Business

Samsung Electronics Q4 profit jumps on server chip demand, foundry margins

Samsung Electronics Co Ltd (005930.KS) said on Friday its fourth-quarter operating profit likely jumped 52% on-year to its highest for the quarter in four years, helped by solid demand for server memory chips and higher margins in chip contract manufacturing. The world’s largest memory chip and smartphone maker estimated October-December profit at 13.8 trillion won […]

Business

China regulator recovers $47 bln in funds after audit review

China’s auditing regulator said officials should “keep their eyes open” when conducting audits, after recovering more than 300 billion yuan ($47.04 billion) in government funds, the state-run Xinhua news agency reported. The task of auditing this year will focus on fiscal expenditure, including implementing tax cuts and reductions, Xinhua quoted Hou Kai, auditor general of […]

Business

Swiss National Bank increases annual profit as stock markets boom

The Swiss National Bank expects to make a profit of around 26 billion Swiss francs ($28.22 billion) for 2021, the central bank said in its provisional results on Friday, as booming stock markets throughout the year added billions to the value of its foreign currency investments. The SNB made a profit of just under 26 […]

Business

Asian stocks trade at steep valuation discount to global peers

Asian shares’ relative price valuations hit a more than 18-year low compared to their global counterparts last week, after regional equities dropped in 2021 due to investor concerns over slower growth amid COVID-19-induced curbs. The MSCI Asia-Pacific index’s (.MIAP00000PUS) forward 12-month P/E ratio stood at 14.27 at the end of last week, compared with the […]

Business

Chinese police rap Walmart for cybersecurity loopholes

Chinese authorities rapped Walmart for allegedly violating cybersecurity laws, local media reported, the latest trouble for the U.S. retailer that is already a target of accusations in the country for supposedly stopping sales of products from Xinjiang. Police in the southern Chinese city of Shenzhen discovered 19 “vulnerabilities” in Walmart’s (WMT.N) network system in late […]

Business

Japan’s Dec wholesale inflation seen staying near record high

Japan’s wholesale inflation in December is expected to remain near a recent peak as companies hike prices to offset rising raw material costs. The corporate goods price index (CGPI), a gauge of the prices companies charge each other for their goods, in December likely rose 8.8% from a year earlier, the poll of 17 economists […]

Business

China targets 2023-2025 for recovery in international air travel

China will focus on expanding domestic flights and restoring international air travel in 2023-2025, the country’s aviation regulator said on Friday, as it issued a new five-year development plan for a sector heavily battered by COVID. China’s domestic air traffic is faltering due to a zero-COVID policy of stamping out virus clusters quickly regardless of […]