Category: Business

Seoul shares up for 3rd day on foreign buying

SEOUL– Seoul shares closed higher for the third consecutive day Friday on continued foreign buying. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) advanced 17.69 points, or 0.72 percent, to cl…

Ferrari sales set to top 300 in S. Korea this year

SEOUL– Sales of Ferrari models are set to exceed 300 in South Korea this year amid growing demand for high-performance vehicles in Asia’s fourth-biggest economy, its importer said Friday.Forza Motors Korea Corp. (FMK), which imports Ferrari and Masera…

Gov’t confirms 5 pct rise in minimum wage for next year

SEOUL– The minimum hourly wage for next year has been finalized at 9,620 won (US$7.38), a 5 percent increase from this year, as previously agreed upon by representatives of the country’s labor and management, the labor ministry said Friday.The ministr…

DRAM prices fall for 2nd month amid market downturn

SEOUL– DRAM prices went south for the second straight month in August amid flagging demand, data showed Friday, boding ill for the chip industry down the road.The average contract price of 8-gigabit DDR4 DRAMs came to US$2.91 on the spot market Thursd…

KT&G Q2 net jumps 34 pct on weak won

SEOUL– KT&G Corp., South Korea’s dominant tobacco company, said Thursday its second-quarter net profit jumped 34 percent from a year earlier helped by a weak won.Net profit for the three months ended in June rose to 330.1 billion won (US$250 milli…

Hanchang Biotech to raise 12 bln won via stock sale

SEOUL– Hanchang Biotech Co.on Thursday announced that it will sell stocks to raise 12 billion won (US$9.2 million). The proceeds from the stock offering will be used primarily to finance its operations.According to a regulatory filing, the company wil…