Samsung to buy US healthcare services company Xealth
The South Korean company did not disclose the value of the transaction.
Samsung said the two companies hoped to create "synergy between Samsung's advanced wearable technology and Xealth's digital health platform" which runs digital health programs and manages data linking care providers, including more than 500 U.S. hospitals, with their patients.
The acquisition comes as Samsung steps up efforts to diversify beyond its core semiconductor and smartphone businesses. Samsung has been betting on the medical sector as one of its new growth engines, along with consumer audio, cooling and heating systems, and robotics.
In May, Samsung Electronics agreed to buy Germany's FlaktGroup for 1.5 billion euros ($US1.68 billion) as it looks to meet growing demand for cooling of data centres used for artificial intelligence projects.
Samsung, led by Chairman Jay Y. Lee, said at a shareholder meeting in March that it was looking for "meaningful" deals this year to drive growth after having lagged rivals in tapping the AI chip boom led by Nvidia.
Samsung earlier on Tuesday projected a far worse-than- expected 56 per cent plunge in second-quarter operating profit due to weak AI chip sales, deepening investor concerns over the tech giant's ability to revive its struggling semiconductor business.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
28 minutes ago
- The Sun
MDEC launches two grants totalling RM2.9m to accelerate digital transformation in AI and manufacturing sectors
PETALING JAYA: Malaysia Digital Economy Corporation (MDEC) is introducing two grants totalling RM2.9 million aimed at accelerating digital transformation in two of Malaysia's most strategic sectors – artificial intelligence (AI) and manufacturing. Eligibility for these grants is exclusively extended to companies possessing Malaysia Digital (MD) or MSC Malaysia status, or to those with a pending MD status application at the time of applying for the grant. The two new grants – the Malaysia Digital Acceleration Grant – Artificial Intelligence (MDAG-AI) and the SmartMFG+ Incentive Programme – are designed to support high-potential local companies by promoting innovation, developing export-ready digital solutions and creating high-skilled employment opportunities. MDEC CEO Anuar Fariz Fadzil described the grants as both timely and strategic, giving a significant boost to Malaysia's digital transformation agenda. 'MDAG-AI establishes a foundational framework for Malaysia to emerge as a preeminent hub for AI innovation, while SmartMFG+ lays the groundwork for widespread digitalisation across the manufacturing industry. Collectively, these initiatives serve as a dual engine to advance our digital ambitions,' said Anuar. The MDAG-AI grant is specifically designed to support Malaysian digital companies in the commercialisation of AI solutions. It targets high-impact projects that correspond with the national AI investment strategy, focusing on companies with capabilities across the foundational, enabling, and application layers of AI. This initiative builds upon the momentum generated by prior programmes, concentrating on AI product commercialisation, cross-sector AI application, talent development and knowledge transfer. It is strategically aligned with the National AI Roadmap, reinforcing Eligible companies may apply for funding of up to 70% of total project costs, capped at RM2 million, for projects spanning a duration of up to one year. Application is now open till July 18 and successful applicants will be announced at the Malaysia Digital Expo (MDX) in September.
The Sun
an hour ago
- The Sun
Scramble to assess broader damage from 25% US tariff
PETALING JAYA: Malaysian businesses and national-level economic groups are scrambling to assess the broader damage from the United States' 25% tariff on Malaysian products that is set to go into effect on Aug 1. The tariff is part of a wider US push to reshore manufacturing and limit dependence on strategic imports. In addition to electrical and electronic (E&E) products, sectors likely to be affected include rubber gloves, semiconductor components, industrial machinery and palm oil derivatives. Penang Chinese Town Hall president Tan Sri Tan Khoon Hai warned that the sudden move would undercut Malaysia's cost competitiveness in the US market. 'This move may strain Malaysia-US trade ties and shake investor confidence, especially among foreign investors who use Malaysia as a manufacturing base to access American markets,' he told theSun. He said exporters risk losing market share to countries such as Vietnam and Thailand, which are not facing similar tariff pressures. The higher landed cost of Malaysian goods, he added, could price local products out of the US market and divert future investments elsewhere. Tan highlighted that the E&E sector – Malaysia's top export to the US – will be hit hardest, with glove and machinery producers also vulnerable due to thin global margins. Calling for immediate federal action, Tan urged a delay in expanding the Sales and Service Tax and postponement of the electricity tariff hike, warning these would add to producers' burden. He also suggested Bank Negara Malaysia consider lowering the base lending rate. He further proposed creating a 'tariff buffer fund' offering tax deductions over three to five years for companies importing key machinery. Tan also called for deeper Regional Comprehensive Economic Partnership integration and proposed transforming Penang into a regional semiconductor hub, backed by university partnerships and a Penang Talent Reskilling Fund focusing on artificial intelligence, green technology and automation. Senior fellow at the Malay Economic Action Council (MTEM) and executive council member of Dewan Perniagaan Melayu Malaysia Datuk Yazid Othman stressed that the government must confront the reality of shrinking national revenue and act swiftly. 'The government must accept the reality that national revenue projections will decline and respond appropriately by focusing on further strengthening the domestic economy and alternative markets, while at the same time protecting SMEs from becoming victims of dumping of cheap imports,' he said. Yazid also called for a recalibrated fiscal policy to stimulate economic activity and raise household income.
The Star
2 hours ago
- The Star
Fighting pollution: Vietnam prepares to implement new emission standards for motorcycles
A 2013 study by Fulbright University Vietnam estimated that air pollution cost the country US$9.86-12.45 billion, with losses increasing significantly in recent years. - Phoo: Vietnam News/Asia News Network HANOI (Bernama-VNA): The Vietnamese Ministry of Agriculture and Environment (MAE) is expected to issue new national emission standards for motorcycles this month as part of efforts to reduce urban air pollution and complete the national system of technical regulations on vehicle emissions. According to Vietnam News Agency (VNA), the Director of the ministry's Vietnam Environment Agency, Hoang Van Thuc, said the matter is in line with the Law on Environmental Protection 2020. He said the agency has been assigned to draft a circular regulating national technical standards (QCVN) on emissions for automobiles, motorcycles, and motorised vehicles, along with a proposed roadmap for implementation to be submitted to the minister for approval. At the same time, the MAE is preparing a draft government decision on the roadmap for applying emission standards for motorcycles and motorised vehicles to be submitted to the Prime Minister for approval. According to the World Bank, air pollution in Vietnam results in annual economic losses equivalent to six to seven per cent of GDP. A 2013 study by Fulbright University Vietnam estimated that air pollution cost the country US$9.86-12.45 billion, with losses increasing significantly in recent years. - Bernama-VNA
