Business

Morning business round-up: Shell's profits surge

What made the business news in Asia and Europe this morning? Here's our daily business round-up:

Market Data

Last Updated at 22:47 GMT

Market index Current value Trend Variation % variation
Dow Jones 21858.32 Up 14.31 0.07%
Nasdaq 6256.56 Up 39.68 0.64%
FTSE 100 7309.96 Down -79.98 -1.08%
Dax 12014.06 Down -0.24 -0.00%
Cac 40 5060.92 Down -54.31 -1.06%
BBC Global 30 10108.11 Down -8.97 -0.09%

Oil giant Royal Dutch Shell announced a 77% jump in second-quarter profit, thanks to higher energy prices.

Shell's profit rose to $8bn (£4.9bn), as the company also benefited from asset sales, though production was lower.

Japan's Sony swung to a loss of 15.5bn yen ($199m; £122m) in the three months to June, after the country's earthquake and tsunami hit production at its factories.

Other electronics makers Panasonic and Sharp also reported losses.

Gaming giant Nintendo also announced a surprise loss, hit by weak sales of its new 3DS handheld game player.

But in better news for Japan, retail sales rose in June for the first time since the earthquake and tsunami hit the country in March.

Sales rose 1.1% in June from a year earlier, indicating that the economy is beginning to recover.

Meanwhile, US car maker Ford is to invest $1bn in building a factory in India as it attempts to capture a greater share of the country's car market.

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In Europe, Swiss bank Credit Suisse has announced plans to cut 2,000 jobs. as it aims to save 1bn Swiss francs ($1.25bn; £765m) next year.

The company's quarterly results were knocked by a strong currency and weak trading.

Several German industrial giants have seen their share prices fall after reporting disappointing results.

Siemens, BASF and Volkswagen all saw their stocks drop, helping to push down the benchmark Dax index.

Rising wholesale gas prices have hit profits at energy firm Centrica, which owns British Gas in the UK.

Centrica's first-half operating profit fell 19% to £1.3bn, while operating profit at British Gas fell 54% to £270m.

And the BBC World Service's Business Daily radio programme comes from Iceland on Thursday, three years after the country's major banks went bust.

Justin Rowlatt finds out whether its economy has recovered and whether there are lessons for the eurozone from the Icelandic experience.

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