South Korean tech giant Samsung Electronics, the world's biggest smartphone and memory chip maker, is seeking alternatives to Japanese suppliers for some key materials, it said Wednesday (Aug 7) with Seoul and Tokyo embroiled in a bitter trade dispute. Samsung seeks alternatives to Japanese suppliers in trade row, AFP/File / BERTRAND GUAY The row has seen the Japanese government impose restrictions on chemical exports crucial to chipmaking and last week Seoul and Tokyo removed each other from their "white lists" of trusted trading partners. Two of the Japanese chemicals targeted, hydrogen fluoride gas and photoresists, are essential to making memory chips, while the third chemical, fluorinated polyimide, is used for high-spec TV screens and smartphone displays, including hotly-anticipated folding models from Samsung. Tokyo's move has also raised international concern about the effect on global supply chains and possible price hikes for consumers worldwide. A Samsung … [Read more...] about Samsung seeks alternatives to Japanese suppliers in trade row
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Three Vietnamese firms among Asia’s top 100 power performers
Vietnam’s oil and gas giant PetroVietnam, leading dairy company Vinamilk, Vietcombank, tech company FPT and real estate conglomerate Vingroup make an appearance in the fourth annual Asia 300 Power Performers Ranking compiled by the Nikkei Asian Review. In the top 100 power performers list, Vinamilk ranked 25th while Vietcombank, one of the country's leading banks, came in 54th and state-run PetroVietnam was in 84th place. The Japan-based publication ranked 325 companies from 11 economies across the continent by analyzing the growth, profitability, efficiency and financial soundness of the companies based on their earnings for the most recent fiscal year. The picks were based on the firms' five-year average growth in revenue and net profit, return-on-equity (ROE) ratio, net profit margin and shareholder equity (to-asset) ratio. Last year, Vinamilk reported pre-tax profits of VND11.52 trillion ($499.26 million), up 12.05 percent from the previous year, on revenues of VND52.63 … [Read more...] about Three Vietnamese firms among Asia’s top 100 power performers
Seoul stocks end higher ahead of U.S. elections
The benchmark Korea Composite Stock Price Index rose 12.70 points, or 0.61 percent, to 2,089.62. Trading volume was moderate at 307.93 million shares worth 5.01 trillion won (US$4.46 billion), with winners outpacing losers 505 to 322. After opening a tad higher, the index had fluctuated between positive and negative terrain throughout the session. But last-minute buying propped up the index. Individuals picked up 171.9 billion won worth of local shares, while institutions and foreigners were net sellers, unloading 177.5 billion won and 7.3 billion won worth of stocks, respectively. "While investors have been awaiting the results of the U.S. elections, which would affect its direction regarding key pending issues, there seems to be hope for possible progress in trade disputes between the U.S. and China," said Seo Sang-young, an expert at Kiwoon Securities. The elections in the U.S. are to begin at 5 a.m. on Tuesday (Washington time). Big-cap bio, steel and auto shares gathered ground to … [Read more...] about Seoul stocks end higher ahead of U.S. elections