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Samsung shares opened 3.3% higher versus a 1.4% rise in the wider market (.KS11), as analysts said memory chip prices likely bottomed in the third quarter, with some types starting to rebound. The world's largest memory chip and smartphone maker estimated its operating profit fell to 2.4 trillion won ($1.79 billion) in July-September, from 10.85 trillion won a year earlier in a short preliminary earnings statement. The profit beat a 2.1 trillion won LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. The company reported losses of 4.58 trillion won and 4.36 trillion in its chip business in the first and second quarter respectively, as memory chip prices plunged and its inventory values were slashed. Samsung's said its revenue likely fell 13% from the same period a year earlier to 67 trillion won.

Persons: Yves Herman, LSEG, Ko Yeongmin, chipmakers, Ko, Samsung's, 1,342.1900, Joyce Lee, Heekyong Yang, Jamie Freed Organizations: Samsung, REUTERS, Samsung Electronics, Daol Investment, Securities, Apple, Thomson Locations: Brussels, Diegem, Belgium, SEOUL

The world's largest memory chip and smartphone maker estimated its operating profit fell to 2.4 trillion won ($1.79 billion) in July-September, from 10.85 trillion won a year earlier in a short preliminary earnings statement. The profit beat a 2.1 trillion won LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. Although down sharply from last year, Samsung's third quarter profit is higher than the first quarter's 640 billion won and the second quarter's 670 billion won. Rival Micron Technology (MU.O) also forecast a quarterly loss last month, triggering concerns of a sluggish recovery in the memory chip maker's end markets such as data centres. Samsung's revenue likely fell 13% from the same period a year earlier to 67 trillion won, Samsung said in the statement.

Persons: Yves Herman, LSEG, Samsung's, chipmakers, 1,342.1900, Joyce Lee, Heekyong Yang, Jamie Freed Organizations: Samsung, REUTERS, Rights, Samsung Electronics Co, Micron Technology, Apple, Thomson Locations: Brussels, Diegem, Belgium, Rights SEOUL, KS, Korean

☆ Can U.S. drone makers compete with cheap, high-quality Chinese drones?
▼ + stars: | 2023-10-11 | by ( Brad Howard | In | ) www.cnbc.com time to read: +2 min

The U.S. domestic drone industry has found itself at a disadvantage when it comes to producing these useful remote-controlled flying machines in America. Chinese drone maker DJI remains the king of the industry, controlling more than 70% of the global drone market. DJI drones are currently used by state university researchers, police departments, firefighters and other groups across the U.S. that could be affected by potential bans on Chinese-produced drones. "It is going to be key that the U.S.-produced drones, or drones produced by trusted allies, become more affordable." Watch the video above to find out if the U.S. drone industry can compete with Chinese drone producers.

Persons: Adam Bry, Adam Welsh, Mark Montgomery Organizations: CNBC, Israel, Center, Foundation for Defense of Democracies Locations: America, China, U.S, DJI, Russia, Ukraine

However, the fall Prime event might have better prices for home goods. In fact, the best prices happened on days that were not key shopping event days. Regardless, the July Prime event offered a deeper discount to shoppers when compared to last year's October Prime sale and Super Saturday. The product did go on sale during last October's Prime member event and this past July's Prime sale, but the discounts were not as deep. Downloads of Amazon's shopping app have declined steadily during each subsequent Prime member shopping event since Amazon's Prime Days in July 2021, according to data intelligence platform Apptopia, which tracks mobile app usage for brands like Amazon.

Persons: Tom Williams, Nick Handrinos, Julie Ramhold, it's, Ramhold, iRobot's, Keurig, AF101, fryer, The Bissell Organizations: Washington , D.C, Cq, Inc, Getty, Adobe, Amazon Prime, Gallup, Finance, Deloitte, CNBC, Electronics, Deal, CoreSight Research, NBC, Scout, Amazon, Sony, Black, Health, Revlon, Philips, July's Locations: Washington ,, Research's U.S

BANGKOK (AP) — Shares advanced Wednesday in Asia, tracking Wall Street gains following an easing of pressure from the bond market. Some of the strongest action was in the bond market, where Treasury yields eased after trading resumed following a holiday on Monday. The two-year Treasury yield, which moves more closely with expectations for the Fed’s actions, sank to 4.97% from 5.09%. Treasury yields had jumped last week to their highest levels in more than a decade, following the lead of the Fed’s main interest rate, which is at heights unseen since 2001. Traders are now betting on a nearly 73% chance that the year will end without any more Fed rate hikes, according to data from CME Group.

Persons: Australia's, They’ve Organizations: —, Bloomberg, Samsung Electronics, SK Hynix's, Investors, Federal Reserve, Dow Jones, Nasdaq, PepsiCo, Treasury, Traders, CME Group, New York Mercantile Exchange, Brent, U.S Locations: BANGKOK, Asia, Hong Kong, Shanghai, South Korea, India, Bangkok, Israel

☆ Samsung flags 78% profit drop as chip demand remains weak
▼ + stars: | 2023-10-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Samsung warned that operating profit in the third quarter likely plunged 78% as it continues to contend with lower than usual demand for consumer devices. The South Korean tech giant released earnings estimates Wednesday, forecasting operating profit of about 2.4 trillion Korean won ($1.8 billion) for the three months ended September. That compares with 10.85 trillion won ($8 billion) in the same period last year. The firm’s operating profit plummeted 95% in the first quarter, following a record loss in its semiconductor business. Samsung has also told shareholders it anticipates a gradual comeback in global demand in the second half of the year.

Persons: Bain, “ Organizations: Hong Kong CNN, Samsung, South, Revenue, Counterpoint Research, Nomura Locations: Hong Kong, North America, Seoul

☆ Samsung Electronics expects third quarter profit to plunge 78% but shares surge
▼ + stars: | 2023-10-11 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

South Korean chip giant Samsung Electronics is expecting a 78% drop in operating profit in the quarter ended September, according to guidance released by the company. The company expects revenue will come in at approximately 67 trillion South Korean won ($50.02 billion) for the third quarter, while operating profit will stand at about 2.4 trillion won. This compares with the 76.78 trillion won recorded in sales and 10.85 trillion won in operating profit reported a year ago. The operating profit guidance from Samsung was slightly higher than analyst expectations. Before the guidance was released, analysts polled by LSEG expected operating profit of 2.3 trillion won for the September quarter, a 78.7% year-on-year decline.

Persons: LSEG Organizations: Samsung Galaxy, Samsung Electronics, South Korean, Samsung Locations: Seoul

☆ Klarna takes aim at Google and Amazon with AI image recognition tool for shopping
▼ + stars: | 2023-10-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

It's similar to how Google Lens directs users to suggestions based on items captured by their camera. The tool is trained on data from PriceRunner, a price comparison service Klarna acquired for close to $1 billion. PriceRunner competes with the likes of Amazon , Google's shopping comparison service Google Shopping, and French-founded firm Kelkoo. Klarna users will be able to point their phone at an item of clothing or gadget and find recommendations on similar products directly within the Klarna app. Still, regulators, not least the European Union, have become wary about the rapid advancement of generative AI technology, which generates new material in response to human inputs.

Persons: Rafael Henrique, David Sandstrom, Klarna Sandstrom, Klarna, Sandstrom Organizations: Getty, Google, CNBC, Microsoft, European Union Locations: Swedish, PriceRunner, French, Stockholm, Europe, China, Silicon Valley

"Most traffic issues occur because of non-line-of-sight scenarios," the government panel said in its 58-page draft, which is being reported for the first time by Reuters. "Most sensors do not work well in these scenarios and V2X fills the gap," it added, referring to the connected car technology commonly known as vehicle-to-everything (V2X). In Europe, the Euro NCAP rules recognise vehicle connectivity as a key milestone in crash avoidance and car ratings, the report added, while China and the United States are among the nations evaluating similar rules to improve safety. "With limitation for growth infrastructure there is a strong need to depend on technology to address challenges," the panel said in its report. The United States estimates introducing V2X connected vehicle technology could prevent at least 600,000 crashes a year.

Persons: Francis Mascarenhas, Bharat, V2X, Munsif, Aditi Shah, Aditya Kalra, Clarence Fernandez Organizations: REUTERS, Reuters, Reliance, Samsung, Qualcomm, Mahindra & Mahindra, Mahindra, carmakers, United, Thomson Locations: New Delhi, India, China, Europe, USA, DELHI, Indian, United States, Bengaluru

☆ Daiwa Securities discusses Samsung Electronics' earnings guidance
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDaiwa Securities discusses Samsung Electronics' earnings guidanceSK Kim, executive director of Daiwa Securities, discusses the South Korean giant's performance in the China market.

Organizations: Daiwa Securities, Samsung Electronics, SK Kim Locations: China

☆ CNBC Daily Open: U.S. Treasurys shine as safe havens
▼ + stars: | 2023-10-11 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. That's a staggering plunge of 78.7% year over year, dragged down by the firm's semiconductor business, which is expected to post a loss of more than 3 trillion won for the quarter. Alameda allegedly took FTX moneyCaroline Ellison, the former head of Alameda Research and ex-girlfriend of FTX founder Sam Bankman-Fried, took the stand as the government's star witness Tuesday. But when it hits, the stock market will probably slump about 12%, the founder and chief investment officer of Tudor Investment told CNBC.

Persons: That's, Caroline Ellison, Sam Bankman, Ellison, Sam, Paul Tudor Jones Organizations: CNBC, Samsung Electronics, Samsung, International Monetary Fund, IMF, Alameda Research, Tudor Investment Locations: Finland, Estonia, U.S, Alameda

Many start-up companies like Klarna are adding AI to their product portfolio to boost valuations as they wait for their turn to hit the public markets through an initial public offering. To prevent any privacy issues, Klarna's AI does not allow images of people's faces or bodies to appear, he said. Google's (GOOGL.O) Lens tool also has search features that allow the mixing of photos and text in searches. The shopping lens is available to consumers in the U.S., UK, Germany, Sweden, Denmark and Norway, Klarna said. Klarna, once Europe's most valuable startup, allows shoppers to buy online through its merchant partners and pay in installments using its "buy now, pay later" service.

Persons: David Sandström, Sandström, Klarna, Supantha Mukherjee, Jane Merriman Organizations: Google, Thomson Locations: STOCKHOLM, U.S, Germany, Sweden, Denmark, Norway, Stockholm

☆ Smartphones with 'self-healing' displays will arrive within five years, analysts predict
▼ + stars: | 2023-10-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

SeongJoon Cho | Bloomberg via Getty ImagesSmartphones with displays capable of repairing themselves could start appearing on the market by 2028, according to analyst firm CCS Insight. Companies have been talking about smartphone display technology that can be self-repaired for several years now. LG, the South Korean consumer electronics giant, was touting self-healing technology in its smartphones as far back as 2013. Phone makers are getting more and more inventive when it comes to display technology. The company's HTC Hero, HTC Legend, HTC Desire and HTC One were among some of the leading Android phones.

Persons: SeongJoon Cho, Wood, We're, Apple, HTC Organizations: Samsung, Bloomberg, Getty, CCS Insight, CNBC, Companies, LG, South, Motorola, Mobile, HTC, Insight, Google, Meta, Sony, Apple, they'll Locations: Barcelona

☆ CNBC Daily Open: Investors flocked to U.S. Treasurys for safety
▼ + stars: | 2023-10-11 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets continued rallyingU.S. stocks rose Tuesday, boosted by falling Treasury yields and easing oil prices. Alameda allegedly took FTX moneyCaroline Ellison, the former head of Alameda Research and ex-girlfriend of FTX founder Sam Bankman-Fried, took the stand as the government's star witness Tuesday. After screening for such stocks, CNBC Pro found 10 with dividend yield above 4% and a debt-to-capital ratio of less than 80%, among other criteria.

Persons: That's, Caroline Ellison, Sam Bankman, Ellison, Sam Organizations: CNBC, Samsung Electronics, UBS, Alameda Research, CNBC Pro Locations: Asia, Pacific, China, Alameda, Israel

The indicative price range was set at 1,830-1,840 yen per share, KKR-backed Kokusai said in a regulatory filing on Tuesday, compared with 1,890 yen previously. Kokusai said the lower range reflected the view of institutional investors and the state of the stock market. If its IPO prices at the top of the range, Kokusai, which manufactures machines that deposit thin films on silicon wafers, will offer 108.3 billion yen ($729 million) worth of shares and have a market valuation of 423.9 billion yen, excluding an overallotment. Capital Research and Management and Lazard Asset Management have committed to purchase shares at the offer price, Kokusai said in a separate filing. Kokusai's largest customers are Samsung Electronics (005930.KS), TSMC (2330.TW) and Micron Technology (MU.O), collectively accounting for more than 40% of its revenue.

Persons: Kokusai, SoftBank Group's, Sam Nussey, Makiko Yamazaki, Miho Uranaka, Kaori Kaneko, Christian Schmollinger, Sonali Paul, Edmund Klamann Organizations: Kokusai, KKR, Capital Research, Management, Lazard Asset Management, Samsung Electronics, Micron Technology, Investors, Micron, Thomson Locations: TOKYO

☆ Samsung expected to report 80% profit plunge as losses mount at chip business
▼ + stars: | 2023-10-10 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Costfoto | Nurphoto | Getty ImagesSamsung Electronics earnings are expected to plunge nearly 80% in the third quarter, according to analyst forecasts, as the company's biggest profit-driving segment — semiconductors — continues to come under pressure. Analysts polled by LSEG expect operating profit of 2.3 trillion Korean won ($1.7 billion) for the September quarter, a 78.7% year-on-year decline. Revenue is expected to come in at 67.8 trillion won, a fall of 11.6%, according to LSEG consensus forecasts. Samsung's semiconductor business — typically the company's cash cow — is expected to post a more than 3 trillion won loss for the third quarter, according to analyst forecasts, as it continues to face headwinds. Daiwa analyst SK Kim sees operating profit for the third quarter at 1.65 trillion won, much lower than the average analyst estimate of 2.3 trillion won.

Organizations: Samsung, Nurphoto, Getty, LSEG, Revenue, Daiwa, Markets, SK Kim, Apple Locations: Hangzhou, East China's Zhejiang, Korean

☆ Samsung, SK Hynix get indefinite waivers to ship U.S. chip equipment to their China factories
▼ + stars: | 2023-10-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Samsung Electronics Co. 4GB Double-Data-Rate (DDR) 3 memory module, top, and 8GB DDR 3 memory modules are arranged for a photograph in Seoul, South Korea, on Tuesday, July 9, 2019. South Korean chip giants Samsung and SK Hynix will be allowed to ship U.S. semiconductor manufacturing equipment to their China factories indefinitely without separate U.S. approvals, South Korea's Yonhap News Agency reported on Monday. Previously, Samsung Electronics and SK Hynix obtained one-year waivers from the U.S. to continue importing advanced tools for their China plants. "The U.S. government's decision means that the most significant trade issue of our semiconductor companies has been resolved," said Choi. The latest development quells concerns Samsung and SK Hynix have about their chip production in China, which partly relies on U.S. equipment.

Persons: Choi Sang, Seoul's, Choi Organizations: Samsung Electronics Co, Samsung, SK Hynix, Yonhap News Agency, Samsung Electronics Locations: Seoul, South Korea, Korean, China, U.S

☆ eBay's first chief AI officer is building AI tools to change how people shop online, saying the AI 'paradigm shift' will happen in three phases
▼ + stars: | 2023-10-10 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

E-commerce companies eBay and Shopify are both building tools that enable online sellers to use AI. eBay chief AI officer Nitzan Mekel-Bobrov said he sees AI bringing a "paradigm shift" to e-commerce. AdvertisementAdvertisementNitzan Mekel-Bobrov joined eBay as the company's first chief AI officer in 2021. Internally, eBay is also developing AI tools that are aimed at improving productivity and creativity for its engineers, analysts, and content creators. Jaffer told Insider that business owners often have specific needs that aren't easily solved by the AI tools that are widely accessible today.

Persons: Nitzan, Bobrov, —, We've, Miqdad, Jaffer, Shopify, They've Organizations: eBay, Service, Canadian, eBay's, Harvard Business School Locations: Shopify

Learn moreWith only a handful of weeks before the holiday season kicks into high gear, Prime Big Deal Days is the perfect time to score discounts on everything from stocking stuffers to big ticket items for your loved ones. The October sale, which is like a second Prime Day with a different name, takes place on October 10 and 11 and has big sales on a slew of coveted items. Prime sales like this are the time when we find the most items at the lowest prices all year. Our team of experienced deal hunters will be scouring Amazon for the best Prime Day deals on products that make great gifts. Top 5 gift dealsTech gift deals you can get on Prime DayKitchen gift deals you can get this Prime DayBeauty gift deals you can get this Prime DayApparel and accessories gifts you can get this Prime DayLoading Something is loading.

Organizations: Apparel

☆ Samsung Q3 profit set to slump 80% as chip losses persist
▼ + stars: | 2023-10-09 | by ( Joyce Lee | ) www.reuters.com time to read: +3 min

[1/2] A view shows Samsung Electronics' chip production plant at Pyeongtaek, South Korea, in this handout picture obtained by Reuters on September 7, 2022. The world's biggest maker of memory chips, smartphones and televisions will announce its third-quarter preliminary earnings results on Wednesday. It compares with an operating profit of 10.85 trillion won in the September quarter last year. Analysts said Samsung's cuts to chip production also hurt economies of scale, lifting the costs of making chips. Rival Micron Technology (MU.O) forecast a quarterly loss last month, triggering concerns of a sluggish recovery in the memory chip maker's end markets such as data centres.

Persons: 1,347.1300, Joyce Lee, Jamie Freed Organizations: Samsung Electronics, Reuters, REUTERS, Rights, Analysts, Samsung, Micron Technology, KB Securities, SK Hynix, Nvidia, Thomson Locations: Pyeongtaek, South Korea, Rights SEOUL, Korean, American

☆ South Korean firms get waiver on US chip gear supplies to China
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] Memory chips by South Korean semiconductor supplier SK Hynix are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. The U.S. had been expected to extend a waiver granted to the South Korean chipmakers on a requirement for licences to bring U.S. chip equipment into China. Once included in the list, there is no need to obtain permission for separate export cases. "We welcome the U.S. government's decision to extend a waiver with regard to the export control regulations. We believe the decision will contribute to the stabilisation of the global semiconductor supply chain," SK Hynix said in a statement.

Persons: Florence Lo, Yonhap, SK Hynix, Joyce Lee, Edmund Klamann Organizations: SK Hynix, REUTERS, Rights, Samsung Electronics, U.S, Korean, The U.S . Department of Commerce, Samsung, SK, Thomson Locations: Rights SEOUL, KS, China, The

☆ Dominican Republic intensifies Haiti border shutdown over canal row
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +1 min

Haitians carry personal belongings, as they cross the border between the Dominican Republic and Haiti, after Dominican President Luis Abinader announced an imminent total border shutdown amid a conflict over the construction of a water channel from a shared river, in Ouanaminthe, Haiti September 14, 2023. REUTERS/Octavio... Acquire Licensing Rights Read moreOct 9 (Reuters) - The Dominican Republic announced new measures to strengthen control at its border with Haiti, including an indefinite extension of the border shutdown it enacted last month plus boosting military forces as well as a new exports ban. The measures were announced by Dominican security officials in a statement on Monday. The Dominican Republic sealed its border with Haiti last month after it deemed construction work on a canal diverting water from the Massacre River a treaty violation since it was launched unilaterally by Haitians without government support. Reporting by Paul Mathiasen and Valentine Hilaire; Editing by David Alire GarciaOur Standards: The Thomson Reuters Trust Principles.

Persons: Luis Abinader, Octavio, Paul Mathiasen, Valentine Hilaire, David Alire Garcia Organizations: Dominican, REUTERS, Dominican Republic, Thomson Locations: Dominican Republic, Haiti, Ouanaminthe, Dominican

☆ Forget the U.S: Pros say another top market looks cheap and offers the 'best' opportunities
▼ + stars: | 2023-10-09 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +4 min

Attractive returns and the breadth of opportunities are among the many reasons the U.S. has long reigned supreme for investors. In terms of countries, Japan looks to offer the best combination of earnings growth, cheap valuations and policy support," Tom Stevenson, investment director at Fidelity International, told CNBC Pro. "Japanese shares are trading on around 15 times this year's expected earnings and 14 times earnings two years out," he said. "There has been some increase in this multiple during the recent rally in Japanese shares, but they remain relatively cheap compared to the U.S. which trades on around 20 times earnings." Among his choices is the Baillie Gifford Japanese Fund, which he describes as a "growth-focused fund run by an experienced manager."

Persons: Tom Stevenson, Daniel Hurley, Rowe Price, Stevenson, TRP's Hurley, Fidelity's Stevenson, Hurley, Baillie Gifford Organizations: Fidelity International, CNBC, CNBC Pro, Japan, Tokyo Exchange Group, Stock, Japan's, Bank of Japan, Sony, Astella Pharmaceuticals, Fund, Schroder Japan Trust, SoftBank, SBI Holdings, Hitachi, Nippon Gas, Toyota, Japan IMI Locations: Japan, U.S

☆ 3 unique ways employees and companies are making 4-day workweeks happen
▼ + stars: | 2023-10-09 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

The four-day workweek is picking up steam as test pilots report promising results. It's led some entrepreneurs and businesses to give the four-day week a chance. Some people are using remote work as a different way to reduce their weekly hours. By November, she and her three remote employees had transitioned to a "quasi- four-day workweek ," she said. More companies may give the four-day week a chance as pilot programs across the globe report promising results and the competition to attract talent persists.

Persons: It's, —, Elly Hurst, Hurst, hasn't, Mark Takano, Robert Burns, workweek, Burns, Jamie Dimon, Drew Angerer, he's, Nick Bloom, Azman Nabi, I've, Nabi, Elly Hurst Elly Hurst Organizations: Service, Democratic, Getty, JPMorgan, Stanford Locations: Maryland, Rochester , New York, India, San Diego

☆ South Korean firms get indefinite waiver on US chip gear supplies to China
▼ + stars: | 2023-10-09 | by ( ) edition.cnn.com time to read: +2 min

The United States had been expected to extend a waiver granted to the South Korean chipmakers on a requirement for licenses to bring US chip equipment into China. The United States has already notified Samsung and SK Hynix of the decision, indicating that it is in effect, Choi said. Samsung and SK Hynix, the world’s largest and second-largest memory chipmakers, have invested billions of dollars in their chip production facilities in China and welcomed the move. SK Hynix said: “We welcome the US government’s decision to extend a waiver with regard to the export control regulations. The companies together controlled nearly 70% of the global DRAM market and 50% of the NAND flash market as of end-June, data from TrendForce showed.

Persons: ”, Choi, mok, ” Samsung, SK Hynix Organizations: Seoul Reuters, Samsung Electronics, SK Hynix, United, Korean, Samsung, US Department of Commerce, SK Locations: Seoul, China, United States, Xian, Wuxi, Dalian, TrendForce

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