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The chairmen of the U.S. Senate and House Armed Services Committees expressed deep concern over the U.S. decision to withdraw a brigade-sized force from Germany.On May 3, when asked when and how he would insure ships in the Strait of Hormuz, Berkshire Hathaways Vice Chairman for Insurance, Ajit Jain, gave a concise answer: "The short answer is—it depends on the price." Jain stated, "We do have a small stake in an established project to insure ships in the Strait of Hormuz. But no deals have been finalized yet." Jain also pointed out that U.S. Navy escort for the ships would be a key prerequisite for the projects coverage conditions. "If we can meet our own coverage conditions, we will insure this type of risk at a price level that we deem appropriate."On May 3, Qazem Gharibabadi, Irans Deputy Foreign Minister in charge of legal and international affairs, met with ambassadors from various countries stationed in Tehran on Saturday to discuss what he called Irans proposals to end the war and aggression launched by the US and Israel. Gharibabadi stated that Iran is fully prepared to defend itself against any attacks against its people, and that Tehran remains committed to diplomatic mediation based on national interests. He said that Iran has submitted a proposal through Pakistan as a mediator to permanently end this imposed war, and that the initiative now rests with the US, which must choose between a diplomatic path or a continued confrontational stance. He added that Iran is prepared for both scenarios to safeguard its national interests and security, while remaining pessimistic and distrustful of the US and its diplomatic sincerity.On May 3, local time, the Ukrainian presidential website announced that President Zelenskyy had signed a presidential decree approving the National Security and Defense Councils decision to impose targeted sanctions on five individuals. The sanctions were reportedly imposed because the actions of these individuals threatened Ukraines national interests, security, sovereignty, and territorial integrity. The five individuals targeted are a Ukrainian lawyer, a Ukrainian businessman, a Russian businessman, and two Russian sports promoters.Iraqs Deputy Oil Minister stated that two oil tankers are ready, with two more to be deployed depending on the situation in the Strait of Hormuz. Following the resolution of the Hormuz crisis, Iraq could restore its oil production and exports to normal levels within seven days.

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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