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IMF raises China GDP forecast after Beijing’s policy moves. The International Monetary Fund (IMF) has raised its forecast for China’s economic growth in 2023, citing the government’s recent policy moves to boost the economy. The IMF now expects China’s GDP to grow by 5.2% in 2023, up from its previous forecast of 5.0%.
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Nintendo hikes profit forecast as Mario movie, Zelda game breathe new life into Switch. Nintendo has hiked its profit forecast for the current fiscal year, thanks to the strong sales of its Switch console and games. The company now expects to earn a profit of ¥370 billion ($3.4 billion) in the fiscal year ending March 2024, up from its previous forecast of ¥340 billion ($3.1 billion). The boost in profits is being driven by the success of the Mario movie, which has grossed over $300 million worldwide, and the Legend of Zelda: Breath of the Wild 2 game.
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Oil giant Saudi Aramco’s profit slides 23% in third quarter on lower crude prices, volumes. Saudi Aramco’s profit fell 23% in the third quarter, as lower crude oil prices and volumes took a toll on the company’s earnings. The state-owned oil giant reported a net profit of $30.4 billion for the three months ended September 30, down from $39.5 billion in the same period a year ago.
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UBS posts bigger-than-expected quarterly loss as Credit Suisse integration costs pile up. UBS Group AG posted a bigger-than-expected quarterly loss as costs related to its acquisition of Credit Suisse Group AG piled up. The Swiss bank reported a net loss of $2.9 billion in the third quarter, compared with a net profit of $1.4 billion in the same period a year ago.
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European markets head for lower open as positive momentum stalls. European markets are headed for a lower open on Tuesday, as positive momentum from the previous session stalls. Investors are awaiting the release of key economic data from the United States, which could have a significant impact on risk appetite.
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Metro Bank says deposit flows back to normal after capital raise. Metro Bank has said that deposit flows have returned to “more normal ranges” after the bank raised £1.15 billion ($1.35 billion) in capital in October. The embattled British lender said that it had seen a net outflow of deposits of £1.3 billion in the third quarter, but that this outflow had slowed in recent weeks.
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Primark owner expects bigger fashion profits as inflation fades. Primark’s owner Associated British Foods (ABF) has said that it expects bigger profits from its fashion business in the coming year, as inflation fades. The company said that it expects profit margins in its Primark business to improve to 4% in the current fiscal year, up from 3.7% in the previous year.
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Turkish billionaire approaches QIA for Istanbul port sale. Turkish billionaire Mehmet Emin Karamehmet has approached Qatar Investment Authority (QIA) about buying a stake in Istanbul’s port operator. Karamehmet, who controls Turkish container port operator DP World, is said to be interested in acquiring a minority stake in Istanbul Port Authority (IPA).
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UBS paid $500 million to keep Credit Suisse staff amid poaching. UBS Group AG paid more than $500 million to retain key staff from Credit Suisse Group AG as it integrates the Swiss rival’s wealth management business. The Zurich-based bank said it paid the retention bonuses to prevent its staff from being poached by Credit Suisse or other competitors.
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Wall Street bosses in Hong Kong see financial dangers everywhere. Wall Street bosses in Hong Kong are increasingly concerned about the financial risks facing the city, as the global economy slows and China’s growth weakens. The executives said that they were worried about a potential hard landing for the Chinese economy, as well as the risk of a financial crisis in Europe.
