Monday, 13 August 2018 13:34

Samsung downsizing, Turkey facing tariff troubles

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BANGOR - Samsung's plan to downsize and Turkey's tariff troubles are among the topics making business headlines on Monday.

Days after introducing its big new smartphone -- the Galaxy Note 9 -- Samsung is reportedly ready to shut down one of its factories in China.

 

The Electronic Times reported that the biggest smartphone maker in the world is considering closing the plant because of slowing sales in China and rising labor costs. Five years ago, Samsung owned 20 percent of the Chinese mobile market. This year, it owns 1 percent.

 

Tough times in Turkey after its currency took a nosedive at the end of last week. The lira fell 14 percent against the dollar on Friday and is down 41 percent this year. President Trump is putting more pressure on Turkey by ratcheting up tariffs on steel and aluminum. Turkish officials are talking about closer economic ties with Russia.

 

And there are new questions about America's biggest bookstore chain. The New York Times said Barnes and Noble board Chairman Leonard Riggio is facing criticism over turnover at the top. The company has gone through four CEOs in the last five years but Riggio is pushing back, saying he has always been there.