epa06426075 The Samsung Electronics Co. flag flutters outside its headquarters in Seoul, South Korea, 09 January 2017. Samsung said its fourth-quarter operating profit is expected to jump 63.8 percent on-year and is poised to set another record, apparently pushed up by the global boom in the chip industry.  EPA/YONHAP SOUTH KOREA OUT
Samsung profit misses estimates. Prices of memory chips have leveled off, limiting the growth that had powered Samsung to record earnings in the past two quarters. EPA

Samsung operating income misses estimates on currency headwinds



Samsung Electronics reported lower than projected profit as it lost momentum in memory chips and faced a strengthening South Korean won.

Operating income rose to 15.1 trillion won (US$14.2 billion) in the three months ended December, according to preliminary results released on Tuesday. That compares with the 16.1tn won average of analysts’ estimates compiled by Bloomberg. Shares of Samsung fell 1.6 per cent to 2,559,000 won in early trade.

Prices for benchmark memory chips have leveled off after a year of strong gains, limiting the growth that had powered Samsung to record earnings in the past two quarters. That has combined with rise of about 7 per cent in the won against the dollar in the fourth quarter to erode the value of profits earned abroad.

Still, rising demand for organic light-emitting diode screens helped to fuel a rise in sales to 66tn won in the quarter, compared with the 67.6tn won analysts expected.

“The exchange rate probably undercut the earnings by 300bn to 400bn won,” said Greg Roh, an analyst at HMC Investment Securities. “Given special bonuses as well as a lot of marketing expenses for smartphones and televisions in the fourth quarter, we can expect a steep rise in the first-quarter operating profit to 15.9tn won.”

Samsung, based in Suwon, South Korea, leads in the next generation of screens called organic light-emitting diodes. It supplies OLED screens for Apple iPhone X even as the two companies vie for dominance in the global smartphone market.

Samsung will not provide net income or break out divisional performance until it releases final results later this month.

Samsung’s shares hit record highs in 2017 before sliding in November after Morgan Stanley downgraded the stock citing an expected peak in the memory chips cycle and a slowdown in smartphones.

South Korea’s government this month warned about the rise in the won and said it will take steps in the case of one-sided moves in the nation’s currency.

“The won-dollar exchange rate is worrisome,” Lee Seung-woo, an analyst at Eugene Investment and Securities, said in a report before the announcement. “The first quarter earnings are expected to be 15tn won.”

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Read more:

Samsung hunts for new leader after CEO resigns

Samsung heir sentenced to five years on corruption charges

__________

Samsung is said to be planning to debut its new flagship smartphone, the Galaxy S9, in February, presenting Apple's iPhone X with a sooner than expected challenger. Samsung is also seeking to release a phone with a bendable display to help fend off challenges from Huawei Technologies, Oppo and other Chinese rivals.

The company’s cash cow has been the memory business. Contract prices for 32 gigabyte Dram server modules nearly doubled last year while prices for 64 gigabit MLC NAND flash memory chips rose 55 per cent in the same period, according to inSpectrum Tech.

Samsung underwent a leadership change on the heels of its record earnings in the third quarter, with chief executive Kwon Oh-hyun resigning to pave the way for Kim Ki-nam, a seasoned semiconductor engineer. The company’s de facto chief, Jay Y. Lee, has been fighting allegations of corruption in court, appealing a five-year sentence given in August when he was convicted of bribing a presidential confidante to get greater control of the company.

The 49-year businessman denies the charges and is awaiting a ruling on his appeal by an appellate court on February 5. Samsung Electronics, of which he is a vice chairman and board member, is the crown jewel of a conglomerate comprised of about 60 units selling selling life insurance, cargo ships and clothes.

Western Clubs Champions League:

  • Friday, Sep 8 - Abu Dhabi Harlequins v Bahrain
  • Friday, Sep 15 – Kandy v Abu Dhabi Harlequins
  • Friday, Sep 22 – Kandy v Bahrain
SPEC SHEET: SAMSUNG GALAXY Z FLIP 4

Display: Main – 6.7" FHD Dynamic Amoled 2X, 2640 x 1080, 22:9, 425ppi, HDR10+, up to 120Hz; cover – 1.9" Super Amoled, 512 x 260, 302ppi

Processor: Qualcomm Snapdragon 8+ Gen 1, 4nm, octa-core; Adreno 730 GPU

Memory: 8GB

Capacity: 128/256/512GB

Platform: Android 12, One UI 4.1.1

Main camera: Dual 12MP ultra-wide (f/2.2) + 12MP wide (f/1.8), OIS, portrait, super slo-mo, hyperlapse

Video: 4K@30/60fps, full-HD@30/60fps, HD@30fps; slo-mo@240/960fps; HDR10+

Front camera: 10MP (f/2.4)

Battery: 3700mAh, 25W fast charging, 15W wireless charging, reverse wireless charging, 'all-day' life

Connectivity: 5G; Wi-Fi, Bluetooth 5.2, NFC (Samsung Pay)

I/O: USB-C

Cards: Nano-SIM + eSIM; no microSD slot

Colours: Bora purple, graphite, pink gold, blue; Bespoke Edition in select countries

In the box: Flip 4, USB-C-to-USB-C cable

Price: Dh3,799 / Dh3,999 / Dh4,449

Fresh faces in UAE side

Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.

Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.

Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.

Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.

Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.

Guardians of the Galaxy Vol 3

Director: James Gunn

Stars: Chris Pratt, Zoe Saldana, Dave Bautista, Vin Diesel, Bradley Cooper

Rating: 4/5

RIDE ON

Director: Larry Yang

Stars: Jackie Chan, Liu Haocun, Kevin Guo

Rating: 2/5

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

Tell-tale signs of burnout

- loss of confidence and appetite

- irritability and emotional outbursts

- sadness

- persistent physical ailments such as headaches, frequent infections and fatigue

- substance abuse, such as smoking or drinking more

- impaired judgement

- excessive and continuous worrying

- irregular sleep patterns

 

Tips to help overcome burnout

Acknowledge how you are feeling by listening to your warning signs. Set boundaries and learn to say ‘no’

Do activities that you want to do as well as things you have to do

Undertake at least 30 minutes of exercise per day. It releases an abundance of feel-good hormones

Find your form of relaxation and make time for it each day e.g. soothing music, reading or mindful meditation

Sleep and wake at the same time every day, even if your sleep pattern was disrupted. Without enough sleep condition such as stress, anxiety and depression can thrive.

The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

Director: Nag Ashwin

Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana

Rating: ★★★★

COMPANY PROFILE

Company: Sideup
Started: 2019
Founder: Waleed Rashed
Based: Cairo, Egypt
Industry: technology, e-commerce
Funds raised so far: $1.2 million
Investors: Launch Africa VC, 500 Global, Riyadh Angels, Alex Angels, Al Tuwaijri Fund and Saudi angel investor Faisal Al Abdulsalam

The currency conundrum

Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”

Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.

This is a race to the bottom, and everybody wants to be a winner.

Generational responses to the pandemic

Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:

Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.

Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.

Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

MATCH INFO

Barcelona 4 (Suarez 27', Vidal 32', Dembele 35', Messi 78')

Sevilla 0

Red cards: Ronald Araujo, Ousmane Dembele (Barcelona)

The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

Profile

Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

Financing stage: Series B currently being finalised

Investors: Series A - Audacia Capital 

Sector of operation: Transport

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Star Wars: Episode I – The Phantom Menace

Developer: Big Ape Productions
Publisher: LucasArts
Consoles: PC, PlayStation
Rating: 2/5

Score

Third Test, Day 2

New Zealand 274
Pakistan 139-3 (61 ov)

Pakistan trail by 135 runs with 7 wickets remaining in the innings

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

SCORES

Yorkshire Vikings 144-1 in 12.5 overs
(Tom Kohler 72 not out, Harry Broook 42 not out)
bt Hobart Hurricanes 140-7 in 20 overs
(Caleb Jewell 38, Sean Willis 35, Karl Carver 2-29, Josh Shaw 2-39)

Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press

Specs

Engine: 1.5-litre turbo 4-cylinder / 2.0 turbo 4-cylinder (S3)
Power: 148bhp / 328bhp (S3)
Torque: 250Nm / 420Nm (S3)
On sale: December
Price: TBA

The specs

Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September

Ferrari

Director: Michael Mann

Starring: Adam Driver, Penelope Cruz, Shailene Woodley, Patrick Dempsey

Rating: 3/5

La Mer lowdown

La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
 

ON TRACK

The Dubai Metaverse Assembly will host three main tracks:

Educate: Consists of more than 10 in-depth sessions on the metaverse

Inspire: Will showcase use cases of the metaverse in tourism, logistics, retail, education and health care

Contribute: Workshops for metaverse foresight and use-case reviews

World Cup final

Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region


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