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On August 24, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Kuwaiti Foreign Minister Jarrah in Beijing. Wang Yi emphasized that the current situation in the Middle East and the Gulf region has once again reached a critical juncture. The old script of conflict cycles should not be repeated, and a new chapter of stability and prosperity should be opened as soon as possible. China has always maintained that no matter how great the differences, a solution should be found at the negotiating table, not through gunfire. Once the steps towards a ceasefire have been taken, there should be no turning back. It is hoped that the parties involved will actively respond to the international communitys expectations for peace, prioritize the well-being of the people of the region, and return to the track of dialogue and negotiation as soon as possible. The urgent task is to de-escalate the situation. China is willing to strengthen coordination with Kuwait and continue to contribute to the restoration of regional peace and tranquility.On August 24, Iranian Foreign Ministry spokesman Baghae stated that Iran would not allow its enemies to impose conditions on it, emphasizing "Irans determination to defend its national sovereignty." He said, "Iran will never allow the war to end based on the conditions imposed by the aggressors." "Iran has not waged any war; it is merely defending its sovereignty and territorial integrity. Therefore, the aggressors must be held accountable for their actions."On August 24th, it was reported that some Hong Kong banks have initiated a fund source declaration process for some existing mainland investment clients, setting deadlines such as August 20th (failure to submit may result in suspension of investment services) and September 12th (failure to submit may result in termination of investment services). Previously, at the request of the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority, some banks had already begun requiring newly opened mainland accounts to confirm that the source of funds for investors was from legitimate overseas channels. This new fund source confirmation process targets existing mainland investor accounts, attracting attention and discussion. It is understood that some licensed Hong Kong institutions, including HSBC Hong Kong and branches of Chinese banks in Hong Kong, have indeed taken such measures recently, but primarily targeting long-term inactive accounts.On August 24, Iranian Foreign Ministry spokesman Baghae criticized Washingtons economic policies toward Iran, calling them "a clear example of economic terrorism" aimed at punishing a nation that insists on defending its sovereignty and independence. He reiterated, "Imposing a naval blockade on Iran is considered an act of aggression, and we have warned that any action that cooperates with the illegal actions of the United States will have serious consequences." "Iran will never stand idly by in the face of such actions."August 24th news: From August 17th to August 23rd, the national logistics operation data is as follows: National railways transported 79.877 million tons of freight, a month-on-month increase of 0.74%; 56.155 million trucks passed through national expressways, a month-on-month increase of 4.4%; monitored ports completed a cargo throughput of 275.126 million tons, a month-on-month increase of 24.02%, and a container throughput of 7.01 million TEUs, a month-on-month increase of 13.01%; civil aviation handled 141,000 flights (including 4,856 cargo flights, of which 3,154 were international cargo flights and 1,702 were domestic cargo flights), a month-on-month increase of 1.45%; postal and express delivery collection volume was approximately 3.79 billion pieces, a month-on-month increase of 1.04%; and delivery volume was approximately 3.767 billion pieces, a month-on-month increase of 1.98%.

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%.