we begin today with samsung electronics. it s forecasting a likely 96% plunge in first quarter operating profits. in a preliminary earnings report, the world s largest memory chip and tv manufacturer estimated its operating profit fell to $455 million for the first three months of the year. samsung electronics is going to release its full earnings later this month. katie silver sent this report from the bbc s asia business hub in singapore. in its preliminary estimates, samsung says its operating profits fell by about $450 million in the january march period this year, when compared to the same time the previous year. now demand for memory chips ramped up during covid lockdowns as consumers bought new electronics to use at home think new phones, computers, those expensive smart washing machines all of those use a lot of chips. but with fears of an economic recession looming, consumers are buying fewer tech devices, reducing demand for chips and, as a result, the companies
that s what the white house wants to talk about. they believe they delivered. the president is dealing with a decision that was made out of his control. the significant, dramatic cut that was made in output levels by opec. the president, blunt, in his view of that. what s your reaction to the opec decision? disappointment. don t hurt him. is it going to be there s a lot of alternatives. we haven t made up our mind yet. reporter: there s so many different elements of this, the domestic economy, the global economy, the bilateral relationship, the geopolitics in the midst of the war in ukraine, and politics, 30 days out from the election. the white house is working on a series of options that the president may pursue to block major increases at the pump. they are aware this is a global market. a decision made by some countries that the u.s. viewed a s allies or should have been allies leading up to it. the disappointment is real. some rage, to some degree, when you t
this is on top of an announcement from another tech company in the region, micron, which said earlier this week it will spend $100 billion on a new plant in upstate new york. that is the good news that the president is trying to ride high into the midterms, which are 33 days away now. the not so good news, which republicans are seizing on, and democrats aren t too happen about either is opec plus s announcement to cut oil production, led by saudi arabia and russia. the cartel is taking 2 million barrels off the market a day, starting in november. that s 2% of the global oil production. now, while the united states is somewhat shielded from a price increase, because the white house has been tapping into the country s strategic oil reserves, the rest of the world is not, and prices are already climbing. beyond prices though, there is also political fallout, as we told you yesterday, the cut in production could have the effect of helping russia fund its war in ukraine. neutraliz
and then there were nine. trade minister penny mordaunt to throw her hat in the ring to be the next tory leader. many candidates but one key issue, taxes. former health secretary sajid javid will cut them if he is prime minister, including a tax rise to help the health service when he led it. iii tax rise to help the health service when he led it. tax rise to help the health service when he led it. if we don t have tax rises we will when he led it. if we don t have tax rises we will not when he led it. if we don t have tax rises we will not get when he led it. if we don t have tax rises we will not get growth, - when he led it. if we don t have tax rises we will not get growth, if - when he led it. if we don t have tax rises we will not get growth, if we | rises we will not get growth, if we do not get growth we will not be able to help the public services. i have never came across a decision, especially bay, which does not involve risk. especially bay, which does not
International monetary funds Chief Economist Pierre Olivier gourinchas. The imf and the world bank are having their annual meeting in marrakech and later today, Finance Ministers from the 620 and Central Bank Governors will be meeting to discuss the health of the Global Economy. According to the imf, Global Growth remains dampened by Supply Chain Disruptions linked to the covid 19 pandemic and russias war in ukraine, persistently high inflation, and spiralling borrowing costs. Heres our economics editor faisal islam. The message from the imf for the 190 Finance Ministers and central governor business in marrakesh is that the World Economy they hope had turned a corner after three years of rolling your clinical crisis. Well, it is limping forward rather than sprinting forward now with geopolitical crisis. Slowdowns in very specific countries like china that they had not expected. There is an additional worry about this new higher for longer Interest Rate world that might affect the bank