Samsung Electronics, the multinational tech giant, reported gain of operating profit by 85% in the 3rd quarter. The quarterly profit sums up to around 8.1 trillion Korean won which is exactly double of the figures recorded last year. Operating profits of Samsung were noticed to be climbing since first quarter of 2011 due to fair sale of Samsung's smartphones and this is the main reason behind such a drastic profit gain of the company, resulting into up-going shares as well. In spite of the deep conflicts between Apple and Samsung, the company gained profits giving a tough competition to it biggest smartphone rival.

Latest research of a firm has stated that, the Ultrabooks powered by Intel are major flop, which were mainly designed to compete with Apple's MacBook Air. Although there were speculations that Intel's down going trend would recover, the shrinking market of the company portrays that Intel will face aggravations in coming days. Intel had lots of expectations from the Ultrabook market, and it estimated that these sleek and lightweight computers will fire-up PC sales, but entire idea turned into a debacle.

According to the documents released by administrators of the University of Georgia (UGA), the university is planning to cut around 130 jobs from the organization. The sole objective behind this drastic step is to meet the Governor Nathan Deal's directive. The directive states that, there would be cuts in the budget of the state of Georgia by about 3% in the present as well as upcoming year. President of the university Michael Adams said that, this sort of cut is the most severe one, than those undergone in past few years and thus is going to be a tough one to adopt with.Each and every minute issue would be magnified and evaluated to look forward, as in the budget being cut by 3%.

Barclays, a British multinational banking and financial services company has announced its retail banking chief, Antony Jenkins as the new chief executive of the company on Thursday (30 August, 2012), trying to return to stability from the interest rate-rigging scandal. The new CEO Antony Jenkins, who came out of the safer world of credit cards and retail lending, replaced his American predecessor Bob Diamond, who was brought down by the Libor fixing scandal. One of the investment bankers described the Antony Jenkins's take over as very sensible, considering the public and political heat off the industry as a whole. An ex-banker of the Barclay's said that Jenkins is an insider and he at least knows what's keeping Barclays together.

Dell has finished its acquisition of Force10 Networks, California-based data centre networking firm. Under the agreement, Dell hopes to expand its networking portfolio to expand its virtual network infrastructure services. Dell says that the transaction will bring added benefits in the second half of next year, but did not disclose the value of the deal.

Cisco, US networking giant announced that it has purchased Versly, a firm that makes collaboration devices for Microsoft's renowned Office software. Financial situations of the acquisition were not revealed yet.

Software made by the San Francisco-located Versly enables for collaboration on content in Office programs such as Excel, Powerpoint as well as Word. Cisco said the acquirement of the privately owned Versly will allow it to offer advanced collaboration solutions to consumers.

The Palo Alto, California building that held the PayPal headquarters at one time, is now home for startups Rich Aberman and Bill Clerico, aged 25 and 24 respectively. Their venture, an online payments company is backed by an investor group with the likes of Max Levchin (PayPal cofounder). What’s exciting is that part of their business mission is to steal part of PayPal’s business.

The duo founded WePay, a service for online payments that allows you gather amounts for expenses that are shared with others, may it be a group gift for someone or fundraising for a cause. The company which started off in 2008 has gathered $9 million as initial capital from A-listers of the Silicon Valley comprising Ron Conway (who backed Facebook, Google and Twitter), Steve Chen (founder – YouTube) and Eric Dunn (former CTO of Intuit – now, INTU).

According to news reports, Google is getting closer to shutting down its search engine in China. This news comes, after the negotiations between Google and Chinese Government failed.

Google had threatened to halt its operations in China, following a targeted cyber attack on Gmail accounts of Chinese human rights activists in December. Google announced on Jan.12 that it was planning to give all its users open access to the internet. Since then, Google has been negotiating with the Chinese Government, as this move would clash with the Chinese censorship laws.