Seoul, April 24 (IANS) Hyundai Mobis, South Korea’s leading auto parts maker, said on Friday its first-quarter net profit fell 14 per cent from a year earlier as weaker global vehicle demand weighed on earnings.Net profit for the three months ending in March fell to 883.05 billion won ($596 million) from 1.03 trillion won a year earlier, the company said in a regulatory filing.”Rising external uncertainties linked to prolonged tensions in the Middle East dampened vehicle sales and parts demand,”…
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Seoul, April 23 (IANS) Hyundai Motor, South Korea’s top automaker, said on Thursday its first-quarter net profit dropped 23.6 percent on-year amid business environment headwinds involving U.S. tariffs and rising raw material costs.Net profit for the first three months of this year totalled 2.58 trillion won ($1.7 billion), down from 3.38 trillion won a year ago, the company said in a regulatory filing.Operating income for the January-March period fell 30.8 percent on-year to 2.51 trillion won, b…
Seoul, April 23 (IANS) South Korean stocks rose on Thursday, led by gains in large-cap technology shares, as investors focused on corporate earnings following the United States’ indefinite extension of its ceasefire in the conflict with Iran.The benchmark Korea Composite Stock Price Index (KOSPI) gained 48.04 points, or 0.75 per cent, to 6,465.97 as of 11:20 am (local time), reports Yonhap news agency.The index opened 1.1 percent higher, tracking overnight gains on Wall Street, and briefly surpa…
Seoul, April 22 (IANS) The antitrust regulator here said on Wednesday it has decided to fine two local suppliers to Hyundai Motor and Kia, a combined 2.59 billion won ($1.75 million) for colluding to rig bids.SM Hwajin and Cubic Korea prearranged winners and bid prices in five tenders conducted between September 2020 and April 2023 to select contractors for surface treatment of vehicle interior materials, according to the Fair Trade Commission (FTC).The two companies were the only registered bid…
Seoul, April 22 (IANS) Hyundai Motor, Kia and two other carmakers will voluntarily recall over half a million vehicles in South Korea to address defective components, the transport ministry here said on Wednesday.The four companies, which also include KG Mobility Corp. and Toyota Motor Korea, will recall a combined 532,144 units across 17 models, according to the ministry.Hyundai Motor will recall 239,683 units of four models, including the Santa Fe sport utility vehicle (SUV), over a seat belt …
Seoul, April 21 (IANS) Internet giant Naver said it has signed a memorandum of understanding (MOU) with the information technology (IT) arm of Tata Group to explore business opportunities in India.The agreement with Tata Consultancy Services (TCS) was signed during a South Korea-India business forum hosted by the Federation of Korean Industries in New Delhi, attended by South Korean Industry Minister Kim Jung-kwan, Naver Chief Executive Officer (CEO) Choi Soo-yeon, Commerce and Industry Minister…
Seoul, April 20 (IANS) Seoul stocks were trading sharply higher late on Monday morning, despite concerns over renewed tensions between the United States and Iran in the Middle East.The benchmark Korea Composite Stock Price Index (KOSPI) gained 81.79 points, or 1.32 percent, to 6,273.71 as of 11:20 am (local time), reports Yonhap news agency.U.S. President Donald Trump has said the U.S. has seized an Iranian-flagged commercial vessel in the Gulf, as part of its naval blockade. Iran called such ac…
Seoul, April 16 (IANS) South Korean stocks traded sharply higher late on Thursday morning amid hopes for a second round of peace talks between Washington and Tehran.The benchmark Korea Composite Stock Price Index (KOSPI) added 132.06 points, or 2.17 percent, to 6,223.45 as of 11:20 a.m (local time), reports Yonhap news agency.U.S. President Donald Trump said in an interview with Fox News released Wednesday (U.S. time) that the U.S.-Israeli war against Iran is “very close to over,” while the Whit…
Seoul, April 15 (IANS) Seoul shares soared more than 2 per cent on Wednesday to close above 6,000 points for the first time after the outbreak of the US-Iran conflict in late February. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 123.64 points, or 2.07 percent, to close at 6,091.39, after hitting an intraday high of 6,183.21, reports Yonhao news agency.Trading volume was heavy at 915.03 billion shares worth 31.37 trillion won (US$21.3 bil…
Seoul, April 14 (IANS) South Korean stocks traded sharply higher on Tuesday on revived hopes for US-Iran peace talks, briefly topping the 6,000-point mark for the first time since the outbreak of the U.S.-Iran conflict.The benchmark Korea Composite Stock Price Index (KOSPI) added 189.03 points, or 3.25 percent, to 5,997.65 as of 11:20 a.m (local time).The index rose to 6,000.18 around 10:12 a.m. and hovered near the 6,000 level, reports Yonhap news agency.It marked the first intraday move above …