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On July 14, the Omani Ministry of Foreign Affairs issued a statement saying that, regarding the recent discussions surrounding navigation in the Strait of Hormuz, Oman will continue to cooperate with all parties in a transparent and neutral manner to promote the restoration of freedom of navigation in the Strait of Hormuz and ensure that the relevant arrangements are fully in accordance with international law. The statement added that Oman will continue to fulfill its obligations as a State Party to the United Nations Convention on the Law of the Sea and called on all parties concerned to respect international law and handle related issues in accordance with international law.Market news: Ukrainian drones attacked the Salavat oilfield in Russia.On July 14, 2026, Wang Huning, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Chairman of the National Committee of the Chinese Peoples Political Consultative Conference (CPPCC), met in Beijing with a delegation from the Communist Party of Vietnam led by Le Minh Tri, member of the Politburo of the Communist Party of Vietnam Central Committee and Minister of the Interior. Wang Huning stated that General Secretary Xi Jinping maintains close strategic communication with General Secretary To Lam. In April of this year, General Secretary To Lam successfully visited China and reached new important consensus with General Secretary Xi Jinping, providing strategic guidance for the development of relations between the two parties and countries and the cause of world socialism. China is willing to work with Vietnam to implement the important consensus reached by the top leaders of the two parties and countries and promote the continuous deepening and solidifying of the China-Vietnam community with a shared future. The CPPCC is willing to make positive contributions to this end.According to Hong Kong Stock Exchange documents, Tongao Testing Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.A spokesperson for the British Prime Minister said the Strait of Hormuz should be reopened without charging tolls.

Samsung Elec announces a higher Q2 profit owing to solid server-chip demand

Charlie Brooks

Jul 07, 2022 11:18


Samsung Electronics (OTC:SSNLF) Co Ltd announced its greatest April-through-June profit since 2018 with an 11 percent year-over-year gain, as demand for its memory chips from server customers more than offset decreased sales to smartphone manufacturers due to inflation.


The world's leading memory chip and smartphone manufacturer stated Thursday that its second-quarter operating profit grew to 14 trillion won ($10.73 billion) from 12.57 trillion won a year earlier.


It was quite close to Refinitiv's SmartEstimate of 14,45 trillion won.


In agreement with market estimates, Samsung (KS:005930) announced in a short earnings report that sales likely climbed by 21 percent year-over-year to 77 trillion won.


This month, Samsung will provide detailed financial results.


Large U.S. IT companies that rely heavily on data center services continued to acquire chips to meet cloud demand, insulating Samsung's chip revenue from a potential client oversupply after two years of high demand.


According to the data source TrendForce, the price of some DRAM chips, which are utilized in electronic devices and servers, decreased by around 12 percent last month compared to the same time period one year prior. As demand for smartphones and laptops decreases, analysts believe that prices will continue to fall.


"Server DRAM is currently the only feasible sales channel... As a result, Korean manufacturers were the first to signal a willingness to contemplate a quarterly price cut of more than 5 percent (for server goods) "DRAMS," according to TrendForce.


According to TrendForce, the costs of NAND Flash chips, which are used in electronic devices for data storage, are projected to decline by as much as 5 percent between July and September compared to the previous quarter.


Following two profitable pandemic years in which customers purchased devices for remote work, chipmakers throughout the globe are observing a fall in demand.


According to analysts, rising prices, worries of a dramatic market collapse, the Ukraine war, and China's COVID-19 lockdowns have hampered smartphone sales, leaving server chip demand as the only bright light.


During morning trade, the price of Samsung's stock jumped by 0.9%.


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