Major Korean refiners posted strong earnings in the first half of the year thanks to solid petrochemical businesses, swinging from the pandemic-driven losses a year earlier, industry data showed Tuesday. Four refiners -- SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oil Bank Corp. -- logged a combined 4 trillion won (US$3.4 billion) of operating profits in the January-June period, shifting from 5.1 trillion won of deficits from a year earlier, their earnings reports showed. Their

Industry Aug. 17, 2021

South Korean disaster comedy film "Sinkhole" has surpassed a cumulative 1 million admissions on the sixth day of its release, the fastest pace among homegrown flicks released this year, data showed Tuesday. The film, released last Wednesday, attracted 741,000 people over the Saturday-Monday Liberation Day holiday, bringing its combined total to 1.14 million, according to the data by the Korean Film Council. It topped the 1 million threshold on Sunday, becoming the eighth 2021 film to

Film Aug. 17, 2021

Citibank Korea Inc., the South Korean unit of Citigroup Inc., will decide on its exit plan for its retail banking unit next week, an industry source said Tuesday. Citibank Korea will hold a board meeting Aug. 26 during which the lender will confirm how to sell the retail banking division. In April, Citigroup said it will exit consumer banking operations in 13 markets, including South Korea, as part of its global business reorganization. Four financial firms have conducted a due diligence of C

Market Aug. 17, 2021

LG Display Co., a major display panel maker in South Korea, said Tuesday it will invest 3.3 trillion won ($2.8 billion) to expand its medium-and-small sized OLED display production capacity. The company said the investment, which will be made through March 2024, will be used in OLED facilities in South Korea that manufacture sixth-generation (1,500mm x 1,850mm) substrates. LG Display is the world's sole supplier of large-size OLED panels for TVs, but its competitiveness in the medium-and-

Technology Aug. 17, 2021

Fresh off an impressive goal against the champions Manchester City in his club's season opener, Son Heung-min of Tottenham Hotspur has been selected to the Premier League's Team of the Week. Alan Shearer, the league's all-time leading scorer, named Son as one of his three forwards on his weekly All-Star squad Monday (England local time), flanked by Mohamed Salah of Liverpool and Richarlison of Everton. Son scored Spur's lone goal in the 55th minute of their 1-0 victory over Man City at Tottenh

Soccer Aug. 17, 2021

Some foreign cryptocurrency exchanges have distanced themselves from South Korea as Korean authorities are set to enforce tighter regulations against virtual coins. By Sept. 24, cryptocurrency exchanges targeting Korean investors must register with the nation's anti-money laundering body and disclose their details on risk management. Under the tougher regulations, banks will issue real-name accounts in line with stricter guidelines to prevent money laundering. Beginning Sept. 25, cryptocurrenc

Economy Aug. 17, 2021

Preorders for Samsung Electronics Co.'s new foldable smartphones started Tuesday as the tech giant expects a sales boost with cheaper price tags. Preorders for the Galaxy Z Fold3 and the Galaxy Z Flip3, both unveiled last week at Samsung's Unpacked online event, will run through Monday in South Korea. Those who preordered Samsung's third-generation foldable smartphones will receive the products next Tuesday, three days before their official launch. Samsung has sharply lowered prices for its la

Industry Aug. 17, 2021

South Korea's exports and imports of camping goods reached a fresh high in 2020 amid the coronavirus pandemic, a report showed Tuesday. Asia's fourth-largest economy exported and imported $399 million worth of camping equipment last year, an all-time high and up 40 percent from the previous year, according to the report from the Korea Trade Statistics Promotion Institute. In the first half of this year alone, the country's trade in camping gear stood at $293 million, above the $285 million reg

Economy Aug. 17, 2021

South Korea's daily new coronavirus cases fell back to the 1,300s on Tuesday due to fewer tests over the extended weekend amid concerns over a potential upsurge down the road. The country added 1,373 more COVID-19 cases, including 1,323 local infections, raising the total caseload to 226,854, according to the Korea Disease Control and Prevention Agency (KDCA). Daily infections fell from 1,556 on Monday, 1,817 on Sunday and 1,930 on Saturday, but the decline was attributable to fewer tests over

Social Affairs Aug. 17, 2021

Samsung Electronics Co. was the world's largest curved monitor vendor in the second quarter of the year, a report showed Tuesday, although its shipments decreased sharply from a quarter earlier. Samsung had a market share of 32 percent in the April-June period after shipping 1.09 million curved monitors, according to market researcher TrendForce. AOC/Philips, owned by TPV Technology Ltd., was the runner-up with a 12 percent market share with 410,000 units. Micro-Star International Co. and Dell

Technology Aug. 17, 2021

First Vice Foreign Minister Choi Jong-kun has met Moroccan Foreign Minister Nasser Bourita to discuss bilateral ties and cooperation in trade, development, health and other areas during his trip to the African country, the foreign ministry said Tuesday. Choi was in Morocco on Sunday and Monday in the first leg of his Africa trip, which includes Senegal and Nigeria, to cement the two countries' partnership ahead of the 60th anniversary next year of the establishment of bilateral relations. Dur

Foreign Affairs Aug. 17, 2021

South Korean stocks opened a tad higher Tuesday as tech large caps showed signs of a rebound from their weeklong plunge, in addition to strong advances by financial stocks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.63 points, or 0.05 percent, to 3,172.92 points in the first 15 minutes of trading. The key stock index opened with mild gains as the country's two largest chipmakers rose after tumbling on pessimism about a future price fall of DRAMs. Gains by financial and ban

Market Aug. 17, 2021

Kazakh President Kassym-Jomart Tokayev arrived in South Korea on Monday, becoming the first foreign leader to visit here in the midst of the COVID-19 pandemic. He embarked on the two-day state trip at the invitation of President Moon Jae-in, during which they are scheduled to hold summit talks. He was greeted by South Korea's Commerce Minister Moon Sung-wook at Seoul Air Base in Seongnam, just south of Seoul. He is the first Kazhak president to travel to South Korea in five years. In their s

Foreign Affairs Aug. 16, 2021

South Korea strongly protested Japan's renewed claims to South Korea's easternmost islets of Dokdo in its newly created defense white paper for elementary and junior high school students, the foreign ministry said Monday. Lee Sang-ryeol, the director-general for Asia Pacific affairs, and Kim Yong-gil, minister at the South Korean Embassy in Tokyo, lodged a protest to Naoki Kumagai, deputy chief of mission at the Japanese Embassy in Seoul, and Taisuke Mibae, deputy director-general of the Japan

Foreign Affairs Aug. 16, 2021

Korean Air Lines Co., South Korea's biggest carrier, said Monday it will consider rerouting flights to avoid Afghanistan's airspace following the Taliban's takeover of Kabul. Korean Air said some of its cargo flights have used the Afghan airspace at high altitudes, though its passenger flights have not. "We are closely monitoring the (political) situation in Afghanistan and may change our routes if necessary," a company spokeswoman said over the phone. The move is in line with majo

Industry Aug. 16, 2021