Corporate
Samsung says Q3 operating profit down 31p on-year
South Korean tech giant Samsung Electronics on Thursday, 27 October said its Q3 operating profits were down 31.39pc year on year after a global economic downturn hit demand for consumer electronics.
Earnings in its crucial memory chips division dropped, the firm said in a statement, adding that “demand for consumer products remained weak”.
Operating profit for July to September 2022 fell to 10 trillion won $7 billion, down from 15.8 trillion won for the same period last year, the firm said.
The results are the first year-on-year decline in profit in nearly three years for Samsung Electronics, the world’s biggest smartphone maker.
But the company said it had seen an increase in sales, which were up by 3.79pc from the same period last year to 76 trillion won.
The world’s biggest memory-chip maker is the flagship subsidiary of the giant Samsung group, by far the largest of the family-controlled empires known as chaebols that dominate business in South Korea, Asia’s fourth-largest economy.
The conglomerate is crucial to the country’s economic health — its overall turnover is equivalent to a fifth of the national gross domestic product.
Until the Q3 of this year, Samsung, along with other tech companies, significantly benefited from strong demand for electronic devices — as well as chips that power them — during the pandemic.
But the global economy is now facing multiple challenges, including increasing inflation, rising interest rates and the growing threat of a broad debt crisis.
The situation has been exacerbated by Russia’s invasion of Ukraine — which has spurred a surge in energy prices and pushed global food prices up — along with China’s adherence to a strict zero-Covid policy.
“In 2023, demand is expected to recover to some extent, but macroeconomic uncertainties are likely to persist,” Samsung Electronics said.
“In the Memory Business, after a dampened first half, demand is expected to rebound centering on servers as data center installations resume,” it added.
Analyst Park Sung-soon of Cape Investment & Securities told the news media he did not expect consumer demand for tech products to recover until the second half of 2023.
“So the focus for Samsung will be adjusting its supply rather than relying on demand recovering anytime soon,” he said.
Samsung also said it had benefited from the strength of the US dollar against the Korean won, “resulting in an approximately 1.0 trillion won company-wide gain in operating profit compared to the previous quarter”.
Parent company Samsung Group announced Thursday that heir and de facto leader Lee Jae-Yong — who received a presidential pardon in August over a fraud conviction — would be promoted to chairman.
The vast majority of the world’s most advanced microchips are made by just two companies — Samsung and Taiwan’s TSMC — both of which are running at full capacity to alleviate a global shortage.
The supply of memory chips has become an issue of global geopolitical significance recently, with leading governments scrambling to secure supplies.
That was demonstrated in May when US President Joe Biden kicked off a South Korea tour by visiting Samsung’s sprawling Pyeongtaek chip plant.
Russia’s invasion of Ukraine has “further spotlighted the need to secure our critical supply chains”, Biden said at the plant, underscoring the importance of bolstering technology partnerships among “close partners who do share our values”.
Samsung employs about 20,000 people in the United States and work is underway to build a new semiconductor plant in Texas, scheduled to open in 2024.
The US also recently introduced new measures to limit China’s access to high-end semiconductors with military uses, a move that has wiped billions from chip companies’ valuations worldwide.
DHAKA, Nov 07, 2024 (BSS) – Japan-Bangladesh Chamber of Commerce and Industry (JBCCI) has elected a 16-member Board of Directors for the term 2024-2026 with Tareq Rafi Bhuiyan (Jun) as its President.
The election was held on October 27 and November 6, said a press release today.
Tareq Rafi Bhuiyan (Jun) has been elected as the President of JBCCI. He is the Managing Director of New Vision Solutions Limited. He has been the Secretary General of JBCCI for three consecutive terms.
Maria Howlader FCA has been elected as the first female Secretary General of JBCCI. She has also been re-elected as a Board Member for two consecutive terms.
Kenji Kimura has been elected as the Treasurer of JBCCI. He is the Chief Representative of MUFG Bank Dhaka Office, which is the largest Bank in Japan and a member of Mitsubishi Group.
Out of a group of 313 members, including 71 Japanese member companies, the voting process saw a notable turnout of 61.98 percent.
Afsana Zarin has consistently demonstrated her strategic vision and dedication, developing and empowering women entrepreneurs through technology, leaving a lasting impact on the industry.
Recently, she was recognized for her efforts at the Junior Chamber International (JCI) Bangladesh Award in the Women in Innovation with Inclusion category. The award ceremony took place at Hotel Le Meridien in Dhaka on Friday, October 25, 2024.
The prestigious event was graced by notable guests, including Dr. Iftekharuzzaman, Head of Anti-Corruption Reform Commission and Executive Director of Transparency International Bangladesh, who attended as the Chief Guest. Md Mukhlesur Rahman Sarker, Additional Secretary, Ministry of Women & Children Affairs, attended as the Special Guest, and Rasheda K Chowdhury, Executive Director (CEO) of CAMPE, delivered the keynote speech.
“I am humbled and thrilled to be recognized as a woman of inspiration. Being able to work for women entrepreneurs in Bangladesh is a privilege. Thanks to ShopUp for allowing me to work with thousands of entrepreneurs across Bangladesh. This award inspired me even more towards this north star, and I plan to drive more inclusion through technology in Bangladesh in the coming years,” Afsana said.
Afsana extended her gratitude to the board members of JCI Bangladesh, Imran Kadir, the 2024 National President of JCI Bangladesh, Fahim Ahmed, the event director and the event organizers for selecting her for this honor.
JCI Bangladesh is a nonprofit global organisation that empowers and encourages the youth of the nation to take an active part in helping fellow entrepreneurs and professionals of their own communities to thrive and be successful.
The ceremony, which celebrated the achievements of women leaders in various fields, highlighted Afsana’s contributions to driving women’s economic empowerment through innovative programs and technology.
Her work has set an example for aspiring entrepreneurs, and her commitment to fostering inclusion through technology and creating opportunities for women continues to inspire many in Bangladesh.
Correspondent To witness the deep and diverse historical culture and the latest achievements of high-quality development, the seven-day “International Insights into China” event was held with the theme of “Towards Openness and Integration of the New Era”. The event was held in various cities in China’s autonomous region of Inner Mongolia and Shaanxi Province between October 13 and 19. Media reporters and international students from different countries, including Bangladesh, participated in it.
This event is guided by the Cyberspace Administration of China’s Network Communication Bureau and jointly co-hosted by the Cyberspace Administration of Inner Mongolia Autonomous Region, the Cyberspace Administration of Shanxi Province, and China Daily Newspaper.
During the event, the delegation members visited the Inner Mongolia Museum, Yili Modern Smart Health Valley, Mengcao Seed Industry Center, Grassland Cloud Valley, Huawei Cloud Service Data Center, Qisumu Railway International Logistics Park, Huayan Temple, Hanging Temple and Yungang Grottoes, and Yingxian Wooden Pagoda. They have immersed themselves in the profound and diverse historical and cultural charm of Inner Mongolia and Shanxi, and witnessed the latest achievements of high-quality development. During the activities, the delegation members used their unique “outside eyes” perspective, lenses, and pens to show the world the beautiful picture of cultural inheritance and innovative development in Inner Mongolia and Shanxi and tell the extraordinary story of the local practice of Chinese-style modernization.
The journey began on 13 Oct, and on Oct 14, they explored the Inner Mongolia Museum in Hohhot, where the city’s grassland culture and historical heritage. From Oct 15 to 16, the delegation visited Inner Mongolia’s Ulaanqab City, also known as the “Prairie Technology Valley”, where the Huawei Cloud Data Center, a core area of Inner Mongolia’s big data industry, left a lasting impression on the delegation. The second half of their journey was devoted to Shanxi province. From Oct 16 to 19, they visited iconic tourist sites, such as the Huayan Temple, Nine-Dragon Wall, Hanging Temple, Yungang Grottoes in Datong City, and the Yingxian Wooden Pagoda in Shuozhou City.
Bayasgalan Lkhagvadulam from Mongolia, after climbing the Hanging Temple, said it is marvelling. It’s hard to imagine how people built this temple on the cliff 1,500 years ago. It’s awe-inspiring. If you are interested in ancient architecture, I highly recommend visiting Shanxi to see it yourself.
A group of 20 foreign media journalists, experts, and international students from different countries and regions, including Bangladesh, Kazakhstan, and Mongolia, participated in this event.
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