Hyundai Steel Co., South Korea's No. 2 steelmaker, said on Thursday it swung to the black in the third quarter from a year earlier on the back of solid demand for key products and price hikes in line with the economic recovery from the pandemic. Net profit reached 596 billion won ($509 million) on a consolidated basis in the third quarter of the year, turning from a net loss of 44.7 billion won a year earlier, the company said in a regulatory filing. Operating income for the July-September per

South Korea and the United States may have "somewhat different perspectives" on the issue of declaring a formal end to the Korean War, but the perspectives should not be seen as a "difference of views," a senior Cheong Wa Dae official said Thursday. Park Soo-hyun, senior Cheong Wa Dae secretary for public communication, made the remark in response to speculation that Washington is reluctant to support President Moon Jae-in's vision for an end-of-war declaration that would ju

The head of the World Food Programme (WFP) on Thursday called for international cooperation to improve North Korea's food situation, raising concerns over a "growing threat" from extreme weather caused by climate change. WFP Executive Director David Beasley made the remarks in a video keynote speech at a seminar in the northeastern county of Yanggu, referring to a series of droughts and floods that impacted North Korea's crop yields last year. "We stand ready to respond to these

The top Chinese envoy here expressed condolences Thursday over the death of former South Korean President Roh Tae-woo, who formally established diplomatic ties between the two nations during his presidency. Ambassador Xing Haiming said Roh is "an old friend" of China who changed the regional security dynamic by establishing relations with China in 1992 and deciding to sever South Korea's ties with Taiwan. "(We) won't forget that (Roh) made a big decision to forge diplomatic rela

South Korea's terms of trade fell for the sixth consecutive month in September due to a rise in prices of imported goods, central bank data showed Thursday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- declined 4.5 percent last month from a year earlier, according to preliminary data from the Bank of Korea (BOK). The figure is calculated by dividing the index for export prices by that for import prices. It shows the amount of imports a country can buy fo

South Korea's dominant internet portal operator Naver Corp. on Thursday introduced a new personalized search service dubbed AiR Search. The service, powered by Naver's artificial intelligence (AI) technology, will provide results in block units that reflect current trends and individual interests. "AiR Search will be the beginning of a big change representing Naver's new search, as much as the 'integrated search' which has so far been the most differentiated feature," Kim Sang-Bum, d

Retail sales in South Korea surged 8.2 percent in September from a year earlier, data showed Thursday, as consumers turned to "revenge shopping" amid the prolonged virus pandemic. The combined sales of 25 major offline and online retailers reached 13.2 trillion won ($11.26 billion) last month, compared with 11.9 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores rose 3.3 percent on-year in September, wi

SK Innovation Co., a South Korean battery maker, said Thursday it will develop and produce all-solid-state batteries with a US firm, in a bid to expand its foothold in the next-generation battery market. Under the joint venture deal with Solid Power, a Colorado-based solid-state battery developer, SK Innovation will invest $30 million to acquire a stake in the American company and work with the startup to produce all-solid-state batteries with a target energy density of 930 watt hours per liter

North Korea rebuked the United States and other western nations Thursday for having double standards on human rights and racism, taking issue with their absence from a recent symbolic UN meeting. In a note posted on the foreign ministry's website, North Korea criticized the US, Britain and others for not taking part in a high-level meeting at the UN General Assembly last month to commemorate the 20th anniversary of the Durban Declaration and Programme of Action that calls for racial justice.

South Korea's antitrust chief has vowed to intensify a probe into unfair business practices in the travel sector amid a looming recovery in travel demand as the country prepares to return to normalcy. South Korea plans to ease long-enforced restrictions on gatherings and business operations with its shift to the "living with COVID-19" scheme on Nov. 1 meant to gradually restore daily life back to the pre-pandemic days. The move could stimulate pent-up demand for travel, spawning conc

Major South Korean insurer Hanwha Life Insurance Co. said Thursday its third-quarter net profit rose more than 1.5 times from a year earlier despite the coronavirus pandemic. Consolidated net income came to 378.9 billion won ($323.1 million) in the July-September period, up 154.5 percent from a year earlier, the company said in a regulatory filing. Operating income climbed nearly 21 percent on-year to 250.3 billion won, with sales soaring 33 percent to 7.51 trillion won. Hanwha Life Insurance

South Korea has found more than two dozen bone fragments presumed to be from troops killed in the 1950-53 Korean War during recent excavation work in a former battle site, the defense ministry said Thursday. The military has discovered 26 bone pieces and 5,132 articles, including combat gear, in the White Horse Ridge, the site inside the Demilitarized Zone (DMZ) separating the two Koreas. Many of them are thought to be from fallen South Korean troops, the ministry said. In September, the minis

S-Oil Corp., South Korea's No. 3 oil refiner, said Thursday its net income surged by elevenfold in the third quarter from a year earlier, driven by strong sales of petrochemical and lube base oil products. Net income came to 334.5 billion won ($285 million) in the July-September period, compared with 30.3 billion won a year earlier, the company said in a regulatory filing. Operating profit reached 549.4 billion won, swinging to black from an operating loss of 9.2 billion won the previous year.

South Korea's military reported four additional COVID-19 cases Thursday, bringing the total caseload among its personnel to 2,023, the defense ministry said. A Navy officer stationed in Jinhae, 410 kilometers south of Seoul, tested positive after a family member was infected, according to the ministry. Three Army draftees were also infected. Of the cumulative cases in the military, 1,966, or 97 percent, have been fully cured, with 57 still under treatment. (Yonhap)