AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Jung Jeom-sik to Visit Former President Park Geun-hye on August 19
    Jung Jeom-sik to Visit Former President Park Geun-hye on August 19 Jung Jeom-sik, the floor leader of the People Power Party, will visit former President Park Geun-hye on August 19. Jung is expected to express gratitude for Park's efforts in supporting the party during the June 3 local elections.The People Power Party's floor leader's office announced on August 18 that "Jung will visit former President Park at 11 a.m. on August 19" and noted that this is a courtesy visit following his election as floor leader.While the visit is primarily a courtesy, discussions related to current party issues are also anticipated. Jung is expected to thank Park for her support of People Power Party candidates during the June 3 local elections, where she actively campaigned across various regions.Park, often referred to as the 'Queen of Elections,' has been credited with rallying conservative forces as she began attending campaign events. There is speculation that Jung may seek advice from Park on unifying party members. Recently, Park has been meeting with People Power Party lawmakers, emphasizing the need for party cohesion. On August 2, she urged the ruling party to fight effectively amid a challenging political landscape.* This article has been translated by AI. 2026-08-18 18:48:00
  • K-Battery Firms Compete for $1 Billion Public ESS Contracts with Domestic Production
    K-Battery Firms Compete for $1 Billion Public ESS Contracts with Domestic Production South Korea's leading battery manufacturers, LG Energy Solution, Samsung SDI, and SK On, are accelerating efforts to secure domestic production capabilities ahead of the third energy storage system (ESS) central contract market, valued at around 1 trillion won. With the second market emphasizing non-price evaluations such as industrial competitiveness and supply chain reliability, competition for contracts in the upcoming third market is expected to intensify as all three companies establish production lines for lithium iron phosphate (LFP) batteries for ESS.According to industry sources, the Korea Power Exchange is expected to announce the bidding for the third ESS central contract market as early as this month. The project size is anticipated to be similar to the previous second market, around 1 trillion won.In the first market, price evaluations accounted for 60%, leading to concerns that products with higher price competitiveness had an advantage. Given that this is a public power grid project funded by taxpayer money, there have been calls for a more active assessment of contributions to domestic production capabilities, supply chains, and the industrial ecosystem.In response, starting from the second market, the government adjusted the evaluation ratio of price to non-price factors from 60:40 to 50:50, incorporating feedback from industry and experts. The scoring for industrial competitiveness was also increased from 9.6 to 12.5 out of 100, and assessments of battery material origin were strengthened.LG Energy Solution plans to produce LFP batteries for ESS at its energy plant in Ochang, North Chungcheong Province, starting in 2027. Initial production capacity is set to begin at 1 GWh annually, with plans to gradually expand based on market demand.SK On is also ramping up its domestic production capabilities. The company plans to complete the conversion of its electric vehicle battery production line at its Seosan plant in South Chungcheong Province to an ESS LFP battery line by the fourth quarter of this year, with an expected annual production capacity of 3 GWh once the transition is complete.Samsung SDI is establishing a mother line for LFP batteries for ESS at its Ulsan facility. Additionally, the company announced plans to invest approximately 16 trillion won in Ulsan starting this year for the production of LFP batteries for ESS. It continues to secure contracts for its existing nickel-cobalt-aluminum (NCA) batteries.As a result, the domestic production capabilities and supply chain development of each company are emerging as key factors influencing contract awards in the third market. If the Korea Power Exchange maintains the existing evaluation framework for the third market, competition will likely intensify not only over price competitiveness but also regarding contributions to the industry and economy, as well as fire and equipment safety.An industry insider noted, "Since the ESS central contract market evaluates contributions to the domestic industrial ecosystem, having a domestic production base is likely to be a significant factor in winning contracts. However, as overseas markets also demand local production, battery companies may face increased pressure to expand production capabilities both domestically and internationally."* This article has been translated by AI. 2026-08-18 18:32:00
  • Hyundai Motor and Union Fail to Reach Agreement, Strike Planned for August 21
    Hyundai Motor and Union Fail to Reach Agreement, Strike Planned for August 21 Hyundai Motor and its labor union resumed wage negotiations after more than 40 days, but no significant progress was made. The union plans to initiate an additional five days of strikes starting August 19.According to industry sources on August 18, the two sides held their 16th round of talks at the Ulsan plant but failed to narrow their differences.As a result, the union will conduct four-hour partial strikes daily from August 19 to 20, followed by an eight-hour full strike on August 21, and additional four-hour partial strikes on August 24 and 25.This will mark the first full strike since the collective bargaining negotiations in 2016.The union plans to hold the full strike on August 21 and will send leaders to the company’s headquarters in Yangjae-dong, Seoul, to protest.The union stated, "Although we resumed negotiations after a prolonged deadlock, the company's proposal remains inadequate. We will continue to seek a resolution while applying pressure through strikes."Meanwhile, the union has conducted a total of 44 hours of strikes since the start of negotiations this year.* This article has been translated by AI. 2026-08-18 18:28:00
  • Four Opposition Lawmakers Appear Before Party Ethics Committee
    Four Opposition Lawmakers Appear Before Party Ethics Committee The Ethics Committee of the People Power Party summoned four incumbent lawmakers on August 18 to hear their opinions regarding ongoing disciplinary procedures at the party's headquarters in Yeongdeungpo, Seoul.After attending the committee meeting, lawmaker Jung Kyung-tae spoke with reporters, stating, "There were discussions suggesting I contested the primary results. I emphasized that I aimed to uphold the Constitution and democracy of South Korea."Earlier, Jung was reported to the Ethics Committee for allegedly urging fellow lawmakers to vote against his primary opponent, Park Deok-heum, during the election for the National Assembly vice speaker in May.Jung expressed hope for a swift decision from the committee, saying, "If the party decides on a severe penalty, I will have no choice but to respect that. However, I believe the ethical committee members will evaluate and judge this matter correctly, given their sense of fairness."On the same day, lawmaker Jin Jong-o engaged in a tense exchange with the Ethics Committee regarding his request to disqualify certain committee members. Jin's team claimed that despite the party rules stating that such requests should be submitted in writing, the committee suggested verbal submissions were acceptable.Jin expressed dissatisfaction, stating, "The committee did not provide sufficient time to submit the disqualification request, asking if I would respond by 3:40 PM or if they should take my silence as a refusal. I found this approach, which implied 'You have done wrong, so accept the judgment today,' very regrettable." He also mentioned feeling uncomfortable with comments from the committee chair implying a lack of understanding of Korean.Jin stated he would submit the disqualification request by midnight.Jin was reported to the Ethics Committee for supporting a rival candidate during the by-election in Busan and for making inappropriate jokes with lawmaker Seo Beom-soo at a discussion attended by victims of the 'Bus Turnaround' incident. Seo also appeared before the committee to explain the situation.On that day, a victim of the 'Bus Turnaround' incident, identified by the pseudonym Kim Jin-joo, visited the Ethics Committee to submit a petition requesting leniency for both lawmakers. Kim stated, "This situation has been used as a political tool, leading to secondary harm. Not punishing or disciplining these lawmakers would protect me from further victimization." Kim urged the committee to make a wise decision, saying, "I await the committee's correct choice."Meanwhile, lawmaker Kwon Young-jin, who was reported to the Ethics Committee after a physical altercation with floor leader Jeong Jeong-sik and former floor leader Song Eon-seok over dissatisfaction with committee assignments, also visited the committee to explain his actions before leaving.* This article has been translated by AI. 2026-08-18 18:24:10
  • K-Beauty ODM Firms Report Record Earnings Amid Growing Demand
    K-Beauty ODM Firms Report Record Earnings Amid Growing Demand Global demand for K-beauty has led domestic cosmetics original design manufacturers (ODM) to achieve record earnings in the second quarter. The rise in indie brands expanding overseas has resulted in increased orders for both sun care and skincare products, alongside a diversification of client companies and export regions. Although the second quarter is typically considered the peak season for the cosmetics ODM industry, analysts predict continued strong growth into the third quarter. According to industry reports on August 18, Korea Kolmar recorded consolidated sales of 861.3 billion won and an operating profit of 110.3 billion won in the second quarter, marking increases of 17.8% and 50.2%, respectively, compared to the same period last year. Notably, this is the first time that a cosmetics ODM company has surpassed 100 billion won in quarterly operating profit. Domestic sales also rose by 31.2% to 430.4 billion won, driven by increased orders for sun care and skincare products from indie brands, which improved both revenue and profitability. Korea Kolmar's sun care segment has grown to account for 35% of its sales. While the second quarter is usually a peak performance period, this year has seen a reduction in seasonality. Lee Kyo-seok, a researcher at Shin Young Securities, stated, "Due to a higher proportion of sun care products compared to competitors, we expect third-quarter sales to be similar to or slightly higher than the previous quarter, despite the second quarter being a seasonal peak. We anticipate increased orders from major skincare clients ahead of the fourth quarter's Black Friday." Cosmax also reported record earnings in the second quarter, with sales of 794.9 billion won and an operating profit of 73.7 billion won, reflecting increases of 27.5% and 21.2%, respectively. Domestic sales surpassed 500 billion won for the first time, reaching 518.4 billion won. Sales in China increased by 33%, while sales in the United States surged by 79%. Notably, the U.S. subsidiary achieved its first operating profit since its establishment, thanks to increased orders from global cosmetics companies and indie brands. Oh Rin-ah, a researcher at LS Securities, noted, "In the third quarter, we expect Korea to maintain strong order flows centered on skincare, with sales growth projected at 35% to 40%. The U.S. market is also expected to maintain profitability in the second half due to reorder and new order increases from existing clients." Cosmecca Korea reported second-quarter sales of 226.1 billion won and an operating profit of 32.1 billion won, marking increases of 39.8% and 39.3%, respectively, achieving its highest quarterly performance. The domestic basic segment saw a 94.8% increase, while sun care sales rose by 35.4%. The expansion of product lines, including derma skincare and hydrogel, along with securing new clients and reorders from existing customers, contributed to this growth. Jung Dong-hee, a researcher at Samsung Securities, stated, "The diversification of domestic beauty distribution channels, inbound growth, and expansion into overseas markets are expected to support robust growth in the second half. With the operation of the Ochang plant in 2027, additional growth potential can also be secured." The strong performance of domestic cosmetics ODM companies aligns with the increase in K-beauty exports. According to the Ministry of Trade, Industry and Energy, cosmetic exports have risen for nine consecutive months since November of last year. Last month, exports reached $1.351 billion, a 37.8% increase. Exports to the United States rose by 34.9%, while those to the European Union increased by 58.3%. The expansion of K-beauty sales beyond North America into Europe has led to new product launches and additional orders from brand companies, contributing to the increase in orders for ODM firms. 2026-08-18 18:08:10
  • Hyundai Department Store Expands K-Fashion in Shibuya, Japan
    Hyundai Department Store Expands K-Fashion in Shibuya, Japan "I love Korean fashion and often wear Korean brand clothes. I really enjoy being able to discover brands that are not easily found in Japan," said university student Momona, who visited the 'The Hyundai Global' store on the fourth floor of Parco Shibuya in Tokyo on August 16. She added, "I frequently look up Korean fashion on Instagram, and each brand has a unique style. I never miss shopping for clothes when I travel to Seoul."This store, which will celebrate its first anniversary next month, is the first regular store of The Hyundai Global, which opened in September last year. It marks the first instance of a domestic department store establishing a regular store in Japan.Located about a four-minute walk from the iconic Shibuya Scramble Crossing, the Parco Shibuya is situated in a key retail area. The primary customer base consists of fashion-conscious individuals in their 20s and 30s. The sixth floor features a Pokémon Center and Nintendo Tokyo, attracting many foreign tourists. On the day of the visit, numerous international tourists were seen browsing the products at The Hyundai Global store on the fourth floor.During the visit, The Hyundai Global was showcasing domestic emerging fashion brands SYNERJYN and Black Purple. SYNERJYN will be available until September 2, while Black Purple will operate until August 26.The SYNERJYN store was designed similarly to typical standalone brand stores in domestic department stores, while Black Purple operated in a smaller format across the aisle. Inside, jeans and t-shirts were displayed by color and size, with brand lookbooks placed on the walls and columns. Japanese women in their 20s tried on clothes and checked their fit in front of mirrors.A representative from Hyundai Department Store stated, "Since opening in September last year, we have introduced over 20 K-Fashion brands, including Ohesio, Not For Nerds, and Freckle Seoul, to Japanese customers."Hyundai Department Store's initiative to showcase promising K-Fashion brands through The Hyundai Global is based on the confirmed potential of K-Fashion in the Japanese market. Previously, in 2024, Hyundai operated a pop-up store featuring 11 brands, including Mateng Kim and Imis, at Parco Shibuya.During the two-month event, sales reached 3 billion won, setting a record for the highest sales among all pop-up stores at Parco Department Store.Building on this success, Hyundai is expanding support for domestic emerging brands entering Japan. On August 6, Hyundai partnered with the Korea Creative Content Agency to assist domestic fashion designer brands in their overseas expansion. Starting September 25, shoe brand Yase will kick off a series of pop-up stores, followed by five other brands, including Verso, SEO, Lee, and Noan, each operating for two weeks. Jung Ji-young, president of Hyundai Department Store, stated, "We will support the global ecosystem and sustainable growth of K-brands based on our differentiated brand discovery and content planning capabilities."Hyundai Department Store is also increasing its foothold in Japan with The Hyundai Global. On July 10, it opened 'The Hyundai' on the third floor of the Tokyu Plaza Omokado shopping complex in Omotesando, Tokyo. This location features seven brands and two pop-up store spaces across fashion, beauty, food and beverage, and intellectual property content. Initial sales exceeded the high targets set by the company by more than 30%.Based on the demand for K-content confirmed in Japan, Hyundai plans to accelerate its strategy in the Asian market. A company representative stated, "We plan to establish over 10 flagship stores in major Asian hubs, including Japan, Taiwan, and Hong Kong, by 2030." 2026-08-18 18:08:00
  • Wipi Transforms Dating Services with AI Innovations
    Wipi Transforms Dating Services with AI Innovations Wipi, a social dating application operated by Enrise, is transforming user experiences by integrating artificial intelligence (AI) throughout its services. The platform utilizes a recommendation AI that learns from actual user behavior data, a generative AI matchmaker named 'Mela,' and a safety AI that filters out inappropriate users, thereby enhancing its data-driven AI capabilities.Wipi's strength lies not just in its generative AI model but in the real user data accumulated during service operations. The app has gathered data from 8.4 million registered users, 20 million matches, and over 100 million friend requests. This data, which includes information on which profiles users viewed, to whom they sent friend requests, and whether those interactions led to actual relationships, forms the foundation for advancing its AI.Last August, Wipi introduced an AI prediction model to enhance personalized recommendations. Previously, matches were suggested based on predetermined criteria, but now the AI learns user patterns to predict potential matches that users are likely to be interested in.Successful matches in dating services require mutual interest. Wipi considers this by analyzing not only a user's preferences but also the likelihood of a potential match's interest, implementing a two-way recommendation structure.Crucially, the behavioral data accumulated from actual service use enhances recommendation accuracy. Various outcomes, such as users not responding to profiles, sending friend requests, or achieving successful matches, are utilized to refine the model. This creates a virtuous cycle of 'recommendation → user response → data accumulation → recommendation enhancement.'Generative AI is also employed to improve the recommendation experience. Wipi's AI matchmaker, 'Mela,' goes beyond merely displaying potential matches; it engages users in conversation to understand their ideal partner preferences. It then recommends suitable matches and explains the reasoning behind those suggestions.User feedback has been positive. Among applicants for the matchmaker feature, 67.3% are women in their 20s, which is about 21.5 percentage points higher than the proportion of women in that age group among all active female users.Women who applied for the matchmaker on the day of registration showed a retention rate 1.4 times higher than those who did not apply. This indicates that users are responding positively to an AI-driven exploration experience that provides recommendations along with reasons tailored to their preferences, rather than simply browsing numerous profiles.Wipi also leverages AI for service safety management. During the registration process, AI analyzes profile photos, self-introductions, keywords in chat rooms, and abnormal user behavior patterns to proactively detect potential violations of operational policies.Key detection targets include users registering others' photos or using images that make facial identification difficult, entering phrases that violate operational policies, sharing contact information, and engaging in behaviors that promote inappropriate encounters. The AI detects anomalies first, allowing operators to conduct final reviews, thereby improving response speed and consistency.Wipi plans to further enhance recommendation accuracy and expand the application of AI across its services through the advancement of its AI systems.A Wipi representative stated, "We will continuously learn from users' actual behavior and preference data to improve recommendation accuracy and reflect individual preferences, such as appearance preferences, in greater detail." They added, "We plan to expand the use of AI across recommendations, exploration, and overall operations by combining machine learning with generative AI."* This article has been translated by AI. 2026-08-18 18:08:00
  • Pulmuones Chuncheon Ice Factory First in Industry to Achieve Global HACCP Certification
    Pulmuone's Chuncheon Ice Factory First in Industry to Achieve Global HACCP Certification Pulmuone's Chuncheon ice factory has become the first specialized ice manufacturing facility in South Korea to receive Global HACCP certification.On August 18, Pulmuone announced that its Chuncheon ice factory, located in Seomyeon, Chuncheon City, has obtained Global HACCP certification.Global HACCP is a food safety management system that manages food hazards according to internationally recognized standards. It comprehensively evaluates not only the hygiene of the manufacturing process but also food defense measures to prevent intentional contamination and whether management standards are implemented on-site.With this certification, the Chuncheon ice factory now holds four food safety certifications: standard HACCP, smart HACCP, Global HACCP, and the food safety system certification FSSC 22000. It is the only ice manufacturing facility in South Korea to possess all these certifications.Established in the early 1990s, the Chuncheon ice factory has gradually introduced purification, sterilization, and automation equipment. After obtaining FSSC 22000 in 2018, it added smart HACCP in 2023 and Global HACCP this year. During the certification process, the existing requirements of FSSC 22000 and Global HACCP were integrated into a single management system, and on-site inspection criteria were improved.The factory currently produces 11 types of products, including eight types of bagged ice and three types of cup ice. Since the water used in manufacturing becomes the final product, managing water quality and hygiene during production is crucial. The Chuncheon ice factory conducts regular water quality tests and daily internal microbial tests. It also manages potential secondary contamination through cleaning of pipes, tanks, and ice-making equipment, as well as residual water management.All key data regarding temperature, time, and hygiene conditions throughout the entire process—from water management to ice making, crushing, packaging, metal detection, and shipping—are digitally managed. This data is monitored in real-time to enhance food safety management for each process.Kim Chang-min, the manager of Pulmuone's Chuncheon ice factory, stated, "Since the manufacturing water becomes the finished product, thorough hygiene management focused on prevention is essential. We will continue to strive to provide products that consumers can trust based on our food safety management system."Currently, Pulmuone operates 14 production facilities and 19 cold logistics centers nationwide, including the Chuncheon ice factory.* This article has been translated by AI. 2026-08-18 18:04:20
  • AIA Life Insurance CEO Nathan Michael Chuang Resigns; CFO Jeon Hye-sook to Serve as Interim CEO
    AIA Life Insurance CEO Nathan Michael Chuang Resigns; CFO Jeon Hye-sook to Serve as Interim CEO Nathan Michael Chuang, the CEO of AIA Life Insurance, is leaving the company. Until a successor is appointed, Jeon Hye-sook, the Chief Financial Officer (CFO) and Vice President, will serve as interim CEO.AIA Life Insurance announced on August 18 that Chuang has decided to leave AIA to pursue new opportunities.Chuang joined AIA in 2014 and has held several key leadership positions within the group. Over the past four years, he has focused on driving growth strategies, enhancing sales channel competitiveness, and improving customer value propositions.Jeon will take on the interim CEO role following the necessary procedures until a new CEO is appointed. She joined AIA Life Insurance in 2013 and has served as CFO since 2022.AIA Group is currently in the process of selecting a new CEO for AIA Life Insurance. An announcement regarding the new appointment will be made once the process is completed.Fisher Zhang, AIA Group's Regional Chief Executive, stated, "Korea is an important market for AIA, and we remain committed to long-term growth in this market. We will continue to fulfill our mission of helping customers live healthier, longer, and better lives based on a solid business foundation."* This article has been translated by AI. 2026-08-18 18:04:10
  • Public Institution Relocation Sparks Financial Sector Backlash
    Public Institution Relocation Sparks Financial Sector Backlash As the government prepares to announce its second round of public institution relocations, backlash is growing within the financial sector. Following the three major policy banks—Korea Development Bank, Export-Import Bank of Korea, and IBK Industrial Bank of Korea—unions from the Korea Trade Insurance Corporation and the Financial Supervisory Service have also joined the opposition. The dual goals of regional balanced development and maintaining financial and export support functions are now in direct conflict.According to relevant departments and the financial sector on August 18, the government plans to finalize its second public institution relocation plan by the end of the year. Minister of Land, Infrastructure and Transport Kim Yoon-deok recently stated regarding the second relocation, "Unless there are special circumstances, the goal is to have zero institutions remaining in Seoul, as directed by President Lee Jae-myung. All public and administrative institutions are to be relocated as a principle."This has led to financial institutions that remained in the metropolitan area during the first relocation being considered key candidates for the second round. However, internal dissent is escalating into collective action. The unions of the three major policy banks held a resolution meeting, arguing that the functions of policy financial institutions and the characteristics of the financial industry must be taken into account. They contend that forcing the relocation of policy banks, which are essential for supplying funds to companies in the capital region's advanced industries, will inevitably reduce the efficiency of financial support.The Korea Trade Insurance Corporation's union has also expressed strong opposition, warning that the relocation could lead to inefficiencies in the export finance ecosystem and support for export companies. The corporation plays a crucial role as a public export credit agency (ECA), connecting funds from commercial banks to export companies through insurance and guarantees rather than direct loans. They argue that the geographical separation of demand for export finance and support institutions will inevitably slow down the speed and scale of support.Moreover, they emphasize that most export companies benefiting from export finance are located in the metropolitan area. According to the National Statistical Portal (KOSIS), 63.7% of small and medium-sized enterprises' export value ($29.77 billion) in the first quarter of this year came from the capital region, which includes Seoul, Gyeonggi, and Incheon. Including large corporations, the capital region's export share rises to 77.7%. The union believes that separating the demand for export finance from the support institutions will lead to delays in assistance.Concerns are also being raised that this move contradicts the trend of strengthening the link between public support and private finance. Initiatives such as export package guarantees funded by banks and supply chain strengthening guarantees based on contributions from large corporations are expanding. Given that cooperation among stakeholders is crucial, the geographical accessibility of the capital region, where major banks and corporate headquarters are concentrated, is vital.There is also a risk that competitiveness in national strategic export sectors, such as overseas large projects and defense, could deteriorate. Designing financial structures to secure overseas projects in areas like plants, infrastructure, and shipbuilding requires collaboration among the Korea Trade Insurance Corporation, policy banks, domestic and foreign banks, and legal and accounting firms. This means considering the process of rebuilding these networks and potential gaps in operations.A representative from the Korea Trade Insurance Corporation's union stated, "Our fundamental role is to collaborate with the financial market to ensure that necessary funds are supplied to export companies and overseas projects. Separating the corporation from the export finance ecosystem and its primary demand sources is likely to increase costs and inefficiencies rather than contribute to regional balanced development."Additionally, opposition is spreading beyond policy financial institutions to supervisory agencies. The Financial Supervisory Service's union issued a statement the previous day, arguing that relocation could weaken access for financial consumers and the agency's on-site supervisory capabilities. Although the Financial Supervisory Service is not classified as a public institution under the Public Institution Operation Act, it has consistently been listed as a candidate for relocation.The union points out that 81.4% of financial complaints are concentrated in the metropolitan area, raising concerns that moving the supervisory agency away from this region could reduce accessibility. They also note that 91.6% of financial company headquarters, 88.3% of on-site inspection targets, and 72.7% of listed company headquarters are located in the capital region.The Financial Supervisory Service's union warned, "If the agency relocates, employees will have to travel back to Seoul for inspections, leading to inefficiencies and additional operational costs for regional offices. If personnel outflow becomes a reality, the supervisory capacity is likely to decline."* This article has been translated by AI. 2026-08-18 18:04:10