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

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

Samsung Electronics Vice Chairman Lee Jae-yong was behind Moderna’s decision to supply the first batch of COVID-19 vaccines manufactured here to the Korean government, industry sources claimed Wednesday. The Ministry of Health and Welfare announced Tuesday it had authorized the domestic supply of 2.4 million doses to be finished at Samsung Biologics’ factory in Songdo, Incheon, from next month. The biopharmaceutical affiliate of Samsung has a deal with the US vaccine firm to &ldqu

With South Korea’s economic engine sputtering, the country’s potential growth rate may fall to zero in the following decade, a study showed Wednesday. According to research published by the Korea Economic Research Institute, most of the country’s macroeconomic indicators on production, consumption and investment cast a gloomy outlook. The country’s potential growth rate -- the maximum rate Asia’s fourth-largest economy could grow without triggering inflation --

Public Wi-Fi provided in intra-city buses will be getting four times faster as it will be upgraded to 5G network service from the current LTE. Starting with 100 pilot buses, which started boasting faster connections on Wednesday, 29,000 buses nationwide will have 5G connections by 2023, according to the Ministry of Science and ICT. The speed of Wi-Fi currently available on public buses has a maximum speed of 100Mbps as it relies on LTE networks. It will increase to 400Mbps with the rollout of

Mortgage loans surge by 200 trillion won since 2017

Global credit rating agency S&P Global Ratings said Wednesday it raised the credit outlook of Hanwha General Insurance from negative to stable, citing its prospects for future high earnings. The agency kept the insurance company’s credit rating at A, the same as estimates from last year. “We project Hanwha General Insurance, together with Hanwha Life Insurance, to strengthen their abilities to pay off debt through high earnings in the next two years. The affiliates will be abl

Energy, economy experts question feasibility of government’s 2050 net zero plan

South Korean low-cost carrier AeroK says it is hiring flight attendants and forgoing any hair and makeup requirements. The Cheongju-based airline, which launched its first scheduled flight earlier this year, said there are also no requirements in terms of academic background, appearance and age in its recent job postings. “We will not be asking for a photo during the document screening process and will only ask for foreign language skills and extracurricular activities during the first p

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

Former President Roh Tae-woo used his last will to ask for forgiveness from victims of the military's brutal crackdown on a pro-democracy uprising in the southwestern city of Gwangju in 1980, his son said Wednesday. Roh Jae-heon unveiled the will of his father, who died Tuesday of chronic illness at age 88, to reporters at a funeral altar for the late president in Seoul. "He thought he had infinite responsibility for all things that happened, whether it is good or bad, because he cared a

  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)

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

9th Asian Legislative Experts Symposium also explores how Asian countries should work together