[KH Explains] Ruling calls time on Lineage clones

A district court has ruled in favor of NCSoft, a major South Korean game developer, in an intellectual property suit that could significantly impact the landscape of massively multiplayer online role-playing games, or MMORPGs, in the country. Lineage, a megahit MMORPG developed by NCSoft in 1998, has led to the birth of the term “Lineage-like games” – referring to many MMORPGs that resemble major aspects of Lineage such as the user interface and basic playing rules. However, th

IndustryAug. 20, 2023

Samsung SDI seeks global tech talent

Some 200 participants attended Samsung SDI's job fair in Korea on Friday, the firm said Sunday, as it seeks to secure top tech talent to continue its growth momentum. In cooperation with local universities, the battery maker hosted the 2023 Tech & Career Forum at a Seoul hotel that was attended by professors, PhD students and its own top executives. “It all comes down to people to materialize our business goal. Be the star that shapes Samsung SDI’s bright future,” Sa

IndustryAug. 20, 2023

A third of global GDP covered by Korea-US-Japan partnership

The leaders of South Korea, the US and Japan reached an agreement to establish a trilateral economic security partnership, during a summit held at the Camp David presidential retreat in Maryland on Friday. The trilateral summit was held between Korean President Yoon Suk Yeol, US President Joe Biden and Japanese Prime Minister Fumio Kishida. "We anticipate enhanced stability within our supply chains, financial markets and foreign exchange markets, along with seamless collaboration in cutti

IndustryAug. 20, 2023

Daewoong eyes W148b in exports amid upbeat botulinum sales

South Korean drugmaker Daewoong Pharmaceutical said Sunday it has set a target of hitting 148.5 billion won ($110 million) in overseas exports this year amid booming sales of its drugs such as botulinum toxin. The company's overseas exports of drugs in 2022 amounted to 134.8 billion won, an increase of more than 200 percent compared to 2020, when it logged 44.8 billion in exports, according to the firm. The company said its growth in exports was largely attributed to the sales of Nabota, or

IndustryAug. 20, 2023

[From the scene] AI-powered memorial keeps legacy of independence fighters alive

CHEONAN, South Chungcheong Province -- Commemorating the 78th anniversary of the Aug. 15 Liberation Day this year, the state-run Independence Hall of Korea and the country’s largest telecommunications carrier SK Telecom have joined forces to restore faded photos of independence fighters and animate them using artificial intelligence. Under a partnership signed in 2020, the Independence Hall and SK Telecom kicked off a five-year project to turn the memorial into a high-tech “Eco-Mus

TechnologyAug. 20, 2023

Preorders start for new Audi Q4 e-trons

Audi Korea said Sunday that it started receiving preorders for the all-new Audi Q4 40 e-tron and Q4 Sportback e-tron, the German luxury carmaker’s full-electric sport utility vehicles, for them to be delivered to customers later this month. Since their debut in September last year, the two battery-powered compact cars have enjoyed immense popularity in Korea, selling nearly 2,000 units in just over three months, a sales record among premium compact electric SUVs here. The new 2023 models h

MobilityAug. 20, 2023

Eximbank to bolster ties with US, Japanese financial institutions

The state-run Export-Import Bank of Korea said Sunday that it inked a new partnership deal with US and Japanese financial institutions to bolster ties between the three nations, an outcome of last week’s trilateral summit talks. The Eximbank said it signed a trilateral memorandum of understanding with the US International Development Finance Corporation and the Japan Bank of International Cooperation at the US institution’s headquarters in Washington, Friday. The signing ceremony was

IndustryAug. 20, 2023

Manufacturers' sentiment in positive terrain for 5 months through Sept.

South Korea's manufacturing confidence remained in positive territory for five consecutive months through September, a state think tank said Sunday, driven by an optimistic outlook for the chip industry. The professional survey index for the manufacturing sector's business conditions came to 109 for September, compared to this month's 111, the Korea Institute for Industrial Economics & Trade (KIET) said. A PSI reading above 100 means optimists outnumber pessimists. The latest

IndustryAug. 20, 2023

Unredeemed miles of Korean Air, Asiana estimated at W3.4tr

The combined value of unused miles at South Korea's two major air carriers reached 3.4 trillion won ($2.5 billion) as of the first half of 2023, data showed Sunday, amid the extension of expiry dates after the COVID-19 pandemic disrupted international travel. The amount of the deferred income of the two companies, Korean Air and Asiana Airlines, which can be translated into unredeemed miles, marked a 17.4 percent rise from the same period in 2019, according to the companies' regulatory

MobilityAug. 20, 2023

Starbucks Korea opens 6th community store to support decendants of patriots, war veterans

Starbucks Korea said Friday that the company has launched its sixth community store nearby Dongnimmun Station in central Seoul, which will support descendants of Korea's national patriots. Starbucks Korea has been raising funds from its community stores by collecting 300 won ($0.22) for every product the company sells at its various community stores and delivering financial support to local communities since 2014. This sixth community store has been established near Dongnimmun Station and

ConsumerAug. 18, 2023

Seoul shares fall for 6th day amid US rate hikes, China woes

South Korean stocks fell for the sixth consecutive session Friday to a three-month low on concerns about the Federal Reserve's continued push for aggressive monetary tightening and risks in the Chinese property sector and the broader economy. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 15.35 points, or 0.61 percent, to close at 2,504.50. It was the lowest level since May 18, when the Kospi ended at 2,515.4. Trading volume was moderate

MarketAug. 18, 2023

Samsung Group gets partial go ahead to rejoin S. Korea's largest business lobby group

An independent compliance committee responsible for oversight of South Korea's largest conglomerate, Samsung, gave a partial go-ahead for the group’s reentry to the Federation of Korean Industries, the country’s largest business interest group. Samsung withdrew from the FKI in 2017, after a high-profile corruption scandal involving Samsung Chairman Lee Jae-yong and the ousted former President Park Geun-hye. “The committee did not confirm whether Samsung should join or not

IndustryAug. 18, 2023

SK Biopharmaceuticals signs license deal to introduce its epilepsy med in the Middle East, Africa

SK Biopharmaceuticals announced Friday that it had signed an out-licensing deal with Hikma MENA FZE, the Middle East and North Africa unit of British drugmaker Hikma Pharmaceuticals, for its epilepsy medication Cenobamate. Cenobamate is a medication for partial-onset seizures in adults. The drug is currently sold under the brand name Xcopri in the US and Ontozry in Europe. Under the agreement, Hikma MENA FZE is granted rights to commercialize Xcopri in 16 countries in the Middle East and North A

IndustryAug. 18, 2023

Listed firms’ earnings plunge in H1

In the first six months of 2023, the added operating profit of Kopsi-listed firms fell by more than half, as the economy struggles to deal with the impact of global geopolitical tensions and high interest rates, the Korea Exchange said Thursday. According to data provided by the Korea Exchange, the operating profit of 615 firms listed on Kospi stood at 53.1 trillion won ($39.6 billion) from January to June, 52.45 percent less than that of the same period from a year before. Data was not included

MarketAug. 18, 2023

SK On, Ford, EcoProBM pool $887m in Quebec cathode plant

South Korean electric vehicle battery maker SK On announced Friday a joint investment of 1.2 billion Canadian dollars ($887 million) with Ford and Korean battery manufacturer EcoProBM to construct a cathode manufacturing facility in Quebec, Canada. This collaboration aims to ensure a consistent supply of cathode material for SK On and expand EcoProBM's market reach. The facility spans 278,000 square meters and is projected for completion by 2026. Once operational, it is expected to annually

IndustryAug. 18, 2023

Seoul shares open lower on China woes, high yields

South Korean stocks opened lower Friday, tracking overnight losses on Wall Street, as a Chinese property giant filed for bankruptcy and yields neared record highs. The benchmark Korea Composite Stock Price Index shed 15.53 points, or 0.62 percent, to 2,504.32 in the first 15 minutes of trading. Investors were worried about the Chinese economy, as China's Evergrande Group filed for bankruptcy in the United States on Thursday after struggling with over $300 billion in liabilities, according t

MarketAug. 18, 2023

Innospace secures launch point in Australia

Innospace, a South Korean startup specializing in hybrid space rockets and small satellites, announced Thursday that it secured a five-year agreement with Equatorial Launch Australia, a space launch services provider, to conduct orbital launches from the provider’s Arnhem Space Centre for its HANBIT family of launch vehicles. The contract, lasting until December 2028, guarantees ELA's assistance in securing an Australian launch permit for the company, increasing optimal launch sites f

TechnologyAug. 18, 2023

S. Korea to closely monitor consumer prices of key items ahead of Chuseok

South Korea's finance ministry said Friday it plans to closely monitor consumer prices of key items ahead of the Chuseok holiday amid lingering economic uncertainties. "We plan to thoroughly manage the supply of highly demanded products for Chuseok, and roll out various promotional events under ties with the retail sector," First Vice Finance Minister Bang Ki-sun said during a meeting with economy-related vice ministers. The Chuseok holiday, the autumn harvest celebration, falls i

EconomyAug. 18, 2023

[Graphic News] S. Korea’s exports of ice cream hit record high in H1

South Korea’s exports of ice cream reached a record high in the first half of 2023, data showed, on the back of the growing popularity of Korean entertainment content across the globe. Outbound shipments of ice cream and similar products reached $59 million in the January-June period, up 19.8 percent from a year earlier, according to the data compiled by the Korea Customs Service. The figure almost doubled South Korea’s ice cream imports, which came to $30 million, up 7.5 percent ove

MarketAug. 18, 2023

Celltrion to merge with sales unit to enhance synergy

South Korean pharmaceutical company Celltrion said Thursday it will merge with its sales unit, Celltrion Healthcare, next month to enhance business synergy and operational efficiency. “The boards of both companies have approved the merger proposal,” Celltrion Chairman Seo Jung-jin said during a livestreamed online briefing later in the day. “The merger will be completed by Dec. 28.” According to the company, for every 1 share, Celltrion Healthcare's shareholders will

IndustryAug. 17, 2023