DIRS.INFO The most relevant business & tech news

☆ Superconductor claims spark investor frenzy, but scientists are skeptical
▼ + stars: | 2023-08-03 | by ( Stephen Nellis | ) www.reuters.com time to read: +7 min

The South Korean researchers last week said they found a superconductor that works at room temperature, which has long been considered a holy grail for scientists in the field. The South Korean researchers published two papers - one initial paper with three authors and a second, more detailed paper with six authors that included only two of the authors from the first paper. The gold standard for proof of discovery is other labs reliably replicating the South Korean researchers' findings. But another team, from Qufu Normal University, said they did not observe zero resistance, one of required characteristics of a superconductor. On Thursday, South Korean experts said they would set up a committee to verify the claims.

Persons: Read, Kelvin, Eric Toone, Bill Gates, Mike Norman, Norman, Sinéad Griffin, Lawrence, Griffin, apatite, Michael Fuhrer, Fuhrer, Argonne's Norman, Stephen Nellis, Joyce Lee, Brenda Goh, Krystal Hu, Kenneth Li, Deepa Babington Organizations: CEA, Nuclear Research, South, Reuters, South Korean, Huazhong University of Science, Technology, Qufu Normal University, Southeast University, Bill Gates ’, Energy Ventures, National Laboratory, Lawrence Berkeley National Laboratory, . Department of Energy, Monash University, Thomson Locations: ., China, South Korea, Nanjing, Melbourne, Australia, San Francisco, Seoul, Shanghai, New York

☆ S.Korean experts seek to verify room-temperature superconductor claim
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

SEOUL, Aug 3 (Reuters) - South Korean experts said on Thursday they would set up a committee to verify claims that a room temperature superconductor has been discovered, which has driven investor frenzy as well as peer skepticism since. The researchers that made the claim did not respond immediately to a request for comment. Shares in the U.S., China and South Korea have gained since the claim of a practical superconductor was made public, as investors made early bets despite skepticism among some scientists. The global frenzy had been further stoked after a Chinese university published a video replicating the experiment. An index tracking Chinese superconductor-related stocks has surged since late July, when the South Korean researchers published their papers, rising as much as 22%, though it gave up a large chunk of those gains on Thursday.

Persons: Joyce Lee, Brenda Goh, Mark Potter Organizations: Korean Society, Quantum Energy Research Centre, Seoul National University, Sungkyunkwan University, Pohang University of Science, Technology, South, Jiangsu Etern Co, Thomson Locations: SEOUL, U.S, China, South Korea, Jiangsu

SEOUL, July 28 (Reuters) - SK Innovation Co Ltd (096770.KS), owner of South Korea's top refiner SK Energy, said on Friday it expects refining margins to gradually improve in the second half thanks to favourable market conditions backed by solid travel season demand. Analysts said SK Innovation's refining business had been hit by declines in refining margins and oil prices, while its battery business had continued generating losses due to costs related to its newly set up U.S. battery plants. SK Innovation's battery unit SK On, which was split off last year, accounted for about 20% of the company's revenue in the second quarter. SK Innovation said it expects its battery unit's profitability to improve in the second half thanks to the U.S. tax subsidies from the Inflation Reduction Act. Shares of SK Innovation were trading down 0.9%, versus benchmark KOSPI's (.KS11) 0.5% fall at 0210 GMT.

Persons: Refinitiv SmartEstimate, Kim Kyunghoon, 1,282.8300, Heekyong Yang, Joyce Lee, Jamie Freed, Kim Coghill Organizations: SK Innovation Co, refiner SK Energy, Analysts, SK Innovation's, SK, SK Innovation, Ford Motor, Hyundai Motor, Chief, SK On's, LG Energy, Thomson Locations: SEOUL, North America, Europe

☆ Chipmakers signal supply glut easing but demand recovery still slow
▼ + stars: | 2023-07-28 | by ( Joyce Lee | ) www.reuters.com time to read: +5 min

"Demand is recovering very gradually," Woohyun Kim, chief financial officer at SK Hynix, said on an earnings call this week. "The recent improvement in PC shipments has been mainly led by promotions and low-end models, meaning it provided limited impact on chip demand recovery," he said, adding that shipment forecasts for PCs and smartphones this year have been downgraded from earlier predictions. Chipmakers are also increasing production of the high-end chips used to support AI related chips. SK Hynix said demand for AI server memory had more than doubled in the second quarter compared to the first quarter. The company leads the market in high bandwidth memory (HBM) DRAM used in generative AI.

Persons: Florence Lo, Canalys, Woohyun Kim, ChatGPT, Pat Gelsinger, SK Hynix, Logan Purk, Edward Jones, Lam, Tim Archer, 1,278.7400, Joyce Lee, Akash Sriram, Akshita, Chavi Mehta, Tanya Jain, Max A, Cheney, Stephen Nellis, Miyoung Kim, Miral Organizations: REUTERS, Intel, Samsung, SK Hynix, SK, chipmaker Texas, Wall, Manufacturers, KLA Corp, Lam Research, Thomson Locations: SEOUL, China, HBM, Seoul, Bengaluru, Max, San Francisco

"Production cuts across the industry are likely to continue in the second half, and demand is expected to gradually recover as clients continue to destock their (chip) inventory," Samsung, the world's biggest memory chip maker, said in a statement. It had reported a 9.98 trillion won profit a year earlier. Samsung said it spent 14.5 trillion won in capital expenditures during the second quarter, of which 13.5 trillion won was spent on chips. Operating profit fell to 669 billion won ($527 million) in April-June, from 14.1 trillion won a year earlier. Samsung's mobile business reported a 3.04 trillion won profit in the June quarter, up from 2.62 trillion won a year earlier.

Persons: Jaejune Kim, Taiwan's TSMC, Apple's, 1,269.2200, Joyce Lee, Miyoung Kim, Jamie Freed Organizations: Samsung, SK Hynix, Samsung Electronics, South, SK Hynix's, Qualcomm, Revenue, Thomson Locations: SEOUL

☆ Samsung Elec Q2 profit plunges 95% as chip glut persists
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: 1 min

SEOUL, July 27 (Reuters) - Samsung Electronics (005930.KS) reported on Thursday a 95% plunge in quarterly profit, as the chip industry's downturn persisted despite output cuts due to weaker demand for products reliant on semiconductors from consumer gadgets to servers. The world's top maker of memory chips and smartphones said operating profit fell to 669 billion won ($527 million) for the April-June quarter, from 14.1 trillion won a year earlier. That was broadly in line with the company's estimate of 600 billion won this month, and was the second-lowest quarterly profit in 14 years. Revenue fell 22% to 60 trillion won. ($1 = 1,269.2200 won)Reporting by Joyce Lee and Ju-min Park; Editing by Tom Hogue and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: 1,269.2200, Joyce Lee, Tom Hogue, Jamie Freed Organizations: Samsung Electronics, Revenue, Thomson Locations: SEOUL, KS

In particular, memory chip demand from corporate buyers stocking AI data centres as well as gaming personal computers is expected to increase in the second half of the year, the world's second-biggest memory chip maker said. SK Hynix reported a 2.9 trillion won ($2.28 billion) operating loss in the June quarter, down from 4.2 trillion won profit a year earlier on weak memory chip pricing and demand. AI CHIPSSK Hynix said demand for AI server memory had more than doubled in the second quarter compared to the first quarter. SK Hynix leads the market in high bandwidth memory (HBM) DRAM used in the fast-growing field of generative AI. Samsung, the world's biggest memory chip maker, will report its detailed second-quarter financial results on Thursday.

Persons: SK Hynix, Greg Roh, Nam Dae, 1,274.1300, Joyce Lee, Heekyong Yang, Christopher Cushing, Jamie Freed Organizations: Korea's SK Hynix, Microsoft, SK Hynix's, SK, SK Hynix, Revenue, Samsung Electronics, Hyundai Motor Securities, eBEST Investment, Securities, Samsung, Thomson Locations: SEOUL, KS, HBM

☆ Samsung going in 'right direction' in China market, mobile chief says
▼ + stars: | 2023-07-26 | by ( Joyce Lee | ) www.reuters.com time to read: +2 min

SEOUL, July 27 (Reuters) - Samsung Electronics' (005930.KS) mobile chief said Samsung is "going in the right direction" in China, the world's largest mobile market, as it seeks to raise its lagging market share by boosting premium offerings and ties with local content firms. Third-party data shows the world's largest smartphone maker is making small gains in its single-digit market share in China, said TM Roh, head of mobile experience at Samsung Electronics. "We are making efforts to reach Chinese consumers with products that fit the China market, through software optimisation that fits the China market, and I think the results are coming out little by little," Roh told reporters this week. But by March, Samsung had recovered a 1.1% market share, according to Counterpoint data. Samsung, the world's largest smartphone maker, announces full second-quarter earnings later on Thursday.

Persons: Samsung, Roh, Joyce Lee, Bernadette Baum Organizations: Samsung Electronics, Samsung, Apple, Thomson Locations: SEOUL, China, India

LG Display expects "a rise in demand for panels" as stockpiles of display panels have fallen during the first half of the year, CFO Sung-hyun Kim said. The second-quarter result was in line with a forecast of an 889 billion won loss from 16 analysts polled by Refinitiv SmartEstimate, weighted toward analysts that are more consistently accurate. Factory run-rates for organic light-emitting diode (OLED) displays used in high-end televisions remained relatively low due to weak sales in Europe, resulting in the poor performance in the second quarter, analysts said. Mobile display panel orders are concentrated in the second half of the year, ahead of the holiday season. However, the initial supply volume is unlikely to significantly impact the company's financials in the third quarter, analysts said.

Persons: Sung, Kim, Refinitiv SmartEstimate, Joyce Lee, Tom Hogue Organizations: LG, Apple Inc, Revenue, LG Display, Apple, Samsung Electronics, Reuters, Thomson Locations: SEOUL, KS, Europe

☆ Samsung unveils new foldable phones to challenge Apple's premium dominance
▼ + stars: | 2023-07-26 | by ( Joyce Lee | ) www.reuters.com time to read: +2 min

SEOUL, July 26 (Reuters) - Samsung Electronics (005930.KS) unveiled its latest foldable smartphones on Wednesday, keeping prices around the same level three years in a row as it seeks to challenge Apple's (AAPL.O) dominance in the premium market. Foldable phones remain a niche product category, carving out 5% of the global premium smartphone market, although the sector has grown rapidly from just 0.3% in 2019, according to research firm Counterpoint. In 2023, global foldable smartphone shipments are projected to reach 19 million units, up about 45% from 13.1 million in 2022, according to Counterpoint. Apple had a 75% share of the premium smartphone market priced $600 or above in 2022, versus Samsung's 16%. Samsung's new foldable phones will be available from Aug. 11 in select markets.

Persons: Apple's, Joyce Lee, Miyoung Kim, Emelia Organizations: Samsung Electronics, Samsung, Apple, Thomson Locations: SEOUL, United States, China, Western Europe

SEOUL, July 26 (Reuters) - South Korea's SK Hynix (000660.KS) on Wednesday posted a worse-than-expected quarterly operating loss on weak memory chip pricing and demand, but said the market was beginning to recover from a deep downturn. In particular, memory chip demand from corporate buyers and gaming personal computers is expected to increase in the second half of the year versus the first, the world's second-biggest memory chip maker said in a statement. This compared with expectations for a 2.7 trillion won operating loss, according to 22 analyst views compiled by Refinitiv SmartEstimate, weighted toward analysts that are more consistently accurate. SK Hynix has reported losses each quarter since the fourth quarter of 2022, although the June quarter loss narrowed from a record of 3.4 trillion won loss in the March quarter. A boom in artificial intelligence, however, helped SK Hynix boost sales of high-end DRAM chips in the second quarter and narrow losses from the previous quarter.

Persons: Refinitiv SmartEstimate, 1,274.1300, Joyce Lee, Heekyong Yang, Christopher Cushing, Jamie Freed Organizations: Korea's SK Hynix, SK Hynix, Revenue, Thomson Locations: SEOUL

☆ North Korea fires cruise missiles, says South Korean military
▼ + stars: | 2023-07-21 | by ( Joyce Lee | ) www.reuters.com time to read: +1 min

SEOUL, July 22 (Reuters) - North Korea fired several cruise missiles toward the sea to the west of the Korean Peninsula, the South Korean military said on Saturday. This would be North Korea's latest missile launch since it fired two ballistic missiles on Wednesday, as Pyongyang and Washington step up displays of military force in a standoff over the isolated country's nuclear weapons and missile programmes. A number of cruise missiles launched since around 4 a.m. Saturday local time (1900 Friday GMT) were detected, South Korea's Joint Chiefs of Staff said. On Wednesday, North Korea fired missiles hours after a U.S. nuclear-armed ballistic missile submarine (SSBN) surfaced for a rare visit to South Korea. North Korea also warned on Thursday that deployment of U.S. aircraft carriers, bombers or missile submarines in South Korea could meet criteria for its use of nuclear weapons.

Persons: Joyce Lee, Diane Craft, Grant McCool Organizations: South Korean, Korea's, Chiefs, Staff, U.S, Thomson Locations: SEOUL, North Korea, Pyongyang, Washington, South Korea

[1/2] A response by ChatGPT, an AI chatbot developed by OpenAI, is seen on its website in this illustration picture taken February 9, 2023. The EU and its member states have dispatched officials for talks on governing the use of AI with at least 10 Asian countries including India, Japan, South Korea, Singapore and the Philippines, they said. The officials asked not be named as the discussions, whose extent has not been previously reported, remained confidential. Officials from Singapore and the Philippines expressed concern that moving overly hasty regulation might stifle AI innovation. Seoul will continue discussing AI regulation with the EU but is more interested in what the G7 is doing, a South Korean official said following a meeting with Breton.

Persons: Florence, Alexandra van Huffelen, van Huffelen, Thierry Breton, Breton, Fanny Potkin, Sam Nussey, Supantha Mukherjee, Joyce Lee, Tomasz Janowski Organizations: REUTERS, European, EU, Reuters, Officials, General Data, European Union, South Korean, Thomson Locations: Florence Lo, SINGAPORE, TOKYO, STOCKHOLM, Asia, India, Japan, South Korea, Singapore, Philippines, Canada, Turkey, Israel, EU, France, Germany, Italy, Britain, United States, Hiroshima, Seoul

[1/2] A response by ChatGPT, an AI chatbot developed by OpenAI, is seen on its website in this illustration picture taken February 9, 2023. The EU and its member states have dispatched officials for talks on governing the use of AI with at least 10 Asian countries including India, Japan, South Korea, Singapore and the Philippines, they said. Officials from Singapore and the Philippines expressed concern that moving overly hasty regulation might stifle AI innovation. Seoul will continue discussing AI regulation with the EU but is more interested in what the G7 is doing, a South Korean official said following a meeting with Breton. The EU is planning to use the upcoming G20 meetings to further push for global collaboration on AI, notably with 2023 president India, van Huffelen told Reuters.

☆ South Korea landslides, floods kill 7, over 1,000 evacuated
▼ + stars: | 2023-07-15 | by ( Joyce Lee | ) www.reuters.com time to read: +1 min

[1/4] A view of a road submerged by a flooded river caused by heavy rain in Cheongju, South Korea, July 15, 2023. Yonhap/via REUTERSSEOUL, July 15 (Reuters) - Seven people have died, three were missing, seven injured and thousands evacuated in South Korea on Saturday, officials said, as a third day of torrential rains caused landslides and the overflow of a dam. Korea Railroad Corp said it was halting all slow trains and some bullet trains, while other bullet trains might be delayed due to slower operation, as landslides, track flooding and falling rocks threatened safety. A slow train derailed late on Friday when a landslide threw earth and sand over tracks in North Chungcheong province, the transport ministry said. Reporting by Joyce Lee; Editing by Michael Perry and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Han Duck, Joyce Lee, Michael Perry, William Mallard Organizations: REUTERS, Ministry of Interior, Safety, Korea Railroad Corp, Thomson Locations: Cheongju, South Korea, REUTERS SEOUL, North Chungcheong province, Goesan, North Chungcheong

☆ South Korea's President Yoon visits Ukraine
▼ + stars: | 2023-07-15 | by ( Joyce Lee | ) www.reuters.com time to read: +2 min

Summary South Korea's Yoon to meet Ukraine's Zelenskiy - Yoon's officeS.Korea facing renewed pressure to provide weapons to UkraineS.Korea to play a role in Ukraine's reconstruction -ministrySEOUL, July 15 (Reuters) - South Korean President Yoon Suk Yeol was visiting Ukraine on Saturday for talks with President Volodymyr Zelenskiy, the South Korean presidential office said. Yoon said this week his administration was preparing to send de-mining equipment and ambulances, following a request from Ukraine, and will join NATO's trust fund for Ukraine. Zelenskiy asked Yoon to boost military support when they met for the first time in May. South Korea's Ministry of Land, Infrastructure and Transport said on Friday it planned to support the reconstruction of Ukraine's infrastructure, such as transportation, energy and industry. South Korean companies and companies in Ukraine and other countries signed agreements on Friday for cooperation in the reconstruction of Ukraine, the ministry said in a statement.

Persons: Yoon, Ukraine's, Ukraine S.Korea, Yoon Suk Yeol, Volodymyr Zelenskiy, Irpin, Zelenskiy, Andrzej Duda, Joyce Lee, Hyonhee, William Mallard Organizations: South Korean, NATO, Ukraine, South Korea's Ministry of Land, Infrastructure, Transport, Thomson Locations: Ukraine, SEOUL, Lithuania, Poland, Bucha, Kyiv, U.S, South Korea, North Korea, Seoul, Korea

[1/8] Ukraine's President Volodymyr Zelenskiy and South Korean President Yoon Suk Yeol shake hands after a joint statement, amid Russia's attack on Ukraine, in Kyiv, Ukraine July 15, 2023. South Korea is a U.S. ally and the world's ninth biggest arms exporter, according to the Stockholm International Peace Research Institute (SIPRI) think tank. In a press conference, Yoon said South Korea plans to provide "a larger scale of military supplies" to Ukraine this year, following last year's provision of non-lethal supplies such as body armour and helmets. Yoon said South Korea also plans to provide Ukraine with $150 million in humanitarian aid this year, following about $100 million in 2022. Yoon said on Saturday South Korea has delivered safety equipment and humanitarian aid that Ukraine needs, since May, including mine detectors.

Persons: Volodymyr Zelenskiy, Yoon Suk, Yoon Suk Yeol, Yoon, Zelenskiy, Yoon's, Ramon Pacheco Pardo, Pacheco Pardo, Joyce Lee, Olena, Josh Smith, Hyonhee, William Mallard, Andrew Cawthorne Organizations: South, REUTERS, NATO, Russia's, Stockholm International Peace Research Institute, Ukraine, Brussels School, Saturday, Seoul's, Seoul's Ministry of Land, Infrastructure, Transport, Thomson Locations: Ukraine, Kyiv, U.S, Seoul, SEOUL, KYIV, Lithuania, Poland, South Korea, Stockholm, North Korea, Korea, South

☆ South Korea landslides, floods kill more than 20
▼ + stars: | 2023-07-15 | by ( Joyce Lee | ) www.reuters.com time to read: +1 min

SEOUL, July 15 (Reuters) - Twenty-two people have died, 14 were missing and thousands evacuated in South Korea as of Saturday, according to ministry data, as a third day of torrential rains caused landslides and the overflow of a dam. [1/6]A general view shows landslide caused by torrential rain in Yecheon, South Korea, July 15, 2023. Yonhap via REUTERSThe tally is expected to rise as more heavy rain is expected on the Korean peninsula on Sunday, the Korea Meteorological Administration forecasted. Korea Railroad Corp said it was halting all slow trains and some bullet trains, while other bullet trains might be delayed due to slower operation, as landslides, track flooding and falling rocks threatened safety. A slow train derailed late on Friday when a landslide threw earth and sand over tracks in North Chungcheong province, the transport ministry said.

Persons: Han Duck, Joyce Lee, Michael Perry, William Mallard Organizations: Ministry of Interior, Safety, Yonhap, Korea Meteorological Administration, Korea Railroad Corp, Thomson Locations: SEOUL, South Korea, North Chungcheong, Yecheon

☆ K-Pop supergroup BTS' Jung Kook releases solo single
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 14 (Reuters) - Jung Kook, a member of K-Pop supergroup BTS, officially launched on Friday his solo career with the release of single "Seven", a track also featuring American rapper Latto. BTS is on temporary break as a group with two of its seven members currently doing mandatory military service in South Korea, but other members are continuing to carry out solo projects and concerts. The video for "Seven" - described by his music label as an invigorating summer song - was also revealed on Friday and includes an appearance by South Korean actress Han So-hee. His label BigHit is part of South Korean entertainment company HYBE and also manages BTS. Ahead of his official solo debut, Jung Kook previously released two free singles.

Persons: Jung Kook, Han, Joyce Lee, Ed Davies, Michael Perry Organizations: BTS, Thomson Locations: SEOUL, South Korea, U.S, Korean, South Korean, New

The Bank of Korea (BOK) said its seven-member monetary policy board voted to keep the base rate (KROCRT=ECI) unchanged at 3.50%, as it did in meetings in February, April and May. "The Board will maintain a restrictive policy stance for a considerable time with an emphasis on ensuring price stability," the BOK said in a statement. The BOK has kept monetary policy unchanged since its last interest rate hike in January and its tightening campaign, which began in August 2021, is widely expected to be over. The rate stood at 2.7% in June this year, although it is still higher than the central bank's medium-term target of 2%. South Korea's import prices fell in annual terms for a fifth month in June and marked the steepest drop in more than eight years, central bank data showed earlier on Thursday.

Persons: BOK, Governor Rhee Chang, Jihoon Lee, Joyce Lee, Jacqueline Wong Organizations: Bank of Korea, Reuters, Thomson Locations: SEOUL, China

SEOUL, July 12 (Reuters) - LG Electronics (066570.KS) said on Wednesday it is targeting 100 trillion won ($77 billion) in sales by 2030 and plans some 50 trillion won of investment as the South Korean company announced its future strategy. "LG Electronics will tranform its business portfolio... increase profits by growing in business-to-business, and transition to a service business," CEO William Cho told a press conference. In 2022, LG reported about 65 trillion won in consolidated sales excluding affiliate LG Innotek (011070.KS), which makes device components such as camera modules for smartphones. That would be up from more than 80 trillion won ($61.72 billion) as of end-March, according to an eBest Investment & Securities report on Monday. On Friday, LG Electronics estimated its second-quarter operating profit rose 12.7% from a year earlier to 892.7 billion won, its second-largest April-June quarter profit ever.

Persons: William Cho, 1,292.1700, Hyunsu Yim, hyang Choi, Joyce Lee, Ed Davies, Simon Cameron, Moore Organizations: LG Electronics, South Korean, LG, Investment, Securities, Thomson Locations: SEOUL, KS

The world's largest memory chip and smartphone maker estimated its operating profit fell to 600 billion won ($459 million) in April-June, from 14.1 trillion won a year earlier in a short preliminary earnings statement. It would be Samsung's lowest profit for any quarter since a 590 billion won profit in the first quarter of 2009, according to company data. Shares in Samsung fell 1.4% in early morning trade, underperforming a 0.6% drop in the wider market (.KS11). In the January-March quarter, the company reported a whopping 4.58 trillion won loss in its chip business as memory chip prices fell further and its inventory values were slashed. Revenue in April to June likely fell 22% from the same period a year earlier to 60 trillion won, Samsung said in the statement.

Persons: Chris Helgren, Refinitiv, Greg Roh, 1,307.6700, Joyce Lee, Heekyong Yang, Shri Navaratnam, Sonali Paul Organizations: Samsung Electronics, REUTERS, Samsung Electronics Co, Samsung, Hyundai Motor Securities, Revenue, Thomson Locations: Manhattan, New York City, U.S, SEOUL, KS

"We had to wait two weeks," said Lee Bo-mi, a 35-year-old mother with a sick 3-year-old boy, at the Healthy Children's Hospital. By comparison, it costs about A$335 for initial standard consultation with an Australian paediatrician, while observation at Nationwide Children's Hospital in the U.S. costs $208 per hour, according to its website. Data from the Health Insurance Review and Assessment Service shows paediatricians are South Korea's lowest paid doctors, making 57% less than the average doctor's salary. Sowha Hospital, South Korea's oldest children's hospital, recently suspended Saturday afternoon and Sunday treatment for the first time in 77 years due to a lack of staff. "If the number of children's hospitals decreases and the number of doctors falls, it's going to be difficult to get children treated."

Persons: Song Jong, geun, Jung Seung, Kim Hong, Ji, paediatrics, Lee Bo, Dae, it's, Choi Yong, jae, Dr Lim Hyun, I'm, Kim Eun, Lee Ju, yul, there's, Lee, Lim, Joyce Lee, Robert Birsel Organizations: REUTERS, Seoul Institute, Reuters, The, of Health, Welfare, Children's, Korea University Guro Hospital, Korea Children's Hospital, Korean Pediatric Association, Nationwide Children's Hospital, Health Insurance, Service, Namseoul University, Thomson Locations: Seoul, South Korea, Ji SEOUL, Seoul's, Korea, Australian, U.S

☆ Shares in K-Pop agencies fall after report of antitrust probe
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 5 (Reuters) - Shares in K-Pop management agencies fell on Wednesday, after South Korea's antitrust watchdog began investigations into any potential infractions of subcontracting rules when outsourcing production of albums and merchandise, Yonhap reported. The Korea Fair Trade Commission (KFTC) sent investigators to the offices of HYBE (352820.KS), SM Entertainment (041510.KQ) and YG Entertainment (122870.KQ) on Tuesday, Yonhap news agency reported citing unnamed industry sources. HYBE, SM and YG did not immediately respond to a request for comment. Shares in HYBE, the management agency of K-Pop sensation BTS, fell 2.1% in early morning trade, versus a flat wider market (.KS11). SM Entertainment and YG Entertainment shares also fell 1.5% and 0.4%, respectively, as of 0015 GMT, although YG later reversed losses.

Persons: Yonhap, 1,300.0000, Joyce Lee, Jacqueline Wong Organizations: Korea Fair Trade Commission, SM Entertainment, YG Entertainment, SM, YG, Investment, Securities, Thomson Locations: SEOUL, HYBE

☆ Samsung profit likely lowest in more than 14 years as chip glut persists
▼ + stars: | 2023-07-05 | by ( Joyce Lee | ) www.reuters.com time to read: +2 min

SEOUL, July 6 (Reuters) - Samsung Electronics' (005930.KS) June-quarter profit is expected to plunge 96% on-year to the lowest for any quarter in more than 14 years, as a chip glut continues to drive large losses in the tech giant's cash cow business despite a supply cut. If so, it would be Samsung's lowest profit since the fourth quarter of 2008, when Samsung Electronics reported a consolidated operating loss of about 740 billion won. It compares with an operating profit of 14.1 trillion won in the April-June quarter last year. This is because its chip division, traditionally its biggest earner, likely reported quarterly losses of around 3 trillion to 4 trillion won as memory chip prices fell further and its inventory values were slashed. Despite the current downturn, Samsung is working to increase its share of chip demand from the exploding field of artificial intelligence (AI), such as with high bandwidth memory (HBM) and chip contract manufacturing, they said.

Persons: 1,298.7800, Joyce Lee, Sonali Paul Organizations: Samsung Electronics, Samsung, Apple, Thomson Locations: SEOUL, KS, Seoul

Search resuls for: "Joyce Lee"

25 mentions found