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May 5th - According to foreign media citing four sources familiar with the matter, a proposed pipeline project to transport Canadian crude oil to the United States is nearing the minimum commitments required by oil companies, thus paving the way for the projects progress. The project is a pipeline extending from Alberta, Canada to Wyoming, USA. If successfully implemented, it is expected to increase Canadian crude oil exports to the United States by more than 12%, providing Canada with much-needed pipeline transportation capacity. President Trump signed an executive order last Thursday authorizing the cross-border project. According to the four sources, oil companies have already committed to transporting at least 400,000 barrels per day via the pipeline, approximately 72% of their initial capacity of 550,000 barrels per day. According to regulatory filings submitted by Bridger, the projects final capacity can be expanded to 1.13 million barrels per day.Japanese Prime Minister Sanae Takaichi: I am deeply concerned about the attacks suffered by the United Arab Emirates.Sources revealed that major oil companies have committed to transporting at least 400,000 barrels per day of crude oil, representing about 72% of the pipelines initial capacity of 550,000 barrels per day.Sources revealed that the proposed South Bow-Bridger oil pipeline project, which runs from Canada to the United States, is close to securing the minimum commercial throughput required to begin construction.On May 5th, European Commission President Ursula von der Leyen responded to US President Donald Trumps recent threat of tariffs on automobiles, stating that the US cannot unilaterally raise tariffs and the EU is prepared for "all scenarios." On May 1st, Trump posted on social media that the US would raise tariffs on EU cars imported into the US because the EU had not complied with its bilateral trade agreement. Trump said tariffs on EU cars would increase to 25%. He added that cars manufactured in the US would not be subject to tariffs. In response, a European Commission spokesperson stated that the EU would "reserve all options" and assess possible follow-up measures. The spokesperson also stated that the EU is implementing the relevant trade agreement according to normal legislative procedures and is continuously informing the US of its progress.

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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