SK Telecom Co., South Korea’s top mobile carrier, on Tuesday said its net profit more than halved in the third quarter on increased spending to promote the faster long-term evolution network.Net profit came to 175.6 billion won ($160.8 million) in the July-September period, compared with a profit of 383.9 billion won a year earlier, SK Telecom said in a regulatory filing.Revenue gained 2 percent on-year to 4.1 trillion won in the cited period, while operating profit tumbled 46.4 percent on-year

Asiana Airlines Inc, South Korea’s No. 2 flag carrier, said Tuesday it swung to a net profit in the third quarter of this year due to favorable foreign exchange rates.Consolidated net profit reached 80.2 billion won ($73 million) in the three months ended Sept. 30, a dramatic turnaround from a net loss of 34.7 billion won profit a year earlier, the carrier said in a regulatory filing.Sales also gained 5.2 percent on-year to 1.5 trillion won. However, the company’s operating profit dropped 39.6 o

Foreign currency deposits at South Korean banks rose to a fresh high in October largely due to a gain in the country’s trade surplus, the central bank said Tuesday. Outstanding foreign currency-denominated deposits held by local residents reached a record $39.39 billion as of the end of October, up $130 million from the previous month, according to the Bank of Korea. Residents in this case include individual citizens and firms but not foreign nationals with residency status. The data also exclud

South Korean stocks climbed 1.05 percent on Tuesday as key automakers rebounded from sharp falls spurred by a fuel efficiency scandal in the U.S., analysts said.The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index soared19.95 points to 1,928.17. Trading volume was moderate at 539.6 million shares worth 4.5 trillion won ($4.1 billion), with gainers outnumbering decliners 493 to 334.“We saw excessive sell-offs of Hyundai and Kia shares in the previous s

South Korea’s credit default risk has dropped to levels seen before the 2008 financial crisis erupted, mirroring its solid economic fundamentals, data showed Tuesday. The credit default swap premium on the country’s five-year Treasuries came to 65 basis points as of Nov. 2, the lowest in more than four years since the 64 basis points tallied in May 22, 2008, according to the Korea Center for International Finance. The spread on CDS reflects the cost of hedging credit risks on sovereign or corpor

The Financial Supervisory Service has launched a full-fledged investigation into 58 financial firms for their allegedly irregular sales of retirement pension products.“The 58 firms which sell retirement pensions are composed of commercial banks, insurance companies and brokerage houses,” the FSS said in a statement. “Their overheated competition and irregularities will closely be examined.”As the retirement pension market has swiftly expanded over the past few years, many financial firms are sus

Company shares rebound slightly on Tuesday

South Korea’s Hanjin and Hyundai groups are confronted with difficulties in their efforts to make their balance sheets cleaner amid controversy over the nature of perpetual bonds they are seeking to issue, industry sources said Tuesday.The controversy came after the country’s financial authority said it is problematic to recognize perpetual bonds as capital. The Korea Accounting Institute is set to decide a final position on the nature of such bonds on Thursday before conveying its decision to t

The number of companies listed on the local stock markets plunged to a 26-month low in October amid a protracted global economic slowdown, data showed Tuesday.According to the data by the Financial Supervisory Service and the Korea Exchange, the number of listed firms on the main bourse and the secondary market reached 1,792 as of the end of last month, the lowest since 1,785 firms were tallied at end-August 2010.The main bourse held 786 companies at end-October, down 5 firms from end-2011, the

The chief of South Korea's state-run power provider has recently offered to step down, a senior government official said Tuesday, raising speculations his company's confrontations with the government over energy policy may have affected his surprise decision.Kim Joong-kyum, the CEO of the Korea Electric Power Corporation has recently submitted his resignation to the presidential office, the official at the Ministry of Knowledge Economy said, without elaborating.It is not immediately known why Ki

South Korea's credit default risk has dropped to levels seen before the 2008 financial crisis erupted, mirroring its solid economic fundamentals, data showed Tuesday. The credit default swap (CDS) premium on the country's five-year Treasuries came to 65 basis points as of Nov. 2, the lowest in more than four years since the 64 basis points tallied in May 22, 2008, according to the Korea Center for International Finance (KCIF). The spread on CDS reflects the cost of hedging credit risks on sovere