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A Reuters poll found that 74% of economists believe Japan’s total budget request for fiscal year 2027 has exacerbated market concerns about fiscal discipline.A Reuters poll showed that 62% of economists expect the Bank of Japan to raise interest rates to at least 1.75% in the second quarter of 2027 (previously the survey expected a final rate of 1.50%).A Reuters poll shows that 97% of economists expect the Bank of Japan to raise interest rates to 1.25% on September 18 (compared to 57% in the August survey).Iranian Foreign Ministry spokesman Bagaei: US Secretary of State Rubios lies cannot replace the facts. Ansar Hezbollah (the Houthi rebels) is an independent actor that makes its own decisions; it neither accepts anyones instructions nor acts as anyones agent.Conflict Situation: 1. Iranian Foreign Ministry: Will respond decisively to any attack by the US military. 2. US Central Command: No US Navy warships were attacked; 10 Iranian oil tankers were destroyed. 3. Iranian Revolutionary Guard: Strikeed 2 US warships and 8 oil tankers, and also struck 10 vessels violating regulations. 4. Houthi rebels in Yemen: In the past 12 hours, Saudi warplanes conducted 48 airstrikes on the provinces of Artev, Marib, Taiz, Khodaeda, Saada, and Albayda. These airstrikes will be punished. 5. Iranian officials stated that Tehran is prepared for a more intense war with the US if necessary. The official stated that Iran will escalate its response to US attacks. 6. Saudi-led coalition in Yemen: Houthi rebels attacked the Saudi cities of Khamis Mushait, Abha, and Jizan on Wednesday using ballistic missiles and drones. 7. According to Iranian media reports, Saudi Arabia recently launched airstrikes against Houthi-controlled areas in Yemen. The Houthis claimed at least 70 attacks on six provinces. Sources indicated that Saudi forces used artillery and drones to attack parts of Saada province in northern Yemen, an area controlled by the Houthis. Strait of Hormuz: 1. Iran announced it will establish a new maritime "sanctions zone." 2. UK Maritime Trade Organization: Several merchant ships were attacked in the Gulf. 3. The Iranian Revolutionary Guard proposed a series of conditions for ending the war. 4. According to Saudi media Alhadath: Iranian media reported that an oil tanker was attacked in the Strait of Hormuz. 5. Pakistan reportedly issued a warning to Iran on behalf of Saudi Arabia, demanding that it restrain attacks by the Houthi rebels in Yemen. Given Pakistans defense agreements with Saudi Arabia and Turkey, this move carries significant weight. 6. According to Iranian state media: Explosions were heard off Qeshm Island, Iran, and several areas in Sirik were hit by artillery fire. Other matters: 1. US officials and Western diplomats say the Trump administration has not opposed the UK-led initiative to impose new sanctions on Israeli settlements in the occupied West Bank. 2. Japanese Foreign Ministry: Japan and Oman held a video conference of international law officials to exchange views on international law issues related to the Strait of Hormuz. 3. Israeli officials: The UK has been notified that its consulate in Jerusalem must close. 4. UN envoy: Houthi cross-border attacks could escalate the conflict, endanger civilians, and undermine political efforts. 5. US President Trump: We are not seeking a deal with Iran. Negotiations with Iran are possible. The war with Iran will end immediately after the midterm elections. 6. Iran: Once the war ends, it will prepare for IAEA inspections.

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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