South Korea is scrapping a security deal with Japan — here’s why it matters

South Korea on Thursday said it will scrap an intelligence sharing agreement with Japan, creating possibly serious consequences for the effective monitoring of North Korea. Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region. One day after the Japanese and Korean foreign ministers met in China to discuss trade and national security, Seoul announced that it isn’t in its “national interests” to maintain the in


South Korea on Thursday said it will scrap an intelligence sharing agreement with Japan, creating possibly serious consequences for the effective monitoring of North Korea. Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region. One day after the Japanese and Korean foreign ministers met in China to discuss trade and national security, Seoul announced that it isn’t in its “national interests” to maintain the in
South Korea is scrapping a security deal with Japan — here’s why it matters Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: grace shao
Keywords: news, cnbc, companies, security, japan, states, deal, united, south, intelligence, korea, trade, important, interests, scrapping, matters, national, heres


South Korea is scrapping a security deal with Japan — here's why it matters

South Korea on Thursday said it will scrap an intelligence sharing agreement with Japan, creating possibly serious consequences for the effective monitoring of North Korea.

Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region. One day after the Japanese and Korean foreign ministers met in China to discuss trade and national security, Seoul announced that it isn’t in its “national interests” to maintain the intelligence pact.

Both the United States and China have stepped in to mediate.

U.S. Secretary of State Mike Pompeo urged the two countries to work out their differences on Thursday, saying “there is no doubt that the shared interests of Japan and South Korea are important, and they’re important to the United States of America. “


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: grace shao
Keywords: news, cnbc, companies, security, japan, states, deal, united, south, intelligence, korea, trade, important, interests, scrapping, matters, national, heres


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Trump says he talked to Apple CEO Tim Cook about tariffs and Samsung

U.S. President Donald Trump speaks with Tim Cook, chief executive officer of Apple Inc., during an American Workforce Policy Advisory board meeting in the State Dining Room of the White House in Washington, D.C., U.S., on Wednesday, March 6, 2019. President Donald Trump said he talked to Tim Cook about tariffs and Apple’s South Korean competitor Samsung. Trump said Cook made a “good case” that it would be difficult for Apple to pay tariffs, when Samsung does not face the same hurdle because much


U.S. President Donald Trump speaks with Tim Cook, chief executive officer of Apple Inc., during an American Workforce Policy Advisory board meeting in the State Dining Room of the White House in Washington, D.C., U.S., on Wednesday, March 6, 2019. President Donald Trump said he talked to Tim Cook about tariffs and Apple’s South Korean competitor Samsung. Trump said Cook made a “good case” that it would be difficult for Apple to pay tariffs, when Samsung does not face the same hurdle because much
Trump says he talked to Apple CEO Tim Cook about tariffs and Samsung Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-18  Authors: spencer kimball
Keywords: news, cnbc, companies, tariffs, apple, president, trump, cook, tim, ceo, south, donald, apples, talked, workforce, samsung


Trump says he talked to Apple CEO Tim Cook about tariffs and Samsung

U.S. President Donald Trump speaks with Tim Cook, chief executive officer of Apple Inc., during an American Workforce Policy Advisory board meeting in the State Dining Room of the White House in Washington, D.C., U.S., on Wednesday, March 6, 2019.

President Donald Trump said he talked to Tim Cook about tariffs and Apple’s South Korean competitor Samsung.

Trump said Cook made a “good case” that it would be difficult for Apple to pay tariffs, when Samsung does not face the same hurdle because much of its manufacturing is in South Korea.

“I thought he made a very compelling argument,” Trump told reporters Sunday. The president said he was having dinner with Apple’s CEO on Friday.

Trump has ordered 10% tariffs on an additional $300 billion in goods imported from China. Originally, all of those tariffs were scheduled to go into effect on Sept. 1, but Trump delayed some of the import duties until Dec. 15 over concerns about how they would impact the holiday shopping season.


Company: cnbc, Activity: cnbc, Date: 2019-08-18  Authors: spencer kimball
Keywords: news, cnbc, companies, tariffs, apple, president, trump, cook, tim, ceo, south, donald, apples, talked, workforce, samsung


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Samsung Display considers suspending output at South Korean LCD plant

KB Home CEO says confidence matters more than mortgage ratesMortgage rates have been falling sharply over the last three months, which should be incredibly positive for the housing market, but so far reaction has been muted in both…Real Estateread more


KB Home CEO says confidence matters more than mortgage ratesMortgage rates have been falling sharply over the last three months, which should be incredibly positive for the housing market, but so far reaction has been muted in both…Real Estateread more
Samsung Display considers suspending output at South Korean LCD plant Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16
Keywords: news, cnbc, companies, rates, korean, display, reaction, output, muted, months, matters, south, positive, mortgage, suspending, market, samsung, ratesmortgage, considers, sharply, lcd, plant


Samsung Display considers suspending output at South Korean LCD plant

KB Home CEO says confidence matters more than mortgage rates

Mortgage rates have been falling sharply over the last three months, which should be incredibly positive for the housing market, but so far reaction has been muted in both…

Real Estate

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Company: cnbc, Activity: cnbc, Date: 2019-08-16
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North Korea’s Kim Jong Un says missile launches are warning to US, South Korea over drill

Disney’s bundle of Disney+, ESPN+ and ad-supported Hulu will cost…Disney is finally bundling its three streaming services and it’s going to cost you $12.99 a month. On an earnings call Tuesday, CEO Bob Iger said that U.S. customers would be…Entertainmentread more


Disney’s bundle of Disney+, ESPN+ and ad-supported Hulu will cost…Disney is finally bundling its three streaming services and it’s going to cost you $12.99 a month. On an earnings call Tuesday, CEO Bob Iger said that U.S. customers would be…Entertainmentread more
North Korea’s Kim Jong Un says missile launches are warning to US, South Korea over drill Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-06
Keywords: news, cnbc, companies, koreas, launches, month, hulu, finally, missile, streaming, iger, south, warning, kim, services, jong, north, going, espn, earnings, drill, disneys, korea


North Korea's Kim Jong Un says missile launches are warning to US, South Korea over drill

Disney’s bundle of Disney+, ESPN+ and ad-supported Hulu will cost…

Disney is finally bundling its three streaming services and it’s going to cost you $12.99 a month. On an earnings call Tuesday, CEO Bob Iger said that U.S. customers would be…

Entertainment

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Company: cnbc, Activity: cnbc, Date: 2019-08-06
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North Korea fired two projectiles, South Korean military says

North Korea on Tuesday continued to ramp up its weapons demonstrations by firing unidentified projectiles twice into the sea while lashing out at the United States and South Korea for continuing their joint military exercises the North says could derail fragile nuclear diplomacy. The statement said the drills leave the North “compelled to develop, test and deploy the powerful physical means essential for national defense.” It didn’t immediately say how many projectiles were fired or how far they


North Korea on Tuesday continued to ramp up its weapons demonstrations by firing unidentified projectiles twice into the sea while lashing out at the United States and South Korea for continuing their joint military exercises the North says could derail fragile nuclear diplomacy. The statement said the drills leave the North “compelled to develop, test and deploy the powerful physical means essential for national defense.” It didn’t immediately say how many projectiles were fired or how far they
North Korea fired two projectiles, South Korean military says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-05
Keywords: news, cnbc, companies, korea, norths, south, weapons, nuclear, military, north, summit, trump, fired, projectiles, korean, statement


North Korea fired two projectiles, South Korean military says

North Korea on Tuesday continued to ramp up its weapons demonstrations by firing unidentified projectiles twice into the sea while lashing out at the United States and South Korea for continuing their joint military exercises the North says could derail fragile nuclear diplomacy.

South Korea’s military alerted reporters on the launches just minutes before an unidentified spokesperson of the North’s Foreign Ministry released a statement denouncing Washington and Seoul over the start of their joint exercises on Monday. The statement said the drills leave the North “compelled to develop, test and deploy the powerful physical means essential for national defense.”

The North’s spokesperson said Pyongyang remains committed to dialogue, but it could seek a “new road” if the allies don’t change their positions.

Seoul’s Joint Chiefs of Staff said the projectiles were launched from an area near the North’s western coast and flew cross-country before landing in waters off the country’s eastern coast.

It didn’t immediately say how many projectiles were fired or how far they flew.

The North last week conducted two test-firings of what it described as a new rocket artillery system and conducted a short-range ballistic missile launch on July 25, which it described as a “solemn warning” to South Korea over its plans to continue military drills with the United States. Experts say the North’s weapons display could intensify in the coming months if progress isn’t made on the nuclear talks.

The allies have scaled down their major military exercises and stopped regional dispatches of U.S. strategic assets such as long-range bombers and aircraft carriers since the first summit between North Korean leader Kim Jong Un and President Donald Trump June 2018 in Singapore to create space for diplomacy.

The North insists even the downsized drills violate agreements between Kim and Trump, who in Singapore vowed to improve bilateral ties and issued a vague statement on a nuclear-free Korean Peninsula without describing when and how it would occur.

Nuclear negotiations have been at a standstill since the collapse of the second Trump-Kim summit in Vietnam in February over disagreements in exchanging sanctions relief and disarmament.

The North’s recent weapons tests have dampened the optimism that followed the third summit between Trump and Kim on June 30 at the inter-Korean border. The leaders agreed to resume working-level nuclear talks that stalled since February, but there have been no known meetings between the two sides since then.


Company: cnbc, Activity: cnbc, Date: 2019-08-05
Keywords: news, cnbc, companies, korea, norths, south, weapons, nuclear, military, north, summit, trump, fired, projectiles, korean, statement


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Japan to remove South Korea from ‘white list’ of favored trade partners

South Korean President Moon Jae-in walks past Japanese Prime Minister Shinzo Abe at the G-20 summit in Osaka, Japan, on June 28, 2019. The decision to drop South Korea from the “white list,” a step that has been protested fiercely by Seoul, comes a month after Japan tightened curbs on exports to South Korea of three high-tech materials needed to make memory chips and display panels. South Korea would be the first country to be removed from Japan’s white list, which currently has 27 countries inc


South Korean President Moon Jae-in walks past Japanese Prime Minister Shinzo Abe at the G-20 summit in Osaka, Japan, on June 28, 2019. The decision to drop South Korea from the “white list,” a step that has been protested fiercely by Seoul, comes a month after Japan tightened curbs on exports to South Korea of three high-tech materials needed to make memory chips and display panels. South Korea would be the first country to be removed from Japan’s white list, which currently has 27 countries inc
Japan to remove South Korea from ‘white list’ of favored trade partners Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-02
Keywords: news, cnbc, companies, remove, korean, wartime, trade, partners, white, korea, favored, south, export, told, list, united, japan


Japan to remove South Korea from 'white list' of favored trade partners

South Korean President Moon Jae-in walks past Japanese Prime Minister Shinzo Abe at the G-20 summit in Osaka, Japan, on June 28, 2019.

Japan’s cabinet on Friday approved a plan to remove South Korea from a list of countries that enjoy minimum export controls, a move likely to escalate tensions fueled by a dispute over compensation for wartime forced laborers.

The decision to drop South Korea from the “white list,” a step that has been protested fiercely by Seoul, comes a month after Japan tightened curbs on exports to South Korea of three high-tech materials needed to make memory chips and display panels.

The decision was approved by the cabinet and would take effect from Aug. 28, Industry Minister Hiroshige Seko told a briefing. He said the trade control was not a countermeasure and was done from the standpoint of Japan’s national security.

Japan has previously cited what it says is South Korea’s insufficient export controls as the main impetus for the move. But Tokyo has also highlighted what it says is an erosion of trust after South Korean court rulings ordered Japanese firms compensate wartime forced laborers.

Japan says that issue of compensation was settled by a 1965 treaty that normalized ties between Tokyo and Seoul.

South Korea would be the first country to be removed from Japan’s white list, which currently has 27 countries including Germany, Britain and the United States.

The measure could require South Korean exporters to take extra administrative procedures to obtain export licenses, potentially slowing down exports of a wide range of goods that could be used to produce weapons.

South Korean officials have warned they may reconsider an intelligence sharing accord with Japan if the feud worsens.

The United States has urged its two key Asian allies to consider reaching a “standstill agreement” to buy more time for talks, a senior U.S. administration official told reporters in Washington on Tuesday.

U.S. Secretary of State Mike Pompeo said on Thursday he hoped the two would find a solution by themselves, stressing cooperation on North Korea was “incredibly important.”

Seko said Japan had briefed the U.S. administration on its plans to remove South Korea from the list, and added that the move was not intended to hurt bilateral relations with South Korea.


Company: cnbc, Activity: cnbc, Date: 2019-08-02
Keywords: news, cnbc, companies, remove, korean, wartime, trade, partners, white, korea, favored, south, export, told, list, united, japan


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‘Kim does not want to disappoint me:’ Trump downplays a series of North Korean ballistic missile launches

President Donald Trump meets with North Korean leader Kim Jong Un at the demilitarized zone separating the two Koreas, in Panmunjom, South Korea, June 30, 2019. WASHINGTON — President Donald Trump took to Twitter on Friday to downplay a series of North Korean ballistic missile launches and defend its leader, Kim Jong Un. “Kim Jong Un and North Korea tested 3 short range missiles over the last number of days. “He will do the right thing because he is far too smart not to, and he does not want to


President Donald Trump meets with North Korean leader Kim Jong Un at the demilitarized zone separating the two Koreas, in Panmunjom, South Korea, June 30, 2019. WASHINGTON — President Donald Trump took to Twitter on Friday to downplay a series of North Korean ballistic missile launches and defend its leader, Kim Jong Un. “Kim Jong Un and North Korea tested 3 short range missiles over the last number of days. “He will do the right thing because he is far too smart not to, and he does not want to
‘Kim does not want to disappoint me:’ Trump downplays a series of North Korean ballistic missile launches Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: amanda macias
Keywords: news, cnbc, companies, missile, nuclear, trump, president, korean, korea, jong, downplays, disappoint, kim, launches, north, does, south, series, missiles


'Kim does not want to disappoint me:' Trump downplays a series of North Korean ballistic missile launches

President Donald Trump meets with North Korean leader Kim Jong Un at the demilitarized zone separating the two Koreas, in Panmunjom, South Korea, June 30, 2019.

WASHINGTON — President Donald Trump took to Twitter on Friday to downplay a series of North Korean ballistic missile launches and defend its leader, Kim Jong Un.

“Kim Jong Un and North Korea tested 3 short range missiles over the last number of days. These missiles tests are not a violation of our signed Singapore agreement, nor was there discussion of short range missiles when we shook hands,” Trump wrote, adding that Kim “does not want to disappoint me with a violation of trust.”

“He will do the right thing because he is far too smart not to, and he does not want to disappoint his friend, President Trump!”

Trump’s tweets came a day after North Korea launched two short-range ballistic missiles into the sea. The missiles did not appear to pose any immediate threat to the U.S. or its allies in the region, three U.S. defense officials told NBC News.

Earlier this week, North Korea fired two ballistic missiles from the Hodo Peninsula in South Hamgyong province on the country’s east coast. The projectiles appeared to be a different type than previous launches, South Korea’s national defense minister, Jeong Kyeong-doo, said, according to South Korean news agency Yonhap.

The Pentagon and the White House did not immediately respond to CNBC’s requests for comment.

This week’s tests come on the heels of an earlier test in July that marked the first provocation since Kim and Trump agreed in June to revive denuclearization talks. A summit between the two leaders in February failed to secure a deal.

North Korea, the only nation to have tested nuclear weapons this century, spent most of Trump’s first year in office perfecting its nuclear arsenal. The newest member of the world’s exclusive nuclear weapons club has stopped testing of its nukes for now as the U.S. and international community offer the possibility of relief from crippling economic sanctions.


Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: amanda macias
Keywords: news, cnbc, companies, missile, nuclear, trump, president, korean, korea, jong, downplays, disappoint, kim, launches, north, does, south, series, missiles


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South Korea warns Japan that removing Seoul from its preferential list could affect security cooperation

South Korean President Moon Jae-in walks past Japanese Prime Minister Shinzo Abe at the G-20 summit in Osaka, Japan, on June 28, 2019. South Korea’s Foreign Minister Kang Kyung-wha held talks with her Japanese counterpart Taro Kono on the sidelines of a Southeast Asia conference in Bangkok on Thursday. The meeting was the highest-level talks since Japan tightened curbs last month on exports to South Korea of high-tech materials, accusing its neighbour of inadequate management of sensitive items.


South Korean President Moon Jae-in walks past Japanese Prime Minister Shinzo Abe at the G-20 summit in Osaka, Japan, on June 28, 2019. South Korea’s Foreign Minister Kang Kyung-wha held talks with her Japanese counterpart Taro Kono on the sidelines of a Southeast Asia conference in Bangkok on Thursday. The meeting was the highest-level talks since Japan tightened curbs last month on exports to South Korea of high-tech materials, accusing its neighbour of inadequate management of sensitive items.
South Korea warns Japan that removing Seoul from its preferential list could affect security cooperation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: huileng tan
Keywords: news, cnbc, companies, japan, list, japanese, removing, warns, koreas, foreign, seoul, trade, talks, cooperation, minister, security, korea, south, preferential


South Korea warns Japan that removing Seoul from its preferential list could affect security cooperation

South Korean President Moon Jae-in walks past Japanese Prime Minister Shinzo Abe at the G-20 summit in Osaka, Japan, on June 28, 2019.

South Korea’s foreign minister warned on Thursday that if Japan removes South Korea from its list of countries with minimum trade restrictions, Seoul would have to review bilateral security cooperation

Relations between Japan and South Korea are arguably at their lowest ebb since they normalised ties in 1965, with a spiralling diplomatic and trade row threatening to disrupt the global supply of semiconductors and undercut crucial security cooperation on North Korea.

South Korea’s Foreign Minister Kang Kyung-wha held talks with her Japanese counterpart Taro Kono on the sidelines of a Southeast Asia conference in Bangkok on Thursday.

The meeting was the highest-level talks since Japan tightened curbs last month on exports to South Korea of high-tech materials, accusing its neighbour of inadequate management of sensitive items.

A South Korean court ruled last year that Japanese firms had to pay compensation to South Koreans forced to work in Japanese factories during Japan’s occupation of the Korean peninsula from 1910 to 1945. Japan says a settlement has already been reached.

The Bangkok talks failed to narrow differences, with an official at South Korea’s foreign ministry saying there was “no

major change ” in Japan’s stance.

Tokyo is expected to give cabinet approval for the removal of South Korea from its so-called “white list” as early as Friday.

Kang said she urged Kono to stop the process or it would force Seoul to craft countermeasures.

“As Japan cited security reasons for its trade restrictions, I said we will have no option but to review the various frameworks of security cooperation with Japan if the cabinet decision comes tomorrow,” Kang told reporters. There was no immediate comment from Japan’s foreign ministry.


Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: huileng tan
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Japan-South Korea dispute may be good news for memory chip prices

An ongoing trade conflict between Japan and South Korea may potentially boost memory chip prices, which have remained low for about a year, according to an analyst. The situation could escalate this week if Japan removes South Korea from a list of trusted trade partners that enjoy preferential treatment. That process, Newman explained, normally takes two to three months and may result in a reduction of Samsung’s memory chip inventory — the memory business is a significant component of Samsung’s


An ongoing trade conflict between Japan and South Korea may potentially boost memory chip prices, which have remained low for about a year, according to an analyst. The situation could escalate this week if Japan removes South Korea from a list of trusted trade partners that enjoy preferential treatment. That process, Newman explained, normally takes two to three months and may result in a reduction of Samsung’s memory chip inventory — the memory business is a significant component of Samsung’s
Japan-South Korea dispute may be good news for memory chip prices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, supply, japansouth, process, memory, materials, prices, samsung, japan, korea, chip, newman, south, dispute, good


Japan-South Korea dispute may be good news for memory chip prices

An ongoing trade conflict between Japan and South Korea may potentially boost memory chip prices, which have remained low for about a year, according to an analyst. Due to a growing dispute over wartime forced labor, Japan announced stricter restrictions on exports of three crucial high-tech materials that are used by South Korean tech companies like Samsung to make memory chips and smartphone displays. The situation could escalate this week if Japan removes South Korea from a list of trusted trade partners that enjoy preferential treatment. Samsung may be forced to look for alternative supply sources for all its technology parts and materials imported from Japan, that are needed to build its memory chips, batteries and display screens, Mark Newman, managing director and senior analyst at Sanford C. Bernstein, said on Wednesday. “They need to qualify those alternatives,” Newman told CNBC’s “Squawk Box, ” referring to the process of selecting the right supply chain partners to buy materials from, and to ensure they meet Samsung’s quality control standards. That process, Newman explained, normally takes two to three months and may result in a reduction of Samsung’s memory chip inventory — the memory business is a significant component of Samsung’s overall earnings.

A memory module by Samsung Electronics. SeongJoon Cho | Bloomberg | Getty Images

“There’s a potential the production could go down for a few weeks, which would have a significant positive impact on memory prices if that did ever happen,” Newman said, adding that spot prices have already started rebounding. Still, he added, it’s not an immediate emergency for Samsung as the company has “enough inventory to continue production right now.” Reuters reported that South Korean chipmakers were already sounding out non-Japanese suppliers to secure stock for the three high-tech materials that were restricted in July.

Samsung Q2 profits down 56%

Japanese Prime Minister Shinzo Abe’s cabinet plans to endorse Seoul’s removal from the so-called “white list,” which is expected to go into effect late August, the Nikkei business daily reported. South Korea relies heavily on Japanese exports of intermediate parts and materials, particularly electronics components and chemical products, in its manufacturing industry. If the move goes through, Japanese exporters will need licenses to ship hundreds of items to South Korea that could potentially be used in weapons-related applications. Getting those approvals could take time and delay business processes. In turn, that may slow down electronics exports and manufacturing in South Korea, according to analysts. Samsung reported a 56% decline in second-quarter operating profit for the three months that ended June due to falling memory chip prices. On its earnings call, a Samsung executive said the company is facing “difficulties due to the burden of this new export approval process, and the uncertainties that this new process would bring.” For nearly a year, the global semiconductor industry had been undergoing a period of inventory adjustment that has kept demand low and caused a supply glut, which in turn squeezed prices. Analysts have said they expect a recovery to get underway in 2020.

Still, Samsung said its second-quarter memory demand rose despite weak business conditions and that it expects further increase in the second half of the year due to “strong seasonality.”

‘Final innings’ of a downturn

Some experts have said the trade dispute between Tokyo and Seoul may not necessarily result in any major disruption to supply chains. “As long as these materials come out of Japan and go to a distributor, then it could be re-routed to (South) Korea,” Mehdi Hosseini, senior tech hardware analyst at Susquehanna Financial Group, told CNBC’s “Street Signs ” on Wednesday. “Maybe there is a little bit of an added cost associated with this, but similar to the situation between U.S. and China, the dispute between Japan and (South) Korea has not really had any disruptive impact.” Hosseini also said the semiconductor industry is seeing some stabilization. “The inventory correction of the downturn is behind us. We’re in the final innings,” he said, adding that it remains to be seen how technologies such as cloud computing and 5G — the next-generation of ultra high-speed mobile internet — drive demand for memory chips. “We need to wait till the Fall to have a better view of 2020, and, therefore be able to determine the slope of the recovery,” Hosseini said. “It is a little bit early.”


Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, supply, japansouth, process, memory, materials, prices, samsung, japan, korea, chip, newman, south, dispute, good


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Samsung shares tumble after the company says its second-quarter profit fell 56%

A South Korean flag, left, and Samsung Electronics Co. flag fly outside the company’s headquarters in Seoul, South Korea. Operating profit for the quarter came in at 6.6 trillion Korean won ($5.6 billion), down 55.61% from the same period a year ago, the world’s largest smartphone maker said. Its consolidated revenue was at 56.13 trillion won. Samsung said its semiconductor business posted consolidated revenue of 16.09 trillion won and an operating profit of 3.4 trillion won for the quarter, whi


A South Korean flag, left, and Samsung Electronics Co. flag fly outside the company’s headquarters in Seoul, South Korea. Operating profit for the quarter came in at 6.6 trillion Korean won ($5.6 billion), down 55.61% from the same period a year ago, the world’s largest smartphone maker said. Its consolidated revenue was at 56.13 trillion won. Samsung said its semiconductor business posted consolidated revenue of 16.09 trillion won and an operating profit of 3.4 trillion won for the quarter, whi
Samsung shares tumble after the company says its second-quarter profit fell 56% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-31  Authors: saheli roy choudhury
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Samsung shares tumble after the company says its second-quarter profit fell 56%

A South Korean flag, left, and Samsung Electronics Co. flag fly outside the company’s headquarters in Seoul, South Korea.

Samsung Electronics said Wednesday that profits for the three months that ended June more than halved from a year earlier due to falling memory chip prices.

Operating profit for the quarter came in at 6.6 trillion Korean won ($5.6 billion), down 55.61% from the same period a year ago, the world’s largest smartphone maker said. Its consolidated revenue was at 56.13 trillion won.

“The weakness and price declines in the memory chip market persisted as effects of inventory adjustments by major datacenter customers in the previous quarters continued, despite a limited recovery in demand,” Samsung said in a news release.

Those numbers were slightly better than the guidance the company provided earlier this month. Samsung shares tumbled 2.58% in morning trade.

Samsung said its semiconductor business posted consolidated revenue of 16.09 trillion won and an operating profit of 3.4 trillion won for the quarter, which was down almost 71% from a year ago. The company said its memory unit saw increased demand despite weak market conditions.

For the second half of the year, Samsung said, “demand is expected to grow although the Company sees volatility in the overall industry due to increased external uncertainties.”

Memory components, which are used in mobile handsets and enterprise servers, make up Samsung’s main profit-making business.


Company: cnbc, Activity: cnbc, Date: 2019-07-31  Authors: saheli roy choudhury
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