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☆ Samsung Electronics' Q4 profit falls 69% as device demand drops
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

[1/2] Samsung signage is seen in a store in Manhattan, New York City, U.S., Nov. 22, 2021. The world's biggest maker of memory chips and smartphones said October-December operating profit fell to 4.3 trillion won ($3.49 billion), its lowest quarterly profit in eight years, from 13.87 trillion won a year earlier. That compared with the company's own estimate of 4.3 trillion won earlier this month. Revenue fell 8% to 70.5 trillion won. ($1 = 1,232.6000 won)Reporting by Joyce Lee and Heekyong Yang; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Japan eyes easing S.Korea export controls as Seoul seeks to improve ties -media
▼ + stars: | 2023-01-28 | by ( Kantaro Komiya | ) www.reuters.com time to read: +2 min

TOKYO, Jan 28 (Reuters) - Japan is considering relaxing controls on exports to South Korea as its president, Yoon Suk-yeol, seeks to improve ties amid a strained East Asian security environment, the Sankei newspaper reported on Saturday. Japan's foreign ministry and trade ministry officials were not immediately available for comment on the report when Reuters contacted them outside regular business hours. "Given the growing need to promote cooperation among countries sharing universal values at a time when the importance of economic security is increasing, we hope that Japan will judge wisely," the South Korean ministry said. Their diplomatic officials are due to meet on Monday in the South Korean capital, Seoul, as they near a conclusion of a plan for the resolving their dispute, Jiji news reported on Friday. Reporting by Kantaro Komiya; Additional reporting by Joyce Lee in Seoul; Editing by William Mallard, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

"We engaged in intense production adjustment in the fourth quarter," Kim Sung-hyun, CFO of LG Display said in an earnings call. It flagged investments of only about 3 trillion won this year, compared to 5.2 trillion won in 2022, and said it will conservatively maintain existing production. Shares in LG Display reversed early losses, jumping 4.1% in afternoon trade versus a 1% rise in the wider market (.KS11). It missed an average forecast of a 797 billion won loss from 10 analysts polled by Refinitiv SmartEstimate, weighted toward analysts that are more consistently accurate. A continuous decline in mid-sized panel prices and efforts to control inventory and reduce factory operations caused the loss, LG Display said.

☆ North Korea slams United States for pledging tanks to Ukraine
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 28 (Reuters) - North Korea on Saturday denounced U.S. pledges of battle tanks to Ukraine, claiming Washington was "further crossing the red line" to win hegemony by proxy war, state media KCNA reported. North Korean leader Kim Jong Un's powerful sister, Kim Yo Jong, made the remarks in a statement carried by KCNA, saying that North Korea will "stand in the same trench" as Russia against the United States. The United States said this week it would supply Ukraine with 31 of its most advanced battle tanks after Germany made a similar announcement. The United States and Western countries "have neither right nor justification to slander sovereign states' exercise of the right to self-defence." Nuclear-armed North Korea launched an unprecedented number of missiles last year, including intercontinental ballistic missiles (ICBMs) capable of reaching the U.S. mainland.

The company offered a positive outlook in the North American market, where it sees a growing number of customers requesting made-in-USA batteries to be qualified for federal EV subsidies. The company had secured additional orders worth about 20 trillion won in the fourth quarter, Chief Financial Officer Lee Chang-sil added. LGES reported operating profit of 237 billion won ($193 million) for the October-December period, versus 76 billion won a year earlier. That compared with an average analyst forecast of 256 billion won compiled by Refinitiv SmartEstimate. Revenue for the quarter rose 92% to 8.5 trillion won, LG Energy said in a regulatory filing.

☆ LG Energy Solution Q4 profit rises threefold, misses forecast
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

The South Korean company, which supplies Tesla (TSLA.O), General Motors Co (GM.N) and others, reported operating profit of 237 billion won ($192.92 million) for the October-December period, versus 76 billion won a year earlier. That compared with an average analyst forecast of 256 billion won compiled by Refinitiv SmartEstimate. It missed analysts' estimates because of one-off costs such as energy storage system-related provisions and year-end bonuses. Revenue for the quarter rose 92% to 8.5 trillion won, LG Energy said in a regulatory filing. ($1 = 1,228.5000 won)Reporting by Heekyong Yang and Joyce Lee; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

SEOUL, Jan 27 (Reuters) - South Korean display panel maker LG Display (034220.KS) on Friday posted a record operating loss in the December quarter, as global demand for smartphones, computers and televisions remains depressed amid an uncertain economic outlook. It missed an average forecast of a 797 billion won loss from 10 analysts polled by Refinitiv SmartEstimate, which is weighted toward analysts that are more consistently accurate. Revenue fell 17% to 7.3 trillion won, LG Display said. In order to weather the downturn, LG Display said last month it is stopping production of liquid-crystal display (LCD) TV panels in South Korea. LG Display said it plans to boost its made-to-order business to increase stability in the face of uncertain market conditions, from 30% of sales currently to 50% of sales by 2024.

☆ Hyundai Motor's Q4 net profit triples but misses expectations
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 26 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) on Thursday reported a tripling in fourth-quarter profit on strong demand for its high-margin sport-utility vehicles and a weak won. Hyundai Motor reported a net profit of 1.7 trillion won ($1.4 billion) for the October-December period versus a profit of 547 billion won a year earlier, when the automaker booked some one-off costs. That compared with a Refinitiv SmartEstimate for fourth-quarter profit at 2.5 trillion won drawn from 18 analysts. Like many other automakers, Hyundai benefited from the tight supply of new vehicles last year which have kept retail prices high. Shares in Hyundai Motor rose on Thursday to be up 4.4% in afternoon trade.

SEOUL, Jan 11 (Reuters) - South Korea's Hanwha Solutions Corp (009830.KS) said on Wednesday its unit Hanwha Q Cells will invest a total of $2.5 billion to build a solar power manufacturing value chain in the U.S. state of Georgia through June 2025. The company's board approved on Wednesday a $2.31 investment to build a solar power ingot, wafer, cell and module factory, the company said in a regulatory filing. This is in addition to a roughly $200 billion U.S. investment approved late last year, a Hanwha Solutions spokesperson said. With the investment, the company is expected to increase its solar module production capacity in the United States from 1.7 gigawatts as of 2022 to 8.4 gigawatts as of 2024, Hanwha Solutions said in a press conference. Reporting by Joyce Lee and Heekyong Yang; Editing by Muralikumar Anantharaman and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ S.Korea's Kakao Entertainment secures $966 mln investment from sovereign wealth funds
▼ + stars: | 2023-01-11 | by ( Joyce Lee | ) www.reuters.com time to read: +2 min

SummarySummary Companies Largest overseas investment in Korean content firm, co saysBusiness includes K-Pop, video, online comics and novels"Recession-proof" nature of business likely a draw -analystsSEOUL, Jan 12 (Reuters) - South Korean tech conglomerate Kakao Corp (035720.KS) said on Thursday unit Kakao Entertainment secured a 1.2 trillion won ($966.27 million) investment from leading sovereign wealth funds. Kakao, however, did not name the sovereign wealth funds in its statement. Kakao Corp shares rose 1% in early morning trade, outperforming a 0.2% rise in the wider market (.KS11). Unlisted Kakao Entertainment has a business portfolio ranging from K-Pop - including artist management - to shows, movies, and online-targeted, comparatively low-cost content such as comics called webtoons and serial web novels. "Having secured funds, Kakao Entertainment may seek to strengthen its artist lineup that can better target overseas markets via M&A or other ways."

The holiday, known before the pandemic as the world's largest annual migration of people, comes amid an escalating diplomatic spat over COVID curbs that saw Beijing introduce transit curbs for South Korean and Japanese nationals on Wednesday. The virus is spreading unchecked in China after Beijing abruptly began dismantling its previously tight curbs in early December following historic protests. Among them, South Korea and Japan have also limited flights and require tests on arrival, with passengers showing up as positive being sent to quarantine. COUNTING DEATHSSome of the governments that announced curbs on travellers from China cited concerns over Beijing's data transparency. Annual spending by Chinese tourists abroad reached $250 billion before the pandemic, with South Korea and Japan among the top shopping destinations.

☆ Prices of some Tesla models cut in South Korea -official
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Jan 6 (Reuters) - The prices of some Tesla (TSLA.O) models in South Korea were cut on Friday, a local Tesla sales official said on Friday. The price of the electric car manufacturer's basic Model 3 rear-wheel drive vehicle was listed as 64.34 million won ($50,637.10) on the company's website on Friday. Its Model Y Long Range sports utility vehicle was 84.999 million won. The price cuts differed from model to model but ranged from about 6 million won to 10 million won ($4,725 to $7,875), the official said. ($1 = 1,270.6100 won)Reporting by Joyce Lee Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Samsung's quarterly profit set to hit 6-year low as consumers hunker down
▼ + stars: | 2023-01-05 | by ( Joyce Lee | ) www.reuters.com time to read: +3 min

Samsung, as the world's biggest maker of memory chips, smartphones and TVs, is a bellwether for global consumption trends. That would be Samsung's lowest quarterly profit since the third quarter of 2016 and compares with an operating profit of 13.87 trillion won a year earlier. Operating profit for Samsung's chip business likely tumbled by 78% to 1.9 trillion won, an average of seven analyst estimates showed. It had about 128.82 trillion won ($100.83 billion) in cash as of end-September. Samsung's mobile business is also expected to see profits shrink, with forecasts calling for a 14% fall to 2.3 trillion won for the quarter.

The world's largest memory chip, smartphone and TV maker estimated its profit slumped to 4.3 trillion won ($3.37 billion) in October-December from 13.87 trillion won a year earlier. It was Samsung's smallest quarterly profit since the third quarter of 2014 and fell short of a 5.9 trillion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. Revenue likely fell 9% from the same period a year earlier to 70 trillion won, Samsung said in the short preliminary earnings release. Samsung said that memory chip prices also declined throughout the quarter due to increased inventory at memory suppliers, leading to a greater-than-expected drop in chip prices. Its mobile business profit declined in the fourth quarter as smartphone sales and revenue decreased due to weak demand resulting from prolonged macroeconomic issues, Samsung added.

The dismal profit estimate by the world's largest memory chip, smartphone and TV maker - a bellwether for global consumer demand - sets a weak tone for other technology firms' quarterly results. Samsung's profits are expected to shrink again in the current quarter, analysts said, after the South Korean company announced its October-December operating profit likely fell 69% to 4.3 trillion won ($3.37 billion) from 13.87 trillion won a year earlier. It was Samsung's smallest quarterly profit since the third quarter of 2014 and fell short of a 5.9 trillion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. Quarterly revenue likely fell 9% from the same period a year earlier to 70 trillion won, Samsung said in a short preliminary earnings statement. Shares of rival memory chip maker SK Hynix (000660.KS) rose 2.1%.

☆ North Korea fires missile on New Year's Day, Yonhap reports
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 1 (Reuters) - North Korea fired a ballistic missile over the sea to the east of the Korean Peninsula in the early hours of Sunday, Yonhap news agency reported citing the South Korean military. The move comes not even 24 hours after North Korea launched three ballistic missiles on Saturday. The short-range ballistic missile was fired around 2:50 a.m. local time (0750 GMT) from around the capital Pyongyang, Yonhap said, citing South Korea's Joint Chiefs of Staff. The launch follows an unprecedented number of missile tests conducted by North Korea in 2022, as Pyongyang presses on with weapons development amid speculation it could test a nuclear weapon for a seventh time. North Korean state media KCNA said on Saturday that its central party had engaged in the fifth day of a plenary session on Friday to solidify strategy, with the session expected to continue, making it the longest ever according to Yonhap.

SEOUL, Dec 31 (Reuters) - North Korea fired three ballistic missiles toward the sea east of the Korean Peninsula on Saturday, the South Korean military said. The three short-range ballistic missiles were fired from around 8 am local time (2300 GMT) from North Hwanghae Province, south of the capital Pyongyang, South Korea's Joint Chiefs of Staff said. South Korean military also said the missiles flew about 350 km. Relations between North Korea and U.S.-ally South Korea have grown more tense since South Korean President Yoon Suk-yeol's conservative government took over in May, promising a tougher stance toward the North. Not counting Saturday's launches, North Korea has fired around 70 ballistic missiles this year, Yonhap news agency said, including about eight intercontinental ballistic missiles (ICBM).

☆ North Korea fires ballistic missile after unprecedented year of tests
▼ + stars: | 2022-12-30 | by ( Joyce Lee | ) www.reuters.com time to read: +1 min

SEOUL, Dec 31 (Reuters) - North Korea fired a ballistic missile toward the sea east to the Korean Peninsula on Saturday, the South Korean military said. It is the latest in an unprecedented number of missile tests conducted by North Korea this year. Japan's coast guard said North Korea fired what could be a ballistic missile and sent notice about a second possible missile. North Korea fired the missile the day after South Korea's defense ministry announced it had successfully conducted a test flight of a solid-propellant space launch vehicle. Not counting Saturday, North Korea fired around 70 ballistic missiles about 38 times this year, Yonhap news agency said, including about eight intercontinental ballistic missiles (ICBM).

☆ Fire on South Korean highway kills five, injures dozens
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] Smoke rises from a tunnel that was burnt down in Gwacheon, South Korea, December 29, 2022. Yonhap via REUTERSSEOUL, Dec 29 (Reuters) - A large fire on a South Korean expressway on Thursday killed at least five people and injured nearly 40 caught in heavy traffic, emergency officials and media said. The heavy traffic made it difficult for vehicles to escape the affected area as the fire spread and a blast was heard, a witness told television broadcaster YTN. But a fire official at the scene said its cause was still being investigated, although the fire had been put out. Five people were killed with at least 37 injured, three of them seriously, an emergency official said.

Airlines are drawing up plans to expand their services but ordinary Chinese and travel agencies suggest that a return to anything like normal will take some time. But an immediate surge in international travel is not widely expected. According to VariFlight data, international flights to and from China are at 8% of pre-pandemic levels. Weighing on many people's travel plans is the wave of COVID-19 infections now sweeping China, Liu said. One of the fastest bouncebacks is expected to be in international business travel.

☆ Samsung Elec to expand chip production at largest plant next year - media
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

SEOUL, Dec 26 (Reuters) - Samsung Electronics (005930.KS) plans to increase chip production capacity at its largest semiconductor plant next year, despite forecasts of an economic slowdown, a South Korean newspaper reported late on Sunday. Samsung plans to expand its P3 factory in Pyeongtaek, South Korea, by adding 12-inch wafers capacity for DRAM memory chips, the Seoul Economic Daily reported, citing unnamed industry sources. It will also expand the plant with additional 4-nanometre chip capacity, which will be made under foundry contracts - that is, according to clients' designs - the paper said. P3, which started production of cutting-edge NAND flash memory chips this year, is the company's largest chip manufacturing facility. In October it said it was not considering intentionally cutting chip production, defying the broader industry's tendency to scale back output to meet mid- to long-term demand.

☆ South Korea scrambles jets, fires warning shots as N.Korean drones intrude - Yonhap
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 26 (Reuters) - South Korea scrambled fighter jets and attack helicopters and fired warning shots on Monday after North Korean drones violated its airspace, the South's Yonhap news agency reported. South Korea tracked the drones crossing from North Korea over what is known as the Military Demarcation Line between the two countries, Yonhap reported. South Korea's transport ministry said earlier flights departing from its Incheon and Gimpo airports were suspended following a request from the military. The suspension began at 1:08 p.m. (0408 GMT) at Gimpo and at 1:22 p.m. at Incheon and lasted for about an hour before flight departures resumed at around 2:10 p.m., a ministry official told Reuters. Reporting by Joyce Lee and Hyonhee Shin; Editing by Christopher Cushing, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's SK Group may sell some Southeast Asia assets
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 26 (Reuters) - South Korea's second-largest conglomerate SK Group (034730.KS) said on Monday it is considering selling some of its assets in Southeast Asia and reinvesting in other businesses in countries in the region, including Vietnam. An SK Group spokesperson said in a statement the conglomerate plans to decide which assets to potentially sell depending on buyers' offers, and is considering reinvesting some of the proceeds from any stake sales in local firms. The statement didn't disclose details of which assets might be sold. The comments came after South Korean newspaper the Korea Economic Daily reported SK's plans late on Sunday citing unnamed investment banking sources. Assets held by SK Group's Southeast Asia investment firm that could be sold, according to the paper, include stakes in Vietnam's Vingroup (VIC.HM), Masan Group (MSN.HM), retail pharmacy chain Pharmacity, retailer VinCommerce and consumer retail platform The Crown X.

☆ BTS fandom tech firm Weverse reaches beyond K-Pop
▼ + stars: | 2022-12-22 | by ( Joyce Lee | ) www.reuters.com time to read: +4 min

"We are a fandom business," Weverse President Joon Choi told Reuters. The app also currently has more than 80 teams of artists represented including BTS, and about 8-9 million monthly active users. However, Weverse users' 'superfan' qualities make engagement in those services turbo-charged, Choi said. Users are based in more than 200 countries and only about 10% of the app users speak Korean, Choi said. Top 5 countries Weverse users are from include Japan, Indonesia, Mexico, the United States and South Korea.

☆ LG Energy Solution to invest $3.1 bln in S.Korea battery facility
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Dec 19 (Reuters) - South Korean battery maker LG Energy Solution (373220.KS) said on Monday it plans to invest 4 trillion won ($3.1 billion) from this year to 2026 in a facility making cylindrical batteries for electric vehicles. The project in Ochang, South Korea, will include R&D and production facilities and related infrastructure, and is expected to add 1,800 employees, the company said in a statement. ($1 = 1,298.8400 won)Reporting by Ju-min Park and Joyce Lee; Editing by Christopher Cushing and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

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