Samsung warns of tech gloom ahead; opens up chairman's seat to non-CEOs

Hong Kong

SAMSUNG Electronics Co warned of rising competition across businesses from smartphones to memory chips, again sounding a dour note for the global technology industry in 2016.

The world's largest smartphone vendor faces another difficult year after a 2015 plagued by economic turbulence and volatile exchange rates, chief executive officer Kwon Oh Hyun said in a letter to shareholders ahead of their annual meeting on Friday.