Samsung Sees 22.7% Rise In Q2 Operating Profit
Samsung Electronics Co Ltd (SMSN.L,SSNNF.OB,SSNLF.OB) expects that its second-quarter operating profit will rise about 22.73 percent from last year, due to increasing demand for server chips as countries around the world adopt work-from-home measures during the coronavirus pandemic. But, it projects sales will decrease 7.36 percent.
The South Korean tech giant projects operating profit of about 8.10 trillion Korean won in the second-quarter, compared to 6.60 trillion won reported last year. While it reported operating profit of about 6.45 trillion won in the first-quarter.
The company also expects second-quarter consolidated sales of about 52.00 trillion won compared to 56.13 trillion won last year. It reported consolidated sales of about 55.33 trillion won in the first-quarter.
Second-quarter earnings results will be released later this month.
European Economics Preview: Germany Industrial Production Data Due
Industrial production from Germany and house prices from the UK are due on Tuesday, headlining a busy day for the European economic news.
At 2.00 am ET, Destatis is scheduled to issue Germany’s industrial production for May. Economists forecast output to grow 10 percent on month, in contrast to a 17.9 percent fall in April.
At 2.45 am ET, foreign trade and current account figures are due from France.
At 3.00 am ET, the Czech Statistical Office is slated to release industrial production and trade data. Production is expected to decline 21.5 percent on year in May after falling 33.7 percent in April.
Half an hour later, UK Halifax house price data is due. Economists expect house prices to fall 0.9 percent on month in June, bigger than the 0.2 percent fall seen in May.
In the meantime, Statistics Sweden releases industrial production and orders data.
At 4.00 am ET, Italy’s Istat is set to issue retail sales for May. Sales were down 10.5 percent on year in April.
Remittances to Kenya hit hard by COVID-19
Coronavirus pandemic means fewer Africans in diaspora are sending money home. Al Jazeera looks at how Kenyans are affected.
Many African families depend on money sent home by relatives working abroad; in fact, remittances to Africa grew from $4.8bn in 2000 to $48bn in 2018.
Today, many are struggling to pay for food and rent as coronavirus lockdowns have caused mass unemployment and stopped billions of dollars in remittances.
The World Bank predicts a 23 percent fall in remittances to Africa this year because of the pandemic.
Al Jazeera’s Mohammed Adow reports from Nairobi, Kenya.
US rap group in spotlight after member charged with rioting
Southern Slaves group in Miami labelled ‘extremists’ after member accused of vandalising police cars.
For decades rap music has turned the spotlight on police brutality.
Many of the genre’s stars are household names today, and several have had problems with the authorities.
Now an aspiring group of rappers in the US city of Miami have been labelled “extremists,” after one of their members was arrested and charged with inciting a riot.
The group members say they are just fighting for justice.
Al Jazeera’s Andy Gallacher reports.
Old Baghdad buildings disappear despite laws to protect heritage
Why historical buildings in Iraq’s capital Baghdad are under threat and what is being done to save them.
Baghdad is struggling to hang on to its architectural heritage after decades of conflict, neglect and commercial pressure.
The Iraqi capital had about 5,000 traditional buildings in 1984, but only a quarter have survived.
Al Jazeera’s Simona Foltyn reports from Baghdad, Iraq.
Argentina artists struggle during COVID-19 crisis
Theatres, cinemas and everything related to culture were among the first places to shut down, and they are likely to be the last ones to reopen.
Artists around the world are adapting to pandemic restrictions by swapping physical performance spaces for virtual ones.
It is proving particularly challenging for those in Argentina, where a dire economy was already affecting a large percentage of the population.
Al Jazeera’s Teresa Bo reports.
Watch live: New York Gov. Andrew Cuomo holds a press conference on the coronavirus outbreak
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New York Gov. Andrew Cuomo is holding a news conference Monday on the coronavirus pandemic as the state continues to evaluate its reopening plans.
Last Wednesday, Cuomo blasted President Donald Trump for pressuring state officials to reopen schools in the fall, saying the federal government doesn’t have any authority over the matter.
“School reopenings are a state decision. Period. That is the law, and that is the way we’re going to proceed. It’s not up to the president of the United States,” he said during a news briefing in Albany. “The president does not have any authority to open schools. We will open the schools if it is safe to open the schools. Everybody wants the schools open.”
The comment came after Trump threatened to withhold federal funding from schools that don’t resume in-person classes this fall.
Meanwhile, Cuomo said he will announce the state’s decision on schools in August after thoroughly reviewing public health data and reopening plans from local school districts.
By July 13, the state hopes to finalize its guidance so that local school districts can submit their reopening plans by the end of the month. Between Aug. 1 and Aug. 7, New York will make an announcement on its decision, Cuomo said.
Read CNBC’s live updates to see the latest news on the COVID-19 outbreak.