Articles by Kan Hyeong-woo
Kan Hyeong-woo
hwkan@heraldcorp.com-
[Newsmaker] Giant Saudi wealth fund gobbles up stakes in Korean game makers
Saudi Arabia is pouring money into South Korean game makers NCSoft and Nexon, doubling down on its bet in the gaming industry. Public Investment Fund, the Middle Eastern country’s sovereign wealth fund, acquired an additional 563,566 shares of NCSoft for about 290 billion won ($240 million) through six transactions between Feb. 8 to 16., according to a regulatory filing submitted to the Financial Supervisory Service on Thursday. With the latest investment, PIF has become NCSoft’s s
Market March 11, 2022
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Choco-Pie makers on alert as Russian isolation deepens
Orion and Lotte Confectionery -- the makers of Choco Pie, a popular snack in Russia -- are closely monitoring the economic sanctions imposed by the international community against Moscow for its invasion of Ukraine, as they could cause instability in the supply of raw materials, a drop in the ruble’s value and a local economic recession. Orion, known for its popular signature snack Choco Pie, has expanded the production capacity of its local plants in Russia. Since 2019, the company has
Industry March 9, 2022
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[MEET THE CEO] With fresh IPO capital, Krafton looks into metaverse, NFT and C2E
As one of South Korea’s online game pioneers, Kim Chang-han -- a computer engineer-turned-entrepreneur -- had early success in his life with his creation, PUBG: Battlegrounds. Since its debut in 2017, the popular battle royale game has sold over 75 million copies in 200 countries and also turned the small game company Krafton into a global studio generating 1.89 trillion won ($1.55 billion) of revenue a year. Kim, also known as the father of PUBG for his key role in developing the game, i
Technology March 6, 2022
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[Newsmaker] Nexon founder Kim Jung-ju, pioneer in Korea's gaming industry, dies at 54
Kim Jung-ju, the founder of South Korea’s biggest game maker Nexon and an engineer-turned-entrepreneur who led the country’s burgeoning game industry which also made him the richest man here, passed away on Monday. He was 54. According to Nexon’s holding company NXC, Kim died on Feb. 28 in Hawaii, the United States. He had been undergoing treatments for depression and it appeared that the symptoms had become worse as of late, the company said. Born in February 1968 in Seoul,
Industry March 2, 2022
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Nexon founder Kim Jung-ju dies at 54
Kim Jung-ju, founder of South Korea’s biggest game maker Nexon, passed away on Monday. He was 54. Nexon’s holding company NXC said Tuesday evening that Kim died in Hawaii, US, on Feb. 28. He had been undergoing treatments for depression and it appeared that the symptoms had become worse as of late, it said. The cause of death was not given. Nexon CEO Owen Mahoney paid condolences to Kim. “It is difficult to express the tragedy of losing our friend and mentor Jay Kim, a man w
Industry March 1, 2022
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Next-gen genome writing picked as future biotech
The technology of next-generation genome writing in the field of platform bio will be essential to leading the future in the competitive era of technology hegemony, the Korea Research Institute of Bioscience and Biotechnology said Monday, as it announced 10 promising future biotechnologies for this year. The state-run institute said the technology of next-generation genome writing, which allows designing DNA and quickly combining it at a mass scale, will help mankind overcome technical limitat
Technology Feb. 28, 2022
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[Eye Plus] ‘Age of Light’ showcases immersive media project in Gwanghwamun
Located in the heart of Seoul, Gwanghwamun has been an essential hub for Korea’s history, culture and art. A new project there offers a glimpse of what the future might look like, with the help of cutting-edge 5G and artificial intelligence technologies. The immersive media art project “Age of Light,” or “Gwanghwa Sidae” in Korean, was unveiled by the Korea Creative Content Agency and Ministry of Culture, Sports and Tourism. The project provides eight dif
Culture Feb. 26, 2022
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Nuri rocket’s 2nd launch set for June
South Korea’s first homegrown rocket Nuri will go for a second launch in June, aiming to complete the full launch sequence this time, the Ministry of Science and ICT said Friday. The first liftoff, which took place in October last year, came short of a successful mission as the rocket’s third stage engine shut down earlier than planned. The dummy satellite could not reach sufficient orbital speed as a result. The early stages of the launch were deemed successful as the three-stage
Technology Feb. 25, 2022
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Philips Korea receives Health Minister’s Award for improving lives of underserved
Philips Korea has received the Health and Welfare Minister’s Award at the 2022 Happiness Together Social Contribution Campaign for helping improve people’s lives through health care technology, the company said Thursday. Marking its 12th edition, the annual awards recognizes exemplary companies that practice social responsibilities. Co-hosted by the Korea Enterprises Federation and the Association of Korean Journalists, the campaign is sponsored by several ministries including the
Industry Feb. 24, 2022
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S. Korea OKs first vaccine for children aged 5 to 11
South Korea has approved the use of Pfizer’s COVID-19 vaccine for children aged 5 to 11, the Ministry of Food and Drug Safety said Wednesday, amid growing concerns over sharply soaring infections ahead of schools' opening next week. The country reported a record high of over 170,000 daily cases of COVID-19 from the previous day. Of the new cases reported in the last week, almost 30 percent were found in children aged 18 or younger, according to the Korea Disease Control and Prevention Age
Social Affairs Feb. 23, 2022
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[Herald Interview] ‘Korea needs financial backing to become pharmaceutical powerhouse’
The year 2021 was monumental for South Korea’s pharmaceutical and biopharmaceutical industries, as they set a number of records. The country rolled out four new drugs, the most in a year since the first domestically-developed new drug came to light in 1999. Companies also licensed out technologies worth 13 trillion won ($10.9 billion) and exported drugs worth over 10 trillion won. Big firms such as Samsung Biologics, SK bioscience and Celltrion are taking the lead in making the country&r
Industry Feb. 21, 2022
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Naver’s webtoon dominance continues
South Korean IT giant Naver’s webtoon business is continuing its dominance in the global market, getting recognized as the world’s best webtoon application while posting a record high number of users. Naver Webtoon has been honored as the world’s best webtoon application in the mobile app market by analyzer Sensor Tower’s 2021 Asia-Pacific Awards, the company said Friday. Sensor Tower said Naver Webtoon is the most successful webtoon application in Asia, adding that i
Industry Feb. 20, 2022
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[Weekender] Investing in the metaverse: Look before you leap
Touted as the next big thing, the metaverse has been undeniably the talk of the global town since last year. The metaverse frenzy accelerated further when Facebook changed its name to Meta in October. Hoping to take the lead in the new online virtual world, all sectors regardless of their specializations have jumped on the metaverse bandwagon. This has led to lofty projections luring individual investors. The global metaverse market is forecast to reach $829 billion (993 trillion won) in 202
Market Feb. 19, 2022
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Auction for additional 5G spectrum band delayed
The auction for an additional 5G spectrum band, which was slated to take place sometime this month, will be delayed over the remaining differences between the country’s three largest telecommunication companies, officials said Thursday. Earlier in the day, the Science and ICT minister and CEOs of SK Telecom, KT and LG Uplus met at the Seoul Central Post Office to discuss the ongoing dispute of the 5G spectrum auction, but failed to come to a conclusion. After the meeting, Hwang Hyun-si
Industry Feb. 17, 2022
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Philip Morris Korea’s new parental leave policy 'respects all forms of families'
Philip Morris Korea has implemented a new parental leave policy to support all forms of families raising children including adoptive parents and legal guardians, the company said Wednesday. Under the company’s parental policy, which became effective last month, employees can take up to 126 days of paid parental leave if they are primary caregivers. The company allows up to 56 days of paid parental leave for secondary caregivers. According to the company, a primary caregiver is the perso
Industry Feb. 16, 2022
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