Samsung Electronics warns of tech gloom for 2016

Samsung Electronics 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 was plagued by economic turbulence and volatile exchange rates, chief executive Kwon Oh-Hyun said in a letter to shareholders.

At the gathering, Samsung formally adopted a proposal to allow non-CEOs to take up the chairman’s role for the first time, a move that signals efforts to improve governance.