Korean Air Lines Co., South Korea’s top air carrier, said Thursday it swung to a net profit in the third quarter of this year on increased air travel and cost-cutting efforts.The airline posted a net profit of 263.7 billion won ($239 million) in the three months ended Sept. 30, a drastic turnaround from a 544.4 billion won loss a year earlier, the carrier said in a regulatory filing.Sales gained 3.1 percent on-year to 3.28 trillion won in the third quarter, and operating profit jumped 43.1 perce

Samsung Electronics Co., the world’s top smartphone maker, said it has started selling its Galaxy Note 2 devices in the United States after a local launching event.The mobile device is currently available via Sprint and T-Mobile, and is expected to be carried by three additional U.S. carriers, including AT&T and Verizon, according to Samsung.The Galaxy Note 2, unveiled ahead of this year’s IFA technology fair, carries a 5.5-inch display and comes with a complimentary electronic stylus.Meanwhile,

A group of business leaders on Wednesday expressed strong opposition to tax increases for welfare expansion, claiming that it will hurt corporate capital spending and household consumption. The remarks came amid growing calls for “economic democratization” including an overhaul of local conglomerates’ governance structures and an expansion of the welfare system by the country’s three main presidential candidates. “Corporate taxes and income taxes should not be raised to secure finances in order

Ustream Korea Inc., a live video streaming platform operator, vowed on Thursday to play a leading role in spreading the Korean Wave, or hallyu, globally by initiating a live broadcasting service. The former Korean operation of U.S.-based Ustream Inc. has become an affiliate of the country’s mobile carrier giant KT, which holds 51 percent of its total share.“We would like to open up a new age where people who had been unable to voice their opinion can speak up, experience live streaming and share

Korean government pledges to appeal, but Google stands firm

The number of holding companies in South Korea increased over the past year as the government encouraged businesses to enhance their transparency in corporate governance, the country’s antitrust watchdog said Thursday.As of September, the number of holding companies stood at 115, up from the previous year’s 105, according to a report by the Fair Trade Commission. For large conglomerates, the number increased from 28 to 30 over the same period.A holding company refers to a firm that usually does

The Korean government took another step to curb soaring oil prices by importing gasoline through state-run Korea National Oil Corp., or KNOC.KNOC announced on Thursday that it purchased 100,000 barrels of gasoline from PetroChina, China’s largest oil company. KNOC-imported oil is expected to be distributed through the nation’s discount gas stations early next week. It is the first time for KNOC to import gasoline through international bidding to lower oil prices. The move was anticipated by Stra

Hyundai Motor Co. suffered a fall in third quarter profit versus the previous quarter after strikes dented vehicle production.South Korea's largest automaker said Thursday net profit fell 15 percent from the April-June quarter to 2.16 trillion won ($1.96 billion). It was Hyundai's first sequential drop in quarterly profit in a year.  The result, which matched forecasts, was still a 13 percent rise over a year earlier.  Its operating profit fell 18 percent from the second quarter to 2.05 trillion

South Korea's top 10 conglomerates' unlisted companies pay about half of their net profit as dividends to their shareholders, mostly owners' family members, an analysis showed Thursday.The dividend payout ratio of 499 unlisted companies affiliated with the conglomerates, known as chaebol here, stood at 41.2 percent over the past two years, according to the analysis by Yonhap News Agency and conglomerate tracker Chaebul.com. The ratio refers to the percentage of income a company spends on its div

South Korea started a final systems check on its space rocket on Thursday, a day ahead of its planned launch from a space center on the country's south coast, the government said.The outcome of the dress rehearsal on the Korea Space Launch Vehicle-1 (KSLV-1), also known as Naro-1, will come out at around 11 p.m., according to The Ministry of Education, Science and Technology.The Naro-1 was erected and fastened to the launch pad at the Naro Space Center, some 485 kilometers south of Seoul, on Wed

South Korean stocks started lower on Thursday as a grim outlook for local firms' third-quarter earnings dented investor sentiment, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 4.86 points, or 0.25 percent, to 1,909.10 in the first 15 minutes of trading.Tech blue chips led the decline, with market bellwether Samsung Electronics sliding 0.46 percent and flat panel giant LG Display losing 0.33 percent.Leading carmaker Hyundai Motor fell 2.06 percent and its smaller af