Samsung plans share buyback

Samsung Electronics Co's profit more than doubled in the last quarter of 2016 on robust semiconductor sales and a recovery in its mobile business, giving it enough stamina to buy back 9.3 trillion won ($8 billion) of its own shares.

Net income rose to 6.92 trillion won in the December quarter, largely buoyed by rising prices for memory chips and TV screens, the company said in a statement on Tuesday.

Growth in demand for smartphone displays coupled with a weaker Korean won also lifted its component businesses.