South Korean stocks retreated Wednesday as investors attempted to cash in gains amid concerns that the corporate earnings may wane after a strong third quarter. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 23.59 points, or 0.77 percent, to close at 3,025.49 points. Trading volume was moderate at about 598 million shares worth some 10.1 trillion won (US$8.6 billion), with gainers outnumbering losers 626 to 232. Foreigners sold a net 2

Market Oct. 27, 2021

LG Display Co., South Korea's major display panel maker, said Wednesday that its third-quarter net income surged 4,067.5 percent from a year earlier to 463.5 billion won ($396.1 million), largely driven by strong demand and profitability of its OLED business. Operating income jumped 221.8 percent to 528.9 billion won in the three months ending in September, 17.3 percent lower than previously expected. Sales rose 7.2 percent on-year to 7.22 trillion won. Continued growth in pandemic-led demand

Industry Oct. 27, 2021

Kia Corp., South Korea's second-biggest carmaker, said Wednesday its third-quarter net profit rose sharply due to a lack of one-off costs, but chip shortages remain a major concern for the carmaker. Net profit for the three months ended in September jumped more than eightfold to 1.135 trillion won ($970 million) from a net profit of 133.68 billion won in the year-ago period. Operating profit jumped more than six times to 1.327 trillion won in the third quarter from 195.23 billion won a year a

Industry Oct. 27, 2021

  Oci Co. on Wednesday reported its third-quarter net profit of 177.6 billion won ($151.8 million), up 2829.7 percent from a year earlier. The company said in a regulatory filing that it posted 194.6 billion won in operating profit for the quarter, compared with 18.1 billion won a year ago. Sales rose 89.9 percent to 888.7 billion won. (Yonhap)

Industry Oct. 27, 2021

President Moon Jae-in on Wednesday expressed his condolences to late former President Roh Tae-woo, crediting the deceased with foreign policy achievements but also describing his involvement in a coup and the brutal crackdown on a pro-democracy uprising as "faults." The measured message by Moon, which came a day after Roh died at age 88, suggested that soul-searching had taken place to determine the right balance between paying respect to a late predecessor and public sentiment critic

Politics Oct. 27, 2021

A two-day Korean culture festival will bring together K-pop acts like NCT Dream and aespa next month to provide comfort to people around the world who are exhausted from COVID-19, the culture ministry said Wednesday. "The K-Culture Festival - 2021 World K-pop Concert" will take place at the Korea International Exhibition Center (KINTEX) in Ilsan, northwest of Seoul, on Nov. 13-14, according to the Ministry of Culture, Sports and Tourism. The event is aimed at comforting Korean Wave f

K-pop Oct. 27, 2021

South Korea has reported nearly 20,000 coronavirus infections involving people who tested positive for COVID-19 after being fully vaccinated, health authorities said Wednesday. There were 19,954 breakthrough cases out of more than 26.93 million people who have received the full-dose vaccine regimen, the Korea Disease Control and Prevention Agency (KDCA) said. Since the country's nationwide inoculation campaign began in late February, 36.7 million people, or 71.5 percent of the country's 52 mil

National Oct. 27, 2021

Non-financial companies in South Korea saw their combined sales shrink for the first time in 10 years in 2020 affected by an overall slump in consumption amid the coronavirus pandemic, central bank data showed Wednesday. The Bank of Korea (BOK) analyzed 2020 business performances of about 800,000 non-financial companies, including some 170,000 manufacturers, and found that their total sales contracted 1 percent from a year earlier. This marked the first contraction since the central bank bega

Economy Oct. 27, 2021

Samsung Electro-Mechanics Co. on Wednesday reported its third-quarter net income of 353.5 billion won ($302 million), up 47.3 percent from a year earlier. The company said in a regulatory filing that it posted 457.8 billion won in operating profit for the quarter, compared with 307.4 billion won a year ago. Revenue rose 20.6 percent to 2.68 trillion won. The operating profit was 5.6 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of

Industry Oct. 27, 2021

South Korea is expected to be under rising inflationary pressure for a longer-than-predicted period due to the ongoing global supply disruptions and recovering consumption backed by eased antivirus rules, the country's central bank said Wednesday. "Our country needs to closely watch the possibility of a longer-than-expected period of an upward trend in high prices due to the local ramifications from the global supply bottleneck, an increase in consumption from changes in antivirus measures

Economy Oct. 27, 2021

Government employees will be subject to much tougher rules against drunk driving and inhumane misconduct under a soon-to-be-revised law, the Ministry of Personnel Management said Wednesday. The ministry issued an advance notice of a revision of the Decree on Disciplinary Action against Public Officials, saying any government employee caught driving drunk with a blood alcohol concentration of 0.2 percent or higher can be expelled from office. According to the revision, public officials refusing

Social Affairs Oct. 27, 2021

The number of babies born in South Korea dropped to a record low in August, data showed Wednesday, underscoring the country's gloomy demographic situation with its chronically low birthrate. A total of 22,291 babies were born in August, down 0.5 percent from a year earlier, according to the data compiled by Statistics Korea. It marked the lowest tally for any August since the country began compiling related data in 1981. South Korea has been struggling with a constant fall in childbirths as m

Social Affairs Oct. 27, 2021

South Korea's antitrust regulator said Wednesday it has imposed a combined fine of 3.8 billion won ($3.3 million) on eight affiliates of Harim Co. for providing undue business favors to Orpum Co., wholly owned by the poultry-processing firm. Those affiliates, including Farmsco, Sunjin, Jeilfeed and other livestock companies, had provided "excessive economic profits" to Orpum by purchasing livestock-related drugs solely from the Harim subsidiary at higher prices than the market price f

Industry Oct. 27, 2021

The number of South Koreans who moved to different residences in the country fell for the ninth straight month in September, data showed Wednesday, as housing transactions decreased amid rising prices. The number of people who changed their residences dropped 8.9 percent on-year to 566,000 last month, according to the data compiled by Statistics Korea. The population mobility rate -- the number of those relocating per 100 people -- also went down 1.3 percentage points from a year earlier to co

Economy Oct. 27, 2021

South Korea's unification ministry said Wednesday it will host a forum this week on the peaceful use of the Demilitarized Zone (DMZ) separating the two Koreas. The event will take place at a hotel in the northeastern county of Yanggu on Thursday, with World Food Programme Executive Director David Beasley set to deliver a keynote speech by video, according to the ministry. The DMZ, which is about 250 kilometers long and 4 km wide, is one of the world's most heavily fortified borders, with the r

North Korea Oct. 27, 2021