- Samsung Electronics Co, Ltd (OTC:SSNLF) plans to borrow 20 trillion won ($15.78 billion) from unit Samsung Display Co to use as operational funds.
- Samsung plans to borrow the funds at a 4.6% interest rate until August 2025, Bloomberg reports.
- Samsung said in January that it intends to keep its capital expenditure this year in line with 2022, when it spent $39 billion on chipmaking efforts.
- Samsung found that the grim market situation and weak consumer sentiment presented an opportunity to make early investments in future technology and production capacity.
- Samsung warned that the smartphone market would shrink again in 2023 after a double-digit decline in 2022.
- In India, Samsung reportedly began making its fold and flip smartphones and its latest Galaxy S23 flagship.
- Samsung bagged double the number of orders for its latest Apple Inc (NASDAQ:AAPL) iPhone-rival Galaxy S23 in India in 24 hours versus the previous generation of Galaxy devices on the first day.
- Samsung increased the number of stores selling Galaxy devices and invested more in sales and marketing.
Hyundai & Kia Recall Over 91,000 Vehicles In US: Report
Korean automakers Hyundai Motor Co (OTC: HYMTF) and Kia Motors Corp (OTC: KIMTF) reportedly disclosed the recall of over 91,000 newer vehicles in the U.S.
