Korea News Digest

Q3 growth hits 0.3% for 5th straight quarter of rise

The economy in the third quarter grew 0.3% from the second.The Bank of Korea on Oct. 26 said in a report that gross domestic product (GDP) in the third quarter grew 0.3%.Last year, the economy contracted 1.3% in the first quarter and 3.2% in the second…

Biden Expands US-ASEAN ‘Strategic Partnership’

U.S. President Joe Biden on Tuesday rebooted his country‚Äôs lapsed relationship with the Association of Southeast Asian Nations by attending the annual meeting of the 10-member bloc virtually and announcing plans to provide up to $102 million to expand …

Hyundai swings to profit in Q3 on base effect

SEOUL– South Korea’s Hyundai Motor Co. on Tuesday turned around in the third quarter from a year earlier due to a lack of one-off costs, with chip shortages remaining as a major woe for carmakers.Hyundai Motor swung to a net profit of 1.487 trillion w…

S. Korea, Central American nations to hold high-level talks

SEOUL– South Korea and seven Central American nations will have a vice ministerial meeting in Seoul this week to boost cooperation in various areas, including trade, technology and health care sectors, the foreign ministry said Tuesday.Choi Jong-kun, …

Samsung to quickly finalize U.S. fab investment: vice chairman

SEOUL– Samsung Electronics Co. will quickly decide on a foundry investment in the United States, a senior executive said Tuesday, as the South Korean tech giant seeks to become the world’s No. 1 player in the logic chip and foundry sectors.Samsung Ele…

Samsung Biologics Q3 net more than doubles on increased sales

SEOUL– Samsung Biologics, a biopharmaceutical unit of South Korea’s top conglomerate Samsung Group, said Tuesday its net income more than doubled in the third quarter on the back of increased sales.The company’s net profit reached 131.8 billion won (U…

KT CEO apologizes for nationwide network outage

SEOUL– Ku Hyeon-mo, CEO of KT Corp., apologized Tuesday for the abrupt disruption of network services that crippled businesses across the country earlier this week.On Monday, KT’s wired and wireless network services, including the internet, payment an…

Unpaid auto taxes by foreigners on steady increase

SEOUL– The amount of auto taxes not paid by foreigners in South Korea has been on the steady rise in recent years, surpassing the 10 billion won (US$8.6 million) mark for the past two years, government data showed Tuesday.According to the data from th…