Journalist

Choi Yong-sun
  • Homeplus sale stalls as main auction draws no bidders
    Homeplus sale stalls as main auction draws no bidders SEOUL, November 27 (AJP) - The planned sale of Homeplus has stalled after the main auction attracted no bidders, deepening uncertainty over the future of the South Korean hypermarket chain. Two companies had taken part in the preliminary bidding but both withdrew ahead of the final auction. The main auction closed at 3 p.m. on Wednesday with no proposals submitted. Sources from Homeplus said on Thursday it will continue to accept offers until Dec. 29, the deadline for filing a rehabilitation plan. The company added that if a qualified buyer emerges, the court may consider extending both the sale timetable and the plan-submission deadline. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-27 08:54:42
  • HBM chips are now edible in rare chipmaking collabo
    HBM chips are now edible in rare chipmaking collabo SEOUL, November 26 (AJP) - Chips responsible for a quarter of South Korea’s exports are now edible — coated with honey and banana — thanks to a rare collaboration between convenience-store chain 7-Eleven and memory behemoth SK hynix. The new 7-Select Honey Banana Flavor snack plays on this year’s buzzword, HBM (high bandwidth memory) — the ultra-fast DRAM that powers Nvidia chips and other AI accelerators, and which accounts for about 70 percent of revenue at SK hynix, the world’s dominant supplier in the AI-specific chip market. HBM is a vertically stacked array of DRAM dies that sits directly atop a CPU or GPU, delivering far greater bandwidth per package than conventional DRAM. SK hynix, which controlled more than 60 percent of the HBM market as of June through its exclusive supply relationship with Nvidia, has also been the strongest-performing stock on the KOSPI this year. 7-Eleven said the tie-up marks the first collaboration between a convenience-store brand and a semiconductor company to create a “novel consumer experience” amid the AI-driven tech boom. The snack is shaped like an HBM chip — a neat square block — and features sweet honey-banana cream layered over crunchy corn chips. The smooth sweetness and sharp crunch are meant to mimic HBM’s fast data throughput and precision. An SK hynix–style product-launch parody video will accompany the release, ending with a humorous reveal of the “Honey Banana Flavor HBM Chip.” “We wanted to infuse a high-tech narrative into everyday snacks to offer a new brand experience,” said Park Sun-kyung, snack team MD at 7-Eleven. “We will continue to deliver unexpected enjoyment through cross-industry collaborations.” 2025-11-26 10:50:13
  • K-beauty under pressure as Chinese, Japanese brands gain ground in Korea
    K-beauty under pressure as Chinese, Japanese brands gain ground in Korea SEOUL, November 24 (AJP) - Chinese e-commerce platforms and beauty brands are rapidly expanding their presence in South Korea, intensifying competition in markets long dominated by domestic players. Platforms such as TEMU and AliExpress are leaning heavily on social media influencers to reach South Korean consumers, while Chinese cosmetics companies are capitalizing on TikTok-driven trends to grow both at home and abroad. TEMU recently hired an influencer marketing manager in South Korea to build a local promotional team, while AliExpress and SHEIN are ramping up affiliate marketing programs. The surge in activity has helped popularize phrases like “TEMU haul” among South Korean users. “Chinese platforms are moving beyond low-price competition to integrate sophisticated marketing strategies,” an industry source said on condition of anonymity. The strength of these e-commerce platforms is feeding momentum for Chinese beauty brands. Flower Knows drew more than 2,000 visitors on the opening day of its Seoul pop-up store last month, and Judydoll is preparing to launch on Coupang. YoYoSo — often described as “China’s Daiso” — opened its first South Korean store in Gunsan and plans to unveil a large beauty-focused outlet in Seoul next year. Much of the surge is tied to the “Douyin makeup” craze among Gen Z, characterized by bold colors and highly visible transformations. Chinese beauty brands have benefited from this shift, bolstered by low production costs that give them a significant price advantage. The competition is increasingly global. Data from the Korea International Trade Association shows China’s cosmetics exports rose 9.1 percent to roughly $5.4 billion between January and September, while South Korea’s exports to China fell 18.7 percent, slipping behind the United States in export rankings. In color cosmetics, South Korea’s lip product exports totaled $466.68 million — well below China’s $645.93 million — while its eye makeup exports were only one-third of China’s. Google search trends in September also showed C-beauty overtaking K-beauty. At home, the market is becoming more complicated. With anti-Japanese sentiment easing, Japanese beauty brands are returning to South Korea. Canmake has re-entered the market through retail chain Olive Young after a 2019 exit, while Chinese lifestyle brands are pushing low-cost beauty lines, intensifying pressure on domestic brands from both China and Japan. Experts say K-beauty needs to strengthen its color cosmetics capabilities, moving beyond the skincare-heavy structure that has defined its global success. With ODM technologies narrowing quality gaps, price, storytelling, and community-building are becoming decisive factors. “Being ‘Made in Korea’ is no longer enough,” said another industry source. “Brands need stronger narratives, experiential content, and loyal communities to sustain growth as C-beauty surges.” * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-24 09:37:06
  • Koreas bakery hotspot London Bagel chain moves to fix working conditions
    Korea's bakery hotspot London Bagel chain moves to fix working conditions SEOUL, November 17 (AJP) - LBM, the operator of South Korea’s bakery hotspot London Bagel Museum and now under expansive investigation over alleged labor abuses, on Monday unveiled a comprehensive set of remedial measures to improve working conditions. The initiative focuses on bolstering job stability, enforcing compliance with legal working hours, and upgrading store-level safety and health systems. Repeatedly apologizing to employees and customers, CEO Kang Kwan-gu said the company would “reassess operations from the ground up with new leadership to create a safe and stable work environment.” Starting December, LBM will hire HR specialists to overhaul employment contracts and personnel systems, including the introduction of a one-year employment-conversion program to move away from short-term hiring practices. External consultants will support efforts to increase the share of permanent employees. An emergency support team will be created to respond to sudden staffing shortages and prevent work overload. During peak seasons, staffing levels will be raised by 50 percent to reduce shortages and manage working hours more effectively. Work-record management will be restructured: while employees will still self-enter and review their hours, mandatory security-system verification will be added to confirm actual hours worked. By next year, a fingerprint-based ERP system will be introduced to monitor hours in real time, enabling immediate intervention in overtime and staffing issues. Regular employee interviews and expanded manager training will also be adopted. LBM plans to strengthen safety and health policies by increasing store safety training and broadening headquarters-level monitoring. The company is also working to enroll all employees in group injury insurance. Comprehensive safety guidelines will be drafted to identify store-specific risks and track monthly industrial-accident metrics, with a goal of reducing accidents through proactive risk management. “This improvement plan is only a beginning,” LBM said, aiming to become a workplace “employees feel proud of — a truly great place to work.” The once-beloved bagel chain that helped ignite Korea’s bagel craze has in recent weeks exposed the darker side of the country’s artisanal food boom and its zeal for quick profits, including widespread reliance on short-term workers vulnerable to exploitation. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-17 10:07:08
  • Sales of gold bullion surge as more people turn to safer assets
    Sales of gold bullion surge as more people turn to safer assets SEOUL, October 12 (AJP) - As gold prices continue to soar, savvy people and investors are increasingly turning to the precious metal to grow their assets amid record-low interest rates. According to relevant data released on Sunday, total balances in bank accounts at South Korea's top three banks - KB Kookmin, Shinhan, and Woori - stood at 1.51 trillion Korean won as of early this month, up 95.9 billion won in just about a week from the end of last month and up 730.8 billion won so far this year, nearly double the amount from the end of last year. These accounts, which allow users to trade gold instead of holding physical bullion, first surpassed 1 trillion won in March and have now exceeded 1.5 trillion won last week. Sales of gold bullion are also on the rise, as the country's five major banks - KB Kookmin, KEB Hana, NH Nonghyup, Shinhan and Woori - sold bullion worth 13.49 billion won in just the first two days of this month, a whopping increase compared to last month's daily average of 5.1 billion won. This year's cumulative sales have already reached 450.5 billion won, nearly triple last year's total of 165.4 billion won. Demand for silver bullion is also rising, fueled by expectations of higher returns and investors' efforts to diversify their portfolios. But experts advise caution, warning of fluctuations in value despite a potential long-term upward trend in gold prices. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-10-12 16:22:32
  • South Koreans head abroad for Chuseok while foreign tourists pour in
    South Koreans head abroad for Chuseok while foreign tourists pour in SEOUL, September 29 (AJP) - As Chuseok, one of the country's largest holidays of the year, is set to begin later this week, many South Koreans are traveling abroad en masse, opting trips over the traditional ritual of visiting their ancestral graves, while rising numbers of foreign tourists here are raising expectations for a boost to the domestic travel industry. According to global online travel platform Trip.com, the number of South Koreans traveling overseas during the weeklong Chuseok holiday has surged by about 80 percent, compared to last year. Notably, 62 percent of flight bookings are for short-haul destinations such as Japan and Southeast Asia. Foreign arrivals in Seoul have also risen sharply. During China's lengthy "Golden Week" period from Sept. 27 to Oct. 8, travelers from Japan, Taiwan, Viet Nam, and China led in bookings to South Korea. The number of visitors from Australia and Indonesia increased by 84 percent and 63 percent, respectively, while Canada recorded a triple-digit increase, indicating South Korea's growing appeal beyond Asia. This trend reflects South Korea's emergence as a global tourist destination, attracting long-haul travelers. In Trip.com's latest rankings of the world's top tourist destinations, Seoul ranked third and Jeju tenth, with Seoul recognized for its K-pop, shopping, and nightlife, and Jeju noted for its natural beauty and leisure activities. Hong Jong-min, Trip.com's country manager, said, "The global popularity of Seoul and Jeju is a testament to South Korea's growing appeal as a destination for travelers worldwide." * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-09-29 11:07:22
  • Samyangs global sensation Buldak noodle sells over 8 billion packs
    Samyang's global sensation 'Buldak' noodle sells over 8 billion packs SEOUL, September 24 (AJP) - Samyang Foods has announced a major milestone for its globally popular "Buldak" hot chicken flavor ramen series, with sales surpassing 8 billion units since its launch in 2012. The sales figure, which nearly matches the world’s population of 8.2 billion, underscores the brand's immense global success and its role in popularizing Korean cuisine, or "K-Food," around the world, the company said Wednesday. Exported to more than 100 countries, including the U.S., China, Southeast Asia, and Europe, the Buldak series has become a cultural phenomenon. Samyang Foods credits this success to its meticulous localization strategies, which have adapted the product, distribution, and marketing to resonate with diverse international markets. The spicy noodle line has also expanded into a full-fledged brand, with popular spin-offs including sauces, snacks, and ready-to-eat meals. The highly sought-after Buldak sauce is now exported to over 50 countries, becoming a staple condiment for many consumers. To keep up with soaring demand, the company is increasing production capacity at its Miryang plants, anticipating even faster sales growth for the iconic spicy noodle series. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-24 14:20:16