Plus, the EU confirms tariffs on Chinese-made electric vehicles. And the price of bitcoin slides after defunct exchange Mt. Gox begins making repayments. Zoe Thomas hosts.
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[00:00:01] Here's your TNB Tech Minute for Friday, July 5. I'm Zoe Thomas for The Wall Street Journal. Samsung Electronics says it expects its operating profit for the second quarter to come in at 10.4 trillion won, or about $7.52 billion. That's up nearly 16-fold from a year earlier.
[00:00:22] The South Korean technology giant's flagship semiconductor business swung to a profit in the first quarter after four straight quarters of losses. The forecast suggests Samsung is continuing its solid earnings recovery, helped by higher prices and demand for powerful chips amid the artificial intelligence boom.
[00:00:41] The company is set to release full quarterly results later this month. The European Union has confirmed it plans to impose additional tariffs on electric cars made in China. The EU Commission said the new import fees would begin today and last at least four months.
[00:00:58] Last month, the Commission said the Chinese government unfairly subsidizes EV companies, including European carmakers who import EVs to Europe, at a level that undercuts competition. But German car giant Volkswagen and others have come out against the fees, fearing reprisal from an escalating trade war.
[00:01:17] And the price of Bitcoin slid today, at one point trading around $56,300. According to Coindesk, it came after the defunct crypto exchange Mt. Gox, which owes billions of dollars in the cryptocurrency, said it had started making repayments.
[00:01:32] Analysts say Mt. Gox's repayments could flood the market with fresh Bitcoin supply. The digital currency had been trading above $70,000 in early June. For a deeper dive into what's happening in tech, check out Monday's Tech News Briefing podcast.
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