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On January 15th, the Ministry of Finance issued a notice revising the "Management Measures for Key Ecological Protection, Restoration and Governance Funds," clarifying the financial support policies for integrated protection and restoration projects of mountains, rivers, forests, fields, lakes, grasslands, and deserts, as well as ecological restoration projects of historically abandoned mines during the 15th Five-Year Plan period. The revision aims to standardize the use and management of funds and promote ecosystem protection and restoration. Eligible key ecological protection, restoration and governance projects will have a three-year implementation period. Regarding central government subsidies, support for integrated protection and restoration projects of mountains, rivers, forests, fields, lakes, grasslands, and deserts (also known as the "Mountain and Water Project") has been increased, raising the central government subsidy ratio. Projects within a province will receive a maximum subsidy of 75%, not exceeding 2 billion yuan. For the first time, cross-provincial joint applications for projects are explicitly supported, with cross-provincial projects receiving a maximum subsidy of 80%, not exceeding 2.5 billion yuan.On January 15th, Capital Economics analyst Marcel Tiliant pointed out that the upcoming Japanese general election is unlikely to lead to a significant easing of fiscal policy. Prime Minister Sanae Takaichis cabinet has the highest approval rating since the early days of Shinzo Abes administration, and the ruling coalition is expected to almost certainly extend its majority. However, he questions whether this will necessarily lead to a more accommodative fiscal policy. He stated that the massive supplementary budget passed last year to reduce gasoline surcharges and electricity prices has weakened the case for further fiscal expansion. Furthermore, Japan already plans to increase spending in its regular budget for fiscal year 2026. Any additional fiscal easing would require another supplementary budget, which Japan typically only uses in response to severe natural disasters or major economic turmoil.According to foreign media reports on January 15th, data released by the Petroleum Institute of Japan (PAJ) shows that as of the week ending January 10th, Japans commercial crude oil inventories were 9.9858 million kiloliters, a decrease of 367,647 kiloliters from the previous weeks 10.3534 million kiloliters. Japans commercial gasoline inventories were 1.6824 million kiloliters, a decrease of 13,325 kiloliters from the previous weeks 1.6958 million kiloliters. Japans commercial kerosene inventories were 2.0711 million kiloliters, a decrease of 156,230 kiloliters from the previous weeks 2.2274 million kiloliters. Japans commercial diesel inventories were 1.6332 million kiloliters, a decrease of 11,847 kiloliters from the previous weeks 1.645 million kiloliters.Goldman Sachs maintains its forecast that aluminum prices will fall as new Indonesian supplies enter the market in late 2026/early 2027.Goldman Sachs: The significant price increase is largely complete, and copper prices are increasingly prone to corrections.

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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