Seoul, July 31 (IANS) Exports of passenger cars reached a record high in the second quarter (Q2) of this year on solid demand from the United States and Canada, data showed on Wednesday.

South Korean carmakers shipped $17.8 billion worth of passenger cars over the April-June period, up 6.8 per cent from a year earlier, according to the Korea Customs Service.

It marked the highest quarterly figure ever and the ninth consecutive quarterly growth, it added.

During the first six months of 2024, car exports added 4.9 percent on-year to $33.6 billion, also a record level for any six-month period, reports Yonhap news agency.

Imports sank 25.3 per cent in the second quarter to $3.4 billion, the fourth consecutive on-year fall.

The growth in outbound shipments was driven by rising demand for mid- and large-sized petrol cars, while the value of eco-friendly cars exported inched down from a year earlier.

Of eco-friendly cars, the export value of hybrid cars reached an all-time high of $3.02 billion in the second quarter, the data showed.

By destination, exports to the U.S. advanced 33.2 per cent in terms of value in the second quarter, with those to Canada and Australia rising 14.6 per cent and 8.8 per cent, respectively.

But demand from Britain fell 8.1 per cent and that from France tumbled 34.9 per cent.

The average price of cars shipped in the second quarter rose 1.1 per cent on-year to $23,097.

That of imports slid 22.7 per cent on-year to $39,595, the agency said.

–IANS

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Seoul, July 31 (IANS) Samsung Electronics said on Wednesday its second quarter (Q2) operating profit surged more than 15 times from a year earlier on the robust performance of its semiconductor business.

The world’s largest mobile phone and memory chip maker’s operating profit reached 10.44 trillion won ($7.54 billion) in the April-June period, compared with 668.5 billion won a year ago, the company said in a regulatory filing.

It is the first time that Samsung Electronics posted an operating profit of more than 10 trillion won in seven quarters since the third quarter of 2022. Its sales jumped 23.4 per cent on-year to 74.06 trillion won and net profit soared 471 percent to 9.84 trillion won.

Sales and shipments of its latest Galaxy S24 series, released in January, outnumbered those of its predecessor, Galaxy S23, both in the second quarter and the first half.

“In the second half of 2024, overall demand for smartphones is expected to increase year-on-year, with increased demand for premium products, driven by growing demand for AI and the launch of new products with innovative features,” the company said.

The earnings exceeded market expectations. The average estimate of operating profit by analysts stood at 10.29 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Samsung said it invested 8.05 trillion won in research and development in the quarter ending in June. It also spent 12.1 trillion won in facility investment, including 9.9 trillion won in the semiconductor sector.

The company said its chip business earned 28.6 trillion won in sales for the three-month period through June, with an operating profit of 6.45 trillion won.

It marked the first quarterly operating profit for the company’s flagship business in more than one year as it had remained in the red for five consecutive quarters since the first quarter of 2023.

The strong performance was driven by increasing demand for memory chips, including those for artificial intelligence servers and solid-state drives.

Samsung’s TV business also expanded in the April-June period thanks to global sporting events, such as the 2024 Paris Summer Olympics, while its conventional home appliance segment was on a gradual recovery on increasing demand for air conditioners and new products.

–IANS

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New Delhi, July 30 (IANS) The Centre on Tuesday informed that 755 applications have been approved across 14 key sectors under the production-linked incentive (PLI) schemes and investment of Rs 1.23 lakh crore have been realised (till March), resulting in around 8 lakh jobs.

Keeping in view India’s vision of becoming ‘Atmanirbhar’, PLI schemes for 14 key sectors were announced with an outlay of Rs 1.97 lakh crore (over $26 billion) to enhance the country’s manufacturing capabilities and exports.

According to Union Minister of State for Commerce and Industry, Jitin Prasada, the purpose of the PLI schemes is to attract investments in key sectors and cutting-edge technology, ensure efficiency and bring economies of size and scale in the manufacturing sector and make Indian companies and manufacturers globally competitive.

“These schemes have the potential of significantly boosting production, increasing manufacturing activities and contributing to economic growth over the next five years or so,” said the minister in a reply to a question in the Lok Sabha.

The criteria employed in the selection of beneficiaries under PLI Schemes includes but is not limited to, willingness to make required investment, production of approved product categories under respective scheme, eligible net worth, domestic value addition, etc.

The key sectors are mobile manufacturing and specified electronic components, pharmaceutical drugs and ingredients, manufacturing of medical services, automobiles and auto components, steel, telecom products, textiles, food and others.

The PLI scheme for automobile and auto components (PLI-Auto) and PLI Scheme on National Programme on Advanced Chemistry Cell (PLI-ACC) battery storage are being implemented by the Ministry of Heavy Industries.

Earlier this week, the Parliament was informed that 32 companies invested Rs 8,282 crore under the PLI scheme for large-scale electronics manufacturing till June 30.

The IT Ministry said that 27 companies have cumulatively invested Rs 464.66 crore under the PLI scheme for IT hardware and PLI scheme 2.0 for IT hardware.

–IANS

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New York, July 30 (IANS) Including the term “artificial intelligence” in product descriptions may inadvertently reduce sales, a study led by Washington State University (WSU) researchers suggests.

Published in the Journal of Hospitality Marketing & Management, the study surveyed over 1,000 US adults to investigate the impact of AI disclosure on consumer behaviour.

The findings consistently showed that products labelled with “artificial intelligence” were less appealing, according to Mesut Cicek, Clinical Assistant Professor of Marketing and the study’s lead author.

“When AI is mentioned, it tends to lower emotional trust, which, in turn, decreases purchase intentions,” Cicek said.

“We found emotional trust plays a critical role in how consumers perceive AI-powered products.”

The study involved presenting participants with descriptions of various products and services, some explicitly mentioning AI and others not. For instance, in one experiment, participants were shown identical descriptions of smart televisions, with the term “artificial intelligence” included in one group’s description. The group exposed to the AI mention was less likely to express interest in purchasing the television. The negative response to AI disclosure was more pronounced for “high-risk” products and services, such as expensive electronics, medical devices, or financial services. These are areas where potential failures could result in significant financial loss or safety concerns, making consumers more cautious, according to Cicek.

“We tested the effect across eight different product and service categories, and the results were all the same: it’s a disadvantage to include those kinds of terms in the product descriptions,” he noted.

The study suggests that companies should carefully consider how they present AI in their marketing. “Marketers should focus on describing the features or benefits and avoid the AI buzzwords, especially for high-risk products,” Cicek advised.

–IANS

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New Delhi, July 30 (IANS) Full-time wheelchair and scooter users experience frequent falls and fall-related injuries, challenging the perception that these devices eliminate fall risks.

A new study published in the journal Disability and Rehabilitation, conducted by a team from the University of Illinois Urbana-Champaign and the University of Illinois Chicago, surveyed 156 participants, revealing that 96 per cent had fallen at least once last year, with 74 per cent sustaining injuries.

“Falls among wheelchair and scooter users are typically caused by interacting risk factors,” said Elizabeth Peterson, Clinical Professor of Occupational Therapy at the University of Illinois Chicago.

“These may be physical, behavioural, environmental, or psychological in nature.”

The study found that users often encounter obstacles such as rough terrain or the need to reach beyond their support base, leading to falls.

Laura Rice, a health and kinesiology professor at the University of Illinois Urbana-Champaign who led the study, highlighted the seriousness of these falls, which can result in anything from minor scrapes to broken bones.

“A cut or scrape may seem minor, but for someone with diminished sensation, that can quickly turn into a bigger problem,” Rice explained.

The analysis showed a high level of anxiety among those who had experienced fall-related injuries, with 94.6 per cent expressing fear of falling again.

This anxiety often led to reduced use of mobility devices, potentially triggering a “disuse disability cycle.”

Sahel Moein, a graduate student involved in the research, noted that “participants who experienced fall-related injuries were, on average, younger than those who did not, which suggests that riskier behaviour may contribute to these incidents.”

The researchers are now testing an intervention designed to help wheelchair and scooter users manage and prevent falls, emphasising the need for proper training in using these devices.

“Healthcare providers sometimes think that giving someone a wheelchair will solve their problem of falling.

“But people need to be trained to use the new equipment and how to cope with the challenges that come with these devices,” Rice said.

–IANS

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