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On March 25, law enforcement agencies from China and the Philippines recently cooperated to repatriate Zheng, suspected of organizing others to illegally cross the border. An investigation revealed that Zheng, for personal gain, organized citizens of the Philippines and other countries to illegally enter China to provide domestic services through smuggling and visa fraud, leading to problems such as illegal residence and employment, seriously endangering social order. The embassy reminds intermediary agencies and individuals to regulate their professional and employment practices and not to embark on a path of illegality and crime in pursuit of profit.U.S. Department of Defense: Lockheed Martin will place the delivery of Presys strike missiles under wartime conditions.The MBA 30-year fixed mortgage rate in the U.S. for the week ending March 20 was 6.43%, unchanged from the previous week.On March 25th, the first Joint Meeting of Financial Regulatory Authorities of Guangdong, Hong Kong, Macao, and Shenzhen was held in Nansha, Guangzhou, from March 23rd to 24th. The meeting was hosted by the Guangdong Provincial Financial Regulatory Bureau, with representatives from the Hong Kong Monetary Authority, the Hong Kong Insurance Authority, the Monetary Authority of Macao, and the Shenzhen Financial Regulatory Bureau in attendance. Representatives from relevant departments of the State Monetary Regulatory Commission, as well as local governments of Guangdong Province and Guangzhou City, were also invited to participate. During the meeting, participants engaged in in-depth exchanges on industry development, regulatory work, and the latest market developments. Other key topics included the banking sectors support for the construction of the Greater Bay Area International Science and Technology Innovation Center, the regulation of the safe development and application of artificial intelligence; the insurance industrys role in high-quality urban governance development, the facilitation of insurance services in cross-border medical scenarios, and consumer protection. The meeting aimed to deepen financial regulatory cooperation among Guangdong, Hong Kong, Macao, and Shenzhen, build consensus, actively promote the high-quality development of the banking and insurance industries, and jointly advance the sound development of the financial market and consumer protection.On March 25th, Pinduoduo Group officially announced the formation of "New Pinmu," launching its own brand operation and continuing its heavy investment in the Chinese supply chain. Zhao Jiazhen, Co-Chairman and Co-CEO of Pinduoduo Group, announced the groups next-stage strategy, proposing to "strive to recreate another Pinduoduo in three years." According to reports, "New Pinmu" has established a new dedicated company in Shanghai, with an initial cash injection of 15 billion yuan. Over the next three years, it plans to invest a total of 100 billion yuan to integrate the supply chain resources of "Pinduoduo + Temu," launching a self-operated brand model with a focus on the global market.

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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