening gap between rapid expansion and the need for high-quality, specialized components—precisely where Korean firms excel,” said Lee Ji-hyung from KOTRA. “Our focus must be on developing technologies tailored to the unique demands of China’s market while building deeper partnerships with local players.” The report details how China, in 2024, cemented its role as the world’s largest auto market, producing and selling over 30 million vehicles and exporting more than 5 million. Electric vehicles accounted for over 40 percent of total production, and Chinese brands now command more than 80 percent of the domestic EV segment. However, the report also underscores challenges within the Chinese market. Fierce price competition has left only a handful of EV makers — including BYD, Li Auto, and Tesla — operating above the breakeven point, thanks to annual sales volumes exceeding 400,000 units. As domestic competition intensifies, Chinese automakers are accelerating exports, prompting protective responses from the United States, the European Union, and several Latin American countries, including countervailing duties and anti-dumping measures. These trade frictions, KOTRA noted, are creating new supply chain dynamics that Korean firms can tap into. The report emphasizes the strategic advantage Korean suppliers hold in high-precision, export-ready components — particularly as Chinese manufacturers aim to improve quality and performance to compete globally. 2025-08-05 14:15:12

POSCO joins bid to acquire Australia's historic steelworks SEOUL, August 05 (AJP) - South Korean steel firm POSCO has joined an international consortium to pursue the acquisition of the Whyalla steelworks in South Australia, as part of a broader strategy to secure low-carbon raw materials and bolster its green transition. The consortium, which includes Australia’s BlueScope Steel, Japan’s Nippon Steel, and India’s JSW Group, has submitted a non-binding expression of interest to the South Australian government. If successful, the acquisition would mark a rare convergence of Asia-Pacific steelmakers collaborating on a major industrial project, amid growing global pressure to cut emissions from heavy industries. BlueScope confirmed the group’s intent, saying it views Whyalla as a promising hub for producing and exporting low-carbon steel. If selected to advance in the bidding process, the consortium plans to conduct joint due diligence and enter talks with both state and federal authorities about potential financial assistance. Located on the southern coast of Australia, the Whyalla facility began operations in 1941 and has the capacity to produce 1.2 million metric tons of structural steel annually. In recent years, the plant has struggled with operational setbacks, eventually prompting a state-led search for new ownership. For POSCO, the Whyalla site offers a strategic opportunity. The facility is linked to a magnetite mine — an essential input for making direct reduced iron (DRI) and hot briquetted iron (HBI), which are both critical to reducing emissions in steel production. South Australia’s ample renewable energy resources further enhance the site’s appeal as a potential center for low-carbon steelmaking. POSCO officials said the move aligns with POSCO’s broader ambition to achieve carbon neutrality by 2050. The company has ramped up investment in green steel technologies and is actively seeking overseas assets that can help diversify and decarbonize its raw material supply chain. 2025-08-05 10:07:34

[[K-Tech]] Korea selects five teams to develop national AI models in major push for technological sovereignty SEOUL, August 04 (AJP) - The South Korean government has selected five elite teams to spearhead the development of foundational artificial intelligence models, marking a major step in the country’s effort to build a sovereign AI ecosystem. The Ministry of Science and ICT announced Monday that the teams — Naver Cloud, Upstage, SK Telecom, NC AI, and LG AI Research — were chosen following a government-led evaluation of proposals based on technological capability, strategic vision, feasibility, and potential contributions to Korea’s broader AI landscape. Each team brings a distinct approach to the ambitious national project. Naver Cloud was recognized for its development of core technologies supporting a general-purpose AI model designed for broad, real-world usability and public accessibility. Upstage earned praise for its commitment to building world-class AI models grounded in proprietary technology, with an eye toward strengthening Korea’s AI research and industrial base. SK Telecom was selected for its work on next-generation multimodal AI capable of processing language, images, and behavioral data to deliver uniquely “Korean-style” AI services. NC AI stood out for its focus on building scalable generative models for industrial applications, while LG AI Research received high marks for EXAONE — a hyper-scale AI system developed entirely using domestic technologies. Formal agreements with the five teams are expected to be signed by the end of August. Upon signing, the groups will be at the forefront of Korea’s national AI strategy. But the path forward will be highly competitive. A first-phase evaluation in December will reduce the number of teams from five to four. Subsequent performance reviews will take place every six months, with only two teams ultimately remaining by 2027 under what the ministry described as a “survival-based” system. The initiative reflects growing momentum in South Korea to assert greater technological independence in foundational AI — the large-scale models that underpin applications ranging from search and translation to robotics and advanced analytics. The move also echoes similar efforts in the European Union and China to build national alternatives to dominant platforms developed by U.S. tech giants. Analysts say the project signals Seoul’s intent not only to catch up in the global AI race, but to shape its own path in defining ethical, accessible, and nationally controlled AI systems. “It’s not just about building powerful models,” said Lee Jae-hyuk, a researcher at the Korea Institute of Science and Technology Policy. “It’s about defining what Korean AI looks like — and ensuring it reflects the country’s values, industries, and strategic priorities.” 2025-08-04 15:57:59