Seeking new growth drivers, Samsung plans $22 billion spending on new tech

11 August, 2018, 03:56 | Author: Patty Hardy
  • 5 stunning stats about Samsung

Samsung said the announcement followed months of deliberations and review by the management and the board of directors of different Samsung companies, including Samsung Electronics.

Through such investments, Samsung plans to foster AI, 5G, biotechnology and electronic components as key future growth engines. But its profits have suffered from disappointing sales and slowing demand for some memory chips.

Samsung Electronics Co. on Wednesday declared that it will make investments worth a whopping 180 trillion won (US$160 billion) over the next three years, seeking to effectively overcome various challenges to its business and its relationship with a government that has maintained a tough stance on family-controlled firms.

With 130 trillion won of the combined 180 trillion won meant to be invested at home, Samsung said around 700,000 jobs will be created overall here following its move.

It will also develop a range of system-on-chips for autonomous driving based on its semiconductor, telecoms and display technologies products, as well as build new chipsets to support AI, 5G and data centres.

Najib pleads not guilty to money laundering
The new government reopened the investigations stifled under Mr Najib's rule and barred him and his wife from leaving the country. Malaysian financier Low Taek Jho (better known as Jho Low) allegedly bought the yacht using funds stolen from 1MDB.

In flagging specific areas of investment, the plan is the first of its kind for the conglomerate and suggests more emphasis than usual on expanding into new segments as its core semiconductor and smartphone businesses show signs of weakness.

The wave of cash will also beef up Samsung's biopharmaceutical wing, the company said.

The injection of money will be made over the coming three years and will be part of an overall $161 billion investment plan. Lee was freed after almost a year in jail but former President Park Geun-hye and a close associate remain imprisoned for bribery and other charges.

He has since been released after some of his convictions were quashed on appeal, and is now awaiting a Supreme Court decision. This will lead to the creation of an additional 15,000 jobs, Samsung said. Samsung plans to allocate 25 trillion won in such fields.

Samsung Electronics shares were little changed.

Recommended:



Popular

Cleveland Browns: Dez Bryant says he’s coming for a visit
If one were to draw an implication from that, it would be that Bryant wasn't into the idea of playing for Cleveland this season. Dez Bryant had a busy Thursday evening.

Trump Doubles Tariffs on Turkish Steel, Aluminum Imports
As the crisis swelled he told his supporters not to worry. "Our relations with Turkey are not good at this time! " he noted. Last week, he called on Turks to convert their foreign currency and gold into Turkish lira to help the currency.

Shooting in Fredericton, Canada leaves 4 dead - including two police officers
McLean says the couple had been together for four years and Costello has two adult daughters from a previous relationship. Fredericton Mayor Mike O'Brien said he received a call from Prime Minister Justin Trudeau shortly after the shooting.

Premier League records no motivation for Pep Guardiola
Riyad Mahrez was City's only high profile acquisition but Guardiola is fine with that, and said: "We believe we have a good squad".

Liverpool boss Jurgen Klopp still expects players to leave
We got the Champions League and that was a success, but we can only improve two more places without being champions. West Ham boss Manuel Pellegrini will field a new-look side for the season-opener at Liverpool .

What Now in Washington with Guice Out for Season?
He played sparingly past year , and likely won't see his role increase that much as a result of Guice's injury. Guice was injured in Washington's preseason opener at New England on Thursday night.

Israel PM defends law in face of Druze outrage
The wave of criticism piles pressure on Prime Minister Benjamin Netanyahu, who is already beset by corruption allegations. She added that there was no need "to categorize them as leftists or as those who want to undermine the government".

Abby Huntsman Leaving Fox News to Join The View
She will be taking the slot that was previously filled by panelist Sara Haines who will be moving to ABC's Good Morning America . The new View will see a lineup comprised of Whoopi Goldberg , Joy Behar , Sunny Hostin , Meghan McCain , and Abby Huntsman .

Kourtney Kardashian and Younes Bendjima reportedly split after two years of dating
The gossip site claims Bendjima went on another trip shortly after, where he cheated on Kardashian. This article has been edited and republished from the New York Post with permission.

Bolt to train with A-League side Central Coast Mariners
He remains the world record holder at the 100m - with a time of 9.58 seconds - and the 200m, where he has clocked 19.19 seconds.