Journalist

Lee Jung-woo
  • Korea must devise fundamental youth joblessness approach as AI worsens job market
    Korea must devise fundamental youth joblessness approach as AI worsens job market SEOUL, December 03 (AJP) - South Korea must map out a comprehensive youth career program and introduce structural flexibility in working conditions to address the deepening mismatch in its labor market, with AI poised to further worsen job prospects for highly educated young adults – nearly half of whom already unemployed, scholars at home and abroad warn. The share of university graduates among the unemployed reached 49.6 percent in September, up from 47.8 percent in 2024 and 37.7 percent in 2010, according to the Ministry of Data and Statistics. The jobless rate among college or higher-degree holders has continued to climb despite a shrinking youth population and stable headline employment. Last month, there were only 0.42 job openings per job seeker—the lowest October figure since the 1998 Asian financial crisis. Registrations on the government’s Work24 platform fell 6.6 percent from a year earlier, while new job postings declined 19.2 percent. Total employment in October increased slightly to 29 million, but the number of employed 15- to 29-year-olds plunged by 163,000, marking the 36th consecutive monthly fall. It now takes an average of 11.5 months for a young Korean to secure a first job—the longest delay on record. AJP spoke with labor and welfare scholars in Korea, the United States, and the United Kingdom to examine the causes behind the trend. Structural Mismatch in Economic Stagnation Professor Lee Byoung-hoon of Chung-Ang University points to a structural imbalance between educational attainment and labor demand, a pattern increasingly seen across advanced economies. “Most of today’s youth joblessness involves highly educated graduates,” he said. “Their numbers have surged, but labor market demand has not. Economic growth has become employment-poor; capital now flows into technology and automation rather than labor.” Lee recommends that Korea benchmark the European Union’s “Youth Guarantee,” which treats unemployment not as a simple shortage of vacancies but as a breakdown in the school-to-work transition—a passage now prolonged and painful for many young adults. “Policies that focus only on creating jobs, like temporary internships or short-term schemes, have limited impact,” he said. “The Youth Guarantee approach recognizes that this is a structural transition issue. Governments must support young people’s entire journey—housing, debt relief, mental health, and career counselling—so they can cross the bridge from education to work.” Labor Market Rigidity and Risk Aversion Kim Jin-young, economics professor at Korea University, blames Korea’s rigid, union-leaning labor laws for discouraging companies from hiring inexperienced workers. “Because dismissing staff is difficult, firms become extremely cautious when recruiting,” he said. “They prefer experienced employees because it’s hard to gauge the ability of newcomers,” making market entry especially harsh for young job seekers. Kim argues that greater flexibility—allowing easier movement for both employers and workers—would shorten the long and often hesitant job-matching process. “Workers should be able to move between roles until they find the right fit,” he said. “Right now, both sides feel locked in, leading to long, cautious job searches.” International Pressures and AI Disruption Nobel laureate David Card of UC Berkeley cited four global forces undermining Korea’s youth employment: “1) disruption caused by US tariffs and trade policy. 2) AI. AI is heavily disrupting some sectors that use a lot of entry level software development engineers. 3) Competition from China. 4) Supply imbalances… supply outpaced the growth in demand for these workers.” A recent Bank of Korea report found that nearly all 211,000 youth job losses over the past three years occurred in industries most exposed to AI. Graduates with bachelor’s and master’s degrees face the highest automation risk, while doctorate holders and vocational-track workers have been less affected. Beyond Welfare: Building “Good Jobs” For Yoon Hong-sik, professor of social welfare at Inha University, the crisis reveals a deeper flaw in Korea’s welfare and industrial model. “We once believed AI would only replace low- or mid-skill work, but it’s now hollowing out high-skilled roles too,” he said. “University education must shift from functional training to cultivating creativity and critical thinking—skills machines cannot replicate.” Yoon argues that welfare states should not only compensate the jobless but actively foster quality employment. “In Nordic countries, 25–30 percent of all workers are employed in the public sector, providing universal social services. Korea’s share is barely 8 percent,” he said. “We need two pillars: robust public-sector jobs that deliver care, housing, and education, and a vibrant private sector that builds on this human capital to create advanced service industries.” Rethinking What Education Means Marcus Alexander, professor at London Business School, says the takeaway for students is increasingly clear. “Learning ‘facts’ is irrelevant; learning how to think effectively is more important than ever,” he said. “The critical issue is not about getting a degree but about what graduates actually learn from very different courses and institutions.” 2025-12-03 15:49:35
  • KOSPI bounces above 4,000 in broad mixed Asia markets
    KOSPI bounces above 4,000 in broad mixed Asia markets SEOUL, December 03 (AJP) - South Korea’s benchmark KOSPI climbed back above the 4,000 level on Wednesday, supported by overnight gains on Wall Street. In Seoul, the KOSPI rose 1.1 percent to 4,039.21 as of 10:08 a.m., recovering the 4,000 mark for the first time in nine sessions. The tech-heavy KOSDAQ added 0.3 percent to 930.74. Among blue chips, Samsung Electronics advanced 1.9 percent to 105,350 won ($71), while SK hynix slipped 0.3 percent to 556,500 won. Except for SK hynix, all of the top 10 stocks by market capitalization traded higher. Samsung C&T jumped 10 percent to 247,000 won, the biggest gainer among the top 50 firms. The rally followed news that Hong Ra-hee, widow of the late Samsung Group Chairman Lee Kun-hee, will donate her entire 1.06 percent stake in Samsung C&T to her son, Samsung Electronics Chairman Lee Jae-yong. After the share transfer, Lee’s stake in Samsung C&T will rise from 19.93 percent to 20.99 percent, while Hong’s holdings will drop to zero. Hong had inherited the stake in 2021 after her husband’s death, with the shares valued at roughly 400 billion won ($272 million). Entertainment stocks were mixed: HYBE gained 0.2 percent to 298,500 won, YG Entertainment added 0.2 percent to 62,900 won, while JYP Entertainment edged down 0.2 percent to 68,500 won and SM Entertainment lost 1.1 percent to 105,700 won. Overnight, U.S. stocks advanced as buying in tech shares lifted all three major indexes. The Philadelphia Semiconductor Index gained 1.8 percent as Nvidia rose 0.9 percent. In Japan, the Nikkei 225 rose 0.7 percent to 49,664.16, though Toyota Motor shares fell 1.3 percent to 3,007 yen ($19). Honda declined 0.4 percent to 1,508 yen, Sony dropped 0.8 percent to 4,406 yen and Nintendo slid 1.2 percent to 12,705 yen. SoftBank gained 2.9 percent to 16,125 yen. China’s Shanghai Composite slipped 0.2 percent to 3,889.45, and Hong Kong’s Hang Seng Index fell 0.8 percent to 25,889.32. 2025-12-03 11:44:09
  • Aju Media Group and Vision Culture sign partnership for WAIFF Seoul 2026
    Aju Media Group and Vision Culture sign partnership for WAIFF Seoul 2026 SEOUL, December 02 (AJP) - Aju Media Group and Vision Culture signed a memorandum of understanding (MOU) on Tuesday to form a strategic partnership for the successful hosting of the “World AI Film Festival (WAIFF) Seoul 2026.” The signing ceremony was held at Aju Media Group’s headquarters in Jongno-gu, central Seoul. The event was attended by Aju Media Group Chairman Kwak Young-gil, President Lim Kwu-jin, Vision Culture Chairman Byun Jun-yeon, and WAIFF Seoul Chair Lee Catalina. Under the agreement, Aju Media Group will serve as the official media partner for “WAIFF Seoul 2026,” which is scheduled to take place in March next year. The two sides will cooperate across several areas, including production and coverage of WAIFF Seoul-related content, media support for the opening and awards ceremonies, promotion and reporting through domestic and international media channels, joint planning of programs, interviews, and on-site documentation. WAIFF is an international, network-based film festival that explores the artistic fusion of film and artificial intelligence. It was established by Institut EuropIA in Nice, France, and has expanded into a global event hosted in France, Brazil, Japan, China, and South Korea. The first edition of WAIFF took place in April this year in Nice, near Cannes. It received more than 1,500 film submissions from 85 countries, drawing around 200 festival officials and over 1,000 attendees. 2025-12-02 17:10:50
  • Asian markets open mixed
    Asian markets open mixed SEOUL, December 2 (AJP) - Asian markets opened mixed on Tuesday, with South Korea's benchmark KOSPI up 1 percent at 3,960.75 and the junior KOSDAQ down 0.8 percent at 915.37. Shares of Samsung Electronics rose 0.8 percent to 101,600 won (US$69), and SK hynix gained 2.7 percent to 552,500 won. Among the top 10 companies in terms of market capitalization, all were trading higher except for LG Energy Solution, which edged down 0.2 percent to 412,000 won. Automakers led the gains. Hyundai Motor jumped 4.4 percent to 267,500 won, and Kia added 2.7 percent to 115,300 won. Major U.S. stock indexes closed lower as comments from the Bank of Japan signaling a possible rate hike sparked concerns, weighing on equities. The Dow Jones Industrial Average fell 0.9 percent to 47,289.33, the S&P 500 slipped 0.5 percent to 6,812.63, and the Nasdaq Composite declined 0.4 percent to 23,275.92. Japan's Nikkei 225 climbed 0.4 percent to 49,513.34. In China, the Shanghai Composite Index slipped 0.3 percent to 3,902.83 while Hong Kong's Hang Seng gained 0.7 percent to 26,220.88. 2025-12-02 12:06:25
  • Asian markets mixed as BOJ rate-hike fears hit Tokyo shares
    Asian markets mixed as BOJ rate-hike fears hit Tokyo shares SEOUL, December 01 (AJP) - Asian stock markets closed mixed on Monday, with Japanese shares tumbling on renewed speculation that the Bank of Japan may soon raise interest rates. In Seoul, the benchmark KOSPI slipped 0.2 percent to 3,920.37, while the tech-heavy KOSDAQ rose 1.1 percent to 922.38. Institutional investors offloaded a net 233 billion won ($158 million) worth of shares, outweighing net purchases of 53 billion won by retail investors and 216 billion won by foreigners. The KOSPI opened 1.1 percent higher at 3,967.92 and climbed to 3,977.31 early in the session, but momentum faded after BOJ Governor Kazuo Ueda signaled the possibility of a rate increase. The index fluctuated between gains and losses before ending slightly lower. Large-cap chipmakers were mixed. Samsung Electronics edged up 0.3 percent to 100,800 won ($69), and SK hynix gained 1.5 percent to 538,000 won. Battery maker LG Energy Solution advanced 1.2 percent, while Samsung Biologics rose 2.6 percent. Automakers underperformed: Hyundai Motor fell 2.7 percent to 254,500 won, and Kia dropped 1.6 percent to 112,300 won. Shares of e-commerce giant Coupang, hit by the largest-ever consumer data leak, tumbled in New York pre-market trading, falling about 9 percent to $25.60 as of 3:30 a.m. EST. Japan’s Nikkei 225 dropped 1.9 percent to 49,303.28, pressured by broad declines in major blue chips. Toyota fell 1.6 percent, Sony lost 3.5 percent, SoftBank slipped 1.7 percent, Nintendo dropped 1.6 percent, and Honda slid 2.4 percent. Market expectations for a BOJ policy shift intensified after Ueda said he would “make an appropriate judgment” on a rate hike. The central bank meets on Dec. 18–19. Local media reported that a move from the current 0.5 percent benchmark to 0.75 percent is under consideration. Ueda’s remarks pushed bond yields higher, strengthened the yen and weighed on equity markets. China’s Shanghai Composite Index bucked the regional trend, rising 0.7 percent to 3,914.01. 2025-12-01 17:28:24
  • Coupangs meteoric rise meets its most serious stress test yet
    Coupang's meteoric rise meets its most serious stress test yet SEOUL, December 01 (AJP) - Coupang’s latest data leak has renewed scrutiny of the South Korean e-commerce giant, underscoring concerns that its operational systems have not kept pace with its rapid expansion. The company said on Monday that 33.7 million user accounts were affected — an extraordinary figure showing the breach could have affected nearly the country's entire population. The disclosure comes as Coupang remains under pressure over workplace safety following a string of deaths among night-shift workers at its logistics facilities. On Nov. 26, a man in his 50s was found dead during an overnight shift at a center in Gwangju, Gyeonggi Province. Five days earlier, a worker in his 30s suffered cardiac arrest at a facility in Hwaseong and later died in hospital. They were the third and fourth night-shift fatalities at Coupang this year. Since 2020, at least 27 deaths among the company’s warehouse and delivery workers have been reported by South Korean media. Despite the mounting operational controversies, Coupang has grown into one of the most valuable companies in Asia. The company’s market capitalization reached $51.4 billion as of Monday, far outpacing the $35 billion valuation of Hyundai Motor Group. If listed domestically, Coupang would rank as South Korea’s fourth most valuable firm, behind Samsung Electronics, SK hynix and LG Energy Solution. Coupang reported record third-quarter revenue of 13.6 trillion won ($9.2 billion) in 2025, along with operating profit of 238 billion won. Active customers — defined as those making at least one purchase — rose 10 percent from a year earlier to 24.7 million, driven by increased spending in its core Rocket Delivery service. Founded in 2010 by Korean-American entrepreneur Bom Kim, Coupang began as a social commerce startup selling discounted attraction tickets before pivoting to full e-commerce. The launch of Rocket Delivery in 2014 — backed by massive investments in proprietary logistics centers — reshaped Korea’s retail landscape with next-day and overnight fulfillment. The model initially generated widening losses but delivered exponential growth, helping the company build an 80-percent nationwide coverage footprint and a logistics network spanning 55 million square feet. Rocket Delivery and its offshoots — Dawn Delivery and Rocket Fresh, launched in 2018 — have driven sharp increases in customer loyalty and order volume. Coupang posted its first annual profit in 2023 after 13 consecutive years of losses. Revenue reached an all-time high of 41.3 trillion won ($28.1 billion) in 2024 — more than 86 times its 2013 disclosure of 477.8 billion won. Active customers grew from 14.85 million in 2020 to 22.8 million in 2024. Coupang entered the Fortune 200 in 2023 and 2024 and advanced into the Fortune 150 in 2025 — cementing its status among the world’s largest companies even as it confronts intensifying scrutiny over data security and labor practices. 2025-12-01 17:23:00
  • Asian Culture Calendar
    Asian Culture Calendar SEOUL, November 28 (AJP) - South Korea Dec. 11 – 14 Busan International Children’s Book Fair Dec. 12 – Jan. 4 Seoul Lantern Festival Japan Dec. 6 – 7 Tokyo Whisky Festival Dec. 13 – 14 Ishigaki Island Pottery Festival Dec. 11 – 21 Tokyo Art Book Fair Dec. 1 - 25 Shibuya Christmas Market Dec. 12 - 25 Nagano Christmas Market Dec. 20 - Jan. 31 Okinawa Zoo & Museum Christmas Fantasy Thailand Dec. 1 – 7 Chiang Mai Street Jazz Festival Dec. 5 – 7 808 Festival India Dec. 12 -21 Serendipity Arts Festival 2025-11-28 15:41:04
  • Asian stocks open lower as Wall Street closes for Thanksgiving
    Asian stocks open lower as Wall Street closes for Thanksgiving SEOUL, November 28 (AJP) - South Korea's benchmark KOSPI opened lower on Friday morning, dropping 1 percent to 3,947.53. The decline was driven by foreign investors offloading shares worth a net 260.9 billion Korean won (US$17.8 million), while domestic retail and institutional investors bought a net 258.1 billion won and 9.4 billion won, respectively. But the tech-heavy junior KOSDAQ began the day higher, gaining 3 percent to 906.31 and extending a three-day upward trend. Among blue chips, Samsung Electronics lost 2 percent to 101,400 won ($69) and SK hynix declined 1.5 percent to 536,000 won. Shares of LG Energy Solution dropped 5.4 percent to 414,500 won, while Samsung Biologics shed 1.3 percent to 1.62 million won. Doosan Enerbility slipped 0.8 percent to 77,000 won. HD Hyundai Heavy Industries retreated 2.9 percent, Hanwha Aerospace fell 1.5 percent, and Naver dropped 2.4 percent. By contrast, automakers edged higher. Hyundai Motor rose 0.8 percent to 263,500 won and Kia added 0.3 percent to 114,350 won. Entertainment stocks rose across the board. The country's entertainment behemoth HYBE climbed 1.2 percent to 301,000 won, JYP Entertainment jumped 3.7 percent to 67,600 won, SM Entertainment 3.1 percent to 105,500 won, and YG Entertainment 3.4 percent to 64,300 won. Meanwhile, U.S. markets were closed overnight for the Thanksgiving holiday, with both equity and bond trading shut for the federal observance. In Japan, Tokyo's Nikkei 225 declined 0.2 percent to 50,053.85, about an hour after the day's trading session. Major Japanese companies had a mixed start, with shares of Toyota Motor slipping 0.2 percent to 3,131 yen ($20) and SoftBank Group dropping 1 percent to 16,670 yen. Meanwhile, Honda Motor rose 1.1 percent to 1,575 yen, and Nintendo gained 1 percent to 13,305 yen. In China, Shanghai Composite Index fell 0.4 percent shortly after the open to 3,861.68, while Hong Kong's Hang Seng Index dropped 0.2 percent to 25,882. 2025-11-28 11:46:31
  • School cooks speak up and walk out as Koreas free-lunch system strains livelihoods
    School cooks speak up and walk out as Korea's free-lunch system strains livelihoods SEOUL, November 21 (AJP) - In South Korea, school lunches are free — but the expectations are anything but modest. The national obsession with high-quality meals for students, coupled with strict hygiene standards and demanding palates of children and their parents, has long placed the burden squarely on the shoulders of cafeteria staff. This week, many of them stepped away from the steam-filled kitchens and into the streets. On Friday, about 94,000 members of the National Solidarity Council of School Irregular Workers launched a nationwide strike. The group represents non-teaching staff who keep schools running — cafeteria cooks and assistants, childcare workers, meal distributors, administrative aides. Negotiations with the Education Ministry and 17 provincial and metropolitan education offices have stalled over wages, safety conditions, and benefits. The strike began in Seoul, Incheon, Gangwon, Sejong, and North Chungcheong, and will expand southward over the coming days: Gwangju, Jeolla, and Jeju on Saturday; Gyeonggi, Daejeon, and South Chungcheong on Dec. 4; and the Yeongnam region on Dec. 5. Many traveled for hours in winter weather to join the walkout — even if it meant leaving behind the children they feed daily. None of their long-standing demands — from raising meager base pay to installing basic ventilation systems — have been met. “People think we just serve food,” said Baek Jin-hee, 57, a kitchen worker at Bitgaram Elementary School in Naju, South Jeolla Province. “Some say we are holding children hostage. That hurt deeply. Anyone who has seen how sincerely we feed our kids would never say that.” Baek joined the strike after the local education office backed out of its promise to install ventilation systems following the diagnosis of a Gwangyang cook with lung cancer. Another colleague, aged 49, lost her hand in a kitchen accident last year. “We grind garlic and ginger by hand to make kimchi every day,” she said. “When friends die of lung cancer, it’s terrifying to return to that kitchen.” Progressive teacher unions and 125 civic, labor, and political groups expressed solidarity. The conservative Korean Federation of Teachers’ Associations (KFTA), the country’s largest teachers’ body, condemned the walkout for disrupting school operations and students’ rights. Due to the strike, about 1,000 of the nation’s 3,298 schools couldn’t provide proper meals. Many replaced hot lunches with bread and juice; some after-school care programs — known as Neulbom classes — were suspended. The Education Ministry largely kept its distance. “Since this is a legitimate strike under the Labor Union Act, it is difficult for us to comment,” a ministry official said. “However, even if lawful, it would be best if there were no disruptions to meal services for students.” Below-minimum pay — and carcinogenic fumes According to the Seoul education office, a kitchen worker’s base monthly salary is 2,066,000 won ($1,403) — lower than the legal minimum wage when converted into a standard monthly rate of 2,096,270 won for a 40-hour week. Even with seniority, family, and hazard allowances, an 11-year veteran earns roughly 2.7 million won, and many receive no pay during school holidays. The gap is sharper for roles involving hot oil, boiling trays, and 20–30 kg rice sacks. This year’s base pay for “Type-2 education public employees” — cooks, administrative assistants, office support staff — remains 30,270 won below the minimum wage. Hazard pay is 50,000 won ($34) per month, despite daily exposure to toxic cooking fumes. The World Health Organization classifies cooking fumes as a Group 2A carcinogen. To date, 175 cafeteria workers have had lung cancer recognized as an occupational disease; at least 15 have died. Mixed reactions inside schools On campuses, the mood ranged from resigned to supportive. “Kids actually enjoy eating bread for once. Some bring their own meals — one even brought mala xiangguo,” said a teacher at an elementary school in Bucheon. “Most teachers understand the strike’s purpose and quietly support it.” Working parents face the sharpest inconvenience. A mother in her 40s said, “I’m a working mom. If I have to pack lunch, I need to wake up at dawn before work. It’s exhausting.” Another mother in her 50s said, “It breaks my heart to think about how hungry my boys must be when they can’t eat properly.” Others sympathized with the workers. A father in his 50s said, “My daughter will also become a worker one day. If improving labor conditions means a few days of inconvenience, that’s worth it.” A mother with two high school daughters added, “As a parent, I support them. Eating bread for a few days won’t harm their health.” A growing workforce with shrinking visibility Today, around 180,000 people work in non-teaching education roles — roughly 40 percent of the country’s 450,000 teachers. Job categories have ballooned to more than 80, from sports instructors to childcare aides, yet their struggles often fade from public conversation, overshadowed by debates on teacher rights and educational reform. Their walkout this week forces a closer look at a system that offers free lunches for students — but leaves those who prepare them fighting for a living wage, a ventilated kitchen, and recognition of their role in schools. 2025-11-21 17:41:59
  • Asian stocks tumble across the board
    Asian stocks tumble across the board SEOUL, November 21 (AJP) - All major stock markets in Asia fell more than 2 percent on Friday, with South Korea's benchmark KOSPI plunging nearly 4 percent. In Seoul, the KOSPI fell 3.8 percent to close at 3,853.26, while the junior KOSDAQ slumped 3.1 percent to 863.95. In large-cap stocks, Samsung Electronics plunged 5.8 percent to 94,800 Koren won ($64), and SK hynix dropped 8.8 percent to 521,000 won. Among the top 10 market-cap companies, only Kia gained 0.5 percent, while Samsung Biologics remained suspended from trading. The rest closed lower from the previous session. Foreign investors offloaded a net 2.82 trillion won ($1.9 billion) worth of shares, marking their largest single-day selloff of this year. Market sentiment soured following renewed talk of an artificial intelligence (AI)-driven market bubble. Although Nvidia posted stronger-than-expected earnings overnight, U.S. stocks reversed early gains, with the Philadelphia Semiconductor Index tumbling 4.8 percent. Comments from a senior Federal Reserve official referencing the possibility of an AI bubble further unsettled investors. Japan's Nikkei 225 also fell 2.4 percent to close at 48,625.88. In China, the Shanghai Composite Index fell 2.5 percent to 3,834.89. 2025-11-21 17:07:05