Samsung Biologics Co. on Wednesday reported its third-quarter net profit of 56.1 billion won ($49.5 million), up 27 percent from a year earlier. The company said in a regulatory filing that operating income for the July-September period rose 139.5 percent on-year to 56.5 billion won. Sales increased 48.6 percent to 274.6 billion won. (Yonhap)

South Korean stocks extended gains for a third consecutive session Wednesday, as investors held out optimism for progress in the US stimulus talks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 12.45 points, or 0.53 percent, to close at 2,370.86. Trading volume was moderate at 802 million shares worth some 9.7 trillion won ($8.6 billion), with gainers outnumbering losers 675 to 183. Foreigners bought a net 6.4 billion won, while retai

The Ministry of Justice said Wednesday it will begin a program that allows replacing mandatory military service for other public services due to religious or personal beliefs. Under the program, 64 "conscientious objectors" will begin their 36 months of alternative service Monday at three correctional facilities, including one in Mokpo, 410 kilometers south of Seoul, according to the ministry. A second group of 42 men is set to go into service next month. After three weeks of job tra

Keum Tae-sup, a former lawmaker, defected from the ruling Democratic Party (DP) on Wednesday, denouncing what he called its arrogance, hypocrisy and partisan antagonism. He has been at odds with mainstream members over a raft of issues including prosecution reform and a scandal involving a former justice minister. He was disciplined in May for refusing to follow the party line in a crucial parliamentary vote. "I came to a state where I cannot approve of or agree with the direction the DP

Online forums operated by Naver Corp., South Korea's largest portal operator, had the most cases of COVID-19-related fake news censored among popular websites here, a lawmaker said Wednesday. The country took action in 47 cases on Naver's online forums out of a total of 196 cases of pandemic-related fake news it censored this year, according to Rep. Jo Seoung-lae of the ruling Democratic Party, citing data from the country's censorship body, the Korea Communications Standards Commission (KCSC).

BEIJING -- South Korean Ambassador to China Jang Ha-sung said Wednesday that he has taken issue with a senior Beijing official over the reported suspension of the delivery of some merchandise featuring K-pop superband BTS. Jang made the remarks during a video-linked parliamentary audit session following reports that the Chinese logistics firm, Yunda Express, and other firms have boycotted the shipments of goods related to BTS. The boycott came after BTS faced online rebukes in China earlier th

SEJONG -- South Korea will join a move by the International Monetary Fund (IMF) to help low-income nations recover from the coronavirus pandemic, Finance Minister Hong Nam-ki said Wednesday. Hong made the remarks during a virtual meeting with IMF Director Kristalina Georgieva earlier in the day, the Ministry of Economy and Finance said in a statement. South Korea also supports an increase in funding for the IMF as demand for loans and grants jumped in the wake of the pandemic, Hong said. E

Daewoo Shipbuilding & Marine Engineering Co. said Wednesday it has won approval for its design for its upgraded floating liquefied natural gas (LNG) facility from ABS, a US ship quality assurance and risk management company. The approval in principle for Daewoo Shipbuilder's design for the LNG offshore facility by the US firm allows the shipbuilder to seek orders for the facility, the company said. Daewoo Shipbuilding has pushed for the project under the cooperation with ABS since June 201

Joint Chiefs of Staff (JCS) Chairman Gen. Won In-choul held a video call with his Australian counterpart, Gen. Angus Campbell, on Wednesday and vowed to strengthen defense cooperation between the two countries, the JCS said. During the talks held at the request of Campbell, the chief of Australia's Defense Force, the two military leaders discussed regional security issues, the coronavirus pandemic and ways to improve their bilateral relations, according to the JCS.  Won said Australia is

About 37 percent of firms in South Korea failed to repay the interest on their debts in 2019, central bank data showed Wednesday, highlighting concerns about deteriorating corporate financial status amid economic gloom. The number of so-called marginal or zombie firms is expected to rise further this year as the coronavirus pandemic devastated the nation's economy. According to the Bank of Korea (BOK), 36.6 percent of 384,877 firms made less profit than their interest expenses for a third co

BEIJING -- South Korea's Ambassador to China Jang Ha-sung apologized Wednesday over allegations that he inappropriately used a university credit card while in academia. Jang made the apology during a video-linked parliamentary audit session, following revelations that 13 Korea University professors, including Jang, misused the credit card to pay a total of 66.93 million won ($59,031) at an entertainment establishment from 2016-2019. "That was what happened when I was a research center chi

North Korea has introduced a payment service that allows people to purchase goods on mobile phones without having to carry around cash or plastic cards, a propaganda outlet said Wednesday. Meari, one of the North's propaganda websites, said that a joint research team from the central bank and a government agency in charge of information technology has "developed a mobile payment service and is introducing it in everyday lives." "The mobile phone electronics payment system is a n

The main opposition party said Wednesday it will press criminal charges against those who were involved in the controversial early closure of a nuclear power plant and the alleged obstruction of the state audit into the case. "(The party) will report (to the law enforcement) all related officials who obstructed the inspection in the process of the unfair closure, abused authority and destroyed official documents on criminal charges," Rep. Joo Ho-young, the floor leader of the People P

Seoul Metro said Wednesday that it is working to install parking and charging facilities for shared electric scooters around subway stations in the city to help enhance the safety of its citizens. The two-wheeled vehicles, also called electric kickboards and mostly operated by ridesharing companies, have emerged as a popular means of urban transport in recent years but have often been at the center of public criticism due to the potential dangers they pose, such as being left everywhere on the

LG Electronics Inc. on Wednesday unveiled an eye skin care device in South Korea as the company tries to expand its presence in the beauty and health care sector amid the pandemic-driven stay-at-home trend. Preorders for LG Pra.L EyeCare will run until Oct. 29 with a price tag of 599,000 won ($530), according to the company. It is the eighth product launched under LG's beauty appliance brand PRA.L., whose lineup includes an LED face mask and a hair growth helmet. The eyewear device is desi

As the business appetite for cloud and remote work services grows amid the pandemic, South Korean telecom operators are expanding artificial intelligence (AI) services to help companies cope with the shift to new technologies. While the country's three major carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- have traditionally focused on AI services for subscribers, such as virtual assistants, they have recently targeted corporate clients to help them deal with growing network issues su

Kim Tae-kyun, one of the most productive hitters in South Korean baseball history, has decided to call it a career after 18 seasons with one franchise. The Hanwha Eagles of the Korea Baseball Organization (KBO) announced Wednesday that Kim, 38, will retire at the end of the season. Kim is scheduled to hold a press conference before a home game against the Kia Tigers at Hanwha Life Eagles Park in Daejeon, 160 kilometers south of Seoul, on Thursday. The regular season ends on Oct. 30. The team w

State health authorities will examine all senior care hospitals in the country this week over their virus outbreak response systems following a recent cluster outbreak at one, the prime minister announced Wednesday. The government will begin looking into the disease control management capacities of some 8,000 senior care hospitals across the country Thursday for two weeks, Prime Minister Chung Sye-kyun said in a Central Disaster and Safety Countermeasure Headquarters meeting held at the governm

Foreign Minister Kang Kyung-wha on Wednesday met with the elder brother of a South Korean fisheries official killed by North Korea near the western sea border last month. Kang's meeting with Lee Rae-jin, the brother of the deceased official, came amid criticism that her ministry has been lukewarm about the family's calls for a UN probe into the incident and for the ministry to bring international attention to the case. The 47-year-old official was fatally shot by the North Korean military on S

Jeju Air Co., South Korea's biggest low-cost carrier, on Wednesday resumed flights to the Chinese city of Harbin to meet travel demand from businessmen and students. Jeju Air will offer one flight a week on the Incheon-Harbin route from Wednesday after suspending the route for more than seven months amid the new coronavirus pandemic, the company said in a statement. The budget carrier has suspended most of its 76 international routes since March as countries strengthened entry restrictions to