SEOUL—Samsung conglomerate chief Jay Y. Lee admitted in court on Tuesday to unlawful use of a controlled substance, as the executive’s legal troubles continued despite his release on parole in August after a bribery conviction. Lee appeared at the Seoul Central District Court where, in a short first hearing, he said he received propofol—a sedative…
Rising Chip Prices Fuel Samsung’s Best Quarterly Profit in 3 Years
SEOUL—Samsung Electronics Co. Ltd. on Friday flagged a 28 percent jump in its third-quarter operating profit to the highest in three years, driven by rising memory chip prices and display sales for new flagship smartphone launches. The preliminary result was up 26 percent from the second quarter, although just below forecasts, while the market reaction was…
Samsung Expanding US Chip Manufacturing
October 8, 2021
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Business & Economychip shortagechipsCompaniesLee Tae-KyuMoon Jae InSamsungsemiconductorShi ShanTaylorTexasWilliamson County
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To help avert the global shortage of semiconductor chips, South Korea’s Samsung Electronics Co, Ltd is considering expanding its manufacturing operations in the southwest of the United States. The leading yet unconfirmed location for this new plant, contingent on subsidies and access to electricity and water, is the city of Taylor in Williamson County, Texas. South…
Samsung Electronics Likely to Report Best Quarterly Profit in 3 Years
SEOUL—Samsung Electronics Co Ltd is likely to turn in its best quarterly profit in three years and record revenue, on rising memory chip prices and brisk sales of its new foldable smartphones, analysts’ estimates show. Operating profit for the world’s biggest memory chip and smartphone maker likely jumped to 16.1 trillion won ($14 billion) in…
Chinese Workers Demand Better Severance Pay as Samsung Heavy Industries Shuts One Plant
September 16, 2021
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ChinaChina Business & EconomyCorporations TrappeddivestmentFinance & Business TiesSamsungship buildingSocial IssuesSpecial Topics
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A large-scale protest broke out on the premises of Samsung Heavy Industries Ningbo (SHI Ningbo) on Sept. 9. Around 1,500 local employees demanded better compensation schemes after the company announced plans to close its plant in Ningbo city, south of Shanghai. The company issued a letter on Sept. 10, stating that all employees would be terminated. SHI is…
Samsung Decision on New US Chip Plant Location ‘Imminent’: Texas County Judge
AUSTIN—A decision by Samsung Electronics on the location of its new $17 billion U.S. chip plant was imminent, the judge for Texas’ Williamson County, which is in the running for the new factory, said on Thursday. “The decision is imminent. My experience with Samsung is that they move nimbly and swiftly,” County Judge Bill Gravell…
Texas City Offers Samsung Extensive Property Tax Breaks to Build $17 Billion Chip Plant
September 6, 2021
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Business & EconomyChinaChip PlantCompanieseconomyInvestmentLocal NewsRegional-Local NewsSamsungtax breaksTexasUSUS News
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The city of Taylor, Texas, is planning to offer Samsung extensive property tax breaks if the company chooses to establish its new $17 billion chip plant there. Samsung is currently considering Taylor, as well as Austin, Arizona, and New York as as one of the sites for a new chip plant that the firm says could create around…
Thinner and Contrite, Samsung’s Leader Walks out of Jail on Parole
UIWANG, South Korea—Samsung Electronics Vice Chairman Jay Y. Lee, convicted of bribery and embezzlement, walked out of prison on parole on Friday, with South Korea’s president calling on the public for understanding over his controversial release. Broad support for his parole grew amid anxiety that major strategic decisions are not being made at the world’s…
Samsung: A Temporary Reprieve, but Still in Moon’s Crosshairs
Commentary South Korean President Moon Jae-in will let Samsung Vice Chairman Lee Jae-yong out of prison on Aug. 13. Lee’s case is the highest profile element of what seems to be a grab for the commanding heights of the South Korean economy by the country’s leftist government. The power struggle has implications far beyond the…
Samsung Unveils New Foldable Smartphones With Lower Prices to Expand Market
August 11, 2021
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Asia & PacificBusiness & EconomyCompaniesfoldable smartphonesGalaxy Z Fold3SamsungTechTech NewsTech Products & ReviewsWorld
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SEOUL—Samsung Electronics unveiled its latest high-end foldable smartphones on Wednesday with lower prices than last year’s offerings in a push to expand foldable demand beyond niche devices. The tech giant priced its 5G-enabled Galaxy Z Fold3 with 7.6-inch main screen to start at $1,799.99 in the United States, and clamshell Galaxy Z Flip3 at $999.99—down…
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