Friday, August 13, 2021
Round-up of important news from major Korean dailies and from international media today
The Korea Post (http://www.koreapost.com/)
“Peru hopes to further bolster her partnership with Korea”
Ambassador Daul Matute-Mejia of the Republic of Peru in Seoul said, “Yes, the Republic of Peru wants to continue increasing and strengthening her partnership and cooperation with the Republic of Korea.” Speaking with The Korea Post at an interview at the Embassy of the Peru in the prosperous downtown district of Jung-gu in Seoul on July 21, 2021, Ambassador Matute-Mejia reminded, “Even during the Corona Pandemic period last year, our exports to Korea amounted to US$2.25 billion and imports from Korea to US$4.7 billion.” Ambassador Matute-Mejia is considered among Koreans as one of the most friendly foreign envoys to Korea. He obviously enjoys his tour of duty in Korea and has even developed a taste for Korean food and beverage. Ambassador Matutue-Mejia is known to frequently visit genuine Korean restaurants and relish some of the widely known dishes such as Samgyeopsal (pork belly) luncheon, which is a favorite dish for many Koreans, including some gourmet National Assembly members.
“Kenya tops in quality of life in Africa, 4th largest economy in Sub-Saharan area”
mbassador Mwende Mwinzi (MBS) of the Republic of Kenya in Seoul said, “Kenya ranked the fourth largest economy in Sub-Saharan Africa with a GDP of US$60 billion.” Speaking with The Korea Post media in a recent interview, the lady ambassador of the Central African country said, “The World Economic Forum’s country competitiveness report ranks Kenya number one in Africa in quality of human capital and availability of research and innovation.” Ambassador Mwinzi discussed a wide range of topics with Publisher Lee Kyung-sik and his reportorial team at the Embassy of Kenya in Seoul in a recent interview with her at the Embassy in Seoul on Aug. 3, 2021. Details of the interview follow: Question: We understand that relations and cooperation between Kenya and Korea are known to continue to increase in the economic and various other areas. Please elaborate on the present status and future prospect of the bilateral cooperation. Answer: Korea’s economic relations with Kenya present Korea an excellent opportunity to tap the massive market presented to it through AfCFTA. The AfCFTA will create the largest free trade area in the world by a number of countries participating and connecting 1.3 billion people across 55 countries with a combined GDP valued at U$ 3.4 trillion.
PCR-test laboratory of AMSBIO recently opened in Seoul
PCR-test laboratory of a Korean company, AMSBIO (part of the Omnisystem Corporation), recently opened the company in a ceremony attended by Ambassador Kemelova Dinara of the Kyrgyz Republic in Seoul and a number of Korean and Kyrgyz dignitaries, including Minister of Health and Social Development Beishenaliev Alymkadyr of the Kyrgyz Republic and President Ms. Park Hye-rin Omnisystem. The company specializes in the production of PCR tests and related equipment that are distinguished by their uniqueness.
KBS (http://world.kbs.co.kr/english/news/)
Samsung Heir to be Released from Prison on Parole
Samsung Electronics Vice Chairman Lee Jae-yong will be released from jail on Friday on a probationary status. Lee will leave the Seoul Detention Center at 10 a.m. as he was granted parole earlier this week by the Justice Ministry's parole committee. He will be on probation until July of next year. Under the relevant law, he should report to the parole office in advance if he plans to change residence or leave the country for more than a month. He also cannot return to the management of Samsung Electronics as those convicted of crimes such as embezzlement are not allowed to work at their previous employment closely linked to their conviction for five years following the completion of the sentence. The 53-year-old has been serving a two-and-a-half-year sentence for bribery in a case involving former President Park Geun-hye, who is also behind bars.
S. Korea's Export Prices Rise for 8th Month in July
Export and import prices both rose last month amid a decline in the Korean currency's value against the U.S. dollar and rising oil prices. According to data from the Bank of Korea(BOK) on Friday, the country's export price index, in terms of the local currency, gained three-point-five percent on-month in July. The reading marked the eighth consecutive month of a monthly rise. From a year earlier, the index jumped 16-point-nine percent, marking the largest on-year gain since March 2009. Meanwhile, the import price index rose three-point-three percent on-month in July to hit the largest since April 2014. From a year earlier, the index soared 19-point-two percent, the largest on-year gain since December 2008. The rise is attributed to rising prices of oil and raw materials as well as the base effect.
Moon Pledges to Expand Health Insurance Guarantees on Anniv. of 'Moon Jae-in Care'
President Moon Jae-in touted the so-called "Moon Jae-in care," or his administration's policy to reinforce the nation's health insurance, marking his fourth year in office. Speaking from the presidential Blue House on Thursday, Moon said the policy aims to guarantee everyone access to health care, regardless of their socioeconomic status. According to government data, some 37 million people have saved nine-point-two trillion won in medical expenses over the past three years.
In particular, the government expanded guarantees for infertility treatments, child dental care, and healthcare for severe cases of dementia. The national insurance system also began to cover MRIs and sonograms. The president pledged to further expand state support for medical fees for treatments for heart diseases, pediatric illnesses, dental implants and psoriasis. He also promised to increase support for low-income households.
Yonhap (http://english.yonhapnews.co.kr)
S. Korea to stabilize prices of farm products ahead of Chuseok holiday: official
South Korea plans to step up efforts to stabilize prices of agricultural and livestock products before the Chuseok fall harvest holiday in September amid rising inflationary pressure, a senior government official said Friday. First Vice Finance Minister Lee Eog-weon said the government will make efforts to help prices of farm products stay lower than the previous year ahead of the holiday set for Sept. 20-22. Demand for vegetables, eggs and other foodstuffs usually rises in South Korea ahead of the Chuseok holiday as people prepare holiday meals for family gatherings. The country's consumer prices grew more than 2 percent for the fourth straight month in July on higher prices of farm and oil products. The consumer prices grew 2.6 percent in July from a year earlier, accelerating from a 2.4 percent on-year gain, according to the statistics agency.
New cases still hover around 2,000; 4th wave of pandemic yet at peak
South Korea's daily new coronavirus cases fell back below 2,000 on Thursday, but the peak of the current wave of the pandemic has not yet come amid calls for tougher measures to bring virus infections under control and slow vaccinations. The country added 1,987 COVID-19 cases, including 1,947 local infections, raising the total caseload to 218,192, according to the Korea Disease Control and Prevention Agency (KDCA). The daily caseload was down 236 from 2,223 the previous day, the largest since the outbreak of the pandemic here in late January last year. The country added three more deaths from COVID-19, raising the death toll to 2,138. The daily caseload has stayed above 1,000 for 37 days.
Court rules against forced Korean labor victim in suit against Japan's Mitsubishi Materials
A South Korean court on Wednesday ruled against a victim of forced wartime labor in Japan in a damages suit launched against Japan's Mitsubishi Materials Corp. citing the expiration of the case's statute of limitation. The Seoul Central District Court ruled against the surviving family of the late victim, surnamed Lee, who demanded 100 million won (US$87,000) from Mitsubishi Materials for the late Lee's forced labor in Japanese coal mines from 1941 to 1945. Lee claimed that he was forced to work in Japanese coal mines during those five years. The surviving family filed a damages suit against the company in February 2017. The court ruling is in contrast to a landmark October 2018 ruling from the Supreme Court, which upheld an appeals court ruling in 2013 that ordered Nippon Steel & Sumitomo Metal Corp. to pay each of four Korean plaintiffs 100 million won in compensation for their wartime forced labor and unpaid work.
The Korea Herald (http://www.koreaherald.com)
Kazakh president to visit Seoul next week
Kazakhstan’s President Kassym-Jomart Tokayev will make a two-day state visit to Seoul next week, marking the first presidential visit to the country since the onset of the COVID-19 pandemic, Cheong Wa Dae announced Thursday. Kazakhstan, the largest economy in Central Asia, is one of the key partners in the nation’s New Northern Policy, which seeks to strengthen cooperation with Central Asian countries under a vision of peace and prosperity in Eurasia. The Kazakh president is expected to arrive Aug. 16 and hold a summit with President Moon Jae-in on Aug. 17. He also plans to meet with business leaders before a dinner banquet later in the day. Moon and Tokayev have held one summit before, in the Kazakh capital of Nur-Sultan, during Moon’s three-day state visit in April 2019.
Carbon neutrality costs astronomical for petrochemical, steel industries
South Korea’s aggressive goal of carbon neutrality by 2050 would cost the nation’s petrochemical and steel industries enormous amounts of money, data showed Wednesday. According to an internal document from the Korea Petrochemical Industry Association disclosed by Rep. Yang Kum-hee from the main opposition People Power Party, the domestic petrochemical industry will emit 110 million metric tons of carbon in 2050 and it would require 270 trillion won ($233.9 billion) to curb those emissions. Specifically, ditching fossil fuels and switching to bio-based fuels and hydrogen would cost roughly 218 trillion won by 2050. The steel industry is another sector that faces mounting uncertainties. According to data Yang obtained from the Korean Iron & Steel Association, the steel industry would need 109.4 trillion won to apply a technology that melts iron with hydrogen instead of coal.
‘Will COVID-19 end?’ Top vaccine expert urges hopeful patience
Our exit from the COVID-19 pandemic will be a gradual process, with the ferocious beast becoming progressively less threatening until it becomes something we can live with, says the International Vaccine Institute’s director general, Dr. Jerome H. Kim. “Successful vaccination turns the tiger that is COVID-19 into an alley cat. Many fewer people will end up in hospitals or on ventilators, and deaths will be very rare,” he said. Real-world experience from better-vaccinated parts of the world shows there is “a promise of a better future.” The cat doesn’t go away, but it’s something that we can live with.” More than a year and a half into the pandemic, a reminder was in order that this is “not a single battle, but a war,” he said.
The Korea Times (http://www.koreatimes.co.kr)
Moon shirking responsibility on infection surge, slow vaccination
When Korea's daily COVID-19 cases reached a new high of 2,223, Tuesday, President Moon Jae-in said the recent surge was "in line with the global spread of the Delta variant" and "Korea is still maintaining a better situation compared to other countries." These comments cast doubt on Moon's awareness of his responsibility for the spread of the coronavirus here, and there is growing criticism that the President is trying to avoid blame for the recent setbacks in quarantine enforcement and the supply of vaccines. The Korea Disease Control and Prevention Agency (KDCA) said Monday that U.S. vaccine maker Moderna would only be supplying half of the 8.5 million doses it had promised to deliver this month, due to production-related problems. This was the fourth time the government has been found wanting in its promises regarding the supply of the Moderna vaccine. In December, Cheong Wa Dae stated that Moderna would start supplying 40 million doses of its vaccine to Korea from the second quarter of 2021, showing Moon in a videoconference with company CEO Stephen Bancel and crediting the President for ensuring an adequate supply.
Two men fined for hate speech against woman of mixed Korean heritage
Two men have been fined 1 million won ($860) each after being found guilty of insulting a woman of mixed Korean Bangladeshi heritage, by suggesting that she had COVID-19. This is the first time for a court to recognize that using hate speech against someone with the insinuation of a relationship between the coronavirus and an individual of migrant background constitutes committing an insult, which is punishable under Korean law. The Incheon District Court issued a summary order Wednesday stating that the two men, aged 56 and 52, must each pay a 1 million won fine. A summary judgment is a court order issued without holding a full trial. On Oct. 27 last year, the two men, who were drinking alcohol in front of a convenience store in Incheon at around 11 p.m., made the remarks to the 29-year-old woman, whose mother is Korean and father is from Bangladesh. They shouted to her, "Hey, coronavirus!" After she protested, they taunted her with comments such as, "I guess people like you are all illegal migrants, aren't you," and "Why do you bother to come to someone else's country and live such a tiring life?" while swearing at her.
Pardons for ex-presidents looking unlikely following parole of Samsung heir
The government's decision to grant parole to Samsung Electronics Vice Chairman Lee Jae-yong is reigniting a yearlong issue over whether President Moon Jae-in will pardon his two incarcerated predecessors. On Monday, the justice ministry announced its plan to release Lee, along with 809 other inmates, on parole, Friday, considering the country's economic situation and the conditions of the global economy amid the prolonged COVID-19 pandemic. The Samsung heir was convicted of bribery, embezzlement and perjury charges in connection with conservative former President Park Geun-hye, and sentenced to five years in prison. Park was impeached in December 2016 and removed from office in March 2017. She was convicted on 16 charges related to the abuse of power, corruption, coercion and bribery and sentenced to 25 years behind bars. Conservative former President Lee Myung-bak, Park's predecessor, is also serving a 17-year prison term for embezzlement, bribery and the abuse of power.
Chosun Ilbo (http://english.chosun.com)
Young People Buy Record Number of Apartments in Seoul
Young people are buying more apartments in Seoul than ever before even as overall apartment sales have fallen. Given the exorbitant prices, many must have been bought for them or in their name by their parents. According to the Korea Appraisal Board last week, 5.5 percent of the 4,240 apartments that were bought in Seoul in June went to people under 30. The proportion increased from 5.1 percent last October. The biggest proportion was in affordable Yeongdeungpo district at 11.6 percent, followed by Jongno (9.7 percent), Gangnam (eight percent), Geumcheon (7.8 percent), Seodaemun (7.5 percent) and Dobong (7.4 percent), Guro (7.1 percent), Jungnang (7.1 percent), Gwanak (6.6 percent) and Nowon (6.1 percent). But the proportion of young people who bought high-end apartments in Gangnam has also risen sharply, from 4.2 percent in April to eight percent in June. Most appear to have been bought by rich parents who either wanted to lay in a nest egg for their children or avoid having their own name on the registration papers and pay higher taxes.
N.Korea Sulks Again
An expected rapprochement between the two Koreas heralded by the reconnection of communication lines has proved a flash in the pan as North Korea refused to answer daily routine calls from South Korea. North Korean leader Kim Jong-un's sister Kim Yo-jong the same day denounced South Korea as "perfidious" for going ahead with joint military drills with the U.S. The phone lines were only restored two weeks ago after unspecified behind-the-scenes negotiations. It is not known what if any promises President Moon Jae-in made to Kim Jong-un in letters they exchanged, or whether they could be interpreted as misleading. The South and the U.S. on Tuesday started four days of preliminary training, for which Kim Yo-jong warned "a dear price should be paid." The drills were scaled down due to the coronavirus pandemic but still sparked the familiar frenzied rhetoric. "Whatever the scale and mode, the joint military exercises are of aggressive nature as they are a war rehearsal and preliminary nuclear war exercise," she added.
Young People Buy Record Number of Apartments in Seoul
Young people are buying more apartments in Seoul than ever before even as overall apartment sales have fallen. Given the exorbitant prices, many must have been bought for them or in their name by their parents. According to the Korea Appraisal Board last week, 5.5 percent of the 4,240 apartments that were bought in Seoul in June went to people under 30. The proportion increased from 5.1 percent last October. The biggest proportion was in affordable Yeongdeungpo district at 11.6 percent, followed by Jongno (9.7 percent), Gangnam (eight percent), Geumcheon (7.8 percent), Seodaemun (7.5 percent) and Dobong (7.4 percent), Guro (7.1 percent), Jungnang (7.1 percent), Gwanak (6.6 percent) and Nowon (6.1 percent). But the proportion of young people who bought high-end apartments in Gangnam has also risen sharply, from 4.2 percent in April to eight percent in June. Most appear to have been bought by rich parents who either wanted to lay in a nest egg for their children or avoid having their own name on the registration papers and pay higher taxes.
HanKyoReh Shinmun (http://english.hani.co.kr)
Activists commemorate 30th anniversary of first “comfort women” testimony
Kim Hak-sun, who was 67 at the time and later died on Dec. 16, 1997, told an open news conference on Aug. 14, 1991, "Before I die, before I close my eyes, I want to vent my anger once through words."
"I decided to tell a historical fact that must be told one day," she added. Releasing pain that she had bottled up for 50 years, she said, "The [South Korean] government must ask Japan for an official apology and compensation for the comfort woman issue." Former Hankyoreh reporter Kim Mi-gyeong, who was at the news conference, said, "I still vividly remember seeing [Kim] shaking and talking." Using her real name, Kim Hak-sun not only testified about Korean-Japanese history but also raised the issues of women's rights like sexual violence and Korean society's patriarchal culture, which made it impossible to bring up the problem. At the time, however, the media failed to grasp the full gravity and meaning of the issue. Most dailies on Aug. 15, 1991, glossed over the news conference or put it in a box on the metro page.
N. Korea threatens "serious security crisis" over S. Korea-US drills
Kim Yong-chol, director of the United Front Department in the Central Committee of the Workers' Party of Korea (WPK), took aim at South Korea in a statement Wednesday, which said that authorities "must be made to clearly understand how dearly they have to pay for answering our good faith with hostile acts." Kim said that North Korea would "make [South Korean authorities] realize by the minute what a dangerous choice they made." Coming on the heels of another statement from WPK Deputy Director Kim Yo-jong the day before targeting the US over the 21-2 Combined Command Post Training exercise set to begin on Monday, the latest message signals that Pyongyang is ratcheting up tension on the Korean Peninsula by targeting South Korea as well. Kim Yong-chol's "press statement" was published at 8 am Wednesday by the Korea Central News Agency, a North Korean news outlet for an international rather than domestic audience. "In disregard of our advice, [South Korean authorities] opted for alliance with outsiders, not harmony with compatriots, escalation of tension, not détente, and confrontation, not improved relations," he wrote.
Why are Xing Haiming, Kim Yo-jong doubling down on attacking S. Korea-US alliance?
As expected, former Prosecutor General and presidential contender Yoon Seok-youl played a dangerous game with his attitudes on South Korea's foreign affairs and national security. In an interview with the JoongAng Ilbo newspaper on July 15, he insisted that China "should first withdraw the long-range radar positioned near its borders if it intends to call for [South Korea's] withdrawal of the THAAD deployment." This was inconsistent with the official position of the South Korean government, which maintains that US Forces Korea's deployment of THAAD is meant to defend against North Korean missiles and has nothing to do with China. Beyond that, though, it was an irresponsible remark that stands to jeopardize relations between Seoul and Beijing. An unexpected twist was the response from Chinese Ambassador to South Korea Xing Haiming. The following day, he published a rebuttal of Yoon's interview remarks under the title "China-South Korea relations are not an accessory to South Korea-US relations." Criticisms began to spread over China's "overt election interference," with Xing denounced as a "21st century Yuan Shikai."
The Dong-A Ilbo (http://english.donga.com/)
U.S. analysis says Kabul might fall in a month
Pundits in Washington are making a projection Taliban’s seizing of power in Afghanistan may come much earlier than expected. While Taliban’s expansion had been predicted after the withdrawal of U.S. troops in the Middle East, the pace is too fast. Some experts say the Biden administration’s exit strategy from Afghanistan may have been executed in haste. The Washington Post quoted Wednesday a U.S. government official as saying that the Afghan capital of Kabul might fall into the hands of the Taliban in 90 days while others predict Kabul may fall in less than a month. The prediction for the occupation of Kabul by the American intelligence authorities had been six to 12 months, but the government forces are crumbling fast against Taliban’s attack. According to AFP News, the Taliban seized Ghazni, the capital of Ghazni province, 150 kilometers away from Kabul. Having seized 10 capital cities out of 34, the Taliban has already occupied 65% of the Afghan territory.
Loan defaulters to receive credit forgiveness
Individuals and small business owners who defaulted on a loan of less than 20 million won from January 2020 to the end of August 2021 will receive credit forgiveness if they pay back their loans until the end of this year. With their late payments practically erased from credit reports, these delinquent borrowers will not be disadvantaged in taking out loans or getting credit cards. Some 20 financial institutions, including the Korea Financial Associations and Federations, Korea Credit Information Services, and credit information companies, announced Thursday at a meeting of the Korea Federation of Banks that they signed an agreement to provide a relief to pandemic-stricken businesses and individuals. The gist of the agreement is to remove delinquency from credit reports for those who fell delinquent on their loans because of the COVID-19 pandemic but paid off their debts in a prudent manner, starting from early October. Even a single late payment can dent an individual’s credit score and result in loan rejection and higher loan interest rates.
S. Korea betrays the North, says Kim Yo Jong
North Korean leader Kim Jong Un harshly criticized the joint military drill of South Korea and the U.S. on Tuesday through Kim Yo Jong (photo), vice department director of the North's ruling Workers' Party's Central Committee. She expressed her “deep regret at the perfidious behavior of the south Korean authorities.” According to the Korean Central News Agency, Kim Yo Jong said she announced the statement based on her brother Kim Jong Un’s order. “The drill is self-destructive and puts the Korean Peninsula in a precarious condition, for which a dear price will be paid,” she said. “The dangerous war practice of South Korea and the U.S. that ignores our repeated warnings will bring even more dire security threats to the two countries.”
The KyungHyangShinmun (http://english.khan.co.kr/)
New Anti-corruption Office Launches an Inquiry into People Power Lawmaker for Illegal Contributions: Will This Be the CIO’s First Investigation of a Lawmaker?
The Corruption Investigation Office for High-ranking Officials (CIO) launched an inquiry into People Power Party lawmaker A for allegedly receiving illegal political contributions. An inquiry is the preliminary stage before an official investigation. If the inquiry leads to an investigation, this will be the first investigation of a lawmaker conducted by the new investigation office. According to the Kyunghyang Shinmun coverage on August 10, the Corruption Investigation Office sent an official letter to the Gyeongsangbuk-do Election Commission on August 6 asking the commission to cooperate in an investigation and submit investigation records on lawmaker A. The Gyeongsangbuk-do Election Commission, which has jurisdiction over A’s constituency, plans to soon send the CIO investigation records on B, a former city council member who gave A 20 million won in contributions, along with a request for an investigation that the commission sent to the Prosecution Service.
President Moon’s Approval Rating at 41.5%, While the People Power Party’s Approval Rating Climbs for 2 Consecutive Weeks
President Moon Jae-in’s approval rating fell 2.6% from the previous week, but it remained in the 40% level for five consecutive weeks. The People Power Party’s approval rating climbed for two weeks straight and managed to extend its lead ahead of the Democratic Party of Korea beyond the margin of error for the first time in four weeks. According to a survey of 2,530 adult men and women conducted by the poll firm, Real meter, from August 2 to 6, President Moon’s approval rating dropped 2.6% from the fourth week of July to 41.5% (24.1% answered that the president was doing very well, 17.4% fairly well). Negative evaluations accounted for 54.9% of the replies (bad 14.3%, very bad 40.5%), 2.5% higher than in the previous survey. People who answered, “I don’t know” or abstained from answering increased 0.1% to 3.6%.
The Case of a Nursing Assistant Who Suffered Paralysis Following Vaccination Recognized as an Industrial Accident: The First Case in South Korea
A, a nursing assistant who suffered from quadriplegia (paralysis of all four limbs) after receiving the COVID-19 vaccine, was recognized as a victim of an industrial accident. This is the first case in which a side effect of the vaccine was recognized as an occupational accident. On August 6, the Korea Workers’ Compensation and Welfare Service announced, “After a review by the Occupational Disease Award Commission, we recognized A’s case as an industrial accident.” A, a nursing assistant who worked in a hospital in Gyeonggi-do, suffered from quadriplegia and binocular diplopia (double vision) and was diagnosed with acute disseminated encephalomyelitis (ADEM), related to an immune reaction, after she received the AstraZeneca vaccine on March 12. Her case was made known to the public when her husband posted a petition on the Cheongwadae petition website in April. On April 23, A’s family applied for recognition as an industrial accident, and the case was acknowledged after more than three months.
Maeil Business News Korea (http://www.pulsenews.co.kr/)
LG Energy Solution mulls expansion as it renews contract with U.S. electric bus maker Proterra
South Korea’s top battery maker LG Energy Solution Ltd. is mulling to accelerate with additional plant in the United States after renewing contract to power electric bus manufacturer Proterra Inc. while SK Innovation is working with its U.S. partner Ford Motors to expand their joint venture to Europe. Proterra announced on Thursday that it has extended its existing battery cell supply agreement with LG Energy Solution through 2024. It also concluded a new agreement on a long-term supply of cylindrical cells produced at LG Energy Solution’s battery cell manufacturing plant in the U.S. LG Energy Solution and Proterra have been in supply contract since 2016. The latest additional agreements will extend supplies through 2028 and could value in billions of dollars.
Dolby slapped $230 fine for patent obstruction over royalty conflict in Korea
Dolby Laboratories, omnipresent audio tech name in the entertainment industry, faces 270 million won ($230,000) in fines by South Korean antitrust watchdog for unfairly obstructing the use of its patented technology essential for set-top box manufacturing amid conflict over royalty issue. The Fair Trade Commission (FTC) announced on Thursday that it would issue a correction order and a fine of 270 million won against Dolby and its Korean operation for violating the Fair Trade Act. Dolby is an `essential patent holder` with standard patent rights for digital audio coding technology such as AC-3, which is adopted as a standard by Korean terrestrial broadcasting. This means it is impossible to provide related products in Korea without using Dolby`s patented technology.
Shinsegae logs largest-ever Q2 OP on brisk luxury sales
Shinsegae Inc. posted the best second-quarter operating profit, benefiting from pent-up demand for luxury imports and cosmetics products. The South Korea’s retail giant reported 96.2 billion won ($83 million) in operating profit on a consolidated basis for the April to June period, down 22.1 percent from the first quarter but reversing from a loss of 48.5 billion won in the second quarter last year, in its earnings guidance released on Thursday. Revenue rose 5.7 percent on quarter and 37.6 percent on year to 1.39 trillion won. Net profit totaled 16.5 billion won, swinging from a net loss a year earlier.
Shares of Shinsegae finished Thursday down 1.11 percent at 267,500 won. Shinsegae Department Store raked in 67 billion won in operating profit in the second quarter, up 280.3 percent from last year. It is also a record high second-quarter operating profit for the department store unit.
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