Major banks' interest margin up for 3rd straight month despite BOK's rate cut

The interest margins of major South Korean banks have increased for the third consecutive month in October, data showed Sunday, despite the Bank of Korea's rate cut in the month that marked its first policy pivot in over three years. The average interest margin of five major banks -- KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup -- came to 1.04 percentage points in October, up from 0.73 percentage point tallied the previous month, according to the data compiled by the Korea Federation of

EconomyDec. 1, 2024

S. Korea's exports grow for 14th month in Nov. on record shipments of chips

South Korea's exports posted year-on-year growth for the 14th consecutive month in November, driven by record semiconductor shipments, data from the Ministry of Trade, Industry and Energy showed Sunday. Outbound shipments rose 1.4 percent from a year earlier to $56.3 billion last month, while imports fell 2.4 percent on-year to $50.7 billion, resulting in a trade surplus of $5.61 billion. The country has maintained a trade surplus for 18 consecutive months. By sector, exports of semiconduct

EconomyDec. 1, 2024

Most foreign-owned land held by US citizens, houses by Chinese

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

EconomyNov. 30, 2024

[From the Scene] At this Starbucks, you need ID

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

CompaniesNov. 29, 2024

Samsung promotes tech-savvy execs to tackle challenges

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

IndustryNov. 29, 2024

Morocco promises robust incentives for Korean businesses

Over 100 business leaders and government officials from Morocco and South Korea gathered to explore new business opportunities and enhance bilateral relations between the two nations in Seoul on Thursday evening. The Moroccan Embassy in South Korea hosted an investment forum under the theme “Morocco -- Sustainable Hub for Investment and Trade." Chafik Rachadi, ambassador of Morocco to Korea, emphasized the historical ties and growing partnership between the two nations in his welcomin

IndustryNov. 29, 2024

Posco Group builds 2nd lithium hydroxide plant in Korea

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

CompaniesNov. 29, 2024

Incheon Airport completes expansion to handle 100m passengers annually

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,”

IndustryNov. 29, 2024

Renault Grand Koleos dominates Korea's SUV market

Renault Korea’s latest hybrid sport utility vehicle, the Grand Koleos, has secured a 30 percent share in the domestic mid-size SUV market in just two months since its rollout. Launched in August, the Grand Koleos E-Tech Hybrid sold 5,296 units in October, 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 d

MobilityNov. 29, 2024

Zyx Technology, TMA Solutions join hands for global AI collaboration

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

TechnologyNov. 29, 2024

Woori Bank taps corporate banking expert as next CEO

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

IndustryNov. 29, 2024

[Contribution] Preparing for future with strategic public procurement

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

IndustryNov. 29, 2024

Hyundai Motor braces for Trump 2.0 with hybrid push

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

MobilityNov. 29, 2024

Nexon partly loses MapleStory loot box lawsuit

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

CompaniesNov. 29, 2024

LX Pantos to collaborate with China’s Guiyang Logistics

Korean logistics company LX Pantos has signed a memorandum of understanding with Guiyang Logistics, a state-owned enterprise in southwestern China, to strengthen transport networks and enhance logistics services. LX Pantos CEO Lee Yong-ho and Hu Zhongxiong, secretary of the Communist Party of China Guiyang Municipal Committee, finalized the deal following their meeting in Seoul on Thursday. Discussions centered on expanding logistics collaboration between South Korea and China, the company said.

IndustryNov. 29, 2024

Global Youth Powerhouse Summit in HK explores innovation, economic growth

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

IndustryNov. 29, 2024

Hanwha Ocean forges partnership with UK’s Babcock International

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

IndustryNov. 29, 2024

Trailblazing women CEOs drive innovation at Pangyo Culture Creation Hub

The Gyeonggi Content Agency’s Pangyo Gyeonggi Culture Creation Hub has become a key platform for supporting female-led startups in the content and ICT fusion sectors, reflecting a growing influence of women entrepreneurs in reshaping South Korea’s competitive content industry. Since the center's establishment in 2014, K-content and AI-driven platforms have grown in tandem over the past decade, creating synergies with startups and SMEs at the forefront of this evolution. “A

TechnologyNov. 29, 2024

S. Korea to promote industrial use of quantum computing

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

TechnologyNov. 29, 2024

[Photo News] Polestar 4 begins delivery in Korea

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

MobilityNov. 29, 2024