The sky's the limit for K-ramyeon riding on Demon Hunters craze SEOUL, September 18 (AJP) - The challenge of slurping fiery-hot ramyeon is nothing new. But when a chart-topping K-pop trio does it in a Netflix hit that becomes the platform's most-watched animated film, the sales surge – and stock rally – for Korean snack makers can be staggering. Instant noodle giant Nongshim, featured as a motif in "KPop Demon Hunters," closed Thursday at 481,500 won ($347), up 24.6 percent from a year ago. Nearly 30 percent of that jump came in just the past month. The windfall stems from the film's breakout success, where the girl group devours steaming bowls of Shin Ramyun and munches on shrimp snacks before rushing to battle demons and stage a stadium concert. Nongshim sold 6,000 limited-edition Shin Ramyun packs featuring film characters in just 100 seconds on its online store last month, while themed packaging for Shin Ramyun and Shrimp Crackers is now rolling out across North America, Europe, and Southeast Asia. The halo effect has extended to Samyang Foods, maker of the viral "Hot Chicken" noodles. Its shares soared to 1,585,000 won this month, tripling from 517,000 won a year earlier, with a 15.1 percent gain in the last month alone as the "Spicy Noodle Challenge" found new life in the Demon Hunters craze. "Samyang has already been strong, but Nongshim was relatively weaker in marketing despite its overseas plants and distribution networks. The film did the magic," said Kim Jin-woo, analyst at Eugene Investment & Securities. "The real boost will come when the exact products shown in the film hit the shelves, not just character-branded packaging." The craze underscores how Korean instant noodles – once overshadowed by Japanese ramen – have become a cultural export in their own right. Korea's ramyeon exports hit $1.25 billion in 2024, surpassing the previous year's $952 million in just 10 months, according to the agriculture ministry. The U.S. is now the top buyer, with imports up 70 percent last year to $215.6 million, helping push total Korean agri-food exports to the U.S. to a record $1.59 billion, ahead of China and Japan. "The anime is packed with Korean cultural elements, which feed global interest and cravings for Korean products. This can only spark more demand for snacks," Kim added. 2025-09-18 17:45:10

Gov't launches task force to tackle US visa issues after Georgia immigration raid SEOUL, September 18 (AJP) - The government launched an interagency task force to address issues related to U.S. visas. The task force, led by the Ministry of Foreign Affairs in cooperation with the Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups, aims to ensure that the concerns raised by South Korean businesses are reflected during negotiations with the U.S. The move follows the weeklong detention of hundreds of South Korean workers during a sweeping immigration raid in Georgia earlier this month. The task force will also work with business lobbies such as the Korea Enterprises Federation and the Korea Federation of SMEs, with plans to hold regular meetings to tackle strategies for streamlining visa processes and easing U.S. entry for South Korean businesspeople. During his meeting with Secretary of State Marco Rubio last week, Foreign Minister Cho Hyun proposed forming a "working group" to discuss visa-related issues and prevent similar incidents from recurring. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-18 17:24:17

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

Georgia immigration raid prompts calls for special visa program for South Korean workers SEOUL, September 18 (AJP) - Despite Seoul's massive $350 billion investment pledge to Washington, a sweeping U.S. immigration raid early this month led to the detention of hundreds of South Koreans working at a joint electric vehicle battery plant under construction in Georgia. The incident severely disrupted South Korean companies' plans to send skilled workers to the U.S. for productivity and quality control. The raid underscores the need for clear and consistent visa policies for business travelers amid U.S. President Donald Trump's strict immigration stance. Many business travelers here commonly obtain the Electronic System for Travel Authorization (ESTA) to visit the U.S., as it allows them to stay for up to 90 days for non-commercial activities such as attending meetings and conferences. However, frequent instances of travelers overstaying their visas or remaining in the country illegally appear to have led to the implementation of stricter controls and legal enforcement. For business travel, visas like B1/B2, H1B, L1, and E2 are typically required, but their complicated and lengthy procedures make them difficult and slow to obtain. But each visa type comes with its own set of hurdles. B1/B2 visas, for instance, can take weeks to process and do not allow paid work in the U.S. H1B visas are subject to annual quotas, while L1 and E2 visas often require burdensome paperwork, which can be an obstacle especially for smaller companies. To address these issues, many experts are proposing a special visa for South Korean workers, similar to Australia's E-3 or Singapore's H-1B1, visa programs that allow professionals in specialty occupations to work temporarily in the U.S. By simplifying visa issuance procedures and reducing processing times, such a visa could further strengthen the bilateral alliance by enhancing economic cooperation and facilitating professional exchanges between the two countries. Although immediate adjustments to visa and immigration policies may be difficult, the recent Georgia incident highlights the urgent need for practical solutions to ensure that South Korean companies do not suffer similar incidents or face disruptions to their U.S. operations due to visa issues. * This article, contributed by Lee Won-gu, CEO of Prime Immigration in Seoul, was translated by AI and edited by AJP. 2025-09-18 16:40:56

Korea's drug crisis spikes, treatment gap widens SEOUL, September 18 (AJP) - South Korea, once hailed as drug-free, is confronting a fast-rising drug crisis with young adults most affected and treatment systems lagging to raise long-term public health concerns. From January through August, authorities confiscated 2,810 kilograms of illegal drugs — 3.5 times the 787 kilograms seized in all of 2024, Democratic Party lawmaker Chung Il-young said Thursday, citing data from the Korea Customs Service. The haul, equivalent to about 76 million doses based on a typical use of 0.03 grams, spanned a wide range of substances. "South Korean ports are emerging as a new hub for international drug cartels, and this danger is already materializing," Chung said. "The fact that 56.1 percent of drug offenders arrested over the past five years are in their 20s and 30s is a grave warning that threatens the very fabric of society." Despite Korea's no-tolerance for drug crimes, police and prosecutors are struggling to keep pace with increasingly sophisticated trafficking networks. "Young people today use cryptocurrency and false-name bank accounts to buy illegal drugs," said Yoon Heung-hee, professor of global addiction rehabilitation counseling at Namseoul University. Dealers have shifted from simple package drops to organized relay points, and long-term ties between sellers and buyers often frustrate investigators. The problem has spread to teenagers, though arrests of offenders in their teens dropped to 649 in 2024 — down 56.1 percent from the previous year after the government crackdown that followed the notorious "attention drink" case. Still, a pilot survey by the Ministry of Health and Welfare last year found that 23 of 1,800 respondents aged 14 to 24 admitted to drug use, or 1.3 percent. Experts believe the true figure is far higher, given the clandestine nature of drug crimes. "Drugs are easily accessed through illegal websites, free webtoons, and social media," said Lee Hae-kook, psychiatry professor at the Catholic University of Korea. "Teenagers without money sometimes sell amphetamine-based appetite suppressants without knowing what they are, only to end up hospitalized after arrest." Specialists are calling for a paradigm shift from criminal enforcement to public health. At a National Assembly seminar co-hosted by the Ministry of Health and Welfare on Wednesday, Kim Ju-hee, chief executive of biotech firm Inventage Lab, warned that "drug addiction can no longer be dismissed as an individual failing but must be treated as a national public health crisis." Compared with countries such as the United States and France, Korea lacks insurance coverage, treatment programs, and access to proven therapies. Experts urged the government to fund long-acting injectable medications that improve compliance and reduce relapse, and to integrate prevention into schools. "Education should begin early, teaching students both which acts are illegal and how specific drug components affect the brain," Lee said. "Without proactive attention from both government and private sector, the crisis will only deepen." 2025-09-18 15:56:03

Samsung Electronics will receive $250 million grant from Texas SEOUL, September 18 (AJP) - Samsung Electronics will receive a $250 million grant from the state of Texas to support its semiconductor expansion, Governor Greg Abbott announced Wednesday (local time). The funds, allocated from the Texas Semiconductor Innovation Fund, are separate from the $4.7 billion in federal aid Samsung secured last year under the CHIPS Act. The new grant was announced after Abbott met with Kyung Kye-hyun, Samsung’s vice chairman, in Austin on Sept. 17. Abbott praised Samsung for its $40 billion investment in the state, which he said has created thousands of high-paying jobs and cemented Texas as a hub for semiconductor manufacturing. The award is tied to Samsung’s $4.73 billion capital investment in its chip fabrication facility in Taylor, northeast of Austin. The plant, scheduled for completion by year’s end, will manufacture cutting-edge 2-nanometer semiconductors for applications in 5G, artificial intelligence and high-performance computing. Samsung said production of its AI6 chips — part of a $23 billion supply agreement with Tesla — will begin at the Taylor site in late 2026. The grant highlights Texas’s active role in courting semiconductor investment, setting it apart from federal-level initiatives. Abbott visited Samsung’s massive Pyeongtaek campus in South Korea in July 2024 and previously awarded $27 million in state funds for the Taylor fab in 2021. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-18 15:39:50

Son Heung-min nets hat trick for LAFC SEOUL, September 18 (AJP) - Son Heung-min, who made his Major League Soccer (MLS) debut with Los Angeles FC (LAFC) last month, scored his first hat trick, leading his team to a 4-1 victory in an away match against Real Salt Lake in Utah on Wednesday. His first goal came just 3 minutes into the game, followed by another goal in the 16th minute. Son then completed his hat trick in the 82nd minute, sliding in to finish a pass from fellow Denis Bouanga. Having done his part brilliantly, Son was replaced by Venezuelan footballer David Martínez just a few minutes before the final whistle of the match. Since joining the American club in August after ending a 10-year stint with Tottenham Hotspur in the English Premier League, the star forward has already scored five goals and two assists in just six MLS matches. His contract with LAFC runs through 2027, with two one-year renewal options. 2025-09-18 15:11:04

Lotte Card data breach exposes information of nearly 3 million customers SEOUL, September 18 (AJP) - South Korea’s Lotte Card said Thursday that nearly one-third of its customers were affected by a major data breach stemming from a hacking attack in August. At a press conference in Seoul, CEO Cho Jwa-jin confirmed that the personal information of 2.97 million members was compromised in the Aug. 14 incident. “We sincerely apologize to our customers and relevant authorities for causing great concern,” Cho said. The leaked data was tied to online payment systems and, for about 280,000 customers, included sensitive details such as card numbers, expiration dates and CVC codes that could be exploited for fraud. Lotte Card said these customers will receive priority reissuance of their cards. For the remaining 2.69 million customers, only partial information was exposed, which the company said cannot be used alone to commit fraudulent transactions. Cho added that no customer names were leaked and that offline payment systems were unaffected. Lotte Card, the country’s fifth-largest card issuer with roughly 9.6 million members, has pledged to fully compensate victims. “Lotte Card will take full responsibility and reimburse all damages caused by this incident,” Cho said, promising to cover any secondary losses if they are confirmed to be linked to the breach. The company had initially reported to regulators on Sept. 1 that 1.7 gigabytes of data had been stolen. However, a subsequent investigation revealed the scale of the breach was far greater. Lotte Card also acknowledged that although the attack occurred on Aug. 14, but it began its probe at the end of the month. Meanwhile, private equity firm MBK Partners, the largest shareholder of Lotte Card, is facing criticism for allegedly prioritizing profit maximization over security investments as it seeks to sell the card company. MBK acquired an 80 percent stake in Lotte Card in 2019 for 1.38 trillion won ($1 billion). In 2022, it attempted to offload the stake for 3 trillion won, but the deal fell through. MBK lowered its asking price to 2 trillion won in May this year, yet no bidders have come forward. The company’s difficulties in securing a buyer have been compounded by scrutiny from regulators and prosecutors. MBK is under simultaneous investigation by financial authorities and law enforcement over its responsibility for a financial crisis at retail chain Homeplus, in which it holds a controlling stake. 2025-09-18 14:38:47

Trump, Xi expected to meet at upcoming APEC summit in Gyeongju SEOUL, September 18 (AJP) - All eyes around the world are expected to be on South Korea's historic city of Gyeongju next month, as U.S. President Donald Trump and Chinese President Xi Jinping are both expected to attend the Asia-Pacific Economic Cooperation (APEC) summit. While neither side has been officially confirmed, their attendance at the multilateral gathering scheduled for Oct. 31 to Nov. 1 appears almost certain. During a conference in central Seoul on Wednesday, Acting U.S. Ambassador to South Korea Joseph Yun hinted that Trump would meet President Lee Jae Myung at the summit, following their "successful" talks in Washington last month. Similarly, Foreign Minister Cho Hyun, currently in Beijing, said he believes Xi will visit South Korea, after having talks with his Chinese counterpart Wang Yi earlier in the day. Should it happen, it would be the first face-to-face meeting between Trump and Xi since Trump took office for his second non-consecutive term earlier this year. It would also mark the first time in more than a decade that U.S. and Chinese presidents have been in South Korea at the same time, since the 2012 Nuclear Security Summit in Seoul, where leaders from over 50 countries gathered to discuss cooperative measures against nuclear terrorism. Their possible encounter comes at a time of escalating tensions between Washington and Beijing across various sectors including security, trade, and technology, with both countries likely to leverage the summit to push their strategic agendas that could shape the global order. With Trump pursuing protectionism under his America-first mantra and Xi criticizing Washington's unilateral, sweeping tariffs while promoting free trade and multilateralism, principles once central to U.S. policy, the summit will test how regional economies navigate the evolving global political and economic landscape, with outcomes likely to have implications far beyond the Korean Peninsula. 2025-09-18 14:32:14

Senior Ukrainian officials visit HD Hyundai for post-war reconstruction talks SEOUL, September 18 (AJP) - A delegation of top Ukrainian government officials visited HD Hyundai's facilities this week to advance collaboration on post-war reconstruction, the company said Thursday. The visit was part of a larger construction machinery training program for Ukrainian officials organized by the Korea Construction Equipment Manufacturers Association and the Korea Construction Equipment Technology Institute. The delegation included key figures like Deputy Ministers of Territorial Development, Marina Denysiuk and Kostiantyn Kovalchuk, and Serhiy Suhomlyn, head of the Reconstruction Agency. The delegation's itinerary included tours of HD Hyundai's smart factory, shipyard dock, and transformer manufacturing facilities in Ulsan, giving them firsthand insight into South Korea's industrial and technological advancements. The officials also participated in discussions about equipment operation, maintenance, disaster recovery, and eco-friendly construction techniques. HD Hyundai has historically been a major player in Ukraine's construction machinery market, with its affiliates HD Hyundai Infracore and HD Hyundai Construction Equipment holding significant market shares prior to the war. The company has maintained strong ties with the Ukrainian government to support ongoing and future reconstruction projects. In a statement, the company outlined its plan to bolster Ukraine's recovery by supporting vocational schools with construction machinery and virtual reality simulators to train local technicians. The company also intends to strengthen its aftermarket business, ensuring long-term support for its equipment. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-18 14:09:23