Journalist

Jung Yeon-woo
  • Seragem Establishes Recovery Lounge to Support National Athletes
    Seragem Establishes 'Recovery Lounge' to Support National Athletes Seragem has upgraded the experience zone at the Jincheon National Training Center, creating the 'Seragem Champions Recovery Lounge.'According to Seragem, the newly unveiled 'Seragem Champions Recovery Lounge' features a complete renovation of the existing space under the slogan, "A new level of relaxation completes victory." The lounge includes the latest healthcare products, such as the premium massage chairs from the 'Pauze M Collection' (M10, M8 Fit, M6) and spinal care medical devices from the 'Master V Collection' (V7, V5), all aimed at supporting athletes' recovery and performance enhancement through relaxation.The Pauze M Collection chairs utilize patented direct heating technology to quickly deliver thermal stimulation, aiding muscle relaxation and recovery. They help alleviate tension in key areas such as the neck, shoulders, and back, providing an effective environment for fatigue recovery and condition management before and after training. The Pauze M10 is designed to focus on the neck, shoulders, and back simultaneously, while the Pauze M8 Fit offers customizable styling options with 12 different side cover choices to harmonize with the lounge's interior. The Pauze M6 features a built-in design that enhances space utilization by eliminating armrests and hiding the footrest.The Master V Collection spinal care devices provide deep, targeted massages for the back, neck, and shoulders. These products have been recognized by the Ministry of Food and Drug Safety for their effectiveness in aiding the treatment of herniated discs, degenerative stenosis, and muscle pain relief, which can help alleviate physical strain during training and assist in recovery management. As a result, it is expected that national athletes will benefit from improved spinal care and muscle pain relief during their training.Prior to establishing the 'Seragem Champions Recovery Lounge,' Seragem has collaborated with the Korean Sports Council to support the condition management of national athletes and promote the expansion of domestic sports. In August 2023, Seragem signed an agreement with the Korean Sports Council to donate 13 healthcare appliances to the Jincheon National Training Center, creating a relaxation space. They also plan to provide an experience zone for the national team training camp ahead of the 2024 Paris Olympics.Meanwhile, thanks to its diversified business strategy, Seragem reported consolidated revenues of 549.8 billion won and an operating profit of 25.8 billion won last year. Revenue increased by 0.7% year-on-year, while operating profit surged by 1,091%. The net profit was 1.9 billion won, marking a return to profitability.A Seragem representative stated, "We focused on restructuring the space into a relaxation-centered environment that directly impacts athletes' performance. We plan to continue supporting athletes in achieving their best condition on the world stage through our collaboration with the Korean Sports Council."* This article has been translated by AI. 2026-05-14 20:31:15
  • Ministry of SMEs Introduces Disclosure System for Fund Transparency
    Ministry of SMEs Introduces Disclosure System for Fund Transparency South Korea's Ministry of SMEs and Startups has announced the introduction of a new disclosure system aimed at enhancing transparency in the management of its fund of funds. This initiative is designed to boost confidence in the venture investment market and attract private capital that has been hesitant to enter.On May 14, the ministry, in collaboration with Korea Venture Investment Corp., discussed the "2027 Fund of Funds Investment Strategy and Disclosure System Implementation Plan," presenting a detailed roadmap.The key to this innovation is "information transparency." The ministry plans to publicly disclose major operational indicators of the fund of funds to enhance trust in its policy fund management.Previously, metrics such as liquidation returns and success stories of invested companies were shared only within the industry. Now, these will be visualized and made accessible to the public in an easily understandable format. This aims to demonstrate to private investors that the fund of funds is generating substantial returns and achievements beyond mere financial support, thereby encouraging private capital inflow into venture funds.Since its inception in 2005, the fund of funds has invested 17 trillion won (approximately $15 billion), creating a total of 50 trillion won (about $38 billion) in sub-funds and investing in over 110,700 innovative startups. As of last year, the funds that have completed liquidation recorded an average annual return of 8%. According to the ministry, about 87% of domestic unicorn companies have received investments from the fund of funds, and in the past five years, 82% of companies listed on the KOSDAQ through technology special listings were funded by it.The size of the fund of funds has been steadily increasing. Last year, Korea Venture Investment Corp. contributed 2.22 trillion won, leading to the establishment of 4.47 trillion won in venture funds, which resulted in a total investment of 3.99 trillion won. This year, the ministry plans to invest a record 2.6 trillion won to support the growth of next-generation unicorns, regional businesses, cultural and tourism ventures, intellectual property, and biotechnology startups.Additionally, the ministry has taken the lead in expanding the regional venture investment ecosystem. It has established a dedicated regional investment fund worth 1.8 trillion won and invested in over 600 regional innovative companies. Funds that have been liquidated in the past five years have shown a respectable return of over 11%.Moving forward, the ministry aims to accelerate the establishment of the newly created "LP Growth Fund" to encourage participation from institutional investors, including pension funds, financial institutions, and industry players. Together with around 25 institutions, it plans to create a total of 850 billion won in sub-funds.Han Seong-sook, Minister of SMEs and Startups, stated, "Over the past 20 years, the fund of funds has played a crucial role in discovering promising startups and nurturing them into unicorn companies, significantly contributing to the growth and development of the venture investment market. We will strengthen our role as a catalyst for venture investment by promoting collaborations with relevant ministries to create big tech companies, expand the regional investment ecosystem, and attract private investment."* This article has been translated by AI. 2026-05-14 20:01:03
  • K-Beauty Drives Record Online Exports for South Korean SMEs in Q1
    K-Beauty Drives Record Online Exports for South Korean SMEs in Q1 Domestic small and medium-sized enterprises (SMEs) achieved record online export figures in the first quarter, driven by the strong performance of the K-beauty industry, according to a report released on May 14 by the Ministry of SMEs and Startups. The report, titled "2026 Q1 Online Export Trends for SMEs (Preliminary)," revealed that online exports from SMEs surpassed $300 million for the first time in the first quarter. SMEs accounted for 70.0% of total online exports, with the number of SMEs engaged in online exports increasing by 14.4% year-on-year to 2,735, marking the highest number recorded for the first quarter. Cosmetics, which represent the largest share at 65.8%, saw a remarkable 74.2% increase compared to the previous year, totaling $200 million and achieving the highest quarterly performance ever. Analysts attribute this success to the growing popularity of K-beauty and the effects of the "K-beauty Support Measures" announced last year. Export figures by country showed significant growth, with the United States at $90 million (+60.8%), China at $19 million (+90.8%), the United Kingdom at $18 million (+282.8%), Japan at $16 million (+25.3%), and the Netherlands at $15 million (+133.8%). The strong performance of cosmetics, a key product for SMEs, is also reflected in offline sales. In a report released on April 29, the Ministry of SMEs and Startups noted that cosmetics exports reached $2.18 billion in the first quarter, setting a new record for quarterly performance. Shim Jae-yoon, Director of Global Growth Policy at the Ministry of SMEs and Startups, stated, "The online market is a sector where SMEs have strengths, and the effects of policy support are leading to successful overseas expansion for domestic companies. We will actively support domestic businesses to expand into overseas markets and move beyond online sales to establish a local presence."* This article has been translated by AI. 2026-05-14 19:54:25
  • Korean Pharmaceutical Association VP Pledges Support for Global Success of K-Pharma in AI Era
    Korean Pharmaceutical Association VP Pledges Support for Global Success of 'K-Pharma' in AI Era Lee Jae-guk, Vice President of the Korean Pharmaceutical and Bio Association, announced plans to foster an innovative ecosystem that will enable 'K-Pharma' to grow into a global enterprise in the age of artificial intelligence (AI). Speaking at the 16th Global Healthcare Forum hosted by Aju Economy at the Korea Press Center in Jung-gu, Seoul, on May 14, Lee stated, "The domestic and international pharmaceutical and bio industries are entering a transformative era with the introduction of AI." He emphasized that global pharmaceutical giants are now in a competitive phase where AI strategies are yielding tangible results. "AI is changing the paradigm of drug development by being utilized throughout the entire process, from the discovery of drug candidates to the design and execution of clinical trials and regulatory reviews," he explained. "It plays a groundbreaking role in reducing research and development costs and shortening development timelines, and is also recognized as a key growth driver for licensing out and mergers and acquisitions with global big pharma." Lee further outlined his commitment to supporting the technological growth of the domestic pharmaceutical and bio industry to help it transition into a global player. He stated, "The association will actively support the AI revolution in K-pharmaceuticals and the establishment of a global value chain based on our accumulated experience through initiatives like the AI Drug Convergence Research Institute and the K-MELLODDY project, a joint R&D effort with the Ministry of Health and Welfare and the Ministry of Science and ICT." He concluded, "As the pharmaceutical and bio industry is a core strategic sector responsible for public health and the national economy, we will do our utmost to support the global success era of 'K-Pharma' in the AI age."* This article has been translated by AI. 2026-05-14 19:32:43
  • Ace Bed Launches Hotel-Style Low-Profile Bed Opimo III
    Ace Bed Launches Hotel-Style Low-Profile Bed 'Opimo III' Ace Bed has launched the 'Opimo III,' a hotel-style bed designed with a low-profile structure to enhance openness in the bedroom. According to Ace Bed, the Opimo III maximizes the sense of space and openness in the bedroom. Its low-profile design ensures that even when paired with a high pillow-top mattress, the overall height of the bed remains manageable, creating a visually spacious effect. The headboard features a dual head cushion that provides optimal comfort by supporting the body's curves while resting. The ends of the headboard are designed with a wing shape. The headboard's top and side panels include approximately 90mm of storage space, making it convenient for storing personal items like smartphones and glasses. Additionally, an integrated LED mood light offers three brightness levels, memory and timer functions, and a Type-C port, creating a customized sleeping environment, according to Ace Bed. The bed incorporates a low-profile T-type two-mattress system, with the lower mattress embedded within the frame for a clean appearance. This dual support structure effectively distributes weight, providing an optimal sleeping environment. Last year, Ace Bed reported sales of 317.2 billion won and an operating profit of 54 billion won, achieving a 17% operating profit margin. An Ace Bed representative stated, "The Opimo III, with its low-profile hotel design and practical features like storage space and LED lighting, meets the needs of modern consumers."* This article has been translated by AI. 2026-05-14 19:02:26
  • SK Hynix Tops Job Seekers Interest with 600 Million Won Bonus
    SK Hynix Tops Job Seekers' Interest with 600 Million Won Bonus A recent survey revealed that SK Hynix is the company attracting the most interest from job seekers. According to Incruit, an analysis of job seeker views on its recruitment news page showed that as of the second week of May, SK Hynix accounted for 6.1% of total views, placing it at the top. Kia followed in second place with 5.1%, while Hyundai Motor Company ranked third with 4.5%. Samsung Electronics secured fourth place with 4.4%, and Korea Airports Corporation, the only public institution in the top ten, came in fifth with 4.0%. Other notable companies included Korea Investment & Securities (3.6%), CJ Group (3.2%), KT&G (2.9%), LG Electronics (2.6%), and Hanmi Pharmaceutical (2.5%). The heightened interest in SK Hynix among job seekers appears to stem from an agreement reached between the company and its labor union last September, which decided to distribute 10% of operating profit as performance bonuses (PS) and eliminate the cap on these bonuses. Based on the total number of employees, it is projected that each SK Hynix employee could receive an average performance bonus of 600 million won next year. An Incruit representative stated, "We plan to provide information on company recruitment news for the remainder of the first half on our recruitment news page, and we are helping enhance job seekers' chances of success through our comprehensive Incruit Success Store."* This article has been translated by AI. 2026-05-14 12:40:08
  • Baedal Minjok Partners with Baemin Friends for Love Lunchbox Charity
    Baedal Minjok Partners with Baemin Friends for 'Love Lunchbox' Charity Baedal Minjok, a leading food delivery service in South Korea, collaborated with its partners to deliver lunchboxes to vulnerable children. On May 12, Baemin Friends, a community of Baedal Minjok partners, prepared and delivered lunchboxes to 150 households in need located in the Songpa District of Seoul. This 'Love Lunchbox' initiative was conducted in partnership with the World Vision Songpa Comprehensive Social Welfare Center. Over 40 employees from Woowa Brothers, the parent company of Baedal Minjok, and Baemin Friends partners gathered at the Baemin Academy Seoul Center to prepare lunchboxes featuring five popular side dishes, including quail egg soy sauce and stir-fried vegetables with sausage. Additionally, the partners included message cards designed by themselves to accompany the lunchboxes for the children. Baemin Friends is a community where Baedal Minjok's partner businesses share their challenges and expertise. Launched on October 1, 2020, with the core values of 'Together, Growth, Sharing,' Baemin Friends has evolved beyond a simple social gathering into a structure that fosters 'sharing leaders' who create and share content based on successful experiences. To date, 11 cohorts have been established. Gwon Yong-kyu, head of the Baemin Academy at Woowa Brothers, stated, "It was a meaningful time to practice sharing with our partner businesses in the community. We will continue to engage in various activities that promote a sustainable restaurant ecosystem and community sharing."* This article has been translated by AI. 2026-05-13 18:02:27
  • Paint Industry Faces Dilemma Amid Rising Costs and Stagnant Prices
    Paint Industry Faces Dilemma Amid Rising Costs and Stagnant Prices The domestic paint industry is facing significant challenges as the ongoing conflict in the Middle East drives up prices for key raw materials. The cost of naphtha, a crucial ingredient for solvents and resins, has soared, putting pressure on manufacturers. According to the Korea National Oil Corporation's Petronet, naphtha prices reached $128.56 per barrel at the end of last month, a staggering 67% increase compared to the same period last year. This prolonged situation of sourcing essential materials at over 50% higher prices than last year has led to fears of reverse margins, where companies incur losses with every sale. Despite these cost pressures, the four major domestic paint manufacturers—KCC, Noroo Paint, SP Samhwa, and Gangnam Jevisco—are opting to minimize or forgo price increases to support the construction industry. KCC has completely withdrawn its plan to raise product prices by 10% to 40%, while SP Samhwa has reduced its proposed increase from 20% to around 10%. Noroo Paint has also excluded some products from price hikes and significantly lowered its increase amounts. Gangnam Jevisco has agreed to adjust the timing of its price increases in consultation with specialized construction firms. These companies signed a 'coexistence agreement' on May 7 to alleviate the burden on small and medium-sized construction firms. The rise in raw material prices comes as the paint industry is already grappling with poor performance. KCC reported sales of 6.48 trillion won and an operating profit of 427.6 billion won last year, marking declines of 2.6% and 9.2%, respectively. Noroo Paint's sales fell by 2.9% to 771.1 billion won, with its operating profit plummeting over 30% to 30.2 billion won. SP Samhwa's operating profit dropped to 9.5 billion won, about half of the previous year's figure. As profitability in traditional paint operations declines and the industry becomes more vulnerable to fluctuations in exchange rates and oil prices, experts predict that paint companies will accelerate diversification efforts. KCC is venturing into the 'beauty materials' market based on its silicone business, participating in global cosmetic ingredient exhibitions in France, China, and Thailand to showcase high-performance cosmetic materials. Noroo Paint is focusing on research and development of high-value special coatings, including 13 types of materials for secondary batteries. Samhwa Paint has rebranded itself as SP Samhwa, aiming to transition from a paint manufacturer to an advanced chemical materials company. An industry insider noted, "In the worst conditions of a construction downturn and skyrocketing costs, new business ventures are no longer optional but essential for survival. However, it will take time for these new ventures to translate into actual profits, meaning that management challenges due to cost pressures are likely to persist for the foreseeable future."* This article has been translated by AI. 2026-05-12 04:37:42
  • Small Business Agency Receives Prime Ministers Award for Policy Communication
    Small Business Agency Receives Prime Minister's Award for Policy Communication The Small Business Market Promotion Agency was recognized with a Prime Minister's Award for Policy Communication at the 2025 Policy Communication Awards hosted by the Ministry of Culture, Sports and Tourism. According to the agency on May 11, it has completely overhauled its policy communication system to successfully implement key national tasks, including enhancing public communication, promoting inclusive finance, and revitalizing small businesses and local markets. The agency has focused on improving customer understanding through simplified language in its promotions and strengthened on-site communication. It has also established outreach policy briefings and regional cooperation systems to enhance accessibility to its policies. Additionally, it has disseminated major initiatives such as special support for electricity bills, win-win paybacks, and improvements to policy funding through public-private partnerships and multi-channel promotions. Furthermore, the agency has initiated a digital transformation in policy communication by establishing digital platforms like 'Small Business 24' and 'Small Business 365,' which integrate policy information and application procedures while providing data-driven, customized services. The agency is also committed to enhancing transparency and the effectiveness of policy execution. In February, it held a workshop for over 110 regional heads, center directors, and mid-level managers to share execution strategies and current issues related to key projects such as traditional markets, small business support, policy research, and financial stability, thereby strengthening collaborative efforts across the organization. Kim Tae-yeon, the agency's director, stated, "We will continue to strengthen communication at the grassroots level with small businesses and do our utmost to ensure that the public can feel the results of our policies."* This article has been translated by AI. 2026-05-11 10:49:45
  • Prepaid Funeral Industry Shifts to Total Life Care Model Amid Regulatory Pressures
    Prepaid Funeral Industry Shifts to Total Life Care Model Amid Regulatory Pressures The prepaid funeral industry is accelerating its transformation to overcome stricter regulations on advance payments. Companies are attempting to pivot to a 'total life care' model as a strategy to navigate government pressures. This includes expanding direct funeral home operations and diversifying revenue streams through services related to travel, weddings, and pet care. According to industry sources on May 10, the prepaid funeral sector has a unique accounting structure that differs from traditional manufacturing or service industries. Monthly payments made by customers are recorded as 'deferred revenue'—essentially liabilities—until funeral services are actually rendered. As the number of subscribers increases and cash inflow rises, the debt ratio on the books also increases, often leading to perceptions of financial instability. Additionally, to protect subscriber payments, companies are required to deposit 50% of advance payments into banks or mutual aid associations, effectively tying up half of their funds. Concerns are growing that if the National Assembly and the Fair Trade Commission implement further regulations on advance payment management, the entire prepaid funeral industry could face a severe liquidity crisis. In response to these structural limitations, companies are expanding into total life care services. Notable examples include conversion services linked to cruise travel, weddings, healthcare, and pet funerals. By allowing subscribers to use their accumulated advance payments for a variety of services beyond just funerals, companies are broadening the utility of their prepaid products. This approach enables consumers to access services during their subscription period, diversifying the revenue model that previously relied solely on advance payments. The recent aggressive push to build direct funeral home infrastructure is also part of this revenue diversification strategy. Direct funeral homes can generate additional income through services such as catering and funeral supplies, beyond merely providing a venue. Woojung Free Life secured 15 direct funeral home brands under 'Shilnakwon' last year and has opened a new 'Shilnakwon Seoul Jejung Funeral Home' in Guro-gu, Seoul, enhancing its network in the capital. Kyowon Life opened a funeral home in Chungju this year, expanding its direct funeral home network to eight locations nationwide, with plans to open another location in the second half of the year. Boram Funeral Services has established a stable offline service chain with a total of 13 direct funeral homes across the country. An industry insider stated, "As regulations on advance payment management tighten, companies that cling solely to traditional funeral services will struggle to survive. Ultimately, only those that can transition to revenue generation through direct funeral infrastructure and lifestyle-oriented new businesses will be able to cross the threshold of survival."* This article has been translated by AI. 2026-05-11 04:01:03