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On April 9th, US President Trump stated on social media, "NATO wasnt there when we needed them, and they wont be there if we need them again. Remember Greenland, that poorly managed ice sheet." This followed a meeting between President Trump and NATO Secretary General Rutte, who spent over 90 minutes at the White House. Rutte later stated that he had a very frank and open discussion with President Trump, describing it as a discussion between two good friends, and expressed great admiration for Trumps leadership.April 9th - Singaporean government agencies will implement measures to reduce electricity consumption and enhance energy resilience due to global energy supply shortages caused by the Middle East conflict. The National Environment Agency stated in a statement on Wednesday that immediate measures include setting air conditioning temperatures to 25 degrees Celsius or higher, controlling the operating hours of air conditioners, lighting, and elevators, and unplugging or turning off non-essential equipment when not in use. Singapore had previously warned that fuel prices are expected to remain high for the foreseeable future due to widespread disruptions to Middle Eastern oil and gas production and transportation, leading to higher electricity bills in the coming months.Venezuelan Acting President Rodriguez: The urgent task is to raise workers wages through the development of oil and mining.April 9th - US President Trumps Iran peace plan is facing resistance from a key group: the oil industry. An industry consultant stated that oil company executives are contacting the White House, Secretary of State Rubio, and Vice President Vance to protest allowing Iran to collect tolls on passage through the Strait of Hormuz as a condition for peace negotiations. When asked if the executives had contacted the White House to protest the toll policy, the consultant replied, "Of course! We never needed to do that before—and I think weve already won the war. Whenever you have access to government, you ask, What are you thinking?"1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 2.85% to 47,909.92 points, the S&P 500 rose 2.51% to 6,782.81 points, and the Nasdaq Composite rose 2.8% to 22,635 points. Sherwin-Williams rose nearly 7%, and Caterpillar rose more than 6%, leading the Dow. The Wind U.S. Tech Big Seven Index rose 2.49%, Facebook rose more than 6%, and Google rose nearly 4%. The Nasdaq China Golden Dragon Index rose 3.05%, Pony.ai rose more than 11%, and Hesai Technology rose more than 8%. 2. All three major European stock indexes closed higher. The German DAX rose 5.06% to 24,080.63 points, the French CAC40 rose 4.49% to 8,263.87 points, and the UK FTSE 100 rose 2.51% to 10,608.88 points. 3. Most US Treasury yields fell. The 2-year Treasury yield fell 0.02 basis points to 3.790%, the 3-year Treasury yield fell 0.06 basis points to 3.811%, the 5-year Treasury yield fell 0.18 basis points to 3.924%, the 10-year Treasury yield fell 0.20 basis points to 4.293%, and the 30-year Treasury yield rose 1.42 basis points to 4.886%. 4. The most active US crude oil futures contract closed down 14.56% at $96.5 per barrel; the most active Brent crude oil futures contract fell 11.5% to $96.7 per barrel. 5. International precious metals futures generally closed higher. COMEX gold futures rose 1.29% to $4745.00 per ounce, and COMEX silver futures rose 3.14% to $74.25 per ounce. 6. Most domestic commodity futures markets closed lower, with energy products, chemicals, and shipping futures leading the declines. Low-sulfur fuel oil fell 15.26%, LPG hit the daily limit down, asphalt fell 8.95%, and the container shipping index (European route) fell 7.42%. Precious metals and base metals rose, with Shanghai silver rising 5.63% and Shanghai tin rising 4.05%.

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%.