AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • CJ Olive Young, riding K-beauty wave, becomes must-visit stop for foreign tourists
    CJ Olive Young, riding K-beauty wave, becomes must-visit stop for foreign tourists SEOUL, November 03 (AJP) - At the Olive Young flagship store in Myeongdong, the aisles are crowded not just with locals but with visitors from Tokyo, Bangkok and Los Angeles, filling baskets with sheet masks, toners and serums. What began as a domestic health and beauty chain has quietly become one of South Korea’s most popular tourist destinations — and a symbol of how K-beauty has gone global. From Seoul’s bustling shopping districts of Myeongdong, Hongdae and Gangnam to stores in Busan and Jeju, CJ Olive Young has emerged as a key stop for international travelers. The influx has buoyed both in-store and online sales, reflecting the powerful pull of Korean skincare and cosmetics abroad. Industry data show that from January to September, Olive Young’s offline foreign sales jumped more than 50 percent from a year earlier. Foreign purchases, which accounted for single digits in early 2023, climbed to 26.4 percent this year, surpassing 30 percent in the second quarter alone. According to data from the Korea Tourism Data Lab, roughly 7.2 million people visited South Korea between January and May, and about 5.96 million — or 80 percent — shopped at Olive Young. The brand’s international reach has even found its way into diplomatic circles. During the 2025 APEC Summit in Gyeongju, White House Press Secretary Karoline Leavitt was seen browsing the shelves of an Olive Young branch, later posting her haul of 13 skincare products on Instagram. Last year, the wives of Los Angeles Dodgers players shared their own visits online, helping to amplify Olive Young’s global profile. Much of the retailer’s success lies in its deliberate courting of foreign shoppers. Olive Young has designated over 110 stores nationwide as “global tourist zones,” equipped with multilingual staff and signage in English, Japanese and Chinese. Product displays highlight bestsellers favored by foreign customers, while promotions are tailored to shopping behaviors by region. The company’s global e-commerce platform, launched in 2019, has further extended its reach. Many travelers who discover Olive Young in Korea continue to shop from their home countries. From January to August, sales rose 230 percent in Britain and 140 percent in Japan, according to company figures. “K-beauty is no longer just a trend — it’s becoming a lifestyle,” an Olive Young spokesperson said. “As more travelers experience our products firsthand, they’re helping expand Korea’s beauty culture worldwide.” During the APEC Summit, Olive Young presented curated K-beauty gift packages to world leaders, featuring 17 products spanning skincare, makeup and personal care. The gesture symbolized both national pride and the growing cultural weight of Korean brands. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 10:02:32
  • Drunk driver arrested after hitting Japanese tourists in Seoul
    Drunk driver arrested after hitting Japanese tourists in Seoul SEOUL, November 3 (AJP) - Two pedestrians were hit by a drunk driver in central Seoul on Sunday, according to police. They have been identified as a Japanese tourist and her daughter. A man in his 30s was arrested for drunk driving after allegedly driving onto the sidewalk and hitting them as they crossed the street at around 10 p.m. His blood alcohol level was high enough to have his license immediately revoked. The mother, in her 50s, was taken to a nearby hospital in cardiac arrest and later died, while her daughter, in her 30s, sustained minor injuries. Police are investigating the exact cause of the accident after arresting the driver at the scene. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 09:49:02
  • Asian Culture Calendar
    Asian Culture Calendar SEOUL, November 03 (AJP) - South Korea Nov. 6 - 8 Jeju Olle Walking Festival Sep. 26 - Nov. 8 Daegu International Opera Festival Japan Nov. 1 - 10 Gion Odori Nov. 1 - 3 Meiji Shrine Autumn Grand Festival Nov. 9 Arashiyama Momiji Festival Nov. 1 - 10 Sapporo Chrysanthemum Festival Nov. 1 -4 SAKANA & JAPAN Festival Thailand Nov. 5 - 6 Loy Krathong Festival Nov. 5 - 6 Yi Peng Lantern Festival Nov. 21 - 23 Surin Elephant Round-up Nov. 28 - 29 Pattaya International Fireworks Festival Taiwan Nov. 3 Penghu Cross-Sea Marathon Hong Kong Nov. 6 - 12 India by the Bay Nov. 6 - 9 Freespace Jazz Fest 2025-11-03 09:21:21
  • Seasons first cold wave advisory issued in Seoul
    Season's first cold wave advisory issued in Seoul SEOUL, November 3 (AJP) - Morning lows in Seoul fell below 1 degree Celsius on Monday, prompting the Korea Meteorological Administration (KMA) to issue the season's first cold wave advisory for the capital and nearby areas the previous day. Such an advisory is issued when morning temperatures are expected to drop by more than 10 degrees Celsius from the previous day, or at least 3 degrees below the seasonal average, or when the morning low is forecast to remain at or below -12 degrees for two or more consecutive days. According to the KMA, morning lows were 0.9 degrees Celsius in Seoul, 1.0 degree in Incheon, and -0.1 degree in Suwon. The KMA said cold air from the north caused morning temperatures to drop by 5 to 10 degrees from the previous day. "Daytime temperatures will recover to 15 to 20 degrees in midweek, returning to the seasonal average," said a KMA official. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 09:20:11
  • OPINION: As technology advances, can wisdom keep up?
    OPINION: As technology advances, can wisdom keep up? SEOUL, November 03 (AJP) - Human history can be read as the story of technology — a long march from the roar of engines to the quiet hum of algorithms. Each invention begins as a spark of imagination, becomes the engine of industry, and ultimately reshapes the fabric of civilization. From steam to silicon to synthetic intelligence, this evolution has not only transformed economies but also the meaning of being human. The progression of technology tends to follow three distinct stages. The first is the technological stage, the moment of invention — often driven by necessity, curiosity or conflict. The second is the industrial stage, when innovation meets production, and technology becomes widely available. The final stage is civilization, when it seeps into daily life, alters social values and redefines relationships. In the mechanical age, these stages unfolded over decades. Karl Benz’s automobile, first built in 1886, dazzled as a feat of engineering, but it was Henry Ford’s Model T in 1908 that brought cars to the masses. By the 1950s, with highways stretching across nations, the automobile had come to symbolize freedom and modernity. What began as an invention became an industry within two decades — and a defining element of civilization within four. Computing advanced more rapidly. The ENIAC, born in 1945 out of wartime necessity, marked the birth of electronic computation. By the 1950s, IBM had commercialized the machine; by the 1970s, computers were indispensable to business and government. The personal computing revolution — from the Altair 8800 in 1975 to the IBM PC in 1981 — brought the digital world into homes. Laptops in the 1980s and mobile computing in the 2000s collapsed the boundaries between work, home, and everywhere in between. The internet’s rise was even more explosive. ARPANET, launched in 1969, was a tool of defense. The World Wide Web, created by Tim Berners-Lee in 1991, transformed it into a public utility. By the 2000s, social media had woven it into the social fabric — for better and worse — turning connection into currency. Smartphones and platforms like YouTube illustrate how swiftly innovation now races through its life cycle. IBM’s Simon, introduced in 1992, was the first smartphone, but Apple’s iPhone in 2007 turned it into a global necessity. Within a decade, it redefined communication, commerce and culture — giving rise to what some call phono sapiens. YouTube, founded in 2005 and bought by Google a year later, industrialized almost instantly, spawning a new creative economy and an era of digital celebrity. Artificial intelligence, the newest frontier, is still in motion. Conceived in 1956, AI endured long periods of disillusionment before deep learning in the 2010s pushed it into the industrial age. By the 2020s, with tools like ChatGPT, it had entered everyday life. Yet as AI augments creativity and efficiency, it also stirs anxiety about bias, surveillance and the future of work. Across these revolutions, one truth endures: no technology becomes civilization without social acceptance. Progress depends as much on human desire as on technical achievement. Each wave of innovation delivers both liberation and loss — expanding possibilities while unsettling old orders. The next wave may arrive faster than we expect. Quantum computing could industrialize by the 2030s. Virtual and augmented reality may redefine education and experience. Advances in biotechnology may extend lifespans, forcing new ethical reckonings. And if general artificial intelligence emerges, it could transform not only industry but the human condition itself. As technology converges toward a post-human era, we face an ancient question in modern form: Can wisdom keep pace with power? The journey of technology continues, but its destination remains ours to decide. To preserve our humanity in the age of machines, we must look backward as much as forward — learning from each revolution not just how to build, but how to be. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 08:28:09
  • S. Korea, Singapore form strategic partnership to boost defense and trade ties
    S. Korea, Singapore form strategic partnership to boost defense and trade ties SEOUL, November 02 (AJP) - President Lee Jae Myung and Singaporean Prime Minister Lawrence Wong agreed on Sunday to establish a strategic partnership and to deepen cooperation across various sectors, including defense and trade. During a joint press conference following their summit at the presidential office, Lee and Wong agreed to closely cooperate in advanced technology, strengthen security coordination, and expand people-to-people exchanges in response to a rapidly changing global environment. “Our two countries share many similarities. Despite our limited land, lack of natural resources, and challenging geopolitical environments, we have both achieved remarkable growth by relying on human capital and free trade,” Lee said. Lee said the two countries would enhance strategic cooperation in defense and security, including expanded joint research on defense technologies, and reaffirmed Seoul’s intention to actively participate in Singapore’s efforts to diversify defense imports. He also pledged to strengthen policy and legal cooperation to combat transnational crimes such as online scams, citing both nations’ advanced digital and financial infrastructures. Lee added that the two countries agreed to bolster economic and human exchanges through improvements to the Korea–ASEAN FTA and the Korea–Singapore FTA. A notable outcome of the talks was an agreement to allow beef and pork produced on Jeju Island to be exported to Singapore for the first time. Lee noted that Singapore is known for its strict inspection and said the deal would pave the way for more Korean agricultural products to enter global markets. Lee also expressed hope that Singapore, as a global financial and investment hub, would expand investment in promising Korean small and medium-sized enterprises (SMEs) and K-content, fostering joint growth in innovative industries. He said both governments would work to strengthen institutional support for broader exchanges in culture, tourism, education, and sports under the newly established strategic partnership. Wong described South Korea and Singapore as “rising stars of Asia” in an era of uncertainty, saying that regular exchanges between the peoples of both countries have helped build a more stable and prosperous region. 2025-11-02 18:33:05
  • SK hynix to become biggest supercycle winner and overtake TSMC in chip profit by 2027: Nomura
    SK hynix to become biggest supercycle winner and overtake TSMC in chip profit by 2027: Nomura SEOUL, November 02 (AJP) - SK hynix can outshine dominant pure-play foundry Taiwan Semiconductor Manufacturing Co. (TSMC) in income from chip sales by 2027, placing the South Korean leader in AI memory the biggest winner of the chip "super cycle" that is expected to run at least two more years, according to Japanese investment bank Nomura Securities. SK hynix has already been stellar among memory makers, reporting a record operating profit of $8 billion in the third quarter, and plans to significantly increase capital spending next year to meet with growing demand for its proprietary high bandwidth memory (HBM) chips as well as other advanced memory for servers. Nomura raised its target price for the company to 840,000 won from 540,000 won, a jump of more than 55 percent — the most optimistic forecast among both domestic and global brokerages. SK hynix finished last Friday at 559,000 won after testing new high near 570,000 won on the previous day, more than tripling from its humble closing of 171,200 on the first trading day of 2025. Among Korean firms, Heungkuk Securities currently holds the highest target at 750,000 won among local firms, followed by KB Securities and Shinhan Securities at 730,000 won, and NH Investment & Securities at 710,000 won. JPMorgan last month raised its own target price from 460,000 won to 650,000 won. “Super-cycle to continue through 2027F, growing to an unprecedented revenue level due to limited supply expansion until 2027F,” Nomura wrote in its latest report released on Sunday. The brokerage expects the super-cycle that began in 2023 to continue through 2027, as tight cleanroom capacity and long construction lead times are likely to limit supply expansion until mid-2027. Industry-wide output acceleration, Nomura said, is expected to begin only in late 2027, driving revenue to record levels. Reflecting this outlook, Nomura lifted SK hynix’s operating profit forecasts to 99 trillion won for 2026 and 128 trillion won for 2027, representing increases of 38 percent and 46 percent, respectively. The 2027 projection would make SK hynix the most profitable chipmaker, ahead of TSMC. The report pointed to explosive demand not only for AI servers but also for traditional cloud servers equipped with AI inference capabilities, pushing up prices for HBM as well as general-purpose DRAM and NAND (SSD) chips. Nomura also raised its 2026 price growth outlook for DRAM and NAND to 57 percent and 65 percent, respectively, from 38 percent and 36 percent. Meanwhile, SK hynix has already secured customer orders through next year for all DRAM and NAND products amid surging AI-related demand. The company has also completed HBM supply agreements with key clients including NVIDIA, paving the way for faster shipments. The firm’s sixth-generation HBM4, developed in September and now in mass production, fully meets performance requirements and supports industry-leading speeds. It plans to begin shipping the chip in the fourth quarter and to expand full-scale sales in 2026. 2025-11-02 15:22:40
  • Koreas Oct exports hit record high for the month, extends 5-mo growth streak
    Korea's Oct exports hit record high for the month, extends 5-mo growth streak SEOUL, November 02 (AJP) - South Korea’s exports extended their growth streak for the fifth consecutive month, rising 3.5 percent on year to $59.57 billion in October – the highest ever for the month – despite fewer working days from the Chuseok holiday thanks to record chip and robust vessel shipments. According to data released Saturday by the Ministry of Trade, Industry and Resources, the trade account posted a $6.06 billion surplus as imports fell 1.5 percent to $53.52 billion. The cumulative trade balance for January through October stood at $56.43 billion, already surpassing the total surplus recorded for all of last year. Out of the country’s 15 main export categories, semiconductors, ships, petroleum products and computers posted gains. Semiconductor exports jumped 25.4 percent to $15.73 billion, the largest figure ever recorded for October, buoyed by robust demand for high-capacity memory chips such as HBM and DDR5 and strengthening chip prices from shortages in legacy chips. Ship exports soared 131.2 percent to $4.69 billion, led by offshore plant deliveries, extending their growth streak to eight months. Petroleum product exports rose 12.7 percent to $3.83 billion on higher shipment volumes. By contrast, exports of automobiles fell 10.5 percent, auto parts dropped 18.9 percent and steel exports declined 21.5 percent, largely due to higher tariffs in the main U.S. market. By region, exports to Latin America and the Commonwealth of Independent States (CIS) showed the strongest gains. Exports to Latin America surged 99 percent to $4.71 billion, hitting an all-time high on large-scale offshore plant sales. Shipments to the CIS increased 34.4 percent to $1.34 billion, boosted by strong car demand. Meanwhile, exports to the United States tumbled 16.2 percent to $8.71 billion amid weak sales of cars and steel affected by tariffs. Exports to China slipped 5.1 percent to $11.55 billion, though they remained above the $11-billion mark for a second consecutive month. Industry Minister Kim Jeong-kwan expressed optimism for a turnaround in U.S. trade as a result of the Korea–U.S. trade deal reached during APEC week, which promised nondiscriminatory tariff rates for car, chip and pharmaceutical exports to the U.S. “Despite fewer working days during the Chuseok holidays, semiconductors and ships continued to lead our export growth,” Kim said, adding that “the steady five-month growth streak demonstrates a clear recovery in South Korea’s export performance.” During their summit on the sidelines of the Asia-Pacific Economic Cooperation (APEC) meeting held in Gyeongju, President Lee Jae Myung and U.S. President Donald Trump agreed to allocate $200 billion out of South Korea’s $350 billion investment package in the form of cash investment, with an annual cap set at $20 billion. As part of the deal, car tariffs will be lowered from 25 percent to 15 percent, equal to the duties applied to Japanese and European vehicles. 2025-11-02 11:40:20
  • Sign unveils vision for digital sovereignty through national blockchain infrastructure
    Sign unveils vision for 'digital sovereignty' through national blockchain infrastructure SEOUL, November 02 (AJP) - Blockchain technology is moving beyond individual and corporate applications to become the foundation of digital sovereignty at the national level. Amid this shift, global blockchain company Sign is drawing attention for presenting a new framework for state-led blockchain governance. During Korea Blockchain Week held in Seoul last month, Sign released a new white paper titled "Sovereign Infrastructure for Global Nations (S.I.G.N.)." The paper outlines how blockchain governance can evolve from its original decentralization philosophy into a "Sovereign Governance Architecture" — a system that supports national digital infrastructure while maintaining both autonomy and legitimacy. At the center of the proposal is the "Double Chain Architecture," a structure combining two blockchain layers. The first, called the Sovereign Public Chain, is designed for public administration, fiscal management, and policy execution. The second, the Privacy Permissioned Chain, is tailored for secure data handling and financial operations. Sign emphasized that a national blockchain must combine transparency, autonomy, and legal oversight. "A state-led blockchain should not simply serve as a distributed ledger," the company said, "but as a governance infrastructure that enables digital sovereignty." On October 24, Sign signed an agreement with the National Bank of Kyrgyzstan to begin a Central Bank Digital Currency (CBDC) project known as "Digital SOM." The system will serve roughly 7.2 million citizens and link to the local stablecoin "KGST." The initiative represents a dual digital currency framework, combining a government-backed CBDC with a private stablecoin. It is expected to improve efficiency in domestic payments, tax collection, and welfare distribution while upgrading cross-border settlement systems. Industry observers said Sign's infrastructure could go beyond digital payments to accelerate the digital transformation of public sectors such as taxation and social welfare. On October 27, YZi Labs — a cryptocurrency investment firm rebranded from Binance Labs — announced a 25.5 million-dollar strategic investment in Sign. The funding round also included global investors such as IDG Capital. Sign said it plans to use the new capital to advance the development of sovereign blockchain infrastructure for governments around the world. YZi Labs manages more than 10 billion dollars in assets globally and has invested in over 300 projects across 25 countries in sectors including Web3, AI, and biotechnology. The latest investment follows an initial round made in December 2024 and is intended to accelerate blockchain adoption in public systems, combining digital sovereignty with real-world utility. "Sign is turning blockchain into everyday infrastructure," said Dana H., an investment partner at YZi Labs. "Its move from users to enterprises and now to national-level applications will set a new standard for digital sovereignty and public infrastructure." Sign plans to work with BNB Chain to build a Sovereign Blockchain Application Platform for governments and public institutions. CEO and co-founder Xin Yan said, "The crypto industry is rich in technology but poor in adoption. Sign aims to build national digital infrastructures — such as currency systems and verifiable proofs — that make blockchain part of everyday life." The company is currently partnering with government agencies in Thailand, South Korea, the Middle East, and Central Asia, with a ten-year plan to help countries develop their own digital currency and identity systems. Industry experts describe Sign’s approach as a sign of how blockchain is evolving from a philosophy of decentralization into a tool for national governance and public infrastructure. 2025-11-02 09:56:03
  • Korea scores win on national interests and regional leadership on AI and K-culture via APEC
    Korea scores win on national interests and regional leadership on AI and K-culture via APEC GYEONGJU, November 01 (AJP) - South Korea on Saturday successfully wrapped up the 2025 APEC Summit in Gyeongju, securing major diplomatic, economic, and security wins while ushering regional economies toward a rare consensus on an AI-driven economic roadmap, a non-protectionist community, and the recognition of cultural creation as a regional growth engine — underscoring its K-culture power. President Lee Jae Myung declared the adoption of the Gyeongju Declaration, outlining a shared vision among the 21 member economies for an open, dynamic, peaceful, and innovative community with long-term priorities across trade, digital transformation, climate action, and inclusive economic development. For the first time in APEC’s history, the declaration acknowledges the cultural-creation and content industry as a regional growth engine, a move expected to inject new momentum into Asia’s expanding cultural economy, including Korea’s global K-culture boom. The document also establishes principles for safe and trustworthy AI development, cross-border data cooperation, and equitable sharing of AI-driven economic benefits. In another first, APEC formally recognized demographic challenges — low birth rates, labor shortages, and rapid aging — as core regional issues. The demographic framework promotes cooperation on workforce mobility, family policies, and social safety-net innovation. President Lee emphasized that the trio of outcome documents together constitute “a new operating system for peace and prosperity in the Asia-Pacific.” The summit opened with Lee’s keynote at the APEC CEO Summit, where he warned against rising protectionism and urged member economies to restore APEC’s founding principles of openness and inclusiveness. Chairing the leaders’ sessions at the Gyeongju Hilton from Oct. 31 to Nov. 1, Lee guided discussions on artificial intelligence, digital transformation, and the demographic headwinds confronting the region. For President Lee, the collection of documents represents the most meaningful update to APEC’s cooperative architecture since the 2005 Busan Roadmap, another milestone under South Korean leadership. He said the Gyeongju Declaration has “restored cooperation among APEC members,” reaffirming multilateralism at a time of deep geopolitical divides. In his first hosting of a multinational summit event, Lee secured breakthroughs in long-stalled tariff negotiations with the United States, won Washington’s approval for nuclear-powered submarine construction, and clinched multibillion-dollar investment commitments that strengthen South Korea’s role in the global AI race. Lee held bilateral meetings with leaders from Japan, the IMF, New Zealand, Vietnam, the UAE, Indonesia, Chile, Canada, Thailand, the Philippines, and Australia. In talks with Japanese Prime Minister Sanae Takaichi, the two reaffirmed shuttle diplomacy and agreed to stabilize forward-looking cooperation. Economic gains complemented diplomatic achievements. Lee reached an agreement with Amazon Web Services to build large-scale AI data centers in Incheon and Gyeonggi Province by 2031, backed by more than $5 billion in investment. He also helped to arrange the purchase of 260,000 Nvidia high-performance GPUs, with a national target of expanding the total to 300,000 by 2030 — positioning South Korea as the world’s third-largest holder of advanced GPUs, behind the United States and China. Capping the momentum of the APEC summit, President Lee held his first summit with Chinese President Xi Jinping in Gyeongju — marking Xi’s first state visit to South Korea in 11 years and signaling renewed engagement between the two countries. The nearly two-hour meeting focused on restoring strategic communication and reopening dialogue channels with North Korea. “I hope South Korea and China can strengthen strategic communication to restart talks with North Korea,” Lee said, welcoming China’s recent high-level exchanges with Pyongyang as “positive momentum” for diplomacy. Xi expressed a strong willingness to deepen engagement with Seoul, describing South Korea as “an indispensable partner” and congratulating the country on hosting a successful APEC summit. The two leaders signed seven memorandums of understanding, including a joint economic cooperation plan for 2026–2030, an agreement on combating cybercrime, and frameworks for collaboration in the silver economy, innovation partnerships, and trade in services. Officials from both sides described the agreements as pragmatic steps toward stabilizing a relationship that had drifted amid geopolitical tensions. Following the summit, Lee and Xi attended a dinner featuring a blend of Korean and Chinese cuisine, symbolizing harmony and signaling readiness to usher in a more stable phase of bilateral relations. With the Gyeongju Declaration, the Lee–Xi summit, and associated initiatives, the 2025 APEC Summit marked a defining moment for South Korea’s global leadership — one that strengthened its diplomatic leverage, expanded security partnerships, and solidified its position as a central player in the world’s AI-driven economic future. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-01 18:43:47