Daily Archive: July 21, 2021

KT fined for slower-than-promised internet speeds

SEOUL– South Korea’s telecommunications regulator fined telecom giant KT Corp. 500 million won (US$434,000) Wednesday for providing internet services that were slower than what users had paid for.After a joint investigation by the Korea Communications…

Exports up 32.8 pct in first 20 days of July

SEOUL– South Korea’s exports rose 32.8 percent on-year in the first 20 days of July on the back of robust demand for chips, autos and petroleum products, customs data showed Wednesday.The country’s outbound shipments stood at US$32.6 billion in the Ju…

GM Korea workers to stage partial strike for higher pay

SEOUL– Unionized workers at GM Korea Co., the South Korean unit of General Motors Co., entered a partial strike Wednesday for higher wages amid the extended COVID-19 pandemic.GM Korea workers put down their tools in three plants — two in Bupyeong, ju…

Hyundai Rotem Q2 net income down 41.4 pct. to 14.3 bln won

SEOUL– Hyundai Rotem Co. on Wednesday reported its second-quarter net profit of 14.3 billion won (US$12.5 million), down 41.4 percent from a year earlier.The company said in a regulatory filing that operating income for the April-June period fell 38.4…

SME exports hit record high in H1 despite pandemic

SEOUL– Exports by South Korean small and medium-sized enterprises (SMEs) jumped nearly 22 percent to a new high in the first half of the year despite the coronavirus pandemic, government data showed Wednesday.Local SMEs’ overseas shipments came to US$…

POSCO International Q2 net profit up 39.6 pct to 126.3 bln won

SEOUL– POSCO International on Wednesday reported its second-quarter net income of 126.3 billion won (US$109.5 million), up 39.6 percent from a year earlier.The company said in a regulatory filing that it posted 170 billion won in operating profit for …

Hyundai Mipo Dockyard shifts to red in Q2

SEOUL– Hyundai Mipo Dockyard Co. on Wednesday reported its second-quarter net loss of 146.9 billion won (US$127.5 million), swinging from a profit of 3.2 billion won a year earlier.The company said in a regulatory filing that it posted an operating lo…

Korea Shipbuilding swings to loss in Q2 on increased cost

SEOUL– Korea Shipbuilding & Offshore Engineering Co. (KSOE) on Wednesday said it has turned to a net loss in the second quarter of the year on increased cost stemming from a surge in prices of steel plates.Its net l…