Sales of imported commercial vehicles in South Korea jumped 26 percent last month from a year earlier on robust sales of Scania and Iveco trucks, an industry association said Monday. The number of newly registered imported commercial vehicles rose to 383 units in September from 304 a year ago, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. "Increased sales of Scania and Iveco trucks helped offset decreased sales of MAN and Mercedes-Benz trucks la

Samsung Electro-Mechanics Co., a major electronics components maker in South Korea, on Monday reported robust third-quarter earnings on firm demand amid the novel coronavirus pandemic. The Samsung Group affiliate chalked up a net profit of 240 billion won ($212.5 million), up 119.4 percent from a year earlier. The company said in a regulatory filing that it posted 302.5 billion won in operating profit for the July-September period, up 59.9 percent from a year ago. Sales rose 3.3 percent on-ye

South Korea's major instant noodle makers are estimated to have posted solid earnings in the third quarter, as demand from stay-at-home consumers rose amid the pandemic and sales in overseas markets remained robust, a survey showed Monday. The combined operating profit of Nongshim Co., Samyang Foods Co. and Ottogi Co. is projected to have reached 107.1 billion won ($94.9 million) in the July-September period, up 31.6 percent from a year earlier, according to the survey by Yonhap Infomax, the fi

Shares in Samsung Group's key affiliates closed higher Monday on expectations that they may increase dividend payouts to help the late Samsung chief's scions secure funds to pay record high inheritance taxes and they may overhaul their governance structures. Samsung Group chief Lee Kun-hee died Sunday at age 78, more than six years after being hospitalized for a heart attack. Shares in three Samsung affiliates held by the late group chief spiked in the morning session as investors bet that th

South Korea's beer exports more than halved in the first nine months of the year in the wake of the coronavirus pandemic, data showed Monday. Overseas shipments of Korean beer stood at $54.1 million in the January-September period, about 46 percent of last year's $117.3 million, according to the Korea Agro-Fisheries & Food Trade Corp. Exports to China fell by a third to $20.3 million from $67.6 million over the cited period. Shipments to Hong Kong sank 27.3 percent, and those to the United

South Korean stocks opened slightly higher Monday on hopes of fresh US stimulus to insulate the fallout from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.17 points, or 0.26 percent, to 2,366.98 in the first 15 minutes of trading. On Sunday (Washington time), US House Speaker Nancy Pelosi said she would push for an agreement for the new stimulus scheme amid a resurgence of the virus. The United States reported 83,757 new COVID-19 cases Friday (US time), an all-t

South Korea and Britain agreed Monday to maintain their trade ties after the scheduled end of the transition period of London's departure from the European Union and to form a deeper bond to overcome the economic jitters caused by the pandemic. Seoul's Industry Minister Sung Yun-mo met Alok Sharma, Britain's secretary of state for business, energy and industrial strategy, in Seoul to discuss the two countries' post-pandemic cooperation, according to the Ministry of Trade, Industry and Energy.

South Koreans in their 20s are overburdened with bank overdrafts and loans from credit card companies amid a jobs crunch sparked by a protracted economic slump, data showed Monday. Outstanding overdrafts and card loans extended to local 20-somethings came to some 2.15 trillion won ($1.91 billion) as of the end of June this year, according to the data that the Financial Supervisory Service prepared for an annual parliamentary audit. The amount is up from 2.08 trillion won from the end of last y

South Korea and China on Monday launched the ninth round of talks with China to bolster ties in the service and investment fields as part of their bilateral free trade agreement (FTA), which went into effect five years ago. South Korean and Chinese trade officials will hold a virtual meeting that will run through Friday, according to the Ministry of Trade, Industry and Energy. The two countries launched the first FTA follow-up meeting in 2018. "During the meeting, we plan to set more det

Won-dollar rate stands in average range of 10-year data

Architect behind government’s real estate countermeasures himself also becomes ‘jeonse’ refugee

Retail traders, which have so far buttressed the pandemic-hit stock market, appear to have begun to unload shares, becoming net sellers in the market, data showed Sunday. According to the nation’s sole securities exchange operator Korea Exchange, they sold 1.27 trillion won ($1.13 billion) worth of stocks on Oct. 1-23. For the 14 trading days from Oct. 5-23, they sold 1.06 trillion won of shares in market kingpin Samsung Electronics, the most among large-cap companies. They sold off 269.

Death of Samsung chairman likely to have limited impact on Samsung stocks, analysts say

Lee Kun-hee, the late chief of South Korea's top conglomerate Samsung Group, was the wealthiest man in the country, data showed Sunday. The total value of stocks held by Lee, who died at a Seoul hospital after being bedridden following a heart attack in 2014, stood at 18.2 trillion won ($16.1 billion) as of Friday, according to the Korea Exchange data. By company, Lee held a 4.18 percent stake in the conglomerate's crown jewel, Samsung Electronics Co., worth 15 trillion won, 20.76 percent in S

As Samsung chief Lee Kun-hee passed away, his heirs, including his only son, Jae-yong, and his sisters will shoulder a record high amount of inheritance tax, industry sources said Sunday. Lee Kun-hee, who led South Korea's top family-controlled conglomerate Samsung Group, died at a hospital in Seoul on Sunday at age 78, leaving behind stock assets of some 18 trillion won ($15.9 billion). The senior Lee is survived by his wife, Hong Ra-hee, and only son, Jae-yong, and two daughters -- Boo-jin a