SK Telecom Co., South Korea's largest wireless carrier, said Tuesday its non-telecom spinoff will be launched in November as SK Square with the aim of aggressive investments in new tech and semiconductor businesses. The mobile carrier is currently preparing to split into two after deciding to spin off its non-telecom businesses in June to focus on new investments. While SK Telecom had tentatively called the new company SKT Investment, the carrier said it finalized the name as SK Square. Under

KakaoBank Corp., a major South Korean digital-only bank, said Tuesday its net profit more than doubled in the second quarter from a year earlier, reporting robust earnings after it went public earlier this month. Net profit stood at 69.29 billion won ($58.85 million) in the April-June period, compared with a profit of 26.78 billion won the previous year, according to its regulatory filing. Revenue rose 29.3 percent to 253.62 billion won over the cited period, while operating profit increased 2

South Korean stocks retreated for an eighth straight session Tuesday as disappointing Chinese economic data raised concerns about a slowdown in global economic recovery. The Korean Won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 28.2 points, or 0.89 percent, to close at 3,143.09 points. Trading volume was high at about 680 million shares worth some 21.9 trillion won ($18.6 billion), with losers outnumbering gainers 786 to 117. Foreigners sold a

Rep. Hong Joon-pyo, a five-term lawmaker of the main opposition People Power Party (PPP), officially announced Tuesday he will run in the presidential election slated for March. Hong, who lost the 2017 election against President Moon Jae-in, held an online press conference announcing his second bid for the presidency, in which he pledged to "correct the nation heading in the wrong direction." The former prosecutor-turned-politician presented a vision in which South Korea wins respect

South Korea's industry ministry said Tuesday it has hosted a business roundtable with Kazakhstan and signed around two dozen business agreements, in a move to enhance economic ties with the Central Asian nation. During the meeting, Seoul and Nur-Sultan signed a set of 23 memorandums of understanding in various industries ranging from automobiles to the development of natural resources, according to the Ministry of Trade, Industry and Energy. The move came during Kazakh President Kassym-Jomart

South Korea will keep a close eye on how North Korea will respond to a major joint military exercise under way with the United States, the unification ministry said Tuesday, as Pyongyang remains silent in contrast to angry reactions to last week's preliminary exercise. The nine-day computer-simulated Combined Command Post Training, which kicked off Monday, is based largely on a computer simulation with no field training, in consideration of the virus situation, according to South Korea's Joint

The military plans to deploy advanced amphibious bridging vehicles by 2027 to boost operational capabilities, the arms procurement agency said Tuesday. Under a 500 billion-won ($426.5 million) contract, the Defense Acquisition Program Administration (DAPA) and Hanwha Defense will develop and produce the localized version of the European M3 Amphibious Rig for their deployment starting around 2027, according to the agency. The M3 rig was developed by the European manufacturer General Dynamics Eu

Seven service members have tested positive for the new coronavirus, the defense ministry said Tuesday, the latest in a series of infections across the country. Five Army members, one Navy officer and one Marine Corps officer were confirmed to have contracted the virus during the three-day holiday that ended Monday, bringing the total caseload among the military population to 1,555, according to the ministry. (Yonhap)

South Korean superband BTS' mega-hit "Butter" has placed seventh on this week's Billboard main singles chart, remaining in the top 10 for 12 straight weeks. Billboard said on its website Monday (US time) that BTS' "Butter" dropped three notches to No. 7 on the recently updated Hot 100 chart. It led the Digital Song Sales chart for the 11th consecutive week, with 629,000 downloads. The summery song has finished in the top 10 for 12 weeks in a row, including a yearly high o

Three South Korean players will be in action for the annual PGA Tour playoffs starting this week, competing with more than 100 others in a quest for a jackpot in September. Kim Si-woo, Im Sung-jae and Lee Kyoung-hoon have finished 30th, 31st and 34th on the FedEx Cup points rankings, and have qualified for the first leg of the playoffs, the Northern Trust, which will tee off at Liberty National Golf Club in Jersey City, New Jersey, on Thursday. The top 125 from the FedEx Cup standings will be

Tourist arrivals in South Korea plunged more than 95 percent in the first half of the year due to global travel curbs amid the coronavirus pandemic, data showed Tuesday. The data from the state-run Korea Tourism Organization (KTO) showed 73,000 foreign tourists visited South Korea in the January-June period, down 95.4 percent from a year earlier. The figure accounted for 17.5 percent of all foreigners who visited South Korea in the six-month period. In particular, it was much fewer than the 2

South Korean construction machinery maker Hyundai Construction Equipment Co. on Tuesday said it will develop small-sized forklifts to be powered by hydrogen fuel cells. The subsidiary of Hyundai Genuine Co. will team up with S-Fuelcell Co., a local hydrogen fuel cell maker, to commercialize the 1-3 ton forklifts by 2023, it said. Hyundai Construction Equipment also said it developed 5-ton hydrogen fuel cell powered forklifts in 2020 in cooperation with Hyundai Mobis Co., South Korea's biggest

Prosecutors have raided Hyundai Heavy Industries Co.'s headquarters in the southeastern city of Ulsan for allegedly destroying evidence to avert the antitrust watchdog's investigation into unfair business practices, judicial sources said Tuesday. According to the sources, the Seoul Central District Prosecutors Office recently searched the company's office in Ulsan, about 415 kilometers southeast of the capital, to seize internal documents. Last year, People's Solidarity for Participatory Democ

The number of employees for South Korea's major companies has declined by nearly 30,000 over the past three years, with global tech giant Samsung Electronics Co. having the largest workforce, a corporate tracker said Tuesday. The combined headcount of the country's top 100 firms stood at about 1.39 million as of the end of 2020, down slightly by over 27,000 from three years earlier, according to the CXO Institute. Last year alone, the number decreased by 9,000 from the previous year, marking t

South Korea awarded a posthumous medal of honor Tuesday to Hong Beom-do, a historic independence fighter, whose remains returned from Kazakhstan two days earlier. President Moon Jae-in conferred the Order of Merit for National Foundation on Hong in a ceremony attended by Kazakh President Kassym-Jomart Tokayev at Cheong Wa Dae. Hong, who served as commander of Korea's independence army, is revered for leading victories in the troops' battles against Japanese forces during the 1910-45 colonial r