Samsung profits plunge for second consecutive year
Samsung, the South Korean smartphone and television giant and also the largest semiconductor manufacturer in the world, is reporting a sharp decrease in quarterly profits for the second consecutive year. The company's fourth quarterly profits are expected to be 7.1 trillion KRW, a decrease of 34 percent from last year, when Samsung reported a decline of 29 percent in operating profits.
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Bill Ackman made a $2.6 billion profit on a single trade during coronavirus pandemic
CEO of Pershing Square Capital Management, Bill Ackman completed his ‘single best trade of all-time’ that turned his $27 million modest bearish bet into a $2.6 billion winner. He predicted a severe impact of coronavirus on financial markets in February and decided to put a $27 million bearish bet back then. Ackman closed his position right at the bottom of the stock market with a whopping $2.6 billion in profit
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Cryptoglobe
Aramco to miss profit targets for its first year as a publicly listed company
Amid the global economic fallout from the coronavirus pandemic, Saudi state-owned oil company Aramco, currently the most valuable company in the world, has announced that it will miss its first profit targets as a publicly listed company. CEO Amin Nasser also stated that the company will restrict its capital spending in 2020 due to Saudi Arabia's ongoing oil price war with Russia.
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Reuters
Gold falls by more than $80 per ounce as markets panic
Gold, usually considered a safe haven for investors in times of economic crisis, plunged in value at the Comex in New York and continued falling to hit a one-day low of $1560.40, down by more than $80 from the previous day. 55 million ounces of gold were sold on the market as the price climbed back up beyond $1600 to decline by $70 again.
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Mining
World markets tumble as Wall Street enters bear market
Asian stock markets quickly followed suit as US financial markets entered bear market territory, with South Korea being forced to halt trading due to losses of over 13 percent in a single day. The S&P500 declined by 9.5 percent to mark its worst crash since 1987's infamous Black Monday, with the Dow Jones index suffering a loss of 10 percent, also the worst since 1987.
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NewYorkTimes