Samsung saw its profits fall sharply in the third quarter: in particular, the lower prices of memory chips and the trade war between the United States and China affected the electronics company.
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Samsung is suffering from the trade war between the United States and China: for the third quarter in a row, the smartphone producer predicts lower profits. Fortunately, the decrease is less dramatic than initially feared.
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Korean technology company Samsung’s fourth quarter resulted in a record profit, mainly thanks its chip division, where prices remain sky high.
Korean technology firm Samsung has released preliminary quarterly results indicating it forecasts record profits in 2017’s fourth quarter. Nevertheless, it does not seem it can live up to analysts' expectations.
South Korean Samsung has managed a record profit in its past quarter thanks to strong chip sales. However, one of its three CEO’s still decided to resign.
Prosecutors in the Samsung corruption case have demanded a 12-year sentence for its former vice-president and de facto CEO of the South Korean company at the time, Jay Y. Lee, who has been charged with bribery and embezzlement.
Korean technology company Samsung published record results for its past quarter thanks to its successful Galaxy S8 launch. The flagship product and an increased chip demand helped the company soar.
South Korean start-up KI Ecobe launched a Kickstarter crowdfunding campaign to create a modular shoe that the customer can assemble at home.
Belgian dairy manufacturer Inex, known for its milk cartons at school, is targeting Asian growth. It signed a deal to ship 800 million tons of cream during its South Korean trade mission.
American supermarket chain 7-Eleven has opened a South Korean store that operates without staff. Located in Seoul’s Lotte World Tower, the store uses biometric verification when processing payments.
Samsung vice chairman Jay Y. Lee has officially been indicted for corruption in the same case that saw the country's president Park Guen-hye impeached for her involvement last December.
Several major South Korean family companies - like LG, Hyundai and Samsung - are under pressure because of their tight relationship with the Korean government. The close ties allegedly prohibit new companies from succeeding and also open the gate to corruption.
When South Korean technology firm LG Electronics announced its disappointing fourth quarter results, it said it expects to boost its turnover and profitability in 2017.
Korean Samsung's CEO, Kwon Oh-hyun, mentioned that growth in several important markets has slowed down somewhat. He also said the company will undergo changes, to avoid possible disasters like with the Note 7.
South Korean Samsung's third quarter profit was higher than in its previous third quarter, despite the issues with the Galaxy Note 7 recall after several devices exploded.
Starting next year, Samsung plans to sell refurbished versions of its own smartphones. Devices that get sent back to Samsung after their owner upgrades to the newest model will be used as a refurbished device.