NCSOFT to spin off units amid financial struggles

SEOUL, October 21 (AJP) - NCSOFT Corp., a South Korean online game developer, has decided to spin off its artificial intelligence research unit and three game development teams amid declining earnings and underperforming new titles. The company made the announcement Monday in a regulatory filing after an extraordinary board meeting. Under the plan, its AI research division will become NC AI, while three game development teams will be spun off into independent studios: Studio X f

October 21, 2024

Doosan Group revives controversial plan to merge two subsidiaries

SEOUL, October 21 (AJP) - Korea's Doosan Group is reviving plans to merge subsidiaries Doosan Bobcat and Doosan Robotics, two months after abandoning the proposal amid investor and regulatory opposition. Doosan Robotics and Doosan Enerbility, Bobcat's parent company, said they held separate board meetings Monday and approved a restructuring plan, under which Bobcat, a construction equipment manufacturer, will be separated from its parent and affiliated under Robotics. Ene

October 21, 2024

UN pleads for humanitarian aid after nearly 90 killed in Gaza airstrike

SEOUL, October 21 (AJP) - Gaza's health ministry, run by Hamas, reported that at least 87 people were killed and over 40 injured in an Israeli airstrike on Beit Lahia in northern Gaza last Saturday. The ministry said that some people remained trapped under rubble following the strike on a residential area. Israel acknowledged the reports but claimed earlier casualty figures provided by Hamas were "exaggerated." The Israeli military has been heavily bombarding northern

October 21, 2024

Putin hails UAE's role in prisoner exchanges, discusses Middle East conflict

SEOUL, October 21 (AJP) - Russian President Vladimir Putin expressed to the visiting UAE president on Sunday that the relationship between their countries had reached the level of a "strategic partnership." He also thanked the UAE for its mediation efforts in facilitating prisoner exchanges with Ukraine. It is reported that Putin hosted a dinner for President Sheikh Mohammed bin Zayed Al Nahyan at his residence, where they are set to hold formal discussions on Monday cover

October 21, 2024

Event marks 68th anniversary of Hungarian Revolution in Seoul

SEOUL, October 21 (AJP) - A special event commemorating the 68th anniversary of the Hungarian uprising was held in central Seoul last Friday. Hosted by the Hungarian Embassy in Seoul, the event, also celebrating the 35th anniversary of its diplomatic relations with South Korea, gathered over 200 participants and guests including foreign dignitaries and business leaders. Hungarian Ambassador to South Korea István Szerdahelyi stressed the significance of the Hungarian Revolu

October 21, 2024

Jewelry, watches drive luxury sales rebound in Korea

SEOUL, October 21 (AJP) - Jewelry and watches are driving a sharp recovery in South Korea's luxury goods market this year, according to industry data released Monday. Three major department stores reported overall luxury sales rebounded this year, with quarterly growth rates around 10 percent. The market expanded 22.3 percent in 2022 and 5.8 percent in 2023. Hyundai Department Store saw jewelry sales increase 33.5 percent, 29.9 percent and 33.4 percent in the first three quar

October 21, 2024

Seoul summons Russian envoy over North Korea's alleged troop deployment

SEOUL, October 21 (AJP) - The Foreign Ministry here on Monday called in Russian Ambassador to Seoul Georgy Zinoviev to lodge a formal complaint over North Korea's alleged troop deployment to Russa to support its war in Ukraine. First Vice Minister of Foreign Affairs Kim Hong-kyun expressed concerns over the deepening military alliance between the two countries, from military equipment to troop deployment, which violates the UN resolutions. Zinoviev said he has "carefully

October 21, 2024

Indonesia postpones mandatory halal certification for imported foods, smaller firms

SEOUL, October 21 (AJP) - Indonesia has postponed mandatory halal certification for imported food products by up to two years. The Halal Product Assurance Agency (BPJPH), under the Ministry of Religious Affairs, began enforcing mandatory halal certification for domestic food and beverages Friday. However, small businesses have until Oct. 17, 2026, to comply and for imported products, the requirement will be determined by the religious affairs minister no later than Oct. 17, 2026

October 21, 2024

Pyongyang stays mum over reports of North Korean soldiers in Russia

SEOUL, October 21 (AJP) - North Korea has remained silent about recent allegations regarding its troop deployment in support of the war in Ukraine. The National Intelligence Service (NIS) here said last Friday that North Korea decided to dispatch around 12,000 troops to support Russia and has already begun deploying its first batch of special forces troops to the far eastern Russian city of Vladivostok, where they are being prepared to join the frontline. As of Monday, neither N

October 21, 2024

KB Kookmin Bank opens two new branches in India

SEOUL, October 21 (AJP) - KB Kookmin Bank opened new branches in Chennai and Pune, two key economic hubs in India, on Monday. With these additions, the bank now operates three branches in India, including its Gurugram branch, which opened in 2019. This expansion follows four months after the Reserve Bank of India granted final approval for the new branches in June. The Korean bank explained that Chennai serves as a commercial and manufacturing hub in southern India. Pune in weste

October 21, 2024