K-dessert course featured in dramas excites international sweet tooth SEOUL, September 22 (AJP) - Korean traditional flavors — black sesame, mugwort, jujube, gardenia, and rice — are folded into the filling of the Joseon macaron, a reimagined treat that delights the palates of haughty Chinese envoys on screen and the cravings of global audiences off screen in the hit Korean drama Bon Appétit, Your Majesty. The global craze for Korean cuisine has spilled beyond savory dishes into desserts and pastries, cleverly catering to both health-conscious consumers and sweet lovers — and perfectly timed with the Chuseok Thanksgiving holiday. Google search data shows sharp increases in queries for yakgwa (Korean honey cookies), Korean desserts, and rice cakes among international users. TikTok hashtags related to traditional Korean sweets are also surging, reflecting growing global curiosity about Korea’s centuries-old confectionery culture. Yakgwa, a thousand-year-old honey cookie traditionally served during ancestral rites and festive occasions, has captivated pastry lovers worldwide. Made with wheat flour, honey, sesame oil, and ginger juice, the deep-fried confection represents hangwa — Korea’s traditional sweet category encompassing ceremonial desserts. Korean rice cakes, or tteok, are likewise gaining attention abroad for their artistry, diversity, and cultural significance, especially during holidays like Chuseok. “I came here to enjoy authentic Korean food. When you try these desserts, you can tell they’re not instant or unhealthy. We took the chance to experience traditional, healthy sweets here in Korea,” said Carol Johnson, a tourist from Washington, as she browsed a dessert shop in Seoul. “I saw viral TikToks about Korean desserts and wanted to try them myself,” added Mareva from France while picking out sweets at a convenience store. “In 2023, there was a domestic yakgwa craze that drove record sales. Since then, injeolmi and black sesame products have gained popularity, leading to more Korean-style desserts on the market,” said a GS Retail representative. “Foreign tourists usually purchase Korea’s most popular products, which seems to be fueling this trend.” The craze is supported by sales data. CJ CheilJedang’s bungeoppang varieties surpassed 1 billion won in monthly sales in late 2024. Convenience stores report rising foreign demand for traditional Korean sweets, while Shinsegae Duty Free has opened dedicated sections for them, with yakgwa gift sets proving especially popular among international visitors seeking an authentic taste of Korea. 2025-09-22 18:01:06

Drugstores rising as must-visit stops in Seoul for foreign visitors SEOUL, September 19 (AJP) - Drugstores are must-visit stop in Europe, famed for their iconic pharmacy brands — and Korea is fast emerging as a beauty mecca of its own, fueled by a social media-driven reputation for affordable skincare. Tourists are now venturing beyond the ubiquitous Olive Young chain, browsing independent pharmacies where shelves are lined with beauty products labeled in English, Chinese, and Japanese. “I read about this cream on Instagram Threads and knew I had to try it,” said Giselle, a 40-year-old shopper at a pharmacy in downtown Seoul. “It’s all the rage in Taiwan right now for its pore-tightening and whitening effect,” she told AJP. Dermatology and skincare-related shopping and treatments have become a major component of foreign visitation to Korea. Last year, 1.17 million foreign patients came for medical, beauty, dermatology, and cosmetic procedures. With inbound arrivals hitting a fresh record of 8.8 million in the first half of this year, the medical and beauty segment is expected to have grown even further. The surge in visitors has widened the scope of shopping sites — and sharpened customer expectations. “PDRN products have become so popular among foreign visitors that we are running out of stock,” said Seo Peter, a Seoul-based pharmacist in his 30s. “The supply comes in batches and sells out quickly to foreign tourists. Last winter, we couldn’t source these products at all due to overwhelming demand.” Pharmacies are gaining traction for specialized products such as acne treatment ointments, regenerative creams, high-concentration vitamin C supplements, and pain-relief patches — pharmaceutical exclusives not typically found in beauty chains. They also offer a unique advantage by combining medical expertise with cosmetic consultation, allowing tourists to receive personalized product recommendations from licensed pharmacists. Travel platform Creatrip has capitalized on the boom by launching a formal “K-pharmacy” category in August, partnering with nine pharmacies in districts such as Gangnam, Hongdae, and Myeongdong. Bookings rose 44 percent between the first and second weeks of September, with tourists from Singapore surging 121 percent, Hong Kong 96 percent, and Taiwan 9 percent. Helen from the United States, shopping at a pharmacy, told AJP, "I've been watching TikTok videos about 'things to buy at Korean pharmacies' before coming to Korea, so I'm planning to try all these products during my visit." The pharmacy-tourism phenomenon reflects a broader shift in Korea’s healthcare and beauty industries. International visitors are drawn by what they perceive as “verified effectiveness” and “reasonable prices” — qualities tied to Korean pharmaceutical standards. Social media has amplified the trend, with hashtags like #KoreanPharmacy generating hundreds of thousands of views across TikTok and Instagram. 2025-09-19 15:47:04

KB Financial pivots to artificial intelligence to lead Asian banking Editor's Note: This article is the 36th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, September 18 (AJP) - South Korea’s largest financial group is making a high-stakes wager on artificial intelligence, betting that the technology will reshape the future of banking in Asia and cement its dominance in the region’s fast-changing financial industry. “People should say that if you want to do financial AI, you have to go to KB,” Yang Jong-hee, chairman of KB Financial Group, told employees at a workshop early this year. The remark has since become a kind of rallying cry for a company determined to lead what it sees as a digital revolution in finance. KB reported a net profit of 3.44 trillion won, or about $2.5 billion, in the first half of 2025, a 23.8 percent jump from the year before. The results, executives say, underscore the strength of its new AI-first strategy, which they believe will transform how customers across Asia use financial services — from loans and insurance to wealth management and payments. Founded in 2008 when Kookmin Bank reorganized into a holding company, KB has grown into a sprawling financial conglomerate with 13 subsidiaries in banking, securities, insurance, credit cards and asset management. Its origins stretch back to the 1960s, when South Korea created state-backed lenders like Housing & Commercial Bank to fuel industrial growth. A merger in 2001 gave rise to modern Kookmin Bank, the core of today’s KB Financial. Expansion has long been central to KB’s strategy. Over the past decade, it has spent billions acquiring rivals and pushing into Southeast Asia. It bought LIG Insurance in 2015, Hyundai Securities a year later, and Prudential Life Insurance Korea in 2020 for 2.3 trillion won. In 2021, it acquired Indonesia’s Bank Bukopin, now KB Bukopin, which returned to profitability this year. Banking remains KB’s bread and butter, but fee-based services are becoming increasingly important. In 2025, non-interest income topped 1 trillion won in a single quarter for the first time. The company’s KB Star Banking app, which combines more than 70 services ranging from mortgages to credit cards, has helped cement its reputation as one of South Korea’s most digitally advanced lenders. Last year, regulators designated eight KB subsidiaries as “innovative financial services” for their use of generative AI — the most of any financial group. “Through the designation, KB will be able to stay one step ahead in the AI-centered financial innovation race,” a company spokesman said. Even as it invests heavily in digital technology, KB has maintained a focus on rewarding shareholders. This year it announced 850 billion won in stock buybacks and a cash dividend of 920 won per share, moves that will bring total shareholder returns to 3.01 trillion won — the highest in its history, according to chief financial officer Na Sang-rok. The group has retained strong credit ratings — A1 from Moody’s and A from both S&P and Fitch — and has been listed on the Dow Jones Sustainability Index World for seven consecutive years, signaling to investors that it sees environmental and governance concerns as inseparable from financial performance. With operations spanning South Korea, the United States, China, Britain and Southeast Asia, KB now wants to leverage its AI edge in pursuit of a larger goal: transforming itself from a national banking champion into a regional powerhouse. 2025-09-18 17:12:54

School violence cases hit record high in South Korea SEOUL, September 17 (AJP) - Bullying and violence in South Korean schools have worsened despite tougher discipline and prevention efforts, with reported cases now affecting 5 percent of elementary school students, a government survey showed. Of the 3.26 million students from fourth grade through high school, 2.5 percent said they experienced school violence this year, up 0.4 percentage points from last year, according to the Education Ministry. The figure has steadily risen from 1.1 percent in 2021 to 1.7 percent in 2022, 1.9 percent in 2023, and 2.1 percent in 2025. The problem is most acute in elementary schools, where 5 percent reported violence — the highest since the survey began in 2013 — compared with 2.1 percent in middle schools and 0.7 percent in high schools. “My child woke up at night for several days,” said Park, the father of a 9-year-old boy assaulted by peers. “Teachers need more authority to intervene early and impose meaningful consequences,” he said, requesting anonymity. Despite years of anti-bullying campaigns and zero-tolerance policies, the rise of cyberbullying has made oversight harder. Lee Soo-jung, a criminal psychology professor at Kyonggi University, said online harassment has “explosively increased” as students weaponize social media and videos to intimidate classmates. “The nature of school violence has changed — whereas physical abuse was more common before, online bullying is now much more prevalent,” she said. Education officials are reviewing prevention strategies as they struggle to tackle violence in one of the world’s most academically demanding school systems. 2025-09-17 18:31:42

Korean firms explore stakes in $45 billion Alaska LNG project SEOUL, September 15 (AJP) - South Korean companies are emerging as early partners in a multibillion-dollar plan to export natural gas from Alaska, signaling growing alignment between Seoul’s energy ambitions and Washington’s push to expand liquefied natural gas (LNG) exports. Posco International last week became the first Korean firm to formally engage with Glenfarne Alaska LNG, the project’s developer, signing a preliminary agreement that covers potential LNG imports and steel pipe supply. If finalized, the nonbinding deal could lead to a 20-year contract for one million tons of LNG annually, while positioning Korea’s steelmakers to help construct the 807-mile pipeline linking Prudhoe Bay to the Nikiski port near Anchorage. Other Korean steel producers — including SeAH Steel, HUSTEEL and Nexsteel — are closely monitoring opportunities to provide the 42-inch-diameter pipes required for the line. Conglomerates such as SK, Hanwha and GS are also examining possible participation in energy-related aspects of the development. The $45 billion project, which aims to begin operations around 2030, is approaching a final investment decision by year’s end, according to Glenfarne and industry officials. Korea Gas Corporation, the state-run importer, is considering redirecting some of its LNG contracts from Middle Eastern suppliers to U.S. producers, part of a strategy to diversify energy sources and narrow the trade imbalance with America. 2025-09-15 17:43:41

K-beauty leaders sell assets, seek growth abroad as competition with indie brands intensifies SEOUL, September 15 (AJP) - South Korea’s top cosmetics companies are accelerating restructuring efforts, selling assets and seeking new growth channels as they confront intensifying competition from a rising wave of independent K-beauty labels. Industry officials said Monday Aekyung Industrial, best known for its dual portfolio of cosmetics and household goods, is preparing for a transfer of ownership to Taekwang Group. Cosmetics account for 40 percent of its revenue and generated 29.1 billion won ($21 million) in operating profit last year, outpacing the household goods unit. In July, Taekwang amended its articles of incorporation to include cosmetics manufacturing and sales, signaling a push to expand in beauty. Analysts expect the new ownership to reduce Aekyung’s heavy reliance on China, which makes up 70 percent of its export revenue, and to diversify into new markets. LG Household & Health Care, another pillar of South Korea’s beauty sector, is exploring the sale of its beverage arm, which reported 1.82 trillion won ($1.4 billion) in revenue last year. The company has tapped Samjong KPMG as its lead restructuring adviser. The beverage unit’s profitability has slipped in recent years, prompting LG to double down on its core beauty business. The company has also moved into beauty devices, acquiring LG Electronics’ Pra.L brand in June and partnering with the biotech firm Mimetics to develop needle-free delivery technology for home use. New products using the system are expected early next year. Amorepacific, South Korea’s largest cosmetics maker, is concentrating on overseas growth. The company aims to raise the share of global revenue to 70 percent by 2035, up from about half today. The firm's 2023 acquisition of the skincare brand CosRX strengthened its foothold overseas, and its “Pentagon 5” strategy lays out expansion across five regions: Korea, North America, Europe, India and the Middle East, China, and the broader Asia-Pacific. 2025-09-15 15:52:44

Heavy autumn rain brings relief to drought-stricken South Korea SEOUL, September 13 (AJP) - Heavy autumn rain fell across South Korea overnight Friday into Saturday, bringing the first significant precipitation in two months to drought-stricken areas including Gangneung, where extreme water shortages had prompted disaster declarations, officials said Saturday. Rainfall totals from Friday noon to Saturday afternoon reached 173 millimeters in Dangjin, South Chungcheong Province, and over 100 millimeters in Gangneung, which had declared a drought disaster. The precipitation caused localized flooding in several areas, with flood advisories issued for rivers in the region. The Obong Reservoir in Gangneung, a key water source for the city, saw its water level rise from 11.5 percent to 13.9 percent by Saturday afternoon - the first increase in 53 days. Local residents called it "golden rain" after enduring severe water restrictions that limited daily supply to six hours for apartment complexes. President Lee Jae-myung acknowledged on Facebook that while the rainfall would not fully resolve the drought that began July 6, it would provide some comfort to Gangneung residents who had been unable to do laundry or shower freely due to water restrictions. 2025-09-13 17:41:36

Korean beauty company Leferi signs distribution deal with Philippine partner SEOUL, September 13 (AJP) - South Korean beauty creator management company Leferi signed a strategic partnership agreement with Philippine distributor Biocostech Philippines Corporation on September 5 to jointly develop K-beauty content and cosmetics distribution models, the company announced Friday. Under the memorandum of understanding, the companies will establish "K-Beauty Selection Zones" in Philippine online and offline retail channels. Leferi will provide its proprietary big data system called "Leferi Selects Index" and creator intellectual property-based selection services to support Korean beauty brands entering the Philippine market. Biocostech, which has operated K-beauty brands in the Philippines for over 20 years, will handle distribution and marketing through its retail network of more than 8,818 stores including Watsons, 7-Eleven and SM Department Store, as well as online platforms like Lazada and Shopee. The company sells millions of products annually in the Philippine market. Leferi manages approximately 400 beauty and lifestyle influencers and has conducted four "Select Store" events in major Seoul retail areas including Seongsu-dong and Yeouido through July. The company plans to expand internationally with a Tokyo location scheduled for April 2026. The partnership represents Leferi's first overseas application of its data-driven selection system as Korean beauty companies seek to expand beyond traditional export models into localized distribution approaches in Southeast Asian markets. 2025-09-13 14:51:30

Korean and US trade ministers meet in New York amid stalled tariff negotiations SEOUL, September 13 (AJP) - South Korean Industry Minister Kim Jung-kwan met with US Commerce Secretary Howard Lutnick in New York on Saturday to discuss follow-up negotiations on the Korea-US tariff agreement reached in July, according to multiple diplomatic sources. The ministerial talks come as working-level discussions between the two countries have reportedly reached a deadlock over detailed implementation of the trade deal. Under the July 30 agreement, the US reduced planned reciprocal tariffs on South Korea from 25 percent to 15 percent in exchange for Korean commitments to invest $350 billion in the United States. Kim traveled to the US on Thursday to personally lead the negotiations after technical talks between Korean and US officials on September 8 failed to make progress. The main sticking points involve the detailed structure of Korea's investment commitments and potential impacts on foreign exchange markets. Lutnick increased pressure on South Korea on Wednesday, citing Japan's acceptance of similar terms and stating there is no flexibility in the US position. He outlined how Japan agreed to a 50-50 revenue split until recovering its $550 billion investment, after which the US would take 90 percent of profits. President Lee Jae-myung emphasized during his 100-day press conference on Wednesday that Korea would not accept any agreement that harms national interests or lacks fairness and rationality. The presidential office maintained this stance despite Lutnick's pressure, saying the government will prioritize national interests in negotiations. 2025-09-13 11:19:44

KOSPI extends 9-day rally to fresh high, up 50% from April low SEOUL, September 12 (AJP) - Kospi shares continued to slope upward, finishing the week at new heights, riding on the global liquidity-powered rally. Extending a nine-session winning streak, the Kospi ended Friday 1.5 percent higher at 3,395.54 — up 7 percent from Sept. 2 and 48.6 percent above the annual low in April. Foreign and institutional investors were the main buyers, while retail investors, cautious of a potential fizzle in the summer rally, took profits. The U.S. dollar slipped 3.6 won to 1,388.2 on robust foreign demand for Korean equities. Across Asia, shares tracked Wall Street’s strength on expectations of a U.S. rate cut this month. Foreign investors snapped their net-selling streak in May and turned steady buyers, purchasing a net 2 trillion won that month, 3.08 trillion won in June, and 3.4 trillion won in July. But momentum cooled in August, with net purchases shrinking to just 5.7 billion won after the government proposed lowering the capital gains tax threshold for large shareholders. President Lee Jae-myung’s stock-friendly remarks buoyed sentiment. At a televised press conference Thursday marking his 100th day in office, Lee signaled he was open to leaving the current tax threshold unchanged. “The stock market moves on sentiment,” he said. “The government shouldn’t necessarily push with the tax revision if it proves detrimental to the rally." The government had planned to lower the taxable threshold for large shareholders’ capital gains to 1 billion won from the current 5 billion won. Analysts said removing uncertainty over the plan has further bolstered investor confidence, helping to sustain the bullish run till the end of the year. “The fundamental environment surrounding global markets is not that bad, so upward momentum should continue until year-end,” said Lee Jung-hoon, analyst at Eugene Investment & Securities. 2025-09-12 16:55:22