Samsung top brass convene over South Korea’s chip exports

Bloomberg

Samsung Electronics Co Vice Chairman Lee Jay Yong convened a meeting with top executives and discussed ways to deal with the worsening global business environment as South Korea’s chip exports plunged.
The meeting at Samsung’s memory-chip plant in Hwaseong, South Korea, came on the day the country reported a 30.5 percent decline in semiconductor exports
for May. Worsening US-China trade tensions and uncertainties surrounding Brexit have weighed heavily on the global economic outlook, and complicated prospects for South Korea, whose economy is seen as a bellwether for world trade.
While Lee didn’t mention the trade war, the de facto head of the world’s biggest memory-chip maker said the business environment is “changing rapidly.” He called for continued investment to secure a long-term lead in technology,
according to the emailed statement from Samsung.
In April, falling chip sales led Samsung to announce its worst operating profit in years, while the company indefinitely postponed the release of its first foldable smartphone after reports of screen failures.