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  • Philip Morris Expands Market with VEEV Liquid E-Cigarettes
    Philip Morris Expands Market with VEEV Liquid E-Cigarettes “We considered how liquid e-cigarettes can be responsibly provided to adult smokers,” said Kim Joo-han, Vice President of External Affairs and Public Relations at Philip Morris Korea, during a meeting at the IQOS store in Garosu-gil, Gangnam, on August 19.This consideration is reflected in the product structure of VEEV, which Philip Morris is introducing to the domestic market for the first time. VEEV utilizes a closed pod system that does not allow users to inject or mix liquids themselves, along with a rechargeable device.The dedicated pods use natural nicotine and food-grade flavorings. The company aims to expand its portfolio of non-combustible products, which has been centered around IQOS, to include liquid options.On display in the center of the store were the VEEV inPRIME devices, available in five colors and small enough to fit in one hand.The aluminum devices can be used immediately after inserting a pod, without the need for additional liquid injection. The store also offers a customization service using 16 different engravings and prints.Preventing Liquid Mixing with Rechargeable UsePhilip Morris emphasized that the key differentiator of VEEV is its closed pod system. Unlike open systems where users can add their own liquids, VEEV is designed to only work with pre-filled dedicated pods, known as VEEBI inPRIME.This design prevents users from mixing liquids or ingredients, maintaining consistency in product composition and usage, according to the company.Kim stated, “While there are products on the market that use synthetic nicotine, VEEV is made with natural nicotine,” emphasizing the focus on creating a trustworthy product with verified ingredients.The device is rechargeable for repeated use, and when the liquid runs out, only the pod needs to be replaced. It takes about 40 minutes for a full charge, and Kim Gi-baek, Senior Manager of New Products at Philip Morris Korea, noted that it can reach 70-80% charge in under 10 minutes.The device features an 'Advanced Vape Induction System' that induces heating in the pod and stops heating when the liquid is low, with a vibration function to indicate the device's status.There are five types of dedicated pods, with a nicotine content of 0.9%. Each pod has a capacity of 2ml, and the company claims it can provide approximately 1,400 puffs based on a one-second usage time.The introduction of VEEV coincides with regulatory changes surrounding liquid e-cigarettes. In April of this year, amendments to the Tobacco Business Act included synthetic nicotine products under regulation.Kim noted, “The government has been aware of issues surrounding synthetic nicotine, and recent amendments to the Tobacco Business Act have institutionalized this,” adding that the company supports government policies and complies with relevant regulations.VEEV was initially scheduled for release on June 22 but was postponed to August. Kim clarified that the delay was not due to product safety issues but rather the need to reassess launch preparations, including labeling.IQOS and VEEV: A 'Multi-Category' StrategyThis launch aligns with Philip Morris International's (PMI) 'multi-category' strategy, which operates both IQOS and VEEV.Kim Tae-hyung, Senior Vice President of Consumer Experience, stated, “It’s ultimately the consumer's choice whether existing IQOS users also use VEEV or switch between the two products. It’s important to provide a wider range of options for consumers choosing non-combustible products.”According to PMI, non-combustible products accounted for 42% of total net revenue in the second quarter of this year, with related products sold in 109 markets.VEEV's shipments in the first half of this year increased by 72% compared to the same period last year, and the company claims it is the market leader in closed pod systems in Europe.PMI aims to generate more than two-thirds of its total net revenue from non-combustible products by 2030, having allocated 99.7% of its total R&D spending to this area last year.Philip Morris Korea began selling VEEV at IQOS flagship stores on August 18, and from the 26th, it will expand its distribution network to over 14,000 locations nationwide, including convenience stores and vape shops.The recommended retail price for the VEEV inPRIME device is 29,000 won, while each dedicated pod costs 8,000 won. With promotional offers, the device can be purchased for 10,000 won at IQOS flagship stores and 15,000 won at convenience stores.* This article has been translated by AI. 2026-08-21 10:08:10
  • Tway Air Celebrates Two Years of Rome Route with 250,000 Passengers
    T'way Air Celebrates Two Years of Rome Route with 250,000 Passengers T'way Air announced on August 21 that its long-haul route from Incheon to Rome has reached its second anniversary.Since its inaugural flight on August 8, 2024, the Incheon-Rome route has operated over 530 round trips, transporting approximately 245,000 passengers in the past two years.Entering its second year, the route has maintained steady passenger numbers not only during the summer peak season but also in the spring and fall off-peak seasons, establishing a stable year-round demand.Passenger demographics show the highest proportions from South Korea, Italy, Japan, China, and the United States, with a balanced gender ratio.Notably, travelers in their 20s and 30s make up a significant portion of the total passengers, reflecting a diverse customer base that includes individual leisure travelers, business trips, and family vacations, solidifying its status as a leading European route.In the cargo sector, the introduction of larger aircraft has proven beneficial. Utilizing the belly cargo space of aircraft like the A330-200 and B777-300ER, T'way Air has transported approximately 6,900 tons of cargo over the past two years. This includes high-value items such as automotive parts, precision machinery, and e-commerce shipments, contributing to revenue diversification.Currently, the Incheon-Rome route departs Incheon International Airport at 12:35 PM, arriving at Rome's Fiumicino Leonardo da Vinci Airport at 7:15 PM local time. The return flight departs Rome at 9:15 PM, arriving in Incheon at 4:10 PM the following day.Meanwhile, T'way Air recently announced its Selective Service Carrier (SSC) strategy, preparing to launch new operations under the name 'Trinity Air' in the second half of the year. The airline plans to enhance its service and route competitiveness through the continued introduction of next-generation aircraft, including the A330-900NEO and B737-8.A T'way Air representative stated, "The Incheon-Rome route has established itself as a trusted European route over the past two years, based on safe operations, reasonable fares, and differentiated services. We will continue to prioritize safety while enhancing our service competitiveness."* This article has been translated by AI. 2026-08-21 10:08:00
  • Kido Industry Shares Drop Over 6% on First Day of KOSDAQ Listing
    Kido Industry Shares Drop Over 6% on First Day of KOSDAQ Listing On its first day of trading on the KOSDAQ, Kido Industry's stock price showed weakness, falling below its initial public offering (IPO) price.According to the Korea Exchange, as of 9:30 a.m. on August 21, Kido Industry's shares were trading at 26,600 won, down 1,800 won (6.34%) from the IPO price of 28,400 won. The stock initially rose to 29,500 won but later reversed course and fell. At one point, the price dropped to 24,650 won, dipping below the IPO price.Kido Industry is an original equipment manufacturer (OEM) and original design manufacturer (ODM) that produces outdoor and motorcycle protective gear for global brands. The company started as Oasis International in 1980 and changed its name to Kido Industry in 1994.The company is recognized for its manufacturing capabilities, meeting the quality standards of global premium brands through proprietary composite material control technology and specialized fabric processing. Its major clients include Harley-Davidson, Barbour, Jack Wolfskin, and Schoffel.In a previous demand forecast for institutional investors, Kido Industry recorded a competition rate of 213.3 to 1. The IPO price was set at the upper end of the desired range at 28,400 won. The subsequent public subscription saw a competition rate of 5.5 to 1, with approximately 33 billion won in subscription deposits collected.* This article has been translated by AI. 2026-08-21 10:08:00
  • Government Moves to Establish Retirement Benefits for Non-Standard Workers
    Government Moves to Establish Retirement Benefits for Non-Standard Workers The government is set to establish a retirement benefit and welfare protection system for non-standard workers, including special employment workers, platform workers, and freelancers. This initiative aims to address gaps in the existing social safety net, which is primarily designed around traditional employment contracts.On August 21, the Ministry of Employment and Labor held the first meeting of a preparatory task force for the so-called 'K-Labor Welfare Council' at the Seoul Business Hub.The Labor Welfare Council will serve as a public safety net system that oversees retirement benefits, rights protection, and welfare support for the growing number of non-standard workers due to the rise of the platform economy and artificial intelligence (AI). The ministry believes that merely expanding existing social insurance and retirement benefit systems centered on traditional workers will not adequately address the needs of non-standard workers.To minimize these gaps, labor authorities plan to utilize the Labor Welfare Council to create a personal safety net that allows workers to maintain their career and benefit entitlements regardless of job or platform changes.The task force includes experts in law, labor relations, employment safety nets, and taxation, as well as field representatives who have worked on labor protection projects for platform and freelance workers.The group will discuss the functions and organizational structure of the Labor Welfare Council, decision-making processes, retirement benefit program design, and funding strategies. By September, they aim to solidify key details and transition to a broader forum involving stakeholders from labor and management to continue discussions through the end of the year.Alongside the establishment of the Labor Welfare Council, the government is also pushing for the enactment of a 'Basic Law for Workers,' which will define the fundamental rights of all labor providers. While the Labor Welfare Council will serve as a delivery system for welfare and benefit services, the Basic Law for Workers will provide the legal foundation for protecting non-standard workers.During the meeting, Park Soo-min, a deputy researcher at the Korea Labor Institute, presented findings on the labor and welfare conditions of special employment, platform, and freelance workers, highlighting the limitations of existing welfare systems centered on traditional employment relationships.Park identified the structure that places the burden of income loss during periods of illness, leave, or unemployment on the individual labor provider as a key vulnerability. He suggested that a system is needed where career, income, and welfare benefits are accumulated and connected based on the individual rather than the workplace, considering the nature of workers who move between multiple jobs and platforms.Labor Minister Kim Young-hoon stated, "With the spread of non-standard labor, it is difficult to resolve gaps by merely expanding existing systems. We will establish a new public safety net delivery system that encompasses welfare support and rights protection centered on retirement benefits."He also noted, "As this is an unprecedented new project, there will be many issues to discuss and differing opinions. I hope that a thorough discussion with experts will lead to the design of a safety net for non-standard labor."* This article has been translated by AI. 2026-08-21 10:04:00
  • Thailands Seamless Copper Tubes Face Up to 8.41% Anti-Dumping Duties
    Thailand's Seamless Copper Tubes Face Up to 8.41% Anti-Dumping Duties The government will impose anti-dumping duties of up to 8.41% on seamless copper tubes imported from Thailand. This measure aims to protect the domestic copper tube industry, which has suffered from low-priced dumping imports, and to create fair competition conditions.The Ministry of Economy and Finance announced on August 21 that it will levy anti-dumping duties ranging from 4.93% to 8.41% on seamless copper tubes imported from Thailand, effective from September 11, 2026, until September 10, 2031.These anti-dumping duties are not intended to restrict the import of Thai copper tubes but rather to correct price distortions caused by imports priced below normal levels by adding additional tariffs to the general tariff.Seamless copper tubes are materials used as raw materials in home and industrial air conditioning systems. As of 2024, the domestic market size is approximately 600 billion won, with Thai products holding about 8% market share. The duties will apply to seamless copper tubes made of refined copper with an outer diameter of 66.68 mm or less and a thickness of 0.2 mm to 2.5 mm.This investigation was initiated at the request of domestic manufacturers Neungwon Metal Industry and LS Metal. The two companies requested a dumping investigation from the Ministry of Trade, Industry and Energy on August 25 of last year, and the Trade Commission began its investigation on September 12 of the same year.The Trade Commission determined that there was evidence of dumping of Thai products and confirmed substantial damage to the domestic industry. On June 29, it recommended the imposition of anti-dumping duties to the Ministry of Economy and Finance. To prevent potential harm to the domestic industry during the investigation period, the government has been applying provisional anti-dumping duties ranging from 3.64% to 8.41% on Thai products since March 30.The Ministry of Economy and Finance plans to announce the relevant legislation by October 3 and implement the final duty rates starting October 11.The government stated, "This measure is expected to improve the business conditions of the domestic industry that has faced difficulties due to low-priced dumping imports and to foster a fair competitive environment between domestic and foreign companies."* This article has been translated by AI. 2026-08-21 10:00:20
  • CJ CheilJedangs PHA Gains Attention from Major U.S. Media for Biodegradability and Commercialization
    CJ CheilJedang's PHA Gains Attention from Major U.S. Media for Biodegradability and Commercialization CJ CheilJedang's biodegradable bio-material PHA has garnered attention from major U.S. media outlets. On August 21, CJ CheilJedang announced that the Associated Press recently highlighted the biodegradability and diverse applications of PHA in an article presenting bioplastics as a solution to petroleum-based microplastic pollution. The AP described CJ CheilJedang's U.S. subsidiary, CJ BioMaterials, as a 'leader in PHA production,' mentioning its research and development efforts to replace petroleum-based plastics and a wide range of commercialization examples, from disposable tableware and straws to various packaging materials and reusable paper towels. This article has also been featured in prominent media such as the Washington Post, ABC News, the Los Angeles Times, and Boston NBC, drawing local interest. PHA is a bio-material produced through the fermentation of plant-derived sugars, such as those from sugarcane, by microorganisms, and it is characterized by its ability to biodegrade in soil and marine environments. Only a few companies worldwide can produce it in large quantities, with CJ CheilJedang being the sole producer in South Korea. CJ CheilJedang began mass production of PHA in 2022 at its dedicated production line in the Pasuruan bio-factory in Indonesia, currently ranking third in global production capacity. Since launching its biodegradable material brand 'PHACT' in 2022, CJ CheilJedang has applied PHA to various products. In the same year, it introduced a cleansing balm container made from PHA for the makeup brand 'Vanilla Co,' and in 2024, it developed PHA-based plastic packaging for the Olive Young same-day delivery service 'Today Dream.' Last year, it partnered with Swedish bio-materials compounding company BIQ Materials to apply PHA as infill for artificial turf at a Swedish soccer field. Starting this year, it has been supplying PHA straws to domestic coffee chains like Paul Bassett and a well-known coffee chain in the U.S. In February, it unveiled a 'Kleenex washable biodegradable sanitary cloth' made solely from a blend of PHA, PLA, and pulp in collaboration with Kimberly-Clark and Eugene Hanil Chemical. A CJ CheilJedang official stated, 'The biodegradability and high versatility of PHA as a future material are increasingly gaining attention,' adding, 'We will continue to introduce products utilizing PHA in various fields through ongoing research and development and external collaborations.' 2026-08-21 10:00:00
  • Musinsa partners with Vietnamese retailer in latest entry into Southeast Asian market
    Musinsa partners with Vietnamese retailer in latest entry into Southeast Asian market SEOUL, August 21 (AJP) - South Korean fashion platform Musinsa is expanding into Viet Nam, marking its latest move into Southeast Asia after recently entering the Philippines and Indonesia. Musinsa said Friday it has signed a partnership with Au Chau Fashion and Cosmetics Company (ACFC), a subsidiary of Vietnamese retailer Imex Pan Pacific Group (IPPG), to expand its brands in Viet Nam and reach more local customers. Under the partnership, the two companies also plan to open offline stores in major cities including Ho Chi Minh City. Musinsa said ACFC's existing distribution and retail network will help it enter the Vietnamese market more quickly. ACFC has 28 global fashion brands and operates more than 280 stores nationwide, while its parent company, IPPG, operates more than 1,200 stores across Viet Nam and carries more than 100 global brands. Musinsa's latest entry comes as demand from Vietnamese consumers has grown, with its online transaction volume from Viet Nam increasing by an average of about 40 percent annually from 2023 to 2025. Musinsa has already signed similar deals in other Southeast Asian countries. On Aug. 12, it signed an exclusive distribution agreement with ACX Holdings, part of the Philippines' Ayala Corporation, and plans to open its first store in Manila in the second half of this year. Just two days later, it signed another agreement with Indonesian retailer PT Mitra Adiperkasa Tbk (MAP). With these recent deals, Musinsa is expanding its presence across Southeast Asia, with its fashion labels targeting younger and middle class consumers with affordable fashion. "By combining ACFC's expertise in global fashion brands with Musinsa's strength in unique styles, we hope to offer Vietnamese consumers a new and differentiated experience while expanding our presence in Southeast Asia," said Choi Un-sik, who oversees brand marketing at Musinsa. AJP Takeaways • Musinsa is expanding into Viet Nam in August 2026, marking its latest move into Southeast Asia after recent entries into the Philippines and Indonesia. • Musinsa signed a partnership with Au Chau Fashion and Cosmetics Company, or ACFC, on Aug. 21, 2026, to expand its fashion brands and reach more Vietnamese consumers. • Musinsa and ACFC plan to open offline stores in major Vietnamese cities, including Ho Chi Minh City, using ACFC's existing retail and distribution network to speed up market entry. • Musinsa's online transaction volume from Viet Nam grew by an average of about 40 percent annually from 2023 to 2025, highlighting rising demand among Vietnamese consumers. • Musinsa is building a Southeast Asian retail network through partnerships with major local retailers in Viet Nam, the Philippines and Indonesia, targeting younger and middle class consumers with affordable fashion. 2026-08-21 09:59:54
  • KAI Partners with INSS to Strengthen Global Defense Market Competitiveness
    KAI Partners with INSS to Strengthen Global Defense Market Competitiveness Korea Aerospace Industries (KAI) announced on August 21 that it signed a memorandum of understanding (MOU) with the Institute for National Security Strategy (INSS) on August 20 to collaborate on global security environment analysis and defense policy.The signing ceremony was attended by KAI CEO Kim Jong-chul and INSS Director Kim Sung-bae. The two organizations aim to enhance their analytical capabilities regarding the global defense market and strengthen export competitiveness.This MOU seeks to bolster joint research and policy collaboration on the global security and defense environment, leveraging KAI's expertise in aerospace and defense and INSS's research capabilities in security and policy.Based on public-private cooperation, the two institutions will synergize their expertise to pursue initiatives such as global security and export environment analysis, defense system improvement and policy research, academic and policy exchanges related to defense policy, and joint seminars and forums.INSS will analyze the impact of changing international circumstances on K-defense and the policy and diplomatic environments of potential export markets. KAI plans to use this information to enhance its technological competitiveness and inform its export strategy, thereby improving its capacity to enter overseas markets.Kim Jong-chul, CEO of KAI, stated, "Through collaboration with specialized institutions in the rapidly changing international defense market, we will secure accurate information and establish a policy and institutional foundation to support exports and technology development. We will strengthen our foundation to proactively respond to the global security environment."Kim Sung-bae, Director of INSS, remarked, "We will build an effective cooperation model by linking the security and policy research capabilities accumulated by the institute with KAI's on-the-ground experience in the aerospace industry."* This article has been translated by AI. 2026-08-21 09:56:00
  • Koo Yoon-cheol: Rising Long-Term Interest Rates Prompt Urgent Support for Small Businesses
    Koo Yoon-cheol: Rising Long-Term Interest Rates Prompt Urgent Support for Small Businesses Koo Yoon-cheol, Deputy Prime Minister and Minister of Economy and Finance, has announced plans to address the funding burdens faced by businesses and households due to rising long-term interest rates. He emphasized the need for urgent support measures for small businesses and vulnerable borrowers. On August 21, Koo convened a market situation review meeting at the Bank Hall in Seoul, where he discussed trends in the financial and foreign exchange markets. The meeting included Lee Ok-won, Chairman of the Financial Services Commission, Lee Chan-jin, Chairman of the Financial Supervisory Service, and Park Jong-woo, Deputy Governor of the Bank of Korea. Participants noted that uncertainty in the Middle East, coupled with increased government bond issuance and expanded corporate bond issuance by global AI companies, has led to rising interest rates, particularly for long-term bonds. The yield on U.S. 30-year Treasury bonds rose from 4.61% at the end of February to 5.19% on August 19. During the same period, Japan's yield increased from 3.34% to 4.09%, while the UK's rose from 5.03% to 5.79%. Koo stated, "The government will continuously monitor the issuance and trading conditions in the government bond market to minimize the impact on the real economy, including corporate funding costs and household interest burdens." He added, "We will quickly announce a 'support plan for vulnerable borrowers' to alleviate the debt burden on small businesses and financially vulnerable individuals. We will also enhance debt restructuring to support struggling small businesses and individuals and expand financial assistance for small and medium-sized enterprises and vulnerable borrowers." The won-dollar exchange rate fell from the 1550 won range at the beginning of last month to 1390 won on August 19, marking a return to the 1300 won range for the first time in 11 months. Analysts attribute this decline to record-high current account surpluses and easing foreign stock rebalancing. However, given the geopolitical conflicts in the Middle East and the monetary policies of major countries, Koo noted that both upward and downward factors affecting the exchange rate remain, and the government will maintain a readiness to respond to market volatility. The decrease in net external financial assets in the second quarter is believed to be due to improved corporate performance and rising stock prices, which increased the value of domestic stocks held by foreigners. Net external bonds rose by $23 billion to $367.8 billion, and the current account recorded a historic surplus of $191 billion in the first half of the year, indicating good external soundness. Household credit has surpassed 2000 trillion won, but the ratio of household debt to GDP has decreased from 89.1% in the first quarter of last year to 85.3% in the first quarter of this year. Authorities plan to manage the growth of household debt, which remains high compared to major countries, while reducing funding difficulties for genuine borrowers. The trading volume of single-stock leveraged products dropped from 12.4 trillion won on the day before the implementation of supplementary measures on July 30 to 1.1 trillion won on August 20. Authorities will activate an integrated management system covering the financial, foreign exchange, government bond, and real estate markets to assess sector-specific risk factors and take market stabilization measures if necessary.* This article has been translated by AI. 2026-08-21 09:52:10
  • Seongho Electronics Accelerates Debt Reduction Amid M&A
    Seongho Electronics Accelerates Debt Reduction Amid M&A Seongho Electronics is actively restructuring its increased debt following a merger and acquisition (M&A). The company is accelerating its "debt diet" by reducing stock collateral loans and corporate borrowings, thereby lowering interest costs.According to investment banking sources on August 21, Seoryong Electronics, the largest shareholder of Seongho Electronics, has repaid 135 billion won of a 300 billion won loan secured against its shares, reducing the outstanding balance to 165 billion won. As the principal of the stock collateral loan decreases, the risk of additional collateral and forced sales due to stock price declines also diminishes.Additionally, Seongho Electronics has issued the 20th convertible bond (CB) worth 89.5 billion won. The entire amount raised will be allocated to repaying existing borrowings, specifically targeting 69.5 billion won owed to Seoryong Electronics and 20 billion won owed to Woongjin Free Life.Notably, the interest rates on the existing borrowings are 4.6% and 6.0%, while the new CB has a zero percent interest rate for both the nominal and maturity rates. The company explained that this will effectively reduce cash interest burdens by approximately 4.4 billion won on an annualized basis.* This article has been translated by AI. 2026-08-21 09:52:10