AJU PRESS - ASIA NEWS HUB

Journalist

Kim Dong Young davekim0807@ajupress.com

South Korea's egg prices surge ahead of traditional holiday Chuseok amid supply shortage SEOUL, September 05 (AJP) - South Korea's egg prices are expected to climb further as the Chuseok, traditional Korean thanksgiving holiday season, is set to take place in early October. Also, supply constraints stemming from extreme summer heat continue to squeeze the market. The Korea Rural Economic Institute projected Friday wholesale egg prices would reach 1,900 to 1,950 won (around $1.43 to $1.47) per 10 extra-large eggs in September, marking a potential 15.7 percent increase from the same period last year. The price surge, which began in April, has persisted for nearly six months. Wholesale egg prices breached the 1,900 won threshold in June with a 16.7 percent year-on-year increase, followed by rises of 19.4 percent in July and 20.1 percent in August. The institute attributed the sustained price pressure to an aging laying hen population and heat-related supply disruptions. Daily egg production is forecast to drop 1.1 percent to 49 million eggs this month compared to last year. Industry analysts point to additional factors contributing to the supply crunch, including recent animal welfare regulations that limit the number of hens per cage and outbreaks of highly pathogenic avian influenza that have reduced overall production capacity. Consumer prices have already felt the impact, with retail egg costs jumping 8 percent over the past year, according to Statistics Korea. The average nationwide price for 30 extra-large eggs hit 7,356 won in August, the highest level since July 2021. The government has scrambled to address mounting inflation concerns ahead of Chuseok, when demand for agricultural products traditionally spikes. Officials plan discount campaigns with major retailers and egg producers to ease the burden on consumers. Authorities acknowledged they have yet to identify the root causes behind the dramatic price increases. The Agricultural Ministry said investigations into potential price manipulation remain ongoing, while industry groups have pledged to normalize pricing within the week. The Rural Development Administration reported successful trials of automated temperature control systems in chicken farms during the summer months, citing their critical importance for poultry welfare as chickens struggle to regulate body temperature in extreme heat, which significantly reduces quality egg production. Relief may not come until after the holiday period ends. The institute forecasts wholesale prices will remain around 1,900 won through November before declining as new laying hens enter production and seasonal demand subsides. 2025-09-05 11:12:27
Korea's top business lobby ties economic recovery to green growth SEOUL, September 04 (AJP) - South Korea’s most powerful business lobby urged the government Thursday to pair consumer stimulus with an ambitious green transition as the country struggles with sluggish growth and rising climate pressures. The Federation of Korean Industries, which represents the country’s largest conglomerates, presented a seven-point “renewal” strategy that it said could both spur household consumption and advance the nation’s carbon neutrality goals. The initiative borrows from China’s trade-in policies, which encourage consumers to replace outdated goods with cash rebates for newer, more efficient products. The plan underscores growing pressure on policymakers to find ways of jump-starting Asia’s fourth-largest economy, which has been buffeted by weak consumer spending, global trade frictions and the costs of a low-carbon transition. The proposals cover a wide range of sectors: transforming homes into high-efficiency “smart” dwellings, accelerating the shift to green mobility, overhauling aging infrastructure, upgrading artificial intelligence systems, and expanding cultural and residential development. Much of the plan hinges on large-scale replacement of old vehicles and appliances. The federation called for scrappage subsidies to retire internal combustion cars and broadened incentives for electric and hydrogen vehicles, including tax breaks and direct subsidies. It also urged the government to extend programs that support energy-efficient appliances and expand eligibility for consumers. On the industrial front, the group recommended greater support for “smart green” industrial complexes and new carbon-reduction incentives to speed companies’ environmental transitions. For housing, it pushed for easing regulations on reconstruction projects and loosening floor-area restrictions to make green remodeling more attractive to private developers. “The seven tasks proposed by FKI serve as a roadmap to inject vitality into the stagnant economy and secure future growth engines,” said Lee Sang-ho, head of the federation’s economic and industrial research department. “The government needs to actively consider this as a means to improve Korea’s economic fundamentals by enhancing productivity across all sectors.” 2025-09-04 16:15:41
South Korea finds lifeline in Southeast Asia as US tariffs weigh on exports SEOUL, September 04 (AJP) - South Korea’s exports to Southeast Asia surged in August, offsetting declines in shipments to the United States as Washington’s trade barriers increasingly disrupt bilateral flows. Exports to the Association of Southeast Asian Nations rose 12 percent from a year earlier to a record $10.89 billion, the trade ministry said Thursday. It was the third consecutive month of growth to the bloc, which has become an increasingly vital market for Korean manufacturers. For the second month in a row, exports to ASEAN outpaced those to the United States, a shift last seen in late 2023. U.S.-bound shipments tumbled 12 percent, the sharpest fall this year, while exports to China slipped 2.9 percent. Semiconductors led the rebound in Southeast Asia, with sales up 47 percent to $2.7 billion, fueled by investments in artificial intelligence and data centers. Shipments of vessels soared nearly 360 percent, while oil products rose 16 percent and petrochemicals 13 percent, though pricing pressure from Chinese competitors tempered gains. South Korean conglomerates are also deepening their footprint in the region. Hyundai Motor and steelmaker POSCO are building new factories and export hubs in Malaysia, Indonesia and Vietnam, underscoring ASEAN’s growing role in Korea’s global supply chain strategy. Economists say the region could soon eclipse both the United States and China as South Korea’s most dynamic export market, driven by its young demographics, expanding middle class and rapid digital transformation. Still, risks loom. Chinese imports to five major ASEAN economies grew 6 percent between 2021 and 2024, compared with just 0.1 percent for Korean goods, according to a recent trade agency report. And much of Korea’s export strength remains tied to semiconductors, many of which are shipped to Vietnam for packaging and testing before being re-exported to the United States — a structure that leaves Korean trade exposed to geopolitical tensions. 2025-09-04 16:08:37
Nongshim taps Netflix hit 'KPop Demon Hunters' to rival Samyang SEOUL, September 4 (AJP) - Nongshim, South Korea’s largest instant noodle maker, has teamed up with the hit Netflix animation "KPop Demon Hunters" in a bid to challenge Samyang Foods, whose fiery Buldak noodles have become a global social media sensation. The collaboration places characters from the series on packaging for Nongshim’s flagship Shin Ramyun and Shrimp Crackers. The show, which has been streamed more than 260 million times worldwide, prominently depicts cup noodles resembling Nongshim products — a link the company seized on to create what it calls a “natural synergy.” Nongshim also released special edition Shin Ramyun cups featuring designs seen in the series, with three versions highlighting the protagonists Rumi, Mira and Zoey. The move underscores intensifying competition in the $50 billion global instant noodle market, where Samyang has built a cult following with its hyper-spicy Buldak line, propelled by online “fire noodle” challenges and celebrity endorsements. Analysts see Nongshim’s foray into entertainment tie-ins as a creative counteroffensive aimed at younger consumers. The strategy comes as the company faces sluggish earnings. In the second quarter, Nongshim reported consolidated revenue of 867.7 billion won, a modest 0.8 percent increase, while operating profit slipped 8.1 percent to 40.2 billion won. “We expect recovery in North American operations in the second half, with price increases of about 10 percent implemented in July having a positive impact on third-quarter results,” said Shim Eun-joo, an analyst at Hana Securities. Investors appear encouraged by the brand’s pop culture play. Since the partnership was announced on Aug. 20, Nongshim shares have surged about 19 percent. 2025-09-04 11:00:14
South Korea signals fresh push to join Asia-Pacific trade bloc SEOUL, September 3 (AJP) - The South Korean government said on Wednesday that it would consider joining a sweeping Asia-Pacific trade pact, reviving long-dormant discussions as the country looks to diversify export markets amid heightened uncertainty over U.S. trade policy. The announcement came during an economic ministers’ meeting led by Deputy Prime Minister and Finance Minister Koo Yoon-cheol, where officials also outlined support measures for exporters hit by recent tariff negotiations with Washington. The government said it would “review CPTPP membership to secure an economic alliance network with like-minded countries.” South Korea first weighed joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, in 2021 under former President Moon Jae-in. The effort stalled in the face of fierce opposition from farmers worried about an influx of agricultural imports. The renewed interest reflects Seoul’s growing unease over its dependence on the United States and China, its two largest trading partners, as tensions between the superpowers deepen and protectionist policies spread. Officials say that large-scale free trade agreements are becoming more important for safeguarding access to global markets. The CPTPP, which took effect in 2018 after the United States pulled out of its predecessor pact, now counts 12 members including Japan, Canada, Australia, Mexico and the United Kingdom. Together, they represent about 14 percent of global economic output. Securing entry would not be straightforward. All existing members must approve new applicants, and Japan holds particular influence. While ties between Seoul and Tokyo have warmed under President Lee Jae Myung, longstanding disputes — including South Korea’s ban on Japanese seafood imports following the 2011 Fukushima nuclear disaster — remain major obstacles. At home, agricultural groups are also expected to resist any move toward membership. For now, officials stressed that the government is only beginning a review process, with any formal application requiring extensive consultations and approval at the highest levels. 2025-09-03 15:27:28
South Korea's economy rebounds on strong exports, consumer spending SEOUL, September 3 (AJP) - South Korea’s economy returned to growth in the second quarter, lifted by a revival in consumer spending and a surge in exports, the central bank said Wednesday. Gross domestic product expanded 0.7 percent from the previous quarter, according to revised figures from the Bank of Korea. That was slightly higher than the 0.6 percent preliminary estimate issued in July and a reversal from the 0.2 percent contraction recorded in the first three months of the year. Private consumption rose 0.5 percent, fueled by higher spending on automobiles and medical services, while government outlays climbed 1.2 percent, largely because of health care expenditures. Exports jumped 4.5 percent, driven by strong global demand for semiconductors and petrochemical products. Still, weaknesses persisted in investment and construction. Facility investment slid 2.1 percent as companies cut spending on machinery and transportation equipment, including semiconductor manufacturing tools. Construction investment fell 1.2 percent, reflecting a slowdown in civil engineering projects. Manufacturing output advanced 2.5 percent, led by electronics and optical products. Services grew 0.8 percent as wholesale, retail, accommodation and transportation sectors recovered from first-quarter declines, even as the information and communication industry contracted. Overall construction activity contracted sharply by 3.6 percent, while output in electricity, gas and water supply tumbled 5.4 percent. Agriculture, forestry and fisheries shrank 1.2 percent. Domestic demand contributed 0.4 percentage points to growth, compared with a 0.5 percentage point drag in the first quarter. Net exports added 0.3 percentage points. Real gross national income rose 1 percent, outpacing GDP growth, as improved trade conditions offset weaker income from overseas, the central bank said. 2025-09-03 14:36:43
Hyundai Motor union launches first strike in seven years amid wage standoff SEOUL, September 3 (AJP) - Hyundai Motor Company’s labor union began a partial strike on Wednesday, ending a rare seven-year stretch of labor peace at South Korea’s largest automaker as wage talks collapsed. The union stages two-hour work stoppages during morning and afternoon shifts at the company’s domestic plants on Wednesday and Thursday, and plans to extend the walkout to four hours on Friday. The action halts production across Hyundai’s key facilities in the country. The strike is the first since 2019. Over the past six years, labor and management had managed to sidestep strikes even through the pandemic and a period of heightened trade tensions between South Korea and Japan. This year, however, negotiations broke down after 20 rounds of talks since June 18. Hyundai had offered a second proposal that included a base salary increase of 95,000 won, or about $68 a month, performance bonuses worth 400 percent of monthly pay plus 14 million won in cash, and 30 shares in the company for each worker. Union leaders rejected the package, demanding a larger monthly raise of 141,300 won, performance pay equivalent to 30 percent of last year’s net profit, and an extension of the retirement age to 64 without income gaps. “It is regrettable that the union decided to strike despite insufficient substantial discussions on negotiation items,” Hyundai said in a statement, adding that it would continue to seek “reasonable" results that allow labor and management to coexist. The dispute centers on wages and retirement age, with the union pointing to Hyundai’s strong performance — a record 14.2 trillion won operating profit last year and a 7.3 percent revenue increase in the second quarter. Management, however, has cited rising concerns over U.S. tariff pressures and a slowdown in the global electric vehicle market. The unrest spread beyond Hyundai. On Wednesday afternoon, unions at HD Hyundai, the country’s top shipbuilder, also walked off the job. 2025-09-03 10:53:15
[[K-Tech]] Korean researchers develop cheaper, stronger battery material for EVs SEOUL, September 2 (AJP) - The Korea Electrotechnology Research Institute said Tuesday it was preparing to move its silicon-graphene composite anode material for lithium-ion batteries into mass production, a step that could extend the range of electric vehicles and improve battery performance in consumer electronics. Silicon has long been regarded as a promising alternative to graphite, the standard anode material in lithium-ion batteries, because it can store roughly 10 times more energy. But its tendency to swell and crack during charging cycles, coupled with low electrical conductivity, has limited its use. Researchers at the government-funded institute said they had overcome those hurdles by combining silicon with graphene, a single-atom-thick layer of carbon known for its strength and conductivity. In the composite, graphene forms a mesh-like coating around silicon particles, reducing structural degradation and improving stability. The team also developed a water-based dispersion process, using oxidation-reduction methods, that allows for the scalable production of high-quality graphene in forms suitable for battery manufacturing. Using a one-step process, they created a “core-shell” structure in which graphene encapsulates silicon, allowing the proportion of silicon in the anode to rise from 5 percent to 20 percent without sacrificing stability. According to KERI, the technology could boost the driving range of electric vehicles by more than 20 percent. The researchers also emphasized cost advantages: instead of relying on expensive nano-silicon, the method uses more affordable micron-sized silicon. Commercial production of graphene is expected to be carried out by JNC Materials, a battery materials company that licensed the technology from KERI for 1.1 billion won, or about $790,000, in 2021. JNC has since built facilities capable of producing thousands of tons of graphene annually — enough, the company said, to supply batteries for about 60,000 electric vehicles or hundreds of millions of smartphones. “This technology simultaneously delivers higher capacity and improved stability for secondary batteries,” said Jeong Seung-yol, director of KERI’s Nano Hybrid Technology Research Center. 2025-09-02 15:16:54
KT, LG Uplus reject hacking claims while government probes possible leaks SEOUL, September 2 (AJP) - South Korea’s Ministry of Science and ICT has opened an investigation into possible hacking incidents at telecommunications firms KT and LG Uplus, after earlier security lapses at rival SK Telecom raised alarm about vulnerabilities in the industry. The ministry said Tuesday it had begun an in-depth review after receiving materials from both carriers during on-site inspections. Officials said they would disclose the findings publicly if evidence of breaches is confirmed. The inquiry follows a tip delivered to the office of Rep. Choi Min-hee of the ruling Democratic Party by an anonymous white-hat hacker. The informant claimed that internal data from the two companies’ servers had surfaced externally, suggesting potential leaks. Security researchers reported that LG Uplus’s internal source code for a privileged account management system, along with information from nearly 9,000 servers, had been exposed. At KT, investigators were told of certificate leaks that could have left its systems vulnerable. The ministry’s move comes just weeks after SK Telecom was fined a record sum for failing to safeguard the personal information of more than 23 million subscribers. Regulators said the company had neglected basic cybersecurity practices and oversight. Both KT and LG Uplus rejected the allegations of cyberattacks. KT acknowledged that external web service certificates and private keys had been exposed through unknown channels, but insisted no direct evidence of a breach was found on its networks. LG Uplus said its own internal checks of access controls and firewall logs revealed no suspicious activity. Earlier this year, the ministry inspected servers at major telecom firms using malware detection tools, and at the time reported no signs of intrusion across the sector. 2025-09-02 10:17:17
Chinese milk tea chains push into South Korea's coffee-saturated market SEOUL, September 1 (AJP) - South Korea has long been known as a “coffee republic,” with one of the world’s highest concentrations of cafes per capita. But a wave of Chinese milk tea brands is challenging that dominance, betting that young Korean consumers are ready for a new kind of drink culture. ChaPanda, a fast-growing Chinese beverage chain listed in Hong Kong, disclosed last week that South Korea had become its largest overseas market, accounting for nearly half of its more than 40 international outlets. Since opening its first Seoul store in January, the company has expanded quickly into trendy districts like Gangnam and Hongdae, and even to Jeju Island. ChaPanda, which operates 8,444 stores in China, has made South Korea a cornerstone of its broader push into markets including France and the United States. Mixue, China’s biggest bubble tea chain by store count, has also opened more than 10 locations in Seoul, concentrating on university districts. The company runs over 53,000 outlets worldwide — 48,000 of them in mainland China — and reported $2.09 billion in revenue in the first half of this year, up nearly 40 percent from a year earlier. Premium players are also eyeing the Korean market. HeyTea has established shops in Gangnam, Myeongdong and Hongdae, part of a global network of more than 100 overseas locations. Chagee, another high-end brand and the first Chinese milk tea chain to list on Nasdaq, announced plans to enter South Korea soon. It already operates more than 7,000 stores worldwide. The international rush reflects limits at home. China’s once-booming milk tea industry is now saturated, with thousands of outlets crowding cities and margins narrowing. Seeking new growth, companies are turning abroad — and finding opportunities in markets like South Korea, where younger consumers are increasingly receptive to Chinese lifestyle brands, helped along by a recent surge in bilateral tourism after China eased visa restrictions. Still, analysts caution that success is not guaranteed. Building brand awareness may be easier than building reliable supply chains, especially for drinks that depend on imported tea leaves, fruit and dairy. The state-run China Securities Journal noted that ensuring ingredient quality overseas remains one of the biggest risks to the industry’s global expansion. 2025-09-01 14:08:49