Private equity firm to acquire controlling stake in Chorokbaem Media

SEOUL, August 13 (AJU PRESS) - Q Capital Partners, a private equity firm, has signed a deal to acquire a controlling stake in Chorokbaem Media, a drama and animation production company. Chorokbaem, known for popular dramas such as "My Mister," "All In" and "The Slave Hunters," said in a regulatory filing Tuesday that Q Capital agreed to purchase about 9.617 million shares for 180 billion won ($137 million). Upon completion of the transaction, expecte

August 13, 2024

Carmakers disclose EV battery suppliers amid growing safety concerns

SEOUL, August 13 (AJU PRESS) - Hyundai Motor Co., Kia Corp., BMW Korea, and Mercedes-Benz Korea have disclosed the battery suppliers for their electric vehicles (EVs) amid growing safety concerns following a recent EV explosion and fire incident. Hyundai Motor, Korea's No. 1 carmaker, became the first company in the nation to disclose such information on Friday. The company revealed the battery suppliers for 13 EV models on its website, stating that all models use batteries from

August 13, 2024

OPINION: New storm is headed for Caribbean: What meteorologists look for in early signs of future hurricane

SEOUL, August 13 (AJU PRESS) - When tropical meteorologists peer at satellite images, they often catch sight of subtle cloud formations hinting at something more ominous brewing. The first signs of a potential hurricane can be detected days before a storm gains its fierce momentum. Wispy cirrus clouds radiating outward, the appearance of curved banding low-level clouds and a drop in atmospheric pressure are all clues. These early clues are crucial for predicting the onset of what

August 13, 2024

Game developer Krafton reports record revenue, profits driven by 'PUBG' success

SEOUL, August 12 (AJU PRESS) - Korean gaming company Krafton on Monday announced record sales and profits for the second quarter, driven by the success of its flagship title, “PUBG: Battlegrounds.” Consolidated operating profit reached 332.1 billion won ($242 million), a 152.6 percent increase year-on-year, the company said in a regulatory filing. Revenue jumped 82.7 percent to 707 billion won, while net profit soared 165.7 percent to 341.4 billion won. Krafton a

August 12, 2024

Upgraded 1,200-ton submarine delivered to Korean Navy

SEOUL, August 12 (AJU PRESS) - The South Korean defense procurement agency on Monday delivered an upgraded 1,200-ton submarine to the Navy following a refurbishment that enhanced its combat and detection capabilities. The submarine, ROKS Jung Woon, is the sixth Jang Bogo I-class submarine, commissioned in August 1997. The Defense Acquisition Program Administration (DAPA) said the submarine was handed over to the Navy in a ceremony at Hanwha Ocean's headquarters on the souther

August 12, 2024

Yoon names new defense minister

SEOUL, August 12 (AJU PRESS) - President Yoon Suk Yeol named Kim Yong-hyun, the 65-year-old chief of the Presidential Security Service, as the new defense minister on Monday. Yoon also nominated the current defense minister, Shin Won-sik, to take on the role of national security adviser. Kim’s nomination is subject to a parliamentary confirmation hearing, but the president can proceed with the appointment regardless of the hearing's outcome. A tough road seems to be ahe

August 12, 2024

Foreign students return to Korea as pandemic ends

SEOUL, August 12 (AJU PRESS) - The number of foreign students in Korea surpassed 200,000 for the first time in the first six months of this year, according to data published by the Korea Tourism Organization (KTO) on Monday. Some 204,000 foreigners visited Korea for educational purposes in the first half of the year, up 50.6 percent from the same period last year, setting a new record high. Before the coronavirus pandemic, the number of foreign students was steadily rising, reach

August 12, 2024

Korea's power demand hits third-highest level last week

SEOUL, August 12 (AJU PRESS) - Korea's hourly electricity consumption surpassed 100 gigawatts (GW) during peak summer periods for the second consecutive year, the Korea Power Exchange said Monday. Last Wednesday, the average power demand reached 100.203 GW between 2 and 3 p.m., marking the third-highest power usage in the nation's history, following records set on Aug. 7 (100.571 GW) and Aug. 8 (100.254 GW) last year, when power demand first exceeded 100 GW. The company r

August 12, 2024

Opinion: The ecommerce challenge: should we protect consumers or producers? 

SEOUL, August 12 (AJU PRESS) - The negative reaction to the recent entry of Chinese companies into the e-commerce market raises a big question seldom asked in Korea that goes to the heart of an economic system based on choice and freedom. What comes first in a capitalist country – protecting competitors or the rights of consumers? Put another way, should a government protect competition or competitors? Chinese players entered the market last year just as the long-time Korean

August 12, 2024

Sports ministry launches probe into Korea's badminton association

SEOUL, August 12 (AJU PRESS) - The Ministry of Culture, Sports and Tourism said Monday that it has launched a probe into possible irregularities within the Badminton Korea Association following complaints raised by badminton ace An Se-young during the Summer Olympics in Paris last week. In the probe, conducted by a team of independent sports officials, the ministry will scrutinize the fairness of the national team selection process and assess the association's support and trai

August 12, 2024