Samsung to put $22 billion in artificial intelligence, autos

Samsung Electronics Co. said Tuesday its second-quarter earnings rose 2 percent over a year earlier, missing expectations due to sales of smartphones and display panels that offset robust memory chip sales. (AP/Ahn Young-joon)
Updated 08 August 2018
0

Samsung to put $22 billion in artificial intelligence, autos

  • Samsung Electronics and its affiliated companies plan to spend $22 billion over the next three years
  • South Korea relies heavily on Samsung and its affiliated companies for investment and jobs

SEOUL, South Korea: Samsung Electronics and its affiliated companies plan to spend $22 billion over the next three years on artificial intelligence, auto components and other future businesses.
Samsung said Wednesday it will spend the sum, amounting to 25 trillion won, to hire artificial intelligence researchers, to be a global player in next generation telecoms technology and to boost its presence in electronics components for future cars.
South Korea relies heavily on Samsung and its affiliated companies for investment and jobs, even after a corruption scandal that resulted in the bribery prosecution of the conglomerate’s leader, Lee Jae-yong. Lee was freed after nearly a year in jail.
The company’s investment announcement came two days after the finance minister visited a Samsung computer chip factory, where he touted Samsung’s importance in Asia’s fourth-largest economy.


Iraq has enough oil capacity to meet customer needs: oil minister

Updated 25 April 2019
0

Iraq has enough oil capacity to meet customer needs: oil minister

  • Thamer Ghadhban also says there are no acute oil shortages for the time being
  • but Iraq would continue to monitor the market to assess the need for additional supply

BAGHDAD: Iraq’s oil minister said on Thursday his country had the capacity to increase its oil production to 6 million barrels per day (bpd) if needed, but it was committed to OPEC-led output cuts and would not take unilateral action to boost supply.
Thamer Ghadhban also said there were no acute oil shortages for the time being, but Iraq would continue to monitor the market to assess the need for additional barrels at the next OPEC meeting.
On Monday, the United States decided not to renew exemptions from sanctions against Iran granted last year to buyers of Iranian oil, taking a tougher line than expected and triggering a rally in oil prices on fears of oil supply shortages.