Newcomers in game industry look to dethrone traditional powerhouses

The landscape of South Korea’s game industry has been shaken up in the past year, as newcomers took the market by storm while traditional powerhouses slipped. Krafton, developer of online multiplayer shooter PlayerUnknown Battlegrounds, and Kakao Games, maker of massively multiplayer online role-playing game Odin: Valhalla Rising, saw their sales soar on-year, as the two games gained popularity around the world. Meanwhile, the country’s big three game makers -- Nexon, NCSoft and N

IndustryDec. 26, 2021

More women promoted, but hurdles remain in S. Korea's finance

The public and private financial sectors have recently appointed more women for leadership amid their drive to adopt environmental, social and governance values, but the field remains overwhelmingly male. The watchdog Financial Supervisory Service on Wednesday appointed its first “inside” female executive, a turn from its previous moves to hire women for the position from outside institutions including universities. This marked the first of such move in the FSS’ 22-year histo

MarketDec. 26, 2021

[Weekender] As pandemic continues, Christmas home parties evolve

For Kim Yo-sup, a 23-year-old student in Seoul, Christmas last year was a nightmare. Being forced to stay at home, a Zoom Christmas party was his only practical option to celebrate the holidays. Come this holiday season, he is determined to avoid a repeat of last year. “Before COVID-19, I used to party outside on Christmas Eve until Christmas with my friends. Last year, I was living with my parents. So I was extra careful and met my friends through Zoom on Christmas. This year, I will be

ConsumerDec. 25, 2021

BOK signals rate hike as inflation fight drags on

The Bank of Korea said Friday that it would adjust its monetary policy next year in an announcement seen as preparing for a rate hike to dampen inflation. The BOK, which raised the rate to 1 percent after two rate hikes in August and November this year to prop up the pandemic-hit economy, is expected to lift the rate in January when the bank’s seven-member board meets. BOK Gov. Lee Ju-yeol said he would not rule out a hike in the first quarter. “The financial imbalances -- manifes

MarketDec. 24, 2021

US firms suspend CES events over omicron spread, business as usual for Korean tech industry

South Korean technology giants’ plan to attend CES 2022 remains unperturbed so far, despite a series of announcements by US firms that they are suspending in-person events due to concerns about the spread of the omicron variant of COVID-19. Among notable exhibitors based in Korea -- Samsung, LG, Hyundai Motor, SK and Doosan -- none of them has yet to announce a withdrawal of an earlier plan to attend the world’s biggest consumer electronics show. There was also no talk yet about s

TechnologyDec. 24, 2021

Shinhan taps ex-IBM director as digital chief officer

Shinhan Financial Group, one of the four banking giants in the country, has named a former IBM managing director as its digital chief officer to accelerate a push to expand its digital services. Kim Myoung-hee, who spent the last 23 years developing digital operations at IBM before joining SK telecom to oversee digital efforts at the country’s largest mobile carrier, is considered one of the leading women experts on digital transformation. Kim was the first senior women chief to lead the

EconomyDec. 24, 2021

Seoul stocks up for 4th session amid eased omicron concerns

The South Korean stock market continued its winning streak to a fourth session Friday amid eased concerns over the impact of the omicron variant on the global economy. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.26 points, or 0.48 percent, to 3,012.43 points. Trading volume was moderate at about 530 million shares worth some 8.4 trillion won ($7.7 billion), with gainers outnumbering losers 602 to 228. Foreigners bough

MarketDec. 24, 2021

Air Premia opens cargo flights to Singapore

South Korean budget carrier Air Premia Co. said Friday it has opened its first international cargo flight to Singapore to focus on the cargo business amid the COVID-19 pandemic. Air Premia plans to operate the Incheon-Singapore route every Friday at 8:30 p.m. The company said it will consider starting passenger flights to Singapore depending on the COVID-19 pandemic. It also plans to review whether to operate cargo flights to Vietnam next month. Air Premia's Boeing 787-9 jet is a medium-size

IndustryDec. 24, 2021

Samsung's Chinese chip plant in emergency mode during citywide anti-virus lockdown

Samsung Electronics Co. said Friday its memory chip complex in the Chinese city of Xi'an went into an emergency mode as the Chinese authorities enforced a lockdown to stem the spread of the coronavirus. The South Korean tech giant said the emergency measure has not affected production, as it has been fully utilizing factory workers living in the company's dormitory. "The factory is currently fully operational," a company's official said, adding "We are closely watching the devel

IndustryDec. 24, 2021

Who will take the lead? Naver, Kakao to enter digital health care market

The competition is heating up between two South Korean tech giants, Naver and Kakao, to enter the emerging digital health care market worth an estimated 320 trillion won ($270 billion) and growing using artificial intelligence, market insiders said Friday. According to Naver, it plans to build an in-house “smart hospital” supported by AI in its new headquarters next year. Attending to some 4,300 employees, the medical staff will use its AI technology Naver Clova to keep medical re

TechnologyDec. 24, 2021

Amazon Prime Video joins Samsung-led 8K Association

Amazon Prime Video, a subscription-based video streaming service run by Amazon, joined cross-industry group 8K Association earlier in December, Samsung Electronics said Friday. Samsung Electronics, one of the founding members of the 8K Association, said in a statement that Amazon Prime Video’s entry raises the anticipations for the 8K ecosystem’s growth momentum, in addition to Google that joined the group in May this year. 8K refers to a set of high-performance standards that of

TechnologyDec. 24, 2021

Samsung Lions re-sign free agent catcher Kang Min-ho

The Samsung Lions announced Friday they have re-signed their own free agent catcher Kang Min-ho to a new four-year contract. Kang, 36, will make up to 3.6 billion won ($3 million) in his second straight four-year deal with the Lions. Kang will make 2 billion won in total salary and 1.2 billion won in signing bonus, with another 400 million won available in incentives. One of the top offensive catchers in the Korea Baseball Organization (KBO), Kang batted .291 with 18 homers and 67 RBIs in 123

IndustryDec. 24, 2021

Kyobo Life fined for letting subsidiaries use trademark for free

South Korea's financial watchdog has ordered Kyobo Life Insurance Co. to pay a fine of 350 million won ($295,000) for letting its subsidiaries use its brand for free, the company said Friday. The Financial Supervisory Service (FSS) also issued warnings to five officials, including a retired employee of the insurer, in connection with the matter, according to the company. Kyobo Life Insurance, No. 3 life insurer in South Korea, was accused of providing undue support to the subsidiaries by letti

IndustryDec. 24, 2021

SK Bioscience extends manufacturing deal with Novavax through 2022

SK Bioscience Co., a vaccine unit of South Korea's SK Group, said Friday it has extended an agreement to manufacture a component of the US-based biotechnology company Novavax Inc.'s COVID-19 vaccine by one more year. Under the extended agreement, SK Bioscience will reserve additional manufacturing capacity to produce antigen, a key component of NVX-CoV2373 -- Novavax's recombinant protein-based COVID-19 vaccine -- through 2022. Last year, the two sides initially signed the agreement to reserve

IndustryDec. 24, 2021

Sales of imported commercial cars dip 23% in Nov.

Sales of imported commercial vehicles in South Korea fell 23 percent in November from a year earlier amid the extended COVID-19 pandemic, an industry association said Friday. The number of newly registered imported commercial vehicles declined to 360 units last month from 468 a year ago, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. Decreased sales of MAN, Scania, and Mercedes-Benz trucks weighed on the monthly result, KAIDA said. From January to Nov

IndustryDec. 24, 2021

Seoul shares open higher on US gains

Seoul shares opened higher Friday, tracking overnight gains on Wall Street amid eased concerns over global economic growth next year despite the outbreak of omicron virus strain. The benchmark Korea Composite Stock Price Index (Kospi) rose 26.46 points, or 0.88 percent, to 3,024.63 points in the first 15 minutes of trading. Investor sentiment was buoyed as the omicron variant is highly infectious but less likely to lead to hospitalization. Most stocks advanced across the board. Market bellwe

MarketDec. 24, 2021

Korean Air to secure W557.8b in property sale

  Korean Air Lines Co., South Korea's national flag carrier, said Thursday it will secure 557.8 billion won ($470 million) through a property sale as part of its efforts to improve its financial status amid a prolonged COVID-19 pandemic. On Friday, Korean Air will sign a deal to sell its land and building at Songhyeon-dong in central Seoul to the public housing developer Korea Land & Housing Corp., the company said in a regulatory filing. LH will exchange the Songhyeon-dong site with

MobilityDec. 23, 2021

Despite resistance, carmakers push ahead with used car market entry

The head of a local carmakers’ association said Thursday that the country’s finished carmakers would enter the certified used car market here starting next month, despite resistance from small businesses. Jung Man-ki, chairman of the Korea Automobile Manufacturers Association, said that local carmakers will no longer wait and will prepare to register for business licenses and establish physical spaces to launch their B2C secondhand car businesses.  “Although there is no

IndustryDec. 23, 2021

Investment banks slash Kospi targets amid slow trade

South Korea’s benchmark Kospi faces a long transition to a bullish rally, during which investors will have to navigate uncertainties complicated by supply bottlenecks, a rate hike and a presidential election, according to Goldman Sachs and Morgan Stanley. Goldman Sachs cut the Kospi target to 3,350 from 3,700, changing its view on Korean shares from “overweight” to “marketweight,” saying it would be hard to expect market-beating corporate earnings again next year.

MarketDec. 23, 2021

[Photo News] Fostering women leaders

Ham Young-joo (left), vice chairman of Hana Financial Group, congratulates Hong Hwa-jin, leader of the data & investment division at Hana Bank, who led the first 33 participants for the last six months in the group’s program designed to nurture women leaders.

IndustryDec. 23, 2021