Sunday, 19 August, 2018

Samsung Electronics to invest 180 tln won over next 3 years

Samsung will put more than $22 billion toward tech like AI and 5G.                  Jung Yeon-je  AFP  Getty Images Samsung will put more than $22 billion toward tech like AI and 5G. Jung Yeon-je AFP Getty Images
Camille Neal | 11 August, 2018, 21:27

Samsung is to invest 25 trillion won (£17 billion) in areas such as Artificial Intelligence (AI), 5G and components for connected cars as it seeks to protect itself against smartphone saturation.

With KRW130 trillion ($116 billion) of that figure to be spent in South Korea, Samsung plans to create another 40,000 jobs in the next three years - 20,000 more than under previous recruitment plans.

Along with the direct employment of Samsung, its investment in South Korea was forecast to help induce around 700,000 jobs in related industries and businesses, the statement noted.

Samsung will pour $22 billion into emerging technologies such as artificial intelligence and 5G as it searches for new products to power growth. AI seems to be the main concern.

In AI, Samsung plans to significantly expand its research capability, increasing the number of advanced AI researchers to 1,000 across its global AI Centers.

"Today's announcement follows many months of deliberations and review by the management and board of directors of different Samsung companies that will make the investments, including Samsung Electronics", said the company.

German couple jailed for selling son to paedophiles on dark net
Christian L, who violated a child contact order when he lived with the boy, holds previous convictions for paedophilia. The couple distributed videos of the sexual abuse across the dark net, selling it for large sums of money.

As for the bio business, Samsung claimed that it wishes to foster the segment to become another major pillar of its portfolio like semiconductors.

The announcement came two days after South Korean Finance Minister Kim Dong-yeon met the group's de-facto head Lee, calling for Samsung to create new jobs and boost the economy. Those areas are seen as Samsung's new growth engines. The platform will benefit 500 projects - 300 external candidates and 200 inside the company - in the next five years to encourage innovations and entrepreneurship.

Last week, Samsung Electronics posted its slowest quarterly profit growth in more than a year following a slowdown in the global smartphone market.

After being freed from prison early this year, the Samsung heir returned to the management but maintained a low profile mostly staying overseas for business meetings.

Investors greeted Wednesday's news with cautious optimism, with Samsung Electronics' shares rising 0.21 per cent to close at 46,800 won.

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