Skip to content
Search
Please enter at least 3 characters.

Latest Stories

Samsung sees 53 per cent growth in quarterly profit amid chip shortage

TECHNOLOGY major Samsung Electronics said it expects the company’s quarterly profit to grow 53 per cent amid a global chip shortage.

The world's biggest memory-chip and smartphone maker has forecast an operating profit of £8 billion for the quarter ending June, as strong demand for memory chips is likely to offset weaker sales of devices.


Since the beginning of the pandemic, demand for electronics components has surged as people shifted more of their lives online.

The upbeat projection by Samsung signals continued strength for the technology industry.

In recent months, computer chip makers have attained much power to increase their prices due to the historic supply crunch.

Last month, Samsung's co-chief executive and mobile chief, Koh Dong-jin told shareholders, "There's a serious imbalance in supply and demand of chips in the IT sector globally."

The global chip shortage also affected car industry, with major manufacturers around the world being forced to halt production at several times.

In recent months, auto brands including Ford, General Motors, Volkswagen and Jaguar Land Rover have all suspended their production lines.

To counter this global shortage, las month, US president Joe Biden and European commissioner Margrethe Vestager unveiled plans to manufacture more computer chips in Europe and the US.

To boost chip-manufacturing, the EU promised an allocation of $150bn (£108bn), while US announced a sum of $52bn (£37.3bn) for domestic chip manufacturing.

More For You

UK economy contracts unexpectedly in January

Chancellor Rachel Reeves speaks while holding roundtable discussion during a visit to RAF Waddington in eastern England. (Photo by YUI MOK/POOL/AFP via Getty Images)

UK economy contracts unexpectedly in January

BRITAIN's economy unexpectedly shrank in January, official data showed on Friday (14), piling more pressure on the Labour government ahead of its Spring Statement on the economy.

Gross domestic product contracted 0.1 per cent in the month after GDP rose 0.4 per cent in December, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Pakistan’s government is the largest shareholder or owner of most power companies

Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Eastern Eye

PAKISTAN government is negotiating a 1.25 trillion Pakistani rupee (£3.4 billion) loan with commercial banks to reduce its bulging energy sector debt, the power minister and banking association said.

Plugging unresolved debt across the sector is a top priority under an ongoing $7bn (£5.4bn) International Monetary Fund (IMF) bailout, which has helped Pakistan dig its way out of an economic crisis.

Keep ReadingShow less
Deliveroo posts first annual profit after 12 years

A Deliveroo rider near Victoria station in London, England. (Photo by Dan Kitwood/Getty Images)

Deliveroo posts first annual profit after 12 years

FOOD DELIVERY app Deliveroo announced on Thursday (13) its first annual profit as orders and revenue rose, while the 12-year old company sees further growth despite exiting Hong Kong.

The milestone follows sizeable full-year losses owing to high investment costs since American Will Shu founded the company in 2013 and made Deliveroo's first delivery in London.

Keep ReadingShow less
JLR-Tata-Getty

JLR had initially planned to manufacture more than 70,000 electric vehicles at the facility. (Photo: Getty Images)

JLR halts plan to build EVs at Tata’s India plant: Report

JAGUAR LAND ROVER (JLR) has put on hold plans to manufacture electric vehicles at Tata Motors’ upcoming £775 million factory in southern India, according to a news report.

The decision was influenced by challenges in balancing price and quality for locally sourced EV components, three of the sources said. They added that slowing demand for electric vehicles was also a factor.

Keep ReadingShow less