SK Telecom’s decadeslong support for T1 pays off

SK Telecom’s decadeslong involvement in Korean esports has once again reaped dividends -- at least in glory -- as its T1 won the 2023 League of Legends World Championship title for a fourth time Sunday, defeating Weibo Gaming of China. The top telecom carrier in terms of membership launched T1 in 2004 when the nation’s esports industry was still in its nascent stage, as part of efforts to better engage with younger generations. As LoL, the multiplayer online battle arena game, star

IndustryNov. 20, 2023

Korea draws W1.5tr in investments from US tech firms

South Korea has secured investment commitments from four major US companies, including General Motors, totaling 1.5 trillion won ($1.16 billion), following President Yoon Suk Yeol's visit to the US for the Asia-Pacific Economic Cooperation summit last week. These investments, spanning the automotive and semiconductor sectors, are expected to significantly boost South Korea's exports and reduce imports, contributing to an estimated annual economic impact of over 4.5 trillion won. The Ministry of

EconomyNov. 20, 2023

Hyundai, Kia eye record vehicle sales in UK

Hyundai Motor Group is expected to post record sales in the UK, the second-largest automotive market in Europe, this year, according to industry estimates Monday. The carmaker sold 173,428 vehicles in the UK in the January-October period this year, up 8.7 percent from the same period last year, the Society of Motor Manufacturers & Traders said citing corporate filings. Its market share stood at 10.8 percent. If the current sales momentum continues, the carmaker said, its car sales are highly

MobilityNov. 20, 2023

Seoul shares open nearly flat amid rate hike woes

Seoul shares opened almost flat Monday amid investor concerns over a continued US rate hike due to high inflation. The benchmark Korea Composite Stock Price Index rose 6.92 points, or 0.3 percent, to 2,476.77 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average inched up 0.01 percent to 34,947.28, and the tech-heavy NASDAQ gained 0.08 percent to 14,125.48. The US Federal Reserve has been expected to end its hiking cycle, but San Francisco Federal Reserve President Mary

MarketNov. 20, 2023

Understanding Vehicle Type Approval: The importance of expertise in automotive cybersecurity

In this second installment of our series on automotive cybersecurity, we delve deeper into the strategic approach to regulatory compliance, focusing on Vehicle Type Approval (VTA) and its challenges. Until five years ago, carmakers were hesitant to introduce cybersecurity measures in vehicles despite being aware of their necessity due to cost issues. However, when the European Union introduced cybersecurity regulations in 2022, it became virtually impossible to enter the European market without

MobilityNov. 20, 2023

[Herald Interview] SK-backed Sapeon to take on Nvidia

Sapeon, a fabless startup backed by South Korean telecom-to-chip conglomerate SK Group, has come up with a more powerful and efficient artificial intelligence chip to compete head-on with US chip giant Nvidia, which enjoys a near monopoly in the soaring market for data center graphics processors. “We‘re focused on being very good at (developing) AI inference (neural processing units) and we’ll take a part of the expanding (AI chip market),” Sapeon Chief Technology Officer

TechnologyNov. 20, 2023

Qoo10 walks away from 11th Street stake sale deal

SK Square, SK Group’s investment unit, has scrapped negotiations with Singapore-based e-commerce giant Qoo10 on selling shares of its online retail platform operator 11Street, according to local retail industry sources, Sunday. SK Square is not expected to resume talks with Qoo10 and may search for other investors who are interested in making an investment in 11Street, the sources said. Since September this year, SK Square had been in talks with Qoo10 for sale of an 18.2 percent stake in

IndustryNov. 19, 2023

[Hello Indonesia] Daewoo E&C eyes more infrastructure deals in Indonesia

Daewoo Engineering & Construction will beef up its presence in the Indonesian market where the country has high demand for infrastructure arising from capital relocation and economic development. “Indonesia has the largest construction market among (Association of Southeast Asian Nations) member states, thanks to its (population of) 270 million, large land size and over 5 percent annual economic growth rate,” said Han Seung, executive vice president of Daewoo E&C’s over

IndustryNov. 19, 2023

Fadu’s controversial IPO raises tech listing concern

The controversy surrounding fabless startup Fadu’s initial public offering has led the Korea Exchange, the country’s sole bourse operator, to implement tighter regulations on its listing track for tech firms. Fadu, established in 2015, went public on the tech-heavy Kosdaq in early August through the KRX’ special technology-growth track, which provides relaxed IPO rules for tech firms. The company’s corporate value at the time of the listing was believed to be around 1.5 t

MarketNov. 19, 2023

G-Star 2023 explores untried genres, subculture scene

BUSAN -- Key game industry players, such as NCSoft and Netmarble, showcased their latest projects, which delved into unexplored genres with high production values and top-notch graphics at the G-Star 2023 game exhibition held in Busan last week. The event, hosted by the Korea Association of Game Industry and the Busan IT Promotion Agency, featured a record number of 3,328 booths with participation from 1,037 companies across 42 countries. Notably, NCSoft made a significant return after an eight-

IndustryNov. 19, 2023

Alternative nicotine products lead to reduction in smoking rates: report

Alternative nicotine products can have a "significant" impact on reducing smoking rates as demonstrated by case studies in Japan and Sweden, a report showed Friday. In a policy paper dubbed “Safer Nicotine Works,” Tholos Foundation said it has found that alternative nicotine products, ranging from snus, nicotine pouches and gum to vapes and tobacco heating products, help people quit smoking cigarettes. Japan saw smoking rates, those that smoked cigarettes daily, decline fro

IndustryNov. 19, 2023

NCSoft to tear loose from Lineage: CEO

BUSAN -- NCSoft CEO Kim Taek-jin declared the company's strategic shift from its traditional roots in Lineage, its series of massively multiplayer online role-playing games -- or MMORPGs -- to diverse gaming genres, responding to a downturn in earnings and a shift in gamer preferences. The CEO made this announcement during an unexpected appearance at the company's booth at G-Star 2023 gaming expo held last week in Busan. "Our objective is to delve into a multitude of gaming genres

TechnologyNov. 19, 2023

Zepeto metaverse plans to support Apple Vision Pro

BUSAN -- Naver Z, the metaverse subsidiary of South Korean internet giant Naver, is planning a version of Zepeto for Apple's first wearable headset device, embracing the US tech behemoth's concept of spatial computing. “We are preparing to showcase something special for headsets such as Apple's Vision Pro," Lee Seung-won, Nazer Z's developer relations director told The Korea Herald during a marketing talk at G-Star Game Conference 2023, part of the G-Star gaming ex

TechnologyNov. 19, 2023

EcoPro, SK Ecoplant to build EV battery recycling plant in Hungary

EcoPro said Sunday it has joined hands with SK Ecoplant and its electronics waste recycling subsidiary, TES, to set up an electric vehicle battery recycling plant in Hungary. EcoPro CEO Song Ho-jun, SK Ecoplant CEO Park Kyung-il and TES CEO Terence Ng participated in the signing ceremony held at SK Ecoplant’s headquarters in Jongno, Seoul, Thursday. By 2025, the three companies will build recycling facilities in Hungary -- the first project under a business agreement made in March targetin

MobilityNov. 19, 2023

S. Korean battery makers' R&D investment up 12.5% in Jan.-Sept.

South Korean battery makers' combined research and development investment this year has climbed over 12 percent on-year despite a slowdown in global demand for electrified vehicles, industry data showed Sunday. According to latest quarterly reports of LG Energy Solution Ltd., Samsung SDI Co. and SK On Co., their combined R&D investment during the January-September period amounted to 1.78 trillion won ($1.38 billion), up 12.5 percent from 1.58 trillion won for the same period of last yea

IndustryNov. 19, 2023

Trump vows to kill Asia trade deal being pursued by Biden if elected

Donald Trump, the frontrunner for the Republican presidential nomination, said on Saturday that he would kill off a Pacific trade pact being advanced by US President Joe Biden if he were to win the 2024 election and return to the White House. Speaking to supporters in Iowa, Trump said he was against the regional trade deal being negotiated by the Biden administration with 13 other countries, arguing that it would hollow out US manufacturing and trigger job losses. Talks on the trade sections of

World NewsNov. 19, 2023

OpenAI CEO's ouster was over "breakdown of communications," not "malfeasance" -memo

OpenAI CEO Sam Altman's firing was over a "breakdown in communication between Sam and the board," and not "malfeasance or anything related to our financial, business, safety, or security/privacy practices," Chief Operating Officer Brad Lightcap wrote in an internal company memo Saturday morning, viewed by Reuters. The board of OpenAI, the company behind hit product ChatGPT, on Friday pushed out its high-profile CEO Altman, sending shock waves across the tech industry. Th

IndustryNov. 19, 2023

Samsung family pays tribute to late founder

Samsung Group commemorated the 36th anniversary of the death of Lee Byung-chull, the founder of Korea’s largest conglomerate, in a memorial service Friday. Lee's relatives, including former Leeum Samsung Museum of Art Director Hong ra-hee, Lee's daughter-in-law, and his two granddaughters Lee Boo-jin and Lee Seo-hyun, who are presidents of Hotel Shilla and Samsung C&T, respectively, paid tribute to the late founder, gathering at Hoam Art Museum in Yongin, Gyeonggi Province. C

IndustryNov. 17, 2023

Prosecutors seek 5-year sentence for Samsung chief over fraud connected to 2015 merger

The prosecution on Friday demanded five years in prison for Samsung Electronics Chairman Lee Jae-yong on charges of stock price rigging and accounting fraud connected to the controversial 2015 merger of two Samsung affiliates. Prosecutors also requested a fine of 500 million won ($387,000) for Lee during the final hearing at the Seoul Central District Court. Lee is charged with stock price rigging, breach of duty and accounting fraud in the course of the controversial 2015 merger of two Samsung

IndustryNov. 17, 2023

KB approves of Yang Jong-hee as its new chief

KB Financial Group’s shareholders approved of Vice Chairman Yang Jong-hee's appointment as the next chairman during a special shareholders' meeting at its headquarters in Seoul on Friday. The financial group's shareholders overwhelmingly supported Yang's appointment, with 97 percent of votes in favor. "Despite various challenges in the domestic economy and financial industry, there are high expectations from shareholders for KB Financial Group. I am aware of this a

IndustryNov. 17, 2023