Samsung set to launch new flagship smartphones

Visitors try out Samsung Electronics’ VR at its booth near the Medal Plaza in Pyeongchang. (Reuters)
Updated 21 February 2018
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Samsung set to launch new flagship smartphones

SEOUL: Samsung Electronics will unveil its next flagship smartphones — the Galaxy S9 and Galaxy S9+ — on Sunday, after it reported record profits in recent weeks and its vice chairman was released from prison.
Samsung, the flagship subsidiary of South Korea’s biggest business group, suffered a humiliating recall of its Galaxy Note 7 device in 2016, and was then embroiled in the sprawling corruption scandal that brought down ousted president Park Guen-hye.
But its Galaxy S8 smartphone was a consumer and critical success and financially it has gone from strength to strength.
It enjoyed net profit of more than 42 trillion won ($39 billion) last year, and this month Lee Jae-yong, heir to the founding family, was released from prison after most of his bribery convictions were quashed on appeal.
Its latest phones will be launched at the Mobile World Congress in Barcelona, with teasers suggesting the major changes will be to the camera.
Visually they will resemble their predecessors but with a slightly smaller bottom bezel, a spate of leaks suggest.
Both Galaxy S9 and Galaxy S9+ have upgraded cameras with variable apertures capable of shooting up to 960 frames per second for “super slow-motion” videos, according to tech website WinFuture, and stereo speakers.
Samsung has also revamped the series’ internals with faster processors, it added, and their batteries — the issue at the heart of the Galaxy Note 7 debacle — can last a full working day.

- AFP


Saudi Real Estate Refinance Co. plans up to $1.07bn sukuk sale this year

Updated 23 April 2019
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Saudi Real Estate Refinance Co. plans up to $1.07bn sukuk sale this year

  • The plan by SRC, a subsidiary of Saudi Arabia’s sovereign Public Investment Fund, comes as it prepares to purchase more home loan portfolios
  • SRC, formed in 2017, is also keen to tap foreign institutional investors for its debt sale this year

RIYADH: Saudi Real Estate Refinance Co. (SRC), modelled on US mortgage finance firm Fannie Mae, aims to issue up to 4 billion riyals ($1.07 billion) of long-term sukuk this year, its chief executive said on Tuesday.

The plan by SRC, a subsidiary of Saudi Arabia’s sovereign Public Investment Fund, comes as it prepares to purchase more home loan portfolios from mortgage financing companies and banks to boost the Kingdom’s secondary mortgage market.

SRC, formed in 2017, is also keen to tap foreign institutional investors for its debt sale this year, Fabrice Susini told Reuters in an interview.

“Our strategy is clearly to tap the market twice this year,” he said. “We are really looking at probably issuing something between ... 2 and 4 billion riyal that we may be issuing in two tranches.

He said SRC was looking at sukuk in the 10 to 15-year range, to help minimize refinancing risks. “Generally speaking we are trying to issue as long as possible,” Susini said.

He said the company was assessing whether it could also issue bonds in currencies other than the local riyal.

In March, SRC completed a 750 million riyal sukuk issue with multiple tenors, under a program that allows it to issue up to 11 billion riyals of local currency denominated Islamic bonds.

“The rule of the game for us is, like many projects across the Kingdom, attract liquidity from foreign investors,” Susini said.

He said SRC had spent 1.2 billion riyals from its balance sheet buying mortgages from local mortgage financing companies and provided liquidity to these firms.

It has also signed initial accords with several commercial banks to acquire housing mortgage portfolios.

Saudi Arabia’s housing ministry is targeting the mortgage market to reach a total value of 502 billion riyals by 2020 from around 300 billion riyals now.

The government wants to increase activity in the real estate market as it moves to revitalize the economy and is taking steps to reform the sector as part of its 2030 reform plan.

It has been working with developers and local banks to counter a shortage of affordable housing — one of the country’s biggest social and economic problems. Saudi Arabia wants 60 percent of its nationals to own homes by 2020, up from 47 percent in 2016.

The size of real estate financing relative to its gross domestic product is 5 percent in Saudi Arabia compared to 69 percent in the United States, 74 percent in the United Kingdom and 43 pct in Canada, the housing ministry has said.

“The goal of SRC in this market was to make sure that we will be able to refinance at least around 10 percent of the market in 2020, and 20 percent of the market by 2028,” Susini told Reuters.