SK Telecom and Comcast Spectacor will create a joint esports venture to make a mark in the global market worth some 3 trillion won ($2.68 billion), the companies announced Sunday in Spain, a day ahead of the opening of the Mobile World Congress 2019.The new esports venture, T1 Entertainment & Sports will be based on SK Telecom’s “League of Legends” pro gaming team, SK Telecom T1, with the team to be rebranded as simply “T1.”  SK Telecom President and CEO Park Jung-Ho (left) clasps hands with the

Industry Feb. 25, 2019

NCSoft introduced three future technologies Friday at a media event in Gangnam, Seoul, saying it intends to unveil them by the end of this year. The company’s artificial intelligence center is currently developing hands-free voice command technology, a master server to unite all 160 servers of “LineageM,” and an “unconnected play” function that will allow game characters to remain active and keep developing even when players are offline. Media event for “LineageM” took place in Seoul on Friday.

Industry Feb. 22, 2019

The South Korean government’s recent decision to temporarily deregulate direct-to-consumer genetic testing of serious diseases has evoked many complaints from unprepared genomics companies.On Feb. 11, the Trade Ministry announced a set of deregulatory measures which included bio firms’ DTC research for 13 previously-regulated serious diseases such as Parkinson’s, apoplexy, stomach cancer and more. Genetic testing enables healthy consumers to gain foresight of diseases they can potentially contra

Industry Feb. 21, 2019

The US Food and Drug Administration has denied a petition filed by South Korea’s Medytox demanding disclosure of the source of Daewoong Pharmaceutical’s botulinum toxin (BTX) strain used in Nabota, Daewoong said Wednesday, adding it will enter the US market without a change in plans. Nabota, or Jeuveau outside Korea, is an affordable alternative to Allergan’s Botox, and the first Korea-made frown-line treatment to enter the US. (Yonhap)In response, Medytox said it will continue to push forward w

Industry Feb. 20, 2019

Chong Kun Dang Pharmaceutical on Tuesday introduced five new melting threads for facelifts. The new “Silkroad” products are made with polydioxanone that dissolves in body six months after operation, the company explained. (Chong Kun Dang)Each of the five threads is intended for applications in different surgeries. Silkroad Mono is for various parts of the face; Silkroad Coil and Double-coil are for stimulation and regrowth of skin; Silkroad Nose is specially for nose surgeries; and Silkroade Con

Industry Feb. 20, 2019

Korean mobile carriers are eyeing virtual reality games as near-future game changers in the fifth-generation environment.While global mobile manufacturers are rushing to unveil their next-generation smartphones at Mobile World Congress 2019 -- to take place from Monday to Thursday in Barcelona, Spain, next week -- Korean network services have announced that they will use the opportunity to unveil new VR games alongside their 5G services. SK Telecom(SK Telecom)SK Telecom, the biggest mobile carri

Industry Feb. 19, 2019

With the anticipated launch of 5G network services, South Korea’s major game companies are bracing for a full-on mobile war with new lineups. The upcoming games can be enjoyed at full capacity on 5G networks with less latency and maximized gaming experience with faster connectivity, according to developers.The major firms in the spotlight are Nexon, the biggest Korean game company on sale, as well as Netmarble, the second-biggest company that seeks to acquire the former.NCSoft, which owns the ma

Industry Feb. 18, 2019

Cosmetic products are showcased at a pilot shop for Shinsegae Group’s new cosmetic brand Stone Brick in the Hongik University area in Seoul, Sunday. Stone Brick products come in containers that can be stacked on top of one another. Upon its launch, Stone Brick introduced 95 lip colors.  (Yonhap) (Yonhap)

Industry Feb. 17, 2019

LG CNS said Sunday it has signed an agreement with Amazon Web Services for strategic cooperation to accelerate data cloud migration by companies here.The two will collaborate in developing a program for businesses here to move their corporate data to the cloud in a faster and easier way, it said.　“We will work closely with LG CNS to help accelerate adoption of cloud services among Korean customers, and help them to enjoy the full benefits of digitization,” said Ed Lenta, managing director of AWS

Industry Feb. 17, 2019

Hyundai Motor on Sunday confirmed a report that it had reached a tentative settlement with plaintiffs in a class-action lawsuit in the US over panoramic sunroofs that shattered suddenly, although the company said the decision did not mean its automobiles were defective.The class-action suit was filed in 2015 in the US District Court for the Central District of California.Hyundai car owners there complained that Sonata, Tucson, Santa Fe, Veloster, Elantra GT, Azera and Genesis models produced on

Industry Feb. 17, 2019

Credit card use at convenience stores reached a new peak last year, nearing 8 trillion won ($7.1 billion), according to the Bank of Korea, Sunday. Between January and November in 2018, over 7.3 trillion won was used with credit cards at convenience stores, up 19.9 percent from the year before. Figures from December are not yet known, but authorities believe with average monthly spending of 670 billion won, last year‘s total spending would near 8 trillion won. (Yonhap)The surge is accredited to t

Industry Feb. 17, 2019

The announcement that Nexon plans to launch the next-level mobile massively multiplayer online role-playing game Traha on April 18 was a Valentine’s Day surprise for fans around the world. Hollywood star Chris Hemsworth -- perhaps better known as his alter ego, Thor from “Avengers” -- is the face of Traha. "Battle after battle, victory after victory -- all this became mundane. Which is why I came here."

Industry Feb. 15, 2019

SK Biopharmaceuticals has forged a licensing agreement with a Swiss drug company to commercialize cenobamate, an investigational antiepileptic drug that the South Korean company has developed over the years.Under the agreement, the biotech arm of SK will receive a total $530 -- $100 million as an upfront payment and the rest after the drug is approved for sale. SK will also receive royalties on net sales generated in Europe, the company said.SK’s Swiss partner Arvelle will be responsible for dev

Industry Feb. 14, 2019

Korean bio companies SCM Life Science and Genexine have teamed up to acquire US-based Argos Therapeutics, the companies announced Wednesday. Argos Therapeutics, a cancer vaccine developer, is to be renamed CoImmune. It will continue as an independent entity in the US.Through the acquisition valued at 12.5 billion won ($11.1 million), SCM Life Science and Genexine now co-own Argos’ 1,860 square-meter stem cell drug manufacturing facility, human resources and intellectual property. SCM Life Scienc

Industry Feb. 13, 2019

Information on generic drugs approved in South Korea, and their efficacy, will become easier to browse through the Korean version of the US’ Orange Book, the Ministry of Food and Drug safety said Wednesday.The Orange Book is an online list of approved generic drugs, with evaluation results to support their therapeutic equivalence to originals. It was first created in the US in October 1980. Japan followed suit with the JP-Orange Book in September 2002.The K-Orange Book can be found at http://ned

Industry Feb. 13, 2019