Daily Brief - 5 Apr 2024

Samsung’s chip division and Galaxy sales power up profits

Samsung Electronics has made a strong comeback in the first quarter of 2024, thanks to its semiconductor division getting back on its feet and the Galaxy S24 smartphone flying off the shelves.

The company announced a preliminary operating profit of 6.6 trillion won, beating what analysts had predicted and putting an end to a series of declines since late 2022.

Samsung's big bosses are optimistic, especially with advancements in AI technology boosting the need for their high-tech chips. With a nod from Nvidia and a boost in memory chip sales, Samsung is eyeing the top spot in the chipmaking world.

Europe’s stocks slump with oil trading over $91

European stocks took a major hit, marking their biggest drop in nearly two months as worries about the Middle East pushed oil prices over $91 a barrel. This slump mirrored declines seen in Asia and the US, sparking global market anxieties.

Investors are now keenly awaiting US jobs data, hoping it might influence the Federal Reserve's stance on interest rates. Amidst heightened tensions following Israel's actions in Syria, the possibility of direct conflict with Iran looms, potentially affecting oil supply.

As the world watches, currency and commodity markets also react, with significant movements in the yen and oil prices.

BlackRock sets the stage for future leaders with bold incentive scheme

BlackRock Inc., is gearing up for the future by rolling out a hefty incentive plan aimed at its rising stars. The plan, unveiled in its latest proxy filing, showers key figures like COO Rob Goldstein and head of Global Client Business Mark Wiedman with $8.5 million each in long-term, performance-based stock options.

CFO Martin Small is not far behind with an award of $6.5 million. Even the former CFO, now Vice Chairman Gary Shedlin, bags $2 million of the options.

This strategic move, part of BlackRock's succession planning, excludes top dogs Larry Fink and Rob Kapito from the 2023 options bonanza but underscores the firm's commitment to nurturing its next-gen leaders with a whopping $120 million in options distributed among its senior managers.