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Samsung Electronics forecast Thursday a more than 780% leap in third-quarter operating profit from a year earlier, buoyed by high memory chip prices as AI fuels a global supply shortage. The Republic of Korean giant is the world's largest maker of memory chips — components now in huge demand as advanced types are snapped up for use in data centres powering artificial intelligence. It estimated July-September operating profit at 107.4tn won ($80.1bn), up 782.5% on-year, according to a company statement. That would mark the first time a Korean company has surpassed 100tn won in quarterly operating profit. Revenue likely rose 127% to 195tn won, Samsung said. With both numbers hitting all-time highs, the company will have broken its own records for both sales and operating profit for four consecutive quarters. Samsung is expected to release its final quarterly earnings report at the end of October. The AI boom has already helped Samsung and other semiconductor giants around the world post record profits this year. Analysts at Korean brokerage Shinhan Securities have struck a bullish stance on Samsung's trajectory, writing in a note last week that they expected to see "even stronger earnings" from the company next year."Samsung Electronics now appears all set for a rapid increase in market share," they said, as the company ramps up production of a new generation of high-bandwidth memory (HBM) chips, called HBM4. Samsung, its South Korean rival SK hynix and US giant Micron dominate the global market for HBM — advanced chips used in AI data centres alongside other powerful data-crunching semiconductors. "The transition to next-generation HBM will open up the opportunity to renegotiate prices" for Samsung, "helping to guarantee solid margins," the Shinhan Securities note said. While Samsung's earnings have surged on strong demand for the memory chips it produces, the boom has also pushed up prices for DRAM and NAND flash used in smartphones — forcing the company's mobile division to pay more for the same chips. Analysts say rising production costs have become increasingly difficult to absorb as Samsung seeks to limit price increases to maintain shipment volumes and market share.In August, Samsung announced a buyback of up to $80bn of its own stock to boost shareholder returns. It said the shareholder return plan was designed to ensure that the "fruits of the company's growth translate into tangible benefits" for shareholders.As earnings skyrocket for chipmakers including Samsung, many workers are demanding a bigger cut of the profits. Samsung averted a strike in Korea earlier this year by agreeing to a deal to distribute bonuses equivalent to 10.5 % of operating profit to its semiconductor employees. The agreement means around 78,000 employees from Samsung's 125,000-strong domestic workforce are eligible to receive a bonus of roughly $370,000 this year, based on a market estimate of profits. 

Accommodation at the Asian Games starting this week in Japan is the "worst ever", South Korean officials told AFP on Monday, also warning of "a serious shortage" of rooms. Beds in shipping container-style huts are too short for players to stretch out, a South Korean basketball chief said, while officials from the Philippines resorted to Airbnb.There is no dedicated athletes' village at the Games, with organisers instead relying on a cruise ship, temporary wooden cabins and hotels in a bid to cut costs. The Games in the city of Nagoya and Aichi prefecture officially open on Saturday but football and basketball is already under way. Jung Jae-yong, vice president of the Korea Basketball Association, told AFP he was deeply unhappy with the cabins where the men's basketball team are staying."Based on my experience this is the worst it has ever been," he said. "Athletes who are over two metres tall cannot even stretch their legs out on the beds. It's unreasonable." Byeon Jun-hyeong, from the basketball team, posted a video on social media showing a leaking sink and soaked floor in his hut.He posted the caption, "Please help us".The huts are set to be home to 2,000 athletes and officials over the more than two weeks of the Games. Indian sports chiefs are so worried about the cabins that they built replicas to help get their athletes used to them.The vice president Jung accused organisers of failing to respond to South Korea's concerns. "The organisers have still not said anything," said Jung."We are very concerned and discussing extensively with the Korean Sport and Olympic Committee what to do about this."Hundreds of athletes were briefly evacuated from their accommodation last week as record rainfall lashed Nagoya.More rain has been forecast in the coming days. - 'Serious shortage' - More than 17,000 athletes and officials are expected at the Games -- a bigger number than the Olympics.Local organisers were initially expecting 15,000 and argued last month that they had "neither the manpower nor the budget" to deal with ballooning numbers.The Olympic Council of Asia later said that everyone would get a place to stay.Star cricketers have voiced fears about a lack of top-notch hotels. A South Korean Olympic committee official told AFP that, with the Games just days away, there are problems."At the moment there is a serious shortage of accommodation not only for the entire South Korean delegation to the Asian Games, but for delegations from around the world in the Aichi-Nagoya area," the official said. "We are doing everything we can to resolve the issue and ensure there are no such problems."Philippine Olympic Committee president Abraham Tolentino told AFP that all his country's athletes had been given a room.But "some officials, like coaches, were moved to different hotels and Airbnb". Asian Games organisers did not immediately respond to an AFP request for comment.The Italian cruise ship Costa Serena is due to arrive in Nagoya on Tuesday. Between 4,000 and 5,000 athletes will stay on the vessel.The rest will be in hotels, including in Tokyo, where swimming, diving and equestrian events will take place. 

Qatar’s small and medium-sized enterprise (SME) sector faces an operational gap driven by a mismatch between immediate liquidity needs and conventional lending products rather than a broader capital shortage, an industry expert noted. PayLater chief executive Dr Devid Jegerson told Gulf Times that while exact national figures remain difficult to quantify, the operational friction across retail networks is clear. He said retail businesses typically require 30 to 90 days of working capital to bridge seasonal inventory cycles. Standard bank offerings consist of multi-year facilities that demand collateral and take weeks to underwrite, he continued. Jegerson explained that because these financial products do not match short-term requirements, many viable small businesses run working capital through personal resources, supplier credit, or informal loans. This reliance, he pointed out, caps growth across key domestic market segments. According to Jegerson, this gap affects independent merchants who possess real revenue and transaction histories but lack the three years of audited financial statements required by traditional credit risk models. Traditional underwriting frameworks view these merchants as unbankable; alternative credit models anchored in daily transaction flow prove their creditworthiness, noted Jegerson, who added that addressing this group represents the largest commercial opportunity in Qatari financial services. “Under a traditional model, they are unbankable. Under a data-driven model built around transaction flow, they are entirely creditworthy. That gap, between institutional invisibility and actual creditworthiness, is the largest single opportunity in Qatari financial services, and it is materially underserved,” he explained.He said e-commerce businesses encounter similar structural obstacles. As one of the fastest-growing commercial segments, digital enterprises fit legacy bank underwriting criteria least effectively, he said.According him, closing the national SME financing gap over the next few years requires progress across three areas: credit infrastructure must be calibrated specifically around local population dynamics; regulatory clarity on data portability is needed to allow a merchant’s transaction history to move seamlessly between providers with their consent; and capital structures must also evolve to support high-velocity, short-duration funding. He stressed that implementing these adjustments requires no new technological tools. He said progress depends on coordination among regulators, banking institutions, and fintech platforms. Qatar maintains an advantage in resolving these bottlenecks due to the close-knit nature of its business ecosystem, allowing key decision-makers to convene quickly to drive innovation, he said. “None of this requires new technology. All of it requires coordination between regulators, banks, and fintechs, which is precisely the kind of challenge Qatar is well configured to solve, because the relevant parties can be in the same room within a week,” Jegerson added.

India's state-run oil companies raised petrol and diesel prices by more than three % yesterday as disruption to energy supplies due to the Iran war mounts pressure on the economy.The increase marks the first hike in automobile fuel prices in India since the war broke out in February, prompting Iran's near-total blockade of the Strait of Hormuz.India, the world's third-largest oil buyer, normally sources about half of its crude through the vital waterway.In Delhi, petrol prices rose to 97.77 rupees ($1.02) per litre from 94.77 rupees, while diesel climbed to 90.67 rupees from 87.67, according to data from the Indian Oil Corp.Rates vary across the country depending on local taxes.Oil companies say they have been incurring losses due to higher global crude oil prices.The government had earlier raised prices of liquefied petroleum gas (LPG), a primary cooking fuel for millions of households.The latest move comes as authorities ramp up austerity measures to curb fuel consumption and conserve foreign exchange.Delhi's chief minister on Thursday said government offices will have two work-from-home days a week for those able to and urged residents to cut back on private vehicle use.The steps came after Prime Minister Narendra Modi said restrictions on fuel use were necessary to save foreign currency spent on fuel imports.India has ramped up imports of Russian crude to plug gaps in supplies from the Middle East, ship-tracking and import data show, following a temporary US waiver on sanctions.But with the waiver set to end on Saturday, Indian Foreign Minister Subrahmanyam Jaishankar criticised "unilateral coercive measures", without naming any country."Such measures disproportionately affect developing countries," he said on Thursday as he met foreign ministers from Brics nations, including Iran's Abbas Araghchi and Russia's Sergey Lavrov — representing two of the countries most heavily sanctioned by the US."These unjustifiable measures cannot substitute dialogue, nor can pressure replace diplomacy." 

Australia will make exporters of liquefied natural gas from the country's east coast keep up ‌to a quarter of their output ‍for domestic use from 2027, under a scheme unveiled on Monday to curb price spikes and help fill a long-forecast supply gap.The centre-left ⁠government of Prime Minister Anthony Albanese said it ⁠would work with exporters to design a system that allocates between 15% and 25% of gas for ‍domestic use.The announcement puts numbers on a policy that the government has flagged through 2025 amid persistent warnings about a shortage of gas supply on Australia's east coast, where most of its 27mn people live."More affordable Australian gas for Australian users will support our economy and our transition, while remaining a reliable energy partner to our region," said Climate Change and Energy Minister Chris Bowen.The proposal will only affect new contracts agreed by LNG exporters, not their existing contracts, Bowen said.Australia, the world's third-largest LNG ‌exporter, ships out far more gas than it consumes. The competition regulator warned on Monday that the expected local shortfall had widened, with output dropping from legacy fields off the south coast.The scheme was recommended by a gas market ‍review ordered by the government in mid-2025, ⁠which was also published ‌Monday.The review said a gas reservation scheme would put downward pressure on prices and urged the government to consider ending a A$12 ($7.94) per gigajoule price cap in place since 2022.The scheme would impact three LNG export plants in Queensland, particularly Gladstone LNG (GLNG), industry watchers have said.GLNG, operated by Santos and backed by Korea Gas Corp (KOGAS), TotalEnergies and Malaysia's Petronas, has typically relied on third-party domestic gas to meet export commitments. A GLNG representative was not immediately available for comment.Rival export consortium Australia Pacific LNG (APLNG), led by Origin Energy with ConocoPhillips and Sinopec, was also unavailable for comment.Shell, which leads a third exporter Queensland Curtis LNG (QCLNG) with CNOOC and MidOcean Energy, called the scheme "an important first step" and said it looked forward to work on the details.Producers and energy users welcomed the certainty they ​said the scheme would bring, pending details ‌still to come. Industry body Australian Energy Producers, whose members include LNG exporters, called for more action to spur domestic production.The wording of the reservation ⁠announcement suggests it could for the first time ‍capture Northern Territory gas, potentially affecting the Barossa and Ichthys projects and therefore Japanese investment, said Saul Kavonic, head of energy research at MST Marquee.JY Chew, Head of APAC Upstream Research at consultancy Welligence Energy Analytics, said the measure could reduce producers' export options and returns on marginal projects."LNG buyers negotiating new long-term contracts from 2027 may diversify more actively, knowing a portion of future Australian output will be reserved for domestic buyers," he added.About 90% ​of Australia's LNG exports go to Japan, South Korea, China and Taiwan, Kpler data shows.While Japanese LNG buyers have been diversifying to US supplies amid concerns over Australian supply, proximity remains a key advantage for Australian LNG, said Filippo Pedretti, an analyst at Yuri Group consultancy."I find it hard to imagine that such volumes and logistical convenience could be significantly replaced," he said. "One way or another, I think Australian imports will remain important, and Tokyo and Canberra will find a middle ground."Western Australia has an existing policy requiring LNG exporters there to keep 15% of volumes for domestic supply. 

The shortage of air traffic controllers keeping watch over America’s skies prompted the Federal Aviation Administration to embark on a massive recruitment drive.Now, the FAA has another problem: There are not enough instructors to teach all those new recruits the ropes.Teachers at the FAA’s training academy in Oklahoma City, mostly retired former controllers in their 60s, are increasingly required to work from 7am to midnight, powering through with endless cups of coffee they pay for themselves.Although a new labour contract has boosted instructors’ pay and benefits somewhat — many work part time, earning about $46 an hour — their daily grind isn’t getting any easier as an influx of fresh recruits into the academy has put additional strain on teachers, according to shift schedules and emails obtained by Bloomberg News and interviews with eight current academy instructors who requested anonymity as they’re not authorised to speak to the media.July saw the highest number of academy students in the FAA’s history (550), and August and September could top that. Schedules obtained by Bloomberg News show a sharp rise in the number of double shifts required for instructors, most of whom who are employed by the federal contractor Science Applications International Corp (SAIC), not by the FAA. They teach aviation basics, complex air-traffic scenarios and other courses during the recruits’ two months of training.On March 6, for example, just six of the 105 instructors who teach one facet of the academy curriculum and were on duty that day had a double shift. A preliminary schedule for September 2, distributed in late August, showed 42 instructors from the same group assigned to doubles. (That figure could change slightly as schedules get finalised.) While some instructors request double shifts, in order to make as much money as possible in a short period of time, others refuse.“Due to the surge in hiring for the last 4-5 months of FY25, we will be averaging significantly higher student requirements,” Richard Klumpp, a program management senior director at SAIC, said in a July 30 email viewed by Bloomberg News. “We have way more work than we have instructor availability in September thru mid-December.”In the email, Klumpp also expressed his “concern” in having enough instructors “to help reduce the doubles load on the team.” That load results in some instructors “walking around like zombies,” according to one instructor. A spokesperson for SAIC declined to comment.Some of the instructors who spoke to Bloomberg News said they decline to work double shifts out of concern for their physical and mental health. (At least one teacher at the academy is well into his 80s.) Many of them said they don’t need the extra money, as they earned six-figure salaries before reaching the mandatory retirement age of 56 for air traffic controllers and are financially secure. They teach because they enjoy the job and the camaraderie among instructors, or simply to ward off boredom.“Most of the people who work choose to, it’s not because they have to,” said Andrew Hudson, a financial adviser who works almost exclusively with air traffic controllers. “These people just don’t want to sit around all day.”The FAA was short about 3,900 certified air traffic controllers at the close of its 2024 fiscal year in October, and has said it anticipates it will hire about 2,000 controllers this fiscal year after speeding up the hiring process and boosting salaries for trainees. It expects to hire at least 8,900 controllers through 2028, but admitted in a recent workforce report that “the number of instructors at the FAA Academy creates a practical limit” on the number of trainees that can move through the system.US Transportation Secretary Sean Duffy has said he wants to plug the gaps in instructors amid the surge of trainees by using teaching assistants and other “expert educators” who aren’t former controllers. Those other instructors will begin work in a few months after getting hired and trained. The FAA has research showing they can perform the job just as well as former air traffic controllers, but declined to share it.Several longtime instructors, though, said those substitutes can’t provide the know-how that only comes from years of experience as a controller. Academy classes include basic tabletop exercises with model planes along with more technical instruction on the FAA’s air-traffic tracking and management system, known as ERAM. The FAA is also reviewing the academy curriculum, and could make changes that would reduce the number of instructors required for some courses.Some instructors have recently quit, others are considering doing so, and replenishing the ranks isn’t easy as there’s often little incentive for retired controllers to commute back and forth every few months from, say, Florida or New York, to Oklahoma City. Although instructors say they enjoy teaching the next generation of controllers, persuading former colleagues to ditch their grandkids and golf courses to join them can be a significant recruitment challenge.The previous collective bargaining agreement between SAIC and the International Association of Machinists and Aerospace Workers (IAM), the union that represents 317 academy instructors, provided a $60 daily reimbursement for those who didn’t live in Oklahoma City. But that amount only went so far, leading many instructors to rent an apartment in Walnut Gardens, about a 30-minute drive to the FAA Academy.The new labour agreement raises the daily reimbursement to $90 in January and provides 3% wage increases annually over the three-year contract, which works out to an additional $1.40 or so per hour from the $46.73 per hour many instructors earn now. (Those who teach basic courses make less.) The IAM called it a “major step forward” but said “we still have some work to do to help us recruit and retain instructors while improving quality of life for a workforce that has carried a heavy load to meet the mission.”Instructors who work double shifts often don’t get to sleep until 1am, then might need to get back up around 5am to get to the academy during rush hour for a morning class, or another double shift. Many admitted that it’s impossible to give students their“The thing nobody knows about us is we’re all voluntary — we do not have to be here,” one instructor said. “I can quit today and I’m done.”