Naver Webtoon, the digital comics platform operator under South Korean internet business giant Naver, on Thursday announced the launch of its new unit “Studio N,” which will take charge of translating popular webtoons into new films and drama series.Formed with 100 percent funding from Naver Webtoon, Studio N will work with media production companies to develop and release films and TV dramas based on the intellectual property of popular webtoons. Naver Webtoon CEO Kim Joon-Ku (Naver)The new sub

BUILDING HOPE -- South Korea’s leading tobacco maker KT&G’s overseas volunteer team comprising 54 university students and employees pose for a photo after completing the 10-day construction of a community center and sports facilities at a village in Cikarang, Indonesia. KT&G has sent 41 volunteer teams since 2005 as part of the company’s corporate outreach. (KT&G)

South Korean food manufacturer Dongwon F&B said Thursday that it has clinched a deal with Thailand-based food giant Charoen Pokphand Foods to boost its export opportunities. A partnership agreement ceremony was held at CPF’s headquarters in Bangkok on Thursday, attended by executives including Dongwon F&C CEO Kim Jae-ok and CPF CEO Sukhawat Dansermsuk.CPF is a food affiliate of Thailand’s Charoen Pokphand Group, which operates subsidiary companies in such sectors as food, retail, finance and tel

Samsung Electronics will start taking preorders for the upcoming flagship Galaxy Note 9 smartphones one day earlier than before in order to boost its sluggish smartphone sales, according to the industry on Thursday. The South Korean phone manufacturer was set to unveil its second flagship smartphone for the year in New York at midnight on Thursday, and begin the preorder process Monday in the Korean market. Korean mobile carriers had been planning to embark on receiving reservations for the new

Kakao, operator of South Korea’s top-used mobile messenger KakaoTalk, said Thursday it posted record-high revenue in the second quarter, but its operating profit dropped 38 percent due to heightened marketing and investment costs.During the April-June period, Kakao’s revenue reached 588.9 billion won ($526 million), up 25.7 percent from the previous year. Operating profit in the quarter came to 588.9 billion won, down 38.2 percent on-year, the company said in its earnings report.Kakao attributed

Ecuador wants to learn from South Korea's rapid economic development and expand trade and investment opportunities between small and medium enterprises of the two nations, a government policymaker from the Latin American nation said.Eva Garcia Fabre, Ecuador's Minister of Industries and Productivity, expressed the hope after signing a memorandum of understanding on SME cooperation with Choi Su-gyu, South Korean vice minister of SMEs and startups, at the Ecuadorian Embassy in Seoul on Wednesday.

Netmarble Games, South Korea's No. 1 mobile game developer and publisher, said Wednesday that its second-quarter operating income decreased 40.8 percent on-year.Operating income came to 62.2 billion won ($55.5 million) during the April-June period, and net income also shrank 15.1 percent on-year to 66.3 billion won, the company said. (Netmarble Games)Sales also decreased 7.3 percent on-year to 500.8 billion won during the cited period, while sales from overseas markets witnessed growth, Netmarbl

Angry BMW owners to seek criminal probe against automaker over engine firesA group of BMW owners will file a complaint with police this week seeking a criminal investigation into top officials at the local unit of the German carmaker over a recent series of fires in vehicles, a law firm representing the plaintiffs said Wednesday. Johann Ebenbichler (Yonhap)Barun Law LLC said it plans to lodge a complaint on behalf of 20 BMW owners and one victim of a BMW vehicle-related fire with Seoul Namdaemun

On the Bar is a regular column written by attorneys at Yoon & Yang LLC on various laws and regulations that affect running a business in Korea. The content provided here is general legal information. -- Ed.As of May 28, 2018, the amended Minimum Wage Act was passed, with the intended effect of promoting the increase of the minimum wage to 10,000 ($9) won per hour by 2020 and an immediate raise of the minimum wage for 2018 to 7,530 won (monthly 1,573,770 won). This is 16.4 percent higher than 201

Paju expresses interest in becoming hub for inter-Korean economic exchanges

Tech titan to hire 40,000 employees, invest in new AI, 5G, pharmaceuticals, car electronics

Pizza Hut Korea said Wednesday it has launched a test operation of a robot to serve food to customers as the company moves to strengthen its competitiveness with cutting-edge technologies. The robot, dubbed Dilly Plate, was unveiled at one of its stores in western Seoul on Monday for a two-week test run, marking the first case of adopting such technology in the country's dining industry, the company said. (Yonhap)Developed by Woowa Brothers Corp., a Korean startup that operates the food delivery

Hotels in Seoul and its vicinity are showing higher occupancy this summer as vacationers take refuge from record heat at accommodations not too far from home, their business data indicated Wednesday.Resort-style hotel Banyan Tree Club and Spa Seoul said its package sales rose 3 to 5 percent this summer compared to the same season last year. Shilla Seoul said its reservation rate in July was up more than 10 percent from a year ago. Poolside at the resort-style hotel Banyan Tree Club and Spa Seoul

Hur Hee-soo, vice chairman of South Korean confectionery and bakery company SPC Group, was nabbed Monday for allegedly illegally smuggling and using liquid marijuana in Korea, prosecutors announced Tuesday. The Seoul Dongbu District Prosecutors' Office also said it is looking into how Hur brought in the contraband and whether there was an accomplice. Use of cannabis is strictly banned under Korean law.  Hur Hee-soo (SPC Group)SPC Group said Hur was removed from his posts in the family-run conglo

Long-held debate over the need to widen the punitive damages system here has reignited following cases of BMW sedans catching fire, which have prompted legal action by consumers. The Ministry of Land, Infrastructure and Transport said Tuesday it would aim to add punitive damages under the current automobile management act together with the Fair Trade Commission within the month.“A slew of problems surfaced leading up to BMW’s recall and after the recall was announced, which has led us to review