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March 19 (Asia Today) — South Korean game companies are increasingly taking popular intellectual property beyond screens, launching immersive offline experiences to deepen engagement and diversify revenue.

The shift reflects efforts to reduce the industry’s reliance on new game releases, which can drive sharp swings in earnings. By combining well-known titles with venues such as aquariums and theme parks, companies aim to boost profitability while strengthening brand loyalty.

Experiential offerings typically include photo zones, merchandise sales and live events, creating both direct revenue and indirect benefits by encouraging players to return to games. Industry officials say the approach also opens the door to expansion into animation, performances and theme parks.

Devsisters will host “Cookie Run in Lotte World Aquarium: Ocean Adventure” from Thursday through June 7, transforming multiple floors of the aquarium into nine themed zones. The event blends eight signature Cookie Run characters with marine life, offering visitors an interactive storyline.

The exhibition also introduces an augmented reality stamp tour, allowing visitors to play mini-games on their smartphones and receive rewards such as character voice messages. Merchandise tied to the franchise will be sold on-site.

The company plans additional tie-ins, including a collaborative program at the “Sky Run,” a 123-floor vertical marathon at Lotte World Tower on April 19.

Nexon is pursuing a similar strategy with “MapleStory in Lotte World,” running through June 14 in Seoul’s Songpa district. The event features a themed “Maple Island” zone, along with recreations of in-game locations such as Henesys and Arcana.

Visitors can import or customize their in-game characters at dedicated experience zones. The event also includes retro gaming areas and themed products such as a “Red Potion” drink inspired by in-game items.

Other major firms are following suit. Krafton has operated pop-up stores based on “PUBG: Battlegrounds,” while Netmarble has hosted events featuring its “Kungya Restaurants” franchise.

“As pop-up stores, exhibitions and collaborations expand, game-based cultural content will become more diverse,” an industry official said.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260319010005893

Caracas, March 20, 2026 (venezuelanalysis.com) – The US Treasury Department has issued a new sanctions waiver as the Trump administration seeks to deepen US control over Venezuela’s oil sector.

General License 52 (GL52), published on Wednesday, authorizes US entities to engage in transactions with Venezuelan state oil company PDVSA under conditions that limit Venezuelan sovereignty.

An updated FAQ from the Treasury’s Office of Foreign Assets Control clarified that the exemption allows US companies to engage in activities related to the exportation of Venezuelan-origin oil products, export diluents and inputs to Venezuela as well as enter into new contracts for oil and gas production.

However, in line with recent US licenses, GL52 mandates that all tax, royalty, and dividend payments be made into US Treasury-controlled accounts.

Following the January 3 US military strikes and kidnapping of Venezuelan President Nicolás Maduro, the Trump administration has taken control over Venezuelan crude exports while imposing conditions favorable to Western energy conglomerates.

Thus far, Washington has returned US $500 million out of an initial January deal worth $2 billion. US authorities have also confirmed Venezuelan imports of US-manufactured medicines and medical equipment. Trump officials had vowed that US energy revenues could only be used for purchases from US suppliers and that Caracas would need to submit a “budget request” to access its funds.

The White House issued GL52 amid soaring energy prices caused by the US and Israeli war against Iran. Tehran has responded to massive bombings by targeting US military assets in the region and closing the strategic Strait of Hormuz.

Last week, the US Treasury amended licenses to allow US imports of fertilizers from Venezuela, as well as repair works in the South American country’s electric grid. Venezuela’s electrical infrastructure remains in a precarious state after years of US sanctions, and expanded power capacity is a precondition for recovery of the oil industry.

Despite the broadened waivers for corporations hand-picked by the White House to engage with Venezuela, PDVSA and its subsidiaries remain under financial sanctions, while third-country firms risk secondary sanctions should they enter into agreements without a US Treasury special license.

In late January, Venezuelan authorities approved a pro-business overhaul of the country’s Hydrocarbon Law, granting private companies reduced fiscal responsibilities, increased control over production and exports, and the possibility of taking disputes to international arbitration bodies.

Chevron and Shell, with US Treasury approval, were the first companies to take advantage of the new incentives. Chevron’s Petropiar joint venture with PDVSA was granted a new 500 square-kilometer bloc to drill for extra-heavy crude in the Orinoco Oil Belt, while Shell is set to take over light and medium crude and natural gas operations in the eastern state of Monagas.

Last week, European energy giants Eni and Repsol, who were also given the inside track by the White House, announced an agreement with the Venezuelan government for the development of the Cardón IV offshore natural gas project.

Eni and Repsol each own 50 percent stakes in Cardón IV, which has been in operation since 2009. Neither firm nor Caracas offered details on the renewed agreement, though both enterprises had lobbied for improved conditions and mechanisms to recoup accumulated debt due to US sanctions.

According to Bloomberg, ONGC Videsh (India), Maha Capital AB (Sweden), and J&F Investimentos (Brazil) are among the companies likely to receive special licenses for involvement in Venezuela’s oil sector as Washington seeks to counter rising crude prices. Nevertheless, analysts stress that the Venezuelan oil industry does not have the capacity to significantly ramp up output in the near future.

On March 11, the Trump administration formally recognized Acting President Delcy Rodríguez as Venezuela’s “sole authority,” days after Venezuela and the US reestablished diplomatic ties following a seven-year hiatus.

On Monday, Rodríguez appointed new executive boards for PDVSA’s US-based affiliates, including refiner CITGO. Asdrúbal Chávez, who held multiple roles in both PDVSA and CITGO since the 2000s, was picked as president of CITGO and its parent company, PDV Holding. At the time of writing, US authorities have not commented on the proposed new leadership for the companies, which had been run by the US-backed opposition since 2019.

CITGO is currently in the closing stages of a court-mandated auction that will see Venezuela lose ownership of its most prized foreign asset to address creditor claims against the country. The sale to Amber Energy, a subsidiary of vulture fund Elliott Management, is pending authorization from the US Treasury Department.

Edited by Lucas Koerner in Fusagasugá, Colombia.

March 18 (UPI) — Korea Hydro & Nuclear Power said Wednesday that new CEO Kim Hoe-chun has officially taken office to lead the state-run company over the next three years.

The chief executive said that he would establish a dual-track strategy of focusing on large-scale nuclear reactors and small modular reactors, or SMRs, at the same time to gain a stronger foothold in the global market.

SMRs refer to next-generation nuclear power plants, which are smaller but considered safer than traditional massive reactors. Korea Hydro & Nuclear Power, or KHNP, has worked on its own models, known as “innovative SMRs.”

“We will successfully carry out already secured overseas projects while pursuing tailored bidding strategies to enter new markets,” Kim said during an inauguration ceremony at the firm’s head office in Gyeongju, around 180 miles southeast of Seoul.

“We will develop the KHNP-style integrated management model as an export product and take a leading position in the international nuclear power market through innovative SMR technologies,” he said.

In June 2025, KHNP signed a contract to build two nuclear reactors in the Dukovany region of the Czech Republic. The agreement is estimated to be worth about $18 billion.

The company also has been competing with global players to win nuclear contracts in other countries.

Before taking the helm at KHNP, Kim spent decades at Korea Electric Power Corp., where he held a series of key positions after joining it in 1985. Between 2021 and 2024, he served as CEO of Korea South-East Power, an affiliate of KEPCO.

The United Nations is warning that rapidly escalating drone warfare in Sudan has killed more than 200 people in little over a week as schools, hospitals, and civilian infrastructure become targets.

March 4 (Asia Today) — Hyundai Motor and Kia said Tuesday they have launched an industry partnership to accelerate commercialization of their mobile robot platform MobED and expand a broader ecosystem for customized robotic solutions.

The automakers said they held a launch ceremony for the MobED Alliance at the 2026 Smart Factory and Automation Industry Exhibition at COEX in Seoul and began domestic sales of MobED.

The alliance includes Hyundai Motor and Kia’s Robotics Lab, parts suppliers such as Hyundai Transys and SL, robotics solution firms including LS Tira U-Tech and Gaon Robotics and related organizations including the Korea AI and Robotics Industry Association, the companies said.

Hyundai Motor and Kia described the alliance as a multi-party cooperation framework designed to meet demand for robot solutions that can be deployed quickly in industrial settings.

MobED is a compact mobile platform built on four independently driven Drive-and-Lift mechanisms in an eccentric structure designed to improve mobility on uneven ground, the companies said. The platform can be paired with different “top modules” for tasks including logistics delivery, patrol operations, research and video production.

Hyundai Motor and Kia said they plan to move beyond selling MobED as a stand-alone platform and instead work with specialized partners to provide complete, industry-specific solutions, targeting business-to-business and business-to-government markets.

Under the partnership model, Hyundai Motor and Kia’s Robotics Lab will provide the platform and core technologies, parts suppliers will provide components such as sensors, electronic systems and batteries and solution companies will handle deployment and services at worksites. Related institutions will support testing and adoption environments, the companies said.

The automakers said solution firms plan to develop 10 types of industry-specific top modules, including modules for logistics delivery, drone stations for patrol missions and advertising signage.

Hyun Dong-jin, head of Hyundai Motor and Kia’s Robotics Lab, said MobED will evolve into more advanced robotic solutions through the alliance and the companies will work with partners to expand what he called a “physical AI” ecosystem.

Hyundai Motor and Kia said MobED won a best innovation award in the robotics category at CES 2026 in January and the companies plan to expand applications that combine intelligent software and hardware in industrial settings.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260304010001126

The size of the Los Angeles City Council should increase from 15 to 25 seats, the city’s Charter Reform Commission recommended Thursday.

On a 9-2 vote, the commission backed the council expansion, with supporters saying that smaller ethnic groups, including Black and Asian American and Pacific Islander residents, would be better represented.

The council has consisted of 15 members since 1925, when the city had fewer than 600,000 residents, compared with 3.9 million today.

“I think we owe the people of Los Angeles to walk out of this room saying that we are a commission that’s concerned about equity, that we are a commission that is concerned about Black and AAPI folks who live in this city,” said Commissioner James M. Thomas, who supported the expansion.

The commission also recommended ranked choice voting, where voters list candidates in order of preference, for municipal elections beginning in 2032. The city should also establish a new position, chief financial officer, which would essentially be a title change for what is now called the city administrative officer, the commission recommended.

By April 2, the commission, which has been meeting since last July, must send all its recommendations to the City Council on changes to the city’s governing charter. The council will then vote on which changes will go before city voters as ballot measures in November.

Thursday’s meeting was packed with supporters of City Controller Kenneth Mejia, who feared that the commission would gut his office’s watchdog role.

Among the CFO’s duties would be preparing the city budget, advising the mayor on fiscal policy and producing revenue forecasts — duties currently under the CAO.

Tim Riley, owner of Heavy Water Coffee Shop in Chinatown, said trust in government is at an all-time low and urged the commission to keep the controller’s powers intact.

“Kenneth has been the only form of government that we have felt has represented us as a community,” Riley said.

City Administrative Officer Matt Szabo spoke briefly and confirmed his support for designating the CAO as the city’s chief financial officer, without impacting the controller’s office. The CFO role recommended by the commission does not take away any duties from the controller.

In 1925, each of the 15 City Council members represented about 38,000 residents. Now, each council district has an average of 265,000 residents. If the council grows to 25, each member would represent roughly 159,000 residents.

The commission did not discuss whether the council members’ salaries and office budgets should remain the same, potentially increasing costs for taxpayers.

Nick Caputo, who has been chronicling the charter reform commission‘s progress online, advocated during public comment for the commission to endorse more than 23 seats. The commission had debated for weeks about whether to go as low as 23 seats or as high as 31, settling on 25 as a compromise.

With smaller council districts, Caputo said, residents will be represented by people who know their neighborhoods better.

“I’m happy that they did go to 25,” Caputo said Friday. “I think that would be a tremendous boost for not just representation, but also you’ll get real specialists.”

Commissioner Carla Fuentes noted that three City Council members — Nithya Raman, Ysabel Jurado and Heather Hutt — have publicly supported expanding the council to 25.

“This is a huge moment for the commission,” Chairperson Raymond Meza said after Thursday night’s meeting. “We have been hearing from hundreds of stakeholders, academics, members of the public, other interested parties — and to be able to begin drafting charter language for the City Council to consider is pretty momentous.”

During the debate on ranked choice voting, Commissioner Diego Andrades explained that the city would no longer hold a primary election, which would save money. Instead, all candidates would run in a general election.

Commissioner Christina Sanchez expressed concern that non-English speaking voters and those in under-served communities might have trouble understanding the complexities, which drew ire from the crowd.

“Are you calling us stupid?” two people said.

The commission also passed a recommendation that the city should approve an ordinance for language accessibility and educating residents about the new voting system.

Two days earlier, the commission voted unanimously to bifurcate the duties of the city attorney, currently an elected official who prosecutes misdemeanors and represents the city in civil litigation. Under the commission’s proposal, an appointed city attorney would take over the civil litigation duties, while an elected city prosecutor would handle the misdemeanors.

The decision to bifurcate the position came after consulting with good governance groups, the public and city departments, Andrades said. The current system allows a city attorney eyeing higher office to potentially offer bad advice to a sitting mayor, and conflicts of interest could occur on issues like police-related settlements and misconduct, he said.

Times staff writer Dave Zahniser contributed to this report.

Feb. 24 (Asia Today) — Major South Korean food companies are expanding cost-cutting and restructuring efforts after operating profits fell by as much as 30% last year amid a domestic demand slump and rising costs, industry officials said Monday.

Lotte Wellfood is running a voluntary retirement program for some employees as part of efforts to streamline its organization, according to industry sources.

The program targets workers 45 and older with at least 10 years of service. In addition to statutory severance pay, eligible employees with 10 to under 15 years of service would receive 18 months of base pay, while those with 15 years or more would receive 24 months, officials said.

The package also includes a 10 million won ($7,500) re-employment support payment and up to 10 million won ($7,500) in university tuition assistance per child.

Lotte Wellfood said it plans to pursue growth strategies such as developing major brands and expanding global business operations while improving organizational efficiency.

Binggrae carried out a similar voluntary retirement program in January, citing cost increases and weakening consumption, according to industry sources.

CJ CheilJedang has also signaled tighter management. Chief executive Yoon Seok-hwan told employees in a message earlier this month that the company needs “disruptive change and innovation,” outlining plans for business restructuring, financial improvements and organizational culture reforms.

The restructuring push follows a downturn in earnings. Industry data show operating profit last year fell 20.6% at CJ CheilJedang, 30.3% at Lotte Wellfood and 32.7% at Binggrae compared with a year earlier.

Companies have faced pressure from raw material price volatility, higher logistics costs and slowing consumer demand. Executives have also cited stronger consumer resistance to price increases, limiting their ability to pass through costs.

Some analysts cautioned that repeated short-term cutbacks could weaken competitiveness over time unless companies deliver results from new growth initiatives.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260224010007289