Third generation of the Sullivan family ready to step up at Collette

first_imgThird generation of the Sullivan family ready to step up at Collette Share Tags: Collette, Promotions << Previous PostNext Post >> Travelweek Group center_img Pawtucket, RI — Collette is celebrating its 100th anniversary with some historic news: Jaclyn Leibl-Cote is taking over as President and is on her way to becoming the third generation of the Sullivan family to head up the company as CEO.The succession plan will see Leibl-Cote working alongside her dad, current Collette CEO Dan Sullivan Jr., for the next several years.She will then become his successor and the third generation of the Sullivan family to occupy the role of CEO of Collette.The company notes that Leibl-Cote’s promotion “is significant not only to Collette, but to the travel industry as a whole. As a female President, she is one of very few women occupying senior leadership roles in the travel industry and serves as an inspiration to others.”Leibl-Cote started at Collette in 2005, working in the mail room as a teenager. Since then she has occupied many roles within the company, spending time in sales, working as a tour manager and tour designer, and most recently as the Executive Vice President of Product and Tour Management. She holds a Bachelor of Arts degree from the University of Rhode Island and an MBA from Babson College.More news:  Le Boat has EBBs along with its new 2020 brochureShe’s also an avid supporter of many nonprofit organizations and sits on the boards of Gennaro, Inc. and serves on the board of advisors for the Collette Foundation. Wednesday, June 20, 2018 Posted bylast_img read more

Set within the heritagelisted Gowings department

first_imgSet within the heritage-listed Gowings department store and State Theatre, QT Sydney is intrinsically linked to the world of culture and art. The hotel is further cementing its reputation as a major player in the Sydney art scene through a partnership with Light Show at the Australian Museum of Contemporary Art (MCA).In celebration of the exhibition coming to Australian shores, QT Sydney has created a bespoke “Light it Up” package which offers hotel guests guaranteed access to Light Show at the MCA. Guests will also enjoy an overnight stay in a luxurious QT Deluxe King Room, featuring the hotel’s signature aesthetics with unique design pieces and original art, as well as breakfast at Gowings Bar & Grill.Following a sell-out showing at London’s Hayward Gallery, Light Show has taken up residency in Sydney’s iconic MCA, exploring the phenomenal aspects of light and its versatility as a sculptural medium. With almost 20 installations and sculptures by international artists from the 1960s to the present, the exhibition brings to Sydney some of the most visually stimulating artworks seen in recent years. Through its support of this exhibition and role as the museum’s official partner hotel, QT Sydney continues to establish itself at the forefront of contemporary art and design.Rates until 5 July 2015 start from AU$370 per night.www.designhotels.com/qt-sydney19 May 2015last_img read more

Doctors encounter all nature of odd things in thei

first_imgDoctors encounter all nature of odd things in their daily lives. Sometimes the stories end up as more than coffee-room chatter. Consider a case that spills over from the clinical to the culinary: the hot pepper and the horrible headache.Dr. Kulothungan Gunasekaran has a knack for ferreting out odd events like this. On nine separate occasions, he has turned an unusual observation into a published case-report in the medical literature. But the story of the Carolina Reaper pepper and the thunderclap headache “is the most interesting one which we encountered,” he says.He was recently doing his residency at the Bassett Medical Center in Cooperstown, N.Y., when an otherwise healthy 34-year-old man came to the emergency room with a terrible headache. It had come on incredibly suddenly – like a thunderclap.It turns out the man had been in a pepper-eating contest and had eaten a whole Carolina Reaper, which is high on the list of the hottest peppers in the world. Right away he developed one of these “thunderclap headaches.” (Doctors actually use that term.) Gunasekaran says the man went home for a while but then was seized by another headache so painful it sent him to the emergency room.Doctors ran a battery of medical tests and, ultimately, a brain scan called a CT angiogram, “which showed some narrowing of blood vessels in the brain,” Gunasekaran says.That could explain the patient’s symptoms. The heat-inducing chemical in peppers, capsaicin, can trigger that kind of reaction, along with other sorts of discomfort.The man was admitted to the hospital to treat his prolonged headache. Gunasekaran wasn’t his doctor, but caught wind of the story and decided to write it up for a journal called BMJ Case Reports. His research led him to YouTube, where, no big surprise, there are plenty of videos of people trying to eat whole Carolina Reaper peppers.Search for yourself, but suffice it to say there’s plenty of bravado, followed by human utterances left best undescribed, self-recrimination, and at least in one case, an ambulance ride from London’s Leicester Square to a hospital.The ambulance ride aside (the victim blamed an undiagnosed pepper allergy), Gunasekaran’s conclusion was that most people don’t suffer dire consequences from eating these peppers.The published case-report was a new one to Todd Schwedt, a professor of neurology at the Mayo Clinic in Phoenix and an expert on thunderclap headaches.”I had never heard of one being triggered by a Carolina Reaper or any other chili pepper,” Schwedt says.Thunderclap headaches are really no joke.”Folks will describe this as if they felt like something exploded in their head or they got hit in the back of the head,” Schwedt says. “So it’s really how quickly it becomes very severe that makes it a thunderclap headache.”One can linger for weeks, he says. About 1 in 4 of these headaches is triggered by constricted blood vessels — typically caused by something other than a hot pepper. That situation usually resolves gradually on its own. But sometimes these headaches can be the result of a dangerous event, like a burst or torn blood vessel in the brain.”When someone has a thunderclap headache, it should be considered an emergency, and it needs to be evaluated urgently,” Schwedt says.The pepper-eater’s story had a happy ending. Five weeks later, the New York man returned to the hospital for another scan and the blood vessels in his brain were back to normal.Gunasekaran has also moved on in his medical career. His residency over, he now practices internal medicine at the Henry Ford Hospital in Detroit, where he is staying alert for more curious cases to report.To contact Richard Harris, email rharris@npr.org. Copyright 2018 NPR. To see more, visit http://www.npr.org/.last_img read more

Hes known as Dr Miracle because of his skill a

first_imgHe’s known as “Dr. Miracle” because of his skill and his devotion to helping victims of gang rape during conflict in his country, the Democratic Republic of the Congo. For several years, the gynecologist Dr. Denis Mukwege has been mentioned as a contender for the Nobel Peace Prize. And this year, he has been awarded the prize, along with Nadia Murad, a member of the Yazidi minority in northern Iraq who was taken captive by ISIS members and held as a sex slave for three months before escaping from her captors. In 2016, at the age of 23, she was named the U.N.’s first Goodwill Ambassador for the Dignity of Survivors of Human Trafficking. In 2016, NPR profiled Dr. Mukwege. This story has been updated.When Dr. Denis Mukwege opened Panzi Hospital in 1999, he envisioned it as a means to improve the maternal mortality rates in Bukavu, the capital of Eastern Congo, where about 1 in 100 women died during childbirth. “But our first patient did not come to deliver a baby,” the 63-year-old gynecologist has explained. “She had been raped with extreme violence.”That rape patient set in motion a new course for the doctor’s life. The hospital has grown into an international foundation that helps rape victims work through the physical, emotional and spiritual trauma through a tailored healing process.Mukwege has treated tens of thousands of women for rape since opening Panzi Hospital. Those survivors, who range in age from toddlers to seniors, suffered complex gynecological injuries, inflicted by members of rebel groups and the Congolese military.This healing process goes behind surgery and therapy. The Panzi healing model is a five-pillar process.”What I’m doing really is not only to treat women — their body,” Mukwege told NPR, “[but] also to fight for their own right, to bring them to be autonomous, and, of course, to support them psychologically. And all of this is a process of healing so women can regain their dignity.”Part of this approach comes from Mukwege’s realizations about the nature of the trauma of rape. “When it happens in the life of a woman to be raped, sometime you have an impression that it was ‘just a rape,’ as some people who don’t understand the meaning of rape [say],” explains Mukwege. “But we understand that it’s a very deep trauma and women need to regain confidence in themselves.”The five pillars of the Panzi model are medical treatment, psychosocial therapy, socioeconomic support and training, community reintegration and legal assistance. “Once you get through your psychosocial and medical healing,” explains Elizabeth Blackney, senior media adviser to Mukwege, “you move on and work with our socioeconomic pillar [to] learn literacy and numeracy and education. [The women] have a safe space to learn vocational skills. And then we of course provide legal aid and assistance to help people get justice.”While Mukwege has been known in international circles for years — he has collected many humanitarian awards — popular knowledge of his work has come through The Man Who Mends Women: The Wrath of Hippocrates, an award-winning documentary.The film, by Thierry Michel and Colette Braeckman, focuses on issues of physical healing and justice. It also paints a stark picture of the landscape around Bukavu and Panzi Hospital, visiting villages and jungles where the afterlife of the Second Congo War still rages.The film raises the voices of the Congolese women, who often have no place in the international dialogue. Their words help convey the depth of the trauma. They also reveal the depth of humanity and care in the doctor’s work. “I felt love for him and myself again,” one woman says in a scene.One woman says, “He touched my urine, my feces.””We call him the messiah,” says another.Mukwege himself has faced dangers because of his work. In September 2012 he gave a speech decrying the horror of mass rape in Congo to the U.N. A month later, gunmen invaded his home and attempted to kill him, his wife and their two daughters. His guard intervened. During the ensuing shootout, the doctor and his family played dead. He left Congo shortly thereafter but the women of Eastern Congo sold their harvest to pay for his plane ticket home.”After that gesture, I couldn’t really say no,” Mukwege told the BBC. He returned to a hero’s welcome in 2013. “And also, I am myself determined to help fight these atrocities, this violence,” he said. “My life has had to change, since returning. I now live at the hospital and I take a number of security precautions, so I have lost some of my freedom.”He is fighting against rebel militias, his own government, against some of the worst imaginable physical and mental trauma imaginable, against images that would destroy most of us. But when I ask a member of Mukwege’s staff how they keep fighting, the answer is: “Because we have to.” Copyright 2018 NPR. To see more, visit http://www.npr.org/.last_img read more

A note from the editor For nine years Disability

first_imgA note from the editor:For nine years, Disability News Service has survived largely through the support of a small number of disability organisations – most of them user-led – that have subscribed to its weekly supply of news stories. That support has been incredibly valuable but is no longer enough to keep DNS financially viable. For this reason, please consider making a voluntary financial contribution to support the work of DNS and allow it to continue producing independent, carefully-researched news stories that focus on the lives and rights of disabled people and their user-led organisations. Please do not contribute if you cannot afford to do so, and please remember that DNS is not a charity. It is run and owned by disabled journalist John Pring, and has been from its launch in April 2009. Thank you for anything you can do to support the work of DNS… A disability charity’s decision to choose as its new chair the head of a company closely linked with the government’s hated “fitness for work” test has been branded “a betrayal” of disabled people and “a truly disgraceful appointment”.United Response, which provides a range of support services to about 3,000 disabled people across England and Wales, this week announced the appointment of management consultant Malcolm McCaig (pictured).McCaig has been a non-executive director of Unum UK since July 2009 and was appointed to chair the company’s board last year.But Unum has spent decades attempting to influence UK government policy on welfare reform and is blamed by many disabled researchers and activists for pushing successive governments to make the process of applying for out-of-work disability benefits harsher and more stressful.Those policies have been closely linked to the deaths of countless benefit claimants and with causing significant harm to the physical and mental health of many others.Campaigners argue that Unum has spent years trying to undermine the social security system to boost the market for its own income protection insurance (IPI) policies.In 2011, Unum launched a major UK marketing campaign to promote the need for IPI policies, just as the coalition began its three-year programme to reassess about 1.5 million existing claimants of old-style incapacity benefit through the new work capability assessment (WCA).United Response this week celebrated the appointment of its new chair, describing him as “a strong advocate of diversity and inclusion” who would be “a major asset to the organisation”.But Mo Stewart, the disabled researcher who has done most to raise concerns about Unum’s influence on welfare reform*, described McCaig’s appointment as “an insult to the chronically ill and disabled people being coerced and intimidated by the DWP, who used Unum as advisers for welfare reforms that have caused death, despair and destitution for those in greatest need in the UK”.Disabled People Against Cuts (DPAC) described the appointment as “a betrayal of all the disabled people and their families who have suffered under the work capability assessment”.A DPAC spokesperson added: “More than that, though, we consider it active collusion in Unum’s interest in replacing the UK social security net with an insurance system from which they will profit and disabled people will be harmed.“Given Unum’s history in the US of denying disability in order to avoid pay-outs this is a truly disgraceful appointment.”Rick Burgess, another leading disabled activist, said: “Given Unum’s reputation in being a ‘disability denial factory’ and its role in abusive disability welfare changes, this appointment is completely inappropriate, unless of course United Response plans on replicating Unum’s approach to disabled people.”It is also not the first time Unum has courted links with the disability sector.Two years ago, the Mental Health Foundation was heavily criticised for launching a partnership with Unum that aimed to tackle the stigma of mental health in the workplace and encourage employers to safeguard the mental health of their employees.Unum’s links with the UK government date back to the 1990s, when Peter Lilley, social security secretary in John Major’s Conservative government, hired senior Unum executive John LoCascio to offer advice on how to cut the number of claimants of long-term sickness benefits. A detailed memo submitted to the Commons work and pensions committee in 2002 by a director of Unum – then known as UnumProvident – called on the Labour government to “ensure both that work always pays more than benefits, and more importantly that it is clearly seen to do so”.And in 2005, Unum bragged in a document that it had “always been at the leading edge of disability assessment and management”, and that government policy was now “moving in the same direction” as “our views and understanding” and was “to a large extent being driven by our thinking and that of our close associates”.Three years later, in 2008, the Labour government introduced the WCA.Stewart said McCaig’s appointment “disregards the history of this American corporate giant, the fact that they were official government advisers from 1992 regarding ‘welfare claims management’ which influenced the introduction of employment and support allowance and the notorious WCA”.She also pointed out that Unum was accused of operating a “disability denial” agenda by a professor at Yale Law School and was identified by the American Association for Justice as being the second worst insurance company in America.In 2005, California’s insurance commissioner, John Garamendi, described Unum Provident as “an outlaw company” that had “engaged in a strategy to increase its bottom line at the expense of its customers”.The company has previously admitted widespread criticism of its past actions in the US, mainly over its refusal to pay out on large numbers of genuine insurance claims by disabled people, a record also mentioned five years ago in a Commons debate on the WCA.Unum also sponsored Cardiff University’s Centre for Psychosocial and Disability Research for four years.That research, said Stewart, led to the fatally flawed biopsychosocial (BPS) model of assessment on which the WCA is based.Unum has repeatedly dismissed claims that it pushed the government to introduce the WCA system, and two years ago even claimed that it “never has lobbied on the topic of welfare reform or related matters”.United Response failed to respond to the concerns about Unum.But Tim Cooper, the charity’s chief executive, said: “Malcolm is an outstanding individual whose background and vast experience will prove invaluable in leading United Response and helping it achieve its vision.“We undertook an extensive recruitment process resulting in an incredibly strong shortlist of candidates, and Malcolm’s skill set and demonstrable understanding of the charity led to his appointment.”*Stewart’s book, Cash Not Care, details Unum’s influence over successive UK governments, and how it led to the introduction of the WCAlast_img read more

Elon Musk Has a Grand Time Roasting Smores and Drinking Whiskey While

first_imgElon Musk Image credit: Shutterstock The Tesla and SpaceX CEO posted a late-night Instagram video of himself around a campfire. October 27, 2017 Add to Queue 1 min read Learn how to successfully navigate family business dynamics and build businesses that excel. –shares Caroline Cakebread Register Now » Elon Musk Has a Grand Time Roasting S’mores and Drinking Whiskey While Lip Syncing Johnny Cash Just because he’s a billionaire CEO with dreams of colonizing Mars doesn’t mean Elon Musk doesn’t like to party.Last night, at around 2:44 a.m., Musk posted an Instagram video of himself sitting by a campfire roasting a marshmallow, a glass of whiskey in hand while he rocked out to Johnny Cash’s “Ring of Fire.” For a 46-year-old father of five, his performance was rather impressive. Earlier in the evening, he posted a photo of a group of eight people huddled around a campfire on the Gigafactory roof. The factory is located on 3,000 acres near Sparks, Nev., and it’s likely a mean spot for stargazing.Rather esoterically, his video caption included “Also, hotdog or not hotdog?” It’s hard to tell whether he was referring to his curiously long marshmallow or asking his followers whether or not he should roast one next. We will never know.  Free Webinar | July 31: Secrets to Running a Successful Family Business This story originally appeared on Business Insider Next Article last_img read more

What I Learned From Visiting 50 California Dispensaries

first_img Add to Queue Since California legalized recreational marijuana, I’ve been curious how its new cannabis market has evolved. So I decided to clear my calendar recently for a road trip up and down Southern California’s highways, visiting as many storefront dispensaries as possible. As a CEO in the cannabis space, with a company that develops software for dispensaries, I wanted to learn just what these retailers have been experiencing in this transition from the “gray market” to a new era of hyperregulation and compliance — and what it all means for the future. Related: California Unleashes a Massive Market for Legal CannabisSophisticated shopping All over the state, retailers are creating familiar and welcoming environments like you might find at popular high-end stores like Sephora, where the floor plans lend themselves to multisensory browsing experiences. Customers are often encouraged to touch packaging and smell cannabis products as they shop, appealing to connoisseurs as well as novice consumers who might not yet know exactly what they want.  Related: How MedMen Became the Starbucks of PotChanging consumersMore people are shopping at dispensaries for the first time. Also, in California, it’s not just college students or millennials buying cannabis; older adults and seniors are increasingly choosing it for both medicine and recreation. Across the board, consumers expect high standards of quality and purity from their purchases.Premium product, premium pricesThere are more products than ever to choose from. In fact, California dispensaries are inundated with requests to work with brands offering flower, edibles and other infused products, technology and security solutions, and much more. The stream of vendors is so endless, many dispensaries have special procedures to meet with potential partners.Strong cannabis brands have emerged—like Cookies, Henry’s Original, Flow Kana, Marley Natural, Viola, and Lowell Herb Co., just to name a few. However, these products can cost up to six times more than similar ones in other legal markets, like Colorado. Why? Consumer costs are driven up in California by a combination of high taxes, high demand, limited licensed providers, and a supply chain with kinks still to be worked out.Related: The No. 1 Hurdle Facing California Cannabis EntrepreneursThe black market flourishes Legalization has not stopped the black market from thriving. There are still tons of illicit shops operating quietly in California. Because they aren’t complying with the state laws, they’re able to charge a lot less than licensed dispensaries do. In urban areas, pop-up black market events are popular among consumers looking for cheap product. Compliance confusionSince legalization, applicants and licensees have received nothing but mixed messages and postponed due dates from regulators. All licensed retailers are now required to track and trace both their inventories and activities with a software program called METRC. Yet basic definitions are still being clarified by way of emergency regulations, and cannabis operators are expected to comply immediately or risk shutdown. Shakeout ahead Retailers will have to consolidate or diversify their offerings to stand out from their competition. But the larger issue is regulation. I foresee retailers having trouble adopting and leveraging the compliance-based tools because current workflows are not yet established to scale. Many of these businesses need to write SOPs (standard operating procedures) for the first time, or make adjustments to their intake process for packages. There will be a lot more at stake with increasing regulations. For example, dispensaries are going to get audited, and many license holders will risk being shut down because they aren’t ready to comply with METRC.At this point, from what I’ve seen, California retailers need to spend less time focusing on cool features and trends, and put more emphasis on learning how compliance works and what it means for their business. There is a general lack of concern surrounding the transition toward a regulated market. The mindset is: We’ve done this for years. Wake me up when the government starts cracking down. My professional opinion: It’s time to wake up.Related: You Can Legally Buy Marijuana in California But Selling It Legally Is TrickyMy tour isn’t over yet – follow Flowhub’s journey and peek inside California’s cannabis market by following #CAonFlowhub on Instagram. Next Article The first leg of my journey up the coast has taught we where Cali thrives and where it nose dives. Image credit: ROBYN BECK | AFP | Getty Images January 2, 2019 Magazine Contributor This story appears in the May 2019 issue of Green Entrepreneur. Subscribe » CEO of Flowhub Free Green Entrepreneur App Download Our iOS App California What I Learned From Visiting 50 California Dispensaries –shares Kyle Sherman Keep up with the latest trends and news in the cannabis industry with our free articles and videos, plus subscribe to the digital edition of Green Entrepreneur magazine. 4 min readlast_img read more

Audi to Add Traffic Light Countdown Clocks to Cars

first_img Free Webinar | July 31: Secrets to Running a Successful Family Business Audi Add to Queue Image credit: Audi Audi cars will soon be able to talk to traffic lights and tell you when they’ll turn green.The luxury automaker on Monday announced that some 2017 models will be equipped with a feature that enables the vehicle to communicate with traffic lights in select cites across the U.S. So, when you roll up to a red light, you’ll see a little countdown clock on the dashboard and head-up display that shows the remaining time until the signal changes to green. In a statement, Audi’s General Manager for connected vehicles, Pom Malhotra, said this represents the company’s first step in “vehicle-to-infrastructure integration.””In the future we could envision this technology integrated into vehicle navigation, start/stop functionality and can even be used to help improve traffic flow in municipalities,” Malhotra said. “These improvements could lead to better overall efficiency and shorter commuting times.”Audi of America plans to roll out the new feature later this fall in “select smart cities and metropolitan areas across the country.” The company did not specify which cities. It will be available on 2017 Audi Q7, A4 and A4 allroad models built after June 1 of this year.Meanwhile, Audi is also reportedly gearing up to take on Tesla by launching three electric car models by 2020 as part of a “strategic overhaul,” prompted by parent-company Volkswagen’s ongoing emissions scandal. Audi also intends to funnel more resources into the development of digital services and autonomous driving technologies. This story originally appeared on PCMag 2 min read Reporter –shares August 16, 2016 Learn how to successfully navigate family business dynamics and build businesses that excel. Audi to Add Traffic Light Countdown Clocks to Cars Next Article Angela Moscaritolo Register Now »last_img read more

Leaked Facebook memo questions cost of growth

Facebook troubles worsened late Thursday with the leak of a two-year-old memo from a high-ranking executive hinting that the social network was determined to grow despite risks to users. Explore further © 2018 AFP Citation: Leaked Facebook memo questions cost of growth (2018, March 30) retrieved 18 July 2019 from https://phys.org/news/2018-03-leaked-facebook-memo-growth.html This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. Facebook continues to be battered by a data breach involving Britain-based Cambridge Analytica, a consulting firm linked to Donald Trump’s presidential campaign The 2016 memo published by news website Buzzfeed was written by veteran Facebook executive Andrew Bozworth, considered part of chief executive Mark Zuckerberg’s inner circle.”The ugly truth is that we believe in connecting people so deeply that anything that allows us to connect more people more often is ‘de facto’ good,” the memo read.The memo pointed out that connecting people can lead to good outcomes, such as finding love or preventing suicide.It could also have negative consequences, Bozworth reasoned.”Maybe it costs a life by exposing someone to bullies,” the memo read.”Maybe someone dies in a terrorist attack coordinated on our tools.”Bozworth is known to be an outspoken defender of Facebook, and unabashed in expressing his views.”I don’t agree with the post today and I didn’t agree with it even when I wrote it,” Bozworth said in a statement to AFP.”The purpose of this post, like many others I have written internally, was to bring to the surface issues I felt deserved more discussion with the broader company.”In response to an AFP inquiry, Zuckerberg referred to Bozworth as a talented leader who says provocative things, the leaked memo among them.”This was one that most people at Facebook including myself disagreed with strongly,” Zuckerberg said.”We’ve never believed the ends justify the means. We recognize that connecting people isn’t enough by itself. We also need to work to bring people closer together.”Even if the Bozworth memo was meant solely to get colleagues to grapple with tough issues, it hints that Facebook executives were aware of risks associated with connecting and sharing on the social network.The leak of the memo came as Facebook continued to be battered by a data breach involving Britain-based Cambridge Analytica, a consulting firm linked to Donald Trump’s presidential campaign.Facebook faces probes on both sides of the Atlantic over the hijacking of 50 million users’ personal data by the firm.The firestorm has raised new awareness on how personal data is stored and shared by internet platforms and marketers.Facebook has begun to produce documents and wants to be “cooperative” with a New York investigation into the Cambridge Analytica data breach, state attorney general Eric Schneiderman said Thursday.On Monday, the Federal Trade Commission, a US consumer protection agency, said it had opened an inquiry into Facebook’s privacy practices, including whether the company violated an earlier agreement with the FTC on how it handles user data.Facebook signed a consent decree with the consumer agency in 2011 settling charges that it deceived consumers by telling them they could keep their information on Facebook private, and then allowing it to be shared and made public. Facebook cooperating with New York probe: prosecutor read more

Samsung Electronics flags near30 slump in Q4 operating profit

first_img Citation: Samsung Electronics flags near-30% slump in Q4 operating profit (2019, January 8) retrieved 17 July 2019 from https://phys.org/news/2019-01-samsung-electronics-flags-near-slump.html Samsung Electronics enjoys record Q3 despite smartphone struggles Explore further The shock warning added to concerns about the broader tech sector after Apple sent shudders through world markets last week by slashing its revenue forecast blaming weak sales in China and citing the trade war.Samsung—the world’s top maker of smartphones and memory chips—has enjoyed record profits in recent years despite a series of setbacks, including a humiliating recall and the jailing of its de facto chief.But operating profit during the October to December period was expected to be around 10.8 trillion won ($9.8 billion), down 28.7 percent from a year earlier, Samsung said in an earnings estimate.The figure was below market consensus of about 13.5 trillion won, according to market researcher FnGuide.Sales dropped more than 10 percent to 59 trillion won in the period, Samsung said.It cited “lacklustre demand in the memory business and intensifying competition in the smartphone business” for the dismal outlook.”Memory earnings fell significantly… due to weaker-than-expected demand amid inventory adjustments at data-centre customers,” which led to a “greater-than-expected” drop in chip prices, it said.”We expect earnings to remain subdued in the first quarter of 2019 due to difficult conditions for the memory business but strengthen in the second half.”Alarm bellsBut analyst Kim Sun-woo of Meritz Securities said worsening supply and demand for semiconductors and the structural challenges facing Samsung’s smartphone business will hit profits throughout 2019.Demand for DRAM memory chips “will hit a low in the fourth quarter of 2019″, he added.Samsung withholds net profit and sector-by-sector business performance data until it releases its final earnings report, which is expected later this month.For 2018, the firm expects operating profit of 58.9 trillion won, up nearly 10 percent on-year, and sales to inch up 1.6 percent to 243.5 trillion won. © 2019 AFP The news battered world equities, with observers saying problems at the usually reliable US titan could point to broader demand weakness and the China-US trade war cited as a key factor.”When Apple sounded the alarm bells for last quarter results, there was some thought the drops in China sales was an anti-Apple backlash due to escalating US-China tensions,” said Stephen Innes, head of Asia-Pacific trade at OANDA. “But these Samsung results are quite damning suggesting there… (is) a broader-based retail and manufacturer slowdown afoot.”Losing groundWhile Samsung leads the global smartphone market with a 20 percent share, it faces mounting competition from Chinese rivals like Huawei—which surpassed Apple to take second place last year—offering quality devices at lower prices.”Samsung is losing ground to Huawei, Xiaomi and other Chinese rivals in the huge China and India markets,” Neil Mawston, executive director at market researcher Strategy Analytics, said in a report.Samsung once also had a 20 percent market share in China but has seen its sales tumble to less than one percent of the world’s largest smartphone market in the third quarter, and last month announced the closure of its factory in Tianjin.It will reportedly roll out a new line-up of its flagship Galaxy handsets at next month’s World Mobile Congress in Barcelona as it seeks to regain a competitive edge in a market segment it once dominated.Samsung is also set to introduce the world’s first bendable smartphone in the first half.It reputation suffered a major blow after a damaging worldwide recall of its Galaxy Note 7 devices over exploding batteries in 2016, which cost the firm billions of dollars and shattered its global brand image.It also took another hit after the bribery conviction of Lee Jae-yong—the son and heir of the group’s ailing current chairman Lee Kun-hee.The 50-year-old scion was a key figure in the scandal that ousted former South Korean president Park Geun-hye following massive nationwide protests, and was sentenced to five years in jail last year.But he was released from jail in February last year after several of his convictions were quashed on appeal. Shares in Samsung Electronics, the flagship subsidiary of the Samsung Group that dominates South Korea’s economy, were down 1.68 percent at the close.Last week Apple said it expected to earn $84 billion in October-December, well down from the $89-$93 billion previously forecast as it blamed a steeper-than-expected “economic deceleration” in China and emerging markets. Chart showing quarterly operating profits for Samsung Samsung Electronics on Tuesday flagged its first quarterly profit drop in two years and painted a grim outlook owing to mounting competition from Chinese smartphone makers and declining chip prices. Samsung Electronics—the world’s top maker of smartphones and memory chips—has enjoyed record profits in recent years despite a series of setbacks This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.last_img read more