[KH Explains] NCSoft, Kakao Games clash over copyright infringement

NCSoft and Kakao Games -- two of the biggest game companies in South Korea -- are clashing over the issue of copyright infringement as the companies have taken the case to court. NCSoft filed a lawsuit against XL Games and its parent company Kakao Games with the Seoul Central District Court on April 5, claiming that the game developers’ ArcheAge War imitated the content and system of NCSoft’s Lineage 2M. NCSoft is seeking compensation of 1.1 billion won ($830,000), according to indus

April 13, 2023

[Photo News] Kona Electric

Hyundai Motor Company on Thursday launched The All-New Kona Electric, a compact electric sports utility vehicle designed to suit the different lifestyles of various customers. Equipped with a 64.8 kilowatt-hour battery, the electric SUV can drive up to 417 kilometers per charge. According to the automaker, its starting price is set at 46.54 million won ($35,200), while the actual purchase cost is estimated to be in the low to mid 30 million won range after local and central government subsidies

April 13, 2023

Lotte department store to feature artwork from Japanese architect Kengo Kuma

Lotte Shopping Co. said Wednesday it will exhibit an installation from renowned Japanese architect Kengo Kuma at its high-end department store in southern Seoul starting this week. The artwork, titled SU:M, will be on display at Lotte AVENUEL, the retailer's luxury-brand department store, for the next five months starting Friday. Kuma is famous for projects using various natural materials, such as tree branches, stones and fabric, and harmonizing nature and architecture. He was the mastermi

April 12, 2023

Posco chairman, ex-US top envoy discuss global supply chain strategies

Posco Group Chairman Choi Jeong-woo and former US Deputy Secretary of State Stephen Biegun met on Wednesday in Seoul to discuss global supply chain strategies. Biegun currently works as an adviser for Posco America since his appointment in 2021. “(Choi and Biegun) are expected to discuss Posco Group’s global strategies for the future and measures to overcome the ongoing global supply chain crisis,” an official from Posco Holdings said. Their meeting on Wednesday drew attention

April 12, 2023

Seoul stocks almost flat ahead of US inflation data

Seoul stocks closed almost flat Wednesday as investors await the release of US inflation data later this week. The Korean won declined against the dollar. After choppy trading, the benchmark Korea Composite Stock Price Index closed up 2.78 points, or 0.11 percent, to 2,550.64. Institutional and retail investors were net sellers and sold off a combined 234.9 billion won ($176.9 million), while foreigners snapped up a net 212.8 billion won. The main index moved between gains and losses, as investo

April 12, 2023

Samsung Biologics secures stake in Swiss biotech firm

Korean contract manufacturer Samsung Biologics said Wednesday it will be participating in the series A funding round held for Araris, a Swiss biotech company that develops antibody-drug conjugate technologies. ADC refers to a class of drugs mainly designed as a targeted therapy for treating cancer. According to the company, Samsung Biologics will be making its investments in the Swiss biotech company with Samsung Life Science Fund -- a fund co-managed by Samsung Biologics and tradings company Sa

April 12, 2023

How Samsung, Hyundai tackle the China dilemma

Amid the escalating US-China rivalry in recent years, South Korea’s conglomerates have struggled to strike a balance in their Chinese business. Even though no immediate breakthrough is seen in geopolitical tensions, Samsung Electronics and Hyundai Motor Group -- the nation’s top makers of smartphones and cars -- are seeking a turnaround in their reduced market shares in China, an all-important market that is too big to ditch. Samsung In its earnings guidance last week, Samsung pred

April 12, 2023

South Korea’s on-year job additions bounce back sharply in March

South Korea's labor market bounced back strongly in March after lackluster growth over the past 10 months as in-person activities have become more widespread. The total number of employed people came to 28.22 million in March, increasing by 469,000 on-year, according to the data compiled by Statistics Korea on Wednesday. After reaching a peak in June last year -- seeing an on-year increase of 841,000 employed people, the number had been weakening before rebounding last month. "Althou

April 12, 2023

Posco, Honda bolster ties in EV business

Posco Group said Wednesday it has signed a memorandum of understanding with Japanese carmaker Honda to shore up comprehensive cooperation in the field of electric vehicles. The signing took place at Posco’s Seoul headquarters on Tuesday, with top executives, including Posco Chairman Choi Jeong-woo and Honda CEO Toshihiro Mibe, in attendance. The two companies agreed to bolster their existing ties in steelmaking and extend the partnership to cover batteries for EVs, especially the developme

April 12, 2023

[KH Explains] When will BOK pivot come?

Expectations on a base rate cut is growing as the Bank of Korea kept the benchmark rate steady for a second consecutive time Tuesday. The central bank’s decision to hold the rate at 3.5 percent in light of the eased inflationary pressure strengthened market expectations that the BOK’s rate hike cycle has ended and a pivot on its rate stance could come soon. Some even expect a rate cut to come within the year. “The Bank of Korea's terminal rate will stand at 3.5 percent. It

April 12, 2023

LG unveils younger, dynamic brand identity

LG Electronics introduced a new brand identity highlighting the value of its slogan “Life’s Good” to actively communicate with customers beyond generations and locations, the South Korean consumer appliance giant said Wednesday. The conglomerate shared its new brand communication guidelines with its employees all around the world, outlining a new direction for the brand for a younger and dynamic image, and ultimately, to establish itself as an iconic brand. “Having a stro

April 12, 2023

[Photo News] BMW's hydrogen vision

BMW Korea on Wednesday unveiled its hydrogen-powered pilot model, the iX5 Hydrogen, on Yeongjongdo, Incheon. Based on BMW’s fifth-generation eDrive technology, it can power up to 401 horsepower and accelerate from 0 to 100 kilometers per hour in less than 6 seconds. The car’s energy tank, which takes 3-4 minutes for a full charge, can store approximately 6 kilograms of hydrogen. It can drive around 500 kilometers on a single charge.

April 12, 2023

Netmarble, The Sandbox sign metaverse partnership

South Korean game maker Netmarble and global metaverse gaming platform The Sandbox have signed a strategic partnership to enhance gaming content and provide various experiences to players, officials said Wednesday. According to the announcement, The Sandbox will set up a Netmarble intellectual property space within the K-Verse -- a specialized space dedicated to Korean culture and entertainment in the virtual world -- to offer players a chance to immerse themselves in Netmarble’s popular c

April 12, 2023

Global investors welcome Seoul's efforts to revamp financial regulations

Global investors have hailed South Korea's latest efforts to revamp its financial regulations, such as the extension of trading hours, pointing out they will help the country attract more investment, the finance ministry said Wednesday. The assessment came during Finance Minister Choo Kyung-ho's meetings with representatives from major US investors, including Blackstone, the Bank of New York Mellon, and Goldman Sachs, earlier this week in New York on Monday and Tuesday, according to th

April 12, 2023

Seoul shares open higher ahead of US inflation data

South Korean stocks got off to a good start Wednesday as investors wait for the release of US inflation data that will offer them more insights into the Federal Reserve's monetary tightening policy path. The benchmark Korea Composite Stock Price Index rose 9.12 points, or 0.36 percent, to trade at 2,556.98 in the first 15 minutes of trading. The main index closed 1.42 percent higher on Tuesday, after the Bank of Korea kept its policy rate unchanged at 3.5 percent on concerns over an economi

April 12, 2023

New council aims to boost Korean liquor exports

The National Tax Service announced Tuesday that it has launched the K-Liquor Promotion Council to boost exports of alcoholic beverages produced by small and mid-sized firms. "Imports of alcoholic beverages have increased during the COVID-19 pandemic, but exports of locally produced alcoholic beverages have had difficulties in entering the foreign markets,” the National Tax Service explained the background behind the launch of the council. According to the NTS data, imports of alcoholi

April 11, 2023

IBK chief vows to double overseas profits by 2025

State-run Industrial Bank of Korea aims to double its overseas profits in the next three years by establishing entities in Vietnam and Poland, its president said Tuesday. “We will expand our (global) network ... such as converting the Vietnam branch into an entity and setting up a new entity in Poland to support small- and mid-sized firms entering overseas markets,” IBK President and CEO Kim Sung-tae said during a press conference held to mark his first 100 days in office. By 2025,

April 11, 2023

Chanel picks Korea to sell watches online for 1st time

Chanel Korea has launched an online pop-up store to sell luxury watches, marking the first time the French fashion house is selling its high-priced luxury goods online, excluding beauty products. The online store will be running on SSG.com, an e-commerce platform owned by Korean retail giant Shinsegae Group. Chanel plans to sell seven watch products -- including the J12 Cybernetic, Boy Friend CyberData and J12 Interstellar -- through the store, named the “Chanel Interstellar Capsule Collec

April 11, 2023

Seoul shares up for 3rd session amid expectation for less aggressive US rate hike

South Korean stocks rose by almost 1.5 percent to close up for a third consecutive session Tuesday, driven by bullish chemicals and auto shares, amid growing expectations the US Federal Reserve will go easy on its aggressive rate hikes. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 35.78 points, or 1.42 percent, to close at 2,547.86. Trading volume was high at 756.6 million shares worth 13.9 trillion won ($10.5 billion), with gainers outs

April 11, 2023

Hyundai to inject W24tr for EV supremacy

Hyundai Motor Group said Tuesday it will shell out 24 trillion won ($18.1 billion) to boost its electric vehicle production at home by 2030, aiming to become one of the top three carmakers globally in terms of EV sales. As part of the carmaker’s ambitious EV push, Kia broke ground to build the nation’s first EV-only production plant later in the day. “Kia’s EV plant is the first domestic production facility Hyundai will be building in 29 years. The government as a tea

April 11, 2023