Morning business round-up: Nintendo reports first loss

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

Nintendo the Japanese games giant has reported its first annual loss after disappointing sales of its Wii game console and a strong yen hit revenues.

The company reported a net loss of 43.2bn yen ($533m; £329m) for the year, compared with net income of 77.6bn yen the year before.

In other corporate news, the euro crisis continued to leave its mark on the banking sector.

Deutsche Bank reported a sharp fall in profits, in part due to a weaker performance in investment banking during the eurozone debt crisis.

Net income for the first three months of the year was 1.4bn euros ($1.9bn; £1.1bn), down 35% on the 2.1bn euros the bank made a year earlier, while revenue was down 12% to 9.2bn euros.

The bank said although the business environment was "more stable" than at the end of last year, it was "far less favourable" than a year earlier.

Spanish rival Santander's profits were hit again after the company set aside money to cover property loan losses in Spain.

First quarter net profit was down 24% at 1.6bn euros ($2.12bn; £1.31bn), after it set aside 3bn euros in provisions, partly to cover rising loan defaults in its home country.

Domestic concerns dominated in coverage of British banking giants' announcements.

However, it said it had made an "encouraging" start to 2012, and underlying first-quarter profits of £2.45bn were ahead of analysts' expectations.

HSBC confirmed 2,200 UK job losses as part of global cost-cutting plans.

More than 3,100 posts are being closed but the bank said that new roles were being created as well, which would result in 2,217 staff leaving.

Media caption,

Biz Heads

In a day dominated by major company results, there was news from the carmakers too.

Car giants VW and Chrysler both saw first quarter profits jump as the global car market recovers.

It was goodbye to UK ownership for one historic UK brand. Raleigh Cycle, the 125-year old bicycle maker, has been sold to Dutch rival Accell for $100m (£62m).

The deal is expected to go through at the end of May, subject to approval from competition authorities.

The latest Business Daily podcast talks to the founder and chief executive of the Indian technology giant Infosys. The firm started three decades ago with $250 and is now worth $37bn - but is it losing its mojo?

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