Kia Motors Corp. said Thursday its second-quarter net profit plunged 53 percent from a year earlier on weaker demand for its vehicles in China and the United States.For the three months that ended on June 30, net profit declined to 389.6 billion won ($350 million) from 825.8 billion won a year earlier, the company said in a statement. "On top of political tension with China over the installation of a US missile defense system in South Korea, which Beijing objects to, high US incentive costs and

Mobility July 27, 2017

North Korea on Thursday reiterated its call for the United States to end its hostile policy toward Pyongyang as the two Koreas marked the 64th anniversary of the armistice that ended the conflict in the 1950-53 Korean War.The Rodong Sinmun, the North's main newspaper, made the comment on the anniversary to celebrate what it claims is its victory against the US during the war which ended in a truce, not a peace treaty.It said that Washington does not understand that the North's nuclear and missil

North Korea July 27, 2017

The government will be able to collect about 16 trillion won ($14.3 billion) in additional tax revenues for the coming five years if the tax rate hike for the superrich and top conglomerates advocated by the ruling party are implemented, a parliamentary report said Thursday.Rep. Choo Mi-ae, leader of the ruling Democratic party, has proposed raising tax rates for the super-rich and top-earning conglomerates to help finance the Moon Jae-in administration's welfare and job creation agenda estimate

Economy July 27, 2017

LG Display Co. said Thursday it will suspend making investments in liquid-crystal display panels for TVs, and instead focus its efforts on developing the next-generation organic light-emitting diode panels."There will be no additional investment on LCD TVs," said Han Sang-beom, the head of LG Display. "There still will be investment for LCD products in the IT sector as there is demand for high-end monitors and laptops," Han said. LG Display said Tuesday it will invest 7.8 trillion won ($6.9 bill

Companies July 27, 2017

South Korea's No. 1 mobile carrier SK Telecom Co. said Thursday its second-quarter operating income increased nearly 4 percent from a year earlier, helped by improved performance of its subsidiaries.Operating profit came to 423.3 billion won ($380.3 million) in the April-June period, the mobile carrier said in a regulatory filing. This represents a 3.9 percent on-year gain. Sales also increased 1.8 percent on-year to reach 4.34 trillion won during the cited period, the company said. The figures

Industry July 27, 2017

South Korean shares opened higher Thursday, boosted by market bellwether Samsung Electronics' strong earnings report.The benchmark Korea Composite Stock Price Index rose 12.75 points, or 0.52 percent, to 2,447.26 in the first 15 minutes of trading.Market kingpin Samsung Electronics gained 1.2 percent after releasing its second-quarter earnings through a regulatory filing. The tech giant said it racked up 14.1 trillion won ($12.6 billion) in the April-June period, up 72.7 percent from 8.14 t

Market July 27, 2017

President Moon Jae-in was set to meet with the country's top business leaders Thursday for beer and frank discussions that may help fine-tune his economic policies, officials at the presidential office Cheong Wa Dae said.The meeting will begin at 6 p.m. with what the officials called a 20-minute beer time.The rare meeting involving beer comes at a suggestion from the president himself, according to the officials. "It will mark the first meeting with business leaders since the president's in

Economy July 27, 2017

US President Donald Trump on Wednesday proclaimed July 27 as the national day to honor the American troops who fought in the 1950-53 Korean War.That date, which falls on Thursday, is the anniversary of the signing of the Armistice Agreement that ended the conflict. "On National Korean War Veterans Armistice Day, we honor the patriots who defended the Korean Peninsula against the spread of communism in what became the first major conflict of the Cold War," Trump said in a statement released by hi

Defense July 27, 2017

South Korea's military said Thursday there is no clear indication yet that another North Korean ballistic missile launch is near at hand amid reports of rain there."Currently, there's no sign of an imminent North Korean missile launch," Army Col. Roh Jae-cheon, spokesman for the Joint Chiefs of Staff, said at a press briefing. "Our military is continuing to closely monitor North Korea's every possible provocation, mobilizing combined surveillance assets with the United States."Last week, the sec

North Korea July 27, 2017

South Korea's economic growth slowed in the April-June period from a quarter earlier due to decreased exports, central bank data showed Thursday.In the second quarter, the country's gross domestic product increased 0.6 percent, down from the previous quarter's 1.1 percent gain, the Bank of Korea said in a statement.Exports -- one of the major pillars for the Korean economy -- fell 3 percent in the June quarter compared with three months earlier and declined 0.1 percent from the previous year, wh

Economy July 27, 2017

WASHINGTON -- The US Senate on Wednesday took issue with the inclusion of North Korea sanctions in a broader bill aimed mainly at punishing Russia for its alleged meddling in last year's presidential election.Sen. Bob Corker, chairman of the Foreign Relations Committee, told reporters the penalties against North Korea should be reviewed separately and taken out of the legislation that passed through the House Tuesday with overwhelming support of 419-3."Not a word of the North Korea bill has been

North Korea July 27, 2017

The issuance of asset-backed securities in South Korea rose 15 percent on year in the first half of this year on the back of robust growth in sales of government-led mortgage funds, the financial regulator said Thursday. A combined 31.1 trillion won ($27.7 billion) worth of ABS were issued for the January-June period, compared with 27 trillion won for the same period last year, the Financial Supervisory Service said. ABSs are derived from underlying assets such as auto loans, home loans, credit

Economy July 27, 2017

WASHINGTON -- The United States on Wednesday dismissed speculation North Korea is preparing to test another ballistic missile this week following its first launch of an intercontinental ballistic missile early this month.Pentagon spokesman Navy Capt. Jeff Davis did not confirm the reports, but emphasized the US is closely watching North Korea's movements with "great numbers of assets" focused on that task."We see in North Korea a bona fide research and development program that is not tied to a c

North Korea July 27, 2017

South Korea's second Internet-only bank, Kakao Bank, is set to begin operations Thursday, in the latest move by the government to reinvigorate the nation's banking sector suffering from weaker growth. The planned launch of Kakao Bank, led by Kakao Corp., operator of Korea's dominant messaging app KakaoTalk, came after the first Internet-only bank, K-Bank, gained wide consumer appeal. Consumers can open an account at Kakao Bank by downloading an app and verifying their personal information throug

Technology July 26, 2017

SK Innovation Co., South Korea's top oil refiner, said Wednesday that it has decided to pay out its first-ever interim dividends worth 149 billion won ($133 million) to boost shareholder value.In a regulatory filing, SK Innovation said it will pay out 1,600 won per one common and preferred share each.Last year, the refiner paid out 6,400 won per share following 4,800 won per stock each in 2015. (Yonhap)"After reviewing a variety of options for shareholder-friendly management, we decided to pay o

Companies July 26, 2017