Samsung Sees 2.7% Rise In Q1 Operating Profit
Samsung Electronics Co Ltd (SMSN.L,SSNNF.OB,SSNLF.OB) expects that its first-quarter operating profit will rise about 2.73 percent from last year, sales will also increase 4.98 percent.
The South Korean tech giant projects operating profit of about 6.40 trillion Korean won in the first-quarter, compared to 6.23 trillion won reported last year. While it reported operating profit of about 7.16 trillion won in the fourth-quarter.
The company also expects first-quarter consolidated sales of about 55.00 trillion won compared to 52.39 trillion won last year. It reported consolidated sales of about 59.88 trillion won in the fourth-quarter.
First-quarter earnings results will be released later this month.
Samsung had to temporarily shut down about one-fourth of its global manufacturing bases, amid the spread of COVID-19.
Meghan Markle & Prince Harry Give Their New Nonprofit A Name
Prince Harry and Meghan Markle might have resigned as royals, but the couple has no trouble staying in the news.
The Duke and Duchess of Sussex had planned to use SussexRoyal as a branding tool for their global endeavors, but that idea was pooh-poohed by Buckingham Palace. Now they have settled on a moniker for their nonprofit organization: Archewell.
The moniker invokes the name of their son — Archie — spiced with some Greek. The couple said in a statement:
“Like you, our focus is on supporting efforts to tackle the global COVID-19 pandemic but faced with this information coming to light, we felt compelled to share the story of how this came to be. Before SussexRoyal, came the idea of ‘Arche’—the Greek word meaning ‘source of action.’ We connected to this concept for the charitable organization we hoped to build one day, and it became the inspiration for our son’s name.
“To do something of meaning, to do something that matters. Archewell is a name that combines an ancient word for strength and action, and another that evokes the deep resources we each must draw upon.”
The couple had planned to keep the name secret until they made an announcement, but enterprising reporters at The Telegraph found it at the U.S Patent and Trademark Office, where a filing was made last month.
Kelowna provides financial relief to residents during pandemic, other cities consider options
The City of Kelowna has voted to give its residents and property owners a break while continuing to provide essential services during the economic downturn caused by the COVID-19 pandemic.
UK Q4 GDP Remains Flat As Estimated
The UK economy logged a flat growth in the fourth quarter, as initially estimated, as growth in services was offset by production and construction output, data from the Office for National Statistics showed Tuesday.
Gross domestic product remained unchanged on quarter, as estimated, after expanding 0.5 percent in the third quarter.
The services sector provided a positive contribution to growth; however, this was offset by a negative contribution from the production sector.
Services output increased 0.2 percent, while production output fell 0.7 percent driven by declines in manufacturing and mining and quarrying. Meanwhile, construction output decreased 0.1 percent in the fourth quarter.
The expenditure-side breakdown of GDP showed that household spending registered nil growth and gross fixed capital formation declined 1.2 percent.
Meanwhile, government consumption and trade added to growth. Driven by education and health, government spending grew 1.5 percent. The UK posted a trade surplus of 1.4 percent of nominal GDP in the fourth quarter.
On a yearly basis, the economy expanded 1.1 percent, unrevised from the first estimate.
In 2019, GDP advanced 1.4 percent after rising 1.3 percent in 2018. The 2019 estimate was also left unrevised.
Another report from ONS showed that the current account deficit narrowed substantially to GBP 5.6 billion, or 1.0 percent of GDP in the fourth quarter. This was the lowest since the second quarter of 2011.
Singapore central bank to adjust banks' capital requirements
SINGAPORE, April 7 (Reuters – Singapore’s central bank will adjust selected regulatory requirements and supervisory programs to enable financial institutions to focus on tackling issues stemming from the coronavirus pandemic, it said on Tuesday.
The Monetary Authority of Singapore said it would adjust banks’ capital and liquidity requirements to help sustain lending activities and allow financial institutions to weigh banks’ relief measures in setting more realistic accounting loan loss allowances, among other steps. (Reporting by John Geddie and Anshuman Daga; Editing by Clarence Fernandez)
Water leak closes Interior Health building in Kelowna
Interior Health had to close its doors at Kelowna’s Community Health Services Centre on Monday because of a substantial water leak.
The health authority said repair and remediation steps at the site on Doyle Avenue are currently underway.
No change in British PM Johnson's condition: sources
LONDON (Reuters) – There has been no change in Boris Johnson’s condition, two sources close to him said on Tuesday, after the British prime minister was taken into intensive care following a deterioration in his coronavirus symptoms.
Johnson was given oxygen on Monday and taken to an intensive care unit at a central London hospital in what Downing Street said was a precautionary measure after his condition had worsened.
Thailand reports 38 new coronavirus infections, one death
BANGKOK (REUTERS) – Thailand reported 38 new coronavirus infections and the death of a 54-year-old man on Tuesday (April 7), a spokesman for a government agency said.
In addition to 16 new cases, including imported ones, there are 17 patients linked to previous cases and five people who tested positive but await investigation into how they caught the disease, said Taweesin Wisanuyothin, a spokesman of the Centre for Covid-19 Situation Administration.
Since the outbreak in January, Thailand’s tally stands at 2,258 infections and 27 death. 824 patients have recovered and gone home.