Samsung Group, South Korea’s tech giant, announced on Tuesday that it will invest $205 billion (240 trillion won) in their semiconductor, biopharmaceuticals and telecommunications units over the next three years to enhance its global presence and lead in new industries such as next-generation telecommunication and robotics.
The investment will be led by Samsung affiliates including Samsung Electronics and Samsung Biologics. It also unveiled a mergers and acquisitions plan to fortify its technology and market leadership.
With setting aside $154.3 billion (180 trillion won) for home ground, Samsung expects to create 40,000 new jobs by 2023 through the investment.
This announcement comes days after Samsung Electronics vice chairman Jay Y. Lee was released on parole on 13 August right before South Korea’s Liberation Day. People speculated Samsung would be able to move forward with major investments once he was freed from prison, according to local media reports.
Samsung’s latest investment will be used for semiconductors, biopharmaceuticals and the next-generation telco units, according to the company’s statement.
Samsung Electronics plans to develop advanced process technology and expand the business with artificial intelligence (AI) and data centers for its system semiconductors while it will focus on up-to-date technology such as EUV-based sub14-nanometer DRAM and over 200-layer V-NAND products for the memory business. Samsung had announced in May the company will invest $151 billion in its logic chip and foundry sector, to be the top logic chip maker, by 2030.
Samsung Biologics and Samsung Bioepis plan to establish two new plants, in addition to a fourth factory that is under construction, for expanding the contract development manufacturing organization (CDMO) business, the statement said.
South Korea’s largest conglomerate also will support its ongoing R&D in new technologies and emerging application in areas such as AI and robotics along with the next generation OLED, quantum-dot display and high-energy density batteries development.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
