Samsung to scale back spending on chip business

Samsung Electronics Co., the world’s top memory chip maker, is likely to cut back its spending on semiconductor business next year in the face of the economic slowdown, company officials said Wednesday.

“It will be difficult to make aggressive investments next year due to an economic slowdown,” Samsung’s memory business chief Jun Dong-soo told reporters, adding that Samsung is likely to take a conservative stance on investments.

Jun, however, said nothing has been decided since the company is still in the process of setting up business plans for next year.

Meanwhile, Samsung’s chief spokesman Rhee In-yong told reporters in a briefing that the company’s basic principle is making investments according to market conditions. (Yonhap News)