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
Sanming University carries out unique winter vacation social practice activity in Southeast China’s Fujian Province
China Correspondent: To facilitate a profound comprehension of China’s esteemed traditional culture among international students and teachers and to promote cultural exchanges between China and other nations, Sanming University initiated a distinctive winter vacation social practice program titled “Drawing Wisdom from Classics of Chinese Thought and Telling Chinese Stories Well.”
From January 20 to 21, 2025, the School of Overseas Education (School of Foreign Languages) of Sanming University, in collaboration with the International Cooperation and Exchange Office, organized this event in Youxi County, Sanming City, Fujian Province, China. During the event, the delegation visited Guifeng Ancient Village, the Confucian Temple, the Zhuzi Cultural Garden, and other significant sites to gain hands-on experience and deepen their understanding.
The social practice team arrived at Guifeng Ancient Village in Youxi County on January 20. In the ancient village, the well-preserved ancient structures from the Ming and Qing dynasties are dispersed in an orderly fashion, each one containing a profound historical and cultural heritage. All participants walked along the ancient stone road and had the opportunity to explore traditional landmarks, including the Cai Clan Ancestral Hall and the Stone Seal House. They also gained insights into ancient family culture and architectural techniques. Furthermore, by interacting with the locals, they experienced the unique folk customs of Youxi and enjoyed its distinctive cuisine.
While exploring the ancient dwellings of Guifeng, Makhmudova Mushtariybegim, an international student from Uzbekistan, expressed a deep fascination with the daily life of the past. She shared that experiencing these historical residences firsthand provided her with valuable insights into the living conditions of ancient times. “The traditions here are truly captivating, offering a culture that feels both familiar and new to me,” she remarked.
On January 21, the social practice team visited the Confucian Temple and Zhuzi Cultural Garden in Youxi County. Within the Confucian Temple, all individuals experienced the grave ambiance of Confucian culture and gained a deeper understanding of the ancient education system and its protocols. At the Zhuzi Cultural Garden, they acquired a comprehensive understanding of Zhu Xi’s life, actions, philosophies, and beliefs. Zhu Xi, the preeminent figure of Neo-Confucianism during the Song Dynasty, has had a profound influence on both Chinese and global culture. The international students and teachers attentively listened to the explanations, scrutinized the artifacts, and acquired a comprehensive understanding of Zhu Xi culture.
Cheick Amadou Tidiane Ouattara, a foreign teacher from Mali, described his visit to the Youxi County Confucian Temple and the Zhuzi Cultural Garden with his students as an unforgettable cultural experience. He was deeply impressed by the solemn atmosphere of Confucian culture and gained a greater appreciation for the strictness of ancient Chinese education and etiquette. He also mentioned that the visit provided him with a deeper understanding of Zhu Xi’s life and philosophical beliefs. “Zhu Xi’s Neo-Confucianism had a profound influence on the development of the Chinese nation and extended beyond China. Its contribution to global culture is undeniable, holding a significant place in history,” he remarked.
According to Yu Shuiqing, a teacher at the School of Overseas Education (School of Foreign Languages) at Sanming University, this social practice activity not only enables international students to integrate more effectively into Chinese culture but also offers them a platform to exchange ideas, learn, and showcase themselves. “Sanming University will continue to hold more such activities to promote the exchange and integration of Chinese and foreign cultures, collaborate and cooperatively advance the preservation and advancement of China’s exceptional traditional culture in the future,” she added.
Over 20 teachers and students from Bangladesh, Mali, Nigeria, Indonesia, Mongolia, Uzbekistan, and Russia attended this distinctive winter vacation social practice activity.
Junior Chamber International (JCI) Dhaka West has officially announced the formation of its new executive committee for the upcoming year, 2025. The organization unveiled this dynamic group of leaders during a recent general assembly held on Tuesday, December 17th in Dhaka.
At the helm of this new committee is Sujaur Rahman Emon, who has been appointed as Local President, poised to lead the chapter into a promising year ahead. Assisting him in steering the organization’s goals is Executive Vice President (EVP) Subah Afrin and Md Imam Hasan, while S M Belal Uddin takes on the role of Immediate Past Local President (IPLP).
Other board members include Vice President (VP) Md Saddam Hossain, Md Tanvir Hasan, and Audrika Eshna Purbasha, Secretary General (SG) Ibrahim Khalil Foysal, Treasurer Md Sameen Rahman, General Legal Counsel (GLC) Jiban Ahmad, Training Commissioner Masud, Directors Daud Mahmud Aovin, Jeba Maliha, Arianul Islam, Shurovy Yeasmin, Ahmed Wazedul Haque Khan, and Md Sabbir Hasan, Executive Assistant to Local President Reyel Ahmed Opu, and Committee Chair Md Robiul Islam, Abdur Rahman Khan Bappy.
Mohammad Mahmudur Rahman, 2024 National Director of JCI Bangladesh and 2023 Local President of JCI Dhaka West, served as the Election Commissioner. Before announcing the new Executive Committee of JCI Dhaka West, the organization’s fourth General Members’ Meeting (GMM) for 2024 was held.
“We will put our full effort into spreading positive impacts through sustainable development initiatives across the nation,” said newly elected Local President Sujaur Rahmaan Emon.
Junior Chamber International (JCI) is a vibrant organization, comprising individuals aged between 18 and 40, known for their unwavering dedication to community service and development. The global headquarters of JCI is situated in St. Louis, Missouri, USA, and its impact extends to over 35 local chapters throughout Bangladesh. JCI Dhaka West proudly stands as the largest and most prominent among these local organizations.
The National General Assembly of Junior Chamber International (JCI) Bangladesh, an international organization for young leaders, has formed its new National Executive Committee for 2025. Arefeen Raafi Ahmed has been elected as the Deputy National President of JCI Bangladesh.
The General Assembly took place on Friday, December 6, at Hotel Le Méridien in Dhaka. After the assembly, elections were held to select the president and other executive committee members. The election process was overseen by former JCI Bangladesh President Md. Ziaul Haque Bhuiyan.
Upon being elected as Deputy National President, Arefeen Raafi Ahmed said, “My focus will be on empowering our members. Everyone possesses unique skills, talents, and perspectives that can contribute to JCI’s growth. I am committed to providing opportunities for skill development, mentorship, and networking, enabling each member to reach their full potential within our organization. Together, we can create a positive impact on our community, empower our members, and build a stronger, more connected JCI Bangladesh.”
Arefeen Raafi Ahmed holds a Bachelor’s degree in ICT (Information and Communication Technology) from Western Sydney University, Australia. He is the Executive Director of Techno Drugs Limited and the Managing Director of Pulse Tech Limited, a leading healthcare technology company in Bangladesh. He also serves as the Managing Director of GreenTech Holidays Limited, a travel and tourism-based company. Previously, he served as the Local President of JCI Dhaka Entrepreneurs in 2021, Vice President of JCI Bangladesh in 2023, and Executive Vice President of JCI Bangladesh in 2024. He has also been honored as a JCI Senator.
Junior Chamber International (JCI) is a global organization for young people aged 18 to 40. Headquartered in St. Louis, Missouri, USA, JCI operates in more than 120 countries with over 200,000 members worldwide. In Bangladesh, JCI currently has around 40 local chapters, working to foster personal development among young individuals by enhancing their skills, knowledge, and intellect.
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