Yonhap News Summary
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Yonhap News Summary

2018/07/31 13:33

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The following is the first summary of major stories moved by Yonhap News Agency on Tuesday.

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(4th LD) Samsung Electronics-Q2 earnings

(4th LD) Samsung Electronics' net profit down 0.09 pct in Q2

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SEOUL -- Samsung Electronics Co. said Tuesday its second-quarter net profit edged down 0.09 percent on-year amid weak returns from the smartphone business, although the chip business posted another quarterly record profit.

Net profit came to 11.04 trillion won (US$9.8 billion) in the April-June period, compared with 11.05 trillion won posted a year earlier, Samsung said in its regulatory filing.

Operating profit came to 14.87 trillion won, up 5.71 percent from the previous year. Sales edged down 4.13 percent to 58.48 trillion won.

It marked the first time in five quarters for Samsung to post sales below 60 trillion won. The operating profit also fell 4.94 percent on-quarter, which marks the first decline in seven quarters.

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Seoul stocks trade lower Tuesday morning

SEOUL -- South Korean stocks traded slightly lower late Tuesday morning following losses from technology and financial shares.

The benchmark Korea Composite Stock Price Index inched down 2.38 points, or 0.1 percent, to 2,291.13 as of 11:20 a.m.

Market leader Samsung Electronics, which announced its second-quarter performance Tuesday, fell 0.65 percent. LG Electronics moved down 0.13 percent.

Financial firms were also among losers, with KB Financial decreasing 0.56 percent and Samsung Life Insurance unchanged from the previous session.

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Parties meet over bills on economy, deregulation

SEOUL -- Officials from ruling and opposition parties held a meeting Tuesday to discuss ways to pass key bills on deregulation and people's livelihoods in next month's parliamentary session.

It was the meeting of a task force that was launched by the ruling Democratic Party (DP), the main opposition Liberty Korea Party (LKP) and the minor opposition Bareunmirae Party (BP) to discuss the motions.

The rival parties earlier agreed to discuss how to handle such bills in an extraordinary session in August, but they differed on the details of the bills' content.

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(2nd LD) Two Koreas hold general-grade military talks on reducing tension

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PANMUNJOM/SEOUL -- The two Koreas held general-grade military talks Tuesday to discuss measures to enforce the military part of their April summit agreement to reduce tensions and enhance cross-border ties.

The meeting, the first one since June 14, took place at the Peace House, a South Korea-controlled building at the truce village of Panmunjom inside the Demilitarized Zone (DMZ) separating the two Koreas.

Major Gen. Kim Do-gyun led the South's five-member delegation, while the North's side was represented by Lt. Gen. An Ik-san.

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(2nd LD) S. Korea's industrial output falls 0.6 pct in June

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SEJONG -- South Korea's industrial output fell in June from a month earlier, hit by weaker capital investment and export growth, government data showed Tuesday.

Production in the mining, manufacturing, gas and electricity industries declined 0.6 percent on-month in June, following an adjusted 1.2 percent on-month gain in the previous month, according to the data by Statistics Korea.

From a year earlier, industrial output fell 0.4 percent, following a 1.2 percent on-year rise in May.

Production in the service sector rose 0.2 percent on-month, with a 1.7 percent on-year gain.

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N. Korea intensifies demand for resumption of inter-Korean economic projects

SEOUL -- North Korea intensified its demand for the resumption of two inter-Korean economic projects Tuesday, expressing displeasure with what it sees as slow-paced progress in cooperation between the two Koreas.

In a commentary, the Rodong Sinmun, the newspaper of the Workers' Party of Korea, criticized South Korea for using global sanctions as an excuse to drag its feet in fostering cross-border cooperation.

"Although the owner of Cheong Wa Dae (South Korea's presidential office) changed, it does not muster up its courage to utter any measures with regard to the shutdown of the Kaesong industrial park and the suspension of the Mount Kumgang tour program, things that the previous conservative governments left behind," the newspaper said.

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Corporate card spending gains 11 pct in Q2

SEOUL -- South Korea's corporate credit card spending climbed nearly 11 percent on-year in the second quarter of the year, switching to an upturn for the first time in five quarters, a trade association said Tuesday.

Spending by corporate credit cards came to 39.4 trillion won (US$35.2 billion) in the April-June period, up 10.5 percent from a year earlier, according to data from the Credit Finance Association (CFA).

It marks the first on-year increase since the second quarter of last year, when the figure tumbled 18.2 percent after the government called on credit card firms to refrain from offering incentives to companies that pay taxes with plastic.

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