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.
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.
Junior Chamber International (JCI) Dhaka West has announced its new New Leadership Team for the year 2026, with Subah Afrin elected as Local President and Md Tanvir Hasan as Secretary General.
The executive committee was formed during the General Assembly of JCI Dhaka West, held on Tuesday (December 23) in Gulshan, Dhaka.
The newly announced board includes Sujaur Rahman Emon as Immediate Past Local President, Md Saddam Hossain and Audrika Eshna Purbasha as Executive Vice Presidents, Md Sameen Rahman as Vice President, Masud as Treasurer, and Ibrahim Khalil Foysal as General Legal Counsel.
Other office bearers include Ahmed Wazedul Haque Khan as Training Commissioner, Asia Binta Amanat Sumi as PR and Media Chairperson, Jobayer Ahmed Sakib as Digital Committee Chairperson, Md Tanvir Hossain as International Affairs Chairperson. The committee also includes Directors Abdur Rahman Khan Bappy, Tanvir Sohan, Yasir Shahriar and Ahnaf Ahmed. Committee Chairs appointed for 2026 are Sheikh Mahmuda Sultana Sara, Minhatul Jannat, Rayan Islam Sardar and S M Shafiul Alam Sakib.
The election process was conducted under the supervision of SM Belal Uddin, National Vice President of JCI Bangladesh and 2024 Local President of JCI Dhaka West, who served as the Election Commissioner.
The event was attended by Arefeen Raafi Ahmed, newly elected 2026 National President of JCI Bangladesh, Kazi Fahad 2025 National President, along with members of the National Board and several Local Presidents from different chapters.
JCI is a global organization of young active citizens aged 18 to 40, headquartered in St. Louis, Missouri, USA. Operating in more than 120 countries with over 200,000 members worldwide, JCI focuses on developing leadership, skills and civic responsibility among young people. In Bangladesh, JCI has over 40 Local Organizations, among which JCI Dhaka West is one of the oldest and largest chapters.
Mohammad Saiyedul Islam, China: A diverse delegation of international experts, journalists, and social media influencers concluded a captivating week-long exploration of China’s Yunnan province. The immersive tour, jointly organized by the Yunnan Provincial Department of Culture and Tourism and China Daily, showcased the region’s rich tapestry of ethnic culture, historical heritage, volcanic wonders, and serene landscapes.
The journey provided participants from various countries, including Bangladesh, with a first-hand experience of Yunnan’s multifaceted appeal, blending rural revitalization stories with natural splendors.
The expedition began in the captivating Shimao Village, where the group delved into the narrative of the village’s remarkable transformation. Attendees immersed themselves in the unique cultural heritage and daily life of the Wa people, gaining insights into the community’s traditions and their harmonious development within modern China.
The itinerary then led to the volcanic region of Tengchong. At the Tengchong Hot Sea, participants experienced renowned geothermal wellness at the Beauty Pool Hot Spring Hotel, where they relaxed in the mineral-rich waters. The geological wonders continued at the Tengchong Volcano and Geothermal National Geological Park. Here, the delegation witnessed majestic volcanic landscapes, with some taking to the skies in hot-air balloons for panoramic views and others hiking up the iconic Little Sky Mountain for a closer look at the ancient craters.
Seeking autumnal tranquility, the group visited the picturesque Ginkgo Village, where they enjoyed the stunning golden scenery of ancient ginkgo trees, a spectacle that highlights Yunnan’s seasonal beauty and idyllic rural charm.
The cultural and historical depth of the region was further unveiled in Heshun Ancient Town. The delegation visited the century-old Heshun Library and the revered Wenchang Palace, symbols of the town’s deep-rooted scholarly tradition. A tour of the former residence of Ai Siqi, a prominent Marxist philosopher, added a layer of modern historical significance to the visit.
The international delegates, armed with cameras, notebooks, and social media platforms, documented their experiences extensively. They expressed particular admiration for the seamless integration of cultural preservation, ecological conservation, and community development they witnessed.
“This tour was an eye-opener,” remarked Nuruzzaman Kafi, a social media influencer from Bangladesh. “From the vibrant culture of the Wa people to the breathtaking power of the volcanoes and the profound historical atmosphere of Heshun, Yunnan offers a truly layered and unforgettable experience. It’s a powerful story of natural and cultural heritage being cherished and shared.”
Officials from the Yunnan Provincial Department of Culture and Tourism stated that such exchanges are vital for fostering international understanding and showcasing Yunnan’s role as a key destination for sustainable and cultural tourism. They believe the delegates’ firsthand accounts and wide-reaching influence will help a global audience discover the unique charms of “Colorful Yunnan.”
The successful tour is expected to generate positive international media coverage and digital content, further elevating Yunnan’s profile as a premier travel destination that celebrates diversity, history, and natural beauty.
You must be logged in to post a comment Login