LG Electronics Inc. said Friday its second-quarter operating profit is estimated at 664.1 billion won ($574.5 million), posting a weaker-than-expected performance apparently on sluggish smartphone sales despite a robust performance of its home appliance business.The operating profit for the April-June period marks a 13.6-percent jump from the 584.6 billion won posted a year earlier, South Korea's No. 2 tech giant said in a regulatory filing. (Yonhap)Sales came to 14.5 trillion won, also up 3.9 p

Industry July 7, 2017

South Korea's central bank is expected to hold its key rates steady this month as it could move to "normalize" interest in early 2018, Moody's Analytics said Friday.The Bank of Korea is set to hold its rate-review session next Thursday to decide whether to keep or adjust the all-time low rate of 1.25 percent. "The central bank is in no hurry to raise rates with core inflation only gradually creeping higher amid expectations of improving domestic demand," Moody's Analytics sai

Economy July 7, 2017

Cash-strapped Daewoo Shipbuilding & Marine Engineering Co. is expected to secure at least 800 billion won ($692 million) in cash through additional debt-for-equity swaps, industry sources said Friday.According to the sources, Daewoo Shipbuilding is planning to start the process of swapping debts for equity with bondholders next month as the country's top court rejected an individual bondholder's suit against the 2.9 trillion-won debt rescheduling program drawn up by the shipyard's creditors. (Yo

Industry July 7, 2017

South Korean stocks traded lower late Friday morning, as investors opted to cash in recent gains. Samsung, the top cap here, slid after reporting its all-time high earnings for the second quarter.The benchmark Korea Composite Stock Price Index shed 5.30 points, or 0.22 percent, to 2,382.51 as of 11:15 a.m.Market kingpin Samsung Electronics fell 0.04 percent, while SK hynix, a major chipmaker, declined 0.44 percent.Hyundai Motor, the No. 1 automaker, dropped 2.57 percent.Top steelmaker POSCO gain

Market July 7, 2017

A consortium led by telecom giant KT will monitor and combat infectious diseases in real-time by using big data, the company said Friday.The consortium was selected by the Ministry of Science, ICT and Future Planning to establish the big data system for monitoring and surveillance of the infectious diseases, such as the Zika and Middle East Respiratory Syndrome. (Yonhap)The consortium includes credit card firm BC Card, the Korea Centers for Disease Control and Prevention, and the Animal and Plan

Industry July 7, 2017

Citibank Korea, the South Korean unit of Citigroup, began shutting down five physical branches in the country Friday, as part of its plan to reorganize its operations, according to an industry source. Citibank has said it will drastically cut the number of its physical branches to 25 from 126 but claimed that it will not lay off employees.  Five branches of Citibank in Seoul and Gyeonggi Province were being shut down Friday and 30 more branches will be closed by the end of this month.An uns

Economy July 7, 2017

Bananas were the most sold fruit in the first half of the year, according to leading retail giant E-mart on Friday, replacing the longtime favorite apples.E-Mart said it sold 37.6 billion won ($32.48 million) worth of bananas in the January-June period, up 8.7 percent from the same period last year. The amount tops numbers for apples that stood at 33.1 billion won, down 16.2 percent from last year. The retail company said the latest tally marks the first time that bananas were the top-selling fr

Economy July 7, 2017

Samsung Electronics on Friday kicked off official sales of its refurbished Galaxy Note 7, whose production was suspended last year due to battery issues.Sales of the Galaxy Note Fan Edition, which boasts all the features of the ill-fated Galaxy Note 7, have commenced, the tech giant said. The price tag for the Galaxy Note FE has been set at 699,600 won ($606), which is roughly 300,000 won cheaper than when the phone was launched last year. (Yonhap)Taking the battery issue into consideration, the

Industry July 7, 2017

Ulsan Nambu Police said Thursday that they plan to install a multilingual voice system at bus stations throughout the city of Ulsan, South Gyeongsang Province. Ulsan will be the first city nationwide to use the system, which will broadcast crime prevention guidelines for foreigners.  (Yonhap)The system will be installed in five bus stations and will broadcast in Korean, Chinese, Vietnamese and English. It will air information on how to report crimes, four times a day, for one minute each time. P

Social Affairs July 6, 2017

Sales of frozen foods have risen sharply in recent months, industry data showed Thursday, amid an increase in one-person households in South Korea, industry data showed Thursday.GS25, South Korea's second-largest convenience store chain, said its frozen food sales grew 31.5 percent during the first six months of this year from a year earlier. The numbers reflect preferences for such food among singles, who are attracted to convenience of preparation.The comparable growth rates were 11 to 14 perc

Economy July 6, 2017

Veteran actor Han Jung-kook, who recently appeared in JTBC TV drama “Strong Woman Do Bong-soon,” reportedly rescued a man who tried to commit suicide  with the help of police and another passerby.At around 9 p.m. last night, a man in his late 40s attempted to jump off Gangbyeon Bridge in Busan. He had climbed over the railing, which stood above a busy road, when a woman saw him and screamed.(Yonhap)Han and another passerby named Shin Beom-seok, 31, were in the area when they heard the scream.The

Social Affairs July 6, 2017