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On April 26, according to the Wall Street Journal, in order to simplify the negotiations on reciprocal tariffs, US negotiating officials plan to use a new framework developed by the Office of the United States Trade Representative (USTR), which lists major categories of negotiations, such as tariffs and quotas, non-tariff trade barriers, digital trade, product origin principles, economic security and other commercial issues. In these categories, US officials will put forward specific requirements for individual countries, but people familiar with the matter emphasized that this document may also be adjusted at any time. People familiar with the matter said that the United States initial plan is to negotiate with 18 major trading partners in turn over the next two months. The initial plan is to alternately participate in the talks with six countries per week for three weeks (six countries in the first week, another six countries in the second week, and another six countries in the third week) until the deadline of July 8. If US President Trump does not extend the 90-day suspension period he set by then, those countries that cannot reach an agreement will begin to face reciprocal tariffs.On April 26, after the United States announced additional tariffs on goods from many countries, Peruvian business people expressed concerns that the US governments extreme measures would disrupt the global trade order and may even trigger a global economic recession. Alvaro Barrenechea Chavez, vice president of the Peruvian-Chinese Chamber of Commerce, said that the negative impact of the US tariff policy has begun to emerge and hoped that the US government would rethink. Recognizing the importance of countries working together to promote development, I think this is the best way to become a true "world citizen."Market news: Musks xAI company plans to raise about US$20 billion in a financing round.Conflict situation: 1. Ukrainian top commander: Russia tried to use air strikes as a cover to increase ground attacks, but was repelled by Ukraine. 2. Ukrainian Air Force: Russia launched more than 103 drones in the night attack on Ukraine. 3. Local officials said Ukraine launched an attack in the Belgorod region of Russia, killing two people. 4. The local governor said that Russia launched an attack on the Dnipropetrovsk region of Ukraine, killing one person and injuring eight people. Peace talks: 1. Trump: ① The situation between Russia and Ukraine is gradually becoming clear, and they are "very close" to reaching an agreement. ② Ukraine is unlikely to join NATO. ③ Ukraine has not yet signed the rare earth agreement and hopes that the agreement can be signed immediately. ④ It is foreseeable that the United States will conduct commercial cooperation with Ukraine and Russia after reaching an agreement. 2. Russian Foreign Minister: Russia is "ready to reach an agreement on Ukraine." 3. Russian Presidential Assistant Ushakov: Russia and the United States will continue to maintain active dialogue. 4. Russian Presidential Assistant: Putin discussed the possibility of resuming direct negotiations between Russia and Ukraine with the US envoy. 5. The differences between the United States, Europe and Ukraine are clear. The documents show that European countries and Ukraine have raised objections to some of the US proposals to end the Russia-Ukraine conflict. 6. Market news: As part of the peace agreement, the United States asked Russian President Putin to abandon the demilitarization requirement. Other situations: 1. President of Hungarys OTP Bank: We hope to return to all business areas in Russia after the (Russia-Ukraine) conflict ends. 2. Ukrainian President Zelensky: US ground forces are not necessary for Ukraine. 3. Trump said Crimea will remain in Russia, Zelensky: Never recognize it. Agreeing with Trumps view, Crimea cannot be recovered by force. 4. NATO Secretary-General Rutte met with Trump and senior US officials to discuss defense spending, NATO summit, and the Ukrainian conflict.Rising global trade risks, overall policy uncertainty and the sustainability of U.S. debt top the list of potential risks to the U.S. financial system, according to the Federal Reserves latest financial stability report released on Friday. This is the first time the Fed has conducted a semi-annual survey on financial risks since Trump returned to the White House. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion reported in November. Half of the respondents believe that overall policy uncertainty is the most worrying issue, an increase from the same period last year. The survey also found that issues related to recent market turmoil have received more attention, with 27% of respondents worried about the functioning of the U.S. Treasury market, up from 17% last fall. Foreign withdrawals from U.S. assets and the value of the dollar have also risen on the list of concerns.

Samsung Electronics Q1 Earnings Exceeds Estimates on Chip Demand

Aria Thomas

Apr 07, 2022 10:17

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Analysts noted that earnings at the world's top memory chip and smartphone producer were bolstered in the quarter by robust smartphone sales and a disruption at a competitor NAND Flash chip production.


Samsung (KS:005930) reported a preliminary profit of 14.1 trillion won ($11.6 billion) for the first quarter, compared to a Refinitiv SmartEstimate of 13.3 trillion won. Revenues are expected to have increased 18 percent year over year to a record 77 trillion won, thus above market estimates.


"Guidance exceeded market estimates, most likely owing to higher memory chip shipments and pricing," said Park Sung-soon, an analyst at Cape Investment & Securities.


Although memory chip prices fell in the first quarter, experts noted that strong demand from data center customers, prudent investment expenditure by chipmakers, and restricted capacity growth boosted Samsung's chip earnings, which account for almost half of the company's overall profits.


Additionally, the chipmaker profited from a stoppage at a competitor NAND Flash chip production operated by Japan's Kioxia and the United States' Western Digital (NASDAQ:WDC) owing to raw material contamination.


"I believe there were hurried orders for NAND Flash chips placed with Samsung after the contamination incident at Kioxia," Park said.


The interruption at the Kioxia factory in early February is projected to increase NAND Flash prices by 5% to 10%, balancing the impact of purchasers maintaining relatively high stocks, data source TrendForce said.


Samsung delivered an estimated 72 million smartphones in the first quarter, according to Counterpoint Research, down 11% year over year, owing largely to the company's latest top smartphone, the Galaxy S22, being released later than normal.


According to Sujeong Lim, an associate director at Counterpoint, the Galaxy S22 series sold almost 50% more units internationally in the first week after its late February debut.


By the end of March, Samsung had sold more than 6 million devices of the S22 series, Lim said, adding that sales were in line with early forecasts.


Samsung is scheduled to announce comprehensive results on April 28, and investors will be looking for any comments on its M&A intentions, how it intends to handle its memory chip business in order to increase profitability, and the prognosis for semiconductor demand.


Samsung shares declined 0.2 percent in early trading, compared to the broader market's 0.9 percent decline.

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