Imports of vehicles produced in Germany or by German automakers dropped for the first time in 13 years, apparently due to a large cut in inbound shipments of Volkswagen and Audi cars mired in an emissions scandal, industry data showed Tuesday.In the first five months of the year, imports of German vehicles came to 51,736 cars, down 12.7 percent from the same period last year, according to the data from the Korea Automobile Manufacturers Association.This marks the first on-year drop since a 7.2-p

Mobility July 26, 2016

South Korea's credit card spending soared nearly 14 percent in the second quarter from a year earlier when the nation's economy was hit by the spread of the MERS viral respiratory disease, statistics showed Tuesday.Credit card purchases totaled 178.4 trillion won ($156 billion) during the April-June period, a 13.8 percent on-year rise, according to the data from the Credit Finance Association.The upswing is largely due to a base effect. South Koreans slashed their consumption in the second quart

July 26, 2016

South Korean chipmaker SK hynix Inc. on Tuesday reported its lowest quarterly profit in 13 quarters as falling demand for smartphones and computers hit chip prices. SK hynix posted a net profit of 286.1 billion won ($250.4 million) in the April-June period, down 74.2 percent from the same period last year. Second-quarter operating profit dipped 67.1 percent on year to 452.8 billion won. Sales fell 15 percent to 3.9 trillion won. Compared with the previous quarter, sales rose 7.8 percent as shipm

July 26, 2016

South Korea's economy posted improved growth in the second quarter on increased exports and consumption, central bank data showed Tuesday.In the three months that ended June 30, the country's gross domestic product grew 0.7 percent from a quarter earlier, according to preliminary data from the Bank of Korea.The second-quarter estimate marks an improvement from a 0.5 percent on-quarter expansion in the previous quarter. From a year earlier, it marks a 3.2 percent improvement.Domestic consumption

July 26, 2016

Toyota is recalling over 6,200 cars sold in South Korea for defective airbags, the transportation ministry said Tuesday.The recall affects 6,209 units of three vehicle types -- the Prius, Prius PHV and Lexus CT200h -- that were produced between Feb. 26, 2009 and April 27, 2012 and sold here by Toyota Korea Co., the local unit of Japanese carmaker Toyota Motor Corp.The cars come with side airbags that deploy in some crashes.But due to some defective parts, the airbag and other components of the a

Mobility July 26, 2016

U.S. President Barack Obama said Monday the U.S. commitment to South Korea's security will never waver and the country will stand shoulder-to-shoulder with the Asian ally in defense of peace and prosperity.Obama made the remark in a message issued in honor of Korean War veterans to mark the upcoming 63rd anniversary of the 1953 armistice that ended three-year fighting in the Korean War. The message came as Republican presidential nominee Donald Trump increasingly questions the value of alliances

Defense July 26, 2016

South Korea's electricity consumption hit a summer-time high on Monday, with fans and air conditioners running at full blast nationwide amid sweltering heat.The maximum electricity load shot up to 80.22 million kilowatts as of 3 p.m., as the temperature hovered above 30 C in most parts of the country, according to the state-run Korea Power Exchange.It marks the first time that the maximum electricity demand topped 80 million kilowatts here in the summer.The all-time high was set at 82.97 million

July 25, 2016

Only cigarettes produced by South Korea's sole tobacco maker KT&G Corp. are sold at highway service areas nationwide despite the antitrust watchdog's earlier order to correct such an unfair practice, industry sources said Monday.Last year, the Fair Trade Commission delivered a fine of 2.5 billion won ($2.19 million) to KT&G for forcing retailers not to sell cigarettes produced by foreign companies.KT&G offered cigarettes at lower prices to retailers at rest stops across the country to exclusivel

Industry July 25, 2016

South Korea's exports may continue to drop from a year earlier this month partly due to a series of labor strikes at major automakers, its trade minister said Monday.While meeting with reporters in Sejong, Trade Minister Joo Hyung-hwan noted the country's auto output may be reduced by up to 16,000 cars this month due to partial walkouts held at leading automakers Hyundai Motor Co. and Kia Motors Corp."In the first half of the year, automobile production dropped 5.4 percent from the same period l

July 25, 2016

S-Oil Corp., the No. 3 oil refiner in South Korea, said Monday that its second-quarter net profit gained 3.8 percent from a year earlier, largely thanks to an improvement in its refining business and other areas.Net profit reached 445 billion won ($391 million) on a consolidated basis in the April-June period, compared with a profit of 429 billion won a year earlier, the company said in a regulatory filing.Sales dropped 18.4 percent on-year to reach 4.19 trillion won in the second quarter, while

July 25, 2016

South Korea's top financial regulator said Monday that it would mandate local banks to set aside more foreign exchange reserves starting next year to better deal with any possible massive foreign capital outflows.The local banks are required to raise the foreign exchange liquidity coverage ratio to 80 percent in 2019 from 60 percent in 2017, the Financial Services Commission said.The liquidity coverage ratio is measured as high-quality liquid foreign assets to projected net cash outflows over 30

July 25, 2016