SK Telecom Co., the country's top mobile operator, said Tuesday its third-quarter net profit almost tripled from a year earlier on gains from equity ties with its chipmaking affiliate and its market leadership in the long-term evolution (LTE) market.Net profit came to 502 billion won (US$473 million) on a consolidated basis in the July-September period, compared with 176 billion won a year earlier, SK Telecom said in a regulatory filing.Revenue rose 1 percent on-year to 4.12 trillion won, and op

Industry Oct. 29, 2013

South Korean stocks snapped earlier losses and traded 0.26 percent higher late Tuesday morning, as steelmakers and chemical firms drove up the main index, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 5.37 points to 2,053.51 as of 11:20 a.m.POSCO, a leading steelmaker, climbed nearly 1 percent, with major chemical producer LG Chem advancing 1.7 percent. But autos declined. Hyundai Motor fell 1.3 percent, and its smaller affiliate Kia Motors slid 1.1 percent. The lo

Oct. 29, 2013

Mongolia's president stressed that his country will work with Pyongyang to promote stability in Northeast Asia, the North's state media reported Tuesday. The (North) Korean Central Television (KCTV) said President Tsakhia Elbegdorj, who is visiting North Korea, emphasized the important role that can be played by Pyongyang and Ulaanbaatar in pushing forward peace and stability in the region.The broadcaster said the remark was made by the chief executive late Monday following talks with senior Nor

North Korea Oct. 29, 2013

Samsung Electronics Co., the world's largest smartphone maker, shipped a record number of smartphones worldwide in the third quarter of the year on the back of its diversified product mix, data showed Tuesday.According to the data compiled by research firm Strategy Analytics, Samsung Electronics shipped a record 88.4 million smartphones in the third quarter, compared with 76 million in the previous quarter.The South Korean smartphone maker also continued to dominate the global smartphone market

Industry Oct. 29, 2013

Apparently walking a tightrope between its two key regional allies -- South Korea and Japan, the Obama administration continued efforts Monday not to be drawn into a brewing controversy over Tokyo's move to expand its military role.Japan's conservative Abe government is working to change the interpretation of the pacifist Constitution to allow the nation to exercise the right to "collective self-defense."It would allow Japan, long restricted to self-defense, to use force against a military attac

Foreign Affairs Oct. 29, 2013

South Korean stocks opened lower Tuesday ahead of the U.S. Federal Reserve's policy meeting, as they keep a wary eye on whether the Fed will give a signal to start the stimulus cut, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.76 points, or 0.28 percent to 2,042.38 in the first 15 minutes of trading. Most shares lost ground across the board, led by financial firms and automakers. Shinhan Financial Group shed 0.75 percent and Hyundai Motor, the world's fifth-large

Oct. 29, 2013

South Korea ranked seventh in terms of business environment this year thanks to its efforts to streamline regulations for business operation, the finance ministry said Tuesday.The ranking by the World Bank was one notch higher than the previous year and marked the third consecutive year that South Korea has been included in the global top 10 list, according to the ministry.The World Bank analyzed 189 countries' business environments by breaking them down into 10 broad categories involving the so

Oct. 29, 2013

Korea continued to record a current account surplus for the 20th consecutive month, thanks to improved balances in goods and services in September, the Bank of Korea reported Tuesday.However, it remains uncertain how long Asia’s fourth-largest economy will maintain its record led by brisk exports as the value of local currency is projected to rise to a level that appropriately reflects Korea’s economic fundamentals, analysts said.Korean exports, which account for about 60 percent of the country’

Oct. 29, 2013

A Spanish newspaper published a document Monday that it said shows the U.S. National Security Agency spied on more than 60 million phone calls in Spain in one month alone _ the latest revelation about alleged massive U.S. spying on allies. The El Mundo newspaper report came as Spain summoned the U.S. ambassador in Madrid to express its displeasure over the reports of spying on allies.Last week the French paper Le Monde reported similar allegations of U.S. spying in France and German magazine Der

World News Oct. 29, 2013

A savage coastal storm powered by hurricane-force gusts slashed its way through Britain and western Europe on Monday, felling trees, flooding lowlands and snarling traffic in the air, at sea and on land. At least 13 people were reported killed.It was one of the worst storms to hit the region in years. The deadly tempest had no formal name _ and wasn't officially classified as a hurricane due to a meteorological standard _ but it was dubbed the St. Jude storm (after the patron saint of lost cause

World News Oct. 29, 2013

Apple's quarterly earnings are still sagging even as sales of its iPhones are rising, a vexing phenomenon feeding investor worries about whether stiffer competition in the mobile device market will continue to undercut the company's prosperity.The fiscal fourth-quarter results announced Monday closed the books on a sobering year that saw Apple's market value plunge by about 25 percent, or about $160 billion. Apple Inc. remains the world's most valuable company, despite the downturn.The company's

World Business Oct. 29, 2013

China's chief nuclear envoy arrived in Washington Monday to discuss ways to revive the six-party talks on North Korea's nuclear program, a U.S. government official confirmed.Wu Dawei, special representative for Korean Peninsula affairs, began two-day consultations with Glyn Davies, the U.S. special representative for North Korea, and other senior diplomats, the official told Yonhap News Agency on background.Wu rarely travels to the U.S. but the current trip is his second in half a year.His trip

North Korea Oct. 29, 2013