INTERVIEW: Korean startups race to bring lab-grown meat to market SEOUL, June 26 (AJP) - Donning a white lab coat and sterile shoe covers, Dominic Jeong, CEO of South Korean food-tech startup Simple Planet, leads the way through a sleek laboratory buzzing with quiet precision. He opens a chilled cabinet and carefully lifts out petri dishes filled with ivory-white clusters. “These are cultivated animal cells — cow fat and chicken muscle tissue,” Jeong told AJP. “We transform them into protein-rich powders and pastes.” The company’s "cell-based paste" has no flavor, Jeong explains, and it’s not available for public tasting just yet. That step will require prior approval from South Korea’s Ministry of Food and Drug Safety. Simple Planet is part of a growing wave of South Korean startups diving into the emerging world of lab-grown meat, or cultivated meat, as a solution to looming global food insecurity. With the United Nations predicting the global population could reach 10 billion by 2050, the demand for protein is set to nearly double — putting massive strain on existing food systems. While plant-based meats have long catered to vegetarians and the environmentally conscious, cultivated meat targets a broader audience: meat-eaters looking for a more sustainable alternative without sacrificing the real thing. Cultivated meat is created by growing animal cells — typically in a nutrient-rich serum — into muscle and fat tissues. The final product, scientists say, is biologically identical to conventional meat. The same core technology used in regenerative medicine for artificial organs is now being used to grow steaks and chicken breasts. “The only difference,” says Kwon Yeong-mun, director at meat cultivator TissenBioFarm, “is that one’s meant to heal the body, the other is meant to feed it.” But here’s the catch: most lab-grown meat on the market still isn’t 100 percent animal-based. Cultured cells often make up just 20 percent of the final product. The rest? Plant-based fillers and binders. “To make a lab-grown chicken steak, we start with a vegetable protein patty, then add cultured cells and food coloring to mimic real chicken,” Jeong explains. A Climate-Smart Solution Why go through all this effort? The environmental benefits are hard to ignore. Compared to traditional meat production, cultivated meat slashes greenhouse gas emissions, water use, and land consumption. Livestock farming is responsible for roughly 12 percent of global greenhouse gas emissions, and the push to curb that impact is intensifying as climate change accelerates. Jeong says his team’s production tests have already shown promising results. Growing 1,000 kilograms of cultured ingredients using a 50-liter bioreactor saved more than 15,000 kilograms of carbon emissions and over 2,200 cubic meters of water. There are other advantages, too. Lab-grown meat eliminates the need for animal slaughter, sidesteps the risk of food-borne diseases, and avoids the ethical issues tied to factory farming. Despite the buzz, cultivated meat still faces a steep climb to reach supermarket shelves. Back in 2013, the world’s first lab-grown burger cost $325,000. But South Korean researchers are closing in on cheaper alternatives. Professor Joo Seon-tea, who leads the animal science division at Gyeongsang National University, says his startup Orange CAU is nearing commercialization. Their hybrid approach blends cultured muscle tissue with plant protein, which Joo says has passed taste tests and significantly cut production costs. “We estimate our cultured meat will cost about one-third the price of conventional meat to produce,” Joo says. “Retail prices could land at roughly half.” TissenBioFarm, meanwhile, says its whole-cut cultivated meat will sell for about 30,000 Korean won (roughly $22) per kilogram — a bargain compared to USDA Prime ribeye, which can run up to $89 per kilogram. Their secret? A microfiber scaffolding system that mimics the texture and marbling of traditional meat. Kwon explains that the challenge now is scaling up production using large bioreactors to fully infuse those fibers with animal cells and achieve that unmistakable meaty flavor. Still, most of these products remain in R&D limbo. Regulatory approval is the next major hurdle. Last month, a South Korean research team made headlines by replicating meat marbling using self-healing scaffolding — a potential game-changer for appearance and structure. But it’s not ready for consumer forks just yet. “We need Good Manufacturing Practice certification and regulatory approval before anyone can eat it,” says Park Je-young, a professor of bioengineering at Sogang University. Globally, only a handful of countries — Singapore, the United States, Israel, and recently Australia — have greenlit lab-grown meat for human consumption. South Korea is getting closer. The country amended its regulatory framework in 2023 and issued procedural guidelines in early 2024. Still, none of the companies have received final approval to sell. “We cannot disclose how many have applied or when approval might come,” says Sung Jun-hyun, a senior researcher at the National Institute of Food and Drug Safety Evaluation. “But as of now, no product has been cleared for market.” For now, South Korea’s cultivated meat revolution remains confined to labs. But innovators like Jeong are thinking long-term. “We’re not just building steak replacements,” he says. “Our goal is to deliver high-protein animal products to places where meat is scarce or unaffordable. We want to make cultured bulgogi a reality.” 2025-06-26 15:28:29

Korean regulator claims Novo Nordisk cut needle supply to boost obesity drug sales SEOUL, June 26 (AJP) - South Korea’s antitrust regulator has issued a formal warning to Danish pharmaceutical giant Novo Nordisk for cutting off supplies of specialized insulin pen needles used by children with diabetes, in order to prioritize the production of its blockbuster obesity drug, Ozempic, government officials said on Thursday. The Korea Fair Trade Commission (KFTC) concluded that Novo Nordisk violated competition laws when it unilaterally terminated supply contracts for its NovoFine Plus needles without sufficient justification. The regulator stopped short of imposing financial penalties, citing the company’s global supply strategy and the relatively narrow scope of affected consumers. At the center of the dispute is NovoFine Plus, an ultra-thin 4-millimeter needle developed to reduce injection pain and the risk of improper delivery, especially in children requiring daily insulin. Introduced in 2020, the premium needle quickly became a critical tool for families managing Type 1 diabetes. In July 2022, Novo Nordisk notified its South Korean distributor that it would halt standalone sales of NovoFine Plus, citing surging global demand for Ozempic — a drug originally developed to treat Type 2 diabetes but widely used off-label for weight loss. The company said it needed to reserve limited needle inventory for bundling with Ozempic injector pens rather than distributing them separately. Supply to the South Korean market ceased entirely in September 2022, despite a supply contract that was scheduled to remain in effect through the end of that year. In place of NovoFine Plus, the company offered older models with larger diameters — alternatives that many patients and families found more painful and difficult to use. “Even if a product is being reallocated for global strategic reasons, firms must honor local agreements and consider the welfare of vulnerable populations,” a KFTC official said, speaking on background. Ozempic, a glucagon-like peptide-1 receptor agonist, has seen a meteoric rise in demand globally, fueled by its effectiveness in weight loss. The drug has frequently been the subject of controversy, with regulators and physicians raising concerns about supply imbalances, particularly when it comes at the expense of patients with critical medical needs. While the KFTC opted for a non-monetary sanction in this case, legal experts said the warning sends a signal that South Korea is prepared to challenge global pharmaceutical practices when they clash with local consumer rights. 2025-06-26 10:51:54

South Korean central bank warns of stablecoin risks to financial stability SEOUL, June 25 (AJP) - South Korea’s central bank and the Bank for International Settlements (BIS) have raised fresh alarms over the systemic risks posed by the rapid rise of stablecoins, warning that widespread adoption could trigger destabilizing financial shocks and threaten monetary sovereignty. In its financial stability report released Wednesday, the Bank of Korea cautioned that stablecoins — cryptocurrencies pegged to traditional currencies — are vulnerable to abrupt mass redemptions or “coin runs” if public confidence in their reserve assets or price stability erodes. Such loss of trust could lead to "de-pegging" events, in which stablecoins detach from their fiat anchors, with potentially cascading effects on short-term funding markets and liquidity conditions at banks. The central bank emphasized that unlike traditional financial institutions, stablecoin issuers lack safeguards such as deposit insurance or access to lender-of-last-resort functions. The warning comes as South Korea presses forward with legislative reforms aimed at modernizing digital asset oversight — a key campaign pledge of President Lee Jae Myung. BOK Governor Rhee Chang-yong has repeatedly expressed concern that a premature or poorly regulated rollout could undermine monetary stability. The report also cited operational vulnerabilities, pointing to the absence of robust blockchain infrastructure and comprehensive regulation, which increase the risk of technical failures and illicit activity. For emerging markets and non-reserve currency countries such as South Korea, the growing use of dollar-pegged stablecoins could exacerbate exchange rate volatility and complicate capital flow management, the report said. The central bank warned that the mass adoption of such assets could weaken the effectiveness of domestic monetary policy by undermining currency credibility and reducing banks’ capacity for credit creation. The BIS echoed these concerns in a draft of its upcoming annual report, set to be released June 29, stating that stablecoins could dilute monetary sovereignty and introduce new transparency and capital flight challenges — especially in emerging economies. 2025-06-25 16:49:49

'Stablecoins emerge as global financial trend' SEOUL, June 25 (AJP) - Stablecoins are no longer a passing fascination but a defining trend in global finance, Hana Securities said in a report Wednesday. The Seoul-based brokerage described the rise of stablecoins as a shift “from theme to trend,” signaling a structural change in how markets view these blockchain-based assets. The report pointed to a confluence of factors — regulatory reforms, growing institutional interest, and the possible issuance of won-backed stablecoins — that could accelerate South Korea’s transition into a more digitally integrated financial system. “Financial history has alternated between phases of centralization and decentralization,” said Kim Du-un, an analyst at Hana Securities. “We’re now in a transitional period where traditional and digital finance are beginning to coexist. While the balance of power remains unclear, these periods have historically offered rare opportunities — and stablecoins are emerging as one of them.” Stablecoins, typically pegged to government-issued currencies like the U.S. dollar or the euro, have gained popularity worldwide for enabling faster and cheaper transactions while mitigating the volatility often associated with cryptocurrencies like Bitcoin or Ethereum. The report comes amid a flurry of legislative activity in Seoul, where ruling Democratic Party lawmakers have introduced new digital asset bills that expand on President Lee Jae Myung’s campaign promises to modernize the country’s approach to cryptocurrency. South Korea’s regulatory posture is developing in parallel with moves in other major economies. In the United States, Congress passed an act on June 17 — its most comprehensive digital asset legislation to date — aimed at securing a strategic foothold in the global stablecoin market. While details of its coordination with existing financial laws remain under discussion, implementation is expected within the year. The European Union, meanwhile, has already adopted a regulation, which went into effect last year, laying the groundwork for cross-border compliance and investor protection in the bloc’s growing crypto markets. 2025-06-25 14:42:54

South Korea fails again in bid for MSCI Developed Market status SEOUL, June 25 (AJP) - South Korea’s ambitions to join the ranks of the world’s developed financial markets faced another setback as MSCI declined once again to elevate the country from its emerging market classification. In its annual market classification review, the global index provider said South Korea would not be added to its watch list for a potential upgrade — effectively stalling any chance of reclassification until at least 2026. The decision also delays possible inclusion in the MSCI Developed Market Index to 2028 or beyond. “MSCI will continue to monitor the implementation and market adoption of measures to enhance the accessibility of the Korean equity market,” the firm said in a statement. The announcement follows a series of market reforms by South Korean authorities aimed at addressing longstanding concerns from global investors. In March, the government lifted a ban on short-selling, which had been in place since 2020, and implemented measures to curb illegal trading practices. Still, MSCI said these efforts had not gone far enough. “As a reminder, potential reclassification consultations require that all issues have been addressed, reforms have been fully implemented, and market participants have had ample time to thoroughly evaluate the effectiveness of the changes,” the firm said. South Korea has been classified as an emerging market since its inclusion in MSCI’s indices in 1992. It briefly appeared on the watch list for developed market consideration in 2008, only to be removed in 2014 due to what MSCI described as “insufficient progress” on market accessibility. The latest review underscores the complexity and high bar of MSCI’s evaluation criteria. While the index provider last week upgraded South Korea’s short-selling accessibility rating from negative to positive, six other categories — including liberalization of the foreign exchange market, investor registration, and settlement infrastructure — continue to receive negative assessments. MSCI noted that, despite recent reforms to South Korea’s foreign exchange regime, “operational difficulties persist in registration procedures, and the limited use of omnibus accounts and over-the-counter trading constrains the effectiveness of related measures.” In April, Kim Byoung-hwan, chairman of the Financial Services Commission, met with senior MSCI executives to advocate for the country’s upgrade and outline Seoul’s ongoing reform agenda. The meeting, however, appears to have had little effect on MSCI’s deliberations. 2025-06-25 11:01:19

South Korea to host US students in shipbuilding education program SEOUL, June 24 (AJP) - South Korea will launch a new shipbuilding education program next year aimed at strengthening maritime industry ties with the United States by hosting American university students and faculty for short-term training. The initiative was announced Tuesday by the Ministry of Trade, Industry and Energy. Seoul National University, San Diego State University, and HD Korea Shipbuilding & Offshore Engineering signed a memorandum of understanding, outlining plans for collaborative education and training. Under the agreement, Seoul National University will host between 20 and 30 students and faculty members from U.S. institutions annually, beginning in 2026, for short-term engineering programs focused on shipbuilding. The two countries also committed to expanding the scope of the program to include shipyard design professionals. The new agreement builds on a similar trilateral accord signed last July between Seoul National University, the University of Michigan, and HD Korea Shipbuilding & Offshore Engineering. The latest initiative comes as the United States seeks to rebuild its maritime capabilities, following decades of industrial decline in commercial shipbuilding. 2025-06-24 17:09:13

Consumer sentiment in South Korea hits 4-year high SEOUL, June 24 (AJP) - South Korea’s consumer confidence surged to a four-year high in June, lifted by optimism over the launch of a new government and expectations for a forthcoming supplementary budget, the central bank said Tuesday. The Bank of Korea reported that its Composite Consumer Sentiment Index (CCSI) rose to 108.7 in June, up 6.9 points from the previous month and marking the highest reading since June 2021, when the index reached 111.1. The latest increase represents the third consecutive monthly gain and reflects a sharp rebound from December, when the index plummeted 12.5 points following the declaration of martial law by then President Yoon Suk Yeol. Sentiment began to recover in April, when the index stood at 93.8. Analysts said consumer confidence has been bolstered by President Lee Jae-myung’s proposed supplementary budget, which is aimed at stimulating domestic consumption and reviving economic growth. All six sub-indices of the sentiment survey improved in June. The outlook for domestic economic conditions posted the largest gain, rising 16 points to 107. The index measuring current economic conditions climbed 11 points to 74. Expectations for housing prices also surged, with that index jumping 9 points to 120 — its highest level since October 2021, when it hit 125. The monthly increase was the sharpest in more than two years. 2025-06-24 16:13:32

Former Naver executives steer President Lee Jae Myung's AI policy SEOUL, June 24 (AJP) - President Lee Jae Myung has appointed former top executives from Naver to senior government posts, signaling a shift toward industry-driven policymaking as the country seeks to accelerate its ambitions in artificial intelligence. Ha Jung-woo, 48, the former head of AI innovation at Naver Cloud, was named the first Chief of AI Future Planning within the presidential office on June 15. A deep learning specialist, Ha had led the development of advanced AI technologies at Naver and was a vocal proponent of building “sovereign AI” — domestically developed AI systems tailored to national priorities. In his inaugural press briefing, Ha underscored the need for cross-ministerial collaboration, describing AI development as a “strategic imperative” for South Korea’s economic and technological independence. President Lee also nominated Han Seong-sook, 58, a pioneering figure in South Korea’s internet industry, as Minister of SMEs and Startups. Han served as Naver’s chief executive from 2017 to 2022 — the first woman to hold the role — overseeing a critical period of expansion into mobile platforms, fintech, and overseas markets. Under her leadership, the company launched Naver Pay, scaled its global webtoon business, and surpassed 6 trillion won (about $4.3 billion) in annual revenue during the COVID-19 pandemic. The appointments reflect a broader departure from the traditional practice of staffing key policy roles with bureaucrats and academics. Instead, President Lee's administration is turning to private-sector technologists with hands-on experience to help shape the country’s digital future. Industry analysts say the move aligns with Lee’s campaign pledge to develop a homegrown AI model, positioning South Korea as a leader in next-generation technologies while reducing dependence on foreign platforms. 2025-06-24 15:26:22

Mideast tensions jolt financial markets SEOUL, June 23 (AJP) - South Korea’s main stock index dropped below the 3,000-point threshold on Monday as rising geopolitical tensions in the Middle East unsettled global financial markets and triggered a sharp sell-off by foreign investors. The benchmark KOSPI fell 30.71 points, or 1.02 percent, to 2,991.13 as of 10:31 a.m. in Seoul, slipping back below the key psychological level it had reclaimed on June 20 for the first time in more than three years. The decline came in the wake of U.S. airstrikes on Iranian nuclear facilities over the weekend, marking a dramatic escalation in the simmering conflict between Washington and Tehran. The strikes — authorized by U.S. President Donald Trump just days after issuing an ultimatum to Iran — prompted fears of broader regional instability and energy supply disruptions. Foreign investors were at the forefront of Monday’s sell-off, dumping 358.4 billion won, or about $260 million, worth of shares. Institutional investors followed suit, offloading 522.5 billion won. Currency markets also reflected the growing unease. The South Korean won weakened sharply, rising 6.5 won, or 0.47 percent, to 1,383.0 per dollar as of 10:47 a.m. The won had opened 9.4 won higher at 1,375.0, extending losses as investors sought refuge in dollar-denominated assets. Global energy markets were quick to react to the turmoil. West Texas Intermediate crude futures for August delivery jumped 2.60 percent to $75.76 per barrel, driven by fears that Iran’s retaliatory move to close the Strait of Hormuz — a vital conduit for global oil shipments — could choke off supplies. The renewed volatility underscores South Korea’s economic vulnerability to geopolitical shocks, particularly those threatening the flow of Middle Eastern oil, which accounts for a significant portion of the country’s energy imports. Analysts warn that sustained disruption in the region could ripple through the broader economy, weighing on corporate earnings, consumer sentiment, and inflation. 2025-06-23 14:00:13

Closure of Hormuz Strait likely to imperil South Korea's energy lifeline SEOUL, June 23 (AJP) - Iran’s parliament has approved a measure to close the Strait of Hormuz, raising the specter of a severe energy crisis in South Korea. The move, seen as retaliation for recent U.S. military strikes on Iranian nuclear facilities, threatens to sever a critical artery through which nearly 70 percent of South Korea’s crude oil imports flow. The narrow waterway, wedged between Iran and Oman, is one of the world’s most strategic maritime chokepoints. It serves as the primary conduit for oil from major Middle Eastern producers — including Saudi Arabia, Kuwait, and the United Arab Emirates — most of which must transit through the strait to reach Asian markets. “Virtually all of South Korea’s Middle Eastern crude passes through Hormuz,” said an energy analyst in Seoul. “A shutdown would have immediate and far-reaching consequences for the Korean economy, especially in energy-intensive sectors.” About 99 percent of Middle Eastern oil shipments to South Korea are routed through the strait, underscoring the country’s acute vulnerability to geopolitical shocks in the Persian Gulf. The latest escalation sent crude oil prices sharply higher over the weekend, as markets absorbed the implications of a potential shipping blockade. Domestic gasoline and diesel prices in South Korea, which had been declining for over a month, reversed course, with traders pricing in fears of prolonged supply disruptions. The surge is already squeezing corporate margins and curbing consumer spending. Officials in Seoul convened emergency meetings over the weekend to weigh contingency measures. The government is exploring alternative supply routes and strategic reserve deployments, but officials privately concede that few viable options exist should the strait remain closed for an extended period. The industrial sector is likely to be the hardest hit. South Korea’s sprawling network of refineries, petrochemical complexes, and steel mills — most of which rely heavily on imported crude — could face production curtailments within weeks, analysts warned. Key export engines such as semiconductors and automobiles would also feel the ripple effects. Construction firms, many of which depend on large-scale contracts in the Middle East, are watching the situation with growing unease. South Korean companies secured $5.64 billion in regional projects from January through May, accounting for nearly half of their total overseas orders, according to the International Contractors Association of Korea. Economists warn that the crisis could not have come at a worse time. With global growth forecasts hovering around 2 percent and inflationary pressures mounting, a sustained oil price shock could tip South Korea’s economy into stagflation. Some projections suggest GDP growth could fall below 1 percent if military confrontation in the region intensifies. “This is no longer a distant geopolitical risk,” one Seoul-based economist said. “It’s a direct threat to Korea’s economic stability.” 2025-06-23 10:50:21