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What is Iran's Pickaxe Mountain? Crude oil and natural gas supplies have been disrupted worldwide by the United States-Israel war on Iran, but one energy sector appears to be cashing in - coal. This week, South Africa's thermal coal producer Thungela Resources said it had doubled its half-year profits as the war has forced more countries to buy the fuel. Mining it causes water pollution, and burning it releases enormous amounts of carbon into the atmosphere, which contributes to global warming. In recent months, several countries, especially in Asia, have reversed or delayed promises to scale back on coal production.

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President Donald Trump ordered the Pentagon to scale back joint military exercises with South Korea, citing costs and a hostile signal to North Korea's Kim Jong Un ahead of Ulchi Freedom Shield.

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South Korean chip giant SK Hynix has raised a record-breaking $26.5bn ahead of its Wall Street debut amid soaring demand for semiconductors used in AI. SK Hynix said on Friday that it had sold 177.9 million American depositary shares (ADS) at $149 each ahead of its listing on the New York-based Nasdaq stock exchange. SK Hynix's 177.9 million ADSs are equivalent to 18 million ordinary shares. SK Hynix's initial public offering (IPO) marks the largest-ever listing by a foreign company in the US, surpassing Chinese e-commerce giant Alibaba's $25bn debut in 2014. The listing also ranks as the second-largest globally, after SpaceX's record-breaking $85.7bn Nasdaq listing in June.

South Korean computer chip maker SK Hynix has raised $26.5bn (£19.8bn) in its New York share offering, marking the largest ever listing by a foreign firm in the US. The company, a key supplier to artificial intelligence (AI) chip giant Nvidia, said on Thursday that it had sold 177.9 million American depositary shares for $149 each. The shares are set to begin trading on Friday on the Nasdaq. In May, SK Hynix saw its market value top $1tn in its home country, lifted by the boom in demand for AI chips. Its share price has more than tripled in South Korea this year, which along with Samsung Electronics has helped boost the benchmark Kospi index by more than 70% over the same period.

Image caption, Samsung is also one of the world's leading smartphone makers South Korean technology giant Samsung Electronics says it expects to post a 19-fold jump in its profits, driven by global demand for artificial intelligence (AI) memory chips. The company forecast that it made 89tn won (£44bn; $58bn) between the start of April and the end of June, marking its third record quarterly operating profits in a row. Major South Korean firms like Samsung release forecasts of their earnings ahead of official detailed reports to help guide investors. Samsung's latest forecast, released on Tuesday ahead of its full results due later in July, comes as demand for semiconductors continues to outstrip supplies - which has pushed up prices . Samsung said in the preview, known as earnings guidance, that it brought in around 171tn won of sales during the quarter, more than double the amount for the same period last year.

South Korea has laid out a sweeping industrial strategy focused on semiconductor chips and artificial intelligence projects as President Lee Jae Myung pledges to cement overwhelming industry leadership with investments of hundreds of billions of dollars over several years. Flanked by the heads of the world's two biggest memory chipmakers, Lee cast the initiative on Monday as a "great leap forward" centred on the "triple axis" of semiconductors, physical AI and data centres. The world's two largest memory chipmakers, Samsung Electronics and SK Hynix, will invest 800 trillion won ($518bn) with suppliers to build two new chip fabrication sites each in South Korea's southwest, Industry Minister Kim Jung-kwan said. Lee said the country's southwestern city of Gwangju and South Jeolla province will also invest 5 trillion to 20 trillion won ($3.2bn to $13bn) in the projects. Kim said a further 81 trillion won ($52.5bn) is expected to be invested for a chip-packaging cluster in the Chungcheong area near Seoul.

South Korean President Lee Jae Myung delivers a speech on June 25. SEOUL - South Korea is set to unveil three "mega-projects" to fuel its next growth phase, including a new semiconductor hub in the southwest that local media say could attract investments by Samsung and SK spanning hundreds of billions of dollars over several years. The announcement would mark President Lee Jae Myung's boldest push yet to align South Korea's AI and chip ambitions with his pledge to narrow regional disparities and revive economies beyond the Seoul metropolitan area. Lee will preside over the event, framed as a national "great leap" due to be unveiled around 2 p.m., his office said, with ministries covering industry, science, climate and transport set to outline policy support. Samsung Electronics and SK are expected to present investment plans, and their chairmen, Jay Y. Lee and Chey Tae-won, are among business leaders tipped to attend by local media. Representatives of other firms including LG Electronics, HD Hyundai Robotics, Korea Electric Power Corp. and Korea Water Resources Corp. are also attending, Lee's office said.