What was once deemed to be the biggest deal in the industry -- the sale of Nexon, Korea’s biggest game company by revenue -- reportedly came to a sputter, Wednesday. Kim Jung-ju, the CEO of Nexon’s holding company, NXC, reportedly put the brakes on the sale of his and his wife’s 98.64 percent controlling stake in NXC due to unsatisfactory offers from bidders, the Korea Economic Daily reported.Nexon Korea was unable to comment on the matter. NXC owns 47.98 percent of shares

The World Health Organization’s adoption of the classification of gaming disorder as a clinical condition has cast ripples across the worldwide gaming industry since May.The pushback continued in Seoul on Tuesday, with a committee opposing the disorder’s domestic adoption hosting an emergency press conference to criticize the tens of billions of won in government budget thus far assigned to research aimed to “prove” the side effects of video gaming. They accused the gover

Daewoong Pharmaceutical’s liver pill Ursa is under fire for an allegedly misleading TV commercial. Daewoong on Monday denied accusations brought by a doctors’ group called the Barun Medicine Institute, saying that it was a coincidence that the TV commercial in question had ceased to air. For future commercials, the company plans to remove a controversial line that purports the efficacy of Ursa for liver patients. A Daewoong representative told The Korea Herald this is being done to a

Merck, a global pharmaceuticals company with a corporate history spanning 350 years, has launched a student ambassadors campaign titled “Merck Young Supporters” in Korea, the company said Monday. The five-month program offers 16 selected university students the opportunity to develop their interests in life science industry issues and promote Merck’s brand image in the process, Merck said.  “Through the ‘Merck Young Supporters’ campaign, Merck is pioneeri

Hyundai Motor Group’s “The Quiet Taxi” commercial won the Silver Lion at the 2019 Cannes Lions International Festival of Creativity, the group said Sunday. Global advertisement agency Innocean Worldwide produced the film, with Jeremy Craigen as the chief creative officer.Touted as the world’s biggest celebration of creative advertisements, the 66th Cannes Lions took place in France from June 17 through Friday. Over 30,000 commercials from 89 countries competed.The award-w

Hyosung Group Chairman Cho Hyun-joon met with Vietnam’s Deputy Prime Minister Vuong Dinh Hue on Wednesday during the latter’s visit to Seoul to discuss collaborative growth measures, Hyosung said Thursday.According to Hyosung, the chairman had asked for the Vietnamese government’s support for Hyosung’s polypropylene plant in the southeast region of Ba Ria Vung Tau and the tire cord plant in Quang Nam province in central Vietnam, which are currently under construction.&nbs

Kumho Tire has introduced its premium brand Majesty9 in Nanjing, China, for local dealers, the company said Thursday. With the launch of the latest premium products, the company said it anticipates to improve sales performance in mainland China and be profitable in the second quarter. Kumho Tire’s Chinese unit had recorded an operating profit on its own accord for the first time in 30 months in May, its fifth consecutive month of being in the black.  The tire company said that if this

Convenience store chain 7-Eleven said Thursday it has has signed a memorandum of understanding with Korea Electric Vehicle Charging Service. Under the MOU, 7-Eleven will collaborate in installing EV charging stations at its stores. The company plans to build four charging stations in the capital region and two in provincial cities by September. Jung Seung-in, CEO of Korea Seven, the local operator of 7-Eleven chain, explained that the MOU was triggered by the change in consumers’ choice of

Riot Games Korea and the Overseas Korean Cultural Heritage Foundation unveiled 19th century royal relics retrieved from overseas Wednesday at the National Palace Museum of Korea.The treasures returned to Korea this time are a square-shaped 19th century white porcelain jar with the inscription of the palace Idonggung and a stamp with an auspicious beast for a handle to represent the palace Junghwagung. The National Palace Museum of Korea will look after and study the artifacts. The OKCHF sai

SK Holdings’ US subsidiary Ampac Fine Chemicals celebrated the opening of its contract development and manufacturing facility with production capacity of 180,000 liters in Petersburg, Virginia, on Sunday. SK Holdings acquired AFC in July 2018, marking the first global acquisition by a Korean pharmaceutical firm. At the time, industry insiders reportedly viewed the acquisition as a milestone for a Korean pharma firm to acquire a 100 percent stake in AFC, a contract development and manu

The 2019 Herald Business 氣 UP Forum on Monday called for bold innovations in the manufacturing and service sectors, and business buoyance through the governmental regulatory sandbox. South Korean Prime Minister Lee Nak-yeon and Herald Corp. CEO Kwon Chung-won gave welcoming remarks at the forum that was held at the Korea Chamber of Commerce and Industry.This is the third year the Herald Business, a Korea Herald sister company, is holding the 氣 UP Forum. The name is a play on words that construct

The fundamental role of forestry in mitigating climate change and natural disasters, and its potential to create jobs and promote regional peace will be highlighted at a gathering of Asia-Pacific forest experts and officials taking place in South Korea this week.  Ko Ki-yeon, the director general of International Affairs Bureau at the Korea Forest Service, told The Korea Herald that regional efforts on redefining forests and forestry would be discussed at the Asia-Pacific Forestry Week 2019

Samsung BioLogics on Friday apologized for the destruction of evidence related to alleged accounting fraud involving its affiliate Samsung Bioepis. Samsung BioLogics and Samsung Bioepis said in a joint statement, “We deeply regret the unsavory circumstances resulting from disgraceful acts such as the destruction of evidence.” “We feel gravely responsible for the arrest of our officials and the subsequent difficulties in management,” they added. “In order to prevent

GC Pharma and affiliate GC LabCell said Thursday they have jointly established a cell therapy development company called Artiva Biotherapeutics. Artiva Biotherapeutics was launched in March in San Diego, the US, with GC Pharma and GC LabCell holding 56.67 percent and 37.77 percent stakes, respectively. “This research and development body is to globalize the cell treatment being developed centering on GC LabCell,” a representative from GC Pharma said.Artiva Biotherapeutics will focus

To promote its 8K display technology, Samsung Electronics sponsored the 8K Display Summit, a gathering of industry experts in Manhattan, New York City, the company said Wednesday.“With the rapid expansion of 5G wireless network technology, (the) 8K display market is expected to make great strides,” said Sonia Chen, director of display marketing at Samsung Electronics’ Device Solutions America, at the event. “In particular, it will receive the spotlight among the millennia