Samsung Vows to Cut Chip Production Amid Global Downturn in Demand; Shares Surge 4.5 Percent

Samsung Vows to Cut Chip Production Amid Global Downturn in Demand; Shares Surge 4.5 Percent
Samsung Electronics said on Friday it would make a "meaningful" cut to chip production, following the lead of smaller rivals, as it grapples with a sharp global downturn in semiconductor demand that has sent prices plummeting.