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Reserve Bank of Australia Assistant Governor Kent: We need to focus on historical average inflation data to concentrate on monthly CPI reports rather than quarterly data.Futures News, August 13th: Oil prices have temporarily halted their upward trend, fuel oil news remains stable, cost support is still acceptable, and downstream traders remain cautious in their purchasing sentiment, showing limited acceptance of high-priced resources. Market buying is lukewarm, and it is expected that domestic fuel oil trading will mostly remain stable today, with a risk of slight pullbacks at some high levels.Reserve Bank of Australia Assistant Governor Kent: There is currently no urgent need to convert foreign exchange reserves into other currencies.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.9 occurred at 8:35 a.m. on August 13 near Tashkurgan County, Kashgar Prefecture, Xinjiang (37.18°N, 75.00°E). The final result is subject to the official rapid report.August 13th - According to the Wall Street Journal, sources familiar with the matter revealed that the Mexican government is pushing the United States to lower tariffs on North American autos as part of discussions to revise the USMCA (United States-Mexico-Canada Agreement). This move is a response to the Trump administrations earlier proposal to increase the use of US-made auto parts. The Trump administration currently imposes a 25% tariff on non-US-made parts in cars from Canada and Mexico. Mexicos proposal in recent weeks would expand the range of duty-free auto parts and lower the top tariff rate on North American cars. Sources familiar with the negotiations said that under Mexicos proposal, the US would only impose tariffs on the value of auto parts manufactured outside North America, meaning parts from Mexico and Canada would enjoy duty-free treatment. For North American cars that do not meet the requirements of the agreement, the proposal would reduce the overall tariff rate from 25% to a lower level, possibly 5% or 10%.

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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