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SEOUL, South Korea (AP) — A South Korean court on Monday acquitted Samsung Electronics Chairman Lee Jae-yong of financial crimes involving a contentious merger between Samsung affiliates in 2015 that tightened his grip over South Korea’s biggest company. The court said the prosecution failed to sufficiently prove the merger between Samsung C&T and Cheil Industries was unlawfully conducted with an aim to strengthen Lee’s control over Samsung Electronics. Lee had denied wrongdoing in the current case, describing the 2015 merger as “normal business activity.”Lee, 56, did not answer questions from reporters as left the court. Lee Jae-yong served 18 months in prison after being convicted in 2017 over separate bribery charges related to the 2015 deal. Some shareholders had opposed the 2015 merger, saying that it unfairly benefited the Lee family while hurting minority shareholders.

Persons: Lee Jae, Lee, ” Lee, Jin Kim, Lee Kun, Park, Yoon Suk, tycoons, Kim Tong, hyung Organizations: Samsung, Korea’s, Seoul Central, Cheil Industries, Samsung Electronics, Prosecutors, South, National Pension Service Locations: SEOUL, South Korea, Seoul, Ukraine

☆ Samsung Chief Lee Cleared of Charges in 2015 Merger Case
▼ + stars: | 2024-02-05 | by ( Feb. | At A.M. | ) www.usnews.com time to read: 1 min

SEOUL (Reuters) - Samsung Electronics Chairman Jay Y. Lee was found not guilty by a Seoul court on Monday in a case related to irregularities in a 2015 merger of Samsung affiliates that prosecutors said was designed to cement his control of the tech group.

Persons: Jay Y, Lee Organizations: Samsung Electronics, Samsung Locations: SEOUL, Seoul

☆ Samsung chief Lee Jae-yong acquitted in 2015 merger case
▼ + stars: | 2024-02-05 | by ( Yoonjung Seo | ) edition.cnn.com time to read: +1 min

Seoul CNN —Samsung chief Lee Jae-yong was found not guilty by a Seoul court on Monday on charges of stock manipulation and accounting fraud connected to a controversial merger in 2015 of two Samsung affiliates. The acquittal comes as a major relief to the chairman of Samsung Electronics, who has been embroiled in legal problems for years. They alleged that the merger of the two firms allowed Lee to gain a tighter grip on Samsung Electronics, the group’s flagship company. “Even if Lee’s control has been strengthened, the merger in this case cannot be considered unfair, as long as there is a reasonable purpose for the merger,” Park said. He added the decision will “lead to lowering the confidence of foreign investors in the Korean legal system and the soundness of the Korean capital market.”

Persons: Lee Jae, Lee, Park Jeong, ” Organizations: Seoul CNN — Samsung, Samsung, Samsung Electronics, Cheil Industries, Seoul, District Court, Seoul National University, CNN Locations: Seoul

☆ Samsung chief Lee cleared of charges in 2015 merger case
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: +1 min

Samsung Electronics Co. Executive Chairman Lee Jae-yong leaves after attending a final decision at the Seoul Central District Court on Feb. 05, 2024 in Seoul, South Korea. Seoul Central District Court acquits Samsung Electronics Co. Executive Chairman Lee Jae-yong in controversial 2015 merger case. Samsung Electronics Chairman Jay Y. Lee was found not guilty by a Seoul court on Monday in a case related to irregularities in a 2015 merger of Samsung affiliates that prosecutors said was designed to cement his control of the tech group. Lee denied wrongdoing, arguing that he and other executives acted on the belief the merger would benefit shareholders. The sentence prevents a return to jail for Lee who was convicted in 2017 of bribing a friend of former President Park Geun-hye.

Persons: Lee Jae, Jay Y, Lee, Prosecutors, Park, Yoon Suk Organizations: Samsung Electronics Co, Seoul Central, Court, Samsung Electronics, Samsung Locations: Seoul, South Korea

HONG KONG (AP) — Asian stocks were mixed Wednesday as markets awaited a decision on interest rates by the Federal Reserve, while China reported manufacturing contracted in January for a fourth straight month. South Korea’s Kospi shed 0.1% to 2,497.09 after Samsung Electronics reported reported an annual 34% decline in operating profit for the last quarter. Its revenue fell short of Wall Street’s estimates, and it also gave a forecast for full-year revenue in 2024 that was weaker than expected. Treasury yields were also mixed in the bond market following reports that showed the economy remains stronger than expected. The Federal Reserve began its latest policy meeting on interest rates Tuesday, but virtually no one expects it to cut rates this time.

Persons: Seng, India’s Sensex Organizations: Federal Reserve, Nikkei, Samsung Electronics, PMI, Reserve Bank, Dow Jones Industrial, Nasdaq, Whirlpool, General Motors, Treasury, Traders, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, China, Shanghai, U.S

☆ Samsung Electronics' operating profit falls 34.57% in the fourth quarter, in line with guidance
▼ + stars: | 2024-01-31 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

(Photo by Jakub Porzycki/NurPhoto via Getty Images) Jakub Porzycki | Nurphoto | Getty ImagesSamsung Electronics on Wednesday posted a 34.57% drop in operating profit in the fourth quarter from a year ago, in line with its guidance issued earlier this month. Here are Samsung's fourth-quarter results versus estimates: Revenue: 67.78 trillion Korean won (about $51 billion), vs. 69.27 trillion Korean won expected by LSEG analysts67.78 trillion Korean won (about $51 billion), vs. 69.27 trillion Korean won expected by LSEG analysts Operating profit: 2.82 trillion Korean won, vs. 3.43 trillion Korean won expected by LSEG analysts Samsung's revenue for the quarter ending December fell 3.8% from a year ago, while operating profit dropped 34.57% in the same period. In its earnings guidance earlier this month, Samsung said it expected operating profit for the October-December quarter to be 2.8 trillion South Korean won ($2.13 billion), down 35% from the same period a year ago when the firm reported an operating profit of 4.31 trillion won. Daiwa Capital Markets in a Jan. 9 report said Samsung's revenue and operating profit estimates were "lower than our market estimates." "We aim to establish Samsung as the leading brand in the AI smartphone market," said Samsung.

Persons: Jakub Porzycki, SK Kim, Apple, Bryan Ma, Ma Organizations: Samsung, Getty, Nurphoto, Samsung Electronics, Korean, South Korean, Daiwa, SK, Apple, International Data Corporation, IDC Locations: Krakow, Poland

SEOUL, South Korea (AP) — Samsung Electronics on Tuesday reported an annual 34% decline in operating profit for the last quarter as sluggish demands for its TVs and other consumer electronics products offset hard-won gains from a slowly recovering computer chip market. Samsung’s operating profit was measured at 2.8 trillion won ($2.1 billion) for the three months through December, compared to 4.3 trillion ($3.2 billion) from the same period last year. Its operating profit for the full year 2023 was at 6.5 trillion won ($4.8 billion), which marked an 85% decline from 2022 and represented the company’s lowest since 2008, when global markets were weathering a financial crisis. While the company’s semiconductor division posted a loss of 14.9 trillion won ($11 billion) in 2023, the losses narrowed during the fourth quarter, with the DRAM business returning to profit. “In 2024, the memory business expects the market to continue to recover despite various potential obstacles, including interest rate policies and geopolitical issues,” Samsung said in a statement.

Persons: “, ” Samsung Organizations: Samsung Electronics Locations: SEOUL, South Korea, Korean

☆ Baidu's Ernie AI chatbot to power Samsung's new Galaxy S24 smartphones
▼ + stars: | 2024-01-26 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Samsung Electronics Co. Galaxy S24 smartphones during a media preview event in Seoul, South Korea, on Monday, Jan. 15, 2024. Samsung, the world's most prolific smartphone maker, is leaning into artificial intelligence as the key to unlocking greater sales this year. Photographer: SeongJoon Cho/Bloomberg via Getty ImagesBaidu AI Cloud will be integrating its Ernie chatbot into Samsung's Galaxy S24 smartphones, allowing users to translate calls in real time, among other features. Ernie is the Chinese tech giant's answer to OpenAI's ChatGPT, a chatbot powered by artificial intelligence technology that's able to generate humanlike responses to users' prompts. Baidu claims it is the "most powerful version of Ernie foundation model to date," with the full capabilities of understanding, generation, reasoning, and memory.

Persons: SeongJoon Cho, Ernie chatbot, Ernie, OpenAI's, Apple Organizations: Samsung Electronics Co, Samsung, Bloomberg, Getty, Baidu, Samsung's, Apple, IDC, Vivo, Huawei Locations: Seoul, South Korea, China

☆ BYD and more: AllianceBernstein names top Asian stock picks for the next 6 months, gives one over 60% upside
▼ + stars: | 2024-01-19 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +4 min

"We also believe the demand for memories will remain strong thanks to the growing demand for generative AI and more broadly for compute," the bank's analysts wrote. AllianceBernstein expects the share price of Samsung to hit 92,000 Korean Won ($68.44) in the next 12 months, giving it potential upside of 29.4%. "BYD's unparalleled cost structure and vertical integration of powertrain will enable it to achieve a dominant market share in this segment," the bank's analysts wrote. AllianceBernstein's target price of 334 Hong Kong dollars ($42.71) gives it around 61.5% upside. AllianceBernstein gave the giant a price target of $170, giving it around 33% upside.

Persons: Bernstein, Ann Larson, AllianceBernstein, Tesla, Holdings AllianceBernstein, PDD, — CNBC's Michael Bloom Organizations: Street, Samsung Electronics, SK Hynix The South, Samsung, Won, SK Hynix, Hong, Holdings, PDD Holdings Locations: Asia, China, Hong Kong

☆ TSMC beats profit and revenue expectations in the fourth quarter
▼ + stars: | 2024-01-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

The world's largest contract chipmaker Taiwan Semiconductor Manufacturing Company on Thursday posted better-than-expected profit and revenue on the back of weaker macroeconomic conditions. That compares with TSMC's guidance for fourth-quarter revenue between $18.8 billion and $19.6 billion. "In the fourth quarter, revenue increased 14.4% sequentially [from the third quarter], supported by the continued strong ramp of our industry-leading 3-nanometer technology," said TSMC in its fourth-quarter earnings report. But analysts say chip inventories at smartphone and PC makers are running down and expect restocking demand to pick up. In its third-quarter earnings report in October, TSMC said that its business was supported by the industry-leading 3-nanometer technology and higher demand for 5-nanometer technologies, partially offset by customers' ongoing inventory adjustment.

Persons: TSMC, Brady Wang Organizations: Taiwan Semiconductor Manufacturing Company, Apple, Nvidia, Samsung Electronics, SK Hynix, Counterpoint Research Locations: Taiwan

☆ Apple overtakes Samsung as top seller of smartphones
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: +1 min

The new Apple iPhone 15 on display inside the tech giant's flagship store in Regent Street, central London. A slower-than-expected recovery in China, the world's largest smartphone market, also weighed on overall phone sales. Apple and Transsion were the only brands in the top five to record growth in shipments last year, when the market declined 3.2% to 1.17 billion units and hit a decade low. Apple, however, is facing pressure in China from a resurgent Huawei as well as from budget Chinese brands. The iPhone-maker is offering rare discounts of as much as 5% on some models in the country to attract customers.

Persons: Jonathan Brady, Apple, China's Xiaomi Organizations: Apple, Samsung Electronics, International Data Corp, Samsung, IDC's, Huawei Locations: Regent Street, London, China

Fourth-quarter earnings season is kicking off with a mix of good and bad news. Without those six stocks, the rest of the S & P is expected to see earnings fall 6%. There's a lot riding on earnings in 2024 For the S & P 500 to increase in 2024, earnings need to expand. But with the S & P 500 up over 20% last year, the forward earnings multiple is roughly 19.6, in the very pricey range. We need higher revenues The biggest risk to higher earnings is lower revenue growth.

Persons: Savita Subramanian, General Mills, Mobileye, Nick Raich, Adam Crisafulli, BofA's Subramanian, Deutsche, Binky, Sam Stovall Organizations: Pfizer, Merck, Moderna, Bank of America, Nvidia, Microsoft, Apple, Nike, FedEx, General, Darden, Constellation Brands, Technology, Samsung Electronics, Vital, Deutsche Bank's Locations: Wayfair, Conagra

☆ Late Samsung chairman's family sell $2 billion worth of shares to help pay huge South Korean inheritance tax
▼ + stars: | 2024-01-13 | by ( Polly Thompson | ) www.businessinsider.com time to read: +1 min

The former Samsung Electronics chairman, who was South Korea's richest person, died in 2020. Lee Kun-hee's family is now selling billions worth of shares to pay inheritance taxes. South Korea has a top inheritance tax rate of 50%, the world's second highest after Japan. AdvertisementThe widow of the former Samsung Electronics chairman and her two daughters sold billions worth of shares to help pay off their inheritance tax, The Korea Times reported, citing industry sources. But due to South Korea's top inheritance tax rate of 50% — the second highest in the world — the family was hit with more than 12 trillion won, which is now around $9 billion, in tax bills.

Persons: Lee Kun, — Organizations: Samsung Electronics, Japan, Service, Korea Times, Business Locations: Korea

☆ Micron sees first-quarter operating expenses above forecast, shares fall
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 28 (Reuters) - Micron Technology (MU.O) expects first-quarter operating expenses to be higher than its prior estimates, sending the memory chipmaker's shares down 3%, even as the company projected revenue to trend towards the upper-limit of its forecast. The company on Tuesday estimated adjusted operating expenses of about $990 million in the quarter ending Nov. 30, higher that its prior expectation of $900 million, plus or minus $15 million. The higher expenses are driven by the timing of R&D costs as well as asset sales, CEO Sanjay Mehrotra said at the UBS Global Technology Conference on Tuesday. Micron said it now expects revenue to approach $4.7 billion, compared with its previous estimate of $4.4 billion, plus or minus $200 million. It previously forecast loss of $1.07 per share, plus or minus 7 cents.

Persons: Aly, Sanjay Mehrotra, Matthew Bryson, Chavi Mehta, Krishna Chandra Eluri Organizations: Micron, REUTERS, Micron Technology, UBS Global Technology Conference, Wedbush Securities, Samsung Electronics, Thomson Locations: Shanghai, China, Bengaluru

☆ The 'Korea discount': Value stock or value trap?
▼ + stars: | 2023-11-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +6 min

A cameraman takes video footage of a stock index board showing South Korea's benchmark stock index (L) after a ceremony celebrating the New Year's opening of the South Korea stock market at the Korea Exchange in Seoul on January 2, 2023. Chaebol challengeIn South Korea, most market heavyweights are corporations called "chaebols," large family-owned global conglomerates that are usually controlled by the founder's family. However, IHS Markit highlighted in June last year that in South Korea, the ex-dividend date comes before the companies' dividend announcement dates. With such challenges, should investors be putting their money into South Korea stocks — or should they stay away? "If authorities continue to improve the investment environment further, the chances for the South Korean stock index to be included in the [MSCI World Index] will grow," he said.

Persons: Jung Yeon, JUNG YEON, Vikas Pershad, Jiang Zhang, Jeremy Tan, Zhang, Hebe Chen, Chen, Ryota Abe Organizations: South, Korea Exchange, Getty, Management, North, CNBC, Samsung Electronics, LG, SK, Hyundai, Samsung, Tiger Fund Management, IHS, South Korea's Financial Services Commission, IG International, Sumitomo Mitsui Banking Locations: South Korea, Korea, Seoul, North Korea, Korea's, Southeast Asia

☆ Vietnam set to raise effective tax rate on multinationals as part of global deal
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

HANOI, Nov 27 (Reuters) - Vietnam's parliament is set to approve on Wednesday a top-up tax for multinationals, which will raise the effective rate of the corporate levy to 15% from January in line with a global agreement. But it has eventually added it back to its schedule, with the vote on the tax expected now at the last day of its month-long session. Vietnam's corporate income tax is already set at 20%, but the country has offered for years effective rates as low as 5% and lengthy zero-tax periods to large foreign investors. With the new top-up tax, 122 foreign companies will face a steep increase in their tax costs in Vietnam, according to a document prepared by the Vietnamese government which estimated the additional intake for the state at 14.6 trillion dong ($601.05 million) a year. Reporting by Khanh Vu and Francesco Guarascio; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Khanh Vu, Francesco Guarascio, Stephen Coates Organizations: Samsung Electronics Co, chipmaker Intel Corp, Organisation for Economic Cooperation, Development, Thomson Locations: HANOI, Vietnam, Korean

☆ China Warns South Korea Not to Politicise Economic Issues
▼ + stars: | 2023-11-26 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

"China and South Korea have become cooperation partners with highly integrated interests and highly interconnected production and supply chains," Wang told South Korean Foreign Minister Park Jin, according to a Chinese foreign ministry readout. "Both sides should jointly resist the tendency to politicise economic issues, instrumentalise science and tech issues, and the broad securitisation of trade issues." South Korea has sought to avoid becoming embroiled in a tit-for-tat row between China and the United States over semiconductors. "China is willing to jointly promote the restart of revamped trilateral cooperation with South Korea and Japan," Wang said on Sunday. In September, senior officials from the three countries agreed to arrange a trilateral summit at the "earliest convenient time".

Persons: Wang Yi, Wang, Park Jin, Xi Jinping, Joe Biden, Yoon Suk Yeol, Fumio Kishida, Biden, Laurie Chen, William Mallard Organizations: South Korean, South Korean Foreign, U.S, Samsung Electronics, SK Hynix, South Locations: BEIJING, China, South Korea, Korea, United States, Japan, Beijing, Washington, Tokyo, Seoul, Busan

☆ China warns South Korea not to politicise economic issues
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +2 min

South Korean Foreign Minister Park Jin, right, talks with his Chinese counterpart Wang Yi prior to a meeting in Busan, South Korea, Sunday, Nov. 26, 2023. "China and South Korea have become cooperation partners with highly integrated interests and highly interconnected production and supply chains," Wang told South Korean Foreign Minister Park Jin, according to a Chinese foreign ministry readout. "Both sides should jointly resist the tendency to politicise economic issues, instrumentalise science and tech issues, and the broad securitisation of trade issues." South Korea has sought to avoid becoming embroiled in a tit-for-tat row between China and the United States over semiconductors. "China is willing to jointly promote the restart of revamped trilateral cooperation with South Korea and Japan," Wang said on Sunday.

Persons: Park Jin, Wang Yi, Ahn Young, Wang, Xi Jinping, Joe Biden, Yoon Suk Yeol, Fumio Kishida, Biden, Laurie Chen, William Mallard Organizations: South Korean Foreign, REUTERS Acquire, Rights, South Korean, U.S, Samsung Electronics, SK Hynix, South, Thomson Locations: Busan, South Korea, Rights BEIJING, China, Korea, United States, Japan, Beijing, Washington, Tokyo, Seoul

☆ Samsung boss denies wrongdoing as South Korea prosecutors seek jail term over 2015 merger
▼ + stars: | 2023-11-17 | by ( Joyce Lee | ) www.reuters.com time to read: +3 min

SEOUL, Nov 17 (Reuters) - Samsung Electronics (005930.KS) chairman Jay Y. Lee denied wrongdoing on Friday after South Korean prosecutors called for him to be jailed for five years on charges of accounting fraud and stock price manipulation involving an $8 billion merger of Samsung affiliates in 2015. The hearing is the final lower court session before a ruling, scheduled for January 26, ending a trial that has lasted three years. Samsung Electronics Vice Chairman Jay Y. Lee arrives at a court in Seoul, South Korea, October 26, 2021. "I have never had my personal interests in mind in the course of the merger," Lee told the court. Lee was previously convicted of bribing former South Korean President Park Geun-hye and went to jail for a total of 18 months from 2017 to 2021.

Persons: Jay Y, Lee, Kim Hong, Park, hye, Joyce Lee, Miral Fahmy, Mark Potter Organizations: Samsung Electronics, South, Samsung, Seoul Central District Court, Prosecutors, Cheil Industries, REUTERS, Korean, Analysts, South Korean, Thomson Locations: SEOUL, KS, Seoul, South Korea

☆ South Korea prosecutors seek jail for Samsung boss on fraud, stock manipulation charges
▼ + stars: | 2023-11-17 | by ( Joyce Lee | ) www.reuters.com time to read: +2 min

SEOUL, Nov 17 (Reuters) - South Korean prosecutors sought on Friday a five-year jail term for the boss of Samsung Electronics (005930.KS) Jay Y. Lee over charges of accounting fraud and stock price manipulation involving an $8 billion merger of Samsung affiliates in 2015. Prosecutors allege the executives' involvement in the merger of group affiliates Samsung C&T (028260.KS) and Cheil Industries included stock price manipulation and other wrongdoings that helped them gain at the expense of minority investors. Lee and the executives have denied wrongdoing, saying the merger and accounting processes that prosecutors have taken issue with were part of normal management activities. A small group of supporters chanted his name outside the court during a recess, while detractors yelled angrily at him. Reporting by Joyce Lee; Editing by Tom Hogue, Ed Davies and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Jay Y, Lee, Park, hye, Joyce Lee, Tom Hogue, Ed Davies, Miral Organizations: Samsung Electronics, Samsung, Seoul Central District Court, Prosecutors, Cheil Industries, South Korean, Thomson Locations: SEOUL, KS, Seoul

“Planet Earth is big enough for the two countries to succeed,” Xi told Biden. Before leaving for California, Kishida told reporters a meeting with Xi had not yet been decided on. The aura of goodwill generated by the meeting was marred somewhat, however, by a comment by Biden. “I feel that China-U.S. relations have eased, and maybe the next step will be cooperation,” said Xu Jiaguang a 31-year-old firefighter. ___Associated Press writer Mari Yamaguchi in Tokyo and video producer Caroline Chen in Beijing contributed to this report.

Persons: Joe Biden, Xi, lunching, they’re, ” Xi, Biden, ”, Jeff Liu, Fumio Kishida, Kishida, Madoka Fukuda, ” Biden, Mao Ning, Xu Jiaguang, Gao Kexin, Mari Yamaguchi, Caroline Chen Organizations: Foreign, South, . Security, Samsung Electronics, SK Hynix, Kookmin Ilbo, Economic Cooperation, Communist Party . Tokyo, Tokyo's Hosei University, Foreign Ministry, China -, U.S, Associated Press Locations: TAIPEI, Taiwan, California, China, Beijing, U.S, Taiwan Strait, North Korea, Seoul, Pyongyang, Russia, South Korea, Japan, Asia, San Francisco, United States, China - U.S, Tokyo

A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. Mizuho upgraded Intel's stock to "buy" from "neutral" and raised its price target on the shares to $50 from $37. Intel shares rose as high as $43.39, the highest since June 2022, and closed up 6.7% to $43.35 on Thursday. "We believe (Intel) is lining up significant new server product launches and foundry customer announcements in the next six months," the analysts wrote. Intel competes for market share with other prominent chipmakers including Nvidia (NVDA.O), Broadcom Inc (AVGO.O), Advanced Micro Devices (AMD.O), and Samsung Electronics (005930.KS).

Persons: Dado Ruvic, Vijay Rakesh, Chibuike Oguh, Purvi Agarwal, Toby Chopra, Bill Berkrot Organizations: REUTERS, Intel, Mizuho Securities, Mizuho, Nvidia, Broadcom Inc, Devices, Samsung Electronics, Thomson Locations: New York, Bengaluru

☆ Samsung Elec sold more ASML shares in Q3 -company filing
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 15 (Reuters) - South Korea's Samsung Electronics (005930.KS) cut its stake in semiconductor manufacturing equipment maker ASML (ASML.AS) further in the third quarter, the company's latest financial statement showed. Samsung Electronics more than halved its stake in ASML earlier this year. The stake Samsung sold is worth around 726.7 million euros ($789.92 million) based on the latest share prices. That brought Samsung Electronics' holding in the Dutch chip equipment maker down to 0.4%, or 1.58 million shares, according to the report. Samsung Electronics did not have an immediate comment.

Persons: Ed Davies Organizations: Samsung Electronics, Samsung, Thomson Locations: SEOUL, ASML

The logo of Rapidus Corp. is displayed at the company headquarters in Tokyo, Japan February 2, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Nov 14 (Reuters) - Japanese chip foundry venture Rapidus plans to open a sales office in the United States by the end of the financial year. Rapidus is led by veteran chip executives and hopes to manufacture cutting-edge chips by partnering with IBM (IBM.N) and Belgium-based research organisation Imec. The CEO of Imec said last week that what Rapidus is trying to do is "extremely difficult" adding he was "positive" about the prospects for the venture. Reporting by Kaori Kaneko and Sam Nussey; Editing by Chang-Ran Kim and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Rapidus, Taiwan's TSMC, Imec, Kaori Kaneko, Sam Nussey, Chang, Ran Kim Organizations: Rapidus Corp, REUTERS, Rights, IBM, Samsung Electronics, U.S, Thomson Locations: Tokyo, Japan, United States, Belgium, South, Chitose, China

☆ Japan's Kioxia reports Q2 loss, says prices have bottomed out
▼ + stars: | 2023-11-14 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

The result at Bain Capital-backed Kioxia, formerly Toshiba Memory, compares with a loss of 130.8 billion yen three months earlier. Merger talks between Kioxia and Western Digital (WDC.O) have stalled, Reuters reported previously, after Kioxia investor SK Hynix (000660.KS) said it did not back the deal. Selling prices have bottomed out, Kioxia said, pointing to expected higher shipments of smartphones and PCs next year. Revenue fell quarter-on-quarter with Kioxia saying the smaller loss was because of higher average selling prices with a boost from the weaker yen. Separately, Toshiba (6502.T), which holds a stake in Kioxia after selling its chip unit to the Bain-led consortium in 2018, posted a 26.7 billion yen net loss in the second quarter.

Persons: Kioxia, Bain, Sam Nussey, Tom Hogue Organizations: Taipei, REUTERS, Rights, Bain Capital, Toshiba, Western, Reuters, SK Hynix, Samsung Electronics, Revenue, Japan Industrial Partners, Thomson Locations: Taipei, Taiwan, Kioxia, KS

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