The total amount of land foreigners held as of June this year rose 1.3 percent, compared to December last year, to 256.7 square kilometers. That is equivalent to 0.2 percent of South Korea’s entire land area, according to the Land Ministry on Friday. The total value was 31.6 trillion won ($26.5 billion). Foreign ownership spiked in 2014 and 2015, jumping 6 percent and 9.6 percent on-year respectively, but the annual increase has remained between 1 and 3 percent since then. US nationals

Economy Nov. 26, 2021

The Export-Import Bank of Korea said Friday that it has signed a memorandum of understanding with Korea National Oil to offer the state-run oil company financial support worth about 1.1 trillion won ($1 billion). KNOC, established in 1979 after the energy crisis in the 1970s to oversee oil storage businesses for the country, will use the fund to invest in overseas oil exploration and production, while working to find new energy sources like wind power, the company said. “We expect to cre

Economy Nov. 26, 2021

NongHyup Financial Group said Thursday that it has “hired” an artificial intelligence-powered member of staff to work along with the lender’s human staff, as part of its effort to digitize its operations and enhance the customer experience. A virtual human figure powered by artificial intelligence will assist staff at its key subsidiary NongHyup Bank from January, officials said. This is the first time a bank has officially recognized an AI machine as a member of staff, give

Economy Nov. 25, 2021

South Korea’s economy will grow 3.2 percent next year on consumer spending and strong exports, with pandemic restrictions expected to have eased, a local think tank said Wednesday. The benchmark Kospi will also maintain its growth momentum and hit a record high, it added. “We will see a clear surge in consumer spending early next year as the coronavirus curbs are eased. … Exports will be strong, propped up by a global economic recovery,” said Jang Geun-hyuk, a seni

Economy Nov. 24, 2021

Companies across the globe will see their earnings return to pre-pandemic levels next year and European equity markets in particular could offer good investment opportunities, Dutch insurer NN Group’s asset management arm said Tuesday. Marco Willner, head of investment strategy at NN Investment Partners, said inflation fears, along with supply disruptions and a potential energy crisis triggered by the pandemic, still pose challenges, but inflation is transitory and the global economy has

Market Nov. 23, 2021

Samsung Life Insurance said Monday that it will launch a joint fund with Korea Post to invest 400 billion won ($336 million) in foreign blue chip companies over the next 10 years, expanding cooperation in alternative investments like private equity and real estate. The country’s top insurer and the state-owned postal insurance will make investments under the recommendations of an asset management firm. A Samsung Life Insurance official declined to reveal details about the asset manager.

Economy Nov. 22, 2021

The military is more committed than ever to building the first homegrown light aircraft carrier even though the National Assembly decided to cut the budget for a second straight year, saying more studies are needed to determine if the 2 trillion won ($1.8 billion) project is worth the cost. The Navy, which plans to roll out the seagoing air base by 2033 to supplement its air power against North Korea, asked for 10 billion won this year and 7 billion won next year, but was given 100 million and

Defense Nov. 18, 2021

The United Arab Emirates said Tuesday that it will buy mid-range missiles from South Korea in what would be Seoul’s largest arms sale worth nearly 4 trillion won ($3.5 billion). “We have reached very advanced stages in negotiations with the Korean side and are close to concluding a final agreement in this regard,” said Tariq Abdul Rahim Al Hosani, CEO of Tawazun Economic Council. The body is the chief weapons buyer for Abu Dhabi. The Middle East country would be the first to

Defense Nov. 17, 2021

Indonesia will see its payment reduced by 100 billion won ($85 million) to 1.6 trillion won for the joint fighter jet project with South Korea, the Defense Acquisition Program Administration said Monday, a week after it reached a new deal with Indonesia amid rumors of the Southeast Asian country defaulting.　 The KF-21 program -- in which Indonesia seeks a 20 percent share and technology know-how while Korea holds the rest -- aims to mass produce jets as early as 2027, but Indonesia had hardly p

Defense Nov. 15, 2021

North Koreans should make the best use of the remainder of the year to support the regime’s economic plan, the official newspaper Rodong Sinmun said Friday, as the North faces a growing economic crisis. “Those who are falling behind what they are expected to do should come to their senses and respond to what our revolution demands: bold action,” the newspaper said, referring to the five-year initiative that national leader Kim Jong-un revealed in January to jump-start the econ

North Korea Nov. 12, 2021

President Moon Jae-in is set to attend this year’s Asia-Pacific Economic Cooperation summit Friday to meet with 20 other Pacific Rim leaders and discuss a path to recovery from the coronavirus pandemic. APEC members from Pacific Rim nations including New Zealand, Russia, the US and Chile meet annually to ease trade barriers and expand growth. Their economies account for nearly 40 percent of the world’s population and about 60 percent of its gross domestic product. But for a second

Politics Nov. 12, 2021

South Korea and Indonesia reached an agreement Wednesday on the payment Indonesia would have to make for their joint fighter jet project after concerns for months that Jakarta could default on the deal to produce a cheaper, less-stealthy alternative to the US-made F-35. The KF-21 program -- in which Indonesia seeks a 20 percent share and technology know-how while Korea holds the rest -- aims to mass produce jets as early as 2027, but the Southeast Asian nation had hardly paid its contributions

Defense Nov. 11, 2021

South Korea and the US have not made any decisions on when Seoul will take over wartime operational control from Washington, the US Defense Department said Wednesday, amid signs of a rift in the allies’ position on the wartime role the US first assumed in the 1950-53 Korean War. Last week, Gen. Paul LaCamera, the US military chief overseeing the 28,500 American troops here, said the two countries could make changes to Korea’s plan to retake command by May next year or set a deadline

Defense Nov. 11, 2021

The annual ceremony honoring UN veterans of the 1950-53 Korean War will be held in Busan on Thursday. The “Turn Toward Busan” event -- attended by Prime Minister Kim Boo-kyum, Colombian Vice President Marta Lucia Ramirez, UN Command Commander Gen. Paul LaCamera -- takes place in the city housing the first UN cemetery with 2,311 war dead from 11 countries. About 2 million UN troops participated in the war. The ceremony, which has invited veterans and their families as well as top d

Defense Nov. 10, 2021

Peace comes from people and their hearts and minds, not from an organization, according to Vincent Courtenay, a Canadian veteran who took part in the 1950-53 Korean War and is visiting Busan on Thursday with fellow veterans to commemorate International Memorial Day for UN Veterans. Courtenay was referring to President Moon Jae-in’s latest initiative to formally end the decades-old conflict that ended in an armistice, signed by North Korea, China and the US, representing South Korea and th

Defense Nov. 9, 2021