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.
Corporate
China Invites Youth from Bangladesh and Other Countries to Join “AI World Heritage & Zheng He Legacy” Poster Competition
Young people from Bangladesh and countries along the historic Maritime Silk Road have been invited to participate in the international creative poster design competition titled “AI World Heritage & Zheng He Legacy,” which aims to promote cultural exchange, world heritage awareness, and the enduring spirit of the famed Chinese navigator Zheng He.
Organized to commemorate the historical legacy of Zheng He and strengthen people-to-people ties among countries connected by the Maritime Silk Road, the competition encourages participants to use artificial intelligence and digital creativity to explore the relationship between world heritage sites and maritime history.
More than 600 years ago, Zheng He, a renowned Chinese explorer from Yunnan Province, led seven historic voyages across Asia, the Middle East, and Africa. His journeys passed through the Strait of Malacca, crossed the Indian Ocean, and reached the eastern coast of Africa, facilitating trade, cultural exchange, and friendship among diverse civilizations.
The competition is open to young people from Bangladesh, China, Indonesia, Malaysia, Sri Lanka, Pakistan, Nepal, and other countries. Eligible participants include university students, young designers, cultural and creative professionals, and individuals engaged in heritage conservation and cultural development.
Participants are required to create posters incorporating at least one UNESCO World Heritage element from their own country. For Bangladesh, eligible heritage sites include the Sundarbans and the Ruins of the Buddhist Vihara at Paharpur. Designers may also draw inspiration from Zheng He’s voyages and heritage sites in other countries along the Maritime Silk Road.
The organizers encourage the use of AI tools in the creative process, although traditional drawing techniques and design software may also be incorporated. Participants must submit a design statement explaining their creative inspiration, the use of AI technology, and the significance of the selected heritage elements.
The submission period will run from June 6 to July 10, 2026, followed by a judging phase from July 11 to July 25. Winning works will be showcased in online exhibitions in China, while selected offline exhibitions will take place in Jakarta, Indonesia, and Colombo, Sri Lanka.
A professional jury comprising heritage experts, cultural institution leaders, university scholars, and media representatives will evaluate entries based on cultural authenticity, artistic expression, technical quality, and communication effectiveness.
The competition offers attractive prizes, including a First Prize of RMB 3,000, three Second Prizes of RMB 1,000 each, five Third Prizes of RMB 500 each, and twenty Excellence Awards. Winners will receive certificates, while Excellence Award-winning works will be featured in offline exhibitions.
Participation is free of charge, and there is no limit on the number of submissions. Entries must be submitted digitally in JPG, JPEG, or PNG format and sent to the official email address chinanewsyn@163.com.
Organizers expressed hope that the initiative will strengthen cultural dialogue among nations, enhance appreciation of world heritage, and inspire young people to use innovative technologies to tell stories of shared history and friendship across borders.
Corporate
International Lei Feng Spirit Promotion Team from Sanming University Visits Liedong Middle School for Cultural Exchange
In a vibrant display of cross-cultural friendship and shared values, the International Lei Feng Spirit Promotion Team from Sanming University was invited to Liedong Middle School in Sanming City on the afternoon of March 25. The visit coincided with the launch ceremony for the third season of The Glow Project: Youth in Community Service and the presentation of the fourth phase results for the “7+1” Diverse Ethnic Fusion Second Classroom.
Foreign teachers and international students joined local middle school students in a lively gathering that interpreted Lei Feng’s spirit through a global lens while fostering dialogue on Chinese and international cultures. The event created a harmonious melody of youth-driven kindness and cultural integration.
This event successfully integrated the promotion of Lei Feng’s spirit with an international perspective, breathing new life into the spirit through cross-cultural exchange. By leveraging the platforms of The Glow Project: Youth in Community Service and the “7+1” Diverse Ethnic Fusion Second Classroom, it further strengthened inter-school cooperation between Sanming University and Liedong Middle School. The activity also deepened mutual understanding and friendship among Chinese and foreign youth, as well as among young people from different ethnic backgrounds.
Mohammad Saiyedul Islam, a Bangladeshi foreign teacher and head of the International Lei Feng Spirit Promotion Team at Sanming University, led the team’s participation throughout the activity. He delivered an inspiring speech titled “Small Actions, Big Impact: How Can We Be Like Lei Feng — A Global Perspective?” Drawing on personal experiences and real-life examples, He illustrated the enduring vitality of Lei Feng’s spirit on modern campuses and in international exchanges. He also emphasised the core values of selfless dedication and willingness to help others, noting that Lei Feng’s spirit is not only a treasure of Chinese culture but also a universally admired quality cherished by humanity. The speech resonated deeply with teachers and students in attendance.
International students from Sanming University also stepped forward enthusiastically to share stories about their home countries’ unique cultures, customs, and traditions. They engaged in warm interactions with Liedong Middle School students, who in turn shared insights about China’s excellent traditional culture and the distinctive cultures of various ethnic groups. The atmosphere was lively and harmonious, successfully building a bridge for Sino-foreign cultural communication and multi-ethnic cultural integration.
Participants expressed their commitment to using this exchange as an opportunity to carry forward Lei Feng’s spirit. They pledged to spread warmth through small acts of kindness, serve as ambassadors of cultural exchange, and let their youth shine brightly through dedication and cultural blending.
The event highlighted how Lei Feng’s legacy of helping others continues to inspire young people across borders and cultures, contributing to a shared sense of national and global harmony.
The new Executive Committee of Wikimedia Bangladesh, the officially recognized local chapter of the Wikimedia Foundation, has been elected for the 2026–27 term. A 9-member Executive Committee was formed through a vote by members during the organization’s Annual General Meeting on January 17. Subsequently, the new leadership of the organization was determined during the committee’s first meeting on February 8.
In this committee, Tanvir Rahman has been elected as President, Md. Delwar Hossain as Secretary, and Shakil Hosen as Treasurer. The other members of the Executive Committee are Moheen Reeyad, Shabab Mustafa, Subrata Roy, Dolon Prova, Mayeenul Islam, and Tanbin Islam Siyam.
Founded by Wikipedians in Bangladesh, this organization was recognized as the 39th chapter of the Wikimedia Foundation on October 3, 2011. Later, on June 9, 2014, it was registered as a non-profit foundation in Bangladesh under the Societies Registration Act.
Wikimedia Bangladesh believes in the vision of a world where every human being can share in the sum of all human knowledge. Considering the right to education and knowledge as a human right, this organization works toward the creation, collection, and dissemination of open knowledge at all levels of society. Although the content of Wikipedia and other Wiki projects is created by volunteers, the organization’s goal is to encourage this unique community in digital volunteering and support them in achieving their objectives.
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