China’s Rare Ballistic Missile Test Raises Concerns

China's recent Test-Launch of a long-range ballistic missile from a nuclear submarine in the Pacific Ocean drew protests from the US, as well as countries in Asia and the Pacific.

While such launches are rare, the latest test reflects Beijing's increasing openness about its growing military strength. Experts say the move shows Beijing's increasing skill and capability as part of its nuclear deterrence strategy.

The missile was fitted with a dummy warhead and was launched as part of a "military training program" in the Pacific Ocean.

The missile landed in a designated area between Nauru and Tuvalu.

The move also drew protests from the US and from countries in Asia and the Pacific.

It was the second time China had fired a ballistic missile into international waters in recent years.

While it gave some countries in the region prior notice, others said it was not enough, and experts say the launch exacerbates tensions amid rising militarization in Asia.

President Xi Jinping has overseen what analysts describe as the world's fastest expansion of a nuclear arsenal, relying on intercontinental ballistic missiles to put distant adversaries at risk.

Reference Sources

1. bloomberg - What China’s Latest Missile Test Reveals About Its Expanding Arsenal
2. aawsat - What to Know About China’s Rare Ballistic Missile Test and Why It Raises Concerns
3. thestarmy - Australia vows stronger ties with Solomon Islands amid China concerns
4. bloomberg - China’s ICBM Tests Point to New Normal Rattling the Pacific
5. dailymail - China's terrifying missile can reach Sydney and Brisbane as security expert issues chilling warning - and Anthony Albanese blasts Beijing

Samsung expects 1,800% operating profit leap on AI boom

Samsung Electronics, the world's largest memory chipmaker, has forecast a 19-fold jump in Q2 operating profit from a year earlier, buoyed by sustained AI-driven demand for memory chips.

The company estimated April-June operating profit at KRW89.4 trillion ($58.4Bn), up 1,810% YoY.

The boom in global demand for advanced memory chips used in data centres for artificial intelligence has already helped South Korean semiconductor giants post record profits this year.

The boom has also strengthened workers' demands for higher pay, and Samsung avoided a major strike in May after reaching an agreement on bonuses.

Samsung's estimate would be the "largest quarterly operating profit in history", beating that of AI chip Titan Nvidia, said Kim Dae-Jong, a business administration professor at Sejong University.

Samsung's share price closed down 6.9% after falling more than 10% in afternoon trading on concerns of looming oversupply in the memory chip industry. Rival SK Hynix's shares also declined, dropping 6.1% after paring earlier losses of as much as 11.2%.

The disappointment reverberated in US premarket trading, with Micron Technology Inc., Sandisk Corp., and other semiconductor shares falling as investors reassessed expectations for companies tied to the artificial intelligence spending boom.

Reference Sources

1. nikkei - Samsung profit soars 19 times but shares slump 6.9% on oversupply worries
2. bloomberg - Tech Weakness Resumes After Samsung Misses Lofty AI Expectations
3. bangkokpost - Samsung expects 1,800% operating profit leap on AI boom
4. thestarmy - Emerging Markets: Singapore stocks scale record high as Philippine inflation slows in June; confidence wanes in AI-powered earnings
5. nikkei - Samsung profit soars 19 times but shares slump 9% on oversupply worries

US Aid to Venezuela After Quakes Exceeds $310 Million, Says U.S. Chargé d'Affaires

Venezuela has appealed to Malaysia for assistance to support its disaster recovery efforts following powerful earthquakes last month that left over 3,000 people dead and thousands more injured.

The ambassador of the Bolivarian Republic of Venezuela to Malaysia, Radamés Gómez Azuaje, said the government welcomed all forms of assistance, particularly medical supplies and equipment, which are among the most urgently needed items, as many victims were trapped under the rubble and suffered severe injuries. More than 3,000 people have died, tens of thousands have been left homeless, and the disaster struck a country that was already in a fragile state: without a robust Healthcare system, without reliable power infrastructure, and with millions already living in conditions of chronic hardship. Assistance from the United States to Venezuela after twin earthquakes last month now exceeds $310 million, the U.S. Chargé d'Affaires in Caracas John Barrett, told journalists on Tuesday, adding that Venezuela has been "fully Compliant" with requests to advance humanitarian response to the quakes.

Barrett has praised the response of the government of interim President Delcy Rodriguez to the disaster, despite complaints from civilians and humanitarian groups that official help was slow and ineffectual.

Reference Sources

1. stategov - Press Briefing with John Barrett, Chargé d’Affaires, U.S. Embassy Caracas and General Francis Donovan, Commander, U.S. Southern Command (SOUTHCOM)
2. asiaone - As quake rescue effort winds down, Venezuelans are left alone to recover their dead, World News - AsiaOne
3. bernama - Venezuela Appeals To Malaysia For Post-Quake Recovery Aid
4. elpaisen - UN coordinator in Venezuela: ‘Being insulted from all sides means I am doing my job’
5. usnews - U.S. Aid to Venezuela After Quakes Exceeds $310 Million, Says U.S. Charg D'affaires

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.  

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