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[[K-Pop]] aespa to release sixth mini album "Rich Man" next month SEOUL, August 04 (AJP) - SEOUL, Aug. 4 (AJP) – K-pop girl group aespa will release their sixth mini album titled "Rich Man" on September 5, their agency SM Entertainment announced on Monday. The album will include six tracks, led by the title song "Rich Man." SM said the group is taking a different musical direction from their previous release "Dirty Work" and aims to continue their commercial momentum. Since debuting in 2020, aespa has become one of South Korea's leading girl groups. Known for blending digital avatar concepts with music and storytelling, they have gained international attention with hits such as "Next Level" and "Savage." The group has also performed at global events including Coachella and major music awards across Asia. A teaser video released earlier introduced the slogan "I am enough as I am, I am a 'Rich Man'," highlighting the group's confident and bold new visual concept. Pre-orders for "Rich Man" began on August 4 at both online and offline music retailers. 2025-08-04 15:21:29
[[K-Bio]] Korean pharma firms post record earnings despite US trade uncertainty SEOUL, August 4 (AJP) - South Korea’s leading pharmaceutical companies reported their strongest second-quarter results on record, brushing aside investor concerns over potential U.S. trade restrictions under President Donald Trump. Biosimilar manufacturer Celltrion led the charge, posting revenue of 961.5 billion won, or approximately $692.4 million, for the April-to-June period — a 9.9 percent increase from the same quarter last year. The company’s operating profit soared 234.5 percent to 242.5 billion won, fueled by strong global demand for its high-margin biosimilar therapies, including its flagship subcutaneous treatment for autoimmune diseases, Remsima SC. Samsung Biologics also posted historic gains, breaching the 2 trillion won ($1.44 billion) sales mark for the first time over the first half of the year. The company reported second-quarter revenue of 1.289 trillion won, up 11.5 percent year-on-year, with operating profit rising 9.5 percent to 475.6 billion won. Executives attributed the gains to increased output at its state-of-the-art Plant 4 facility and a broader biosimilar pipeline developed by its subsidiary, Samsung Bioepis. The robust earnings come despite growing geopolitical headwinds. U.S. President Trump has repeatedly signaled an intent to impose tariffs on foreign biotechnology and pharmaceutical imports, including from South Korea, as part of his broader “America First” economic platform. While no formal measures have been enacted, the warnings have cast a shadow over the sector’s longer-term outlook. Still, for now, South Korean pharmaceutical firms are showing resilience. Yuhan Corporation, known for its lung cancer treatment pipeline, reported a 9.6 percent rise in revenue alongside a 168.9 percent leap in operating profits. GC Biopharma, formerly Green Cross, posted sales of 500.3 billion won — up 19.9 percent year-on-year — while Daewoong Pharmaceutical reported an 11.8 percent increase in revenue over the same period. “Despite the policy uncertainty coming from Washington, Korean biopharma continues to outperform thanks to its manufacturing efficiency, global partnerships, and increasing presence in high-value therapeutic areas,” said Kim Hyun-soo, a healthcare analyst at Shinhan Investment Corp. Industry observers say the sector’s performance underscores not only the growing maturity of South Korea’s biotech ecosystem but also its ability to adapt to shifting global regulatory and political environments. “South Korean pharmaceutical firms are no longer simply following global trends — they’re setting them,” said Park Eun-jung, director at the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. “And that makes them increasingly difficult to ignore.” 2025-08-04 15:10:41
Lee takes summer vacation while preparing for upcoming summit with Trump SEOUL, August 4 (AJP) - President Lee Jae-myung started his weeklong summer vacation on Monday, about two months after taking office in early June. While staying on a tiny islet off Geoje Island South Gyeongsang Province, Lee is reportedly preparing for his first summit with U.S. President Donald Trump, which is expected to take place in Washington in the coming weeks. According to the presidential office, he is reviewing the agenda for the summit, along with follow-up measures to a tariff deal reached last week, under which both sides agreed to lower reciprocal tariffs from 25 percent to 15 percent. Jeodo, a favored summer retreat for several past presidents, has a nine-hole golf course along a sandy beach stretching 200 meters, one of the reasons Lee chose it for his summer holiday. He is reportedly likely to practice golf there in preparation for a round with Trump, as the two discussed during their first phone call shortly after Lee's inauguration on June 4. While Trump abruptly said the bilateral summit would be held within "the next two weeks," it is expected to take place either before or after a large-scale ceremony in Gwanghwamun, central Seoul, slated for Aug. 15 Liberation Day, celebrating Lee's inauguration following the previous low-key ceremony. But it is unlikely to be delayed further. Foreign Minister Cho Hyun, who returned from Washington last weekend, also told reporters upon his arrival that the summit will take place "within this month." During the upcoming 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, regional security, and the denuclearization of the Korean Peninsula. 2025-08-04 14:44:28
[[K-Pop]] Day6 marks 10th anniversary with stadium concert and first full album in six years SEOUL, August 04 (AJP) - K-pop rock band Day6 is celebrating a decade together with a large-scale concert and the release of a new full-length album, JYP Entertainment said on Monday. The band’s fourth studio album, "The Decade", will be released on September 5 at 6 p.m., nearly six years after their last full album, "The Book of Us: Entropy", which came out in October 2019. To kick off the celebrations, Day6 will hold a solo concert titled "Day6 10th Anniversary Tour " on August 30 and 31 at the Goyang Sports Complex north of Seoul. The venue will be the first of its kind for a South Korean band to headline, marking a milestone for the group. All four members, Sungjin, Young K, Wonpil, and Dowoon, are scheduled to perform. The anniversary project was announced through a video titled "Day6 10th Anniversary Announcement: The Decade of Us", which was posted on the band's official social media channels at midnight on August 4. Additional details about the upcoming anniversary concert will be released through Day6's social media, the agency said. Day6 debuted on September 7, 2015. Over the past decade, the group has carved out a distinct identity within the K-pop scene with their band format and emotionally driven music, earning a loyal fanbase known as "My Day". In May, the band released a digital single titled "Maybe Tomorrow", which reached the top ranks of domestic music streaming charts. That same month, they drew approximately 96,000 fans to a six-show run at the KSPO Dome in Seoul as part of their "3rd World Tour ". In July, they hosted their fourth official fan meeting, "Day6 4th Fanmeeting ", over two weekends at Jamsil Indoor Gymnasium. 2025-08-04 14:36:43
Korea's beauty exports hit record $5.5 billion in first half SEOUL, August 04 (AJP) - South Korea’s cosmetics exports surged to a record $5.5 billion in the first half of 2025, a 14.8 percent increase from the same period last year. The latest data, released Monday by the Ministry of Food and Drug Safety, marks the highest first-half export total in the country’s history and reinforces South Korea’s position as the world’s third-largest cosmetics exporter, behind only France and the United States. If current trends hold, South Korea could overtake the United States for second place by year’s end, industry experts say. K-beauty’s rising profile reflects more than just trend-driven appeal. Once heavily reliant on the Chinese market, the industry has strategically diversified, gaining traction across North America, Europe, the Middle East, and Latin America. Exports to China accounted for just 19.6 percent of the total in the first half of this year — down sharply from 34.7 percent in 2023 — as shipments to other regions surged. Sales to the United States jumped 17.7 percent year over year, while Japan saw a 15.7 percent increase. Korean cosmetics now rank as the top import brand in both countries. European markets also posted robust gains: exports to Poland soared 133.8 percent to $150 million, and shipments to the United Kingdom climbed 46.2 percent to $100 million. The Middle East and Latin America contributed to the broader momentum. Exports to the United Arab Emirates rose 69.4 percent, and shipments to Mexico leapt 138.3 percent — an indication, analysts say, of Korea’s growing ability to cater to varied consumer needs across cultural and climatic boundaries. “South Korea is no longer exporting just a beauty trend,” said Kim Ji-eun, an analyst at Korea Trade-Investment Promotion Agency. “It’s exporting a manufacturing ecosystem — and a very sophisticated one at that.” That ecosystem includes major original design and equipment manufacturers such as Korea Kolmar and Cosmax, which have enabled smaller brands to develop and scale custom products without sacrificing quality or speed. Combined with distribution platforms like CJ Olive Young — which handles more than 2,400 brands monthly — these players have reshaped how beauty products move from lab to shelf worldwide. Behind the numbers lies a deeper shift in strategy. Rather than relying solely on sleek packaging or celebrity endorsements, Korean firms are investing in functionality, affordability, and rapid product cycles. Customized formulations for diverse skin types, climate conditions, and cultural preferences are now standard. Cosmetics exports have steadily risen from $9.2 billion in 2021 to $10.2 billion in 2024, with a brief dip in 2022 tied to Chinese economic softness. But the rebound has been swift and sustained — and, increasingly, independent of any single market. “The global beauty industry is no longer dominated by Western giants alone,” said Park So-young, a senior researcher at the Korea Institute for Industrial Economics and Trade. “K-beauty isn’t just a wave. It’s an infrastructure — and it’s built to last.” 2025-08-04 13:54:14
Soundtrack for K-pop anime reclaims No. 2 spot on Billboard 200 albums chart SEOUL, August 4 (AJP) - The soundtrack for Netflix's hit animated film "KPop Demon Hunters" has climbed to No. 2 again on the Billboard 200 albums chart for this week, the American music chart said Sunday. The album, which was released on June 20, rose one spot from the previous week to return to its earlier peak on the chart after spending about six weeks in the top five since its debut at No. 8. The 12-track album, which includes hit songs like "Golden," "Soda Pop" and "Take Down" was made for the 100-minute film directed by Korean Canadian Maggie Kang, who wanted to create a story rooted in her Korean background and heritage by blending traditional mythology with K-pop. Also in the top 10 was K-pop boy band Tomorrow X Together (TXT)'s latest album, "The Star Chapter: Together," which debuted at No. 3, their seventh top-10 entry. 2025-08-04 11:22:07
[[K-Drama]] Streaming platforms reshape Korean drama landscape SEOUL, August 4 (AJP) - As South Korean culture continues to captivate global audiences with breakout hits like Netflix’s animated "KPop Demon Hunters" and the thriller drama The Glory, a new academic study suggests that the country’s once romance-dominated television landscape is undergoing a profound transformation — one driven by the rise of streaming platforms and expanded cable programming. A study published July 30 in the Korean Journal of Broadcasting and Telecommunication Studies found that Korean dramas have experienced major shifts in genre composition during two pivotal moments: the early 2010s, marked by the launch of comprehensive programming channels, and the post-2016 boom of online video streaming platforms, or OTT services. While traditional television still leads in overall market share, its dominance is fading. According to data from PwC, a $295.8 billion gap between global TV broadcasting and OTT platforms in 2019 narrowed to $156.7 billion by 2024. The forecast suggests OTT will continue to gain ground, with the difference shrinking to just $100.1 billion by 2028. The consequences for Korean drama genres have been significant. Romance dramas, once the undisputed mainstay of the industry, have seen their share shrink dramatically — from 31.1 percent of all Korean dramas between 2005 and 2009 to 18.1 percent in the years spanning 2016 to 2023. In contrast, previously marginal genres — thriller, mystery, crime, period pieces, and fantasy — have surged. Each of these categories, which represented just 0.5 to 1.3 percent of the drama landscape before 2010, rose to account for between 3 and 6 percent after 2016. Thriller content in particular grew from 0.5 percent in the late 2000s to 5.6 percent in recent years, while fantasy genres expanded from 1.3 to 6.3 percent. “The proliferation of OTT platforms created an environment that reduced temporal and spatial constraints, thereby enhancing access to and consumption of diverse genres,” the study noted. It also emphasized that genre experimentation has spread across all broadcasting formats — not just cable or OTT, but also terrestrial networks. Major networks have embraced the trend. SBS broke genre boundaries with My Love from the Star in 2013, a fantasy romance featuring an alien protagonist, and later achieved success in the underrepresented sports drama genre with Hot Stove League in 2019. MBC ventured into darker thematic territory with the mystery thriller Black Out in 2023. Meanwhile, cable broadcasters have increasingly leveraged OTT platforms to amplify their reach. CJ ENM’s tvN saw global success with Queen of Tears, a Netflix-distributed original that drew millions of viewers worldwide. JTBC’s Heavenly Ever After, a fantasy romance, topped ratings among non-terrestrial programs at its peak. 2025-08-04 11:19:37
[[K-Beauty]] Foreign patients flock to Korea, fueling hospital-based skincare industry Editor's Note: This is the seventh article in our series exploring the evolving landscape of the Korean beauty industry and the products that captivate international visitors. SEOUL, August 04 (AJP) - South Korea is experiencing an unprecedented wave of medical tourism, driven not by emergency surgeries or rare procedures, but by dermatology clinics and skincare treatments that are drawing patients from around the world — and transforming clinics into international beauty brands. In 2024, nearly one million foreign patients visited South Korea for medical treatments, nearly double the figure from the previous year and the highest since the government began tracking medical tourism in 2009, according to official data. The influx generated a record 1.4 trillion won (about $1 billion) in revenue and pushed the total number of foreign patients treated over the past 16 years to more than five million. Much of the growth is fueled by cosmetic dermatology. Skin clinics alone accounted for more than 585.5 billion won in revenue this year, surpassing services like general surgery or internal medicine. And while visitors came from over 60 countries, Japanese patients made up the largest group — with women comprising 94 percent of that segment — followed by patients from China, the United States, Taiwan and Thailand. Mongolian patients were the highest spenders, averaging nearly 12 million won ($8,600) per visit. At the center of this phenomenon is Banobagi Medical Group, a Seoul-based clinic that has grown into a global skincare hub. The group said foreign patients made up 63 percent of consultations at the peak in February 2024, up from 40 percent at the end of last year. That share averaged 50 percent over the first half of 2025 — a 31 percent increase in total patients compared to the same period a year earlier. While the clinic draws patients from across Asia and North America, Thailand now represents its largest international source at 27 percent, followed by Vietnam, China, the United States and Indonesia. But as the number of foreign patients rose, something unexpected happened: they wanted to take the treatments home with them. “Patients kept asking for products they could use after procedures,” Dr. Ban Jae-yong, founder of Banobagi, told AJP. “We realized there was demand for scientifically-backed skincare that connected to clinical treatments.” That demand gave birth to Banobagi Cosmetic, a brand that now generates over 90 percent of its sales overseas. Thailand and Vietnam each account for 40 percent of sales, with the remainder coming from Japan, domestic channels, and other markets like the United States. The brand’s “BANO” line has become a regional best-seller, ranking first in the face mask category at Thailand’s Watsons Awards for six consecutive years and topping the charts on Vietnam’s Shopee platform. "Unlike typical skincare brands that consult dermatologists for credibility, these hospital-based cosmetics are born in the clinic — developed in direct response to patient needs and grounded in clinical practice," Ban said. The success of Banobagi and similar clinics underscores a shifting paradigm in South Korea’s medical tourism sector. What began as a niche for high-end surgeries has evolved into a broader offering of skin health, anti-aging, and aesthetic maintenance — often integrated with cosmetic products designed for long-term use. The Korean government projects that up to 1.4 million foreign patients will visit the country by the end of 2025. And with many clinics now operating dual models — offering both treatment and take-home skincare — the line between medicine and consumer beauty is increasingly blurred. Industry experts say the model could reshape how medical tourism is understood globally as these hospital-based brands are forging lasting relationships with international patients. “A hospital visit becomes a starting point, not an endpoint — introducing patients to products and practices they’ll continue using long after they return home," said Ban. 2025-08-04 10:24:38
[[K-Tech]] South Korea to invest $27 million in AI-powered cancer drug research SEOUL, August 04 (AJP) - South Korea will invest 37.4 billion won, or roughly $27 million, this year to advance the use of artificial intelligence and robotics in developing next-generation pharmaceuticals — with a particular focus on precision cancer therapies. The initiative, unveiled by the Ministry of Trade, Industry and Energy, aims to bolster the country’s competitiveness in the fast-growing field of antibody-drug conjugates, or ADCs — a class of targeted cancer treatments that deliver chemotherapy agents directly to tumor cells, minimizing damage to healthy tissue. To drive innovation, the ministry will open a public call for research proposals through Aug. 25. Selected projects will focus on three key areas: developing AI models to predict synthetic pathways for ADCs, creating automation modules for their production, and building fully integrated robotic workstations capable of autonomously designing and manufacturing these complex compounds. “Through this initiative, we hope to establish successful models for AI applications in the biotech industry,” the ministry said in a statement, noting that it plans to continue expanding support for innovation in drug manufacturing among domestic bio firms. ADCs represent a significant shift in cancer treatment strategy. By chemically linking antibodies, anticancer drugs, and specialized “linkers” into a single molecule, these therapies can home in on cancerous cells with high precision — a stark contrast to conventional chemotherapy, which often causes collateral damage to healthy tissues. Once bound to a tumor cell, the ADC releases its drug payload internally, attacking the cancer from within. Global demand for ADCs is rising rapidly. According to Evaluate Pharma, the market reached approximately $10 billion in 2023 and is expected to grow at an annual rate of 22.9 percent, hitting $28 billion by 2028. Experts say the pace of innovation will be key to securing leadership in the sector, especially as new “linker-drug” platforms gain traction. By investing in AI-powered autonomous labs and next-generation manufacturing systems, the government hopes to reduce drug development timelines, lower production costs, and enhance the global competitiveness of Korean bioenterprises. 2025-08-04 10:21:26
Tax reform plan triggers market rout, political fallout in South Korea SEOUL, August 03 (AJP) - A sweeping tax reform proposal from President Lee Jae Myung’s administration has sparked political infighting and market turmoil, raising doubts about its ability to reconcile its pro-growth rhetoric with investor sentiment. Unveiled on July 31, the tax overhaul plan includes a controversial provision that would lower the threshold for shareholders subject to capital gains taxes from 5 billion won (about $3.9 million) per stock to 1 billion won ($770,000). It also calls for a hike in securities transaction tax rates and introduces a new separate dividend tax of up to 35 percent. The market response was swift and severe. On Aug. 1, the benchmark KOSPI index fell 126.03 points, or nearly 4 percent, closing at 3,119.41 — the largest single-day drop since early April. The sell-off ignited concerns that the government’s tax plan was undermining investor confidence and fueling volatility in already uncertain market conditions. As of 1 p.m. Sunday, a petition opposing the change to the capital gains threshold garnered over 90,000 signatures on the National Assembly’s public petition platform. At the heart of the criticism is what many see as a contradiction between President Lee’s campaign pledge to usher in a “KOSPI 5000” era and a tax policy that investors fear could deter market participation. Facing mounting backlash, Democratic Party floor leader Rep. Kim Byung-ki attempted to calm tensions, acknowledging widespread unease. “There are many concerns surrounding the tax reform proposal,” Kim said. “We will consider revising the 1 billion won threshold for large shareholders.” The main opposition People Power Party moved quickly to capitalize on the turmoil. In a statement on Sunday, senior spokesperson Park Sung-hoon accused the administration of precipitating a market collapse with what he called a reckless tax agenda. “With this tax reform, the Lee Jae-myung government and the Democratic Party aimed to raise 35.6 trillion won in revenue, but in just one day, over 100 trillion won in market capitalization was wiped out,” he said. Internal divisions within the ruling Democratic Party have also emerged. While some lawmakers defend the reform as fiscally responsible, others warn that it may jeopardize the stock market’s stability. Rep. Jin Sung-joon, the party’s policy chief, defended the lower threshold, arguing that similar tax changes under previous administrations had little impact on market performance. In a social media post, Jin noted that the capital gains tax threshold was gradually reduced from 100 billion won to 10 billion won under both the Park Geun-hye and Moon Jae-in administrations without major disruption. “Ironically, when the Yoon Suk-yeol administration raised the threshold back to 5 billion won, stock prices continued to decline,” he wrote. Jin framed the reform as a corrective measure, calling it essential to restoring fiscal balance. “The priority must be rebuilding the revenue base eroded by three years of regressive tax cuts under the Yoon government,” he said, pointing to the proposed restoration of a 1 percent corporate tax rate, a 0.05 percent transaction tax, and the 1 billion won capital gains threshold as steps toward that goal. But not all within the ruling party are on board. Rep. Lee So-young publicly opposed the tax plan, arguing that it runs counter to the government’s stated goal of channeling capital from real estate into financial markets. “This contradicts the policy direction the government has pursued until now,” she said in a Facebook post. 2025-08-03 16:03:06