Global slowdown makes Samsung cut forecast

Samsung Electronics trimmed its sales forecast for this year because of global economic woes, an Associated Press report said. CEO Yun Jong-yong said, that 'global economic uncertainty will continue this year, affecting our management conditions,' but said its profits will rise because of growth in key areas such as memory chips, flat-panel displays and mobile handsets.

Samsung aims to increase 2008 sales by 10%, Yun said, without providing specific figures.The company had forecast a 15% annual revenue increase in January.Capital investment will be at a similar level to that of last year, he added.

Some analysts expect Samsung to report first-quarter results next month with the chip business in the red for the first time since 2001, weighed by a sharp fall in chip prices, the report further said.