Though Samsung might be one of the world’s largest makers of chips and consumer electronics, the company was the latest to voice concerns in its latest business quarter update, where co-Chief Executive Officer Koh Dong-jin revealed that the company was even contemplating skipping the release of its Samsung Galaxy Note to streamline its lineup. Some of the biggest players in semiconductors, including Continental AG and Renesas Electronics Corp, have recently warned of longer-than-usual delays due to growing demand for electronics in the midst of the COVID-19 pandemic. As consumers spend more time indoors, more are upgrading their devices, replacing their TVs, and considering new automobiles to spend their cash in lieu of vacations and experiences. It is true that pursestrings have been tightened, but companies such as Apple reported record growth in 2020; in the quarter to June 2020, Apple posted revenues of $59.7 billion, up by more than 11% from the year-ago quarter; its iPhone 12 proved incredibly successful, too.
But as chip supplies run dry, there’s a genuine risk that companies struggle to fulfill demand and we see a backlog of products entering the market, impacting virtually every sector. Even auto manufacturers such as Volkswagen AG are impacted, with the company claiming it’s lost production on over 100,000 cars worldwide as a result of semiconductor shortages.
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NEW JERSEY OFFSHORE WIND FARM CLEARS BIG FEDERAL HURDLE AMID ENVIRONMENTAL CONCERNS
The federal government gave a key approval this week to an offshore wind farm in New Jersey, even as residents in the town where its power cable would come ashore worry it could go through underground toxic waste that’s still being cleaned up.
AUSTRALIA'S ONLINE DATING INDUSTRY ADOPTS CODE OF CONDUCT TO KEEP USERS SAFER
A code of conduct will be enforced on the online dating industry to better protect Australian users after research found that three-in-four people suffer some form of sexual violence through the platforms, Australia’s government said this week.
PARENTS WILL HAVE TO SET ASIDE SOME EARNINGS FOR CHILD INFLUENCERS UNDER NEW CALIFORNIA LAWS
Parents in California who profit from social media posts featuring their children will be required to set aside some earnings for their minor influencers under a pair of measures signed by Gov. Gavin Newsom.
WARREN BUFFETT BUYS REST OF BERKSHIRE HATHAWAY'S UTILITIES.BUT INVESTORS MUST GUESS AT THE PRICE
Warren Buffett’s Berkshire Hathaway is buying the rest of its utility unit from the estate of a longtime board member who died three years ago, but it’s not clear exactly how much it will pay for that 8% stake in the massive utility business.
SPACEX LAUNCHES RESCUE MISSION FOR 2 NASA ASTRONAUTS WHO ARE STUCK IN SPACE UNTIL NEXT YEAR
SpaceX launched a rescue mission for the two stuck astronauts at the International Space Station, sending up a downsized crew to bring them home but not until next year.
TESLA POSTS FIRST QUARTERLY INCREASE IN DELIVERIES, BUT SHARES SLUMP WITH INVESTORS HOPING FOR MORE
Low interest financing, sweet lease deals, price cuts and free charging boosted Tesla’s global deliveries in the third quarter, the first increase this year for the electric vehicle maker.
ARKANSAS SUES YOUTUBE OVER CLAIMS THAT THE SITE IS FUELING A MENTAL HEALTH CRISIS
Arkansas sued YouTube and parent company Alphabet this week, saying the video-sharing platform is made deliberately addictive and fueling a mental health crisis among youth in the state.
EPIC GAMES SUES GOOGLE AND SAMSUNG OVER PHONE SETTINGS, ACCUSING THEM OF VIOLATING ANTITRUST LAWS
Video game maker Epic Games sued Google and Samsung this week, accusing the tech companies of coordinating to block third-party competition in application distribution on Samsung devices.
JAPANESE SPONSORS TOYOTA BRIDGESTONE AND PANASONIC END OLYMPIC CONTRACTS
The International Olympic Committee’s three major Japanese sponsors — Toyota, Panasonic and Bridgestone — are terminating their contracts.
SATELLITE SERVICE DIRECTV BUYS RIVAL DISH AS IT FIGHTS THE ONSLAUGHT OF STREAMING SERVICES
DirecTV is buying Dish and Sling, a deal it has sought to complete for years, as the company seeks to better compete against streaming services that have become dominant.
