South Korea's exports nearly double in October, the fastest rise since 1974, as AI chip sales jump 259%

The stories

20 stories on this beat today.

Every story told the same way: what happened, who is involved, why it matters, how it works, the truth and the good news.

1. 01

   South Korea's exports nearly double in October, the fastest rise since 1974, as AI chip sales jump 259%

   93.7%

   rise in South Korea's exports in October, on a year earlier

   the fastest growth since January 1974 [1]

   $56.44bn

   of chips sold abroad in October, up 259.4%

   chip prices and the amount shipped both stayed high, South Korea's trade ministry said [2]

   76.1%

   the same rise, counted per working day

   Chuseok fell in October last year, so this October had more working days [4]

   $930bn of $1tn

   exported from January to October, against the yearly mark

   the trade minister says $1 trillion will be passed within November [1]

   What happened

   • South Korea's exports nearly doubled in October, up 93.7% on a year earlier. [1]
   • That is the fastest rise since January 1974, government figures showed on Sunday. [1]
   • Exports reached $115.28 billion in the month. [1]
   • Chip sales abroad rose 259.4% to $56.44 billion. [2]
   • South Korea's trade ministry said chip prices and the amount shipped both stayed high. [2]
   • Big tech firms keep building data centres for AI, and those need memory chips. [3]
   • Sales of computers abroad rose 496.6%, as demand grew for servers that run AI. [3]
   • Samsung, the biggest memory-chip maker, has sold out its top chips for 2027. [5]
   • Its chip profits rose 15-fold, as servers and phones ran short of memory. [5]
   • SK Hynix, Korea's other big memory-chip maker, made a record profit, with sales up 327.9%. [6]
   • SK Hynix says demand for memory chips is still running ahead of supply. [6]
   • Part of October's jump comes from the calendar, South Korea's trade ministry says. [3]
   • Chuseok, a Korean national holiday, fell in October last year and in September this year. [4]
   • So this October had more working days than last October. [1]
   • Counted per working day, exports rose 76.1%, not 93.7%. [4]
   • Shipments rose 185.8% to the US, 133.6% to China and 128% to Southeast Asia. [1]
   • Imports rose 36% to $72.78 billion, the biggest rise since January 2022. [1]
   • Dearer crude oil, chip-making machines and cars pushed imports up. [1]
   • Korea sold $42.50 billion more abroad than it bought, less than September's record $49.97 billion. [1]
   • Exports from January to October totalled $930 billion. [1]
   • Trade minister Kim Jung-kwan says yearly exports will pass $1 trillion within November. [1]
   • Only the US, China and Germany have sold that much abroad in a year before. [1]

   As reported93.7%

   Per working day76.1%

   Who is involved

   • Samsung biggest memory-chip maker
   • Kim Jung-kwan South Korea's minister of trade, industry and resources; says yearly exports will pass $1 trillion in November
   • US
   • China
   • Germany
   • Chipmakers
   • Households
   • Samsung Electronics the world's biggest maker of memory chips; its top AI chips are sold out for 2027
   • SK Hynix South Korea's other big memory-chip maker; record profit, sales up 327.9% in a year
   • The Bank of Korea South Korea's central bank; decides its interest rate on 26 November

   How it unfolded

   1. January 1974 the last faster rise
   2. This October exports up 93.7%
   3. Last year Chuseok in October
   4. This year Chuseok in September
   5. Jan 1974 the last time Korea's exports grew faster [1]
   6. Sep 2026 exports up 83.7%, with Chuseok in the month [1][4]
   7. Oct 2026 exports up 93.7% to $115.28 billion [1]
   8. 26 Nov the Bank of Korea decides its rate [4]

   Why it matters

   The chip boom has not spread evenly across Korea's economy. [4]

   In July to September, firms' spending on equipment rose 4.1% but household spending fell 0.2%. [4]

   Prices rose 2.9% in September, above the Bank of Korea's 2% target. [4]

   How it works

   Statisticians split a sales total into price and amount sold; Korea's chips rose on both. [2]

   Why a country's exports can almost double without it shipping twice as much

   Economic statisticians split a sales total into price, amount sold and the calendar, because a rise in any one of them lifts the number.

   The twist

   South Korea's 93.7% mixes three things: higher chip prices, more chips sold, and more working days than last October. Take out the extra days and the rise is 76.1%.

   The picture

   As reported93.7%

   Per working day76.1%

   Step by step

   1. 1 Money from sales equals the price of each thing times how many were sold
   2. 2 When prices jump, the total jumps, even if no more was shipped
   3. 3 A yearly growth rate compares with the same month a year before
   4. 4 If that month had fewer working days, or buyers were waiting, the rise looks bigger
   5. 5 Statisticians split the change into price, amount and calendar to see what really grew

   The same force, elsewhere today

   Where this chain is also running, in today's other stories.

   • Korea's imports up 36%

     Imports rose partly because crude oil cost more, so the bill grew with the price, not only with the barrels bought.

   • Colgate-Palmolive Pakistan's sales

     The company named both halves: its 25.53% rise came from higher prices and from larger volumes.

   • India's festive car sales

     September's 31.8% rise was partly a low base, because a year earlier buyers waited for a tax cut.

   • India's GST up 22.9%

     A tax on sales rises with prices and with buying, so the 22.9% alone cannot say which grew.

   Where you've seen this

   Supermarket sales

   sales can rise because food costs more while shoppers carry home fewer bags

   Pay rises

   a 5% raise in a year when prices rose 5% buys the same as before

   Holiday months

   a December with an extra shopping weekend looks better than one without

   The catch

   The split needs a good price index, and a new kind of chip has no last year to compare with.

   And the whole of it

   The same 93.7% reaches a chip-factory worker in Korea, a fund manager in London and a voter hearing it in a speech. Each sees one number, and the price, the amount and the calendar are all inside it.

   The truth

   • What is really going on South Korea is selling memory chips to companies building AI data centres, at high prices, and that drove its exports up 93.7% in October, the most since 1974. [1][2][3]
   • What is really going on Part of that jump is the calendar: counted per working day, the rise was 76.1%. [4]
   • Why it works on people A record with a date on it, the fastest since 1974, is easy to repeat, and repeating it skips the question of what the number is made of.
   • The gains reach chipmakers first; household spending fell 0.2% last quarter. [4]
   • SK Hynix expects demand to beat supply for the time being, with no end date. [6]
   • Who gains Samsung and SK Hynix — Memory chips are in short supply, and Samsung's chip profits rose 15-fold. [5]
   • Who pays Korean households — Their spending fell 0.2% last quarter, while firms' spending on equipment rose 4.1%. [4]
   • Nobody knows yet

     How much of Korea's chip boom is higher prices and how much is more chips.

     South Korea's trade ministry said prices and the amount shipped both stayed high, but it gave no split between them. [2]

   • Nobody knows yet

     How long memory chips stay scarce.

     SK Hynix expects demand to beat supply only for the time being, and Samsung says its top chips are sold out for 2027. [5][6]

   • Nobody knows yet

     Whether the Bank of Korea raises its rate on 26 November.

     Strong exports and 2.9% inflation argue for a rise, but household spending fell 0.2% last quarter. [4]

   Good news

   • South Korea sold $930 billion of goods abroad in the first ten months of the year, and its trade minister says the yearly total will pass $1 trillion in November.

   What comes next

   The Bank of Korea, South Korea's central bank, decides its interest rate on 26 November. [4]

1. 02

   OPEC+ keeps December oil targets steady

   What happened

   • OPEC+ members agreed in principle to keep December oil output targets unchanged, sources told Reuters. [7]
   • Brent, the world's main oil price, closed Friday at $117.64 a barrel, up 2.4%. [8]
   • That was its highest close since the end of April. [8]

   Who is involved

   OPEC+ is OPEC, the club of oil-exporting countries, plus allies such as Russia. [7]

   Its 7 core members, including Saudi Arabia and Russia, were due to meet online on Sunday. [7]

   • OPEC oil exporters
   • Allies such as Russia

   How it unfolded

   In September the group finished undoing a 2023 cut of 1.65 million barrels a day. [7]

   The war with Iran keeps most Gulf members pumping well below their targets anyway. [7]

   Why it matters

   A higher target changes little while the war stops Gulf members reaching the old one. [7]

   How it works

   Economists call sellers who agree how much to supply a cartel; OPEC+ sets shared targets. [7]

   The truth

   • Who gains Oil exporters that can still ship — Brent closed Friday at $117.64 a barrel, its highest since April, so each barrel sold earns more. [8]
   • Nobody knows yet

     What each OPEC+ member will be allowed to pump in 2027.

     The group must first finish a review of each member's capacity. [7]

   What comes next

   The group must review each member's capacity before it sets 2027 quotas. [7]

2. 03

   India's sales tax take jumps 22.9%

   What happened

   • India collected Rs 2.31 lakh crore in GST in October, 22.9% more than a year earlier. [9]
   • A lakh crore is a trillion rupees, so October brought in about 2.31 trillion rupees. [9]
   • From April to October, collections reached Rs 14.78 lakh crore, up 13.2%. [9]
   • The state of Maharashtra paid the most in October: Rs 35,150 crore. [9]
   • Karnataka and Gujarat came next. [9]
   • Some places, including Sikkim and Ladakh, collected much less than a year before. [9]

   Who is involved

   GST, the goods and services tax, is India's tax on goods and services. [11]

   • Karnataka
   • Gujarat

   Why it matters

   October's 22.9% ran well above the 13.2% pace of the year so far. [9]

   How it works

   A sales tax grows when prices rise as well as when people buy more. [9]

   A tax on sales rises with prices and with buying, so the 22.9% alone cannot say which grew.

   The idea, in story 01: Why a country's exports can almost double without it shipping twice as much →

   The truth

   • The figures do not say how much of the rise came from higher prices. [9]
   • Who gains India's government — Its GST collections rose 22.9% in October, to Rs 2.31 lakh crore. [9]
   • Nobody knows yet

     Why India's sales tax take jumped 22.9% in October.

     The figures do not separate higher prices from more buying. [9]

3. 04

   India eases tax rules for small online sellers

   What happened

   • New GST rules for small sellers on shopping websites took effect in India on 1 November. [10]
   • Sellers can now use a shopping site's warehouse in a state as their base there. [10]
   • About 9.5 lakh small sellers, around 950,000, could use the new route, The Economic Times reports. [10]
   • India's GST Council approved the changes at its meeting on 8 October. [10]

   Who is involved

   • Small sellers
   • Shopping sites

   How it unfolded

   Before, a seller needed its own office in every state where its goods were stored. [10]

   Why it matters

   A small seller can now reach buyers across India without renting space in every state. [10]

   How it works

   Tax experts call this cutting compliance costs: the cost of following the tax rules. [10]

   The truth

   • Sellers need the shopping site's consent to register this way, which gives the site a say. [10]

   Good news

   • Refund claims for extra tax already paid will now be approved automatically. [10]
   • From 1 November, small online sellers in India can register in another state using a shopping site's warehouse there, without opening premises of their own.
4. 05

   India's festive car sales face a clean test

   What happened

   • Fada, India's car dealers' group, releases October vehicle sales this week, Mint reports. [11]
   • September's vehicle sales jumped 31.8% on a year earlier. [11]
   • Mint says the jump was partly because sales a year earlier had been low. [11]
   • Early figures for 11-20 October, the Navratri festival, showed sales 6.5% lower than a year before. [11]
   • An early survey of firms put India's factory index at 54.9 in October, from 55.1. [11]

   How it unfolded

   Last September, buyers held off before a cut in GST, India's sales tax. [11]

   1. Last September buyers wait for a tax cut
   2. This September sales up 31.8%

   Why it matters

   Nomura, a Japanese bank, expects food and drink prices to rise 8.5-9% a year. [11]

   That could slow buying once the festivals end, Mint says. [11]

   How it works

   Statisticians call a weak year-earlier month a low base: it makes this year's rise look bigger. [11]

   September's 31.8% rise was partly a low base, because a year earlier buyers waited for a tax cut.

   The idea, in story 01: Why a country's exports can almost double without it shipping twice as much →

   The truth

   • Over 75% of dealers expect growth, but early Navratri sales were 6.5% lower. [11]

   What comes next

   The final factory figure is due on 2 November. [11]

5. 06

   A US week of votes, jobs and Apple

   What happened

   • US voters choose all 435 House members and 35 of the 100 senators on Tuesday. [11]
   • Republicans now control both chambers of the US Congress. [12]
   • The US jobs report for October comes out on Friday. [12]
   • Apple reports its results on Monday; its shares are up about 27% this year. [12]
   • AMD, Qualcomm and Palantir, three US tech firms, also report this week. [12]
   • On Friday the S&P 500, an index of 500 big US firms, fell 1.8% to 7,580.07. [12]
   • The Nasdaq, an index heavy with tech shares, fell 2.9%. [12]

   Who is involved

   • AMD
   • Qualcomm
   • Palantir

   Why it matters

   Investors will read it for hints on whether the US central bank raises rates again. [12]

   A change in who controls the US Congress could shift the Trump administration's plans, Mint says. [12]

   The truth

   • Democrats are widely expected to win the House, but the Senate race is uncertain, Mint says. [12]
6. 07

   Berkshire gains 8.9% as tech shares fall

   What happened

   • Berkshire Hathaway, the company Warren Buffett built, ended October up 8.9%. [13]
   • The S&P 500 fell 0.9% in October, and the Nasdaq fell 5.3%. [13]
   • Its class A shares closed at a record $821,931 on Monday. [13]
   • By Friday it was worth $29.6 billion, after Alphabet's AI spending worried investors. [13]
   • Its Coca-Cola stake rose to $37.6 billion, now bigger than the Alphabet one. [13]

   Who is involved

   Berkshire also owns big stakes in other firms, including Alphabet and Coca-Cola. [13]

   • Alphabet
   • Coca-Cola

   How it unfolded

   Its Alphabet stake was worth $40 billion in early August. [13]

   Why it matters

   CNBC says Berkshire appears to be gaining as money moves from AI shares to steadier firms. [13]

   The truth

   • Barron's thinks Berkshire paid over $300 a share for Alphabet, so that bet is losing. [13]
   • Who gains Berkshire Hathaway's owners — Money leaving AI shares moved toward steadier firms, and Berkshire's shares rose 8.9% in October. [13]
7. 08

   Big firms start to count their AI gains

   What happened

   • Santander, a big Spanish bank, says AI produced 194 million euros of value this year. [14]
   • Its finance chief says AI now cuts costs and raises income. [14]
   • Novartis, a Swiss drug maker, says AI is starting to lift its profit. [14]
   • Its core operating profit rose 10% to $6.04 billion in the third quarter. [14]
   • Standard Chartered, a UK-based bank, says AI helps its income grow faster than its costs. [14]

   How it unfolded

   Companies spent $581.7 billion on AI in 2025, up 130%, Stanford University counted. [14]

   Why it matters

   Investors want proof that the huge AI spending pays for itself. [14]

   The truth

   • Novartis did not say how much of its profit came from AI. [14]
8. 09

   Big funds circle cheap company loans

   What happened

   • Carlyle, KKR and Oaktree, three big US investment firms, are weighing buying cheap company loans. [15]
   • More than 90% of them traded below face value early this week, JPMorgan strategists said. [15]
   • That was the highest share in almost 18 months. [15]
   • The firms would bundle the loans into bonds called CLOs and sell them to investors. [15]
   • Fund managers have about 286 credit lines open to buy loans for CLOs, near a record. [15]
   • CLO sales this year are $139.2 billion, down more than 16% on last year. [15]

   Who is involved

   These are leveraged loans: loans to companies that already carry a lot of debt. [15]

   • Carlyle
   • KKR
   • Oaktree

   Why it matters

   Lenders fear higher rates and inflation will push the weakest companies to default. [15]

   How it works

   A loan bought at 97 cents pays back 100, so a cheap loan earns extra. [15]

   The truth

   • Who gains Carlyle, KKR and Oaktree — They can buy company loans below face value and collect the full value if the loans are repaid. [15]
   • Nobody knows yet

     Whether cheap company loans are a bargain or a warning.

     Buyers such as Carlyle and KKR see a discount, while lenders fear higher rates will push weak companies to default. [15]

9. 10

   Swiss fund firm limits withdrawals

   What happened

   • Partners Group, a Swiss private-equity firm, limited withdrawals from an $8.6 billion fund on Wednesday. [16]
   • Requests came in for nearly 10% of its money, but it pays out at most 5%. [16]
   • Partners Group's shares fell more than 17% that day. [16]
   • Rivals EQT and CVC each fell more than 6%. [16]

   Who is involved

   Private equity funds buy companies that are not listed on a stock market. [16]

   This fund is sold to rich people, who may take money out at set times. [16]

   • EQT
   • CVC
   • David Layton Partners Group's boss

   Why it matters

   Its boss, David Layton, said pressure to cash out has spread from private lending funds. [16]

   How it works

   The fund's companies take years to sell, but owners can ask for cash every quarter. [16]

   The truth

   • Owners still waiting join a queue for future quarters. [16]
   • Who pays Partners Group's fund owners — They asked for nearly 10% of the fund back and can get at most 5% for now. [16]
   • Nobody knows yet

     When Partners Group's fund owners get their money back.

     The fund pays out at most 5% a quarter, so those still waiting join a queue. [16]

10. 11

    Reese Witherspoon's firm cuts half its staff

    What happened

    • Hello Sunshine, actor Reese Witherspoon's film and TV company, has reportedly cut about half its staff. [17]
    • About 30 people lost their jobs, US entertainment papers reported on 30 October. [17]
    • The company has not confirmed the number. [17]
    • The part that sold lifestyle products to her fans is being shrunk. [17]

    Who is involved

    • Reese Witherspoon
    • Mediawan French media group

    How it unfolded

    On 13 October Witherspoon and Mediawan, a French media group, agreed to buy it back. [17]

    They bought it from Candle Media, which took control of it in 2021. [17]

    1. 2021 Candle Media takes control
    2. 13 October Witherspoon buys it back

    Why it matters

    The firm will focus on films, TV shows and Reese's Book Club. [17]

    The truth

    • Staff in the products business lose out, while film, TV and books are kept. [17]
11. 12

    India's state power firm lifts profit 38.7%

    What happened

    • NTPC, India's state-owned power company, made 38.7% more profit in July to September. [18]
    • Its profit was Rs 7,029.56 crore, against Rs 5,066.78 crore a year earlier. [18]
    • Revenue rose 21.2% to Rs 54,269.95 crore. [18]
    • Its fuel bill rose too, to Rs 28,628.19 crore from Rs 23,062.34 crore. [18]
    • On Saturday its board declared a dividend of Rs 3 a share. [18]
    • Its shares are still about 21% lower than six months ago. [18]

    Why it matters

    Because NTPC is state-owned, India's government is one of the owners the dividend goes to. [18]

    How it works

    A dividend is a share of profit paid out to the company's owners. [18]

    What comes next

    Owners on its books on 6 November get the payout. [18]

12. 13

    NIO delivers 34,246 cars in October

    What happened

    • NIO, a Chinese electric carmaker, delivered 34,246 cars in October. [19]
    • Of these, 18,125 were NIO cars, 8,383 ONVO and 7,738 Firefly, its three brands. [19]
    • It has delivered 1,332,139 cars in all, up to the end of October. [19]
    • Its ES8, a large SUV, passed 160,000 deliveries on 23 October. [19]
    • NIO says the ES8 is China's best-selling large SUV this year. [19]

    Why it matters

    NIO says China's car buyers now choose more on brand than on features. [19]

    The truth

    • The figures come from NIO itself, and no outside count has checked them yet. [19]
13. 14

    UK slot arcades may dodge a budget tax rise

    What happened

    • Britain's budget this week raised the tax on slot machine takings from 20% to 25%. [20]
    • Slot arcades in England would also lose a discount on business rates, a property tax. [20]
    • But hundreds hold bingo licences that may let them keep the discount, the Guardian found. [20]
    • Gambling Commission records list more than 200 arcades licensed as bingo halls. [20]
    • In shops the Guardian visited, bingo ran only on a few tablets in one corner. [20]

    Who is involved

    Merkur and Admiral, the UK's two biggest slot arcade firms, own many of them. [20]

    • Merkur
    • Admiral
    • Alex Ballinger Labour MP

    Why it matters

    Their machines offer a 2-pound spin every 2.5 seconds, linked to more gambling harm. [20]

    The truth

    • A business rates expert says the result hangs on how the UK Treasury defines an arcade. [20]

    What comes next

    MP Alex Ballinger urged ministers to stop the licences being used to dodge the rules. [20]

14. 15

    UK charity shops earn far less

    What happened

    • Oxfam's shop profit fell 23% to 4.9 million pounds last year, from 6.4 million. [21]
    • The British Heart Foundation plans to close 150 shops after a 3.3 million pound loss. [21]
    • Of every 100 pounds spent in Oxfam shops, 6 now reaches its charity work. [21]
    • In 2022 it was 22 pounds. [21]
    • Yet UK spending on second-hand clothes has quadrupled in ten years, to 8.8 billion pounds. [21]

    Who is involved

    Oxfam is a charity that fights poverty and runs shops to raise money. [21]

    Why it matters

    Sites like Vinted and Depop let people sell old clothes they might once have donated. [21]

    The truth

    • The shops' trade body says Vinted is not a big problem and blames poorer donations. [21]
    • Who pays Oxfam's anti-poverty work — Of every 100 pounds spent in its shops, 6 now reaches its work, down from 22 in 2022. [21]
15. 16

    UK budget shields spending that saves later

    What happened

    • Britain's budget will protect spending meant to prevent problems, so it cannot be raided later. [22]
    • It is called a preventative departmental expenditure limit, or PDEL. [22]
    • The budget names new spending to stop rough sleeping as an example. [22]
    • Officials believe no other government protects preventative spending across the board. [22]

    How it unfolded

    For years such budgets were cut to fill short-term gaps, including after 2010. [22]

    1. Budget the rule is set
    2. Next year the spending review starts
    3. After 2010 prevention budgets cut
    4. This budget prevention budgets protected

    Why it matters

    Departments may now fight to label their favourite projects as preventative. [22]

    The truth

    • Nobody yet knows what will qualify; Britain's Treasury has not written its guidance. [22]
    • Nobody knows yet

      What will count as preventative spending in Britain.

      Britain's Treasury has not written its guidance yet. [22]

    Good news

    • Britain's budget ring-fenced money meant to prevent problems, such as rough sleeping, so from the next spending review it cannot be raided for short-term needs.

    What comes next

    It starts with the next spending review, which begins next year. [22]

16. 17

    S&P expects Qatar's economy to bounce back

    What happened

    • S&P, a credit rating firm, expects Qatar's economy to shrink 14% this year. [23]
    • It expects growth of 15% in 2027 as gas exports recover. [23]
    • That took 12.8 million tonnes a year of liquefied gas off the market. [23]
    • QatarEnergy, the state gas firm, says repairs will take three to five years. [23]
    • Government income fell 42% in the first half of the year, Qatar's emir said. [23]
    • S&P kept Qatar's AA rating, the third best on its scale. [23]

    How it unfolded

    Iranian strikes damaged 2 of Qatar's 14 gas export plants. [23]

    Why it matters

    Gas prices have soared around the world because of the lost Qatari supply. [23]

    How it works

    A rating says how likely a borrower is to repay; a high one makes borrowing easier. [23]

    The truth

    • S&P names a long shutdown of gas output as a key risk to its forecast. [23]
    • Who pays Qatar's government — Its income fell 42% in the first half of the year as gas exports dropped. [23]
    • Nobody knows yet

      Whether Qatar's gas comes back in time for the 15% rebound S&P expects.

      QatarEnergy says repairs take three to five years, and S&P names a long shutdown as a key risk. [23]

17. 18

    World Bank backs Karachi property tax plan

    What happened

    • The World Bank approved 150 million dollars to help Karachi collect more property tax. [24]
    • The plan covers 25 towns of Karachi, in Pakistan's Sindh province. [24]
    • About 3.58 million people live in the councils it covers. [24]
    • It will also help those councils get better at running local services, the bank says. [24]

    How it unfolded

    Councils in Sindh now get over 95% of their money from the province. [24]

    Why it matters

    Councils that raise their own money can plan for the long term, the bank says. [24]

    How it works

    Public finance calls this own-source revenue: money a council raises itself, not waits for. [24]

    Good news

    • About 70% of the tax collected will go back into local services. [24]
    • The World Bank approved $150 million to help Karachi collect its own property tax, and about 70% of the money collected will be spent on local services for 3.58 million people.
18. 19

    Pakistan's consumer firms sell more despite inflation

    What happened

    • Big consumer goods firms in Pakistan reported higher sales this year despite rising prices. [25]
    • Colgate-Palmolive Pakistan's sales rose 25.53% in July to September, to Rs 52.7 billion. [25]
    • It said both higher prices and larger volumes drove the rise. [25]
    • Unilever Pakistan Foods' sales rose to Rs 37.6 billion in nine months, from Rs 30 billion. [25]
    • FrieslandCampina Engro Pakistan's profit rose to Rs 6.5 billion, from Rs 2 billion. [25]
    • Nestle Pakistan's sales rose 6.3% to Rs 160 billion. [25]

    Why it matters

    Fuel costs have climbed since the US-Israel war on Iran began on 28 February. [25]

    How it works

    The company named both halves: its 25.53% rise came from higher prices and from larger volumes.

    The idea, in story 01: Why a country's exports can almost double without it shipping twice as much →

    The truth

    • Nestle kept a cautious outlook for 2026, citing inflation and energy costs. [25]
    • Who pays Pakistan's shoppers — Higher fuel costs since the war on Iran began have cut what they can buy, consumer firms say. [25]
19. 20

    Big Tech cuts share buybacks 83%

    What happened

    • Five big tech firms cut share buybacks 83% in nine months, a Reuters analysis found. [26]
    • Buybacks fell to $13.6 billion from January to September, from $81.8 billion a year earlier. [26]
    • Their spending on buildings and equipment doubled to $556.9 billion. [26]
    • That topped the $542.9 billion their businesses made, a first in records back to 2011. [26]
    • Alphabet and Meta have not bought back a single share this year. [26]
    • Dividends still rose, to $37 billion from $33.9 billion. [26]

    Who is involved

    The five are Microsoft, Alphabet, Amazon, Meta and Oracle. [26]

    • Alphabet
    • Meta
    • Ehren Stanhope Franklin Templeton

    How it unfolded

    A year earlier the five handed 27.4% of their cash to shareholders; this year, 9.3%. [26]

    Why it matters

    With spending above cash, the $50.6 billion paid out came from savings, borrowing or new shares. [26]

    Amazon borrowed $48.1 billion of long-term debt in the third quarter. [26]

    How it works

    A buyback is a company buying its own shares, splitting profit across fewer shares. [26]

    The truth

    • Ehren Stanhope of Franklin Templeton says firms may increasingly ask investors for money instead. [26]

    What comes next

    Amazon's boss, Andy Jassy, says it will spend more in 2027. [26]