Samsung said Thursday net profit plunged almost 20 percent in the second quarter as intensifying competition from cheap Chinese phones and the strong won saw sales slump in its key mobile business. Second quarter sales of its mobile unit fell 20 percent on-year to 28.45 trillion won, while operating profit slid nearly 30 percent to 4.42 trillion won.
By Richard Lough, Eliana Raszewski and Daniel Bases BUENOS AIRES/NEW YORK (Reuters) - Argentina will default on its debt within hours after talks with holdout creditors broke down on Wednesday. As the clock ticked toward a midnight (0400 GMT) deadline, Economy Minister Axel Kicillof stuck firmly to the government line, repeatedly denigrating the holdouts as "vultures" after two days of intense negotiations. Argentine banks scrambled to put together a proposal to buy out the non-performing debt held by hedge funds and avert a default. It also marks a set-back to the Buenos Aires government's attempts to return to global credit markets.