Nexon launches open-world role-playing game V4 in 150 countries

Nexon on Friday announced the launch of its open-world MMORPG game V4 in 150 countries. Standing for “Victory For,” V4 is a mobile MMORPG made using Unreal Engine 4. It boasts high-end graphics, a vast virtual combat field and character customizing features. According to the South Korean game company, V4 supports six languages including English, German and Thai and is available in some 150 countries including in North America and Europe. As a “one-build” game, user

IndustryJuly 24, 2020

Smilegate’s drama series ‘CrossFire’ tops 100m views in China

Smilegate said Friday that its 36-episode drama series based on its first-person shooter game CrossFire has recorded 100 million views in China. According to the South Korean game company, the drama series, also named as CrossFire, recorded the milestone on China’s biggest over-the-top platform Tencent Video as of Thursday. ‘Though only two episodes have been broadcast, CrossFire enjoyed more than 100 million views on Tecent Video, ranking as the second-most popular drama series

IndustryJuly 24, 2020

Kakao Games’ IPO application gets greenlight

Kakao Games said Thursday its application for initial public offering has received the greenlight from the Korea Exchange (KRX), the nation’s sole bourse operator. According to the South Korean game company, the KRX approved Kakao Games’ application for preliminary qualification examination for listing on the second-tier Kosdaq. “As Kakao Games’ stocks are evaluated as blue chip stocks, the IPO will be fast-tracked, cutting the review period from 45 working days to 3

IndustryJuly 24, 2020

S-Oil’s operating loss shrinks 85% in Q2 thanks to rebound in demand

S-Oil on Friday posted an operating loss 164.3 billion won ($136.7 million) in the second quarter this year, getting back on its feet after suffering its worst-ever operating loss of 1 trillion won in the previous quarter. According to regulatory filings, the Korean refiner witnessed its operating loss decline 84.6 percent to 164.3 billion won in the second quarter compared to an operating loss of 1 trillion won in the previous quarter. In the same period, its net loss dropped 92.4 percent t

IndustryJuly 24, 2020

More people over 50 use online platforms amid pandemic

More Koreans in their 50s in Korea have started using online platforms since the start of the coronavirus pandemic, a survey showed Friday. According to the survey conducted on 500 people over the age of 50 by the corporate social responsibility unit of Lina Life Insurance, 38 percent of respondents answered that they started using online livestreaming services for the first time after COVID-19. Six out of 10 people said they are using online platforms like YouTube and Netflix. Around 32 p

TechnologyJuly 24, 2020

UNDP shares Korea’s COVID-19 fight for SMEs

United Nations Development Program’s Seoul Policy Centre on Friday co-hosted a webinar with the Trade Ministry and the Korea International Trade Association to share the efforts to support small and medium-sized enterprises and businesses impacted by COVID-19. Participants included representatives from the private sector, government officials, civil society and UN practitioners. The webinar brought together participants from 21 countries for an exchange of insights and sharing of inform

IndustryJuly 24, 2020

JB’s asset management arm buys Milan office building

An asset management arm of South Korea’s JB Financial Group said Friday it has purchased the headquarters of Italian energy firm ENI for 200 million euros ($232 million) as part of its efforts to expand global investments. JB Asset Management has been expanding its infrastructure investment fund overseas since last year, making 300 billion won ($250 million) investment in gas–fired combined cycle power plants in New England and Ohio in the US. Earlier this month, JB forged a partn

MarketJuly 24, 2020

Samsung SDS’ earnings slump in Q2 due to pandemic

Samsung SDS said Friday its earnings in the second quarter were dented due to the COVID-19 pandemic. The South Korean firm’s sales decreased by 7.5 percent on-year to mark 2.56 trillion won ($2.1 billion), while operating profit fell by 24 percent to reach 196 billion won. Sales of the company’s information technology services division recorded 1.31 trillion won in the second quarter, down 15.9 percent on-year, while that of its logistics solutions business increased 3.3 percent

TechnologyJuly 24, 2020

Golden Blue renews scholarship partnership with Heriot-Watt University

South Korean liquor company Golden Blue said Friday it has renewed its agreement with Scotland-based Heriot-Watt University and held a scholarship ceremony for students selected for a blender promotion project. Golden Blue has conducted the project since 2016 to discover and foster brewing and distillation experts for the advancement of the Korean liquor industry. Every year, two students are selected to support their master’s degree in Heriot-Watt University. Founded in 1821, Heriot-

IndustryJuly 24, 2020

Only one-third of disabled people in S. Korea had jobs in 2019

SEJONG -- Only one-third of people with disabilities had jobs last year, data showed Friday, underscoring the employment challenges facing disabled people. The employment rate of disabled people stood at 34.9 percent in 2019, compared with the rate of 60.9 percent for the total population, according to the data from Statistics Korea. By age, the employment rate of disabled people from 15 and 29 stood at 30.6 percent while that for people aged 30 to 39 stood at 53.4 percent. As of 2018, 2.

EconomyJuly 24, 2020

[Monitor] Yongsan Family Park set to expand

The South Korean government and civilian experts earlier this week passed a revised plan to further expand a national park in Yongsan, central Seoul, on land returned by the US Forces Korea. The panel decided to move the proposed site for new headquarters of the National Police Agency to a different location, and extend Yongsan Family Park to the area spanning 13,200 square meters. The park, encompassing the War Memorial and the National Museum will ultimately stretch nearly 3 million squa

IndustryJuly 24, 2020

[Graphic News] Beer imports down for first time in decade

　South Korean imports of beer fell last year for the first time in a decade, largely on a nationwide boycott of Japanese products amid a yearlong trade dispute, data showed. 　Imports of beer stood at 360,000 tons in 2019, down 7.2 percent from 387,000 tons a year earlier, according to the data compiled by the Korea Customs Service. It marked the first on-year decrease since 2009, a sharp turnaround from a 17.1 percent hike in 2018 and a 50.2 percent jump in 2017. (Yonhap)

BusinessJuly 24, 2020

Seoul stocks open lower on virus woes

South Korean shares opened lower Friday on concerns over the virus pandemic's impact on the export-driven economy. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.73 points, or 0.44 percent, to 2,206.46 in the first 15 minutes of trading. The index got off to a weak start, with signals that the economic recovery from the COVID-19 pandemic may be slower than the authorities earlier expected. South Korean vice finance minister warned that the country's export slump is likely t

MarketJuly 24, 2020

Hyundai, Kia suffer sharp drop in Q2 earnings on COVID-19 impact

Hyundai Motor and Kia Motors -- South Korea's two biggest carmakers -- on Thursday reported a sharp drop in their second-quarter earnings as the new coronavirus outbreak drove down overseas demand for their vehicles. But on their home turf, Hyundai and Kia performed well helped by new models and tax cuts. For the three months that ended in June, Hyundai's net profit fell 62 percent to 377.27 billion won ($315 million) from 999.30 billion won a year earlier, and Kia's declined 76 percent to 12

IndustryJuly 23, 2020

LG Display CEO says Guangzhou plant will be new driver for OLED biz

LG Display on Thursday heralded the much-awaited opening of its new organic light-emitting diode panel manufacturing plant in Guangzhou, China. The Guangzhou plant enables full-fledged mass-production of 8.5-generation OLED panels for LG Display, and increases the company’s monthly OLED production capacity to 130,000 panels. LG Display’s CEO Jeong Ho-young flew to China to attend the kickoff ceremony in Guangzhou. Jeong arrived a day ahead of the event, and was exempt from the

IndustryJuly 23, 2020

IGIS drops Gangnam apartment renovation plan amid backlash

IGIS Asset Management said Thursday it has canceled a plan to renovate an apartment building in Gangnam, an affluent southern district of Seoul, it acquired in April. The nation’s largest commercial property investor added it would liquidate the privately pooled fund that was created to invest in the redevelopment project, immediately after it sells the residential building. The asset management company purchased Samsung World Tower from an individual for 42 billion won ($35 mil

MarketJuly 23, 2020

Dyson brings affordable vacuum cleaners first to Korea

UK-based technology company Dyson has introduced two new cordless vacuum cleaners in South Korea, intent to test the marketability of the newest products with lower price tags here first. The two models are the Dyson Omni-glide and Dyson Digital Slim. The Dyson Omni-guide features an omnidirectional Fluffy cleaner head that allows users to suction dust particles in narrower spaces in corners or underneath furniture, offering greater flexibility than its predecessors. The Dyson Digital Sli

TechnologyJuly 23, 2020

Top bankers call for level playing field with IT firms

Top executives of South Korea’s five major banking giants on Thursday requested authorities to maintain fair regulatory standards amid the fast rise of tech-driven financial services that are relatively loosely regulated. Chairmen from KB Financial Group, Shinhan Financial Group, Woori Financial Group, Hana Financial Group and NH Financial Group participated in a meeting with Financial Services Commission Chairman Eun Sung-soo to discuss response measures to counter the new coronavirus

EconomyJuly 23, 2020

S. Korea’s economy contracts 2.9% in Q2, worst since Asian financial crisis

South Korea saw its economy shrink dramatically in the second quarter, marking its worst growth in more than two decades, feeling the impact from COVID-19 fallout, central bank data showed Thursday. The chief fiscal policymaker, however, claimed that the country’s economic graph will rebound in the third quarter on the back of expansionary fiscal spending and new growth engines. The country’s real gross domestic product for April-June fell 2.9 percent from a year earlier, accordi

EconomyJuly 23, 2020

NCSoft navigates pandemic with renewed corporate identity

When NCSoft changed its corporate identity to “NC” at the start of the year, it had no idea what was coming. However, it couldn’t have chosen a better time to do so, as its new corporate identity serves as a compass to navigate the ongoing coronavirus outbreak. In January, the Korean game company dropped “Soft” and renewed its company logo to “NC.” The new logo represents the company’s three core philosophies of craftsmanship, enthusiasm and en

IndustryJuly 23, 2020