Fri, Jul 27, 2018 - Page 10 News List

World Business Quick Take

Agencies

SOUTH KOREA

Expansion meets expectations

The nation’s economic expansion met expectations in the second quarter as exports held up despite global trade friction. Semiconductor shipments led the way, while domestic demand showed weakness. GDP expanded 0.7 percent in the quarter ended last month from the previous quarter, when it expanded 1.0 percent, the Bank of Korea said yesterday. Economists had expected GDP to grow 0.7 percent quarter-on-quarter. From a year earlier, the economy expanded 2.9 percent, matching a median estimate of economists.

BANKING

Credit card data published

Hackers gained access to about 14,000 credit card numbers in Chile and published them on social media, the Chilean government said late on Wednesday. The government’s bank regulatory agency said the hack was carried out by a group called the Shadow Brokers, who published the credit card numbers, expiration dates and security codes. The banks affected by the attack included Santander, Itau, Scotiabank and Banco de Chile. The government did not say what the potential financial loss was.

CHIPMAKERS

Hynix posts record profits

The world’s second-largest memorychip maker, SK Hynix Inc, posted record profits in the second quarter, the South Korean company said yesterday, citing strong global demand. Net profit surged 75 percent year-on-year to 4.3 trillion won (US$3.8 billion) in the three months to last month, while operating profit jumped 83 percent to 5.6 trillion won during the same period. SK Hynix said it expects the upward trend to continue in the latter half of the year.

FINANCE

Nomura profit plunges

Nomura Holdings Inc’s profit plunged to the lowest in two years as its wholesale business lost money because of a slump in fixed-income trading, while the domestic retail operation lost steam. Net income fell 91 percent to ¥5.2 billion (US$47 million) in the quarter ended last month from a year earlier, Japan’s biggest brokerage said yesterday. The firm posted its second consecutive quarterly loss overseas, led by Europe.

AUTOMAKERS

Daimler revenue, profits fall

Daimler AG yesterday reported falling revenue and profits in the second quarter, despite selling more cars. The Mercedes-Benz and Smart manufacturer booked net profit attributable to shareholders of 1.73 billion euros (US$2 billion) between April and last month, down 29 percent year-on-year. While the group sold 1 percent more cars and trucks, at 833,005 vehicles, revenue fell 1 percent to 40.8 billion euros. Operating profits fell 27 percent to 2.6 billion euros.

DISTILLERS

Diageo unveils buy back

Diageo PLC plans to buy back up to £2 billion (US$2.6 billion) of stock as earnings shift into higher gear at the world’s largest distiller. The latest move to return cash to shareholders follows a buyback of £1.5 billion worth of stock in the first six months of the year. The move came as the owner of Johnnie Walker whisky reported sales and earnings slightly above expectations for the period. For the full year, organic net sales rose 5 percent, the company said yesterday. Operating profit before exceptional items gained 8 percent. Both figures were just above analysts’ estimates.

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