BUSAN – Korea’s culture minister vowed to make revisions to the decade-long game industry law to help revitalize the gaming industry, Wednesday, saying that he disagrees with viewing it as a disease.“Gaming is not a disease but a leisure activity. Cultural contents not only enrich our lives but also serve as growth engines for our future.” said Culture Minister Park Yang-woo at the 2019 Korea Game Awards held in Busan.  He was referring to the World Health Organizati

BUSAN -- Smilegate RPG’s Lost Ark bagged six awards at 2019 Korea Game Awards including the presidential accolade, receiving 10 million won ($8,550) in prize money. XLGames’ Moonlight Sculptor nabbed the prime minister’s accolade and a 5 million won prize. The culture minister’s accolade went to four games: Cherry Bug’s Blade and Soul Revolution, Funnypaw’s Seven Deadly Sins: Grand Cross, Netmarble N2’s Koongya Catch Mind and Krafton’s Mistover.Los

Shopping for basics loses ground as financial products rise in importance

The South Korean government has extended the bidding deadline for a digital budget accounting system called “dBrain,” after LG CNS and its partner ITCEN decided Tuesday not to enter the race.Samsung SDS’s consortium with Daewoo Information System was the only participant in the bidding for the project worth 120 billion won ($102.7 million) to build the government’s digitalized budget accounting system. According to the Public Procurement Agency on Wednesday, the new deadl

Debt-ridden Asiana Airlines’ choice of a consortium led by Hyundai Development Company as its new owner -- one of the three bidders for a controlling 31 percent stake -- is a boon for Aekyung Group which lost out, according to analysts Wednesday.The HDC consortium also includes Mirae Asset Daewoo, which will take 20 percent stake. Soon after the announcement, Aekyung said in a statement that it will continue to advance its budget airline brand Jeju Air’s safety operation system and d

Hyundai Heavy Industries submitted a request for formal approval from the European Union for its merger with Daewoo Shipbuilding & Marine Engineering, HHI said Wednesday. The EU, which is believed to hold the key to the merger, plans to complete the first round of screening results next month. Hyundai Heavy said, “We are faithfully explaining to competition authorities in line with the review schedule and process of each country. We will do our best to ensure that the tie-up proce

South Korea is accelerating its oil hub project aimed at making Ulsan and Yeosu the center of petroleum trading in Northeast Asia, officials said Wednesday. The oil hub project in Northeast Asia began in 2008 to build large-scale commercial oil and gas storage facilities in the two cities. It seeks to make the regions a hub for the convergence of petroleum logistics, trading and finance in Northeast Asia as well as to enhance the nation’s energy security in the event of an international oi

Primera, a skin care cosmetics brand under South Korean beauty giant Amorepacific, has launched a limited edition of its Mango Butter Comforting product line as part of its “Let’s Love” campaign.The campaign was first launched in 2013 as part of its corporate social responsibility efforts and benefits girls in Jamui, India, who are affected by poverty and inequality.  The product cases feature typography and illustrations inspired by the girls’ handwritten letters an

The fourth and biggest Samsung Electronics labor union will be launched under the Federation of Korean Trade Unions this week, industry sources said Tuesday.Breaking a 50-year streak of adherence to an anti-union stance, it marks the first time that the country’s largest family-run conglomerate will allow the establishment of a union under the federation. It already has three small labor unions. Around 400 Samsung employees are rumored to have signed up for the fourth union. The company di

The competition to join the C-suite is higher at major banks than at top-tier conglomerates such as Samsung Electronics and Hyundai Motor, data showed Tuesday.When it comes to the four major sectors of the financial market -- banks, insurers, brokerages and credit card companies -- executives accounted for 2,969 of the 23,595 employees as of the end of June, or 1.3 percent, according to the Financial Information Statistics System of the market watchdog Financial Supervisory Service.The correspon

GS Caltex said Tuesday it is the first South Korean oil refiner to take part in the launch of ICE Futures Abu Dhabi, a new exchange in the United Arab Emirates. The company has signed a deal with Intercontinental Exchange, an American company that owns exchanges for financial and commodity market exchanges, along with nine other energy traders for the launch of the exchange. The other large energy firms include Abu Dhabi National Oil Co., BP, Shell, Total, Vitol, Petrochina, Inpex, JXTG and

Posco announced Tuesday the launch of Innovilt, an integrated brand of its premium construction steel materials. The materials are used in buildings and other infrastructure projects. Posco said its new integrated brand will help not only construction experts but also end-users easily recognize and select the materials. “We are trying to cope with challenges such as oversupply of steel and slowing economic growth index through the integrated brand,” said Jang In-hwa, head of Pos

South Korean cable maker Taihan Electric Wire was chosen as the top-quality power manufacturer of the year by the Korea Electric Power Corp., according to the firm Tuesday.Taihan said its underground cables for distribution received an award at the 2019 BIXPO Awards hosted by Kepco in Gwangju last week. The evaluation was made based on quality factors such as defect rate, failure rate, electricity quality and violation of fair trade. Taihan was selected as one of the top 10 manufacturers am

CEO Ko Han-sung expects over W1tr in revenue for the year, on back of sales of Humira-biosimilar Imraldi in Europe

HDC Chairman Chung Mong-gyu dubs Asiana acquisition as step toward becoming mobility group