The first 10,000 KT users to download the game streaming app will be given a two-month free trial period to play some 50 games on the app. A thumb-sized detachable mini joystick developed by Motion Queen, will be given out to them for free, allowing for an immersive gaming experience without requiring a Bluetooth connection, KT said.

The company is the third of three Korean communications firms to announce the 5G cloud game business. Before KT, LG Uplus joined hands with Nvidia and SK Telecom with Microsoft, to stream the latter’s’ games on mobile devices.

LG Uplus provides the games on subscription terms. The service is currently in tests and is projected to fully launch in January.

SKT is testing four streaming games for a limited number of players, and has yet to announce a specific launch date in Korea or a payment structure.

Subscription-based streaming service has been popular for music in the 3G network and video for 4G. It’s evident the next streaming entertainment contents for the 5G network will be gaming, said KT officials at the service launch announcement event.

“To download and play 50 games on One Store, one needs 240 gigabytes of memory on a mobile device. By introducing a streaming app, we have drastically cut that down to 30 megabytes,” said Park Hyun-jin, senior vice president of KT’s 5G business unit.

“Cost-wise, these 50 game titles were a combined 950,000 won ($816), but our streaming app will only charge a designated monthly subscription fee,” Park said.

The game market is reaching its limits, said Park, stressing that the subscription-based streaming is the future.

The monthly fee is yet to be decided, and KT is open to user suggestions.

“KT will employ cutting-edge computing technology to provide super low-latency network service,” said Sung Eun-mi, vice president of KT’s 5G service department.

The technology creates network hubs in different regions, as it doesn’t have to reroute from the capital Seoul. Users living in the provincial areas can experience faster connections. The service will start in Korea’s second biggest city Busan and later spread to other regions according to the spread of game streaming app use, Sung said.

For the game streaming service, KT has partnered with Taiwans’ streaming solution company Ubitus.

Ubitus is the largest cloud provider in Japan, and has NIT Docomo as a partner, said Ubitus’ CEO Wesley Kuo at the KT event.

In March 2018, Ubitus serviced streaming games to Nintendo Switch and in October, for Vodafone Italy. It also has a strategic partnership with Alibaba to launch a global cloud gaming total solution.

In Korea, Ubitus has Samsung as its strategic investor. YouTube co-founder Steve Chen is also an investor and a special advisor.

In the long run, some 100 games will be available on the platform, including Deepsilver’s first-person shooter game Metro 2033 Redux, SNK’s combat game King of Fighters XIII and Volition’s Saints Row IV.

KT plans to gradually expand its game subscription service to television and personal computers.

Global market analysis firm IHS Markit estimated the cloud gaming market will grow sixfold from 2018’s $387 million to 2023’s $2.5 billion.

By Lim Jeong-yeo (kaylalim@heraldcorp.com)

Nguyen Thanh Phong, chairman of the city People’s Committee, told a conference yesterday (December 20), “Developing trademarks and brand names for enterprises and their products is a sustainable advantage for them to affirm their position.”

Before attracting foreign companies, the city needs to ensure local players improve their competitiveness, innovate and, especially, develop brands and trademarks, he added.

Tran Vinh Tuyen, people’s committee vice chairman, said when the city has famous trademarks and brand names, its image and products would become globally renowned.

He instructed the city Department of Industry and Trade to set up institute a programme for developing such trademarks and brand names.

Phạm Thanh Kien, director of the Department of Industry and Trade, said, “Enterprises with products which have trademarks and brand names can sustain rapid growth in turnover and profit.”

Not only large companies but also small and medium-sized ones should pay more attention to this, he said.

“The department will continue to assist and train enterprises to address their problems in developing brands and, especially, trademark registration.”

It would help businesses take part in city promotion programmes that provide loans for developing and acquiring technologies, expanding production and entering global supply chains, he said.

Nguyen Quoc Thinh of the Institute for Brand and Competitiveness Strategy said HCM City needs several large enterprises to take the lead in developing trademarks and brands and then train others in the task.

The city’s brand name would develop based on its businesses’ brand names and trademarks rather than famous destinations, he added.

Nguyen Duc Son, CEO of US company Richard Moore Associates and chairman of Plato Academy, said the city and enterprises should apply international standards and new methodologies in branding.

Dr Vo Tri Thanh, a senior economist at the Central Institute for Economic Management (CIEM) and a member of the National Financial and Monetary Policy, said the city’s programme for developing brand names and trademarks should dovetail with the national branding strategy.

The conference was organised by the city People’s Committee. VNS

The first forum of the NKEC was organised by the Vietnam Chamber of Commerce and Industry (VCCI), Business Forum Newspaper and the relating municipal departments of Planning and Investment in Hai Phong City yesterday.

Spanning more than 15,000 sq.km, NKEC includes seven provinces and cities, Hanoi, Hai Phong, Quang Ninh, Hai Duong, Hung Yen, Vinh Phuc and Bac Ninh.

As NKEC’s three pillars, Hanoi, Quang Ninh and Hai Phong have three airports and 44 industrial parks that are home to many key industries such as cement, cars, electricity.

Nguyen Hong Long, Deputy Head of the Steering Committee for Enterprise Innovation and Development told the forum: “NKEC contributed nearly 32 per cent of GDP and 31 per cent of the national budget.”

Earlier, Prime Minister Nguyen Xuan Phuc said together with maintaining the role of a political, economic, cultural and scientific centre for Vietnam, the NKEC should develop as an another economic hub with breakthroughs that helps restructure the economy and foster growth.

The PM told NKEC to become the country’s hub of processing and manufacturing industries; hi-tech agriculture; information technology, tourism and other services and later become a trading centre of the region and the world.

Attracting the private sector, NKEC still needs much improvement

Most recently, the city of Hai Phong agreed an investment project with VinFast manufacturing and trading complex in Van Phong and Nghia Lo communes, Cat Hai District.

Nguyen Van Thanh, deputy chairman of Hai Phong People’s Committee said private groups such as Vingroup, Sungroup, Geleximco, FLC had so far invested VNĐ200 trillion (US$8.6 billion) in the city.

Next Hai Phong, Hai Duong Province also received an investment project for an automobile assembly and manufacturing factory of Ford Vietnam Co., Ltd.

Hung Yen Province also has been receiving huge capital inflows from real estate companies such as Vingroup, T&T Group, Hoa Phat.

In Quang Ninh District, Sungroup has built and operated the first private airport of Vietnam, Van Don International Airport at the total investment of VNĐ7.4 trillion.

Seeing the potential of the NKEC, Long said: “It still relies mainly on the foreign direct investment (FDI) sector.”

He also added the remaining problem of the economic region included uneven development among localities in the region with low index of the Provincial Competitiveness Index (PCI).

“There are two provinces in the top ten and five in the top 20 but there are also two provinces at the bottom of the list.”

According to the Planning and Investment Ministry, the growth rate of the service industry which is the motivation of NKEC’s development, was not sustainable.

It increased by 9.05 per cent in 2016 but only 7.54 per cent last year. Export growth in 2018 only increased by 20 per cent, lower than the rate of 31.2 per cent in 2017.

The forum aims to receive contributions, analysis and policy recommendations from leading economic experts, investment organisations, and the business community to develop solutions to strengthen the investment resources for NKEC. — VNS

The S&P 500 index had its biggest weekly gain since September and was on pace to gain 28% this year. The benchmark hit a new peak Friday, led by technology and health-care shares, while the Stoxx Europe 600 also reached all-time high. The Treasury yield curve remained near its steepest in more than a year, underscoring how recession worries have receded.

“If the economy is not rolling over and going into a recession ditch, and tame core consumer inflation is low at 1.6%, you can bet your bottom dollar the Federal Reserve is going to keep enough punch in the punch bowl to make sure that 2020 is going to be a super year for stocks,” said Chris Rupkey, chief financial economist for MUFG Union Bank.

Equity trading in the U.S. spiked as the session drew to a close as major indexes rebalanced and options and futures on indexes and stocks expired in what’s known as quadruple witching.

Investors have largely been in a holding pattern this week, buffeted by conflicting macro winds. President Donald Trump’s impeachment has morphed into a standoff, yet U.S. lawmakers managed to pass spending bills Thursday to avoid a partial government shutdown. The signing of a first-phase U.S.-China trade deal was set for January.

And while the logjam in U.K. politics is over, the prospect of a messy break from the European Union is back on the agenda. The pound saw its worst weekly decline in more than two years amid concern that Prime Minister Boris Johnson and EU negotiators will struggle to agree a trade deal next year. The euro also weakened.

India’s longer-dated bonds jumped after the central bank unveiled plans to mount something akin to the U.S. Operation Twist, which may help spur credit growth. Shares rose in Hong Kong and Seoul but fell in Tokyo, Shanghai and Sydney. Oil and gold slipped.

These are the main moves in markets:

Stocks

-The S&P 500 index increased 0.5% to 3,221.19 as of 4:02 p.m. New York time, the highest on record.

-The Dow Jones Industrial Average advanced 0.3% to 28,454.82, the highest on record.

-The Stoxx Europe 600 index jumped 0.8% to 418.40, the highest on record.

-The MSCI Emerging Market index gained 0.1% to 1,107.55.

-The MSCI World index of developed countries climbed 0.4% to 2,349.13, the highest on record.

Currencies

-The Bloomberg Dollar Spot index increased 0.2% to 1,197.49, the highest in more than a week on the biggest climb in almost four weeks.

-The British pound declined 0.1% to $1.3003, the weakest in more than two weeks.

-The euro decreased 0.4% to $1.1075, the weakest in more than a week on the biggest dip in more than six weeks.

-The Japanese yen weakened 0.1% to 109.49 per dollar.

Bonds

-The yield on 10-year Treasuries decreased less than one basis point to 1.92%, the first retreat in a week.

-The yield on two-year Treasuries gained less than one basis point to 1.63%, the highest in a week.

-Germany’s 10-year yield decreased two basis points to -0.25%.

-Britain’s 10-year yield dipped two basis points to 0.782%.

Commodities

-West Texas Intermediate crude declined 1.4% to $61.22 a barrel, the biggest drop in almost three weeks.

-Gold weakened 0.1% to $1,477.64 an ounce, the largest fall in a week.

Purchases, which account for about two-thirds of the economy, rose 0.3% from the prior month after adjusting for inflation, following a 0.1% increase in October, Commerce Department data showed Friday. That exceeded the median estimate in a Bloomberg survey of economists, while the nominal spending gain of 0.4% matched forecasts.

Consumers have carried the economy in 2019 amid fluctuations in trade policy, weakness in manufacturing and a pullback in business investment. While spending may still cool from robust gains in the previous two quarters, the figures suggest Americans can continue to fuel the record-long expansion next year amid a strong job market.

A separate report Friday from the University of Michigan showed consumer sentiment in December increased for a fourth month to the highest level since May, though was little changed from the preliminary reading.

Nominal personal income rose 0.5% in November from the prior month, exceeding the median estimate for a 0.3% gain, with wages and salaries advancing a healthy 0.4%. Inflation-adjusted disposable income rose 0.4% following a 0.2% drop in October, while the personal saving rate rose to 7.9%.

The gain in November spending was driven by new motor vehicles and health care, according to the report. The figures indicate consumption is stabilizing following softer-than-expected retail sales across some categories earlier this month.

Inflation remained short, though, of the Federal Reserve’s goal despite three interest-rate cuts this year. The personal consumption expenditures price gauge, which the Fed officially targets for 2% inflation, rose 0.2% from the prior month and 1.5% from a year earlier, with the annual change slightly above projections.

The core PCE price index, which excludes food and energy, increased at a 1.3% annualized rate over the past three months, though the 1.6% rise from a year earlier was above forecasts. Policy makers view the core gauge as a better indicator of underlying price trends and have said they’re also aiming for it to rise 2%.

The University of Michigan survey showed U.S. consumer expectations for inflation over the longer term fell to the lowest on record at 2.2%.

A separate Commerce Department report out earlier Friday showed Americans’ spending grew by more than previously reported in the third quarter, a change offset by a drag in inventories that left economic growth at a still-healthy but unrevised 2.1%.

Consumer outlays, which make up two-thirds of the economy, rose at a 3.2% annualized pace in the July-September period, up from a previously reported 2.9% gain, according to the Commerce Department’s third estimate of third-quarter gross domestic product released Friday.

The figures indicate spending was even more important than previously thought in helping the U.S. economy eke out a pickup from the second quarter’s 2% growth, as business investment fell by the most since 2015. Consumption is forecast to slow in the fourth quarter, however, and November figures due later Friday will give a sense of the depth of any weakness.

The change to the consumer-spending figure reflected upward revisions to spending on personal care and financial services, particularly portfolio management and investment advice. Inventories were revised lower on wholesale trade, especially nondurable goods, according to the report.

The change in private inventories dragged down the rate of GDP growth by 0.03 percentage point in the quarter, revised from a boost of 0.17 point.

Corporate profits fell 0.2% from the prior quarter, compared with a previously reported 0.2% increase. The prior estimate already reflected $6 billion in legal settlements with Facebook and Google.

Excluding the typically volatile trade and inventories components of GDP, final sales to domestic purchasers increased at a 2.2% pace that was revised from 2%. Economists monitor this measure for a better sense of underlying demand.

Earlier this month, economists surveyed by Bloomberg expected U.S. growth to cool to 1.6% in the final three months of the year before picking up slightly in 2020. At the same time, Boeing Co.’s decision to pause production of the grounded 737 Max jet will reduce first-quarter growth by about a half percentage point, several analysts estimated this week.

Inflation showed signs of a pickup in the third quarter though remains broadly muted. The personal consumption expenditures price index, excluding food and energy, rose at an unrevised 2.1% annualized pace in the period, up from 1.9% in the previous quarter.

Analysts project a year-over-year core inflation rate of 1.5% for November. The Federal Reserve targets 2% annual inflation based on the index including all items though officials look at the core measure for a better sense of underlying price pressures.

The central bank has issued guiding principles for mobile-banking security, which will not allow obsolete operating systems of smartphones to access banking services.

She said currently mobile banking has grown rapidly. There are about 55 million accounts registered to use mobile banking in the first nine months of this year, up from 41 million accounts last year, while financial transactions reached 3.2 billion items via mobile banking, up from 2.7 billion last year.

Mobile phones have become a more-important tool for financial transactions, she said.

However, risks stemming from malwares or fake applications also posed a threat to the system, she warned. Therefore, the central bank will require financial institutions to be more careful about the security of the system.

Banks will have to inform customers that they cannot use mobile phones with obsolete operating systems, such as Android software prior to version 4, and iOS of iPhone prior to version 8. These outdated operating systems are vulnerable to cyberattacks.

“Mobile phones run by an obsolete operating system would have limited access to mobile-banking services or could be totally banned in the future; mobile devices that have been jailbroken or rooted would also be prohibited,” she said. The iOS latest operating version is 13.3. Mobile phones run by the obsolete Android system is less than one per cent. An estimated 10,000 mobile phones have been jailbroken and currently are used to access banking services.

Banks would also be required to have more complicated settings for PIN codes and passwords in order to reduce the risk of being hacked.

The central bank would allow banks four months to make the necessary changes before the guiding principles are enforced in May next year, she added.

The registration period of the campaign is scheduled from December 11 to March 31, 2020. There were 71,531 registrants as of December 18, according to the bank’s president Chatchai Sirilai.

The government launched this campaign to reduce home-purchase costs with the offer of Bt50,000 in cash-back to each buyer on the down payment.

To be eligible, the buyer must have a monthly salary not exceeding Bt100,000 and included in the Revenue Department’s tax database of around 100,000 individuals under this category.