Journalist

Kim Seong-soo
  • Popular bakery chain slapped with over 800 million won in fines for labor violations
    Popular bakery chain slapped with over 800 million won in fines for labor violations SEOUL, February 13 (AJP) - LBM, the operator of popular bakery chain London Bagel Museum, was slapped with a fine of 810 million Korean won (about US$580,000) over widespread labor law violations, the Ministry of Employment and Labor said on Friday. The bakery was found to have committed multiple violations of labor laws and relevant regulations, including 564 million won in unpaid wages for overtime and night-time and holiday shifts, and was ordered to take corrective action. Revelations emerged in July last year after a worker in their 20s in Incheon was found dead. The family sought compensation, alleging the worker faced heavy workloads of up to 80 hours a week while preparing to open the bakery's new store and handling operations. The family later withdrew after reaching a settlement with London Bagel Museum, but the ministry conducted a three-month investigation from late October, raiding all branches and interviewing employees to check compliance with labor laws and identify any violations. The investigation uncovered some 61 violations including workplace harassment, unpaid overtime, pay-related irregularities, workplace safety issues, restrictions on annual leave and rest time, and other breaches. Under relevant regulations in South Korea, companies with more than 50 employees must hire a person to take care of workplace safety and also provide medical checkups, but the company failed to comply. Other violations included humiliating practices such as demanding that employees write formal apologies for workplace mistakes and read them aloud to coworkers, as well as deducting pay for arriving late in the morning. The ministry requested that the company submit a plan with corrective measures and vowed to oversee its implementation. Labor Minister Kim Young-hoon said, "I feel a heavy sense of responsibility that the company's rapid growth came at the expense of long hours and unpaid labor by young workers." He added that the ministry will expand inspections to ensure companies do not focus solely on growth while failing to protect workers' basic rights. 2026-02-13 16:03:35
  • Trade chiefs from South Korea, US to meet in Seoul amid Trumps renewed tariff pressure
    Trade chiefs from South Korea, US to meet in Seoul amid Trump's renewed tariff pressure SEOUL, February 10 (AJP) - With the U.S. renewing tariff pressure, attention is turning to an upcoming working-level meeting between trade officials in Seoul this week. The Ministry of Trade, Industry and Resources announced Tuesday that its minister Yeo Han-koo is set to hold talks with visiting deputy U.S. Trade Representative (USTR) Rick Switzer on Wednesday. The meeting was initially intended to address non-tariff barriers (NTBs), which are measures other than tariffs that restrict imports or exports to protect domestic industries. However, it is now expected to cover all outstanding trade-related issues after U.S. President Donald Trump's abrupt threat to raise tariffs back to 25 percent late last month. Seoul and Washington reached a tariff-related border deal during Trump's visit here in late October last year, in which the two sides agreed to lower reciprocal tariffs from 25 percent to 15 percent in return for massive investment in the U.S. During a parliamentary hearing the previous day, Foreign Minister Cho Hyun told lawmakers that the U.S. would seek to raise tariffs on South Korea to reduce its trade deficit "if there is no progress in talks." Yeo said, "We will closely communicate with the U.S. side to seek a mutually beneficial solution in collaboration with relevant ministries." 2026-02-10 15:23:37
  • Korea Midland Power teams up with US firm for gas combined-cycle projects
    Korea Midland Power teams up with US firm for gas combined-cycle projects SEOUL, February 03 (AJP) - Korea Midland Power Co. (KOMIPO) has signed a memorandum of understanding with a U.S.-based power plant operations and maintenance (O&M) specialist to cooperate on gas combined-cycle power projects in the United States. The agreement, signed on Jan. 29 local time, aims to combine KOMIPO’s plant operating experience with the U.S. partner’s workforce management and engineering capabilities, KOMIPO said Tuesday. The companies plan broad cooperation to enhance competitiveness in bidding for U.S. gas combined-cycle projects while reducing operational risks and improving efficiency. KOMIPO currently operates three large-scale solar projects in Texas as well as an energy storage system project in California. The company also began construction on the 350-megawatt Lucy solar project on Jan. 27 as part of a consortium of South Korean firms. The utility said it intends to build on its renewable energy operating experience to expand into gas combined-cycle generation, diversifying its business portfolio in the North American power market. “This agreement provides a foundation for KOMIPO to enter the U.S. gas combined-cycle market in a stable manner,” the company said in a press release. “Based on mutual trust and operational know-how, we will continue expanding our energy business across North America.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-03 16:00:17
  • Customs watchdog seizes over 100,000 knockoffs of South Korean brands, mostly Chinese
    Customs watchdog seizes over 100,000 knockoffs of South Korean brands, mostly Chinese SEOUL, January 27 (AJP) - About 117,000 counterfeit items copying South Korean brands were seized last year, the Korea Customs Service said on Tuesday. The seizure came after the customs watchdog launched an intensive crackdown on knockoffs that capitalize on the global popularity of South Korean goods and products. These counterfeit goods were found in cargo and express parcels shipped through foreign online shopping platforms. By country of origin, China accounted for 97.7 percent of such shipments, followed by Viet Nam at 2.2 percent and Hong Kong at 0.1 percent. By product, cosmetics made up 36 percent and toys and stationery 33 percent. To prevent possible damage to South Korean companies, the KCS plans to strengthen international cooperation with overseas customs authorities and investigating distribution networks in countries most affected by counterfeit goods. The KCS' chief Lee Myeong-gu described infringement of intellectual property as a "crime that threatens the achievements of South Korean businesses," vowing to expand efforts for collaboration with overseas customs agencies. 2026-01-27 11:29:50
  • Foreign workers visa applications for this year to begin late this month
    Foreign workers' visa applications for this year to begin late this month SEOUL, January 15 (AJP) - The Ministry of Employment and Labor said Thursday it will accept applications for new employment permits under its E-9 visa program in five rounds this year, allowing companies facing labor shortages to hire foreign workers. The first round of applications will run from Jan. 26 to Feb. 10, followed by additional rounds in April, July, September, and November. According to the ministry, companies can apply depending on their business conditions and staffing needs. Starting this year, North Jeolla Province will be newly added to the areas where hotels and other accommodation facilities can hire E-9 workers. The hiring cap per manufacturing factories outside the Seoul metropolitan area will also rise to 30 percent, up from 20 percent. In crop cultivation, greenhouse horticulture and specialty-crop operations with facilities smaller than 1,000 to 2,000 square meters will be allowed to hire up to eight workers. Grain and other food-crop cultivation will also be eligible. A separate quota temporarily operated for shipbuilding will be merged into the manufacturing quota. The first-round quota is allocated for 15,784 workers, with 11,275 for manufacturing, 2,382 for agriculture and livestock, 1,495 for fisheries, 492 for construction and 140 for service industries. 2026-01-15 16:37:00
  • South Korea draws record FDI in 2025 as investor sentiment improves
    South Korea draws record FDI in 2025 as investor sentiment improves SEOUL, January 07 (AJP) - South Korea’s foreign direct investment (FDI) reached a record high last year, rebounding strongly in the second half after a sluggish start, government data showed on Wednesday. FDI commitments in 2025 rose 4.3 percent from a year earlier to $36.05 billion, the highest level on record, according to the Ministry of Trade, Industry and Energy. Funds actually received increased 16.3 percent to $17.95 billion, the third-highest total to date. The ministry said the recovery came despite a 14.6 percent year-on-year decline in the first half, attributing the turnaround to improved investor sentiment following the launch of a new government. It cited restored confidence in the economy, reduced policy uncertainty and stronger expectations linked to the government’s push on artificial intelligence and investment promotion efforts tied to the Asia-Pacific Economic Cooperation summit in Gyeongju. Greenfield investment for new or expanded facilities rose 7.1 percent to a record $28.59 billion, the ministry said. The investment included “quality” projects in advanced industries, such as Amazon Web Services’ artificial intelligence data center and Amkor Technology’s semiconductor back-end processing facilities, the ministry said. By sector, manufacturing investment rose 8.8 percent to $15.77 billion, reflecting increased investment in key materials used in advanced industries. Investment in chemicals surged 99.5 percent to $5.81 billion, while metals jumped 272.2 percent to $2.74 billion. Electrical and electronics investment fell 31.6 percent to $3.59 billion, and machinery, equipment and medical precision dropped 63.7 percent to $850 million. Investment in services rose 6.8 percent to $19.05 billion, driven by expanded investment in areas such as AI data centers and online platforms. By country, U.S. investment surged 86.6 percent to $9.77 billion. Investment from the European Union rose 35.7 percent to $6.92 billion. Japanese investment fell 28.1 percent to $4.40 billion, while Chinese investment declined 38 percent to $3.59 billion. 2026-01-07 15:46:08
  • Record amounts of smuggled cigarettes seized
    Record amounts of smuggled cigarettes seized SEOUL, January 7 (AJP) - Record amounts of smuggled cigarettes were seized last year, the Korea Customs Service (KCS) said on Wednesday. The customs watchdog said it has worked closely with major foreign customs authorities to crack down on multinational smuggling, seizing some 5.16 million packs or 103 tons of cigarettes bound for South Korea in separate cases, the largest since 2021, when about 3.6 million packs were detected. The massive seizure came after the KCS monitored routes and shipments from suspected cargo in collaboration with overseas authorities in major countries such as China, Taiwan, and the United Kingdom to tackle a recent surge in cigarette smuggling, resulting in the detection of some 50 suspected shipments, including 23 from Australia and five each from Hong Kong and Taiwan. The KCS expressed concern that such smuggling could be linked to more serious international crimes, such as drug trafficking and arms deals, adding that multinational cooperation among relevant authorities is crucial to stopping them. It said smugglers often try to export cigarettes disguised as legitimate cargo by transferring them through a third country, a method that can effectively evade customs clearance. "We will further strengthen cooperation with countries currently forming a joint task force and expand partnership with more countries including those in Southeast Asia as well as Central and South America," a KCS official said. 2026-01-07 11:18:38
  • AI chip demand to lift Koreas exports in 2026, but autos face headwinds
    AI chip demand to lift Korea's exports in 2026, but autos face headwinds SEOUL, January 06 (AJP) - Semiconductors, which powered South Korea’s exports last year amid expanding artificial intelligence demand, are expected to remain the main growth driver in 2026 as the chip upcycle continues, while auto exports could lose momentum, according to the Ministry of Trade, Industry and Energy on Tuesday. South Korea’s annual exports totaled $709.7 billion last year, surpassing $700 billion for the first time. The milestone came seven years after exports first exceeded $600 billion in 2018. The government is targeting exports of $700 billion again this year, with semiconductors at the core of its strategy. Chip exports rose 22.2 percent from a year earlier to $173.4 billion in 2025, supported by steady demand for AI chips and a sharp increase in fixed prices for memory semiconductors. "Semiconductors are likely to continue lifting overall exports as the AI-driven chip upcycle persists," a ministry official said. "With South Korean companies maintaining a technological edge, the structure of global demand points to further growth in chip shipments." Exports could gain additional support if shortages of commodity memory chips persist. As chipmakers shift production capacity toward high-bandwidth memory, prices for older, general-purpose memory products are expected to remain elevated for the time being. Wireless communications devices and display exports are also expected to stay in positive territory, the ministry said, citing continued growth in the foldable smartphone market. Consumer goods exports, including food and beauty products, are also forecast to expand, supported by the global popularity of South Korean culture and rising trust in Korean brands. The ministry said fast-growing consumption among younger buyers, particularly in emerging markets, is increasing the share of consumer goods in total exports. By contrast, auto exports may slow this year. Auto shipments rose 1.7 percent from a year earlier to $72.0 billion in 2025, as strong demand from the European Union offset weaker exports to the United States. This year, risks related to U.S. tariffs are expected to become more pronounced. With a 15 percent item-specific tariff confirmed in the world’s largest auto market, South Korean automakers would face the same conditions as competitors, though analysts warn profitability could deteriorate over the medium to long term. Additional uncertainties include the European Union’s introduction of a life-cycle greenhouse gas assessment system for vehicles and China’s expanding electric vehicle exports. The outlook for oil products and petrochemical exports is also uncertain. Oil product export prices are falling as demand weakens amid a global economic slowdown and declining crude prices. Petrochemicals, which are undergoing restructuring due to oversupply, may struggle to expand exports as operating rates fall despite rising capacity. Steel exports could face further pressure from stagnant demand and the spread of protectionist measures. 2026-01-06 15:52:32
  • South Korea to strengthen protection of K-brands in China
    South Korea to strengthen protection of K-brands in China SEOUL, January 06 (AJP) - South Korea’s intellectual property office said on Tuesday it signed a memorandum of understanding with its Chinese counterpart to deepen cooperation on intellectual property, on the sidelines of a South Korea–China summit held at the Great Hall of the People in Beijing. The agreement, signed between the Korean Intellectual Property Office (KIPO) and China’s National Intellectual Property Administration (CNIPA), updates and expands a similar pact reached in 2021. Under the revised agreement, the two sides will broaden cooperation in areas including the protection of intellectual property rights, the prevention of counterfeit goods, the use of new technologies such as artificial intelligence and big data in patent examinations and analysis, and the promotion of intellectual property transactions, commercialization and finance. Ahead of the signing, KIPO Commissioner Kim Yong-seon met with CNIPA head Shen Changyu for talks on IP policy trends, existing cooperation and priority areas for future collaboration, the KIPO said. The two offices also agreed to jointly respond to bad-faith trademark applications, including cases in which applicants seek to preemptively register trademarks already in use in order to extract economic gains. “This MOU and stronger cooperation to prevent malicious trademark preemption will help protect K-brands more effectively in China,” Kim said. 2026-01-06 10:04:45
  • Seoul, Beijing agree to speed up services and investment talks under FTA
    Seoul, Beijing agree to speed up services and investment talks under FTA SEOUL, December 30 (AJP) -South Korea and China have agreed to speed up second-stage negotiations under their bilateral free trade agreement, focusing on services and investment, as the two sides seek to broaden economic cooperation. Yeo Han-koo, South Korea’s minister for trade, met Li Chenggang, China’s international trade negotiation representative, in Beijing to discuss ways to accelerate follow-up negotiations under the Korea-China FTA. The two sides agreed to hold regular in-person meetings starting next year, with participation from all relevant government agencies, to push talks forward and resolve remaining issues. They also agreed to convene another trade ministers’ meeting in the first half of next year to allow top officials to directly review progress in the negotiations. During the meeting, the two sides discussed broader FTA implementation issues, including petrochemicals, government procurement and intellectual property rights, and agreed to strengthen cooperation in these areas. Ahead of the ministerial talks, Yeo held a roundtable meeting with South Korean companies operating in China to assess business conditions and hear about difficulties faced on the ground. Issues raised by industry were also discussed during the ministerial meeting, with both sides agreeing to continue consultations through follow-up negotiations, a joint committee and working-level channels. The Ministry of Trade, Industry and Energy said it will maintain regular communication with Korean companies to better reflect on-the-ground concerns in policy discussions and strengthen support to stabilize business operations and improve market access. During his visit, Yeo also met senior officials from the China Council for the Promotion of International Trade and the Development Research Center of the State Council. They exchanged views on shifts in the global trade environment, the impact of supply chain restructuring and technological change, and the future direction of bilateral trade cooperation. The two sides shared the view that policy dialogue should be strengthened to address common challenges facing companies, including environmental and digital transitions, evolving global trade rules, and the need for greater predictability in trade and investment. They agreed to expand joint policy research and enhance working-level communication across industries. In addition, Yeo visited the Korea Innovation Center (KIC China) in Zhongguancun — often dubbed China’s Silicon Valley — to discuss ways to support South Korean startups seeking to enter the Chinese market. He also toured Chinese robotics firm Galbot, where he reviewed major use cases and on-site demand, and explored potential areas of cooperation such as technology collaboration, pilot projects, and information-sharing on standards and certification. The ministry said the visit confirmed potential complementarities between South Korea and China in the convergence of artificial intelligence and robotics, and that it will seek to identify concrete areas for future policy coordination and industrial cooperation. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-30 13:28:14