Kolmar Korea posts record quarterly earnings on global K-beauty boom SEOUL, August 08 (AJP) - Cosmetics manufacturer Kolmar Korea posted its highest-ever quarterly revenue in the second quarter, fueled by the global proliferation of the K-beauty trend. The company reported consolidated revenue of 730.8 billion won (approximately $555 million) for the April–June period, a 10.7 percent increase from a year earlier, according to a regulatory filing on Friday. Operating profit rose 2.4 percent to 73.5 billion won ($55.8 million), with the operating margin standing at 10.1 percent. For the first half of 2025, cumulative revenue reached 1.38 trillion won ($1.05 billion), up 12.1 percent year-on-year. Operating profit surged 28.1 percent to 133.4 billion won ($101.3 million), underscoring strong momentum in core business areas. Despite the operational gains, net income fell 7.4 percent to 41.8 billion won ($31.7 million), weighed down by a sharp rise in financial expenses. Interest and other financial costs jumped nearly 149 percent year-over-year, from 9.9 billion won to 24.7 billion won ($7.5 million to $18.8 million). Sun care products accounted for 33 percent of second-quarter sales, maintaining their dominant share from a year ago. Makeup revenue grew by a robust 45 percent year-over-year, comprising 18 percent of the total, while skin care’s share slipped to 43 percent. Kolmar noted continued strong performance from major sun care clients, while highlighting a shift in the sales mix toward indie and private-label health and beauty brands, as well as increased demand from global luxury labels. 2025-08-08 16:14:02

South Korea posts record current account surplus of $14.27 billion in June SEOUL, August 8 (AJP) - South Korea recorded its largest-ever monthly current account surplus in June, buoyed by resurgent semiconductor exports and a surge in dividend income from overseas investments, the Bank of Korea said Friday. The surplus reached $14.27 billion, the most since the central bank began compiling data, according to preliminary balance of payments figures for June. It marked the 26th consecutive month of a surplus, underscoring the resilience of the country’s external position amid persistent global uncertainties. The cumulative surplus for the first half of 2025 totaled $49.37 billion, making it the third-largest on record for any six-month period. The goods account surplus climbed to $13.16 billion in June, a $2.5 billion increase from May and the third-highest monthly figure ever recorded. Exports rose to $60.37 billion, fueled by robust demand for information technology products. Semiconductor shipments jumped 11.3 percent year-on-year, while exports of computer peripherals surged 13.6 percent. But gains in tech exports were tempered by weakness in traditional manufacturing sectors. Passenger car shipments slipped 0.3 percent, and steel product exports declined 2.8 percent, as evolving U.S. trade policies continued to weigh on key industrial goods. Imports also rose to $47.21 billion, ending a three-month streak of declines. The rebound was driven by a 38.8 percent surge in semiconductor manufacturing equipment purchases, along with a 7.3 percent increase in consumer goods, including foreign-made passenger vehicles. Shipments to the European Union rose 14.7 percent and exports to Southeast Asia gained 6.0 percent. In contrast, exports to the United States edged down 0.5 percent, while those to China — South Korea’s largest trading partner — dropped 2.7 percent. 2025-08-08 15:45:26

Lee expected to meet Trump for first bilateral summit late this month SEOUL, August 8 (AJP) - President Lee Jae-myung is expected to sit down for talks with U.S. President Donald Trump in Washington later this month. According to government sources, Lee is likely to fly to Washington, D.C. on Aug. 24 for his first bilateral summit with Trump at the White House the following day. The upcoming summit will be Lee's first test in bilateral relations, marking his official debut on the international diplomatic stage, although he briefly participated in a multilateral gathering in Canada shortly after his inauguration on June 4. Earlier, the two leaders missed a chance to meet on the sidelines of the Group of Seven (G7) summit in June after Trump cut his trip short. Amid looming uncertainty over potential delays, momentum for the summit was suddenly built after Seoul and Washington reached a tariff-related deal late last month. At the summit, the two leaders are expected to discuss further details of the trade deal along with a wide range of issues including defense cost-sharing and security cooperation on the Korean Peninsula in response to North Korea's nuclear weapons program and other regional conflicts. Meanwhile, Seth Baily, acting deputy assistant secretary of state for East Asian and Pacific Affairs, said Thursday that the U.S. has "noted with interest" recent statements by North Korean leader Kim Jong-un's influential sister, Yo-jong, suggesting that North Korea-related issues are likely to be included on the summit's main agenda. 2025-08-08 15:39:06

North Korea 'embraces nascent mobile payment services' SEOUL, August 8 (AJP) - North Korea appears to have embraced nascent mobile payment and digital wallet services. More and more North Koreans are making payments using mobile phones, with cash transactions "becoming increasingly rare," the Choson Sinbo, a mouthpiece for Pyongyang in Japan, reported on Thursday. According to the daily published by the General Association of Korean Residents in Japan or Chongryon, residents in Pyongyang are now able to use their mobile devices to pay at restaurants, stores, and on public transportation, and can also preload money to settle phone bills and other expenses. In a similar development, an online-only bank like South Korea's Kakao Bank and K-Bank, was reportedly launched in October last year. These new trends come after the isolated country seems no longer able to control the widespread use of smartphones, while the outside world is rapidly changing in the era of artificial intelligence and other advanced technologies. However, some suggest that the rise of mobile payments in lieu of cash may actually help the regime tighten its control, given that online transactions are easily traceable. 2025-08-08 14:42:47

LIG Nex1, Doosan, Hyosung Heavy included in MSCI index SEOUL, August 8 (AJP) - Global index provider MSCI has added three South Korean companies to its Korea Index in its latest quarterly rebalancing, while removing three others. The new additions, announced Thursday (local time), include defense contractor LIG Nex1, construction and robotics firm Doosan, and electric motor manufacturer Hyosung Heavy Industries. Companies dropped from the index are food and biotechnology conglomerate CJ CheilJedang, electric components maker LG Innotek, and chemical firm SKC. The changes will take effect after market close on Aug. 26. Firms added to or removed from the index, widely regarded as a benchmark for global investors tracking South Korean equities, often experience significant shifts in foreign investment as global funds adjust their portfolios to mirror the changes. The reshuffling is part of MSCI’s routine quarterly reviews, conducted in February, May, August, and November. 2025-08-08 14:28:15

POSCO's construction unit under full government probe following repeated worker deaths SEOUL, August 08 (AJP) - South Korea’s Ministry of Land, Infrastructure and Transport has launched a sweeping safety inspection of nearly 100 construction sites operated by POSCO Engineering & Construction, the government announced Thursday, in the wake of a series of fatal workplace accidents. The probe, which began in late July, targets construction sites where POSCO E&C is the main contractor. The company, a subsidiary of steel giant POSCO Holdings, has faced mounting scrutiny after multiple labor-related deaths this year. The government’s action follows a sharp rebuke from President Lee Jae Myung during a Cabinet meeting on July 29. “This is murder by willful negligence,” President Lee said, referencing the company’s repeated safety failures. POSCO E&C responded by announcing an “indefinite suspension of operations” across 103 construction sites, including high-profile developments in Seoul and surrounding areas. In a follow-up directive issued on Aug. 6, President Lee called on government ministries to “review all legally permissible measures,” including the revocation of construction licenses and disqualification from future public contracts. Lee's statement came just two days after another fatal incident — the fifth in a string of deadly accidents at the company’s sites this year. The Ministry of Employment and Labor will begin conducting joint inspections next week alongside the transport ministry, focusing on potential violations related to illegal subcontracting and delayed wage payments. Authorities said sanctions would be escalated if wrongdoing is confirmed. Four workers have died on POSCO E&C sites since January. The most recent case occurred on Aug. 4, when a Myanmar national in his 30s suffered cardiac arrest from electrocution. On July 28, a man in his 60s was fatally trapped in a drilling machine. Earlier incidents in January and April involved deadly falls and structural collapses. 2025-08-08 14:20:06

PHOTOS: Zoos help animals beat heat SEOUL, August 08 (AJP) - As sweltering summer temperatures bear down, the challenges for zoo animals are significant. The intense heat often leads to considerable stress, making it difficult for many species to cope. In response, zookeepers are providing cool, nourishing meals and other relief efforts to help the animals regain their energy and find comfort. This collection of photographs offers a glimpse into the creative ways zoos are helping their residents endure the season. 2025-08-08 14:12:55

Naver's second quarter net profit jumps nearly 50 percent SEOUL, August 8 (AJP) - Naver, South Korea’s largest internet company, said on Friday that its second-quarter net profit surged nearly 50 percent from a year earlier, aided by a base effect tied to changes in its corporate structure and gains across its core business segments. Net income for the April-to-June period rose to 497.4 billion won, or about $359.6 million, the company said in a regulatory filing. That marks a 47.9 percent increase from the same period last year. Revenue climbed 11.7 percent to 2.91 trillion won, while operating profit rose 10.3 percent to 521.6 billion won. The sharp rise in net income was largely attributed to the inclusion of its metaverse and database unit, Naver Z, in consolidated financial statements this quarter. The unit had been excluded in last year’s results, creating what the company described as a “base effect.” Naver’s core search platform generated 1.36 trillion won in revenue, up 5.9 percent year-on-year, supported by newly introduced artificial intelligence features designed to improve user engagement and ad performance. E-commerce sales rose 19.8 percent to 861.1 billion won, driven by the growth of its Naver Plus Store app. Revenue from its fintech division increased 11.7 percent to 411.7 billion won. Its content business — which includes webtoons and digital media — recorded a 12.8 percent increase in sales, reaching 474 billion won. Enterprise services revenue also grew, rising 5.8 percent to 131.7 billion won. “We will make greater efforts to enhance our platform’s competitiveness through AI and secure new growth drivers for long-term growth and global expansion,” said Choi Soo-yeon, Naver’s chief executive, in a statement. The results come as Naver continues to invest heavily in artificial intelligence and overseas expansion, including its efforts to grow its webtoon platform globally and strengthen its fintech ecosystem. 2025-08-08 11:17:53

Samsung Electronics, SK hynix could avoid US chip tariffs under new Trump policy SEOUL, August 8 (AJP) - The Trump administration will waive newly announced semiconductor tariffs for companies that commit to building manufacturing facilities in the United States during President Donald Trump’s current term, the Commerce Secretary said on Thursday (local time), signaling a possible reprieve for major South Korean chipmakers including Samsung Electronics and SK hynix. In an interview with Fox News, Secretary Howard Lutnick sought to clarify President Trump’s announcement a day earlier of a sweeping 100 percent tariff on imported semiconductors. The policy is intended to bolster domestic chip production amid growing concerns over supply chain vulnerabilities. “What the president said is: if you commit to build in America during his term, and if you file it with the Commerce Department and your auditor oversees construction all the way through, then he will allow you to import your chips while you are building — without a tariff,” Lutnick said. He stressed that companies must demonstrate verifiable progress on their U.S. construction projects in order to qualify. “You have to be confirmed and overseen building in America,” he said. “Not just promised.” The policy clarification comes after Trump’s Wednesday announcement at a White House event highlighting Apple’s new domestic investment plans. “A 100 percent tariff on all chips and semiconductors coming into the United States,” he said. “But if you’ve made a commitment to build, or if you’re in the process of building, as many are, there is no tariff.” The initial declaration sent shockwaves through the global semiconductor industry, but analysts said South Korean firms may be well-positioned to benefit from the exemption framework due to their ongoing investments in U.S. manufacturing. Samsung Electronics currently operates a chip fabrication plant in Austin, Texas, and is building a second facility in Taylor, Texas, scheduled to begin operations in 2026. SK hynix is constructing a $3.87 billion high-bandwidth memory packaging plant in West Lafayette, Indiana, with production expected to begin in 2028. 2025-08-08 10:21:44

From optics to AI: Canon's bold bet on future of imaging Editor's Note: This article is the 30th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, August 06 (AJP) - Once a small precision optics workshop in Tokyo, Canon Inc. has evolved into one of Asia’s most prominent technology conglomerates. In 2025, the Japanese company is sharpening its focus on artificial intelligence and sustainable manufacturing, signaling a broader transformation of a firm long known for its cameras and copiers. Founded in 1933 as the Precision Optical Instruments Laboratory, Canon made history with Japan’s first 35mm focal-plane shutter camera, the Kwanon. The company would go on to introduce the Hansa Canon in 1936 and expand globally by the mid-1950s with overseas offices in New York and Geneva. Nearly a century later, Canon’s portfolio stretches far beyond photography, encompassing industrial printers, medical diagnostics, surveillance technology, and smart city solutions. In the first half of this year, Canon launched a wave of new products, including the EOS R50 V and PowerShot V1 cameras aimed at content creators, and two flagship mirrorless models — the EOS R5 Mark II and R1 — both equipped with AI-powered autofocus. It also unveiled a 410-megapixel CMOS sensor for use in medical, security and industrial settings. These developments helped drive a strong first quarter. The company reported a 20.8 percent year-over-year increase in imaging division sales, buoyed by demand for the R5 Mark II and a 30 percent jump in network camera revenue. Canon now holds between 35 and 50 percent of the global digital camera market across various categories. Canon’s embrace of artificial intelligence extends beyond its product line. Through partnerships with companies such as IBM, the firm is integrating AI and cloud technologies into its operations. Its imageFORCE series includes predictive maintenance systems, and its subsidiaries are developing video analytics for urban infrastructure. In 2024, Canon established a sustainability committee and pledged to achieve net-zero carbon emissions across its entire product lifecycle by 2050. By 2030, it aims to cut direct greenhouse gas emissions by 42 percent and supply chain emissions by 25 percent, targets validated by the Science Based Targets initiative. The company has introduced more energy-efficient manufacturing processes, developed products with recycled materials, and expanded its European recycling programs. Canon Canada was recently named one of the country’s most environmentally friendly employers. Canon’s long-standing “Kyosei” philosophy — emphasizing harmony and coexistence — continues to shape corporate strategy under Chairman and CEO Fujio Mitarai. The firm reported global revenues of $29.4 billion in 2024, and its management has prioritized sustainable growth, digital transformation, and research-intensive development. Yet Canon faces mounting challenges. Semiconductor shortages and geopolitical tensions have disrupted supply chains, prompting the company to raise prices on some imaging products due to U.S. tariffs. With the imaging division accounting for roughly a quarter of U.S. sales, Canon is responding by shifting toward high-margin offerings and increasing automation at its domestic production sites. Competition is also intensifying. Sony continues to dominate the high-end mirrorless market, while Nikon and Fujifilm have made aggressive pushes with their own product lines. In response, Canon is expanding its RF lens ecosystem, investing in cost efficiency, and embracing third-party collaborations. The company now sees growth in several key areas: mirrorless cameras, drones, medical imaging, and industrial automation. Canon is also strengthening its presence in emerging Asian markets and pushing further into sectors such as life sciences and smart cities. Canon’s long-term vision seeks to marry environmental stewardship with technological innovation — an ambition rooted in its history and now redefined for the digital age. 2025-08-08 09:16:15