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Samsung Electronics quarter one earnings under pressure as chip prices fall

FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul
FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea January 7, 2019. REUTERS/Kim Hong-Ji

April 3, 2019

By Ju-min Park

SEOUL (Reuters) – The odds are stacked against Samsung Electronics Co Ltd ahead of the release of its first-quarter earnings guidance on Friday, with memory chip prices falling and its pricey premium smartphones struggling to be profitable.

The South Korean tech giant took the exceptional step last week of issuing a pre-guidance warning that the quarter would likely miss market expectations due to falls in chip prices and slowing demand for display panels.

Samsung Electronics was forecast to post a 6.9 trillion won ($6.1 billion) operating profit for the January-March period, according to Refinitiv SmartEstimate, more than 50 percent below the 15.6 trillion won recorded in the same period a year ago.

“After Samsung’s rare statement about missing market expectations, I am waiting if there’s an earnings shock for the first quarter and expecting difficult times for Samsung to continue into the second quarter until the fall in chip prices slows,” said Kwon Sung-ryul, an analyst at DB Financial Investment.

Chipmakers in particular have been hit hard by a glut in the global semiconductor industry triggered by weakening smartphone sales and falling investment from data center companies.

On top of this, China’s slowing economic growth, the Sino-U.S. trade war and Brexit are combining to drag down profits for makers of consumer electronics around the world.

Shares in Samsung Electronics – the world’s biggest maker of memory chips, smartphones and display panels – have lost 6 percent in the past 12 months, while its South Korean chipmaking rival, SK Hynix Inc, has fallen 6 percent in the same period.

Although Samsung’s DRAM chip business remains its earnings engine-room with strong margins, its NAND flash memory chips are forecast to post losses as prices slump, analysts say.

NAND flash chip prices dropped 20 percent in the first quarter, their steepest fall since early 2018, and continued to slide albeit at a slower pace in the second quarter, according to DRAMeXchange, a division of tech research firm TrendForce.

Samsung is due to publish its detailed earnings later this month.

NEW SMARTPHONE BOUNCE?

Profits in Samsung’s another key component business, display panels, have been hit by falling sales to large customers like Apple Inc, whose troubles in China have rippled through its global supply chain.

Apple reported a revenue drop of 26 percent in the greater China region during the quarter ending in December, as it weathers a contracting smartphone market, increasing pressure from Chinese rivals, and slowing upgrade cycles.

With its Chinese market share in the doldrums, Samsung unveiled a new line-up of smartphones earlier this year including a foldable phone, hoping to persuade consumers to upgrade from devices which already meet most of their needs.

It has said its new Galaxy flagship smartphones are selling well in China and it is confident it can reverse the recent slump in its fortunes in the world’s biggest smartphone market.

But its latest flagship phone is expensive to make, weighing on profitability even as its sells faster than its predecessor, analysts say.

“Sales are not bad, but its Galaxy smartphone’s profit structure isn’t better because of high costs,” Kwon of DB Financial Investment said.

The Galaxy is also facing stiffer competition with the unveiling in Paris last week of Chinese rival Huawei’s new flagship phone, the P30 Pro.

(Reporting by Ju-min Park; Editing by Stephen Coates)

Source: OANN

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Cory Booker promises to ‘bring a fight to the NRA’ at launch of national campaign tour

Democratic presidential contender Cory Booker promised on Saturday to “bring a fight” to the National Rifle Association (NRA), calling for a range of gun control reforms as part of a hometown launch for a national campaign tour.

“We won’t wait for more thoughts and prayers for communities that have been shattered by gun violence from Pittsburgh to Parkland to Charleston,” he told the crowd in Newark, where he served as mayor for seven years before becoming a senator. “We will pass universal background checks, we will ban assault weapons and close loopholes that allow people who never should have a gun to get one.”

CORY BOOKER'S NOT SURGING IN THE 2020 RACE -- AND HIS CAMPAIGN SAYS THAT'S JUST FINE

“And folks, we will bring a fight to the NRA like they have never, ever seen before -- and we will win,” he said.

Booker’s remarks mark the start of a two-week tour across America for the 2020 hopeful, who has at times struggled to distinguish himself from the large pack of Democrats seeking the party’s nod and has languished in single digits in polls.

On Saturday, Booker led the rallying cry “We can’t wait” as he listed his policy goals, including fighting climate change, enacting comprehensive immigration reform ending “mass incarcerations” and facilitating federal legalization of marijuana.

He also made a call for national unity and for Democrats to fight “from higher ground” in an increasingly partisan and frequently toxic political environment.

"Critics will tell us that a campaign powered by grace and love and a deep faith in each other" cannot prevail, Booker said. "But I say it's the only way we win. The president wants a race to the gutter and to fight us in the gutter. To win, we have to fight from higher ground in order to bring this country to higher ground."

BOOKER RAISES $5 MILLION, LAGGING BEHIND MULTIPLE DEMOCRATS RUNNING FOR WHITE HOUSE

At the rally, he pushed his own bipartisan credentials -- namely the criminal justice reform bill he worked on, which was signed into law by President Trump last year. He is likely to continue to promote that work when he travels to states such as Iowa, Georgia  and Nevada as part of his tour.

While Booker has thus far failed to generate the kind of buzz that has followed candidates such as Beto O’Rouke and Pete Buttigieg, his aides say that the campaign’s philosophy offers some home. That philosophy? “You’ve got to organize and get hot at the end.”

“We’re not building this campaign to win a poll in April of 2019. We’re trying to win the election in February of 2020, in March of 2020, in April of 2020. This is a long race where there’s going to be a lot of ups and downs,” Booker campaign manager Addisu Demissie told Fox News this week.

CLICK HERE FOR THE FOX NEWS APP

The campaign is directing most of its firepower to Iowa, New Hampshire, Nevada and South Carolina, the four states will kick off the presidential primary and caucus calendar in February and can provide crucial momentum for the primaries to follow.

“We’ve built our operation with the intention of having the strongest operation in the states on the front end of the primary calendar,” he said.

Fox News’ Paul Steinhauser and The Associated Press contributed to this report.

Source: Fox News Politics

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Chuck Todd: Mueller Report Will Be Dems’ Rallying Cry

Special counsel Robert Mueller's report on Russian influence in the 2016 election will be the rallying cry for Democrats much like the controversy over Hillary Clinton's deleted emails was a touchstone for Republicans, MSNBC host Chuck Todd said Thursday.

"This feels like the email fights with Clinton," Todd said in a panel discussion on "MTP Daily." "This feels like [the] Mueller report is going to be the, 'But her emails.' So, it will be 'But the Mueller report' when it comes to [President Donald] Trump."

Panelist Michael Steel, former chief of staff to former House Speaker John Boehner, R-Ohio, agreed.

"You're exactly right," Steel said. "It's like Hillary Clinton's emails that it's big and hairy and complicated. And people with real jobs and lives don't understand the in's and out's of it. They have their opinion one way or the other. And it's not changing."

Todd also argued Trump  lawyer Rudy Giuliani had a point when he said the internal pushback to Attorney General William Barr's four-page summation on Mueller report is the work of "disgruntled Mueller staffers who are rabid democratic supporters."

"While his credibility at times can be hot and cold, the fact is . . . he was able to look credible in this statement," Todd said, citing Giuliani's point the special counsel's office would have publicly disputed Attorney General William Barr's summary, as it did a BuzzFeed report in January, if there was a "significant difference."

A video clip of the exchange was posted by Mediaite.

Source: NewsMax America

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Indonesian investigators to hold news conference on Lion Air crash

A worker assists his colleague during the lifting of a turbine engine of the Lion Air flight JT610 jet, at Tanjung Priok port in Jakarta
A worker assists his colleague during the lifting of a turbine engine of the Lion Air flight JT610 jet, at Tanjung Priok port in Jakarta, Indonesia, November 4, 2018. REUTERS/Beawiharta

March 21, 2019

JAKARTA (Reuters) – Indonesian investigators said on Thursday that information from the cockpit voice recorder of a Lion Air jet that crashed in October was leaked to the media and they would hold a news conference at 0830 GMT.

The investigation into the crash of a Boeing 737 MAX aircraft that killed all 189 on board has become more urgent after a second deadly accident in Ethiopia last week prompted regulators to ground the worldwide fleet of the aircraft.

(Reporting by Cindy Silviana; Editing by Clarence Fernandez)

Source: OANN

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MSNBC Creating Conspiracy Theory Claiming Deep State Elected Trump

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Wednesday, MSNBC “Morning Joe” host Joe Scarborough questioned former Deputy FBI Director Andrew McCabe over the FBI’s handling of the Hillary Clinton email investigation.

Scarborough asked McCabe what “regrets” he had about former FBI Director Jim Comey’s decision to send Congress a letter that said the Bureau had learned of emails “pertinent” to the probe, adding the “Deep State elected Donald Trump.”

“This is one of the most bizarre things when I hear about the deep state conspiracies about Donald Trump,” Scarborough said. “The ‘Deep State’ elected Donald Trump. If you talked to Donald Trump during that time, he would tell you that letter actually gave him a chance to win the presidency. What regrets do you or Jim Comey have about that letter that you can speak to on Jim Comey … Do you regret that letter was sent 10 days before the election?”

“I didn’t agree with the decision to send that letter at the time,” McCabe replied. “Unfortunately, it wasn’t a decision I had the opportunity to participate in because of all the issues that were swirling around me as a result of The Wall Street Journal reporting and this idea that I would recuse from the case. Jim told me he didn’t want me to participate in that discussion and in that decision.”

Scarborough later said it was “bizarre” to see the “Deep State” working for Donald Trump.

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Alabama teen once charged with killing his parents claims sheriff is still looking for ways to put him in jail

An Alabama teenager who was charged in the 2016 murder of his parents only to have those charges dropped last year says he believes the town sheriff is still looking for ways to put him in jail.

Jesse "Madison" Holton, then 17, was accused of gunning down his parents Michael and April Holton in their home in Eclectic, Alabama in September 2016.

Michael Holton, the former mayor of the town, was found dead with a gunshot wound to the head. April Holton, 37, died a day later from severe head trauma.

DNA LEADS TO ARREST IN COLD CASE MURDERS OF TWO ALABAMA GIRLS, REPORTS SAY

The killings rocked the tiny town and many believe Holton is to blame.

The case will be highlighted on NBC's "Dateline," airing Friday night.

Authorities at the time said that Holton threw a party - which involved drugs and alcohol - without his parents' permission. The couple returned home to find their house in complete disarray.  Michael Horton called the sheriff's department and when authorities arrived, they found the father had handcuffed the son and told officers he planned on signing a juvenile warrant the following morning.

ALABAMA TEACHER ARRESTED AFTER GUN DISCHARGES IN HIS POCKET INSIDE A CLASSROOM OF FIRST GRADERS

The deputy left but about a half hour later, a neighbor called the cops to say Holton showed up and claimed his parents were fighting. The police officer returned to the scene and found Michael Holton dead of a gunshot wound to the head and his wife April critically wounded.

Holton told authorities that his father shot his mother before turning the gun on himself. However, investigators doubted his story and said the physical evidence at the scene didn't match up to Holton's recollection of what happened.

Holton was charged with his parents' deaths but in October the district attorney dropped the charges.

“From the beginning, this case has been open to interpretation as to what is actually the truth…either Jesse Holton killed his father and mother; the father of Jesse Holton killed Jesse’s mother then Jesse killed his father; or the father of Jesse Holton killed Jesse’s mother and then killed himself," Elmore County District Attorney Randall Houston wrote in a statement.

CLICK HERE FOR THE FOX NEWS APP

“My office has reason to believe any of these three scenarios could have occurred, but we have no proof to support any of the three theories beyond a reasonable doubt... Therefore, we are ethically obligated to dismiss the murder charges against Jesse Holton."

Though the charges were dropped Horton tells "Dateline" he has "no doubt in my mind that the sheriff will try to put me back in jail."

Source: Fox News National

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FLASHBACK: John Brennan Predicted Additional Mueller Indictments Just Two Weeks Ago

Former Central Intelligence Agency Director John Brennan predicted just two short weeks ago that President Trump’s family members or associates would be indicted in the special counsel’s probe.

During an appearance on MSNBC on March 5, Brennan predicted that Mueller would issue indictments related to a “criminal conspiracy” involving Trump or his associates’ activities during the 2016 election. The forecast proved far off the mark on Friday after Robert Mueller ended his investigation without issuing new indictments.

“If anybody from the Trump family … is going to be indicted, it would be in the final act of Mueller’s investigation because Bob Mueller and I think his team knows that if he were to do something, indicting a Trump family member, or if he were to go forward with an indictment on a criminal conspiracy involving U.S. persons that would basically be the death knell of the special counsel’s office,” Brennan told anchor Lawrence O’Donnell. (RELATED: Ex-CIA Director John Brennan Accuses Trump Of Treason Following Putin Summit)

“I don’t believe that Donald Trump would allow Bob Mueller to continue in the aftermath of those actions,” he added.

WATCH: John Brennan predicts more indictments from Mueller

Brennan’s pipe dream was all but obliterated on Friday when Mueller submitted his report to the Justice Department. Officials at the agency said that no more indictments will be submitted in the 22-month old investigation. There are also no indictments that have been issued under seal. The last indictment in the investigation was handed down on Jan. 24 against Trump confidant Roger Stone.

Of the three dozen indictments or guilty pleas obtained in the investigation, none have involved charges of conspiracy between Trump associates and Russian government officials.

It does remain unclear whether Mueller recommended Trump for impeachment proceedings, or whether he found non-criminal evidence of links between Trumpworld and the Kremlin. Attorney General William Barr said in a letter Friday afternoon that he will likely provide a summary of the investigation to the Houe and Senate Judiciary Committees as soon as this weekend.

Brennan, an outspoken critic of Trump, has stoked much of the speculation about the Trump investigation, which has centered on possible collusion between the campaign and Russia.

Brennan said that he believed at the time he was in CIA that “there was going to be individuals that were going to have issues with the Department of Justice.”

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Source: The Daily Caller

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Logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro
FILE PHOTO: A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes

April 26, 2019

(Reuters) – Exxon Mobil Corp on Friday reported first-quarter profit fell sharply on lower oil and gas prices and weakness in its refining and chemicals businesses that offset modest production gains.

The largest U.S. oil producer’s first quarter earnings fell to $2.35 billion, or 55 cents a share, from $4.65 billion, or $1.09 a share, a year ago.

Analysts had expected Exxon to earn 70 cents per share, according to Refinitiv Eikon estimates.

Shares were trading down about 2.7 percent in premarket trading on Friday.

Exxon’s oil equivalent production rose 2 percent to 4 million barrels per day, up from 3.9 million bpd in the same period the year prior. The company said its output in the Permian Basin, the largest U.S. shale basin, rose 140 percent over a year ago.

(Reporting by Jennifer Hiller; Editing by Chizu Nomiyama)

Source: OANN

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A Baha’i advocacy group has expressed concerns over the fate of minority Baha’is at the hands of Yemen’s Houthi rebels ahead of the appeals hearing for one of the community leaders sentenced to death.

The Baha’i International Community said in a statement Friday that the hearing for Hamed bin Haydara, detained in 2013 and sentenced to death last year on espionage and apostasy charges, is due on Tuesday.

The statement quotes Bani Dugal, the Baha’i community representative at the United Nations, as saying the prosecution hasn’t addressed Haydara’s appeal but is instead making “absurd, wide-ranging accusations.”

International rights groups have decried the prosecution of Yemeni Baha’is by the Iran-backed Houthis.

Iran has banned the Baha’i religion, which was founded in 1844 by a Persian nobleman considered a prophet by followers.

Source: Fox News World

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Afghan President Ashraf Ghani speaks during the inauguration of the newly-elected parliament in Kabul
Afghan President Ashraf Ghani speaks during the inauguration of the newly-elected parliament in Kabul, Afghanistan April 26, 2019. REUTERS/Omar Sobhani

April 26, 2019

By Rupam Jain and Hameed Farzad

KABUL (Reuters) – Afghan President Ashraf Ghani encouraged newly-elected lawmakers to participate in the peace process with the Taliban as he opened on Friday the first session of parliament since a controversial election.

Ghani has invited thousands of politicians, religious scholars and rights activists to an assembly known as a loya jirga next week to discuss ways to end the 17-year war.

Several opposition leaders have said they will boycott the four-day assembly in Kabul, saying it was pulled together without their input and is being used by Ghani as he seeks a second term in a September presidential election.

“We have presented the peace plan on a regular basis and we are committed to it,” Ghani said in the first session since parliamentary elections marred by technical problems, militant attacks and accusations of voting fraud last year.

“Based on this plan, there will be no peace deal and negotiation that does not have the green card of the parliament,” he added.

Officials from the United States and the Taliban have held several rounds of talks to end the Afghan war.

U.S. negotiator, Zalmay Khalilzad, has reported some progress toward an accord on a U.S. troop withdrawal and on how the Taliban would prevent extremists from using Afghanistan to launch attacks as al Qaeda did on Sept. 11, 2001.

The insurgents have so far rejected U.S. demands for a ceasefire and talks on the country’s political future that would include Afghan government officials.

The loya jirga, a centuries-old institution used to build consensus among competing tribes, factions and ethnic groups, is an attempt by Ghani to influence the peace talks and cement his position for a second term, Afghan politicians and Western diplomats say.

Amid growing political divisions in Kabul, opposition politicians have demanded that Ghani step down when his mandate ends next month, and give way to an interim government to oversee peace talks with the Taliban. Ghani has ruled that out.

The country’s top court said last week Ghani can stay in office until the presidential election in September.

(Reporting by Hameed Farzad, Rupam Jain, Editing by Darren Schuettler)

Source: OANN

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Deputy Attorney General Rod Rosenstein Thursday defended special counsel Robert Mueller’s investigation while slamming former President Barack Obama’s administration for being slow to take action on Russian interference in U.S. elections and ex-FBI Director James Comey for telling Congress the agency was investigating collusion between the Trump campaign and Russia.

“Our nation is safer, elections are more secure, and citizens are better informed about covert foreign influence schemes,” Rosenstein said in a speech to the Armenian Bar Association, marking his first public remarks after the Mueller report was released, reports CBS News.

He also pointed out that the investigation revealed a pattern of computer hacking and the use of social media to undermine elections as “only the tip of the iceberg of a comprehensive Russian strategy to influence elections, promote social discord, and undermine America, just like they do in many other countries,” reports The Wall Street Journal.

The Obama administration also made “critical decisions,” including choosing not to publicize the full story about Russian hackers and social media trolling, “and how they relate to a broader strategy to undermine America,” said Rosenstein.

He noted that the Mueller probe began after Comey disclosed during a hearing before Congress that President Donald Trump “pressured him to close the investigation and the president denied that the conversation occurred.”

Rosenstein said two years ago, when he was confirmed, he was told by a Republican senator that he would be in charge of the probe and that he’d report the results to the American people.

However, he said he didn’t promise to do that, because it is “not our job to render conclusive factual findings. We just decide whether it is appropriate to file criminal charges.”

Source: NewsMax Politics

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FILE PHOTO: The Huawei logo is pictured outside its Huawei's factory campus in Dongguan, Guangdong province
FILE PHOTO: The Huawei logo is pictured outside its Huawei’s factory campus in Dongguan, Guangdong province, China, March 25, 2019. REUTERS/Tyrone Siu/File Photo

April 26, 2019

By Ben Blanchard

BEIJING (Reuters) – Britain must get to the bottom of the leak of confidential discussions during a top-level security meeting about the role of China’s Huawei Technologies in 5G network supply chains, British finance minister Philip Hammond said on Friday.

News that Britain’s National Security Council, attended by senior ministers and spy chiefs, had agreed on Tuesday to bar Huawei from all core parts of the country’s 5G network and restrict its access to non-core elements was leaked to a national newspaper.

The leak of secret discussions has sparked anger in parliament and amongst Britain’s intelligence community. Britain’s most senior civil servant Mark Sedwill has launched an inquiry and written to ministers who were at the meeting.

“My understanding from London (is) that an investigation has been announced into apparent leaks from the NSC meeting earlier this week,” said Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing.

“To my knowledge there has never been a leak from a National Security Council meeting before and therefore I think it is very important that we get to the bottom of what happened here,” he told Reuters in a pooled interview.

British culture minister Jeremy Wright said on Thursday he could not rule out a criminal investigation. The majority of the ministers at the NSC meeting have said they were not involved, according to media reports.

Hammond said he was unaware of any previous leak from a meeting of the NSC.

“It’s not about the substance of what was apparently leaked. It’s not earth-shattering information. But it is important that we protect the principle that nothing that goes on in national security council meetings must ever be repeated outside the room.”

Allowing Huawei a reduced role in building its 5G network puts Britain at odds with the United States which has told allies not to use its technology at all because of fears it could be a vehicle for Chinese spying. Huawei has categorically denied this.

There have been concerns that the NSC’s conclusion, which sources confirmed to Reuters, could upset other allies in the world’s leading intelligence-sharing network – the Five Eyes alliance of the United States, Britain, Australia, Canada and New Zealand.

However, British ministers and intelligence officials have said any final decision on 5G would not put critical national infrastructure at risk. Ciaran Martin, head of the cyber center of Britain’s main eavesdropping agency, GCHQ, played down any threat of a rift in the Five Eyes alliance.

(Writing by Michael Holden; Editing by Mark Heinrich)

Source: OANN

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