Nexon founder Kim Jung-ju on Friday officially stepped down from the company's board, following his indictment earlier in the day on suspicious stock transactions and bribery.Kim is charged with providing some 920 million won ($821,000) in bribes to Jin Kyung-joon, a South Korean senior prosecutor and college friend of Kim. Jin was arrested and indicted on Friday, and subsequently dismissed from his post.“I express my deepest apology to everyone,” Kim said in a statement. “I committed a grave wr

Technology July 29, 2016

South Korean telecommunications firm KT said Friday that it posted an operating profit of 427 billion won ($379.6 million) in the second quarter, marking its highest quarterly performance in four years.　The company disclosed that its operating profit rose 15.8 percent on-year during the April-June period, thanks to its strong performance in its wireless network, landline telecom and media businesses.KT’s second-quarter performance overtook that of SK Telecom, the country’s leading telecom compan

Technology July 29, 2016

KARAOKE CONVENIENCE STORE — South Korea’s leading convenience store chain CU has opened a new karaoke-style outlet in Hongdae, northwestern Seoul. The specialized CU store is housed on the first floor of the Luxury Su noraebang, a local karaoke bar franchise. The new store has been decorated with neon signs and disco balls to resemble a noraebang and also offers a wide variety of eateries and goods catered to local noraebang-goers, said CU’s operator BGF Retail. (BGF Retail)

Industry July 28, 2016

Google Korea will open a free indoor entertainment space dubbed “Google Play Arcade” at Dongdaemun Design Plaza in Seoul on Friday, with aims to introduce and bring mobile games closer to the wider public.From taking the stage to become the South Korean champion of “Clash Royal” to physically climbing up the virtual steps on “Infinite Stairs,” visitors to the arcade can experience a wide range of mobile games in new and interactive ways.A view inside the “Google Play Arcade” which opens Friday a

Technology July 28, 2016

South Korean network operator SK Telecom said Wednesday it has partnered with Israel-based 3-D sensor processing developer Inuitive Ltd. to step up its development of solutions based on augmented and virtual reality technology.SKT and Inuitive signed a memorandum of understanding in Seoul on the day, agreeing to jointly work on new AR-and VR-based solutions under development by SKT for mobile phones and small electronic devices.SKT plans to merge its AR and VR tech brand “T-Real” with Inuitive’s

Technology July 27, 2016

South Korean Internet giant Naver said Wednesday that it will spin off its mobile video messaging app Snow as an independent company next month, encouraged by the app’s surging popularity across Asia.Camp Mobile, Naver’s mobile business unit, plans to separate out Snow as an independent company, to be named Snow Corp., on Aug. 1 with aims to nurture the app’s future growth with more efficiency and responsibility, according to Naver.Snow, a video and photo-sharing mobile messenger developed by Na

Technology July 27, 2016

LG Household & Health Care on Tuesday said it delivered its highest second-quarter earnings to date this year, buoyed by the success of its luxury cosmetics brands Whoo and Su:m37. 　Its net sales during the April-June period of 2016 surged 18.5 percent on-year to 1.6 trillion won ($1.46 billion) while its operating profit rose 34.1 percent on-year to 225 billion won.The sales hike was led mainly by LG H&H’s cosmetics business, which saw its sales increase 33.1 percent on-year to 820 billion won

Industry July 26, 2016

South Korea’s National Tax Service is conducting an investigation into Huawei Korea, the local branch of Chinese tech giant Huawei Technologies, the company said Tuesday.　Investigators from the Seoul branch of the National Tax Service are currently conducting a tax audit on Huawei Korea, the firm said, calling it a regular process that takes place every five years.“The NTS has been investigating our company as part of a regular audit that takes place every five years,” a Huawei Korea spokesperso

Technology July 26, 2016

U.S.-based biopharma company Zafgen Inc. has suspended the development of beloranib, an obesity drug originally created and licensed out by South Korea’s Chong Kun Dang Pharmaceutical Corp. in 2009.Zafgen’s decision, announced on July 19, came six months after the U.S. Food and Drug Administration asked the company to halt the drug’s clinical trials following the death of two patients.(123RF)Beloranib, administered through an injection, had been considered a promising treatment for Prader-Willi

Industry July 26, 2016

South Korean network provider SK Telecom said Monday that it was terminating its plan to merge its IPTV unit SK Broadband and the country’s top cable TV operator CJ HelloVision.The decision came a week after the Fair Trade Commission officially opposed the 1 trillion won merger deal ($875 million), citing concerns over a market monopoly by SKT in the competitive paid TV business.In November 2015, SKT had announced that it would acquire a 53.9 percent majority stake in CJ HelloVision from its own

Technology July 26, 2016

South Korean snack maker Orion said Monday that the cumulative overseas sales of its signature chocolate-covered biscuit brand “Choco Pie” has surpassed 4 trillion won ($3.5 billion) as of July.　Boosted by its high popularity in China, Choco Pie’s global sales reached more than 200 billion won during the first half of this year, raising its cumulative overseas sales to 4.15 trillion won, Orion said.Orion’s flagship chocolate biscuit, first released in Korea in 1974, initially ventured abroad wit

Industry July 25, 2016

South Korean cosmetics maker CLIO has secured $50 million in investment from the world’s largest luxury brand group LVMH Moet Hennessy Louis Vuitton, boosting plans to expand overseas.LVMH-owned private equity fund L Capital Asia and CLIO signed an agreement on the investment and its terms during a ceremony in Singapore on July 22, the Korean cosmetics firm said Monday.Under the agreement, CLIO will complete its initial public offering by the end of this year and issue redeemable convertible pre

Industry July 25, 2016

South Korean retailers are capitalizing on the explosive popularity of Nintendo’s augmented-reality mobile game “Pokemon Go” with new products and services targeting local Pokemon game enthusiasts and fans.　From a sudden rise in consumer spending at select Pokemon-appearing cities in Korea to the launch of Pokemon-inspired hotels, tour packages and goods, the smash-hit game appears to be leaving a notable imprint on the local retail sector.Pikachu is surrounded by children during a Pokemon festi

Technology July 24, 2016

South Korean electronics giant Samsung Group is looking to make its mark in a new, promising field — biopharmaceuticals. At the heart of the push are the tech conglomerate's two young units — Samsung BioLogics and Samsung Bioepis.The former, founded in 2011, is a contract manufacturer of biologic drugs developed by pharmaceutical companies around the world while the latter, established in 2012, focuses on developing biosimilars — near-replicas of complex biologic drugs that have lost patent prot

Technology July 21, 2016

South Korea’s leading network operator SK Telecom vowed to become an uncontested leader in the local mobile navigation business by making its flagship car navigation app T-map free for everyone starting from Tuesday.By freeing up T-map -- which non-SKT subscribers previously had to pay 4,000 won ($3.50) per month to use -- SKT is looking enhance the app’s competitiveness by securing more users. A model holds up a smartphone with SKT's flagship mobile navigation T-map in operation. From Tuesday,

Technology July 20, 2016