Samsung chief paints gloomy picture of global economy

SEOUL, Sept. 27 (Yonhap) -- Lee Kun-hee, chairman of Samsung Electronics Co., said Tuesday that the global economic turmoil will continue and any meaningful economic recovery is not in the offing.
"I think they (economic conditions) will stay as is," Lee told reporters before his departure for a three-week trip to Tokyo, San Francisco and New York.
The trip is aimed at evaluating sales of smartphones, tablet PCs, TVs and home appliances in Samsung's major markets, according to the company. Samsung has been grappling with slowing demand in advanced countries, which has battered sales of TVs and LCD panels.
Lee, a son of Samsung's founder, is also scheduled to visit Corning Inc.'s headquarters in Corning, New York, according to Samsung. Samsung and Corning operate a joint venture in South Korea called Samsung Corning Precision Glass that makes LCD glass.
Samsung, the world's largest supplier of TVs and liquid crystal display (LCD) panels and the world's No. 2 mobile phone maker, has been struggling with the cyclical downturn in the LCD panel and memory chip sectors.
The sovereign debt crisis in Europe is also feared to hit the Korean firm's revenues in mobile phones and TVs.
Refusing to offer a straightforward assessment of Samsung's earnings, Lee played it safe by emphasizing the work ethic of Samsung and its employees.
"We will work hard and continue to be the No. 1 in the world," he said.
Lee is scheduled to return home in mid-October, according to the company.
ylee@yna.co.kr
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