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[[K-Pop]] Former VCHA members form new girl band, set to release single later this month SEOUL, August 8 (AJP) - K-pop girl band GIRLSET, formerly of VCHA, will release an album later this month, their agency JYP Entertainment said on Friday. Their single, slated for release on Aug. 29, was created by American songwriter Theron Thomas, who previously worked on K-pop juggernaut BTS' member Jungkook's "Seven" and girl group BLACKPINK member Rosé's viral hit song "APT." The quartet consists of Camila, Kendall, Lexi, and Savanna, who newly teamed up after two members left the former six-member group VCHA. VCHA made their debut in Sept. 2023 after being recruited through "America 2 Korea (A2K)," a reality audition show as part of a joint project between JYP and U.S. label Republic Records to create an American version of a K-pop girl group. 2025-08-08 17:32:20
Joint exercise with US to be scaled down, with field training postponed SEOUL, August 8 (AJP) - South Korea will conduct its annual joint defense exercise with the U.S. later this month, with half of some key field drills postponed until September due to this summer's unprecedented heat wave. The Joint Chiefs of Staff (JCS) here said Thursday that the exercise, dubbed Ulchi Freedom Shield (UFS), will kick off its 10-day run on Aug. 18, involving some 18,000 South Korean troops and a similar number of U.S. personnel. The exercise consists of computer-simulated drills along with field training to strengthen the two allies' combined defense posture against North Korean threats and other security challenges. However, the first such exercise since President Lee Jae-myung took office in early June is likely to be scaled down, as roughly 20 out of 40 field drills will be postponed until September. The JCS cited sweltering heat as the reason for the postponement, but some speculate it may also be part of the Lee administration's recent conciliatory gestures toward North Korea, such as the halt of loudspeaker broadcasts along the border. The JCS' press announcement about the upcoming exercise also omitted any mention of North Korean threats, as an apparent appeasement not to provoke the North, which has long condemned the drills as "war games." 2025-08-08 16:44:57
Kolmar Korea posts record quarterly earnings on global K-beauty boom SEOUL, August 08 (AJP) - Cosmetics manufacturer Kolmar Korea posted its highest-ever quarterly revenue in the second quarter, fueled by the global proliferation of the K-beauty trend. The company reported consolidated revenue of 730.8 billion won (approximately $555 million) for the April–June period, a 10.7 percent increase from a year earlier, according to a regulatory filing on Friday. Operating profit rose 2.4 percent to 73.5 billion won ($55.8 million), with the operating margin standing at 10.1 percent. For the first half of 2025, cumulative revenue reached 1.38 trillion won ($1.05 billion), up 12.1 percent year-on-year. Operating profit surged 28.1 percent to 133.4 billion won ($101.3 million), underscoring strong momentum in core business areas. Despite the operational gains, net income fell 7.4 percent to 41.8 billion won ($31.7 million), weighed down by a sharp rise in financial expenses. Interest and other financial costs jumped nearly 149 percent year-over-year, from 9.9 billion won to 24.7 billion won ($7.5 million to $18.8 million). Sun care products accounted for 33 percent of second-quarter sales, maintaining their dominant share from a year ago. Makeup revenue grew by a robust 45 percent year-over-year, comprising 18 percent of the total, while skin care’s share slipped to 43 percent. Kolmar noted continued strong performance from major sun care clients, while highlighting a shift in the sales mix toward indie and private-label health and beauty brands, as well as increased demand from global luxury labels. 2025-08-08 16:14:02
South Korea posts record current account surplus of $14.27 billion in June SEOUL, August 8 (AJP) - South Korea recorded its largest-ever monthly current account surplus in June, buoyed by resurgent semiconductor exports and a surge in dividend income from overseas investments, the Bank of Korea said Friday. The surplus reached $14.27 billion, the most since the central bank began compiling data, according to preliminary balance of payments figures for June. It marked the 26th consecutive month of a surplus, underscoring the resilience of the country’s external position amid persistent global uncertainties. The cumulative surplus for the first half of 2025 totaled $49.37 billion, making it the third-largest on record for any six-month period. The goods account surplus climbed to $13.16 billion in June, a $2.5 billion increase from May and the third-highest monthly figure ever recorded. Exports rose to $60.37 billion, fueled by robust demand for information technology products. Semiconductor shipments jumped 11.3 percent year-on-year, while exports of computer peripherals surged 13.6 percent. But gains in tech exports were tempered by weakness in traditional manufacturing sectors. Passenger car shipments slipped 0.3 percent, and steel product exports declined 2.8 percent, as evolving U.S. trade policies continued to weigh on key industrial goods. Imports also rose to $47.21 billion, ending a three-month streak of declines. The rebound was driven by a 38.8 percent surge in semiconductor manufacturing equipment purchases, along with a 7.3 percent increase in consumer goods, including foreign-made passenger vehicles. Shipments to the European Union rose 14.7 percent and exports to Southeast Asia gained 6.0 percent. In contrast, exports to the United States edged down 0.5 percent, while those to China — South Korea’s largest trading partner — dropped 2.7 percent. 2025-08-08 15:45:26
Lee expected to meet Trump for first bilateral summit late this month SEOUL, August 8 (AJP) - President Lee Jae-myung is expected to sit down for talks with U.S. President Donald Trump in Washington later this month. According to government sources, Lee is likely to fly to Washington, D.C. on Aug. 24 for his first bilateral summit with Trump at the White House the following day. The upcoming summit will be Lee's first test in bilateral relations, marking his official debut on the international diplomatic stage, although he briefly participated in a multilateral gathering in Canada shortly after his inauguration on June 4. Earlier, the two leaders missed a chance to meet on the sidelines of the Group of Seven (G7) summit in June after Trump cut his trip short. Amid looming uncertainty over potential delays, momentum for the summit was suddenly built after Seoul and Washington reached a tariff-related deal late last month. At the summit, the two leaders are expected to discuss further details of the trade deal along with a wide range of issues including defense cost-sharing and security cooperation on the Korean Peninsula in response to North Korea's nuclear weapons program and other regional conflicts. Meanwhile, Seth Baily, acting deputy assistant secretary of state for East Asian and Pacific Affairs, said Thursday that the U.S. has "noted with interest" recent statements by North Korean leader Kim Jong-un's influential sister, Yo-jong, suggesting that North Korea-related issues are likely to be included on the summit's main agenda. 2025-08-08 15:39:06
North Korea 'embraces nascent mobile payment services' SEOUL, August 8 (AJP) - North Korea appears to have embraced nascent mobile payment and digital wallet services. More and more North Koreans are making payments using mobile phones, with cash transactions "becoming increasingly rare," the Choson Sinbo, a mouthpiece for Pyongyang in Japan, reported on Thursday. According to the daily published by the General Association of Korean Residents in Japan or Chongryon, residents in Pyongyang are now able to use their mobile devices to pay at restaurants, stores, and on public transportation, and can also preload money to settle phone bills and other expenses. In a similar development, an online-only bank like South Korea's Kakao Bank and K-Bank, was reportedly launched in October last year. These new trends come after the isolated country seems no longer able to control the widespread use of smartphones, while the outside world is rapidly changing in the era of artificial intelligence and other advanced technologies. However, some suggest that the rise of mobile payments in lieu of cash may actually help the regime tighten its control, given that online transactions are easily traceable. 2025-08-08 14:42:47
LIG Nex1, Doosan, Hyosung Heavy included in MSCI index SEOUL, August 8 (AJP) - Global index provider MSCI has added three South Korean companies to its Korea Index in its latest quarterly rebalancing, while removing three others. The new additions, announced Thursday (local time), include defense contractor LIG Nex1, construction and robotics firm Doosan, and electric motor manufacturer Hyosung Heavy Industries. Companies dropped from the index are food and biotechnology conglomerate CJ CheilJedang, electric components maker LG Innotek, and chemical firm SKC. The changes will take effect after market close on Aug. 26. Firms added to or removed from the index, widely regarded as a benchmark for global investors tracking South Korean equities, often experience significant shifts in foreign investment as global funds adjust their portfolios to mirror the changes. The reshuffling is part of MSCI’s routine quarterly reviews, conducted in February, May, August, and November. 2025-08-08 14:28:15
POSCO's construction unit under full government probe following repeated worker deaths SEOUL, August 08 (AJP) - South Korea’s Ministry of Land, Infrastructure and Transport has launched a sweeping safety inspection of nearly 100 construction sites operated by POSCO Engineering & Construction, the government announced Thursday, in the wake of a series of fatal workplace accidents. The probe, which began in late July, targets construction sites where POSCO E&C is the main contractor. The company, a subsidiary of steel giant POSCO Holdings, has faced mounting scrutiny after multiple labor-related deaths this year. The government’s action follows a sharp rebuke from President Lee Jae Myung during a Cabinet meeting on July 29. “This is murder by willful negligence,” President Lee said, referencing the company’s repeated safety failures. POSCO E&C responded by announcing an “indefinite suspension of operations” across 103 construction sites, including high-profile developments in Seoul and surrounding areas. In a follow-up directive issued on Aug. 6, President Lee called on government ministries to “review all legally permissible measures,” including the revocation of construction licenses and disqualification from future public contracts. Lee's statement came just two days after another fatal incident — the fifth in a string of deadly accidents at the company’s sites this year. The Ministry of Employment and Labor will begin conducting joint inspections next week alongside the transport ministry, focusing on potential violations related to illegal subcontracting and delayed wage payments. Authorities said sanctions would be escalated if wrongdoing is confirmed. Four workers have died on POSCO E&C sites since January. The most recent case occurred on Aug. 4, when a Myanmar national in his 30s suffered cardiac arrest from electrocution. On July 28, a man in his 60s was fatally trapped in a drilling machine. Earlier incidents in January and April involved deadly falls and structural collapses. 2025-08-08 14:20:06
PHOTOS: Zoos help animals beat heat SEOUL, August 08 (AJP) - As sweltering summer temperatures bear down, the challenges for zoo animals are significant. The intense heat often leads to considerable stress, making it difficult for many species to cope. In response, zookeepers are providing cool, nourishing meals and other relief efforts to help the animals regain their energy and find comfort. This collection of photographs offers a glimpse into the creative ways zoos are helping their residents endure the season. 2025-08-08 14:12:55
Naver's second quarter net profit jumps nearly 50 percent SEOUL, August 8 (AJP) - Naver, South Korea’s largest internet company, said on Friday that its second-quarter net profit surged nearly 50 percent from a year earlier, aided by a base effect tied to changes in its corporate structure and gains across its core business segments. Net income for the April-to-June period rose to 497.4 billion won, or about $359.6 million, the company said in a regulatory filing. That marks a 47.9 percent increase from the same period last year. Revenue climbed 11.7 percent to 2.91 trillion won, while operating profit rose 10.3 percent to 521.6 billion won. The sharp rise in net income was largely attributed to the inclusion of its metaverse and database unit, Naver Z, in consolidated financial statements this quarter. The unit had been excluded in last year’s results, creating what the company described as a “base effect.” Naver’s core search platform generated 1.36 trillion won in revenue, up 5.9 percent year-on-year, supported by newly introduced artificial intelligence features designed to improve user engagement and ad performance. E-commerce sales rose 19.8 percent to 861.1 billion won, driven by the growth of its Naver Plus Store app. Revenue from its fintech division increased 11.7 percent to 411.7 billion won. Its content business — which includes webtoons and digital media — recorded a 12.8 percent increase in sales, reaching 474 billion won. Enterprise services revenue also grew, rising 5.8 percent to 131.7 billion won. “We will make greater efforts to enhance our platform’s competitiveness through AI and secure new growth drivers for long-term growth and global expansion,” said Choi Soo-yeon, Naver’s chief executive, in a statement. The results come as Naver continues to invest heavily in artificial intelligence and overseas expansion, including its efforts to grow its webtoon platform globally and strengthen its fintech ecosystem. 2025-08-08 11:17:53