The amount of property and land owned by foreigners in Korea has inched up this year, with Chinese nationals owning the majority of homes, but Americans owned the majority of land. The Ministry of Land, Infrastructure and Transport released Friday a report on foreign-owned real estate, which showed that approximately 93,000 foreign nationals owned 95,058 homes in Korea as of the end of June, accounting for 0.49 percent of the total housing stock. This represents a 3.9 percent increase -- by 3,60

GIMPO, Gyeonggi Province -- South Koreans can now sip their Starbucks while taking in the rarest of views -- the shadowy realm of a forbidden land, North Korea. At a just-opened store, with seating for around 40 patrons, the glass walls frame panoramic vistas of Kaepung-gun and Songaksan in the North Korean city of Kaesong. It is located within the Jogang Observatory in the South Korean border city of Gimpo, part of the 154-meter-high Aegibong Peace Ecopark. This vantage point lies just 1.4 kilo

Samsung Electronics on Friday promoted a total of 137 executives in a year-end reshuffle, including tech-savvy executives with strong achievements in their respective areas, with a goal of reviving stagnant business performance. The total number of promotions is slightly down from last year’s 143, and includes 35 new vice presidents and 92 new managing directors. “Samsung Electronics carried out a major personnel reshuffle strictly based on the principle of meritocracy, with an aim t

The Moroccan Embassy in South Korea hosted an investment forum in Seoul on Thursday evening to bolster economic cooperation between Morocco and South Korea. Held under the theme “Morocco -- Sustainable Hub for Investment and Trade,” the event brought together government officials and industry leaders to explore new business opportunities and enhance bilateral relations between the two nations. In his welcoming remarks, Chafik Rachadi, ambassador of Morocco to Korea, emphasized the hi

South Korean steel giant Posco Group said Friday it has completed the construction of the second lithium hydroxide plant in Korea, which will drive up domestic production of this key material used in secondary batteries. The new facility, operated by Posco Pilbara Lithium Solutions, a joint venture, is located at the Yulchon Industrial Complex in Gwangyang, South Jeolla Province. It is the second of its kind after the first plant was constructed in November 2023. Each plant can produce 21,500 to

Incheon International Airport has completed the fourth-phase facility expansion, establishing itself as a megahub airport capable of accommodating over 100 million passengers annually. The Ministry of Land, Infrastructure and Transport and Incheon International Airport Corporation hosted a grand opening ceremony for the renewed airport at Incheon International Airport's Terminal 2 in Yeongjongdo, Incheon, Friday. “This project is a testament to Korea’s long-term planning,”

Renault Korea’s latest hybrid sport utility vehicle, the Grand Koleos, secured a 30 percent share in the domestic mid-size SUV market in October, the company announced Friday. Launched in August, the Grand Koleos E-Tech Hybrid sold 5,296 units last month, boosting Renault Korea’s total hybrid vehicle sales this year to 11,110 units -- a 634 percent jump from the same period last year. Powered by Renault’s E-Tech Hybrid system, the Grand Koleos combines a gasoline engine with du

South Korean design software developer Zyx Technology announced Friday that it had signed a memorandum of understanding with TMA Solutions to strengthen global collaboration and expand into the Vietnamese market. The agreement was finalized during a meeting in Seoul on Tuesday between Zyx Technology co-CEOs, Choi Jong-bok and Eom Shin-jo, and Park Hyo-geun, head of TMA Solutions’ Korea office. Established in 1997, TMA Solutions is a leading software outsourcing provider specializing in art

Woori Financial Group has nominated Jeong Jin-wan, Woori Bank's vice president overseeing banking for small and medium enterprises, to be the bank's next chief executive officer, Friday. The decision follows a two-month management succession process initiated in late September, in line with financial authorities' governance regulations. The group’s subsidiary CEO recommendation committee selected the vice president leading Woori Bank's Small and Medium Enterprises Group

By Baek Seung-bo South Korea's public procurement has grown to a market worth 210 trillion won (about $150 billion). Each year, central government agencies, local governments, and other public institutions spend this staggering amount procuring goods, services, and infrastructure. This represents nearly 10 percent of Korea’s GDP. With such an immense scale, it’s no surprise that the public procurement market involves numerous participants -- approximately 600,000 companies and

Hyundai Motor Group is expected to ramp up sales of hybrid electric vehicles in the US, bracing for US President-elect Donald Trump’s drastic EV policy changes, sources said Friday. According to Hyundai Motor Company and Kia, the two carmakers already sold 275,103 eco-friendly vehicles in the US from January to October this year, with HEVs accounting for 63.1 percent of these sales. Compared to last year, the cumulative sales until October have surged by 11.3 percent. Last month alone, Hyu

The Supreme Court has ruled in favor of a gamer who filed a lawsuit against Korean game developer Nexon for deceptively promoting the percentage of a loot box item in MapleStory, the mega-hit online game. The nation’s top court confirmed Thursday the appeals court ruling that ordered Nexon to give back 5 percent of the money a gamer surnamed Kim had spent on loot box items in the role-playing game Maple Story. It is the first time a court has sided with a gamer in a legal battle over in-ga

Korean logistics company LX Pantos announced Friday that it had signed a memorandum of understanding with Guiyang Logistics, a state-owned enterprise in southwestern China, to strengthen transport networks and enhance logistics services. The agreement was finalized after a meeting in Seoul on Thursday between LX Pantos CEO Lee Yong-ho and Hu Zhongxiong, secretary of the Communist Party of China Guiyang Municipal Committee. Discussions centered on expanding logistics collaboration between South K

The Global Youth Powerhouse Summit 2024 brought together leaders, innovators and young professionals in Hong Kong to tackle pressing global challenges and create new momentum for economic growth and innovation. Under the theme “Empowering professionals for a Global Initiative: A Voice from Hong Kong,” more than 200 participants attended in person at the Hong Kong Maritime Museum, along with 4,500 virtual attendees from over 30 countries. The inaugural summit, hosted by the Hong Kon

Hanwha Ocean has forged a strategic partnership agreement with Babcock International, a London-based defense company, aiming to expand its footing in the global shipbuilding market. Hanwha Ocean CEO and President Kim Hee-cheol, Babcock International CEO David Lockwood and other executives, including UK’s Second Sea Lord Nick Hine and Mark Goldsack, managing director of business growth and AUKUS at Babcock, attended the signing ceremony Thursday at the Korean shipbuilder’s headquarter

A growing wave of women entrepreneurs are reshaping South Korea’s highly competitive content industry, and the Pangyo Gyeonggi Culture Creation Hub has emerged as a central platform for fostering women-led startups in the sector. The hub, run by Gyeonggi Content Agency, has supported numerous female entrepreneurs, including Korea Deep Learning CEO Kim Ji-hyun, GemGem Therapeutics CEO Kim Jung-eun and Studio Boldy CEO Min Hyun-kyung, who are blending creativity and technology to address pra

South Korea's industry ministry on Friday hosted a session to discuss strategies for applying quantum computing technologies in industries, including biohealth, chemical and materials. The event at Yonsei University, attended by government, business and academic officials, came as the government aims to offer tailored support for the initiative, according to the Ministry of Trade, Industry and Energy. Yonsei University is building a new computing center, set to be completed by 2028, featuri

Polestar Korea said Friday it began delivering the Polestar 4, the Swedish electric vehicle maker's first coupe-styled sports utility vehicle, for the customers here. According to the automaker, the delivery started in five cities -- Seoul, Hanam in Gyeonggi Province, Busan, Jeju and Daejeon. The Polestar 4 was launched in the Korean market in August this year with a starting price of 66.9 million won ($48,000) and a certified maximum driving range of up to 511 kilometers per charge. (Poles

Samsung Electronics Co. conducted a regular executive reshuffle Friday, promoting a new wave of younger employees to senior positions in a bid to place more focus on high-end technologies and overcome ongoing business challenges. "In response to the current business crisis, Samsung Electronics has adopted a meritocratic approach to human resource renewal, elevating proven talent to leadership roles," the tech giant said in a statement. "Young leaders with exceptional management pe

By Choi Jae-bong The presence of global brands, such as for automobiles, footwear and food products, has become an inseparable part of our daily lives. From consumer goods to global platform corporations, multinational enterprises have firmly embedded themselves into the global economy, which is now entirely ordinary to us living in this era. MNEs play a pivotal role in the global economy, driving technological innovation, creating jobs and fostering industrial development across various sec