Monthly rentals hit record 64.6% of Seoul housing leases as 'jeonse' system fades

Monthly rental contracts now make up nearly 65 percent of all new housing leases in Seoul, reaching a record high as South Korea’s traditional lump-sum rental system, "jeonse," continues to disappear. According to the latest data by the Supreme Court’s Integrated Registration Information System, Seoul registered 233,958 residential lease contracts between January and March this year. Of those, 151,095 — roughly 64.6 percent — were monthly rental deals, the highest share since data collection beg

April 29, 2025

LG Chem in talks to sell off water solutions unit at W1tr

LG Chem, a leading chemical company under the South Korean tech conglomerate LG Group, has started talks to sell off its water solutions unit to secure cash flow amid the group’s drive to streamline its businesses. LG Chem has reportedly selected Glenwood Private Equity as a preferred bidder to acquire its water solutions business, which specializes in manufacturing reverse osmosis membranes, owning the world’s second-largest market share in the sector. The RO membranes desalinate seawater, and

April 29, 2025

Hanwha Ocean shares drop sharply on KDB’s stake selloff

Hanwha Ocean shares plunged more than 12 percent on Tuesday as investor concerns mounted over the state-run Korea Development Bank’s plan to sell its stake in one of the world’s largest shipbuilders. Shares of Hanwha Ocean were trading at 78,500 won ($55) as of 2:00 p.m., down 12.09 percent from the previous day’s close. The significant price decline came after local news reported Monday that Korea Development Bank had initiated a bookbuilding process to offload approximately 4.3 percent, or 13

April 29, 2025

Kyobo Life's holding firm push gains steam

Kyobo Life Insurance will acquire a controlling stake in SBI Savings Bank, accelerating its push to become a financial holding company by entering the savings banking industry. The South Korean insurer said Monday its board approved a 900 billion won ($625.8 million) investment to gradually acquire a 50 percent plus one share stake in the savings bank from Japan’s SBI Holdings by October 2026. Due to regulatory restrictions on financial institution ownership, Kyobo will begin with a 9.97 percent

April 29, 2025

[Photo News] LG, Guggenheim celebrate art

Artworks by Kim A-young, the first Korean to win the LG Guggenheim Award, are being showcased on public signage in Times Square, New York, from Monday through May 25, LG said Tuesday. A video featuring Kim’s “Delivery Dancer” series and celebrating her award is expected to be seen by about 10 million people while on display, according to the company. (LG)

April 29, 2025

Biotech strategy forum charts path forward amid US policy shifts

Top business executives and industry experts convened Tuesday at the 2025 US Strategy Roundtable for Pharma and Biotech to assess Korea’s biotech standing at a critical juncture of global restructuring led by the US and to share perspectives on navigating the challenges ahead. Aimed at advancing discussions on major shifts in the global biopharmaceutical industry, the one-day session -- held at the Korea Chamber of Commerce and Industry under the theme of securing biotech growth amid shifting po

April 29, 2025

LS Cable to build largest subsea cable plant in US

LS Cable & System announced Tuesday that it will invest $681 million to construct the largest submarine cable manufacturing plant in the United States, marking the first such investment by a South Korean cable company and the second major Korean initiative following the launch of the second Donald Trump administration. The new facility will be built by LS GreenLink, the company's US subsidiary, in Chesapeake, Virginia. Construction is scheduled for completion by the third quarter of 2027, with m

April 29, 2025

Jusung Engineering adopts 3-CEO system in succession push

Jusung Engineering, a first-generation chipmaking equipment company in Korea, is transitioning from a single-CEO to a three-CEO structure, signaling a strategic push for leadership succession. The company announced Monday that its board has approved a plan to divide the CEO role, previously held solely by founder Hwang Chul-joo, into three distinct areas: research and development, sales, and strategy. Under the new leadership structure, Chairman Hwang will oversee all R&D activities, with a focu

April 29, 2025

Posco Holdings issues $700m in global green bonds

Posco Holdings announced on Tuesday that it had successfully raised $700 million through the issuance of global green bonds in the overseas bond market, securing a stable source of funding for the company's future growth initiatives. Despite challenging market conditions driven by increased volatility following the US Trump administration’s recent tariff announcement, Posco Holdings became the first Korean company to successfully issue both five-year and ten-year bonds. The issuance comprises $4

April 29, 2025

Daewoo E&C Q1 operating profit up 30%

Daewoo Engineering & Construction said on Tuesday that its operating profit rose by more than 30 percent in the first quarter compared to a year earlier, fueled by improved profitability in its housing and plant construction divisions. The company reported an operating profit of 151.3 billion won ($105 million) for the January–March period, up 31.8 percent year-on-year. Consolidated sales declined by 16.5 percent to 2.07 trillion won. Net income also dropped sharply, falling 36.6 percent to 58 b

April 29, 2025

Doosan Enerbility wins W130b deal to convert Saudi oil plant to gas

Korean energy solutions provider Doosan Enerbility announced Tuesday that it has signed a 130 billion won ($90.4 million) contract to convert an oil-fueled power plant in Saudi Arabia to run on natural gas. Under the agreement with Saudi Arabia's state-run Power and Water Utility Co. for Jubail and Yanbu — known as Marafiq — Doosan Enerbility will supply key components for gas power generation at Yanbu 2 Power Plant, on the west coast of the country. Doosan will also support test operations afte

April 29, 2025

Korean job seekers want W41.4m starting salary: survey

Job seekers in South Korea want to be paid 41.4 million won ($28,775) in their first year of employment, a survey showed Tuesday. A local job search platform Incruit researched 691 people about to graduate from college in August of this year to find their ideal and minimum first-year salary. The asking salary for this year marked a slight increase from 41.36 million won in the same survey last year. Those wanting to work at large corporations sought 43.58 million won, those targeting middle-mark

April 29, 2025

LG Energy Solution to set up battery recycling JV in Europe for 1st time

LG Energy Solution said Tuesday it is poised to establish a joint venture for electric vehicle battery recycling in France with Derichebourg, a local environmental services company, marking South Korea’s first recycling joint venture in Europe. The new recycling plant, set to be built in the Val d’Oise region of northern France, will start construction next year and become fully operational by 2027. Its annual capacity to process used batteries is expected to be more than 20,000 metric tons. The

April 29, 2025

Inflation understanding falls sharply among S. Koreans as financial literacy slips

South Korean adults' understanding of what inflation is and how it affects their purchasing power fell sharply between 2022 and last year, as their overall financial literacy declined, a report showed Tuesday. According to the report by the Bank of Korea and the Financial Supervisory Service, Korean adults scored an average of 65.7 out of 100 on a financial literacy test in 2024 — down from 66.5 in 2022. The study measured how well people grasp key financial concepts and how they apply them in d

April 29, 2025

Samsung Display unveils brand identity for QD-OLED tech

Samsung Display said Tuesday that it has unveiled a new brand identity for its quantum dot organic light-emitting diode technology, and is preparing to file a trademark application for it. The brand identity visualizes the letter “Q” from QD-OLED, incorporating a blue hue representing the blue OLED material and a gradient that symbolizes the technology’s expansive color spectrum. First introduced in late 2021, QD-OLED technology has been recognized for delivering superior picture quality compare

April 29, 2025