Samsung C&T returns to black with Q2 net profit of 135 bln won

Samsung C&T Corp., a construction affiliate of Samsung Group, bounced back into the black with a net profit of 134.5 billion won ($118.6 million) for the April-June period, the company said in a statement Wednesday. Samsung C&T posted a net loss of 516.6 billion won in the first-quarter of this year, hit by one-off costs derived from its overseas construction projects. At the operating level, the company also posted a profit of 176.8 billion won for the second quarter, compared with a loss of 43

IndustryJuly 27, 2016

Korean shares edge down ahead of Fed meeting

South Korean stocks closed slightly lower Wednesday as investors took a wait-and-see stance ahead of the U.S policy rate-setting meeting later this week. The local currency fell against the U.S. dollar.After choppy trading, the benchmark Korea Composite Stock Price Index shed 2.29 points, or 0.1 percent, to 2,025.05.Trading volume was moderate at 402.25 million shares worth 4.43 trillion won ($3.9 billion), with losers outnumbering gainers 483 to 303.Market analysts said investors are increasing

July 27, 2016

Woman accidentally throws away W20m cash

A woman who accidentally threw away a box containing 20 million won ($17,600) retrieved the cash after 10 hours of ruckus in South Jeolla Province, according to local media Tuesday. KBS TV news reported that the woman, in her 50s, had withdrawn the money to buy threads for her cotton gloves business. She hid the cash in a nondescript paper box only to absentmindedly throw it out along with the trash on Sunday. (SBS News capture)After belatedly realizing what she had done, the woman ran back to t

Social AffairsJuly 27, 2016

80 evacuate from fire at spa in Donghae

A Korean spa in the Cheongok-dong neighborhood of Donghae, Gangwon Province, caught fire at around 5:10 a.m. on Wednesday. Eighty people were evacuated from the building safely without any casualties. (YTN News YouTube capture)The fire reportedly stemmed from a kiln and was contained within 30 minutes. The police and the 119 Korean emergency service are currently investigating the exact cause of the fire and the scope of the property damage. By Lim Jeong-yeo (kaylalim@heraldcorp.com)

Social AffairsJuly 27, 2016

Operating-margin gap between Samsung, Apple falls to record low

The gap in operating margins of Samsung Electronics Co. and that of Apple Inc., the world's two largest makers of smartphones, fell to a record low as sales of Apple's iPhone slumped, according to the two companies' financial statements on Wednesday. Apple posted an operating profit of $10.1 billion and sales of $42.4 billion in the quarter ending June 25. Apple's operating margin declined 3.85 percentage points on quarter to 23.82 percent. In its earning guidance for the April-June period, Sams

IndustryJuly 27, 2016

Samsung, SK hynix to spend more on chips for self-driving cars

[THE INVESTOR] Korean chipmakers Samsung Electronics and SK hynix are pouring more resources into producing chips for self-driving cars amid their slowing sales in key sectors such as PCs. SK hynix, the second-largest memory chipmaker next to Samsung, said on July 26 that its car business now makes more than 10 percent of DRAM sales. DRAM chips are used for temporary data storage. The company added the figure for NAND chips, used for long-term data storage on smartphones and computers, is lower

TechnologyJuly 27, 2016

Kia Motors to launch new SUV to boost Chinese sales

[THE INVESTOR] Kia Motors, a Hyundai Motor's smaller affiliate said on July 27 it plans to roll out a new sport utility vehicle in China in response to stagnating car sales in the world’s second largest economy. “In China, we will unveil a new SUV, similar to Sorento, next year,” Han Chun-soo, Kia’s chief financial officer, said at the conference call after announcing the Q2 results. “Besides SUVs, we will also include compact cars and the K5 hybrid model in the new lineup to increase presence i

MobilityJuly 27, 2016