SEOUL– South Korean stocks closed up over 1 percent Tuesday as Samsung Electronics and tech blue chips rose amid hopes for eased monetary tightening in the United States, analysts said. The local currency jumped against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 27.25 points, or 1.15 percent, to 2,399.04. … Read more
SEOUL– SsangYong Motor Co. on Tuesday announced that it will sell stock to raise capital. According to a regulatory filing, the company will issue some 1.71 million common shares at a price of 5,000 won per share. The stock will be sold to the investors that the firm designated. Source: Yonhap News … Read more
SEOUL– Lotte Chemical Corp. said Tuesday it swung to losses in the third quarter from a year earlier, as weak demand for petrochemicals and falling oil prices hurt its bottom line. Net loss came to 31.1 billion won (US$22.4 million), swinging from a profit of 312.8 billion won the previous year, the chemical unit … Read more
SEOUL– South Korea is considering ways to block North Korea from financing its nuclear weapons and missile program through cyberspace activities, a senior foreign ministry official said Tuesday. The North is widely believed to have engaged in cryptocurrency theft to finance its evolving nuclear and missile programs. According to a U.N. Security Council report … Read more
SEOUL– GS Retail Co., the operator of GS25 convenience stores, said Tuesday its third-quarter net income plummeted nearly 95 percent on increased delivery costs and investments. Net income came to 40.2 billion won (US$29 million) on a consolidated basis for the three months ending in September, compared with 754.8 billion won during the same … Read more
SEOUL– Prosecutors indicted a close confidant of opposition leader Lee Jae-myung on Tuesday on charges of receiving illegal political funds worth 847 million won (US$591,000) from property developers in the city of Seongnam, just south of Seoul. The Seoul Central District Prosecutors Office said it referred Kim Yong, deputy head of the Institute for … Read more
SEOUL– Kiwoom Securities Co. on Tuesday reported its third-quarter net income of 124.1 billion won (US$89.6 million), down 46.9 percent from a year earlier. Operating profit for the July-September period was 179.2 billion won, down 44.2 percent from a year ago, the company said in a regulatory filing. Sales rose 105.2 percent to 2.67 … Read more
INCHEON– He didn’t start any game in the Korean Series, but nearly every time he came off the bench, SSG Landers slugger Kim Kang-min made a huge impact. That’s why Kim, despite logging only eight at-bats in five games, was voted the MVP of the Korea Baseball Organization (KBO) championship round on Tuesday, following … Read more