Category: 3. Business

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Samsung Electronics expects to post its highest operating profit in three years on the back of high demand for memory chips used in artificial intelligence, after several quarters of tepid growth fuelled concerns it was losing ground to rivals.

The tech conglomerate on Tuesday said operating profit in the quarter ending in September rose more than 30 per cent compared with a year ago to Won12.1tn ($8.5bn).

The figure is significantly higher than the Won9.7tn forecast by analysts as compiled by Bloomberg.

Samsung’s shares rose as much as 3 per cent to a record high of Won97,500 on Tuesday. The company’s stock has rallied more than 66 per cent in the past six months as a result of the AI boom.

The South Korean chipmaker this month signed a letter of intent with OpenAI to supply semiconductors for the ChatGPT maker’s $500bn Stargate data centre project.

Samsung accounts for just over a quarter of the global market for high-bandwidth memory products, which are used in Nvidia’s most advanced AI chips, with SK Hynix and US-based Micron the other leading groups in the sector, according to consultancy TrendForce.

The numbers were released in an earnings guidance and were not broken down by division. The company expects to deliver full earnings at the end of this month.

The Steelie Awards recognise member companies for their contribution to the steel industry over a one-year period. The selection process for the shortlist varies between awards. In most cases the submissions are requested via the appropriate worldsteel committee. Entries are then judged by selected independent expert panels. The winners and judges for each award are listed below.

Excellence in low-carbon steel production:

EMSTEEL – Pioneering low-carbon steel: EMSTEEL’s multi-lever net-zero strategy

Judges:

• Paul Brooks, Bekaert/Consultant
• Ian Cameron, Principal Metallurgist, Ferrous, Hatch
• Feng Liu, Process Pyrometallurgist, Pyrometallurgy, Hatch
• Henk Reimink, Consultant
• Neil Rose, Process Engineering Trainee, Pyrometallurgy, Hatch
• Prof. Yansong Shen, Director, SCoPE Lab for Green Metals, University of New South Wales
• Beth Valiaho, Consultant
• Professor Aidon Yang, University of Oxford

Innovation of the year:

InfraBuild – SENSE 600: Innovative lower-embodied carbon reinforcing steel solution

Judges:

Excellence in sustainability:

Ternium – Winds of change: Ternium’s first step into renewable energy in Argentina

 Judges:

• Luiz Cláudio Allemand, Lawyer, Independent
• -Ing Sabina Grund, Associate Director Sustainable Development, International Zinc Association
• Danhak Gu, Policy Analyst, OECD
• Gordon Peeling, Director, Great Quest
• Professor Runa Sarkar, Indian Institute of Management Calcutta
• Jim Woods, Corporate Affairs, O-I Glass

Excellence in Life Cycle Assessment:

HBIS Group Co., Ltd. – “LCA+Life Well-Being Index” Collaborative Evaluation System: Innovating to driving marketing and application of metal decorative products.

Judges:

Excellence in people:

ArcelorMittal – Integration of army veterans and supporting the families of fallen employees

Judges:

Excellence in communications programmes:

ArcelorMittal – The Paris 2024 Olympic and Paralympic Games

 Judges:

• Silvia Antonioli, Founder & Head of Content, Momo Media
• Andrew Baud, Founder & Chief Executive, TALA
• Sally Eggeling, Partner, Studio Lead, Omnicom Production
• Ian Higginson, Founder, Creative Director, MakeAlias
• John Stokes, CEO, CentreBlue

#Ends#

Notes

The World Steel Association (worldsteel) is one of the largest and most dynamic industry associations in the world, with members in every major steel-producing country. worldsteel represents steel producers, national and regional steel industry associations, and steel research institutes. Members represent around 85% of global steel production.

A tiny molecule called a nanobody may succeed where today’s cancer drugs often fail, according to University of Hawaiʻi at Mānoa researcher Stefan Moisyadi, who has been refining the concept for nearly a decade.

“Antibodies won the Nobel Prize for immunotherapy,” said Moisyadi, a scientist at the Yanagimachi Institute for Biogenesis Research at the John A. Burns School of Medicine (JABSOM). “They work in some cancers, but not all. In colorectal cancer, they hardly work at all. But when we used nanobodies, bingo, it worked.”

The study, published in eGastroenterology, shows how Moisyadi and his team from JABSOM, the UH Cancer Center, and the College of Tropical Agriculture and Human Resilience used mRNA (messenger ribonucleic acid) to make the body produce nanobodies that block PD-L1—a molecule that helps tumors hide from the immune system. By stopping PD-L1, nanobodies allow immune cells to recognize and attack cancer.

Smaller, stronger and more affordable

Nanobodies are about one-tenth the size of regular antibodies, cheaper to make, and more resilient under stress, according to the research.

“They don’t trigger an immune response in the patient,” Moisyadi said. “They penetrate better because they’re small. They can even refold back to their original shape when conditions improve. Basically, they’re indestructible—they work much better and they’re cheaper.”

Basically, they’re indestructible—they work much better and they’re cheaper.
—Stefan Moisyadi

While traditional antibody treatments can cost patients more than $200,000 a year, nanobody therapy—delivered as mRNA, similar to the COVID-19 vaccines—could cost only a fraction of that, making it far more accessible to patients.

“People can’t afford antibody treatments,” Moisyadi said. “Here we make an RNA version. The patient’s own cells turn it into a protein… It goes into the circulation, finds the tumor, and blocks PD-L1.”

In mouse studies, the treatment cut tumor growth by about 50%—a major result for a cancer that rarely responds to immunotherapy.

Now collaborating with the University of Maryland, Baltimore County, Moisyadi hopes to see this breakthrough continue growing from its roots in Hawaiʻi.

“This works,” he said. “We have the chance to be on the cutting edge. We need to have leaders’ buy-in because everyone here is still focused on antibodies.”

Read more at JABSOM

Samsung Electronics has achieved UL Solutions’ “Zero Waste to Landfill” Platinum designation across all of its global manufacturing sites — marking the first major milestone in the company’s environmental strategy.

“Zero Waste to Landfill” is a claim validation program administered by UL Solutions, a global safety science company. Designations are determined by the percentage of waste diverted from landfills, serving as a key indicator of a company’s resource circularity efforts. Platinum represents a 100% landfill diversion rate, while Gold and Silver represent 95% to 99% and 90% to 94% respectively.

Since announcing its Environmental Strategy in 2022, focused on climate action and resource circularity, Samsung has steadily advanced sustainable management practices — repurposing waste generated at its sites into valuable resources and expanding other recycling initiatives worldwide.

Last year, all 10 business sites of the Device Solutions (DS) Division earned Platinum designation through integrated validation. This year in July, the Device eXperience (DX) Division’s Hungarian subsidiary, SEH-P, also achieved Platinum, marking the final step in securing Platinum status across all 22 domestic and overseas DX manufacturing sites.

Samsung Electronics has established key directions for waste management — strengthening sorting systems, expanding reuse and increasing resource recovery — and has been implementing them through concrete initiatives.

Examples include introducing more refined waste separation systems within worksites and strengthening employee training to ensure thorough sorting.¹ Food waste and used paper are composted,² while general and construction waste is recycled into alternative fuels³ or basic raw materials.⁴ In addition, e-waste and battery residues are repurposed for solid fuel production.⁵ Through these efforts, Samsung has made steady progress toward its goal of achieving Zero Waste to Landfill.

▲ Plastic waste reduction training at Samsung Electronics’ SEHC subsidiary in Vietnam

Samsung is continuously developing technologies to recycle waste generated from semiconductor production processes into materials that can be reused in semiconductor manufacturing. For example, waste liquids are reused as a cleaning agent in scrubbers that reduce air pollutants and as water treatment agents in wastewater treatment facilities. In addition, adsorbents, activated carbon and catalysts used to control air pollutants undergo regeneration and are reused as raw materials for the same applications.

▲ Waste adsorbent regeneration process

Samsung recycled approximately 1.32 million tonnes of waste in 2024 — equivalent to 260,000 five-tonne waste trucks.

In addition to reducing waste at its worksites, Samsung has also repurposed by-products and discarded materials into new resources. The Galaxy S25, launched this year, has incorporated recycled cobalt extracted from previously used Galaxy smartphones and batteries discarded during the manufacturing process through Samsung’s Circular Battery Supply Chain. Discarded wafer trays from semiconductor manufacturing were recycled and applied to the Galaxy S25 series’ components as well.

Looking ahead, Samsung Electronics plans to further enhance systematic waste sorting and material-specific management to secure high-quality recycled resources and expand their application in products, strengthening its commitment to resource circularity.

Junhwa Lee, Executive Vice President and Head of Global EHS Office, DX Division at Samsung Electronics, highlighted the significance of the achievement as “a major milestone” in the company’s environmental management strategy, adding that the company will continue to apply innovation across all areas of its business to put sustainable management into practice.

More information on Samsung Electronics’ sustainability initiatives can be found on the Samsung Electronics Sustainability website.

¹ Subsidiaries in Hungary (SEH-P), Malaysia (SEMA), Brazil (SEDA-P(M)), Türkiye (SETK-P), etc.
² Subsidiaries in Thailand (TSE-P), India (SIEL-P(C)), Malaysia (SEMA), Mexico (SEM-P), etc.
³ Subsidiaries in Vietnam (SEHC), Malaysia (SEMA), the United States (SEHA), etc.
⁴ Subsidiaries in Vietnam (SEV, SEVT), etc.
⁵ Subsidiary in Indonesia (SEIN-P)

By Grégoire Thomas, Regional Head of Integrated B2B, Samsung Electronics, Southeast Asia and Oceania

Picture this: a student in rural Indonesia collaborates on a science presentation with peers in Singapore and Thailand, using their AI-powered tablets to translate their respective languages for one another in real-time while an intelligent display in their classrooms brings their shared workspace to life. Far from being science fiction, these scenarios are already possible today, thanks to technology.

Working with educators across Southeast Asia and Oceania, I have had the privilege to witness a generation of digital-native students who don’t just use technology; but intuitively reach for it as something deeply embedded into their every day. Compared to preceding generations, these students approach problems differently, learn differently, and simply put, are also expecting their educational experiences to match the increasingly connected world that they will one day inherit from us.

This is not a question of whether technology belongs in education, but instead, whether we can be bold enough to reimagine how education can further grow thanks to technology.

Classrooms Powered by AI

Samsung AI Assistant on the new AI-powered Interactive Display is built with intelligent, intuitive tools to organise lessons and collaborative learning

At Bett 2025 earlier this year, we unveiled something I’m genuinely excited about – our new AI-powered Interactive Display that integrates Samsung AI Assistant, equipping educators with more intelligent and intuitive tools to both organise and transform lessons.

Features like AI Summary help teachers create concise lesson recaps automatically, making planning much easier and simplifying post-class reviews for students. Meanwhile, Live Transcript converts conversations into text in real time for students to revisit and reinforce what they’ve learned in class. Armed with these tools, educators can transform lessons into dynamic and interactive experiences that maximise learning outcomes.

Students at Al Muslim Bekasi utilising the Samsung Notes app, with in-built Galaxy AI features

Furthermore, we recently rolled out the Samsung Digital Lighthouse School programme in Indonesia, starting with two schools: Al Muslim Bekasi and Salman Al Farisi Bandung. The programme aims to accelerate the digital transformation journeys of schools and enhance the learning experiences of over 2,500 students with AI-enabled Galaxy devices such as the Galaxy Tab S and A Series, with holistic protection by Samsung Knox.

At the end of the day, we want to have technology that inspires both educators and students to explore, discover and collaborate. Technology should not overshadow the human connection but instead, enhance it.

Equity and Ecosystems  

A concern that many educators have with technology is equity and access. When done right, technology can bridge, instead of widen, the gaps.

When a student in Bandung accesses the same AI-powered learning tools as someone in Seoul; when language barriers are removed through real-time translation; and when personalised learning can be adapted to the different paces and styles of both teachers and students, that is democratisation in action. A decade ago, high-speed internet used to be accessible only to those who could afford it.; today, these technologies are well within reach of most students across our region. Technology for technology’s sake doesn’t solve anything; instead, it is about creating ecosystems that benefit everyone.

However, educators are also just as concerned about having the right solutions on hand to help them fully maximise that potential, not just for students, but also for teaching staff. We work with local Edutech partners for classroom device management, as well as change management support, to better enhance learning outcomes for students. These collaborations are built around the understanding that technologies, like tablets for classrooms, are only as transformative as the support system around them. After all, tools are only as good as the hands that wield them.

Working within the System, Not Against It

Beyond devices, software and services, it is extremely important to have a clear understanding of national education strategies, curriculum requirements, as well as the long-term vision for digital learning. We have been engaging and collaborating with education ministries across the region to ensure that initiatives are designed to support and integrate with these existing frameworks.  

Our Samsung Learning Hub, launched in January, exemplifies this approach. This digital resource hub for educators offers online training, teaching materials, certifications, and a community to further support teaching and learning outcomes. For digital learning initiatives to succeed, they must aim to complement and not replace traditional teaching methods.

The Imperative for Collaboration

The future of education cannot be a solo act, but must be built through collaboration among educators, students, parents, policymakers, and technology companies like Samsung. Here is my challenge to everyone reading this: whether you are an educator frustrated by the limitations of current teaching methods, a policymaker grappling with budget constraints, or even a fellow technology professional looking to make a real difference:

Let’s stop talking about the future of education and start building it. Let’s be bold enough to experiment, humbly explore new innovations to figure out what works, and persist in our efforts to continue iterating until we get it right, together.

Our students today will inherit a world shaped by AI, climate change, and other challenges that we have yet to discover. They deserve an education that prepares them not just to adapt to that world, but to lead it. For that to happen, we must also ensure that they are both enabled and empowered with the right tools and support to drive better and more effective learning outcomes in this digital-first world. Are we ready to lead it together?

Experience the Future of Education with Samsung at Bett Asia

At Samsung, we believe in building the future of education together. We welcomed attendees to experience our vision in action at Bett Asia in Kuala Lumpur that happened from 1-2 October 2025, and discover how technology can enhance, not replace, the human connection in the classroom. Attendees had the opportunity to speak with our experts, see live demonstrations, and learn how Samsung is helping create dynamic, interactive, and equitable learning environments for the next generation.

Let’s start building tomorrow’s classroom, today.

FUJIFILM North America Corporation, a marketing subsidiary of FUJIFILM Holdings America Corporation, consists of six operating divisions. The Imaging Division provides consumer and commercial photographic products and services, including silver halide consumables; inkjet consumables; digital printing equipment, along with service and support; personalized photo products fulfillment; film; one-time-use cameras; and the popular instax™ line of instant cameras, smartphone printers, instant film, and accessories. The Electronic Imaging Division markets its GFX System and X Series lines of mirrorless digital cameras, lenses, and accessories to provide a variety of content creation solutions for both still and moving imagery. The Optical Devices Division provides optical lenses for the broadcast, cinematography, closed circuit television, videography, and industrial markets, and also markets binoculars and other optical imaging solutions. The Business Innovation Division offers a full lineup of digital print and toner technologies focused on enabling the digital transformation of businesses and print shops with its offerings of multifunction printers, digital inkjet presses, production toner printers, software, and more. The Industrial Products Division delivers new products derived from Fujifilm technologies including data storage tape products, including OEM and FUJIFILM Ultrium LTO cartridges, desalination solutions, microfilters and gas separation membranes.

For more information, please visit https://www.fujifilm.com/us/en/about/region, go to https://x.com/fujifilmus to follow Fujifilm on X, or go to www.facebook.com/FujifilmNorthAmerica to Like Fujifilm on Facebook.

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[2] Instant film sold separately

That suggests anyone could set up similar hardware somewhere else in the world and likely obtain their own collection of sensitive information. After all, the researchers restricted their experiment to only off-the-shelf satellite hardware: a $185 satellite dish, a $140 roof mount with a $195 motor, and a $230 tuner card, totaling less than $800.

“This was not NSA-level resources. This was DirecTV-user-level resources. The barrier to entry for this sort of attack is extremely low,” says Matt Blaze, a computer scientist and cryptographer at Georgetown University and law professor at Georgetown Law. “By the week after next, we will have hundreds or perhaps thousands of people, many of whom won’t tell us what they’re doing, replicating this work and seeing what they can find up there in the sky.”

One of the only barriers to replicating their work, the researchers say, would likely be the hundreds of hours they spent on the roof adjusting their satellite. As for the in-depth, highly technical analysis of obscure data protocols they obtained, that may now be easier to replicate, too: The researchers are releasing their own open-source software tool for interpreting satellite data, also titled “Don’t Look Up,” on Github.

The researchers’ work may, they acknowledge, enable others with less benevolent intentions to pull the same highly sensitive data from space. But they argue it will also push more of the owners of that satellite communications data to encrypt that data, to protect themselves and their customers. “As long as we’re on the side of finding things that are insecure and securing them, we feel very good about it,” says Schulman.

There’s little doubt, they say, that intelligence agencies with vastly superior satellite receiver hardware have been analyzing the same unencrypted data for years. In fact, they point out that the US National Security Agency warned in a 2022 security advisory about the lack of encryption for satellite communications. At the same time, they assume that the NSA—and every other intelligence agency from Russia to China—has set up satellite dishes around the world to exploit that same lack of protection. (The NSA did not respond to WIRED’s request for comment).

“If they aren’t already doing this,” jokes UCSD cryptography professor Nadia Heninger, who co-led the study, “then where are my tax dollars going?”

Heninger compares their study’s revelation—the sheer scale of the unprotected satellite data available for the taking—to some of the revelations of Edward Snowden that showed how the NSA and Britain’s GCHQ were obtaining telecom and internet data on an enormous scale, often by secretly tapping directly into communications infrastructure.

“The threat model that everybody had in mind was that we need to be encrypting everything, because there are governments that are tapping undersea fiber optic cables or coercing telecom companies into letting them have access to the data,” Heninger says. “And now what we’re seeing is, this same kind of data is just being broadcast to a large fraction of the planet.”