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Asia stocks shake off U.S. tech slump, loonie jumps on rate hike prospect

June 13, 2017 By Nichola Saminather SINGAPORE (Reuters) – Asian stocks crept higher on Tuesday, defying a weak lead from Wall Street, which was dragged lower by technology stocks for a second day, while the Canadian dollar soared on the possibility interest rates might go up sooner than expected. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 percent in early trade. Japan’s Nikkei slipped 0.3 percent. South Korea’s KOSPI gained 0.3 percent, with the biggest stock Samsung Electronics flat after Monday’s 1.6 percent slump. Naver Corp. and LG…

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Hyundai, Kia to fall far short of China sales target on political row: report

April 14, 2017 SEOUL (Reuters) – Hyundai Motor Co and Kia Motors Corp expect it will be difficult to sell 1 million vehicles in China this year due to political tension – a figure that is around half their initial target, the Aju Business Daily quoted an executive as saying. The automakers’ combined China sales slumped 52 percent in March from a year earlier, hit by anti-Korean sentiment over the planned deployment of a U.S. missile defense system outside Seoul. “Since there is no one who wants to buy (Hyundai…

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LG Electronics estimates first quarter profit surged, likely best in nearly eight years

April 7, 2017 SEOUL (Reuters) – South Korea’s LG Electronics Inc estimated on Friday its first-quarter operating profit rose 82 percent to its highest in nearly eight years, handily beating market expectations on healthy sales of appliances and televisions. LG, the world’s No. 2 television maker behind Samsung Electronics Co Ltd , said January-March operating profit was likely 922 billion won ($812.62 million), compared with an average forecast of 518 billion won from a Thomson Reuters I/B/E/S survey of 24 analysts and the highest since the second quarter of 2009….

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Samsung forecasts best quarterly profit in over three years as chips soar

April 7, 2017 By Se Young Lee SEOUL (Reuters) – South Korean tech giant Samsung Electronics Co Ltd forecast on Friday its best quarterly profit in more than three years in the January-March period, beating expectations on the back of robust demand for memory chips. The Apple Inc rival and global memory chip leader said first-quarter operating profit was likely 9.9 trillion won ($8.8 billion), compared with an average forecast of 9.4 trillion won from a Thomson Reuters survey of 18 analysts. Revenue for the quarter rose 0.4 percent to…

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Hyundai Motor, Kia Motors cut China output amid diplomatic tensions: sources

April 4, 2017 By Hyunjoo Jin SEOUL (Reuters) – South Korea’s Hyundai Motor Co and Kia Motors Corp have slashed vehicle production in China, sources said, as diplomatic tensions and competition from Chinese brands play havoc on sales and threaten earnings. China, the world’s biggest auto market, accounted for over a quarter of the pair’s 2016 overseas sales but their March sales there were smashed by anti-Korean sentiment and competition from the likes of Geely Automobile Holdings Ltd. Hyundai and Kia saw their combined China sales slump by 52 percent…

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Samsung Group boss earned $1 million at flagship in first quarter, shows first disclosure

March 31, 2017 SEOUL (Reuters) – Samsung Electronics Co Ltd said on Friday it paid Vice Chairman Jay Y. Lee, the third-generation leader of Samsung Group [SAGR.UL], 1.135 billion won ($1.02 million) in the fourth quarter of 2016, disclosing his compensation for the first time. Lee is currently on trial for bribery, embezzlement and other charges amid a corruption scandal that led to the ouster and arrest of President Park Geun-hye. He became a board member in October as part of a broader initiative to improve corporate governance for the…

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SK Hynix in talks with Japanese investors for joint Toshiba chip bid: Korea Economic Daily

March 29, 2017 SEOUL (Reuters) – South Korean chipmaker SK Hynix Inc is in talks with Japanese financial investors about forming a consortium and jointly bidding for Toshiba’s memory chip business, Korea Economic Daily reported on Wednesday citing unnamed sources. The paper said SK Hynix, the world’s No. 2 memory chip maker behind Samsung Electronics Co Ltd , plans to submit a preliminary bid for the Toshiba chip business on Wednesday. The Japanese firm put up the business for sale in response to a $6.3 billion writedown expected from exposure…

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Daewoo Shipbuilding sees order cancellations if enters court receivership

March 24, 2017 SEOUL (Reuters) – South Korea’s Daewoo Shipbuilding & Marine Engineering Co Ltd is expected to receive considerable calls from shipowners for “builder’s default” if the company goes into court receivership, its CEO Jung Sung-leep said on Friday. Shipowners can call builder’s default, which is cancelling existing orders for ships, in the event of a shipyard entering court receivership. South Korean state banks on Thursday said they were preparing a fresh $2.6 billion bailout for Daewoo Shipbuilding, which has built up huge losses from offshore projects and risks…

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Samsung Electronics says difficult to adopt holding company structure

March 24, 2017 By Se Young Lee SEOUL (Reuters) – Samsung Electronics Co Ltd said on Friday it will be difficult to adopt a holding company structure at this time, giving investors their first insight into how the South Korean tech giant is approaching a potential restructuring. Investors have long speculated that the global leader in smartphones and memory chips will adopt a holding company structure, as the founding Lee family heirs seek to solidify their control of the flagship unit of Samsung Group [SAGR.UL]. But Chief Executive Kwon Oh-hyun…

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