SEOUL, South Korea—Samsung Electronics has officially appointed third-generation heir Lee Jae-yong as executive chairman, two months after he secured a pardon of his conviction for bribing a former president in a corruption scandal that toppled a previous South Korean government. Lee’s promotion is partially symbolic as he has headed the Samsung group in his capacity…
Chipmakers Post Weak Results, Reduce Spending Amid Recession Fears
October 7, 2022
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AMDBusiness & MarketschipmakersCompanieseconomyIntel Corp.Micron TechnologynvidiarecessionSamsungSemiconductor industryTechTech NewsUS
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Multiple chip manufacturers are posting disappointing financial results and cutting down on spending—developments that are negatively affecting the share prices of these firms. AMD, for example, recently announced its preliminary third-quarter sales, missing projections by more than $1 billion. The third-quarter revenue is expected to be $5.6 billion, below the company’s forecast of $6.7 billion….
Samsung to Lure 175 Million Existing India Customers With Cashback Card
NEW DELHI—Samsung Electronics is targeting repeat purchases from its 175 million customers in India through a new cashback credit card, a senior executive said, a move to boost sales in the critical market where it was once the top smartphone seller. With India’s festive season underway, the South Korean electronics giant on Monday launched a…
Europe, South Korea-Backed Consortium Wins Philippines Airport Project Formerly Pursued by China
September 19, 2022
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Asia & PacificChinaChina Business & EconomyChinese RegimeSamsungSangley Point International AirportSouth Koreathe philippinesWorld
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A consortium composed of South Korean and European firms has been awarded an $11 billion airport project in the Philippines that was previously granted to a Chinese state-owned firm. The Cavite provincial government awarded the contract to develop the Sangley Point International Airport (SPIA) to a multinational consortium comprised of companies from the Philippines, South…
Samsung Electronics Breaks Ground on New Chip R&D Center, Plans $15 Billion Investment by 2028
SEOUL, South Korea—Samsung Electronics said on Friday it broke ground at a new semiconductor research and development (R&D) complex in South Korea, where it plans to invest about 20 trillion won ($15 billion) by 2028 to drive leadership in chip technology. The world’s largest memory chip maker and second-largest chip contract manufacturer said the new…
South Korea’s President Pardons Samsung Heir Convicted of Bribery
South Korean President Yoon Suk-yeol on Friday issued a pardon for Samsung chief Lee Jae-yong, who was released on parole in 2021 while serving a jail term for a bribery case, along with Lotte Group Chairman Shin Dong-bin and other key business figures. Nearly 1,700 people were included in the list of pardons. Yoon said…
South Korean PM Endorses Presidential Pardon for Samsung Chief Lee Jae-yong
August 5, 2022
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Asia & PacificChip 4 alliancedecouple from Chinalee Jae-yongpardonSamsungsemiconductorSouth KoreaWorldYoon Suk-yeol
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Some prominent South Korean politicians are endorsing a presidential pardon for Samsung’s chief Lee Jae-yong, citing the company’s crucial role in the national economy and its increasing challenges in the global semiconductor market. Public opinion supports a favorable outcome. Lee, who is currently on parole over a bribery case, is in charge of Samsung Electronics’…
Samsung Seeks Tax Breaks on $192 Billion Potential Chip Plants in Texas
SEOUL—Samsung Electronics has begun applications for tax breaks for 11 potential chip plants in Texas adding up to investments of about $192 billion, according to documents filed with Texas authorities. Samsung’s applications were filed ahead of the December expiry the state’s Chapter 313 property tax incentives program. The South Korean tech giant already has a…
Chips Drive Highest Samsung Q2 Profit Since 2018, but Demand Cooling
SEOUL—South Korea’s Samsung Electronics Co. Ltd. turned in its best April–June profit since 2018 on Thursday, underpinned by strong sales of memory chips to server customers even as demand from inflation-hit smartphone makers cools. Shares of the world’s largest memory-chip and smartphone maker closed up 3.2 percent after preliminary results were announced, versus a 1.8…
Samsung CEO Visits The Netherlands to Bolster Chipmaking Value Chain
June 20, 2022
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Asia & PacificASMLBusiness & MarketsCompaniesDutch PMEUVlee Jae-yonglithography machinesNetherlandsSamsungWorld
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Samsung Vice Chairman Lee Jae-yong recently visited the Netherlands to lay the foundations for the South Korean giant’s semiconductor value chain. Chipmakers racing to expand production amid a global shortage are competing to secure Dutch chipmaking equipment supplier ASML’s EUV lithography systems—devices essential to making advanced microchips. EUV stands for “extreme ultraviolet,” the wavelength of…
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