Large companies in South Korea sharply increased their cash reserves over the past year amid increased uncertainty due to the coronavirus pandemic, a corporate tracker said Wednesday. The cumulative free cash flow of 259 listed firms came to 28.1 trillion won ($25.3 billion) as of the end of September, up 163 percent from a year earlier, according to CEO Score. Free cash flow refers to cash a business generates after accounting for capital expenditures and taxes. Free cash flow indicates a com

Listed firms of South Korea's top 10 business groups saw their market capitalization jump nearly 22 percent this year amid a strong stock market rally, data showed Wednesday. The combined market value of those 102 listed firms came to 1,069.5 trillion won ($960 billion) as of Monday, up 22.3 percent from the end of last year, according to the data from financial information provider FnGuide. Four groups -- Samsung, SK, LG and Hyundai Motor -- had a market value of more than 100 trillion won. T

SEJONG -- South Korea's household spending on alcohol and cigarettes reached a new record high in the third quarter as the coronavirus outbreak forced more people to stay home, government data showed Wednesday. Local households spent an average of 42,980 won ($38.7) on liquors and cigarettes during the July-September period, up 10.7 percent from a year earlier, according to the data from Statistics Korea. It marks the largest quarterly amount since the agency began tracking related data in 200

South Korean manufacturers' business sentiment rose for the second consecutive month in December, thanks to hopes for economic recovery, central bank data showed Wednesday. The business sentiment index (BSI) for local manufacturers came to 76 for December, up from 72 for November, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the next month. A reading below 100 means pessimists outnumber optimists. On Oct. 12, South Ko

Three people were killed in an explosion that occurred at a plant operated by South Korea‘s top steelmaker, Posco, on Tuesday, fire officials said. 　 The incident took place at around 4 p.m. with a roaring sound at its plant in Gwangyang, 420 kilometers southwest of Seoul, involving a blaze that was put out in about 20 minutes, according to the officials. 　 Authorities said the explosion appears to have started near a furnace while workers were handling high-pressure gas, adding that they

Justice Minister Choo Mi-ae on Tuesday suspended Prosecutor General Yoon Seok-youl from his duty, in an unprecedented move amid a feud over prosecution reforms and various investigations involving Yoon‘s aide and family members, according to Yonhap News. “The ministry has been investigating various allegations against the top prosecutor and found out some serious misconduct,” the justice minister said during a briefing. As reasons to bar him from his duty and seek disciplinar

One member of US Forces Korea (USFK) stationed at its headquarters in the city of Pyeongtaek tested positive for the new coronavirus Tuesday, the US military said. It is the first case of COVID-19 that USFK has reported at Camp Humphreys since early last month. The latest case brought the total number of new coronavirus cases among USFK-affiliated people to 369, most of whom tested positive upon arrival here from the United States. "Notifications to those affected, case trace, and team

Second Vice Foreign Minister Lee Tae-ho expressed hope Tuesday that South Korea's New Deal initiative to create jobs and stoke stable growth in the post-COVID-19 era will help the implementation of UN sustainable development goals (SDGs). Lee's remarks came amid concerns that the pursuit of SDGs could slow, as the world is struggling to curb the new coronavirus, with the economic fallout weakening its capacity to pursue the goals aimed at fighting poverty, inequality and injustice and tackling

Korean Air Lines Co.’s planned acquisition of rival Asiana Airlines Inc. and subsequent restructuring will lead to an annual profit of 300 billion won ($269.6 million), the head of the main creditor of Asiana said Monday. Lee Dong-gull, chairman of the state-run Korea Development Bank (KDB), offered the estimate in an interview with a local broadcaster, adding that the two carriers can brace for the post-pandemic era in two to three years if they push to restructure in a way that streamli

South Korea’s consumer sentiment rose for the second consecutive month in November, as the economic outlook improved amid relaxed social distancing measures, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 97.9 for November, up 6.3 points from 91.6 recorded for October, according to the Bank of Korea (BOK). The reading marks the second straight month of gains following a 12.2-point on-month rise in October. A reading below 100 means pessimist

A consortium of two SK Group affiliates will invest 2.1 trillion won ($1.9 billion) in data centers and a startup cluster in South Korea's southwest industrial complex by 2025, the transport ministry said Tuesday. The consortium of SK E&S Co. and SK broadband Co. will invest 2 trillion won to build eight data centers in the Saemangeum industrial complex by 2025, the Ministry of Land, Infrastructure and Transport said in a statement. It said the companies aim to double the number of data ce

South Korean stocks extended their winning streak to a fifth day, finishing at an all-time high Tuesday on hopes of an economic recovery and new coronavirus vaccine development. The Korean won fell against the US dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.17 points, or 0.58 percent, to close at 2,617.76. Trading volume was high at about 1.3 billion shares worth some 16.6 trillion won ($14.9 billion), with gainers outnumbering losers 528 to 299. Foreigne

South Koreans in the greater capital area were forced to adjust to toughened social distancing rules Tuesday as cafes banned indoor seating and moviegoers were told to eat popcorn outside theaters. The new Level 2 guidelines took effect at the start of the day after the government raised the scheme to stem the recent surge of the coronavirus. Most notably, cafes were ordered to offer takeout and delivery only, while restaurants were told to do the same after 9 p.m. Small cafes, in particular,

President Moon Jae-in appealed to the public Tuesday to continue supporting the government's fight against the rapid spread of COVID-19. He posted the message on his Facebook and Twitter accounts, as tougher social distancing restrictions took effect at the start of the day in Seoul, Incheon and Gyeonggi Province, where around half of South Korea's 52-million population reside. "I am very sorry for the increased inconvenience again in daily life and difficulties in the people's livelihood

The prosecution on Tuesday indicted the mother-in-law of Prosecutor General Yoon Seok-youl on charges of violating the medical law and fraud. Prosecutors believe the 74-year-old woman, surnamed Choi, established a medical foundation to run a long-term care hospital for seniors in November 2012 even though she was not qualified to do so. The hospital was caught for illegally receiving 2.29 billion won ($2.06 million) in medical care insurance allowances for two years from May 2013, according to

Daewoo Shipbuilding & Marine Engineering Co. said Tuesday it has developed an artificial intelligence (AI) welding quality monitoring robot for the first time in the shipbuilding industry. The robot inspects the welded parts of ships and offshore plants with a 3-D modeling program and carries out automated welding quality tests using AI technologies, according to Daewoo Shipbuilding. Shipbuilders usually inspect the quality of the welded parts of ships and offshore plants by taking pictu

Korea Shipbuilding & Offshore Engineering Co. said Tuesday it has obtained an approval for the design of a fuel cell-based power system for ships from DNV GL, a Norwegian-German ship quality assurance company. The power system based on the solid oxide fuel cells (SOFCs), energy conversion devices that generate electricity will substitute some part of 3 megawatt power-generating engines to be mounted on A-max oil tankers, Korea Shipbuilding said. The A-Max tankers refer to 85,000 to 125,0

Major South Korean companies saw their overseas sales inch up in the third quarter of the year despite the coronavirus pandemic, data showed Tuesday. Combined overseas sales of the country's top 100 firms by revenue totaled 181.9 trillion won ($164 billion) in the September-July period, up 1.6 percent from a year earlier, according to the data from the Federation of Korean Industries (FKI). The figure marks a 24.1 percent surge from three months earlier when their overseas sales tumbled nearly

Hyundai Heavy Industries Holdings Co. (HHIH) and ready-mixed concrete maker Eugene Group on Tuesday submitted their final bids for a 36 percent stake in Doosan Infracore Co., the largest local construction equipment maker here. In a regulatory filing, the shipbuilder said that it has joined the final bid, with Eugene Group reportedly joining the final bid. But GS Engineering & Construction Corp. and three local private equity funds -- Glenwood PE, MBK Partners and Eastbridge Partners drop

Samsung Electronics Co. remained the world's leading TV vendor in the third quarter of the year, a report showed Tuesday, as it accounted for one-third of the market amid the pandemic. The South Korea tech giant had a all-time high of 33.1 percent market share in the global TV market in the July-September period in terms of revenue, according to data from industry researcher Omdia. Samsung sold $9.3 billion worth of TVs in the third quarter, up 22 percent from a year earlier, the data showed