Samsung Card Q3 net income up 41.1% to W128.1b

Samsung Card Co. on Tuesday reported its third-quarter net income of 128.1 billion won ($113.4 million), up 41.1 percent from a year earlier. The company said in a regulatory filing that it posted 173.4 billion won in operating profit for the quarter, compared with 120.1 billion won a year ago. Sales fell 10.4 percent to 772.1 billion won. The operating profit was 22.2 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Ag

Oct. 27, 2020

Credit card loans jump 34% in Sept.

Credit card loans in South Korea soared more than 34 percent in September as cash-strapped people scrambled to borrow from card firms amid a protracted coronavirus outbreak, industry data showed Tuesday. New loans extended by seven credit card firms -- Shinhan, KB Kookmin, Woori, Hana, Samsung, Hyundai and Lotte -- reached 4.2 trillion won ($3.7 billion) last month, up 34.3 percent from a year earlier. September represents the second-consecutive month of an on-year increase following an 11.7 p

Oct. 27, 2020

S. Korea's economy returns to growth in Q3 as pandemic-caused trade slump eases

South Korea's economy returned to modest growth in the third quarter, marking the first quarterly expansion since the coronavirus pandemic began, as exports showed signs of improvement, the Bank of Korea (BOK) said Tuesday. In the July-September period, the nation's real gross domestic product (GDP) grew 1.9 percent from the previous quarter, when it shrank 3.2 percent, according to the BOK data. The third-quarter reading marked the fastest expansion since the first quarter of 2010. Compare

Oct. 27, 2020

S. Korea's Oct. exports tipped to fall 3.12%: poll

South Korea's exports are expected to decrease 3.12 percent on-year in October after enjoying a brief rebound the previous month, due mainly to the resurgence of new coronavirus cases around the globe.   The country's outbound shipments are estimated to reach $45.1 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was conducted on seven local brokerage houses.   Imports were estimated to reach $41.3 billion

Oct. 27, 2020

Government sticks with 'fiscal soundness rule' despite resistance

Despite ongoing controversies and criticism even from within the ruling party, the South Korean government is set to introduce the so-called “fiscal soundness rules” to impose risk management limits to the nation’s fiscal spending, officials said Monday. Recognizing the political and legislative hurdles, the government also hinted at using executive powers to push ahead with the plan, if the related bill fails to obtain parliamentary approval in time. “(The government)

Oct. 26, 2020

Bank overdrafts, card loans on sharp rise among 20-somethings

Amid a prolonged economic contraction and shrinking employment rate, South Koreans in their 20s have increasingly become debt-ridden, depending on bank overdrafts and credit card loans, data showed.  The outstanding balance of bank overdrafts and card loans extended to 20-somethings totaled 2.14 trillion won ($1.91 billion) as of end-June, up sharply from 1.97 trillion won and 2.07 trillion in 2018 and 2019, respectively, said Rep. Jeon Jae-su of the ruling Democratic Party, quoting data

Oct. 26, 2020

Stung by hefty recall provisions, Hyundai, Kia deliver poor Q3 results

Hyundai Motor Co. and its affiliate Kia Motors Corp. on Monday posted lackluster third-quarter earnings results due to hefty provisions for recalls and quality management. For the three months that ended in September, Hyundai swung to a net loss of 188.8 billion won ($167 million) from a net profit of 460.5 billion won a year ago. Kia's net profit plunged 59 percent to 133.68 billion won from 325.80 billion won during the same period, the companies said in separate statements. Hyundai and Kia

Oct. 26, 2020

Hyundai Rotem swings to black in Q3

Hyundai Rotem Co. on Monday reported its third-quarter net profit of 4.6 billion won ($4.1 million), swinging from a loss of 117.5 billion won a year earlier. Operating income for the July-September period was 31.1 billion, compared with a loss of 96.6 billion won a year ago, the company said in a regulatory filing. Revenue rose 8.8 percent to 693.2 billion won. The operating profit was 70.2 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data

Oct. 26, 2020

SsangYong Motor Q3 net losses slightly narrow on reduced costs

SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Monday its third-quarter net losses narrowed from a year earlier, helped by reduced costs. Net losses for the three months that ended in September narrowed to 102.44 billion won ($90 million) from 107.9 billion won in the same period of last year, the company said in a statement. "The company's drastic cost-cutting efforts in wages and welfare benefits for employees helped narrow the quarterl

Oct. 26, 2020

S. Korea to donate W6b to developing nations in Southeast Asia

South Korea said Monday it has inked an agreement with the United Nations Development Programme to provide 6 billion won ($5.3 million) in aid to build sustainable infrastructure in farms in Southeast Asia. The fund, set to be provided over the next three years, will be spent to install solar facilities at farms in Myanmar and Cambodia, according to the Ministry of Agriculture, Food and Rural Affairs. It marked the first time for the agricultural ministry to officially join forces with the UND

Oct. 26, 2020

S. Korea approves $200m in aid for developing nations fighting pandemic

SEJONG -- South Korea's finance ministry said Monday it has approved $200 million in health care aid for three Asian nations to better combat the coronavirus pandemic. The approval is part of the nation's plans to provide more than $400 million in loans and grants to developing nations this year to help them push for health projects against the novel coronavirus. The three nations are the Philippines, Cambodia and Bangladesh. The fund is expected to help developing nations build testing and

Oct. 26, 2020

Imported commercial car sales jump 26% in September

Sales of imported commercial vehicles in South Korea jumped 26 percent last month from a year earlier on robust sales of Scania and Iveco trucks, an industry association said Monday. The number of newly registered imported commercial vehicles rose to 383 units in September from 304 a year ago, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. "Increased sales of Scania and Iveco trucks helped offset decreased sales of MAN and Mercedes-Benz trucks la

Oct. 26, 2020

Samsung Electro-Mechanics Q3 net jumps on demand recovery

Samsung Electro-Mechanics Co., a major electronics components maker in South Korea, on Monday reported robust third-quarter earnings on firm demand amid the novel coronavirus pandemic. The Samsung Group affiliate chalked up a net profit of 240 billion won ($212.5 million), up 119.4 percent from a year earlier. The company said in a regulatory filing that it posted 302.5 billion won in operating profit for the July-September period, up 59.9 percent from a year ago. Sales rose 3.3 percent on-ye

Oct. 26, 2020

Pandemic, brisk exports may boost instant noodle makers' Q3 earnings: survey

South Korea's major instant noodle makers are estimated to have posted solid earnings in the third quarter, as demand from stay-at-home consumers rose amid the pandemic and sales in overseas markets remained robust, a survey showed Monday. The combined operating profit of Nongshim Co., Samyang Foods Co. and Ottogi Co. is projected to have reached 107.1 billion won ($94.9 million) in the July-September period, up 31.6 percent from a year earlier, according to the survey by Yonhap Infomax, the fi

Oct. 26, 2020

Key Samsung units surge as succession issue looms following group chief's death

Shares in Samsung Group's key affiliates closed higher Monday on expectations that they may increase dividend payouts to help the late Samsung chief's scions secure funds to pay record high inheritance taxes and they may overhaul their governance structures. Samsung Group chief Lee Kun-hee died Sunday at age 78, more than six years after being hospitalized for a heart attack. Shares in three Samsung affiliates held by the late group chief spiked in the morning session as investors bet that th

Oct. 26, 2020

S. Korea's beer exports more than halve this year on virus

South Korea's beer exports more than halved in the first nine months of the year in the wake of the coronavirus pandemic, data showed Monday. Overseas shipments of Korean beer stood at $54.1 million in the January-September period, about 46 percent of last year's $117.3 million, according to the Korea Agro-Fisheries & Food Trade Corp. Exports to China fell by a third to $20.3 million from $67.6 million over the cited period. Shipments to Hong Kong sank 27.3 percent, and those to the United

Oct. 26, 2020

S. Korea, Britain agree to maintain close ties after Brexit, pandemic

South Korea and Britain agreed Monday to maintain their trade ties after the scheduled end of the transition period of London's departure from the European Union and to form a deeper bond to overcome the economic jitters caused by the pandemic. Seoul's Industry Minister Sung Yun-mo met Alok Sharma, Britain's secretary of state for business, energy and industrial strategy, in Seoul to discuss the two countries' post-pandemic cooperation, according to the Ministry of Trade, Industry and Energy.

Oct. 26, 2020

20-somethings overburdened with bank overdrafts, card loans

South Koreans in their 20s are overburdened with bank overdrafts and loans from credit card companies amid a jobs crunch sparked by a protracted economic slump, data showed Monday. Outstanding overdrafts and card loans extended to local 20-somethings came to some 2.15 trillion won ($1.91 billion) as of the end of June this year, according to the data that the Financial Supervisory Service prepared for an annual parliamentary audit. The amount is up from 2.08 trillion won from the end of last y

Oct. 26, 2020

S. Korea, China to discuss expanding bilateral FTA scope

South Korea and China on Monday launched the ninth round of talks with China to bolster ties in the service and investment fields as part of their bilateral free trade agreement (FTA), which went into effect five years ago. South Korean and Chinese trade officials will hold a virtual meeting that will run through Friday, according to the Ministry of Trade, Industry and Energy. The two countries launched the first FTA follow-up meeting in 2018. "During the meeting, we plan to set more det

Oct. 26, 2020

[News Focus] Is recent slide in dollar prices undesirable?

SEJONG -- The Korean currency has regained its value against the US dollar over the past few weeks after losing ground for more than a half year in the wake of the novel coronavirus. The dollar traded between 1,131 won and 1,142 won last week, closing at 1,132.9 won on Friday, the cheapest level since it traded between 1,131 won and 1,137 won in March 2019. As a result, some government officials are raising concerns that the strengthening won could weaken the competitiveness of local exporters

Oct. 26, 2020