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Samsung to Focus on its Core Amid Rising Uncertainties: Report

The biggest challenge may be how uncertainty can hit their businesses any time, prompting Samsung officials to arm the company with the necessary tools to survive potential threats

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To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth. Wikimedia Commons

Sometimes in the world of business, the best defence is a good offence, and it seems like Samsung Electronics Co. Vice Chairman Lee Jae-yong wanted to share this message with a handful of key figures at the South Korean tech giant to fend off rising challenges to its business.

Lee held a meeting with five heads of Samsung’s major divisions over the weekend to discuss its business strategy amid a weak memory chip market and intensifying trade conflict between the US and China, Yonhap news agency reported on Monday.

The de facto leader of the world’s largest memory chip and handset maker vowed to spur innovation in key technologies and foster new growth engines to maintain a leading position in the rapidly changing technology industry.

“We shouldn’t be swayed by short-term opportunities and performances,” Lee was quoted as saying during the meeting with senior officials at a production line in Hwaseong, south of Seoul, on Saturday. “Samsung should focus on securing fundamental technologies for long-term businesses in a rapidly changing environment.”

The meeting came as Samsung faces headwinds from the downcycle of the memory chip and display businesses, coupled with the sluggish global smartphone market.

The semiconductor business, which accounts for over 70 per cent of its total revenue, has been in a downward spiral, with falling prices of DRAM and NAND flash chips this year. Its display division logged an operating loss in the first quarter, turning to the red for the first time since the first quarter of 2016.

Lee reaffirmed that the company will maintain its earlier plan to invest 133 trillion won ($112 billion) in the non-memory chip sector to become the world’s top industry player by 2030, calling it “the engine of the fourth industrial revolution.”

The rare statement directly quoting the Samsung heir came at a time when the US ban on Chinese tech giant Huawei’s equipment is complicating its business outlook in the closely interconnected global supply chain.

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DJ Koh, president and CEO of IT and Mobile Communications, holds up the new Samsung Galaxy Fold smartphone during an event, Feb. 20, 2019, in San Francisco. VOA

Samsung earns over half of its money from the US and China, leaving the South Korean tech firm more vulnerable to prolonged trade conflicts between the world’s two largest economies.

While some market watchers held an optimistic view on Samsung’s smartphone and network sales in the wake of Huawei’s struggle, the Korean firm is taking a cautious stance as its value chain is interwoven with the Chinese company, a major client for its memory chips.

The biggest challenge may be how uncertainty can hit their businesses any time, prompting Samsung officials to arm the company with the necessary tools to survive potential threats.

“The meeting was held to align the business strategy in line with the changing global environment and make sure the massive investment is made without delay,” said Kim Ki-nam, the head of Samsung’s device solution division overseeing theglobal operation of its semiconductor business, without elaborating.

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Meanwhile, Samsung’s leadership is under pressure from the expanding prosecution investigation into Samsung BioLogics Co., a bio health care unit accused of accounting fraud.

Last month, prosecutors indicted two vice presidents of Samsung Electronics on allegations of masterminding destruction of evidence related to Samsung BioLogics, putting a burden on the 51-year-old Lee, who is also awaiting the Supreme Court’s ruling on his bribery case.

Civic groups claimed the alleged accounting fiasco at BioLogics was ultimately intended to enhance the Samsung heir’s control of the sprawling group by inflating Cheil Industries Inc.’s stake in Samsung BioLogics ahead of its merger with Samsung C&T Corp. in 2015. (IANS)

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COVID-19: Samsung Exclusive Stores get ‘Suraksha’ Certified

The initiative is aimed at the security and safety of customers and employees

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Samsung exclusive stores get 'Suraksha' certified in India. Pixabay

Samsung on Friday said all of its exclusive stores have been ‘Suraksha’ certified to ensure consumer safety at a time when social distancing is the new normal.

Suraksha Store is a public private initiative to ensure safe and secure environment for consumers and store employees.

The certification will ensure that consumers feel safe and confident when they visit stores to buy smartphones and other devices.

“The initiative will ensure that consumers and employees working at these Exclusive Stores feel confident about their well-being and safety,” Mohandeep Singh, Senior Vice President, Mobile Business, Samsung India said in a statement.

According to the company, to strictly adhere to government’s social distancing guidelines, the exclusive stores are encouraging consumers to maintain a minimum distance of 1.5 metre between themselves.

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A distance of 1.5 meters is to be maintained according to social distancing guidelines. (Representational Image). Pixabay

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Meanwhile, customers are encouraged to use digital contactless payments and swiping machines will be sanitized before being given to the customer to ensure the highest standard of hygiene is maintained across our Exclusive Stores.

Only a limited number of customers will be allowed within the store at any given point to avoid crowd formation, said Samsung India. (IANS)

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Now Buy Galaxy Smartphones with Samsung Finance+ Home Delivery Service

Samsung Finance+ service is now available at your doorstep

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Samsung announced that it has started the home delivery of Finance+on Tuesday. Pixabay

Samsung on Tuesday announced that it has started the home delivery of digital lending platform Finance+, making it simpler for customers to buy Galaxy smartphones at easy finance within the comfort of their homes.

According to the company, Finance+ is a unique and universally accessible digital lending platform that provides easy financing opportunity to consumers for purchase of Galaxy smartphones in India.

Samsung Finance+ service is currently available across 12,000 dealers in nearly 300 towns.

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Customers looking to buy a Galaxy smartphone on finance can contact their neighbourhood dealers. Pixabay

“Samsung Finance+ is our ‘Make for India’ initiative towards financial inclusion and Digital India. We are confident that the home delivery of Samsung Finance+ will help millions of consumers in India,” Mohandeep Singh, Senior Vice President, Mobile Business, Samsung India, said in a statement.

To avail the Samsung Finance+ service, customers had to earlier walk-in at select dealerships. The company has partnered DMI Finance for its Finance+ service in India.

Customers looking to buy a Galaxy smartphone on finance can contact their neighbourhood dealers.

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The dealer will then send a Samsung promoter to the prospective customer’s house. The Samsung promoter will help the customer complete the loan journey in the comfort of his/her home.

After filling in their personal details for a simple KYC verification and credit scoring, customers will get multiple offers on various Galaxy smartphones.

Given the importance of social distancing in the current circumstances, Samsung’s new initiative will ensure the customer gets finance for Galaxy smartphone without the need of visiting a store. (IANS)

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Samsung Plans To Partner With BOE To Make OLED Screens For Future Galaxy Smartphones

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Recently, the company said mobile demand is expected to drop sharply in most regions due to an economic downturn caused by COVID-19 in the second quarter. Pixabay

South Korean tech giant Samsung is in talks with Chinese electronics company BOE to make some of the OLED screens for future Galaxy smartphones.

According to Display Supply Chain Consultants (DSCC), Samsung is looking for a flexible 6.67-inch OLED display for at least one member of the next year’s Galaxy S21 or S30 series. Moreover, the Galaxy A91 is also going to feature a BOE-made 6.6-inch display with FHD+ resolution.

Currently, BOE is the biggest smartphone LCD supplier in the world but it only comes third for OLED panels after Samsung and LG.

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With the new strategy the company may be able to bring the costs of its smartphones down with BOE OLED displays.

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South Korean tech giant Samsung is in talks with Chinese electronics company BOE to make some of the OLED screens for future Galaxy smartphones. Wikimedia Commons

Recently, the company said mobile demand is expected to drop sharply in most regions due to an economic downturn caused by COVID-19 in the second quarter.

The overall market demand fell significantly quarter-on-quarter and the company’s smartphone shipments also declined in the first quarter.

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The company expects a decline in product sales and its overall business performance as the market shrinks and effects of store closures continue to have direct impacts. (IANS)