Samsung Electronics CEO warns of challenging conditions in 2016

Samsung Electronics CEO warns of challenging conditions in 2016

SEOUL - South Korean tech giant Samsung Electronics Co Ltd said it expects a difficult business environment in 2016 due to weak global economic conditions and heightened competition in key businesses including memory chips and smartphones.

In a statement on Monday, Samsung said Chief Executive Kwon Oh-hyun told employees in a New Year's address that low global growth will persist this year, with greater uncertainty stemming from issues such as financial risks for emerging countries.

Kwon also warned of greater competition in the firm's main businesses, Samsung said, without offering specific financial forecasts. The firm is expected to issue official earnings guidance for the fourth quarter ended December on Friday.

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