News in Brief
US denies ‘winner-take-all’ race with China
AFP – US Treasury Secretary Janet Yellen told Chinese Premier Li Qiang on Friday that the United States is not seeking a “winner-take-all” competition in a visit to Beijing aimed at stabilising fraught ties.
“We seek healthy economic competition that is not winner-take-all but that, with a fair set of rules, can benefit both countries over time,” she told Li at Beijing’s Great Hall of the People.
90% of newly unemployed US workers are Black
BLOOMBERG – The unemployment rate for African Americans jumped for a second straight month in June as workers left the workforce amid early signs of a cooling labor market.
That cooling has been uneven: The number of unemployed African Americans has increased by 267,000 since April, meaning they account for close to 90% of the 300,000 increase in overall joblessness during that period.
Samsung flags 96 percent drop in profit
AL JAZEERA – Samsung Electronics has reported a likely 96 percent plunge in second-quarter operating profit, largely in line with forecasts, as an ongoing chip glut drives large losses in the tech giant’s key business despite a supply cut.
The world’s largest memory chip and smartphone maker on Friday estimated operating profit fell to 600 billion won ($458m) from April to June, down from 14.1 trillion won ($10.8bn) a year earlier in a short preliminary earnings statement.
It would be Samsung’s lowest profit for any quarter since a 590 billion won ($451m) profit in the first quarter of 2009, according to company data.