Kakao Games said Thursday its application for initial public offering has received the greenlight from the Korea Exchange (KRX), the nation’s sole bourse operator. According to the South Korean game company, the KRX approved Kakao Games’ application for preliminary qualification examination for listing on the second-tier Kosdaq. “As Kakao Games’ stocks are evaluated as blue chip stocks, the IPO will be fast-tracked, cutting the review period from 45 working days to 3

S-Oil on Friday posted an operating loss 164.3 billion won ($136.7 million) in the second quarter this year, getting back on its feet after suffering its worst-ever operating loss of 1 trillion won in the previous quarter. According to regulatory filings, the Korean refiner witnessed its operating loss decline 84.6 percent to 164.3 billion won in the second quarter compared to an operating loss of 1 trillion won in the previous quarter. In the same period, its net loss dropped 92.4 percent t

When NCSoft changed its corporate identity to “NC” at the start of the year, it had no idea what was coming. However, it couldn’t have chosen a better time to do so, as its new corporate identity serves as a compass to navigate the ongoing coronavirus outbreak. In January, the Korean game company dropped “Soft” and renewed its company logo to “NC.” The new logo represents the company’s three core philosophies of craftsmanship, enthusiasm and en

Smilegate said Thursday that it has officially launched its mobile tank battle game Super Tank Blitz in 142 countries. According to the South Korean game maker, the casual sandbox game is the follow-up to Super Tank Rumble, launched in 2017, which scored more than 20 million downloads worldwide. In the game, users can make their own tanks with different parts and engage in battles with other users. They can also share the blueprints of their tanks. A sandbox game is a video game with a game

Even the best of intentions can fall flat without full attention to vital details. The Korea Herald looks into flaws and shortcomings of Korea’s green policies. – Ed.  The definition of a government subsidy is simple: public funds granted to a domestic industry to maintain price competitiveness. However, the South Korean government’s renewable energy subsidy program launched in 2012 is doing just the opposite. Last month, the country’s largest solar power plan

Hanwha Energy and Korea Midland Power (Komipo) said Wednesday they signed a deal in Nevada to supply electricity generated by solar power to 36,000 households. According to the energy affiliate of Hanwha Group and the state-run utility, they signed a solar power purchase agreement with a local public utility NV Energy. Under the deal, Hanwha Energy and Komipo will generate electricity from solar power plants of 128-megawatt capacity linked to an energy storage systems of 233-megawatt-hour

Due to coronavirus setback, a game festival kicked off Wednesday in virtual space for the first time in South Korea. According to industry sources, “2020 Indie Craft K-Game Festival” will be held for five days until Sunday in a virtual space created by a game engine as holding the event offline was unviable due to concerns over the COVID-19 outbreak. Visitors can enter the virtual festival after creating their own 3D avatars. Then, they can visit booths, have conversations with

Korea Aerospace Industries said Tuesday it signed an exclusive supply contract worth $754 million to supply wing parts to Boeing 787 aircraft from 2022 to 2038. South Korea’s sole aircraft manufacturer extended its exclusive supply contract with Japanese transportation conglomerate Subaru to supply wing parts called “center wing box” for the B787 aircraft. The contract will remain valid until Boeing stops making the aircraft, according to the company. A wing box is a stru

The coronavirus pandemic is turning out to be a blessing in disguise for game companies who are staying resilient in South Korea, with Kakao Games’ market valuation soaring -- a blessing in disguise after its failed attempt for an initial public offering in 2018. According to over-the-counter trading platform Pstock, Kakao Games’ market value soared to 2.8 trillion won ($2.3 billion) as of Friday from 1.7 trillion on June 11, when it applied for a preliminary IPO examination on th

Volvo Cars Korea said Monday it will no longer offer pure diesel or gasoline cars starting with its 2021 models and instead sell only hybrid cars. According to the automaker, Volvo cars will be available only in mild hybrid or plug-in hybrid vehicles starting with its 2021 models in Korea, as it aims to become carbon neutral by 2040. Korea will be the first country where Volvo won’t sell pure diesel cars at all, the company said. Volvo Cars Korea will replace D5, T4, T5 and T6 inte

The South Korean Fair Trade Commission has launched an internal review of Tesla’s advertisement that describes the car’s autopilot function as self-driving technology, according to industry sources Sunday. The watchdog is examining whether Tesla violated fair labeling and advertising laws, and has made inquiries into the Trade Ministry and related authorities regarding self-driving technology. The FTC’s decision came amid growing controversies over Tesla’s misleadin

Korea Gas Corp. said Sunday it would set up a joint venture with Hyundai Motor Group to build and run integrated hydrogen charging stations after signing a memorandum to expand sustainable hydrogen infrastructure and boost competitiveness in the hydrogen business. According to the state-run natural gas company, the integrated hydrogen charging stations can accommodate eco-friendly vehicles that run on hydrogen, liquefied natural gas and electricity. Also, they can produce, charge and sell hy

Smilegate said Thursday a 36-episode drama series based on its first-person shooter game CrossFire will be broadcast in China starting Monday. Launched in 2007, CrossFire is the most popular FPS game in China, with accumulated global revenue of 12.6 trillion won ($10.4 billion). According to the South Korean game maker, CrossFire is the first Korean game played professionally in an esports competition to be turned into a drama series. Smilegate and Chinese drama production company Youhug Me

Controversy is brewing over the South Korean military’s decision to alter rules in relation to key parts for K2 tanks that had failed previous test numerous times. According to the Defense Acquisition Program Administration on Thursday, it will run another test on a tank transmission system built by a domestic company S&T Dynamics based on revised terms. The system failed performance tests six times in 2014. DAPA’s change of test rules is seen as an attempt to materialize the

SK Gas said Thursday it has introduced its first Eco Station, a hydrogen and liquefied petroleum gas charging station equipped with café, unmanned convenience store and premium DIY car washing facility. According to South Korea’s leading LPG supplier, it opened its first Eco Station in Namdong-gu, Incheon. The Eco Station, which was previously an LPG charging station, added a hydrogen charging facility last November and recently installed unmanned CU convenience store and DIY ca

Unity, a licensed game engine, is in full throttle in South Korea as the domestic industry is seeking a major shift to the mobile sphere with the engine. According to Unity Technologies Korea, eight mobile games that have been or will be launched in Korea this year are based on its game engine as increasingly more companies here are making mobile versions of their popular PC games. “Unity’s game engine, optimized for mobile game development, is supporting legendary games that w

South Korea’s Lotte Chemical took home three awards at the Red Dot Design Award this year, the company said Wednesday. Arranged by Germany’s Design Zentrum Nordheim Westfalen, the Red Dot Design Award is one of the three most recognized design awards alongside the iF Design Award and IDEA Design Award. According to Lotte Chemical, its multi layered 3D lighting effect was crowned Best of the Best in the surface and design category. Lotte designed the effect by applying laser beam

S-Oil said Wednesday it has provided 60 million won ($49,975) to 31 firefighters who have suffered injuries during their missions, continuing its support of firefighters for 12 consecutive years. According to the South Korean refiner, it recently held a donation ceremony with the Korea National Council on Social Welfare at the Mapo Fire Station in western Seoul, and distributed the amount among 31 firefighters injured during firefighting, rescue and first aid missions. Since 2009, S-Oil ha

LG Chem said Tuesday that it has filed a criminal complaint with the prosecution against SK Innovation, accusing it of stealing trade secrets concerning electric vehicle batteries. The SK Group affiliate is already being probed by the South Korean police and the US International Trade Commission. According to LG Chem, it filed the complaint with the Seoul Central District Prosecutors’ Office last week because the Seoul police investigation -- upon its complaint in May last year -- is

President Moon Jae-in’s push for hydrogen economy has created a perfect window for Korean conglomerates to create synergies with their affiliates and find a new growth engine in the burgeoning industry. On Tuesday, President Moon, who aims to roll out 6.2 million hydrogen vehicles and 1,200 charging stations by 2040, held a videoconference with Hyundai Motor Group Executive Vice Chairman Chung Euisun to discuss specific plans to take the lead in the global hydrogen vehicle market and t