SEOUL– The office of President Yoon Suk-yeol said Monday that North Korea’s repeated provocations will only deepen its isolation, after a North Korean vessel crossed the sea border and prompted an exchange of fire between the two Koreas. The exchange took place early Monday morning after the merchant ship violated the Northern Limit Line, … Read more
SEOUL– POSCO Holdings Inc. on Monday reported a 77-percent drop in its third-quarter net income, in the face of typhoon damage and a fall in prices of key products. Its net profit for the July-September period reached 600 billion won (US$416.8 million) on a consolidated basis, compared with a net profit of 2.6 trillion … Read more
SEOUL– South Korean stocks advanced Monday to end their three-day losing streak. with construction and tech companies leading the rally, as the government’s 50 trillion-won (US$35 billion) liquidity support plan eased worries about growing credit crunch risks. The local currency ended nearly flat against the U.S. dollar. The benchmark Korea Composite Stock Price Index … Read more
SEOUL– South Korea’s emergency bond-buying measures are expected to ease anxiety “in the short term” over a credit crunch in the corporate debt market that has been roiled by a recent default on municipal government-guaranteed borrowing raised to construct a local theme park, analysts said Monday. They, however, expressed skepticism over the measures’ long-term … Read more
SEOUL– President Yoon Suk-yeol called Monday for special measures to address drug crimes, saying they must be stopped before they become a national-level threat. Yoon gave the instructions during a weekly meeting with Prime Minister Han Duck-soo at his office, leading the government to plan comprehensive measures against drug crimes, according to deputy presidential … Read more
SEOUL– Korean Air Co. said Monday its flight KE631 with 173 people on board overran the runway while landing at Cebu International Airport in the Philippines a day earlier but no injuries were reported. Korean Air expressed its “genuine” regret as it always prioritizes safety in all of its operations. “A thorough investigation … Read more
SEOUL– Hyundai Motor Co. on Monday raised its annual revenue and operating profit margin guidance after reporting a 5 percent on-year decline in third-quarter net profit on provisions involving engine-related services. The South Korean carmaker expected its on-year revenue will grow by 19-20 percent this year, which is higher than the 13-14 percent growth … Read more
SEOUL– President Yoon Suk-yeol said Monday no conditions should be attached to his parliamentary budget speech scheduled for this week, as the main opposition Democratic Party threatens to boycott it unless Yoon apologizes for what the party calls suppression of the opposition. The DP is also demanding that Yoon agree to an independent counsel … Read more