[Herald Interview] 'CSR must be 100% integrated with business'

Incorporating corporate social responsibility-related strategies into a company's business yields greater profits for the company in the long run, as it realizes multifaceted achievements, according to the head of a CSR solution provider. CSR-related businesses score wins with diverse demographic, including companies' customers, stakeholders, the government and companies themselves, with their characteristic sustainability, said Lee Yoon-suk, founder and CEO of InnoCSR during an interv

Nov. 21, 2022

Nexon becomes largest shareholder of 'Avengers' directors' production firm

South Korean game developer Nexon said Monday it has become the largest shareholder of US production company Agbo, co-founded by Anthony and Joe Russo, the directors of Marvel’s global megahits. After initially investing $400 million to acquire 38 percent of Agbo’s shares in January, Tokyo-listed Nexon recently invested an additional $100 million to acquire 11.21 percent. The latest acquisition made the game developer the No. 1 shareholder of the US firm, with 49.21 percent of its sh

Nov. 21, 2022

Exports down 16.7% during first 20 days of Nov.

South Korea's exports fell 16.7 percent on-year in the first 20 days of November due mainly to weak outbound shipments of chips and mobile devices, data showed Monday. The country's monthly exports stood at $33.2 billion in the Nov. 1-20 period, compared with $39.8 billion a year earlier, according to the data from the Korea Customs Service. Imports also went down 5.5 percent on-year to $37.6 billion during the cited period, resulting in a trade deficit of $4.4 billion. South Korea had

Nov. 21, 2022

Seoul shares open lower on Fed's rate hike woes

Seoul shares opened lower Monday over woes that the US Federal Reserve may continue its aggressive monetary tightening. The benchmark Korea Composite Stock Price Index rose 12.73 points, or 0.5 percent, to 2,431.75 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average rose 0.59 percent to 33,745.69, and the tech-heavy Nasdaq Composite inched up 0.01 percent to 11,146.06. This week, investors await minutes of the most recent Federal Reserve policy meeting to take a cue o

Nov. 21, 2022

[Herald Interview] ‘You can start making changes for gamers with disabilities tomorrow’

BUSAN -- Korean game developers should begin creating accessibility for people with disabilities as it can be easily done with some of the existing guidelines, says a longtime activist who has led the US movement for gamers with disabilities. “You can start making real change tomorrow with the resources out there,” said Mark Barlet, founder and executive director of the AbleGamers Charity, in an interview with The Korea Herald at South Korea’s game exhibition, G-Star, in Busan

Nov. 20, 2022

[Herald Interview] Why Korea is set up for success in console games

BUSAN -- South Korea is poised to succeed in the global console game market despite having a relatively shorter resume in that particular area of gaming, according to an expert specialized in creating successful console games. “Many years ago, I first found out how excited Korean players were for video games when StarCraft became a global sensation. It was very fascinating to see that Korea was so excited about that,” said Steve Papoutsis, chief development officer at Striking Distan

Nov. 20, 2022

Neowiz looks to lead Korea's console game industry with awards-winning Lies of P

BUSAN -- Game developer Neowiz is hoping to take the lead and set an exemplary case for Korean console games on the global stage with its awards-winning title Lies of P. “(For Lies of P) we really received good feedback at Gamescom including good graphics, high level of completion, no bugs, smooth play and great optimization of the frame,” said Choi Ji-won, the chief producing director of Lies of P in a press conference held Thursday on the sidelines of G-Star, South Korea’s bi

Nov. 20, 2022

Hana Financial, SKT team up to advance fintech service

Hana Financial Group and SK Telecom -- one of the five biggest lenders and the largest mobile carrier by subscribers in South Korea, respectively -- are ramping up a joint initiative to expand their presence in fintech, an industry built on making the best of financial and tech companies amid a rush to a digitalized economy. The partnership is the latest highlight of a race to outgrow the traditional financial systems by the five banking giants: KB Kookmin, Shinhan, Hana, Woori and NongHyup. The

Nov. 20, 2022

Antitrust watchdog to tighten scrutiny on delinquent online sellers

South Korea’s antitrust watchdog said Suday it will come up with effective measures to restrict delinquent online sellers using popular customer-to-customer platforms such as Karrot and Joonggonara. The Fair Trade Commission will guide platform operators to voluntarily enhance their user protection system and regulate business-driven sellers who are business owners rather than ordinary individuals. This comes in response to increasing fraudulent damage and dispute cases reported from sales

Nov. 20, 2022

No. of eco-friendly vehicles in Korea hit 1.5 million

South Korea saw its number of eco-friendly vehicles exceed 1.5 million in October, data showed Sunday. According to the Ministry of Land, Infrastructure and Transport, a total of 1,515,000 units of eco-friendly vehicles, including full electric vehicles and hybrids, were registered by the end of October -- a 38.3 percent surge on-year. This comes just one year and three months after the country saw the number of eco-friendly vehicles exceed 1 million in July 2021. The ministry’s data showe

Nov. 20, 2022

Hybe announces foray into game biz

Hybe, the multi-label K-pop powerhouse behind BTS, is set to accelerate its game business by investing in local game developer Flint. Hybe Chairman Bang Si-hyuk said Saturday, during a press conference held on the sidelines of South Korea’s largest annual gaming exhibition G-Star, that the company’s game-to-metaverse subsidiary Hybe IM will service Flint’s newly launched mobile game Dragon Blaze 2: Knights of Veda. Hybe had signed an investment agreement earlier with Flint in w

Nov. 20, 2022

Samsung tops global brand ranking, outpacing Google, YouTube

South Korean tech giant Samsung Electronics was ranked the highest in United Kingdom-based market research firm YouGov's annual Global Best Brand Rankings in 2022, data showed Sunday. Of 380 brands in 38 markets including the United States, the UK, China, India and South Korea, Samsung scored 127 points overall to take the top notch, followed by Google's 106 points, YouTube's 85 points, Netflix's 59 points and Shopee's 51 points. The score was based on YouGov's esti

Nov. 20, 2022

[Weekender] Revived G-Star back with bang

BUSAN -- For Ji Young-hoon, a 22-year-old South Korean who had just finished his mandatory military service duty in September, this year’s G-Star -- the country’s largest annual gaming exhibition felt like seeing an old friend after a long time. “I was here three years ago right after I took Suneung (Korea’s national college entrance exam). I have been looking forward to this year’s G-Star because the last two years’ events were not enjoyable,” Ji told T

Nov. 19, 2022

S. Korean shares end nearly flat amid Fed's rate hike woes

South Korean stocks ended almost flat Friday, weighed down by lingering concerns over the United States' aggressive monetary tightening and a global economic slowdown. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 1.58 points, or 0.06 percent, to close at 2,444.48. Trading volume was moderate at about 579.34 million shares worth some 7.25 trillion won ($5.54 billion), with losers outnumbering gainers 543 to 316. Foreign investors bought 197.

Nov. 18, 2022

Science Ministry suggests tax cuts to support content biz

The Ministry of Science on Friday suggested a slew of ideas such as tax reductions for over-the-top, or streaming, content producers to expand the South Korean content business and boost its global competitiveness. The government said the support will foster high-quality, exclusive content production on domestic platforms as well as emerging media businesses involving the metaverse and content creators. "We will turn the nation's content industry into an engine for the country's g

Nov. 18, 2022

Hyundai Motor’s Ioniq 6 debuts in US

Hyundai Motor Group said Friday its flagship electric vehicle brand Ioniq’s latest model Ioniq 6 was unveiled in the United States at the 2022 Los Angeles Auto Show, and it is targeting a North American launch in the first half of next year. The Ioniq 6 was launched in July in South Korea, recording the automaker’s highest first-day preorder sales figure in its history with 37,446. Hyundai Motor said with the Ioniq 6 it would promote the company’s electrification push in the No

Nov. 18, 2022

Seoul shares open higher on tech gains

South Korean stocks opened higher Friday, despite overnight losses on Wall Street, on investors' bargain hunting for big-cap tech shares. The benchmark Korea Composite Stock Price Index gained 13.76 points, or 0.56 percent, to 2,456.66 in the first 15 minutes of trading. Overnight, US shares went down, as St. Louis Federal Reserve President James Bullard said rate hikes so far had "only limited effects on observed inflation" and the Fed's target rate should be up to at least

Nov. 18, 2022

S. Korea to foster service, entertainment industries amid economic challenges

South Korea plans to draw up a five-year development plan for the country's service industry in line with its efforts to foster new growth engines amid protracted economic challenges, the finance minister said Friday. "Recently, various cultural and entertainment content, such as BTS and 'Squid Game,' have gained popularity around the globe, emerging as new growth and export engines," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers. &q

Nov. 18, 2022

Industry steps up lobbying as Korea eyes ways around US inflation act

South Korea’s major business groups said Thursday they had asked US lawmakers and Cabinet members of the Joe Biden administration to grant Korea a three-year extension to the US Inflation Reduction Act so that Korean automakers can keep receiving electric vehicle incentives there. The law, effective since Aug. 16, is leaving out Hyundai Motor and its affiliate Kia from federal tax credits since they do not make their electric vehicles in North America. Rules that go in effect on Jan. 1 nex

Nov. 17, 2022

Royal suite and 400 rooms: No expense spared for Saudi crown prince's visit

The unofficial "richest man in the world" and the de facto leader of Saudi Arabia's choice of lodging during his stay in South Korea is garnering attention with his extravagant decision to stay in a suite room that goes for 22 million won ($16,449) a night. According to industry insiders, Saudi Arabia's Crown Prince Mohammed bin Salman arrived at Seoul Air Base around midnight and spent the night at the Lotte Hotel Seoul, a luxury business hotel situated in central Seoul. The

Nov. 17, 2022