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German Foreign Minister Waldfol: We need a majority vote system in foreign policy; when the EU27 as a whole is unwilling or unable to take action, we must also push for smaller groups of EU member states to take the lead.On June 17th, ship tracking data showed that a third oil tanker fully loaded with crude oil had departed Irans Chabahar port, crossing the US-imposed blockade and heading towards Asia. The Suezmax tanker Sonia I departed last night from the port near the Iranian-Pakistani border. The ship has a carrying capacity of approximately 1 million barrels of crude oil. Its draft indicates it is fully loaded, and its destination is Singapore, a common transit point for ships bound for Asian markets. Sonia Is departure follows the departure of the Very Large Crude Carriers Hero II and Diona, both carrying approximately 2 million barrels of Iranian crude oil. Their specific destinations were not indicated, but both are heading towards southern India, a regular route to the Strait of Malacca near Singapore. Iranian media reported on Tuesday that the US blockade of Iranian ports, which began in mid-April, is in the process of being lifted.On June 17, Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, issued important instructions on normalizing East-West cooperation. Xi Jinping emphasized that this year marks the start of the 15th Five-Year Plan and the first year of normalized assistance. He stressed the need to summarize and apply beneficial experiences such as the Fujian-Ningxia cooperation, further improve cooperation mechanisms, optimize cooperation methods, expand cooperation areas, and promote complementary industries, personnel interaction, technological exchange, mutual understanding of concepts, and mutual learning of work styles between the East and West, achieving mutual benefit, win-win results, and common development. He also stressed that Party committees and governments at all levels must earnestly fulfill their responsibilities for normalized assistance, resolutely safeguard against large-scale relapse into poverty, solidly promote the comprehensive revitalization of rural areas, continuously enhance the coordination of regional development, and take solid steps towards common prosperity for all the people.Total Energy CEO: Ensuring the restoration of Qatars LNG supply is of paramount importance; otherwise, as winter approaches, the decline in natural gas prices will not be as significant as that of oil prices.On June 17th, Sunshine 100 China (02608.HK) announced that it had previously disclosed a winding-up petition against the company. On May 29, 2026, the High Court, based on the consent summons submitted by the petitioner and the company on May 27, 2026, ordered the cancellation of the hearing originally scheduled for June 22, 2026, and the substantive hearing has been scheduled for October 16, 2026.

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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