Samsung Electronics to rebound in Q3: analysts

Samsung Electronics, which was predicted to post its worst quarterly earnings in 14 years in the second quarter, will likely hasten its earnings recovery from the third quarter, led by chip production cuts and the early launch of its new foldable smartphone series, analysts said. On Friday’s earnings guidance for the April-June period released by Samsung, it said its operating profit in the period is expected to be 600 billion won ($462 million), down 95.7 percent from a year earlier. As f

July 9, 2023

[Photo News] Future of finance

KB Financial Group Chairman Yoon Jong-kyoo (fourth from right, third row) on Thursday poses for photos with Korean and Indonesian university students who are competing in the 2023 KB Solveathon debate competition, held at the KB Insurance Ingenium Suwon building in Suwon, Gyeonggi Province. During the competition, participants engage in presentations and debates for around 42 hours to discover the best solution for the future of finance. The final round takes place in Seoul on July 13.

July 9, 2023

K-water CEO named chair of Asia Water Council

Yun Seog-dae, CEO of Korea Water Resources Corp., also known as K-water, has been named the fourth chairman of the Asia Water Council during the council’s general meeting held in Hwaseong, Gyeonggi Province, last week. He will serve his three-year term until 2026. "I am very honored to be elected chairman of AWC, a representative joint water platform in Asia. I understand the great responsibility that comes with being elected at a time when we face the major challenge of solving globa

July 9, 2023

[KH Explains] Can Daegu Bank shake industry oligopoly?

South Korea’s financial authorities are seeking to dismantle the banking industry’s long-held oligopoly by lowering the entry barrier for newcomers. But the outlook remains mixed amid the seemingly impregnable dominance of the nation’s five banks. The Financial Services Commission, Korea’s top financial regulator, said Wednesday that it will allow more banks to break the existing oligopolistic structure of the commercial banking industry, led by the top five banks -- KB

July 9, 2023

CLROBUR dreams of controlling world's drone traffic

The 1997 sci-fi movie "The Fifth Element" features a futuristic city filled with flying cars zooming in and out of the gaps between buildings hundreds of meters above the ground. Some 26 years later, things have developed enough that it is feasible for people to think the world is approaching such a scene. Many cities have plans to operate urban air mobility systems to use small, highly automated aircraft that carry passengers or cargo at lower altitudes in urban areas. South Korea

July 9, 2023

LGES inks deal with Chile’s SQM to bolster EV supply chain

LG Energy Solution, the world's second-largest battery maker, said Friday it has inked a long-term deal with Chilean lithium producer SQM for the key electric vehicle battery component. Under the agreement, SQM is set to supply 100,000 metric tons of lithium to LG Energy Solution over the next seven years, beginning this year through 2029. The supply would be able to power 2 million all-electric vehicles, making it the world's largest single purchase agreement in scale. This agreement

July 7, 2023

FSC chief seeks to reassure KFCC depositors

Korea's top financial regulator on Friday sought to reassure depositors in the Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, that the government would ensure the safety of their assets. “I urge people to refrain from withdrawing their deposits from KFCC simply out of concerns, as it can lead to their financial losses,” Financial Services Commission Chairman Kim Joo-hyun said during a press conference held to commemora

July 7, 2023

GoldenBlue files complaint against Carlsberg over unilateral contract termination

GoldenBlue, a South Korean whiskey maker and distributor of imported liquor, said Friday it had filed a complaint against its former partner Carlsberg Group for unilaterally ending their distribution contract. In its complaint filed with the Korean Fair Trade Commission on Wednesday, GoldenBlue also argued that Carlsberg Group engaged in unfair trade practices during their contract period. In March, Carlsberg Group "unilaterally" terminated their contract for the distribution of Carlsb

July 7, 2023

Samsung Electronics predicts Q2 profit to plunge 96%, hitting 14-year low

Samsung Electronics has predicted an operating profit of 600 billion won ($458.5 million) for the April-June period, a 96 percent plunge to what would be the lowest quarterly earnings in 14 years, amid a severe global downturn in the chip industry. Releasing its earnings guidance on Friday for the second quarter this year, the tech giant said its consolidated sales is expected to be approximately 60 trillion won, down 22.3 percent on-year. As for the operating profit, the estimate is the worst s

July 7, 2023

LG Electronics estimates highest Q2 revenue of W19.9tr

LG Electronics reported Friday it expects its second-quarter revenue to increase 2.7 percent to 19.9 trillion won ($15.2 billion) year-on-year, the highest figure for the April-June period in the company’s history. Its operating profit is expected to jump 12.7 percent on-year to 892.7 billion won, which would be the second highest Q2 record for the firm. Releasing its preliminary earnings results for the April-June period, LG attributed its record earnings to its efforts to improve the fun

July 7, 2023

Seoul shares down for 4th day on US rate hike woes

South Korean stocks dropped by more than 1 percent on Friday to extend their losing streak to the fourth day amid US rate hike woes. The local currency went down against the US dollar. The benchmark Korea Composite Stock Price Index retreated 29.58 points, or 1.16 percent, to finish at 2,526.71. Trading volume was high at 602.7 million shares worth 10.2 trillion won ($7.8 billion) with decliners far outpacing gainers 656 to 236. Foreigners sold a net 41.3 billion won worth of local equities, wit

July 7, 2023

Twitter threatens to sue Meta over new app Threads

Twitter is threatening to take legal action against Meta, accusing the company of stealing trade secrets, following the launch of its new text-based app Threads. Twitter's legal team sent a letter to Meta CEO Mark Zuckerberg alleging Meta of unlawfully obtaining Twitter's intellectual property to create a "copycat" app, a number of news outlets including CNN reported. Elon Musk, who bought Twitter last year, tweeted, "Competition is fine, cheating is not," after rep

July 7, 2023

Jin Air to open Incheon-Nagoya route in Sept.

Jin Air Co., the low-cost carrier unit of Korean Air Co., said Friday it will open the Incheon-Nagoya route in September on growing travel demand to Japan. Jin Air plans to provide two flights a day on the Nagoya route from Sept. 15, the company said in a statement. The budget carrier currently offers flights to seven Japanese cities from Incheon and the southeastern port city of Busan. Jin Air swung to a net profit of 60 billion won ($45 million) in the January-March quarter from a net loss of

July 7, 2023

LG Energy Solution signs lithium supply deal with Chile's SQM

LG Energy Solution Ltd. said Friday it has signed a long-term agreement with Chile's SQM S.A. for the supply of lithium, a key component in electric vehicle batteries, in the latest move to further bolster the sourcing of raw materials. Under the agreement, SQM will supply 100,000 tons of lithium to LGES over the next seven years, starting this year through 2029, the South Korean battery maker said in a release. The amount of supply is equivalent to powering 2 million all-electric vehicles.

July 7, 2023

LGES, Stellantis to receive up to C$15 b in incentives for Ontario battery venture

The joint battery venture between LG Energy Solution Ltd. and Stellantis N.V. will receive up to C$15 billion ($11.2 billion) in incentives for their electric vehicle battery plant under construction in Ontario, Canadian government officials have said. The announcement on Thursday came a day after LGES and Stellantis said they had resumed the construction of the manufacturing facility upon the agreement reached with Canada on the terms of subsidies, to the extent that they would be equivalent to

July 7, 2023

Samsung Electronics Q2 profit down nearly 96% on-year to hit 14-year low

Samsung Electronics Co. on Friday said its second-quarter operating profit likely plunged about 96 percent from a year earlier, as a chip oversupply and slow demand persisted. The world's largest memory chip and smartphone maker estimated its April-June profit at 600 billion won ($461.2 million), significantly down from the 14.1 trillion won it reported a year ago. It marked the worst quarterly profit in 14 years since the first quarter of 2009, when the South Korean tech giant reported 590

July 7, 2023

Seoul shares open sharply lower on Fed rate hike woes, Samsung earnings

South Korean stocks got off to a weak start Friday amid concerns over the US Federal Reserve's additional rate hikes and Samsung Electronics' poor earnings guidance. The benchmark Korea Composite Stock Price Index dropped 23.55 points, or 0.92 percent, to 2,532.74 in the first 15 minutes of trading. All US stock indexes finished lower Thursday with investors' concerns over the Fed's potential additional rate hikes following stronger-than-expected US employment data. In Seoul,

July 7, 2023

S. Korea's current account returns to black in May

South Korea's current account returned to the black in May on the back of a trade surplus and increased dividend payments from overseas, central bank data showed Friday. The country's current account surplus reached $1.93 billion in May, swinging from a deficit of $790 million a month earlier, according to the preliminary data from the Bank of Korea. May's surplus came as the country logged a trade surplus and the service account deficit narrowed. The primary income account, which

July 7, 2023

50 Asian nations gather to tackle water scarcity at convention

More than 200 representatives from 50 Asian nations, including government officials, industry stakeholders and academics, have gathered in South Korea this week to share their visions on future solutions to water scarcity in the region. The Korea Water Resources Corp., also known as K-water, is hosting the three-day general meeting of the Asia Water Council that kicked off Wednesday at a convention center in Hwaseong, Gyeonggi Province. Established in 2016, the council aims to facilitate interna

July 6, 2023

Seoul shares down for 3rd day on China's export curbs, Fed minutes

South Korean stocks closed down for a third straight day Thursday as investors gauged potential impacts after China said it plans to restrict exports of some key metals used in semiconductors and the US central bank reaffirmed more interest rate hikes ahead. The local currency inched down against the US dollar. The benchmark Korea Composite Stock Price Index retreated 22.71 points, or 0.88 percent, to finish at 2,556.29. Trading volume was high at 524.7 million shares worth 10.2 trillion won ($7

July 6, 2023