LG Electronics is expected to report its highest-ever quarterly sales in the third quarter of this year, but a sharply lower operating profit due to provision expenses for a US recall. The South Korean electronics firm on Tuesday announced its earnings guidance for the July-September period -- 18.7 trillion won ($15.5 billion) in estimated revenue and 540.7 billion won in estimated operating profits. LG Electronics’ revenue exceeded a previous record set in the second quarter of this y

Seoul shares closed lower for a second straight session Tuesday on foreign selling amid concerns over inflation sparked by surging prices of oil and other energy resources. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 39.92 points, or 1.35 percent, to close at 2,916.38 points. Trading volume was moderate at about 648 million shares worth some 12.5 trillion won ($10.4 billion), with losers outnumbering gainers 572 to 310. Foreigners s

National Assembly Speaker Park Byeong-seug asked for Egypt’s help in engaging with North Korea, and for the push to officially end the 1950-53 Korean War, in his meeting with Egypt’s President of the Senate Abdel-Wahab Abdel-Razeq and Speaker of the House of Representatives Hanafy Ali El Gebali. Park, who is current on an official visit to Egypt, is the first National Assembly speaker to visit Egypt since Speaker Lee Man-seop in 2002. The meeting with his Egyptian counterparts wa

Samsung shares tumble below 70,000 won for first time in 2021 on strong foreign selling

Bitcoin jumped 30 percent this month to reach 70 million won ($58,378), the first time it breached that level in five months, as US financial regulators said they won’t follow China in banning cryptocurrency transactions. The largest cryptocurrency by market cap rose almost 30 percent during October to 70.99 million won as of Tuesday morning, data from crypto exchange Upbit showed. With the rally this month, bitcoin’s market capitalization reached 1 trillion won, surpassing that of

SK Telecom Co. said Tuesday its shareholders approved the company's plan to launch a non-telecom spinoff in the latest move to make aggressive investments in new tech and semiconductor businesses. The corporate restructuring -- the first since the company's foundation in 1984 -- is designed to split South Korea's largest wireless carrier into two, spinning off a new investment company as SK Square. "The main purpose of the company's spinoff is to maximize shareholder value," Park Jun

The first son of Chung Mong-joon, the largest shareholder of Hyundai Heavy Industries Holdings Co. (HHIH), has been appointed the new CEO of the holding company, Hyundai Heavy Industries Group said Tuesday. Chung Mong-joon holds a 26.6 percent stake in HHIH, the holding company of the world's largest shipbuilding group, and his eldest son, Chung Ki-sun owns, a 5.26 percent stake in the company. The junior Chung, 39, has been also named the chief executive of Korea Shipbuilding & Offshore

North Korean leader Kim Jong-un has vowed to build a powerful military to strengthen war deterrence, but insisted that the country’s main enemy is “war itself,” and not South Korea or the US. 　 Kim made the remarks Monday as he gave a rare speech at a defense development exhibition to mark the previous day’s 76th founding anniversary of the ruling Workers’ Party, the North’s official Korea Central News Agency said Tuesday. 　 It was the first time the North

More South Koreans are dipping into their retirement pension pots to buy homes in expectation of future gain amid soaring housing prices, causing concern over the availability of secure retirement income, a lawmaker said Tuesday. The number of people who pulled out their money from their retirement accounts early stood at 71,931 in 2020, up 79.4 percent from the 40,091 tallied in 2016, according to Financial Services Commission data submitted to Rep. Chun Jae-soo of the ruling Democratic Party

Prosecutors asked for death penalty

S-Oil said Tuesday it will import blue hydrogen produced by Saudi Aramco to South Korea and establish a hydrogen ecosystem with consortium partners. According to the South Korean refinery, it will convert the blue hydrogen into ammonia and transport it to Korea. Saudi Aramco is the parent company of S-Oil’s major shareholder Aramco Overseas Company. The imported ammonia will then be cracked into blue hydrogen or be supplied without conversion to its consortium partners, including Samsu

The South Korean government proposed Tuesday North Korea resume inter-Korean dialogue in order to narrow differences and promote mutual understanding after its leader accused Seoul of being "hypocritical" and having "double standards." In a speech Monday at a defense development exhibition to mark the 76th founding anniversary of the ruling Workers' Party, the North's leader Kim Jong-un condemned Seoul for continuing efforts to boost its military capabilities while talking p

The Nigerian government is responsively taking steps to address climate change, establishing a ministry for environment and advancing cooperation with Korea on climate change, Ali Magashi, Nigerian envoy to Korea, said in an interview with The Korea Herald. According to the Nigerian ambassador, Africa is the “greatest victim” of climate change. Nigeria, Africa’s most populous country, has seen increases in drought and extreme flooding in recent years that has damaged agricult

Hyundai Motor is to open a self-driving technology test bed at its R&D Center to speed up development, the automaker said Tuesday. Hyundai Motor, South Korea’s biggest carmaker, said it has been setting up the infrastructure needed for researchers to try out different autonomous driving technologies at its Namyang R&D Center. Located in Hwaseong, Gyeonggi Province, the Namyang center is the main research institute for Hyundai Motor Group’s automotive affiliates, Hyundai an

Rapper NO:EL was arrested Tuesday on charges of driving without a license, refusing to take a breathalyzer test and headbutting a police officer last month. Police took the 21-year-old, whose real name is Chang Yong-jun, into custody after the Seoul Central District Court issued an arrest warrant for him, saying that investigations have found the allegations to be likely true and there is a flight risk. The incident took place on the night of Sept. 18 when Chang caused a fender bender while driv