Dior’s revenue in Korea jumps more than twofold despite pandemic

French luxury fashion house Christian Dior racked up 104.7 billion won ($93.2 million) in operating profit last year despite the coronavirus pandemic, according to data from the Financial Supervisory Service. Christian Dior Couture Korea, the operator of the brand’s South Korean unit which produces clothes, bags and makeup products, also saw its revenue rise 75.8 percent to 328.5 billion won, while its net profit jumped by 250 percent to 77.7 billion won. The figures buck the trend seen

April 7, 2021

HYBE shares hit a 5-month high after Ithaca acquisition announcement

The stock price for HYBE, the company behind BTS, continues to rise after it announced last week plans to purchase media company Ithaca Holdings. According to Korea Exchange, HYBE’s shares were traded at the price of 271,000 won ($242) per share at 2:08 pm Wednesday, up more than 4 percent from a previous close and extending its rising streak to a fifth day after the announcement of the surprise move. HYBE is traded on the bourse as Big Hit Entertainment, the company’s name before i

April 7, 2021

[Top Bankers] Citigroup’s rumored plans put Korea’s first female bank chief to the test

This is part of a series of interviews and analyses of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the third installment. -- Ed. Citibank Korea CEO Yoo Myung-soon and her rise to the top made fresh headlines late last year, when she became the first female chief of a South Korean commercial bank. The news brought hopes for greater gender diversity in a finance market long dominated by men. Her vision of making the bank stand out a

April 7, 2021

NH NongHyup receives preliminary approval for Beijing branch

South Korea’s NH NongHyup Bank said Wednesday it has earned preliminary approval from China’s financial authorities to open a branch in Beijing. The nation’s sixth-largest lender by assets won the approval from the China Banking and Insurance Regulatory Commission on Friday, after lodging the application in August last year. It plans to receive the final approval by the end of the year, officials said. The opening of the branch would mark NH NongHyup’s first move to lau

April 7, 2021

SK hynix in talks with Bosch over supply of automotive memory chips: sources

SK hynix Inc., South Korea's second-largest chipmaker, is in talks with German auto parts giant Robert Bosch GmbH over a long-term supply of automotive memory semiconductors, industry sources said Wednesday. SK hynix, the world's No. 2 DRAM vendor, is reportedly seeking to supply automotive DRAM chips to Bosch for at least 10 years, the sources said. The company declined to comment on the issue. If the two sides reach an agreement, SK hynix will get its first long-term contract in the area

April 7, 2021

SK hynix settles chip patent dispute with Netlist

SK hynix Inc., South Korea's second-largest chipmaker, said Wednesday it has reached a settlement with US-based Netlist Inc. over memory technology patents. The two sides agreed to a patent cross license covering chip technologies of both companies. Under the deal, SK hynix will gain access to Netlist's portfolio of US and foreign patents. Netlist will receive a royalty from SK hynix, a cross license to SK hynix's patent portfolio and supply of its memory and storage products. Industry obse

April 7, 2021

Economic slump easing on improving manufacturing sector: KDI

The South Korean economy sees its slumps easing as the manufacturing sector has continued to improve on the back of robust exports, a state-run think tank said Wednesday. The service sector is still suffering from setbacks amid the pandemic, but its sluggishness somewhat moderated as the country relaxed tougher social distancing rules in February, according to a monthly economic assessment report by the Korea Development Institute (KDI). "The Korean economy is exhibiting a moderating slow

April 7, 2021

LG Electronics launches high-efficiency solar modules

LG Electronics Inc. on Wednesday introduced its new solar modules that boast high efficiency as the South Korean tech giant aims to expand its presence in the clean energy sector. LG said its NeON H series solar modules will hit the shelves later this month starting in countries like South Korea, the United States, Germany and Australia. The latest solar modules use N-type bifacial solar cells that are used in premium solar products, according to LG. It also applied half-cut technology that l

April 7, 2021

Naver invests $150m in Indonesian media firm

Naver Corp., South Korea's top internet portal operator, said Wednesday it has made a strategic investment of $150 million in Indonesian media giant Emtek to strengthen its foothold in the Southeast Asian market. Emtek operates broadcast channels, as well as the over-the-top service Vidio, overseeing media content production and distribution. Through the investment, the two companies aim to collaborate and find new business opportunities, such as in webcomics and cloud technology, in Indonesia

April 7, 2021

S. Korea to temporarily lift import duties on corn to stabilize prices

South Korea plans to temporarily remove tariffs on some imported grains including corn in an effort to help rein in rising food prices, the finance minister said Wednesday. The country plans to import edible corn and some grains without tariffs until the end of this year under the quota tariff system, according to Finance Minister Hong Nam-ki. Currently, duties of 3 percent are levied on imported corn. "There is a limited chance that annual inflation will exceed (the central bank's target

April 7, 2021

LG Electronics expects best-ever quarterly earnings in Q1

LG Electronics Inc. on Wednesday expected its best-ever quarterly performance in the first quarter as its home appliance and TV sales apparently basked in pent-up demand amid the pandemic. In its earnings guidance, the South Korean tech firm projected its operating profit at 1.51 trillion won ($1.3 billion) for the first three months of 2021, up 39.2 percent from a year earlier. Its first-quarter operating income estimate beat the market consensus of 1.27 trillion won in the survey on seven b

April 7, 2021

Tax revenue up W8.7tr in February

South Korea's tax revenue rose 8.7 trillion won ($7.8 billion) in February from a year earlier due largely to an increase in the collection of income taxes, the finance ministry said Wednesday. The country collected 19 trillion won in taxes in February, compared with 10.3 trillion won the previous year, according to the Ministry of Economy and Finance. The tally came as capital gains tax income rose amid increased housing transactions and the payment of deferred taxes. In February, the govern

April 7, 2021

[Graphic News] Korean automotive LED makers up presence in 2020 despite market decline

　South Korea’s two major automotive light-emitting diode makers saw their revenues increase last year despite an overall market slump amid the pandemic, a report showed. 　Seoul Semiconductor and Samsung Electronics maintained their status as the world’s fifth- and seventh-largest automotive LED suppliers, respectively, in 2020, but their market shares and sales grew, according to market researcher TrendForce. 　Seoul Semiconductor’s revenue jumped 3.2 percent to $130 mil

April 7, 2021

Foreign investors swoop up S. Korean stocks in April

Foreign investors have been on a buying spree of South Korean stocks so far this month, picking up a net 2.2 trillion won ($1.97 billion) worth of local shares, reversing their selling trend earlier this year. Offshore investors have been net buyers of local shares for five straight sessions -- the first time this year -- from April 1 to 7, while retail investors have sold a net 1.2 trillion won over the cited period and institutions have offloaded a net 1 trillion won, according to financial i

April 7, 2021

Hyundai suspends Ioniq 5 production on chip shortage

Hyundai Motor Co. said Wednesday it has suspended a domestic plant that produces the Ioniq 5 all-electric model due to a chip shortage. Hyundai said it will halt the operation of the No. 1 plant in Ulsan, 414 kilometers southeast of Seoul, which also produces the Kona subcompact SUV, due to lack of parts from April 7-14, a company spokesman said.  The weeklong suspension comes amid lack of semiconductor parts used in the Kona's front vehicle camera system and a problem in Hyundai Mobis

April 7, 2021

Seoul stocks open higher on hopes of global economic recovery

South Korean stocks opened higher Wednesday on investor optimism for a faster-than-expected global economic recovery, backed by the latest forecast from the International Monetary Fund (IMF). The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.75 points, or 0.28 percent, to 3,135.83 points in the first 15 minutes of trading. The firm start comes after the IMF raised its global economic growth forecast for this year to 6 percent from its earlier estimate of 5.5 percent. Market kingp

April 7, 2021

Samsung, LG achieve Q1 earnings surprises on pent-up demand

In an earnings surprise, Samsung Electronics is believed to have recorded an operating profit of 9.3 trillion won ($8.3 billion) in the first three months of 2021, according to early estimates released Wednesday. According to the company’s Q1 earnings guidance, its revenue is projected to reach 65 trillion won. Compared to the same quarter last year, revenue and operating profit would represent increases of 17.48 percent and 44.19 percent, respectively. The operating profit growth fa

April 7, 2021

Current account surplus widens in February

South Korea's current account surplus widened in February as exports showed signs of a gradual recovery from the COVID-19 pandemic, the central bank said Wednesday. The current account surplus reached $8.03 billion last month, widening from a surplus of $7.06 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. Since the country logged a deficit of $3.33 billion in April last year, the largest in almost a decade,

April 7, 2021

Credit unions' 2020 net up due to brisk non-banking biz

South Korea's credit unions, or member-owned financial cooperatives, saw their combined net profit edge up 0.2 percent in 2020 from a year earlier due to higher sales of non-banking businesses, data showed Wednesday. The combined net profit of 2,225 credit unions, including the National Agricultural Cooperative Federation known as Nonghyup, stood at 2.2 trillion won ($1.95 billion) in 2020, up 4.5 billion won from 2019, according to the data by the Financial Supervisory Service (FSS). Nonghyup

April 7, 2021

IMF maintains S. Korea’s 2021 economic growth outlook at 3.6%

South Korea’s economy is expected to grow 3.6 percent this year in the wake of the coronavirus pandemic, but it will grow 2.8 percent in 2022 as the world economy recovers, the International Monetary Fund said on Tuesday. The figures have remained unchanged from its estimate released on March 26 in a report on the outcome of its annual consultation with South Korea held in January. Last month, it forecast Asia’s fourth-largest economy to grow 3.6 percent this year, up from its esti

April 6, 2021