Renault Korea Motors said Friday it has signed a deal with Swedish carmaker Polestar and China's Geely Holding to produce the all-electric Polestar 4 at its Busan plant from the second half of 2025. Renault Korea has dedicated efforts since 2022 to prepare for the manufacture of high-end mid-size and semi-large electric vehicles. "Kicking off Polestar 4 EV production in Busan is a fresh start for us at Renault Korea Motors, reflecting our pledge to a forward-thinking approach. We'

Hanlim Architecture Group, Korea’s comprehensive real estate service company, said Friday that its Indian unit, Hanlim India, inked a partnership deal with India's construction and management company Innovative Construction, as part of its plans to secure a foothold in the country’s burgeoning real estate industry. The agreement was signed earlier this week during an eight-day business trip by Hanlim executives to India’s major cities, including Mumbai and New Delhi. Durin

Lotte Chemical Corp. said Thursday it swung to a net profit in the third quarter from a year earlier due mainly to narrowed losses in the basic chemicals business division. Lotte Chemical shifted to a net profit of 32.77 billion won ($25 million) in the three months ended Sept. 30 from a net loss of 31.07 billion won in the same period last year, the company said in a statement. "On top of reduced losses in the basic chemicals division, the bottom line was buoyed by increased sales of high-

ULSAN -- Right below the world’s biggest shipbuilder HD Hyundai Heavy Industries' shipyard in the southeastern industrial city of Ulsan, HD Hyundai Electric is gaining momentum in the energy sector with its advanced transformer manufacturing facility. The electrical equipment maker showcased its 500-kilovolt transformer production line on Wednesday, in which an investment of 80 billion won ($61 million) was made in 2020, during a period of declining profits and challenging market cond

Younger Chinese tourists shun tour group packages, prompting Korean retailers to reshape business strategy

South Korean confectionery company SPC Samlip said Thursday that it had signed a partnership with H Mart, the largest Asian supermarket chain in North America, as part of efforts to further increase its global presence. H Mart operates some 120 supermarkets in the US, Canada and the UK. In 2022, it posted 4.3 trillion won ($3.28 billion) in sales. Under the partnership, SPC Samlip will increase its supply of confectionery products to be distributed through H Mart's extensive sales network.

Samsung Electronics Chairman Lee Jae-yong (far right) poses with Cook Islands Prime Minister Mark Brown (center) and South Korean Maritime Affairs and Fisheries Minister Cho Seung-hwan at the Pacific Islands Forum held on the Cook Islands in the South Pacific Ocean, Wednesday. The Samsung chief also met with Fiji Prime Minister Sitiveni Rabuka during the event. Lee promoted the tech giant’s corporate social responsibility program and Busan’s bid to host the 2030 World Expo, according

New tax law is expected to impact around 200 Korean companies

Kakao CEO Hong Eun-taek apologized Thursday over a recent controversy surrounding alleged stock manipulation in connection with the tech giant’s acquisition of K-pop agency SM Entertainment. “We apologize for causing concern to Kakao shareholders with the negative news that occurred during the process of taking over SM Entertainment's management rights," the CEO said at the company’s third-quarter earnings conference. “We are faithfully (talking) to the investig

South Korean battery makers are feeling the heat from the surge of Chinese competition, as Chinese battery giant CATL continues to expand its global presence outside its home turf. According to Korean market tracker SNE Research on Thursday, CATL’s worldwide battery usage outside China reached 64 gigawatt-hours from January to September this year, jumping 104.9 percent from the same period last year. The Chinese company’s global market share rose by almost 7 percentage points to be o

South Korean commercial bank Woori Bank said Thursday that it has launched an updated mobile banking service for foreigners residing in Korea, “Woori WON Global,” that is available in up to 17 languages. While foreigners in Korea find it difficult to use mobile banking services, Woori Bank offers more quick, easy and convenient options to the customers, the bank said. With a total of 17 languages, Woori Bank’s new service boasts the largest number of foreign language options am

World’s largest smartphone maker advances AI progress for phones in phases

Home to Mercedes vans and Volvo cars, Charleston boasts more regulatory flexibility compared to some bigger states

CEO boasts global competitiveness in exporting operational know-how

Korean construction equipment maker Doosan Bobcat said Wednesday it will build a production base worth $300 million in Monterrey, Mexico, situated close to the US-Mexico border, to boost supply chain efficiency and cater to the increased post-pandemic demand within North America. With operations expected to commence in early 2026, the new Monterrey plant is projected to increase Doosan Bobcat's loader production capacity in North America by 20 percent. Specifically, the 65,000 square meter