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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 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 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, 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 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
SK Securities Shares Rise for Second Day Amid SK Hynix's $40 Billion Buyback SK Securities has seen its shares rise for the second consecutive trading day as it facilitates a large-scale stock buyback for SK Hynix.As of 9:24 a.m. on the Korea Exchange, SK Securities shares were trading at 3,270 won, up 460 won (16.37%) from the previous day. The stock had surged 29.79% the day before, hitting the upper limit.The increase in SK Securities' stock price is attributed to expectations of expanded brokerage fee revenue from SK Hynix's approximately 40 trillion won stock buyback.On August 19, SK Hynix's board of directors decided to buy back 24.07 million common shares on the market to enhance shareholder value, with plans to retire all purchased shares. The total acquisition amount is expected to be 40.43 trillion won, representing about 3.3% of the total issued shares.The buyback period runs from August 20 to November 19. The actual number of shares acquired and the total amount will vary based on stock prices during the buyback period. SK Hynix plans to retire all shares purchased after the buyback period ends.SK Securities has been selected as the brokerage for this stock buyback. SK Hynix's daily purchase limit is set at 2.407 million shares. Given the substantial buyback amount and the three-month duration, there are expectations that SK Securities will generate significant brokerage fee revenue.On the first day of the buyback, August 20, SK Hynix purchased 650,000 shares for a total of 1.09 trillion won on the market.* This article has been translated by AI. 2026-08-21 09:52:00
Kim Min-seok Thanks Party Members for Calling for Disciplinary Action Against Lee Jin-sook Kim Min-seok, the leader of the Democratic Party, expressed gratitude on August 21 to members of the People Power Party who called for disciplinary action against Lee Jin-sook amid controversy over the distortion of the 5.18 Gwangju Democratization Movement.On the social media platform X, Kim stated, "I respect and thank the responsible members of the People Power Party." He added, "Since the late former President Kim Young-sam, I am well aware that our country’s conservative parties have also developed a democratic orientation." He emphasized that it is desirable for conservative parties to embrace democracy and for progressive parties to support growth for the sake of politics and the nation.Kim pledged, "The Democratic Party will ensure that Lee is expelled or at least suspended from activities," and expressed hope that the People Power Party would begin addressing Lee's situation and move toward including the 5.18 in the constitutional preamble, thereby genuinely approaching the public.Previously, Kim had formally requested disciplinary action against Lee during a meeting with National Assembly Speaker Cho Jeong-sik.Lee hosted a public forum on August 13 in the National Assembly titled 'Revisiting the 5.18 Democratization Movement,' which sparked controversy over allegations of undermining the movement. Additionally, a heated exchange occurred between Democratic Party lawmakers and Lee during a session of the National Assembly's Science, Technology, Information, Broadcasting and Communications Committee.* This article has been translated by AI. 2026-08-21 09:48:10
Sejong Law Firm Signs MOU with Busan-Jinhae Free Economic Zone Authority to Establish 'BJ-INVESTIA' Sejong Law Firm, led by Managing Partner Oh Jong-han, announced on August 21 that it signed a public-private partnership memorandum of understanding (MOU) with the Busan-Jinhae Free Economic Zone Authority, headed by Park Seong-ho, on August 20 to establish the investment attraction ecosystem 'BJ-INVESTIA.'BJ-INVESTIA is a comprehensive investment ecosystem that connects six key areas necessary for foreign companies investing in the Busan-Jinhae Free Economic Zone: location and design, investment and establishment, finance and incentives, customs and logistics, workforce and settlement, and innovative growth.Under this agreement, Sejong and the Free Economic Zone Authority will collaborate to provide legal advice and specialized consulting to domestic and foreign companies considering investment or entering the Busan-Jinhae Free Economic Zone.The Free Economic Zone Authority will identify and manage the advisory and consultation needs of investment companies, while Sejong will offer legal advice and consulting covering the entire investment cycle, including investment structure design, foreign investment reporting, corporate establishment, location and permits, and business operations.Starting in mid-September, the two organizations plan to begin providing comprehensive advisory and consultation support to companies, including seminars and workshops, and will continue to collaborate in various areas to support investment and stable settlement.Sejong is recognized as one of the leading law firms in South Korea, particularly strong in M&A, corporate mergers, ICT regulations and permits, and fair trade, while also addressing a wide range of legal issues arising during the investment process, including real estate, construction, taxation, labor, and economic security.Notably, Sejong has been actively engaged in cash incentive programs specialized in attracting foreign investment through its Trade and Industry Policy Center, enabling a cohesive advisory system where experts from various fields collaborate to provide consistent support from initial risk assessment to regulatory responses after business establishment.Oh Jong-han, Managing Partner of Sejong, stated, "The Busan-Jinhae Free Economic Zone is a key investment hub in South Korea, equipped with ports, airports, and industrial complexes, and its strategic value is increasing amid the global supply chain restructuring. Based on Sejong's accumulated experience in foreign investment and regulatory response consulting, we aim to significantly reduce the uncertainties companies face during their investment decision-making process and help our economic zone become a preferred investment destination for global companies."Park Seong-ho, head of the Free Economic Zone Authority, remarked, "Sejong's extensive industry expertise and legal advisory capabilities will greatly assist companies investing in the Busan-Jinhae Free Economic Zone in their investment decisions and stable business operations. Through this agreement, we will strengthen cooperation with specialized institutions to quickly resolve legal and regulatory challenges faced by companies during the investment process and translate them into tangible investment outcomes."The Busan-Jinhae Free Economic Zone Authority was established as a joint local government organization between Busan Metropolitan City and Gyeongsangnam-do to oversee foreign investment attraction and the development of logistics and advanced industry centers in the area surrounding Busan New Port and Jinhae Port, with its office located in Gangseo-gu, Busan.* This article has been translated by AI. 2026-08-21 09:48:00
Coway Wins IDEA Design Award, Completes Grand Slam of Major Design Honors Coway has achieved a remarkable feat this year by winning all three of the world's major design awards. The company has been recognized for its commitment to not only the aesthetics of home appliances but also for enhancing space efficiency and ease of maintenance in product design.On August 21, Coway announced that it received the main award in the product category at the 2026 IDEA Design Awards. The Square Fit air purifier and the 23L inverter dehumidifier were among the award-winning products. This marks Coway's 17th consecutive year of receiving accolades at the IDEA Design Awards.Notably, both products also won main awards at the iF Design Awards in March and the Red Dot Design Awards in April. This year, Coway had eight products recognized at the iF Design Awards and another eight at the Red Dot Design Awards, completing a clean sweep of the three major design awards.The Square Fit air purifier has been designed to reduce its size compared to similar products while increasing its purification area. Its intake section is concealed from view, and the top features anti-static materials. The product also incorporates a structure that allows for easy disassembly and cleaning, enhancing maintenance convenience.The 23L inverter dehumidifier boasts a maximum dehumidification capacity of 23 liters per day. It is designed for easy one-handed removal of the water tank and features 360-degree rotating wheels and hidden handles for improved mobility. Coway focuses on integrating product performance with user convenience in the design process.* This article has been translated by AI. 2026-08-21 09:48:00
Retirement age fight halts every Hyundai Motor plant in S. Korea SEOUL, August 21 (AJP) - Every production line at South Korea's largest automaker went down Friday morning as workers began their first full-day strike in a decade, a walkout that turns on how long they get to keep their jobs rather than on how much they are paid. Morning-shift members of the Hyundai Motor union, who normally clock in at 6:45 a.m., did not come to work. The afternoon shift that starts at 3:30 p.m. will not report either, leaving plants in Ulsan, Jeonju and Asan without production for 16 hours across the day. The union counted about 39,000 members taking part, office staff included. The full day will bring the union's strike total for the year to 60 hours, and double that in stopped line time. Industry estimates put cumulative losses through Friday at 55,200 vehicles and more than 2.3 trillion won ($1.65 billion) in revenue. Hyundai does not publish its own figures. Pay was not the obstacle. The company put an offer on the table at the 15th bargaining session on July 8 that included a monthly base wage increase of 89,000 won ($64), performance pay worth 350 percent of monthly base pay, a lump sum of 10 million won ($7,174) and 15 shares of company stock. The union turned it down and has since built its campaign around three demands that sit outside the wage package entirely. The largest of the three is the retirement age. South Korean law requires employers to set retirement at 60 or later, and the union wants Hyundai to extend that toward 65, timed so that a departing worker can draw the national pension without a gap. Hyundai already rehires retirees for up to two years, which the union considers a substitute rather than a solution. At Tuesday's session, the company proposed settling the timing of any extension through a supplementary agreement once the National Assembly changes the law, and taking up the reinstatement question at the end of the year. The union rejected both. Hyundai's position is that all three items fall outside this year's wage talks, that there are no grounds to reinstate members who were lawfully dismissed for illegal acts during past union activity, and that politicians have to settle the retirement age before a single company can. The second demand concerns the bonus. Hyundai pays an annual bonus set as a multiple of monthly base pay, currently 750 percent, and the union wants it raised to 800. The union argues that fixed pay, including base wage, makes up only 54.8 percent of what a member takes home, which forces workers into overtime and weekend shifts to hold a living income. It pointed to the company's retained earnings, which are accumulated profits rather than cash on hand, and which grew from 11.4 trillion won ($8.2 billion) in 2007 to 101.3 trillion won ($72.7 billion) as of last year. Talks have gone nowhere since. The two sides met 16 times starting May 6, and Tuesday's session at the Ulsan plant broke up after less than three hours with no date set for the next one. Money Today quoted Lee Jong-chul, the union's branch chairman, as saying the next session would wait until working-level talks produced something better. The last time the union struck this hard was 2016, when it logged 106 hours of strikes and 212 hours of stopped lines. Friday's walkout is not Hyundai's alone. The Korean Metal Workers' Union announced at a press conference Wednesday that roughly 90,000 workers across the auto sector would stop work over two days, with parts makers, subcontractors and Hyundai Motor Group affiliates halting Thursday and assembly plants following Friday. Union officers were due at the group's Yangjae-dong headquarters in Seoul for a rally at 2 p.m. Underneath that action sits a second dispute. An amended trade union law now recognizes that a prime contractor carries employer responsibility toward workers it does not directly employ, but the Korean Metal Workers' Union (KMWU) says Hyundai and affiliates, including Hyundai Mobis, Hyundai Wia and Hyundai Glovis, have refused to post notice of bargaining demands or to attend. About 80 percent of the 20,000 KMWU members seeking such talks work for Hyundai Motor Group companies, according to Ulsan Journal. The retirement age fight reaches well past the auto industry. South Korea crossed into super-aged status in December 2024, when people 65 and older passed 20 percent of the population, and the country now has one of the world's longest life expectancies alongside one of its lowest birth rates. A worker who leaves at 60 cannot claim the national pension until 63 today, and that threshold rises to 65 by 2033. The National Assembly has been circling the problem for a year. The governing Democratic Party set up a special committee on extending the retirement age in November 2025, the government accepted phased extension in principle in March, and the discussion was then pushed past the June 3 local elections. The committee has been working toward a bill for the regular session that opens next month, built around a staged increase toward 65 starting near the end of the decade. Business groups have argued for rehiring schemes instead, which is the same argument Hyundai made at the bargaining table this week. The union plans to strike for four hours on each of the next two working days, Monday and Tuesday, and will convene its central strike committee on Tuesday to decide whether to go further. Kang Sung-ho, who leads the metal union's Kia branch, made the demographic case at Wednesday's press conference. "About 2,000 workers reach retirement age and leave the floor every year," he said, adding that once the income gap between retirement and the first pension payment is taken into account, extending the retirement age is a task that can no longer be put off. 2026-08-21 09:44:28