Receive Breaking News updates as they occur
South Korea's Samsung Electronics flagged a nearly 80 percent jump in quarterly profit Wednesday, as sales of chips and displays offset stiff competition in smartphones from Apple and cheaper Chinese rivals. Samsung predicted operating profit of around 7.3 trillion won ($6.23 billion) for July-September, up from 4.1 trillion a year earlier and 6.9 trillion won the previous quarter. The firm's flagship smartphone business is struggling against fierce competition, sandwiched between top-end rivals like Apple's iPhone and lower-end devices from fast-growing Chinese outfits including Xiaomi.
By Hideyuki Sano TOKYO (Reuters) - Asian stocks hit a seven-week high on Wednesday as a pick up in oil prices boosted resource shares and emerging economy currencies, with sentiment also helped by South Korea's Samsung Electronics issuing better than expected profit guidance. MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.6 percent, to reach its highest level since Aug. 20. Samsung Electronics' led the gains, surging 8.7 percent.
BRUSSELS (Reuters) - Anheuser-Busch InBev , the world's largest brewer, on Wednesday increased its bid for its largest rival SABMiller to 42.15 pounds per share in cash, valuing the company at nearly 68 billion pounds ($103.63 billion).