Energy majors Shell and British Petroleum (BP) have been accused of a 'profiteering bonanza' after they unveiled profits of billions for three months to March.

BP and Shell in Britain, ExxonMobil and Chevron in the United States, and TotalEnergies in France have together logged more than $40 billion in net profits for the three months to March.

Shell's profit after tax surged by 22 per cent to $8.7 billion from a year earlier. At that time, Shell had faced a USD 3.9 billion charge over its exit from Russia after the start of the Ukraine war.

British Petroleum announced on Tuesday (May 2) that it has bagged a net profit of USD 8.2 billion in the first quarter. BP had suffered a record loss a year earlier, stoked by its own exit from Russia.

Sharon Graham, general secretary of the Unite union, said both firms were “continuing the profiteering bonanza”.

“The scale of profiteering displayed today by Shell and earlier this week BP is one of the corporate scandals of our times. And this is practically untouched by Rishi Sunak’s so-called windfall tax," said Graham as quoted by The Guardian.

“Not taking any action against ‘Big Oil’ means the profiteering plundering will continue without end.”

“As temperatures soar from Madrid to Mogadishu, Shell is once again posting bumper profits while promising to keep extracting fossil fuels for years to come. Millions around the world are already feeling the effects of the climate crisis and it’s those who did the least to cause it who are paying the heaviest price," said Charlie Kronick, of Greenpeace UK, also quoted by The Guardian.

“The UK government should stop issuing new oil and gas licences and force Shell and the rest of the industry to start using their obscene profits to pay for the damage that their fossil fuel habit is causing to lives and livelihoods around the world.”

Profits are also forging ahead outside Britain.

France's TotalEnergies saw net profit advance 12 per cent to $5.6 billion in the first quarter.

US giants benefitted from refining activities and cost-cutting, with ExxonMobil more than doubling profit to a first-quarter record of $11.4 billion, while Chevron chalked up $6.6 billion.

(With inputs from agencies)

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Energy majors Shell and British Petroleum (BP) have been accused of a 'profiteering bonanza' after they unveiled profits of billions for three months to March. BP and Shell in Britain, ExxonMobil and Chevron in the United States, and TotalEnergies in France have together logged more than $40 billion in net profits for the three months to March.

Energy majors Shell and British Petroleum (BP) have been accused of a 'profiteering bonanza' after they unveiled profits of billions for three months to March. BP and Shell in Britain, ExxonMobil and Chevron in the United States, and TotalEnergies in France have together logged more than $40 billion in net profits for the three months to March. Shell's profit after tax surged by 22 per cent to $8.7 billion from a year earlier. At that time, Shell had faced a USD 3.9 billion charge over its exit from Russia after the start of the Ukraine war. British Petroleum announced on Tuesday (May 2) that it has bagged a net profit of USD 8.2 billion in the first quarter. BP had suffered a record loss a year earlier, stoked by its own exit from Russia. Sharon Graham, general secretary of the Unite union, said both firms were “continuing the profiteering bonanza”. “The scale of profiteering displayed today by Shell and earlier this week BP is one of the corporate scandals of our times. And this is practically untouched by Rishi Sunak’s so-called windfall tax," said Graham as quoted by The Guardian. “Not taking any action against ‘Big Oil’ means the profiteering plundering will continue without end.” “As temperatures soar from Madrid to Mogadishu, Shell is once again posting bumper profits while promising to keep extracting fossil fuels for years to come. Millions around the world are already feeling the effects of the climate crisis and it’s those who did the least to cause it who are paying the heaviest price," said Charlie Kronick, of Greenpeace UK, also quoted by The Guardian. “The UK government should stop issuing new oil and gas licences and force Shell and the rest of the industry to start using their obscene profits to pay for the damage that their fossil fuel habit is causing to lives and livelihoods around the world.” Profits are also forging ahead outside Britain. France's TotalEnergies saw net profit advance 12 per cent to $5.6 billion in the first quarter. US giants benefitted from refining activities and cost-cutting, with ExxonMobil more than doubling profit to a first-quarter record of $11.4 billion, while Chevron chalked up $6.6 billion. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Shell accused of 'profiteering bonanza' after massive profits

Corporate America is facing its sharpest drop in profits since the early stages of the coronavirus pandemic, according to Wall Street forecasts, as high inflation squeezes margins and fears of an impending recession hold back demand.

US companies face biggest decline in profits since Covid shutdowns

China's Huawei Technologies said on Friday (March 31) that it's net profit had slumped last year. However, the revenue climbed 0.9 per cent which was in line with a prediction by the company. This is indicative of the company having reached some level of stability after several rounds of US export controls.

Huawei post net profit of 35.6 billion yuan (USD 5.2 billion). The profit was down roughly two-thirds from 2021 when profit was helped by the sale of its mid-range Honor smartphone business. The decline was, however, still severe even when compared to 2020 - a drop of 44%.

"Our financial position remains solid, with strong resilience and flexibility," said Meng, who will become the company's chairwoman on April 1. Huawei rotates its chairperson every six months.

Chairman Eric Xu said the company saw areas such as green development as opportunities and were investing in 5.5th and 6th generation technology, with the hope that they may be able to start rolling out 5.5G products by 2025.

Xu, asked about recent comments about breakthroughs in electronic design automation (EDA) tools for chips produced at and above 14-nanometre technology, said the company had achieved that with its partners and that meant that Huawei could use its own EDA tools to design chips.

Huawei, a major supplier of equipment used in 5G telecommunications networks, has been the target of U.S. export controls since 2019, restricting its supply of chips and chip-design tools from US companies.

(With inputs from agencies)

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China's Huawei Technologies said on Friday (March 31) that it's net profit had slumped last year. However, the revenue climbed 0.9 per cent which was in line with a prediction by the company.

China's Huawei Technologies said on Friday (March 31) that it's net profit had slumped last year. However, the revenue climbed 0.9 per cent which was in line with a prediction by the company. This is indicative of the company having reached some level of stability after several rounds of US export controls. Huawei post net profit of 35.6 billion yuan (USD 5.2 billion). The profit was down roughly two-thirds from 2021 when profit was helped by the sale of its mid-range Honor smartphone business. The decline was, however, still severe even when compared to 2020 - a drop of 44%. "Our financial position remains solid, with strong resilience and flexibility," said Meng, who will become the company's chairwoman on April 1. Huawei rotates its chairperson every six months. Chairman Eric Xu said the company saw areas such as green development as opportunities and were investing in 5.5th and 6th generation technology, with the hope that they may be able to start rolling out 5.5G products by 2025. Xu, asked about recent comments about breakthroughs in electronic design automation (EDA) tools for chips produced at and above 14-nanometre technology, said the company had achieved that with its partners and that meant that Huawei could use its own EDA tools to design chips. Huawei, a major supplier of equipment used in 5G telecommunications networks, has been the target of U.S. export controls since 2019, restricting its supply of chips and chip-design tools from US companies. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Huawei profits slump, but revenue edges up

BP has scaled back its climate ambitions as it announced that its annual profits have more than doubled to $28 billion in 2022, after a sharp increase in gas prices linked to the Ukraine war boosted its earnings.

BP scales back climate goals as profits double

In line with the previous three months, Shell announced a new $4 billion share buyback programme to be carried out over the following three months. Prior to the pandemic in 2019, it repurchased $19 billion worth of shares in the year ending in February 2023, almost twice as much.

Shell: $4 BN worth shares to be repurchased, highest profit in 115 years

Oil and gas giant Shell has reported its highest ever annual profits after energy prices surged last year following Russia's invasion of Ukraine. Profits hit the highest in its 115-year history. WION brings you more insights.

Shell reports highest profit in 115 years

Shell delivered a record $42.3 billion profit in 2022, the energy giant said, capping a tumultuous year in which a surge in energy prices after Russia's invasion of Ukraine allowed it to hand shareholders unprecedented returns.

Energy giant Shell makes record $42.3 billion profit in tumultuous 2022 | Latest News

Samsung Electronics Co Ltd flagged on Friday its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.

World Business Watch: Samsung Electronics quarterly profit sinks to an eight-year low

The stock market's darkest days are yet to come. Some of the most severe downfalls&nbsp;the index suffered over the first 10 months of the year have been somewhat offset by Wall Street's mini-rebound since mid-October. It increased by more than 10 per cent&nbsp;since its low two months ago and ended the day Monday just around 4,000. Many analysts forecast&nbsp;that if the Federal Reserve eventually stops raising interest rates to bring rising inflation under control, equities will end in 2023 at least in this area, if not slightly higher. But many of Wall Street also anticipate that stock prices will decline significantly in the meantime before we reach that final destination.

Take Morgan Stanley, which estimates that within the first three months of the new year, the S&amp;P 500 could fall all the way to a range between 3,000 and 3,300. Accordingly, it might lose up to 25 per cent&nbsp;of its value from Monday's closing level. The bottom end of that range would be 37.5 per cent&nbsp;lower than the previous high, which was established in early 2022.

The bank is pessimistic because its strategists predict significantly lower corporate earnings than those of the rest of Wall Street. Businesses are under pressure to increase revenue while manufacturing and other sectors of the economy are deteriorating. However, Morgan Stanley predicts that once firms made sacrifices, increasing wage expenses will limit profitability.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/with-uncertain-saudi-help-and-imf-loan-pakistans-economic-woes-hit-new-low-543222">With uncertain Saudi help and IMF loan, Pakistan's economic woes hit new low</a>

Additionally, Goldman Sachs strategists projected a low in the first half of the year, probably near 3,600. Based on Goldman Sachs' prediction that the economy can avoid a recession, it would be a decline of close to 10 per cent&nbsp;from Monday's closing.

Goldman strategists led by David Kostin predicted that the S&amp;P 500 may drop as low as 3,100 if the economy does really collapse as many on Wall Street anticipate.

Also watch&nbsp;|&nbsp;Sri Lanka expecting $5 bn in loans from multilateral agencies

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The U.S. economy will experience a recession in the second half of 2023, according to strategists at Deutsche Bank. The German bank forecasts that the recession will persist into the last six months of the year, and that may push the S&amp;P 500 as low as 3,250 before it reaches its bottom.&nbsp;According to the strategists led by Binky Chadha, assuming equities follow their usual playbook during recessions, the S&amp;P 500 could conclude the year as high as 4,500.

(With inputs from agencies)

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The stock market's darkest days are yet to come. Some of the most severe downfalls the index suffered over the first 10 months of the year have been somewhat offset by Wall Street's mini-rebound since mid-October.

The stock market's darkest days are yet to come. Some of the most severe downfalls the index suffered over the first 10 months of the year have been somewhat offset by Wall Street's mini-rebound since mid-October. It increased by more than 10 per cent since its low two months ago and ended the day Monday just around 4,000. Many analysts forecast that if the Federal Reserve eventually stops raising interest rates to bring rising inflation under control, equities will end in 2023 at least in this area, if not slightly higher. But many of Wall Street also anticipate that stock prices will decline significantly in the meantime before we reach that final destination. Take Morgan Stanley, which estimates that within the first three months of the new year, the S&P 500 could fall all the way to a range between 3,000 and 3,300. Accordingly, it might lose up to 25 per cent of its value from Monday's closing level. The bottom end of that range would be 37.5 per cent lower than the previous high, which was established in early 2022. The bank is pessimistic because its strategists predict significantly lower corporate earnings than those of the rest of Wall Street. Businesses are under pressure to increase revenue while manufacturing and other sectors of the economy are deteriorating. However, Morgan Stanley predicts that once firms made sacrifices, increasing wage expenses will limit profitability. Also read | With uncertain Saudi help and IMF loan, Pakistan's economic woes hit new low Additionally, Goldman Sachs strategists projected a low in the first half of the year, probably near 3,600. Based on Goldman Sachs' prediction that the economy can avoid a recession, it would be a decline of close to 10 per cent from Monday's closing. Goldman strategists led by David Kostin predicted that the S&P 500 may drop as low as 3,100 if the economy does really collapse as many on Wall Street anticipate. Also watch | Sri Lanka expecting $5 bn in loans from multilateral agencies The U.S. economy will experience a recession in the second half of 2023, according to strategists at Deutsche Bank. The German bank forecasts that the recession will persist into the last six months of the year, and that may push the S&P 500 as low as 3,250 before it reaches its bottom. According to the strategists led by Binky Chadha, assuming equities follow their usual playbook during recessions, the S&P 500 could conclude the year as high as 4,500. (With inputs from agencies) WATCH WION LIVE HERE:

Wall Street may get lot worse before getting better in 2023, forecast analysts

Netflix Inc. reversed customer losses that had been damaging its stock this year and forecast stronger growth in the future. More than doubling what Wall Street anticipated, Netflix added 2.4 million new customers from July through September.

The positive news comes as a reassurance for investors as the streaming giant gets ready to launch a new service with advertising,

In after-hours trading, <a href="https://www.wionews.com/entertainment/bronte-biopic-emily-delves-into-imagined-authors-darkness-525961">Netflix</a> shares increased by 14 per cent, helped in part by prediction that it would gain 4.5 million new subscribers in the fourth quarter. Before the quarterly announcement, the company's stock, which was a favourite among <a href="https://www.wionews.com/world/global-economy-live-updates-japanese-yen-hits-a-fresh-32-year-low-against-dollar-526286">investors</a> during its years of tremendous expansion, had decreased by about 60% this year.

"Thank God we're done with shrinking quarters," said Co-CEO Reed Hastings, adding the company needs to continue gathering momentum by focusing on content, marketing and a lower-priced plan with advertising.

Also read |&nbsp;<a href="https://www.wionews.com/entertainment/actor-anna-may-wong-becomes-the-first-asian-american-to-be-featured-on-us-currency-526591">Actor Anna May Wong becomes the first Asian American to be featured on US currency</a>

The fourth season of the sci-fi sensation "Stranger Things" and the serial killer series "Dahmer - Monster: The Jeffrey Dahmer Story" were both published by <a href="https://www.wionews.com/entertainment/netflix-bites-the-bullet-announces-ad-supported-streaming-plan-525242">Netflix</a> during the quarter. The latter became one of Netflix's all-time most popular programmes.

After a sharp decrease in the first half of the year, when the company's subscriber base fell by 1.2 million as a result of a shaky global economy and increasing competition for online content&nbsp;consumers,&nbsp;the streaming platform&nbsp;is attempting to restart membership growth. There are currently 223.1 million Netflix subscribers worldwide.

(With inputs from agencies)

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Netflix Inc. reversed customer losses that had been damaging its stock this year and forecast stronger growth in the future. More than doubling what Wall Street anticipated, Netflix added 2.

Netflix Inc. reversed customer losses that had been damaging its stock this year and forecast stronger growth in the future. More than doubling what Wall Street anticipated, Netflix added 2.4 million new customers from July through September. The positive news comes as a reassurance for investors as the streaming giant gets ready to launch a new service with advertising, In after-hours trading, Netflix shares increased by 14 per cent, helped in part by prediction that it would gain 4.5 million new subscribers in the fourth quarter. Before the quarterly announcement, the company's stock, which was a favourite among investors during its years of tremendous expansion, had decreased by about 60% this year. "Thank God we're done with shrinking quarters," said Co-CEO Reed Hastings, adding the company needs to continue gathering momentum by focusing on content, marketing and a lower-priced plan with advertising. Also read | Actor Anna May Wong becomes the first Asian American to be featured on US currency The fourth season of the sci-fi sensation "Stranger Things" and the serial killer series "Dahmer - Monster: The Jeffrey Dahmer Story" were both published by Netflix during the quarter. The latter became one of Netflix's all-time most popular programmes. After a sharp decrease in the first half of the year, when the company's subscriber base fell by 1.2 million as a result of a shaky global economy and increasing competition for online content consumers, the streaming platform is attempting to restart membership growth. There are currently 223.1 million Netflix subscribers worldwide. (With inputs from agencies) WATCH WION LIVE HERE:

Netflix rebounds from subscriber losses; shares surge 14%

Samsung&nbsp;Electronics Co Ltd's third-quarter profit could tumble 25 per cent, the first year-on-year decline in nearly three years, as an economic downturn saps demand for electronic devices and&nbsp;chips that power them.

Globally, inflation is on the rise, central banks are aggressively hiking interest rates, fears of recession are growing and uncertainty about the fallout from Russia's invasion of Ukraine is ever-present. As a result, businesses and consumers alike have reined in spending.

Operating profit for&nbsp;Samsung, the world's biggest memory chip and smartphone maker, likely fell to 11.8 trillion won ($8.3 billion) in the July-September quarter, according to a Refinitiv SmartEstimate from 22 analysts.

"Being the world's top memory chip maker, top in TV and mobile OLED displays, and top in smartphone shipments,&nbsp;Samsung&nbsp;is highly sensitive to the economy, with profits easily linked to demand," said Greg Roh, head of research at Hyundai Motor Securities.

Also read |&nbsp;Review: Samsung Galaxy Z Flip 4 | Tech It Out

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It would be the first profit decline since the first quarter of 2020, early on in the pandemic, and the lowest level of quarterly profit since the first quarter of 2021. Until this latest quarter, robust demand for devices as people were forced to stay at home has driven large profit gains for the South Korean tech giant.

Operating profit for&nbsp;Samsung's chip business likely fell by nearly a third to 6.8 trillion won, an average of seven estimates showed.

Prices of some DRAM memory chips, widely used in smartphones and PCs, tumbled 14 per cent&nbsp;in the quarter while prices for NAND flash chips, used in data storage, fell 8 per cent, according to TrendForce data.

Shares in&nbsp;Samsung, which will announce preliminary results at about 8.40 local time on Friday (2340 GMT on Thursday), have fallen about 30 per cent&nbsp;this year. That compares with a 37 per cent&nbsp;slump for the Philadelphia Semiconductor index.

Samsung's mobile business is also expected to see profits tumble with forecasts calling for a 17 per cent&nbsp;fall to 2.8 trillion won, although the launch of the company's pricy new foldable phones during the quarter raised the average selling price.

Kim Yang-jae, an analyst at Daol Investment &amp; Securities, estimates that&nbsp;Samsung's smartphone shipments dropped 11 per cent in the quarter from the same period a year earlier to about 62.6 million smartphones after distribution channels cut orders.

Memory chip rival Micron Technology last week significantly cut its investments for the next year and warned of tougher times ahead.

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Samsung Electronics Co Ltd's third-quarter profit could tumble 25 per cent, the first year-on-year decline in nearly three years, as an economic downturn saps demand for electronic devices and chips that power them.

Samsung Electronics Co Ltd's third-quarter profit could tumble 25 per cent, the first year-on-year decline in nearly three years, as an economic downturn saps demand for electronic devices and chips that power them. Globally, inflation is on the rise, central banks are aggressively hiking interest rates, fears of recession are growing and uncertainty about the fallout from Russia's invasion of Ukraine is ever-present. As a result, businesses and consumers alike have reined in spending. Operating profit for Samsung, the world's biggest memory chip and smartphone maker, likely fell to 11.8 trillion won ($8.3 billion) in the July-September quarter, according to a Refinitiv SmartEstimate from 22 analysts. "Being the world's top memory chip maker, top in TV and mobile OLED displays, and top in smartphone shipments, Samsung is highly sensitive to the economy, with profits easily linked to demand," said Greg Roh, head of research at Hyundai Motor Securities. Also read | Review: Samsung Galaxy Z Flip 4 | Tech It Out It would be the first profit decline since the first quarter of 2020, early on in the pandemic, and the lowest level of quarterly profit since the first quarter of 2021. Until this latest quarter, robust demand for devices as people were forced to stay at home has driven large profit gains for the South Korean tech giant. Operating profit for Samsung's chip business likely fell by nearly a third to 6.8 trillion won, an average of seven estimates showed. Prices of some DRAM memory chips, widely used in smartphones and PCs, tumbled 14 per cent in the quarter while prices for NAND flash chips, used in data storage, fell 8 per cent, according to TrendForce data. Shares in Samsung, which will announce preliminary results at about 8.40 local time on Friday (2340 GMT on Thursday), have fallen about 30 per cent this year. That compares with a 37 per cent slump for the Philadelphia Semiconductor index. Samsung's mobile business is also expected to see profits tumble with forecasts calling for a 17 per cent fall to 2.8 trillion won, although the launch of the company's pricy new foldable phones during the quarter raised the average selling price. Kim Yang-jae, an analyst at Daol Investment & Securities, estimates that Samsung's smartphone shipments dropped 11 per cent in the quarter from the same period a year earlier to about 62.6 million smartphones after distribution channels cut orders. Memory chip rival Micron Technology last week significantly cut its investments for the next year and warned of tougher times ahead. WATCH WION LIVE HERE

Samsung quarterly profit set to slump 25%, first decline in nearly three years

There are growing calls for a windfall tax to be imposed on grain trading companies who profiteered amid&nbsp;soaring food prices around the world, following the Russian-Ukraine war.

The International Panel of Experts on Sustainable Food Systems (IPES-Food) has claimed that the world’s top four grain traders, which have dominated the global grain market for decades, have witnessed record or near-record profits or sales, reports The Guardian.

The group is forecasting that demand outstripping supply would remain until 2024, leading to higher sales and profits in the next two years and keeping the grains beyond the reach of the poor, the report added.

“The fact that global commodity giants are making record profits at a time when hunger is rising is clearly unjust, and is a terrible indictment of our food systems. What’s even worse, these companies could have done more to prevent the hunger crisis in the first place,” Olivier De Schutter, a co-chair of IPES-Food and UN special rapporteur on extreme poverty and human rights, was quoted as saying.

The four trading companies that are said to have profiteered are— the Archer-Daniels-Midland Company, Bunge, Cargill and Louis Dreyfus.

These companies, known collectively as ABCD, control an estimate of 70 to 90 per cent of the global grain trade, the UK-based news outlet said.

“Global grain markets are even more concentrated than energy markets and even less transparent, so there is a huge risk of profiteering,” De Schutte was quoted as saying.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-condemns-russia-on-targeting-civilians-warns-moscow-plans-to-hit-govt-buildings-509366" hreflang="en">US condemns Russia on targeting civilians, warns Moscow plans to hit buildings</a>

Cargill saw a 23 per cent increase in revenues to a record $165bn (£140bn) for the year ended 31 May, whereas Archer-Daniels-Midland reported the highest profits in the second quarter of the year.

Bunge’s sales surged by 17 per cent year on year in the second quarter, and Louis Dreyfus recorded profits for 2021 up by more than 80 per cent on the previous year, The Guardian reported.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-rejects-volodymyr-zelenskys-request-to-impose-a-blanket-visa-ban-on-russians-509310" hreflang="en">US rejects Zelensky’s request to impose a blanket visa ban on Russians</a>

According to the UN Food and Agriculture Organisation, food prices have soared more than 20 per cent this year.

It said that about 345 million people are experiencing acute food insecurity, compared with 135 million before the COVID-19 pandemic.

(With inputs from agencies)

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There are growing calls for a windfall tax to be imposed on grain trading companies who profiteered amid soaring food prices around the world, following the Russian-Ukraine war.

There are growing calls for a windfall tax to be imposed on grain trading companies who profiteered amid soaring food prices around the world, following the Russian-Ukraine war. The International Panel of Experts on Sustainable Food Systems (IPES-Food) has claimed that the world’s top four grain traders, which have dominated the global grain market for decades, have witnessed record or near-record profits or sales, reports The Guardian. The group is forecasting that demand outstripping supply would remain until 2024, leading to higher sales and profits in the next two years and keeping the grains beyond the reach of the poor, the report added. “The fact that global commodity giants are making record profits at a time when hunger is rising is clearly unjust, and is a terrible indictment of our food systems. What’s even worse, these companies could have done more to prevent the hunger crisis in the first place,” Olivier De Schutter, a co-chair of IPES-Food and UN special rapporteur on extreme poverty and human rights, was quoted as saying. The four trading companies that are said to have profiteered are— the Archer-Daniels-Midland Company, Bunge, Cargill and Louis Dreyfus. These companies, known collectively as ABCD, control an estimate of 70 to 90 per cent of the global grain trade, the UK-based news outlet said. “Global grain markets are even more concentrated than energy markets and even less transparent, so there is a huge risk of profiteering,” De Schutte was quoted as saying. Also read | US condemns Russia on targeting civilians, warns Moscow plans to hit buildings Cargill saw a 23 per cent increase in revenues to a record $165bn (£140bn) for the year ended 31 May, whereas Archer-Daniels-Midland reported the highest profits in the second quarter of the year. Bunge’s sales surged by 17 per cent year on year in the second quarter, and Louis Dreyfus recorded profits for 2021 up by more than 80 per cent on the previous year, The Guardian reported. Also read | US rejects Zelensky’s request to impose a blanket visa ban on Russians According to the UN Food and Agriculture Organisation, food prices have soared more than 20 per cent this year. It said that about 345 million people are experiencing acute food insecurity, compared with 135 million before the COVID-19 pandemic. (With inputs from agencies) WATCH WION LIVE HERE

Four global grain firms record profits amid food crisis, calls grow for levying of windfall tax

A profit warning by Walmart ignited a sell-off in shares of major US retailers, quickly evaporating over $100 billion in stock market value in extended trade.

US retailers' stock tumble after Walmart cuts profit forecast

Russia energy giant Gazprom said in a statement that its net profit hit 2.09 trillion roubles ($29 billion) in 2021, up from 135 billion roubles in the pandemic-stricken 2020 financial year.

Russia energy giant Gazprom lands record high profit of $29 billion in 2021

Samsung has reported the highest Q1 profit since 2018. This comes at a time when the demand for memory chips is soaring.

Samsung reports the highest Q1 profit since 2018 as demand for memory chips increases

According to a report, Wall Street workers have received an average of $257,500 in bonuses last year. DiNapoli wrote in the report, "Wall Street's soaring profits continued to beat expectations in 2021 and drove record bonuses".

Wall Street bonuses hit record high, likely to come down this year

Chinese social media and gaming giant posted its slowest ever growth since going public in 2004. The company grew just 8 per cent in the fourth quarter. This is reflecting regulatory scrutiny which has affected that has hurt its gaming and advertising sales.

China has frozen game approvals since August last year and curtailed gaming time for under-18s, part of Beijing's move to strengthen control over its society and industries including technology, after years of unbridled growth.

This has also led to a slowdown in advertising as businesses have cut spending.

Tencent Holdings, which gets much of its revenue from gaming and develops games such as 'Honour of Kings' and 'Call of Duty Mobile', said domestic gaming sales grew 1% in the quarter ended Dec. 31.

The restrictions on minors were effective as the total time spent by minors on its games sank 88%, Tencent said, adding that the impact of this factor on revenue growth would ease later in the year.

"As we move into the latter half of 2022 it should cease to impact the revenue growth rate," Chief Strategy Officer James Mitchell told reporters on a call on Wednesday, referring to the minor-protection measures.

Tencent President Martin Lau said regulators were still supportive of the gaming industry, adding that the company had a ready pipeline of games for when approvals resumed.

The company, which also posted its slowest ever annual revenue growth at 16%, said revenue in its online advertising business fell 13% in the fourth quarter.

It expects its ad business to resume growth in late 2022 after companies adjust to regulatory requirements.

Total revenue rose to 144.2 billion yuan ($22.63 billion) in the quarter, below an average of 147.6 billion yuan expected by 17 analysts, Refinitiv data showed.

(With inputs from agencies)

Chinese social media and gaming giant posted its slowest ever growth since going public in 2004. The company grew just 8 per cent in the fourth quarter. This is reflecting regulatory scrutiny which has affected that has hurt its gaming and advertising sales.

Chinese social media and gaming giant posted its slowest ever growth since going public in 2004. The company grew just 8 per cent in the fourth quarter. This is reflecting regulatory scrutiny which has affected that has hurt its gaming and advertising sales. China has frozen game approvals since August last year and curtailed gaming time for under-18s, part of Beijing's move to strengthen control over its society and industries including technology, after years of unbridled growth. This has also led to a slowdown in advertising as businesses have cut spending. Tencent Holdings, which gets much of its revenue from gaming and develops games such as 'Honour of Kings' and 'Call of Duty Mobile', said domestic gaming sales grew 1% in the quarter ended Dec. 31. The restrictions on minors were effective as the total time spent by minors on its games sank 88%, Tencent said, adding that the impact of this factor on revenue growth would ease later in the year. "As we move into the latter half of 2022 it should cease to impact the revenue growth rate," Chief Strategy Officer James Mitchell told reporters on a call on Wednesday, referring to the minor-protection measures. Tencent President Martin Lau said regulators were still supportive of the gaming industry, adding that the company had a ready pipeline of games for when approvals resumed. The company, which also posted its slowest ever annual revenue growth at 16%, said revenue in its online advertising business fell 13% in the fourth quarter. It expects its ad business to resume growth in late 2022 after companies adjust to regulatory requirements. Total revenue rose to 144.2 billion yuan ($22.63 billion) in the quarter, below an average of 147.6 billion yuan expected by 17 analysts, Refinitiv data showed. (With inputs from agencies)

Tencent posts slowest-ever sales rise; regulation impact set to ease

Amid the ongoing Russian invasion of Ukraine, and a hike in oil prices across the globe, Saudi Aramco's profits have also soared. It is now hiking oil investments.

Saudi Arabia hikes oil investments after profits soar due to rise in global oil prices

Back to the strong holiday travel demand, Delta airlines have reported higher quarterly earnings. The airline has also predicted a pretty swift recovery from turbulence caused by the omicron coronavirus variant.

Back to the strong holiday travel demand, Delta airlines have reported higher quarterly earnings

Thanks to solid demand for server memory chips and higher margins in contract manufacturing, South Korea's Samsung Electronics is likely to post a record fourth-quarter profit.

South Korea's Samsung Electronics is likely to post a record fourth-quarter profit

The whistleblower who shared a trove of Facebook documents alleging that the social media giant knew its products were fueling hate and harming children's mental health revealed her identity on Sunday in a televised interview. Frances Haugen, a 37-year-old data scientist from Iowa, accused the company of choosing "profit over safety."

She has worked for companies including Google and Pinterest. &nbsp;

In an interview with the CBS news show "60 Minutes", she said that Facebook was "substantially worse" than anything she had seen before. "Facebook over and over again has shown it chooses profit over safety. It is subsidising, it is paying for its profits with our safety," Haugen said.

<a href="https://www.wionews.com/world/facebook-protects-elite-users-from-its-own-rules-report-412910">Also read |&nbsp;Facebook protects elite users from its own rules: Report</a>

"The version of Facebook that exists today is tearing our societies apart and causing ethnic violence around the world," she added.

Haugen as an unnamed whistleblower shared documents with US lawmakers and The Wall Street Journal that detailed how Facebook knew its products, including Instagram, were harming young girls, especially around body image.

In the "60 Minutes" interview Haugen explained how the company's News Feed algorithm is optimised for content that gets a reaction.

The company's own research shows that it is "easier to inspire people to anger than it is to other emotions," Haugen said.

"Facebook has realised that if they change the algorithm to be safer, people will spend less time on the site, they'll click on less ads, they'll make less money."

<a href="https://www.wionews.com/world/us-lawmakers-grill-facebook-over-teen-mental-health-417319">Also read |&nbsp;US lawmakers grill Facebook over teen mental health</a>

&nbsp;

She said that during the US 2020 Presidential elections, the company realised the danger that such content presented.

Therefore, it turned on safety systems to reduce it.

But "as soon as the election was over they turn them back off, or they change the settings back to what they were before, to prioritise growth over safety, and that really feels like a betrayal of democracy to me," she said.&nbsp;

She further added that "No one at Facebook is malevolent."

The co-founder and CEO Mark Zuckerberg did not set out to make a "hateful" platform. But, Haugen said, the incentives are "misaligned."

<a href="https://www.wionews.com/technology/facebook-documents-show-how-toxic-instagram-is-for-teens-reports-413284">Also read |&nbsp;Facebook documents show how toxic Instagram is for teens: Reports</a>

Facebook's vice president of policy and global affairs Nick Clegg has pushed back at the assertion its platforms are "toxic" for teens, days after a tense congressional hearing in which US lawmakers grilled the company over its impact on the mental health of young users.

The lawmakers grilled Facebook over the potential harm its services are causing and its impact on the mental health of children.&nbsp;

However, Facebook defended the impact of its products, saying Instagram has "affirmatively helped" young people. Its global head of safety, Antigone Davis, testified to the US Senate, about child protection.

<a href="https://www.wionews.com/videos/whistleblowers-new-allegations-against-facebook-418095">Watch:&nbsp;Whistleblower's new allegations against Facebook</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/whistleblowers-new-allegations-against-facebook-418095/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The whistleblower who shared a trove of Facebook documents alleging that the social media giant knew its products were fueling hate and harming children's mental health revealed her identity on Sunday in a televised interview.

The whistleblower who shared a trove of Facebook documents alleging that the social media giant knew its products were fueling hate and harming children's mental health revealed her identity on Sunday in a televised interview. Frances Haugen, a 37-year-old data scientist from Iowa, accused the company of choosing "profit over safety." She has worked for companies including Google and Pinterest. In an interview with the CBS news show "60 Minutes", she said that Facebook was "substantially worse" than anything she had seen before. "Facebook over and over again has shown it chooses profit over safety. It is subsidising, it is paying for its profits with our safety," Haugen said. Also read | Facebook protects elite users from its own rules: Report "The version of Facebook that exists today is tearing our societies apart and causing ethnic violence around the world," she added. Haugen as an unnamed whistleblower shared documents with US lawmakers and The Wall Street Journal that detailed how Facebook knew its products, including Instagram, were harming young girls, especially around body image. In the "60 Minutes" interview Haugen explained how the company's News Feed algorithm is optimised for content that gets a reaction. The company's own research shows that it is "easier to inspire people to anger than it is to other emotions," Haugen said. "Facebook has realised that if they change the algorithm to be safer, people will spend less time on the site, they'll click on less ads, they'll make less money." Also read | US lawmakers grill Facebook over teen mental health She said that during the US 2020 Presidential elections, the company realised the danger that such content presented. Therefore, it turned on safety systems to reduce it. But "as soon as the election was over they turn them back off, or they change the settings back to what they were before, to prioritise growth over safety, and that really feels like a betrayal of democracy to me," she said. She further added that "No one at Facebook is malevolent." The co-founder and CEO Mark Zuckerberg did not set out to make a "hateful" platform. But, Haugen said, the incentives are "misaligned." Also read | Facebook documents show how toxic Instagram is for teens: Reports Facebook's vice president of policy and global affairs Nick Clegg has pushed back at the assertion its platforms are "toxic" for teens, days after a tense congressional hearing in which US lawmakers grilled the company over its impact on the mental health of young users. The lawmakers grilled Facebook over the potential harm its services are causing and its impact on the mental health of children. However, Facebook defended the impact of its products, saying Instagram has "affirmatively helped" young people. Its global head of safety, Antigone Davis, testified to the US Senate, about child protection. Watch: Whistleblower's new allegations against Facebook

Hate speech for profit: Facebook whistleblower reveals identity

With the onset of covid-19 pandemic, coffee shops around the world were shut down but interestingly a few sectors in the coffee industry were not affected, here's how and why.

Coffee industry rakes in the profit in covid-19 pandemic

Samsung&nbsp;Electronics' net profits surged more than 70 percent in the second quarter thanks to higher memory chip prices fuelled by pandemic-led demand, the South Korean tech giant reported Thursday.

Coronavirus-driven working from home boosted demand for devices and appliances powered by&nbsp;Samsung's memory chips. The company said that "memory shipments exceeded previous guidance and price increases were higher than expected".

The world's biggest smartphone maker saw net profits rise 73.4 percent year-on-year to 9.6 trillion won ($8.4 billion) for April-June, the company said in a regulatory filing.

Operating profit increased 54.3 percent to 12.6 trillion won from 8.1 trillion won a year earlier, more than half of which came from the firm's semiconductor business.

The strong results come despite an on-quarter decline in&nbsp;Samsung's earnings from its smartphone business because of supply chain problems that disrupted global production.

Samsung&nbsp;Electronics is the flagship subsidiary of the giant&nbsp;Samsung&nbsp;group, by far the largest of the family-controlled empires that dominate business in South Korea, the world's 12th largest economy.&nbsp;

The conglomerate's overall turnover is equivalent to one-fifth of gross domestic product.&nbsp;

<a href="https://www.wionews.com/technology/samsung-may-launch-flagship-phone-early-to-grab-huawei-share-341786">Also read |&nbsp;Samsung may launch flagship phone early to grab Huawei share</a>

Analysts say the chip unit's proportion of the firm's profit is likely to grow in the months ahead.

"Samsung&nbsp;will benefit from memory chip prices that are likely to go higher in the third and fourth quarter," Park Sung-soon, an analyst at Cape Investment &amp; Securities, told AFP.

The firm anticipates favourable market conditions for the rest of the year, with continued demand for memory chips in the server and mobile markets.&nbsp;

But it warned pandemic-fuelled uncertainty would persist in the second half, noting "continued disruptions in component supply".

Shares in&nbsp;Samsung&nbsp;Electronics closed down 0.25 percent on Thursday.&nbsp;

Eligible for parole

Samsung&nbsp;is expected to showcase the latest foldable smartphone models of its Galaxy Z and clamshell Galaxy Z Flip next month.&nbsp;&nbsp;

Makers of foldables are increasingly competitive, and include rivals such as China's Huawei and Xiaomi.&nbsp;

The upcoming gadgets will be equipped with "new multitasking capabilities and enhanced durability", said TM Roh, head of&nbsp;Samsung&nbsp;Electronics' mobile communications business.&nbsp;

Samsung&nbsp;aims to solidify its position in the smartphone market "with the rollout of its premium mobile lineups as well as cheaper models in the third quarter", said James Kang, senior analyst at Euromonitor International.&nbsp;

But Kang said the company could face headwinds next year, as consumer demand is likely to be weaker than in 2021.&nbsp;

Samsung&nbsp;also faces legal challenges.&nbsp;

Its leader Lee Jae-yong is currently on trial, charged with manipulating a takeover to smooth his succession at the top of the&nbsp;Samsung&nbsp;group.

Lee was separately jailed in January over a sprawling corruption scandal that brought down former president Park Geun-hye.

South Korea's corporate leaders and scholars say a leadership vacuum could hamper the firm's decision-making about large-scale investments, previously key to its global rise.

But Lee's absence would not have much of an impact on&nbsp;Samsung's earnings for the second half, said Park of Cape Investment.&nbsp;

Still, his return to management "could accelerate the decision-making process for long term investments", he added. &nbsp;

Lee is eligible for parole next month after completing more than half of his two-and-a-half year jail term.

Meanwhile, LG Electronics, South Korea's second-largest appliance firm after&nbsp;Samsung, posted a 65.5 percent jump in operating profit for the second quarter, to 1.1 trillion won.&nbsp;Its shares rose 1.5 percent.&nbsp;

Samsung Electronics' net profits surged more than 70 percent in the second quarter thanks to higher memory chip prices fuelled by pandemic-led demand, the South Korean tech giant reported Thursday.

Samsung Electronics' net profits surged more than 70 percent in the second quarter thanks to higher memory chip prices fuelled by pandemic-led demand, the South Korean tech giant reported Thursday. Coronavirus-driven working from home boosted demand for devices and appliances powered by Samsung's memory chips. The company said that "memory shipments exceeded previous guidance and price increases were higher than expected". The world's biggest smartphone maker saw net profits rise 73.4 percent year-on-year to 9.6 trillion won ($8.4 billion) for April-June, the company said in a regulatory filing. Operating profit increased 54.3 percent to 12.6 trillion won from 8.1 trillion won a year earlier, more than half of which came from the firm's semiconductor business. The strong results come despite an on-quarter decline in Samsung's earnings from its smartphone business because of supply chain problems that disrupted global production. Samsung Electronics is the flagship subsidiary of the giant Samsung group, by far the largest of the family-controlled empires that dominate business in South Korea, the world's 12th largest economy. The conglomerate's overall turnover is equivalent to one-fifth of gross domestic product. Also read | Samsung may launch flagship phone early to grab Huawei share Analysts say the chip unit's proportion of the firm's profit is likely to grow in the months ahead. "Samsung will benefit from memory chip prices that are likely to go higher in the third and fourth quarter," Park Sung-soon, an analyst at Cape Investment & Securities, told AFP. The firm anticipates favourable market conditions for the rest of the year, with continued demand for memory chips in the server and mobile markets. But it warned pandemic-fuelled uncertainty would persist in the second half, noting "continued disruptions in component supply". Shares in Samsung Electronics closed down 0.25 percent on Thursday. Eligible for parole Samsung is expected to showcase the latest foldable smartphone models of its Galaxy Z and clamshell Galaxy Z Flip next month. Makers of foldables are increasingly competitive, and include rivals such as China's Huawei and Xiaomi. The upcoming gadgets will be equipped with "new multitasking capabilities and enhanced durability", said TM Roh, head of Samsung Electronics' mobile communications business. Samsung aims to solidify its position in the smartphone market "with the rollout of its premium mobile lineups as well as cheaper models in the third quarter", said James Kang, senior analyst at Euromonitor International. But Kang said the company could face headwinds next year, as consumer demand is likely to be weaker than in 2021. Samsung also faces legal challenges. Its leader Lee Jae-yong is currently on trial, charged with manipulating a takeover to smooth his succession at the top of the Samsung group. Lee was separately jailed in January over a sprawling corruption scandal that brought down former president Park Geun-hye. South Korea's corporate leaders and scholars say a leadership vacuum could hamper the firm's decision-making about large-scale investments, previously key to its global rise. But Lee's absence would not have much of an impact on Samsung's earnings for the second half, said Park of Cape Investment. Still, his return to management "could accelerate the decision-making process for long term investments", he added. Lee is eligible for parole next month after completing more than half of his two-and-a-half year jail term. Meanwhile, LG Electronics, South Korea's second-largest appliance firm after Samsung, posted a 65.5 percent jump in operating profit for the second quarter, to 1.1 trillion won. Its shares rose 1.5 percent.

Samsung reports surge in profit on pandemic-led demand for chips

Most big US banks are expected to report a stunning rebound in quarterly profits next week. With feared pandemic loan losses, they are failing to materialize even as trading income slumps and lending revenue stalls on low-interest rates and weak demand.

World Business Watch: US banks to see big jump in second-quarter profits before normalcy in results

British telecoms giant Vodafone said Tuesday it had rebounded into annual profit, as it cut debt after the flotation of its European phone mast division.

Profit after tax hit 112 million euros ($136 million) in the 12 months to the end of March, Vodafone said in a results statement that also revealed plans for more investment.

The group had suffered a net loss of 920 million euros in 2019/20, when its performance was skewed by a vast legal charge in India.

In 2020/21, Vodafone cut its huge debt pile to 40.5 billion euros, thanks to the initial public offering of the phone mast unit Vantage Towers.

However, sales dipped 2.6 percent to 43.8 billion euros as the coronavirus pandemic slammed demand for global travel and weighed on roaming revenues.

Vodafone meanwhile vowed to refocus on new generation connectivity and digital services in Europe and Africa, in the wake of the Covid-19 crisis.

"The world has changed. The pandemic has shown how critical connectivity and digital services are to society," said chief executive Nick Read.

"Vodafone is strongly positioned and through increased investment, we are taking action now to ensure we play a leadership role and capture the opportunities that these changes create."

The firm's share price slid 5.8 percent to 133.44 pence in midday deals on London's rising FTSE 100.

"These are not results to shoot the lights out, but there are signs of measured progress within an extremely competitive sector," said Interactive Investor analyst Richard Hunter.

Vodafone floated Vantage Towers in Frankfurt in March, valuing the division at around 12 billion euros.

Vodafone raised 2.3 billion euros in the IPO, although it remains a majority shareholder.

Vantage Towers' portfolio includes 82,000 macro sites -- towers, masts and rooftops -- across 10 European countries. 
&nbsp;

British telecoms giant Vodafone said Tuesday it had rebounded into annual profit, as it cut debt after the flotation of its European phone mast division. Profit after tax hit 112 million euros ($136 million) in the 12 months to the end of March, Vodafone said in a results statement that also revealed plans for more investment.

British telecoms giant Vodafone said Tuesday it had rebounded into annual profit, as it cut debt after the flotation of its European phone mast division. Profit after tax hit 112 million euros ($136 million) in the 12 months to the end of March, Vodafone said in a results statement that also revealed plans for more investment. The group had suffered a net loss of 920 million euros in 2019/20, when its performance was skewed by a vast legal charge in India. In 2020/21, Vodafone cut its huge debt pile to 40.5 billion euros, thanks to the initial public offering of the phone mast unit Vantage Towers. However, sales dipped 2.6 percent to 43.8 billion euros as the coronavirus pandemic slammed demand for global travel and weighed on roaming revenues. Vodafone meanwhile vowed to refocus on new generation connectivity and digital services in Europe and Africa, in the wake of the Covid-19 crisis. "The world has changed. The pandemic has shown how critical connectivity and digital services are to society," said chief executive Nick Read. "Vodafone is strongly positioned and through increased investment, we are taking action now to ensure we play a leadership role and capture the opportunities that these changes create." The firm's share price slid 5.8 percent to 133.44 pence in midday deals on London's rising FTSE 100. "These are not results to shoot the lights out, but there are signs of measured progress within an extremely competitive sector," said Interactive Investor analyst Richard Hunter. Vodafone floated Vantage Towers in Frankfurt in March, valuing the division at around 12 billion euros. Vodafone raised 2.3 billion euros in the IPO, although it remains a majority shareholder. Vantage Towers' portfolio includes 82,000 macro sites -- towers, masts and rooftops -- across 10 European countries.

Vodafone edges back into annual profit

Walmart reported a drop in first-quarter profits Tuesday with pandemic-related sales growth moderating somewhat, but shares rallied as the results still topped expectations.

Profits in the quarter ending April 30 came in at $2.7 billion, down 32 percent from the year-ago period. Revenues were $138.3 billion, up three percent.

The world's biggest retailer, Walmart has seen strong sales growth over the last year, having operated during the early days of the pandemic as an "essential" business and notching robust online sales increases throughout the period.

In the most recent quarter, Walmart's US division scored six percent growth in comparable sales -- an impressive level that was above analyst expectations, but which lagged the 10 percent growth in the first quarter of last year.

A similar trend was seen in Walmart's US e-commerce sales, which grew 37 percent in the most recent quarter, half the level in the year-ago period.

Sales were also negatively affected by divestitures in businesses in Britain, Argentina and Japan. 
"We're encouraged by traffic and grocery market share trends," said Walmart Chief Executive Doug McMillon. "In the US customers clearly want to get out and shop."

McMillon said US stimulus payments "had an impact" during the quarter and "we anticipate continued pent-up demand throughout 2021."

Shares rose 3.0 percent to $143.00 in pre-market trading.

Walmart reported a drop in first-quarter profits Tuesday with pandemic-related sales growth moderating somewhat, but shares rallied as the results still topped expectations.

Walmart reported a drop in first-quarter profits Tuesday with pandemic-related sales growth moderating somewhat, but shares rallied as the results still topped expectations. Profits in the quarter ending April 30 came in at $2.7 billion, down 32 percent from the year-ago period. Revenues were $138.3 billion, up three percent. The world's biggest retailer, Walmart has seen strong sales growth over the last year, having operated during the early days of the pandemic as an "essential" business and notching robust online sales increases throughout the period. In the most recent quarter, Walmart's US division scored six percent growth in comparable sales -- an impressive level that was above analyst expectations, but which lagged the 10 percent growth in the first quarter of last year. A similar trend was seen in Walmart's US e-commerce sales, which grew 37 percent in the most recent quarter, half the level in the year-ago period. Sales were also negatively affected by divestitures in businesses in Britain, Argentina and Japan. "We're encouraged by traffic and grocery market share trends," said Walmart Chief Executive Doug McMillon. "In the US customers clearly want to get out and shop." McMillon said US stimulus payments "had an impact" during the quarter and "we anticipate continued pent-up demand throughout 2021." Shares rose 3.0 percent to $143.00 in pre-market trading.

Walmart Q1 profits fall 32 per cent as pandemic sales growth slows

PayPal Holdings reported its strongest first quarter on record and beat profit estimates on Wednesday, with a coronavirus-driven shift to online shopping and digital transactions boosting payment volumes.

World Business Watch: PayPal profit tops estimates on digital payments boom

Nintendo&nbsp;reported its highest ever annual profit Thursday after virus lockdowns caused sales of its blockbuster Switch console to soar, but the Japanese gaming giant warned the bumper pandemic year would be hard to repeat.

While fresh waves of infections have dashed recovery hopes in many industries, successive rounds of restrictions have helped extend a run of good fortune for video game companies as people seek indoor entertainment.

The firm said surging sales were propelled by the runaway popularity of the Switch and the family-friendly game "Animal Crossing", which became a lockdown hit.

Net profit jumped 85.7 per cent from a year earlier to 480.4 billion yen ($4.4 billion) for the fiscal year to March, beating the company's prediction of 400 billion yen.

It broke its previous profit record set in 2008-09 when it was generating massive revenue driven by its Wii and DS consoles.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/tech-it-out-super-nintendo-world-for-mario-fans-373119/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Sales were up 34.4 per cent to 1.76 trillion yen,&nbsp;Nintendo&nbsp;said, with 28.8 million Switch units sold,&nbsp;the highest number since the console, which can be handheld or used with a TV, launched four years ago.

But the Kyoto-based company forecast a tougher outlook for the current 2021-22 fiscal year, projecting net profit at 340 billion yen on sales of 1.6 trillion yen.

"Regarding the risk associated with COVID-19... the supply of products might be affected if production and shipments are hindered,"&nbsp;Nintendo&nbsp;said in a statement.

"In addition, the production of products might be affected by obstacles to the procurement of parts, including the increase in global demand for semiconductor components," it said.

The world is facing a chip shortage, driven by a surge in demand for electronic devices during the pandemic and compounded by a fire at a Japanese factory and a drought in Taiwan.

"The global semiconductor shortage could hit the gaming industry hard this year as other essential industries such as the auto sector are waging a fierce battle for chips," Yasuo Imanaka, chief analyst at Rakuten Securities, told AFP.

Tricky fifth year&nbsp;

The Switch was the United States' top-selling console in 2020, a year that saw record sales of video games, consoles and accessories, according to NPD Group, a market research firm.

Nintendo&nbsp;forecast global sales at 25.5 million Switch units for this fiscal year.

"Nintendo&nbsp;enjoyed strong sales, fully taking advantage of the lockdown demand," Hideki Yasuda, an analyst at Ace Research Institute in Tokyo, told AFP ahead of the results.

"I don't think the outlook is so pessimistic, as&nbsp;Nintendo&nbsp;has won new game users during the pandemic," he added.

The lower profit target comes as the Switch enters its crucial fifth year. Previously&nbsp;Nintendo's new console sales have tended to peak in the third year after release, and then taper off.

"Animal Crossing: New Horizons", the latest title in the "Animal Crossing" series, was released in March 2020, as the Covid-19 pandemic was causing many countries to impose strict lockdowns.

The game sees players guide their digital personas around an uninhabited island, slowly transforming the landscape with a house, garden and eventually a thriving community of adorable cartoon animal neighbours.

Its leisurely pace struck a chord with gamers around the world, many of them yearning for a virtual escape from the onerous restrictions on movement.

Nintendo's first-ever real-life theme park, a "Super Mario"-themed zone at Universal Studios Japan, also opened in March after months of pandemic delays, but was forced to close by new virus restrictions just over a month later.

Nintendo reported its highest ever annual profit Thursday after virus lockdowns caused sales of its blockbuster Switch console to soar, but the Japanese gaming giant warned the bumper pandemic year would be hard to repeat.

Nintendo reported its highest ever annual profit Thursday after virus lockdowns caused sales of its blockbuster Switch console to soar, but the Japanese gaming giant warned the bumper pandemic year would be hard to repeat. While fresh waves of infections have dashed recovery hopes in many industries, successive rounds of restrictions have helped extend a run of good fortune for video game companies as people seek indoor entertainment. The firm said surging sales were propelled by the runaway popularity of the Switch and the family-friendly game "Animal Crossing", which became a lockdown hit. Net profit jumped 85.7 per cent from a year earlier to 480.4 billion yen ($4.4 billion) for the fiscal year to March, beating the company's prediction of 400 billion yen. It broke its previous profit record set in 2008-09 when it was generating massive revenue driven by its Wii and DS consoles. Sales were up 34.4 per cent to 1.76 trillion yen, Nintendo said, with 28.8 million Switch units sold, the highest number since the console, which can be handheld or used with a TV, launched four years ago. But the Kyoto-based company forecast a tougher outlook for the current 2021-22 fiscal year, projecting net profit at 340 billion yen on sales of 1.6 trillion yen. "Regarding the risk associated with COVID-19... the supply of products might be affected if production and shipments are hindered," Nintendo said in a statement. "In addition, the production of products might be affected by obstacles to the procurement of parts, including the increase in global demand for semiconductor components," it said. The world is facing a chip shortage, driven by a surge in demand for electronic devices during the pandemic and compounded by a fire at a Japanese factory and a drought in Taiwan. "The global semiconductor shortage could hit the gaming industry hard this year as other essential industries such as the auto sector are waging a fierce battle for chips," Yasuo Imanaka, chief analyst at Rakuten Securities, told AFP. Tricky fifth year The Switch was the United States' top-selling console in 2020, a year that saw record sales of video games, consoles and accessories, according to NPD Group, a market research firm. Nintendo forecast global sales at 25.5 million Switch units for this fiscal year. "Nintendo enjoyed strong sales, fully taking advantage of the lockdown demand," Hideki Yasuda, an analyst at Ace Research Institute in Tokyo, told AFP ahead of the results. "I don't think the outlook is so pessimistic, as Nintendo has won new game users during the pandemic," he added. The lower profit target comes as the Switch enters its crucial fifth year. Previously Nintendo's new console sales have tended to peak in the third year after release, and then taper off. "Animal Crossing: New Horizons", the latest title in the "Animal Crossing" series, was released in March 2020, as the Covid-19 pandemic was causing many countries to impose strict lockdowns. The game sees players guide their digital personas around an uninhabited island, slowly transforming the landscape with a house, garden and eventually a thriving community of adorable cartoon animal neighbours. Its leisurely pace struck a chord with gamers around the world, many of them yearning for a virtual escape from the onerous restrictions on movement. Nintendo's first-ever real-life theme park, a "Super Mario"-themed zone at Universal Studios Japan, also opened in March after months of pandemic delays, but was forced to close by new virus restrictions just over a month later.

Nintendo logs record pandemic profit but outlook cautious

State Bank of India (SBI) — the country’s largest lender — reported an 81% rise in quarterly profit on Friday, helped by a one-time gain from a stake sale in its life insurance unit.

Net profit of SBI rose 81% year-on-year to Rs 4,189 crore in the three months ended June. This includes an exceptional gain worth Rs 1,540 crore due to sale of investments in SBI Life Insurance.

Country's largest bank's standalone total income increased to Rs 74,457.86 crore in the first quarter of 2020-21 as against Rs 70,653.23 crore in the same period a year ago, as per the financial results posted by the bank on stock exchanges.

Its gross non-performing assets (NPA) of the total advances declined to 5.44 per cent at June-end, over 7.53 per cent at June-end last year.

Similarly, net NPAs also declined to 1.8 per cent in June 2020 against 3.07 per cent a year ago.

On a consolidated basis, SBI's net profit rose by 62 per cent to Rs 4,776.50 crore as against Rs 2,950.50 crore in the same quarter a year ago.

At the same time, total income increased Rs 87.984.33 crore as compared to Rs 83,274.04 crore in the first quarter of the previous fiscal.&nbsp;

(With inputs from agencies)

State Bank of India (SBI) — the country’s largest lender — reported an 81% rise in quarterly profit on Friday, helped by a one-time gain from a stake sale in its life insurance unit.

State Bank of India (SBI) — the country’s largest lender — reported an 81% rise in quarterly profit on Friday, helped by a one-time gain from a stake sale in its life insurance unit. Net profit of SBI rose 81% year-on-year to Rs 4,189 crore in the three months ended June. This includes an exceptional gain worth Rs 1,540 crore due to sale of investments in SBI Life Insurance. Country's largest bank's standalone total income increased to Rs 74,457.86 crore in the first quarter of 2020-21 as against Rs 70,653.23 crore in the same period a year ago, as per the financial results posted by the bank on stock exchanges. Its gross non-performing assets (NPA) of the total advances declined to 5.44 per cent at June-end, over 7.53 per cent at June-end last year. Similarly, net NPAs also declined to 1.8 per cent in June 2020 against 3.07 per cent a year ago. On a consolidated basis, SBI's net profit rose by 62 per cent to Rs 4,776.50 crore as against Rs 2,950.50 crore in the same quarter a year ago. At the same time, total income increased Rs 87.984.33 crore as compared to Rs 83,274.04 crore in the first quarter of the previous fiscal. (With inputs from agencies)

State Bank of India's profit surges 81% in Q1, bad loans decline

Prime Minister Narendra Modi delivers the inaugural address on the occasion of the 95th annual plenary session of Indian Chamber of Commerce (ICC) today.

'Must work on reducing imports and to make self-reliant India', says PM Modi

<a href="https://www.wionews.com/world/worlds-energy-watchdog-is-undermining-climate-change-battle-critics-say-261730">Climate change</a> could directly cost the world economy $7.9 trillion by mid-century as increased drought, flooding and crop failures hamper growth and threaten infrastructure, the new analysis showed Wednesday.&nbsp;

The Economist Intelligence Unit's (EIU) Climate Change Resilience Index measured the preparedness of the world's 82 largest economies and found that based on current trends the fallout of warming temperatures would shave off three per cent of global GDP by 2050.&nbsp;

Its analysis, which assesses each country's direct exposure to loss as climate change brings more frequent extreme weather events, found Africa was most at-risk, with 4.7 per cent of its GDP in the balance.&nbsp;

In general, developing nations faired poorer in terms of resiliency than richer ones.&nbsp;

"Being rich matters," John Ferguson, EIU country analysis director, told AFP.

"Richer nations are really able to be more resilient towards the impacts of climate change, so this really threatens growth trajectories of the developing world as they try to catch up with the developed world."

"When we are already dealing with global inequality, for the impacts of climate change the developing world's challenges are much greater," he added.

Of the countries evaluated, Angola stood to lose the most, as much as 6.1 per cent of gross domestic product.

The study put this down to a mixture of a lack of quality infrastructure, as well as its geographical exposure to severe drought, soil erosion and rising sea levels.&nbsp;

Land degradation in Angola would prove a "significant" economic hindrance, the report said, given that agriculture is its largest employer.

Nigeria (5.9 per cent negative GDP), Egypt (5.5 per cent), Bangladesh (5.4 per cent) and Venezuela (5.1 per cent) were the next most climate-vulnerable nations identified in the analysis.&nbsp;

Watch: Climate change triggers extreme weather events across the world

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-climate-change-triggers-extreme-weather-events-across-the-world-252909/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Act now, and later

The analysis said <a href="https://www.wionews.com/opinions/climate-change-pandemics-biodiversity-loss-no-country-is-sufficiently-prepared-260057">rising temperatures</a> meant the global economy was projected to hit $250 trillion by 2050, as opposed to $258 trillion with no climate impact.&nbsp;

While the United States, still the world's largest economy at market rates,&nbsp;is forecast to be one of the least impacted, the EIU noted that President Donald Trump's policies represented a "temporary setback" in the climate fight.&nbsp;

Russia was predicted to lose five per cent of GDP by 2050 and will "suffer more than most other countries in the world from the negative effects of climate change", it said. This held true even when potential benefits in increased agriculture were taken into account.&nbsp;

Melting permafrost -- threatening infrastructure such as hydrocarbon pipelines, was forecast to be among the biggest drags on Russia's economy in the coming decades.&nbsp;

Nations agreed in Paris in 2015 to work to limit temperature rises to "well below" two degrees Celsius, and 1.5-C if possible.&nbsp;

To do so, the global economy must rapidly decrease its greenhouse gas emissions,&nbsp;a source of controversy in developing nations which say their economic growth shouldn't suffer after decades of fossil fuel use by wealthier countries.&nbsp;

"The global economy is going to suffer so it's not really a case of the act now or act later. We need to do both," said Ferguson.&nbsp;

"Developing countries can't do this on their own. There needs to be a coordinated global effort to deal with the impacts we are talking about."

<a href="https://www.wionews.com/photos/from-amazon-fires-to-venice-floods-climate-change-triggers-a-series-of-calamities-worldwide-262312">In pictures:&nbsp;From Amazon fires to Venice floods -&nbsp;Climate change triggers a series of calamities worldwide</a>

Climate change could directly cost the world economy $7.9 trillion by mid-century as increased drought, flooding and crop failures hamper growth and threaten infrastructure, the new analysis showed Wednesday.

Climate change could directly cost the world economy $7.9 trillion by mid-century as increased drought, flooding and crop failures hamper growth and threaten infrastructure, the new analysis showed Wednesday. The Economist Intelligence Unit's (EIU) Climate Change Resilience Index measured the preparedness of the world's 82 largest economies and found that based on current trends the fallout of warming temperatures would shave off three per cent of global GDP by 2050. Its analysis, which assesses each country's direct exposure to loss as climate change brings more frequent extreme weather events, found Africa was most at-risk, with 4.7 per cent of its GDP in the balance. In general, developing nations faired poorer in terms of resiliency than richer ones. "Being rich matters," John Ferguson, EIU country analysis director, told AFP. "Richer nations are really able to be more resilient towards the impacts of climate change, so this really threatens growth trajectories of the developing world as they try to catch up with the developed world." "When we are already dealing with global inequality, for the impacts of climate change the developing world's challenges are much greater," he added. Of the countries evaluated, Angola stood to lose the most, as much as 6.1 per cent of gross domestic product. The study put this down to a mixture of a lack of quality infrastructure, as well as its geographical exposure to severe drought, soil erosion and rising sea levels. Land degradation in Angola would prove a "significant" economic hindrance, the report said, given that agriculture is its largest employer. Nigeria (5.9 per cent negative GDP), Egypt (5.5 per cent), Bangladesh (5.4 per cent) and Venezuela (5.1 per cent) were the next most climate-vulnerable nations identified in the analysis. Watch: Climate change triggers extreme weather events across the world Act now, and later The analysis said rising temperatures meant the global economy was projected to hit $250 trillion by 2050, as opposed to $258 trillion with no climate impact. While the United States, still the world's largest economy at market rates, is forecast to be one of the least impacted, the EIU noted that President Donald Trump's policies represented a "temporary setback" in the climate fight. Russia was predicted to lose five per cent of GDP by 2050 and will "suffer more than most other countries in the world from the negative effects of climate change", it said. This held true even when potential benefits in increased agriculture were taken into account. Melting permafrost -- threatening infrastructure such as hydrocarbon pipelines, was forecast to be among the biggest drags on Russia's economy in the coming decades. Nations agreed in Paris in 2015 to work to limit temperature rises to "well below" two degrees Celsius, and 1.5-C if possible. To do so, the global economy must rapidly decrease its greenhouse gas emissions, a source of controversy in developing nations which say their economic growth shouldn't suffer after decades of fossil fuel use by wealthier countries. "The global economy is going to suffer so it's not really a case of the act now or act later. We need to do both," said Ferguson. "Developing countries can't do this on their own. There needs to be a coordinated global effort to deal with the impacts we are talking about." In pictures: From Amazon fires to Venice floods - Climate change triggers a series of calamities worldwide

Climate change and its impact 'to cost world $7.9 trillion' by 2050: Study

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