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Day: July 5, 2024
The Labour Party has won a landslide victory in the UK general election, sweeping hundreds of seats across the country and ending 14 years of Conservative rule, the BBC reports.
Sir Keir Starmer is set to be appointed prime minister later on Friday, ending an era which has seen five different Conservative leaders running the country.
Rishi Sunak, the outgoing PM, conceded at around 04:40 in the morning, acknowledging Labour had won and saying that he had called Sir Keir to congratulate him.
In his victory speech minutes later, the Labour leader promised “national renewal” and that he would put “country first, party second”.
“We have earned the mandate to relight the fire,” he told Labour activists in a victory speech. “Our task is nothing less than renewing the ideas that hold this country together.”
The result marks a stunning reversal from the 2019 election when Labour, led by the veteran left-wing politician Jeremy Corbyn, suffered its worst electoral defeat in almost a century.
On the other side, Robert Buckland, a former Conservative minister who lost his seat, described it as “electoral Armageddon” for the Tories.
It is expected to be the party’s worst result in almost 200 years, with a battle over the future direction of the party likely to commence in the coming days.
It’s been a long night of results and there’s plenty more action to come. Here’s what’s happening, and what it all means.
Samsung Electronics expects its profits for the three months to June 2024 to jump 15-fold compared to the same period last year, the BBC reports.
An artificial intelligence (AI) boom has lifted the prices of advanced chips, driving up the firm’s forecast for the second quarter.
The South Korean tech giant is the world’s largest maker of memory chips, smartphones and televisions.
The announcement pushed Samsung shares up more than 2% during early trading hours in Seoul.
The firm also reported a more than 10-fold jump in its profits for the first three months of this year.
In this quarter, it said it is expecting its profit to rise to 10.4tn won ($7.54bn; £5.9bn), from 670bn won last year.
That surpasses analysts’ forecasts of 8.8tn won, according to LSEG SmartEstimate.
“Right now we are seeing skyrocketing demand for AI chips in data centers and smartphones,” said Marc Einstein, chief analyst at Tokyo-based research and advisory firm ITR Corporation.
Optimism about AI is one reason for the broader market rally over the last year, which pushed the S&P 500 and the Nasdaq in the United States to new records on Wednesday.
The market value of chip-making giant Nvidia surged past $3tn last month, briefly holding the top spot as the world’s most valuable company.
“The AI boom which massively boosted Nvidia is also boosting Samsung’s earnings and indeed those of the entire sector,” Mr Einstein added.
Samsung Electronics is the flagship unit of South Korean conglomerate Samsung Group.
Next week, the tech company faces a possible three-day strike, which is expected to start on Monday. A union of workers is demanding a more transparent system for bonuses and time off.