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

South Korean stocks opened lower Friday, led by declines in big-cap tech shares amid concerns about an economic slowdown. The benchmark Korea Composite Stock Price Index (Kospi) shed 32.29 points, or 1.29 percent, to 2,472.38 in the first 15 minutes of trading. The country's industrial output, retail sales and facility investment all fell on-month in October, deepening concerns about a lack of growth momentum, government data showed. Presenting a bleak growth outlook for 2025, the Bank of K

Chinese nationals accounted for 56 percent of all housing units owned by foreigners in South Korea, data showed Friday. According to the data from the Ministry of Land, Infrastructure and Transport on the home ownership of foreigners, Chinese nationals owned 52,798 out of the 95,058 housing units registered under foreign nationals in the country as of the end of June. The number of homes owned by Chinese nationals grew 4.9 percent from six months earlier. Following Chinese, Americans owned 21,36

Korean Air’s 1.8 trillion won ($1.4 billion) merger with its smaller rival Asiana Airlines has secured approval from Europe’s antitrust regulator, bringing Korea’s flag carrier one step closer to becoming the largest airline in Northeast Asia. The European Commission announced on Thursday that it has decided to give the nod to the high-profile merger, 10 months after it granted conditional approval in February when it required Korean Air to further reduce overlapping routes to

Shin Yoo-yeol, the eldest son of Lotte Group Chairman Shin Dong-bin, has been promoted to executive vice president of Lotte Corp., the group's holding unit, to oversee the retail giant’s global strategy and speed up its leadership succession plans. Lotte announced a management reshuffle on Thursday, replacing 21 CEOs across its affiliates. Born in 1986, Shin currently leads the future growth division at Lotte Corp. and the global strategy division at Lotte Biologics. He previously ser

Samsung Electronics and SK hynix, the nation’s top two chipmakers, are apparently in a rush to secure subsidies for their massive facility spending in recent years in the US, following a fresh threat from President-elect Donald Trump that he could cancel the promised Chips Act federal funding. On Monday, Vivek Ramaswamy, one of the leaders selected by Trump to head the proposed Department of Government Efficiency alongside Tesla founder Elon Musk, hinted at the possibility of subsidy cuts,

South Korean stocks ended slightly higher Thursday, despite big-cap tech losses, as investors assessed the Bank of Korea's surprise back-to-back policy rate cut to spur growth. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 1.61 points, or 0.06 percent, to close at 2,504.67, ending a two-day losing streak. Trade volume was a bit slim at 333.44 million shares worth 7.37 trillion won (US$5.28 billion), with winners outnumbering los

Innocean, a marketing agency affiliated with Hyundai Motor Group, said Thursday it has completed a campaign in the US, titled “Villains Against Evil.” A collaboration with the National Coalition Against Censorship, the campaign aims to oppose to a recent move to ban children's books on specific issues such as LGBTQ+ and racism in school libraries. In the AI-powered short-form videos, fairy tale villains voice their concerns, stating, “Banning books is the ultimate evil.&