NCSoft releases sustainability report to meet global green standards

NCSoft announced Friday the publication of its fourth sustainability report, highlighting its commitment to achieving global standards in environmental management. The game firm’s "ESG Playbook 2023" includes its environmental, social and governance strategies and key accomplishments from the previous year under domestic and international disclosure standards. The report complies with global guidelines such as the Global Reporting Initiative Standards, Sustainability Accounting S

IndustryJuly 26, 2024

Samsung may supply advanced image sensors for Apple: analyst

Samsung Electronics may supply its advanced camera sensors for Apple, ending Sony’s longstanding rein as an exclusive supplier to the global tech giant, according to a supply chain analyst. According to Ming-Chi Kuo, a supply chain analyst at TF International Securities, Samsung is expected to “begin shipping its 1/2.6-inch 48MP ultra-wide CMOS image censors (CIS) as early as 2026.” “To this end, Samsung has established a dedicated team to serve Apple” the analyst w

IndustryJuly 26, 2024

NCSoft launches official Discord channel for Throne and Liberty

NCSoft announced Thursday that it launched an official communication channel for its massively multiplayer online role-playing game, Throne and Liberty, to help users build community. By using voice, video and text communication service Discord, players can access various updates and announcements for the MMORPG, including notices and event information. Key developers of Throne and Liberty plan to engage closely and promptly with users through Discord. Captain Choi Moon-young posted a welcome me

IndustryJuly 26, 2024

Seoul shares open higher on Wall Street gains

South Korean shares opened higher Friday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 17.01 points, or 0.63 percent, to 2,727.66 in the first 15 minutes of trading. The KOSPI had dropped for two consecutive sessions following reports of poorer-than-expected second-quarter performances by major US tech firms. The Dow Jones Industrial Average advanced 0.2 percent Thursday, ending a two-day losing streak on reports that the US economy grew at a fas

MarketJuly 26, 2024

Qoo10 liquidity crisis sparks massive complaints, fears of wider damage

Tensions are escalating over the liquidity crisis of online shopping platforms WeMakePrice and Tmon, both owned by Singapore-based e-commerce company Qoo10, sparking massive complaints and fears of wider damage. The platforms failed to pay money owed to sellers in May, prompting traders to leave the platform as well as customer complaints. In an urgent press conference Thursday, Ryu Hwan-hyun, CEO of WeMakePrice, said the value of delayed payments by the company was some 4 billion won ($2.9 mill

IndustryJuly 25, 2024

Hybrid sales drive up Hyundai Motor's Q2 earnings

Hyundai Motor Company on Thursday reported a record-breaking quarterly revenue for the second quarter of this year, marking a 6.6 percent increase from last year to reach 45.02 trillion won ($32.6 billion). The company attributed the results to an improved sales mix driven by the rising popularity of hybrid vehicles, which accounted for a double-digit proportion of sales for the first time, along with favorable currency exchange rates. In the same April-June period, Hyundai's operating prof

MobilityJuly 25, 2024

Korean stocks dip nearly 2% on tech, auto losses

South Korean shares dipped by nearly 2 percent Thursday as tech and auto stocks crashed following an overnight drop on Wall Street. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index lost 48.06 points, or 1.74 percent, to close at 2,710.65. Trading volume was heavy at 433 million shares worth 13.4 trillion won ($9.67 billion) with losers outnumbering gainers 728 to 160. Foreigners remained net sellers for a second straight session, dumping a n

MarketJuly 25, 2024

Korea unveils tax reform bill to spur economy

South Korea unveiled its tax code revision bill Thursday, featuring a major overhaul of the outdated inheritance tax system and new measures to boost investment and encourage marriage. Featuring tax cuts and incentives, the plan is expected to reduce tax revenue by approximately 4.4 trillion won ($3.17 billion) over the next five years. However, the government projects that economic recovery later this year will improve revenue conditions and offset this reduction. "This year's tax rev

EconomyJuly 25, 2024

LG Electronics achieves record earnings in Q2

LG Electronics said Thursday it achieved its all-time high quarterly earnings in the April-June period this year, largely buoyed by the solid growth of its home appliance and vehicle component businesses. Sales increased 8.5 percent on-year to 21.7 trillion won ($15.7 billion) in the second quarter of this year, while operating profits soared 61.2 percent to 1.2 trillion won during the same period. The company attributed the upbeat earnings to the "balanced" management of its core busi

IndustryJuly 25, 2024

[Herald Interview] 'Lamborghinis will always have steering wheel'

Automakers around the world are racing to develop advanced technology in autonomous driving and battery-powered vehicles. But for Italian luxury supercar brand Lamborghini, those are not the main concerns. “Lamborghini will always have a steering wheel in the cars,” said Stephan Winkelmann, CEO of Automobili Lamborghini in a video interview with a group of Korean reporters after the opening ceremony of Lamborghini Bundang in Gyeonggi Province. “We might have assisted driving

MobilityJuly 25, 2024

SK hynix Q2 earnings soar to record high on AI chip boom

SK hynix, the world’s second-largest memory chip maker by revenue, said Thursday it logged all-time-high sales of 16.4 trillion won ($11.8 billion) in the April-June period this year, riding on the robust demand for artificial intelligence chips. Reporting the second quarter's earnings, the company said it will supply the cutting-edge 12-layer HBM3E chips to customers before the end of the year, keeping its dominance in the burgeoning AI chip market. The operating profit posted 5.46 trilli

IndustryJuly 25, 2024

GS Entec's 1st monopile shipped for major offshore wind project

GS Entec, a South Korean offshore wind power and marine equipment manufacturer, said Thursday it has successfully shipped its first turbine base, or monopile, from its Ulsan plant for the Yeonggwang Nakwol Offshore Wind Power Project. Located off the southwestern coast of Korea, the Yeonggwang Nakwol Offshore Wind Power Project is a major development expected to generate 365 megawatts of electricity, sufficient to power 87,000 homes in Korea. GS Entec secured a 200 billion won ($144 million) c

IndustryJuly 25, 2024

Hankook & Co. invests in electrode startup for battery expansion

Korean tire giant Hankook & Co. announced Thursday a 9 billion won ($6.5 million) investment in JR Energy Solutions, a local secondary battery electrode foundry firm, in its first foray into the burgeoning EV battery market. JR Energy Solutions specializes in producing electrodes, a crucial component of secondary batteries, based on its smart factory technology. In February this year, the startup completed a 500 megawatt-hours electrode manufacturing facility in Eumseong, North Chungcheong P

IndustryJuly 25, 2024

Seoul shares open sharply lower on Wall Street losses

Seoul shares opened sharply lower Thursday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 35.99 points, or 1.30 percent, to 2,722.72 in the first 15 minutes of trading. The Dow Jones Industrial Average dipped 1.25 percent, while the tech-heavy Nasdaq plunged 3.64 percent Wednesday on worse-than-expected Q2 performances by major tech companies, including Tesla. In Seoul, most large caps were in negative terrain. Market kingpin and tech giant Samsun

MarketJuly 25, 2024

[Business Diplomacy] Korea becomes popular destination for US governors

South Korea seems to have been a popular destination for US state governors. This year alone, four governors leading the US industrial heartlands of the Midwest and the South visited Korea to meet with corporate partners and attract new investors. “We're very excited about the relationship that we have built with Korea and Korean companies and we want it to grow,” Kentucky Gov. Andy Beshear said upon his first visit to Korea in July. “If there are ways that we can improve

IndustryJuly 24, 2024

Payment delays prompt exodus from Tmon, Wemakeprice

Sellers are leaving Tmon and Wemakeprice, the online shopping platforms owned by Singapore-based e-commerce giant Qoo10, due to delays in payment reportedly caused by liquidity issues, according to industry sources, Wednesday. Major retailers like Lotte Shopping, GS Retail and Hyundai Department Store suspended sales on Tmon and Wemakeprice earlier this week, citing a failures in getting paid by the two platforms. Similarly, travel agencies including Hana Tour, Modetour and Yellow Balloon Tour a

IndustryJuly 24, 2024

Samsung Biologics' H1 earnings hit W2tr for first time

Leading global contract development and manufacturing organization Samsung Biologics announced Wednesday that its earnings for the first half of this year reached an all-time high, surpassing 2 trillion won ($1.5 billion). According to its financial results for the first half of this year, the company reported consolidated revenue of 2.1 trillion won and an operating profit of 655.8 billion won, reflecting on-year increases of 33 percent and 47 percent, respectively. In the second quarter, conso

IndustryJuly 24, 2024

2nd generation of owner families at mid-level conglomerates owns 33.5% of shares

An analysis of 81 conglomerates categorized as "middle market enterprises" showed Wednesday that the second generation of owner families owns a total of 33.5 percent of company shares. Corporate tracker CEO Score analyzed the shareholding structure of companies with 2 trillion won ($1.44 billion) or more in assets, and found that the combined value of shares held by owner families' second generations came to 13.39 trillion won as of July 15. The second generation in the report r

CompaniesJuly 24, 2024

Zyx Technology, Eomji House team up for interior design innovation

South Korean design software developer Zyx Technology said Wednesday that it signed a memorandum of understanding with Eomji House, an interior architecture and design firm, to foster mutual exchange and cooperation. Zyx Technology and Eomji House will collaborate on developing and refining new technologies. They will also plan innovation in the large business-to-business interior market and enhance their competitiveness through each other's technological resources. Under the partnership wi

IndustryJuly 24, 2024

Shareholder activism in Korea ‘partial success’: SquareWell

While shareholder activism is yet to take full hold in South Korea with only a handful of initiatives making it past the vote, activist investors seem to have gained traction here in recent years. According to London-based shareholder advisory SquareWell Partners' recent report, Korean firms are increasingly being targeted by activist investors, with the number soaring from nine in 2020 to 71 in 2023. Still, many of the recent activist campaigns have failed to win a majority of shareholder

MarketJuly 24, 2024