Seoul, Oct 29 (AFP/APP):Samsung Electronics’ net profit jumped by almost half in the third quarter, it reported Thursday, as the South Korean giant’s mobile and chip businesses were boosted by US sanctions against its Chinese rival Huawei. The world’s biggest memory chip maker said profits in the July-to-September period were up 48.8 percent year-on-year to 9.36 trillion won ($8.3 billion), beating expectations according to Bloomberg News. The firm is the flagship subsidiary of the giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in the world’s 12th largest economy, and it is crucial to South Korea’s economic health. The figures come a day after the burial of late chairman Lee Kun-hee — who turned the firm into a global powerhouse — and as the coronavirus wreaks havoc with the world economy. But despite the pandemic hammering many economies, South Korea returned to growth in the third quarter, driven by a better-than-expected exports performance. The country is now widely expected to be among the least affected in the OECD group of developed economies in 2020 in terms of economic performance. Analysts say Samsung’s rollout in August of its latest premium smartphones — the Galaxy Note 20 … Continue reading Samsung Electronics Q3 net profit leaps after Huawei boost