LG Uplus Corp., South Korea's No. 3 mobile carrier, said Tuesday its third-quarter net profit decreased 8.3 percent from a year earlier despite overall growth in sales due to an increase in costs, in particular, electricity rates. Its net income stood at 156.7 billion won ($120.8 million) in the July-September period on a consolidated basis, compared with 170.8 billion won for the same period last year, the company said in a regulatory filing. Operating income was 254.3 billion won, down 10

Industry Nov. 7, 2023

South Korean stocks opened lower Tuesday as investors took profit following the previous session's sharpest-ever daily gains prompted by the country's reimposing of a ban on stock short selling. The benchmark Korea Composite Stock Price Index fell 42.25 points, or 1.69 percent, to 2,460.12 in the first 15 minutes of trading. On Monday, the Kospi logged its largest daily gain of 134.03 points, or 5.66 percent, buoyed by the short selling ban that will be in place by the end of June 2024

Market Nov. 7, 2023

The new US envoy for North Korean human rights issues pledged efforts Monday to shine a light on the "inextricable" connection between Pyongyang's rights abuses and its security threats. Ambassador Julie Turner made the remarks at a forum, underscoring that the "repressive political climate" in the North allows the recalcitrant regime to divert a large share of public resources to its weapons development programs. Her remarks came as a debate lingers over whether the res

North Korea Nov. 7, 2023

Foreign investors sold a net 3.1 trillion won ($2.39 billion) worth of South Korean stocks last month, extending their selling spree to a third consecutive month, data showed Tuesday. Foreigners owned 624.8 trillion won worth of local stocks, accounting for 27.2 percent of total market capitalization after the sell-off, according to the data from the Financial Supervisory Service. By country, Norway was the top net buyer of local stocks last month, net purchasing 600 billion won worth of shares,

Market Nov. 7, 2023

A prison fugitive, who had been on the run for three days after escaping during outside hospital treatment, was caught Monday on the northern outskirts of Seoul, police said. Police officers captured Kim Gil-soo at a public phone booth in Uijeongbu, just north of Seoul, at 9:24 p.m. He was calling his girlfriend, according to police. The manhunt began last Saturday when the 36-year-old fugitive, who was detained at the Seoul Detention Center, south of Seoul, on charges of special robbery, ran aw

Social Affairs Nov. 6, 2023

A South Korean family who fled the besieged Gaza Strip via an Egyptian border returned home Monday. The Emirates plane with the family on board landed at Incheon International Airport, the main gateway to the country, west of Seoul, at around 5:05 p.m. The plane made a stopover at Dubai before flying to Seoul. The family of five departed from Cairo late Sunday (local time), where they had taken shelter after evacuating from the war-torn region by crossing the Rafah border last Thursday. The fami

Social Affairs Nov. 6, 2023

President Yoon Suk Yeol vowed Monday to move up the completion of the Great Train Express commuter rail networks as he visited a train station in Seoul's suburbs to check progress on a new service line. The GTX networks are set to enter service next year, starting in March with the GTX-A line connecting Suseo Station in Seoul's Gangnam Ward with Dongtan Station in Hwaseong, 45 kilometers south of the capital. The GTX-C line connecting Yangju, 29 km north of Seoul, to Suwon, just south of the cap

Social Affairs Nov. 6, 2023

South Korean stocks surged over 5.6 percent Monday as the country reimposed a ban on stock short selling to crack down on illegal market practices by global investment banks. The local currency sharply rose against the greenback. The benchmark Korea Composite Stock Price Index soared 134.03 points, or 5.66 percent, to close at 2,502.37, extending its winning streak to a fourth day. Tech and battery-related stocks led the overall market advance. Trading volume was high at 518.4 million shares wor

Market Nov. 6, 2023

Fears of bedbugs are spreading nationwide, with some avoiding sitting on public transportation or visiting movie theaters, amid an increasing number of reported cases of bedbug appearances and damage. In South Korea, bedbugs were nearly brought to eradication following sweeping disinfection campaigns in the 1960s and the adoption of the powerful pesticide dichloro-diphenyl-trichloroethane, commonly known as DDT, in the 1970s. The country has, however, recently witnessed a surge in reports of bed

Social Affairs Nov. 6, 2023

The Federal Reserve's rate hike may not have come to an end given strong economic performance, although long-term neutral interest rate will come down to a 2 percent range, former US Treasury Secretary Lawrence Summers said Monday. Early this month, the Fed held its benchmark lending rate steady between 5.25 and 5.50 percent for a second consecutive time as it keeps striving to bring down inflation to its 2-percent target. But it left open the possibility of a rate change later to achieve &

Economy Nov. 6, 2023

President Yoon Suk Yeol is expected to replace several senior secretaries, including those in charge of press affairs and political affairs, in line with the resignations of those preparing to run in next year's parliamentary elections, sources said Monday. Yoon is considering promoting presidential spokesperson Lee Do-woon to the position of senior secretary for press affairs to replace Kim Eun-hye, who is expected to resign next month to run for a seat in the Bundang district of Gyeonggi

Politics Nov. 6, 2023

A South Korean family, who fled the besieged Gaza Strip to Egypt, left for Seoul earlier this week. The family of five, who had been living in Gaza for more than seven years, safely crossed into Egypt on Thursday via the Rafah border in an evacuation from the war-torn region. They are known to be a South Korean woman, her naturalized husband of Palestinian descent and their three children. Following a three-day stay in Egypt, the family departed Cairo International Airport late Sunday and is set

Social Affairs Nov. 6, 2023

In 1994, the last time the LG Twins won the Korean Series title as the champions of the Korea Baseball Organization, the league only had eight teams. The KT Wiz didn't even exist then. The Wiz joined the league in 2015 as the 10th team. Just six years later, they won their first Korean Series championship. Starting Tuesday, the two clubs will square off in the best-of-seven Korean Series, with the Twins trying to end a drought that has gone on for nearly three decades, and the Wiz chasing t

Baseball Nov. 6, 2023

South Korean stocks opened higher Monday as the country launched a temporary ban on stock short selling to crack down on illegal market practices by global investment banks. The benchmark Korea Composite Stock Price Index climbed 48.16 points, or 2.03 percent, to 2,416.50 in the first 15 minutes of trading. On Sunday, the Financial Services Commission announced the ban on stock short selling, effective starting Monday through the end of June 2024, citing concerns about growing market volatility

Market Nov. 6, 2023

More than 90 percent of cattle in South Korea have been vaccinated against lumpy skin disease, the agriculture ministry said Monday, as there have been signs that the spread of the viral disease is letting up. The authorities have inoculated more than 3.11 million out of the country's 4.08 million cows so far to protect them against LSD, according to the Ministry of Agriculture, Food and Rural Affairs. South Korea reported its first-ever case of LSD on Oct. 20 and has since confirmed 78 cas

Social Affairs Nov. 6, 2023