NCSOFT to spin off units amid financial struggles

SEOUL, October 21 (AJP) - NCSOFT Corp., a South Korean online game developer, has decided to spin off its artificial intelligence research unit and three game development teams amid declining earnings and underperforming new titles. The company made the announcement Monday in a regulatory filing after an extraordinary board meeting. Under the plan, its AI research division will become NC AI, while three game development teams will be spun off into independent studios: Studio X f

October 21, 2024

Doosan Group revives controversial plan to merge two subsidiaries

SEOUL, October 21 (AJP) - Korea's Doosan Group is reviving plans to merge subsidiaries Doosan Bobcat and Doosan Robotics, two months after abandoning the proposal amid investor and regulatory opposition. Doosan Robotics and Doosan Enerbility, Bobcat's parent company, said they held separate board meetings Monday and approved a restructuring plan, under which Bobcat, a construction equipment manufacturer, will be separated from its parent and affiliated under Robotics. Ene

October 21, 2024

Event marks 68th anniversary of Hungarian Revolution in Seoul

SEOUL, October 21 (AJP) - A special event commemorating the 68th anniversary of the Hungarian uprising was held in central Seoul last Friday. Hosted by the Hungarian Embassy in Seoul, the event, also celebrating the 35th anniversary of its diplomatic relations with South Korea, gathered over 200 participants and guests including foreign dignitaries and business leaders. Hungarian Ambassador to South Korea István Szerdahelyi stressed the significance of the Hungarian Revolu

October 21, 2024

Jewelry, watches drive luxury sales rebound in Korea

SEOUL, October 21 (AJP) - Jewelry and watches are driving a sharp recovery in South Korea's luxury goods market this year, according to industry data released Monday. Three major department stores reported overall luxury sales rebounded this year, with quarterly growth rates around 10 percent. The market expanded 22.3 percent in 2022 and 5.8 percent in 2023. Hyundai Department Store saw jewelry sales increase 33.5 percent, 29.9 percent and 33.4 percent in the first three quar

October 21, 2024

Seoul summons Russian envoy over North Korea's alleged troop deployment

SEOUL, October 21 (AJP) - The Foreign Ministry here on Monday called in Russian Ambassador to Seoul Georgy Zinoviev to lodge a formal complaint over North Korea's alleged troop deployment to Russa to support its war in Ukraine. First Vice Minister of Foreign Affairs Kim Hong-kyun expressed concerns over the deepening military alliance between the two countries, from military equipment to troop deployment, which violates the UN resolutions. Zinoviev said he has "carefully

October 21, 2024

Pyongyang stays mum over reports of North Korean soldiers in Russia

SEOUL, October 21 (AJP) - North Korea has remained silent about recent allegations regarding its troop deployment in support of the war in Ukraine. The National Intelligence Service (NIS) here said last Friday that North Korea decided to dispatch around 12,000 troops to support Russia and has already begun deploying its first batch of special forces troops to the far eastern Russian city of Vladivostok, where they are being prepared to join the frontline. As of Monday, neither N

October 21, 2024

KB Kookmin Bank opens two new branches in India

SEOUL, October 21 (AJP) - KB Kookmin Bank opened new branches in Chennai and Pune, two key economic hubs in India, on Monday. With these additions, the bank now operates three branches in India, including its Gurugram branch, which opened in 2019. This expansion follows four months after the Reserve Bank of India granted final approval for the new branches in June. The Korean bank explained that Chennai serves as a commercial and manufacturing hub in southern India. Pune in weste

October 21, 2024

Court rejects Young Poong's injunction against Korea Zinc buyback

SEOUL, October 21 (AJP) - The Seoul Central District Court on Monday once again dismissed an injunction filed by Young Poong Corp. to block Korea Zinc from acquiring its own shares in the ongoing battle for control of the world's largest zinc smelter. Young Poong, Korea Zinc's largest shareholder, along with private equity firm MBK Partners, recently increased their stake in the company from 33.13 percent to 38.47 percent through a public tender offer that concluded on Oct.

October 21, 2024

OPINION: What does China want from next US president?

SEOUL, October 21 (AJP) - During a Taiwan National Day speech on Oct. 10, Taiwanese president Lai Ching-te said that Taipei was determined to defend Taiwan's sovereignty against "annexation and encroachment," and emphasized that "China has no right to represent Taiwan." China's response was swift. Less than a week after Lai's provocative speech, a record 153 Chinese war planes swarmed and surrounded Taiwan during a Chinese military exercise over 24 ho

October 21, 2024

New evidence suggests North Korea's alleged troop deployment to support Russia's war in Ukraine

SEOUL, October 20 (AJP) - Fresh evidence suggests North Korea's alleged troop deployment to support Russia's war in Ukraine. Russia is reportedly preparing to supply military gear to North Korean soldiers deployed on its territory, according to a CNN report on Saturday. North Korean recruits have been instructed to "fill out a questionnaire providing their sizing for hats, headgear, uniforms, and shoes," it said. Discovered by Ukrainian authorities, the questionnai

October 20, 2024