Emirates Group, which operates the region's biggest airline, announced a 66% plunge in first-half profits on Thursday, blaming "unprecedented" disruption and high fuel prices caused by the Middle East war.Despite difficult months, net profits stood at $1bn, said the Dubai-based, state-owned group, down from $2.9bn last year.Dubai airport was repeatedly targeted as the United Arab Emirates bore the brunt of Iranian drone and missile attacks in the early part of the war, causing havoc with flights and putting off visitors to Dubai."It has been a demanding six months," Sheikh Ahmed bin Saeed al-Maktoum, Emirates chairman and chief executive, said in a statement, citing "unprecedented regional challenges and high fuel prices"."Customer demand held firm and our cargo operations made a strong contribution, keeping revenue and cash levels healthy even as global jet fuel prices doubled against the same period last year," he added.Workforce was cut by 2% over the six months to 128,237 employees.Since the war began in late February, energy prices have soared as Iran's blockade on ships in the vital Strait of Hormuz disrupted supply.The Gulf has put connecting traffic at the core of its aviation model, linking markets in the Americas, Europe, Asia and Oceania. Last year, nearly one in six transit travellers worldwide passed through the Middle East.Emirates airline saw half-year profit after tax fall 66%, eroded by high fuel prices. Airline revenues were down 13%."Emirates staying profitable, despite the backdrop of a war that has no conclusion is pretty remarkable," agreed Saj Ahmad, chief analyst at StrategicAero Research. "Add in the fact that the airline is slowly re-establishing its full network too, the decline in passenger numbers due to the US-Iran war is not a surprise."Emirates carried 21.8mn passengers between April and September, 22% less than a year earlier, compared with the same period in the previous fiscal year.Cargo operations, by contrast, were resilient, with revenue up 52% despite a slight decline in volumes transported.Sheikh Ahmed said he was starting the second half of the fiscal year with "measured optimism" while maintaining "a close watch on costs and geopolitical developments".The group was able to tap strong cash reserves to support its business needs, including pre-delivery payments for aircraft and servicing debt obligations, it said.Emirates airline has launched initiatives to boost customer confidence following the outbreak of war, including comprehensive travel insurance that is unrestricted by government travel advisories, free date changes on booked tickets, and generous refund policies.It also broke ground in May on a $5.1bn engineering and maintenance facility at Al Maktoum International Airport in Dubai, with completion expected in the mid-2030s. Air France-KLMShares in Air France-KLM climbed over 12% Thursday after the carrier surprised investors with higher operating profit in the third quarter despite a soaring jet fuel bill.Like other airlines, Air France-KLM has raised ticket prices to cope with the surge in fuel costs as the US-Israeli war on Iran keeps global energy costs high.Operating profit in the July to September period, one of the busiest for airlines, increased 10% to €1.35bn ($1.5bn), the company said, with passenger traffic up 1.8 %.Unit revenue per available seat kilometres (ASK), a key profitability measure for the industry, rose 6.6% to 9.70 euro cents.Higher ticket prices helped cushion the blow from fuel costs, which were €436mn higher in the third quarter compared to the period last year."Strong unit revenues fully offset the impact of higher fuel prices amid the Middle East crisis," the airline said.For the full year it expects total fuel costs to hit €9.3bn, up €2.3bn from last year."This performance reflects the benefits of the strategic choices we have made in recent years, starting with Air France's move upmarket," group chief executive Benjamin Smith said in a statement.The airline said it would also pursue "additional structural measures" to improve profitability at KLM, its Dutch unit whose margins have lagged behind Air France's.In a separate statement, KLM said the restructuring would include a further 15% cut in overall jobs, with around 5,000 posts "reorganised".It aims to eventually boost earnings by €1bn a year. Turkish AirlinesTurkish Airlines Chairman Murat Seker said late on Wednesday that elevated jet fuel costs remain a major risk to profitability and could lead the airline to take a more cautious approach to capacity growth, and it is using a hiring freeze to contain rising personnel costs.The airline reported a third-quarter net profit of 61.5bn lira ($1.23bn), up 9% from a year earlier.The surge in jet fuel prices had a total impact of about $1bn on the Q3 income statement; $800mn-$900mn was offset by yield improvement and higher load factors.The company had not planned for jet fuel prices reaching $1,600 per tonne and expected prices to fall much faster.The airline's base case scenario assumes jet fuel to decline to $1,000 per tonne, at which point the airline would gradually increase capacity starting with the Middle East region.A $100-per-tonne decline in fuel prices would boost profitability by $750mn -$800mn, Seker said.Q3 cargo revenues grew 46% to $1.2bn, supported by additional demand for air freight amid elevated ocean shipping costs, CFO Metin Gulsen said.Seker expects cargo demand to remain strong, with AI-related products such as semiconductors, servers and data centre equipment providing additional support for air freight. MaerskDanish shipping group Maersk raised its 2026 profit guidance for a third time on Thursday, as port congestion and AI-driven demand kept container freight rates high, but shares fell 11% as analysts said the upgrade was expected and third-quarter profit disappointed.The jump in profit guidance came from higher prices rather than more cargo, leaving Maersk’s earnings tied to congestion and disruption that some analysts expect to fade as ships return to the Suez Canal and new vessels arrive.The world’s second-largest container line, often viewed as a bellwether for global trade, now expects underlying profit before interest, taxes, depreciation and amortisation (EBITDA) of between $14bn and $14.5bn this year, up from a previous range of $10.5bn to $12.5bn.Underlying operating profit (EBIT) is expected to be between $8bn and $8.5bn, up from a previous range of $4.5bn to $6.5bn, it said.The new EBITDA guidance was broadly in line with analyst expectations of $14.02bn for the full year, according to an LSEG poll.Maersk posted third-quarter profit before interest, taxes, depreciation and amortisation of $4.7bn, up 75%, but below a mean forecast of $5.04bn in an LSEG poll.Analysts said the operating profit miss was driven by weaker-than-expected volumes and higher costs in the Ocean division."Despite continued geopolitical uncertainty and disruptions, global trade has remained remarkably resilient," CEO Vincent Clerc said in a statement."Demand is being driven not only by consumer spending, but increasingly by major investments in electrification, energy and the rapid expansion of AI infrastructure, generating significant flows of industrial cargo around the world," he said.A surge in spending on semiconductors and AI data centres has boosted global trade and helped offset disruption from the US-Israeli war with Iran, the World Trade Organization said last month.In the US, Maersk said economic activity held strong, supported by consumer spending and business investment tied to the AI buildout.Ocean volumes were largely flat from a year earlier. Freight rates rose by 46% from the previous quarter and more than doubled from a year earlier, as port congestion persisted and Maersk continued its gradual return to the Suez Canal, which most shippers abandoned in late 2023 following Houthi attacks in the Red Sea.Maersk said this week that its ME1 service linking India and Europe would resume sailing through the canal. NintendoJapanese gaming giant Nintendo reported a drop in quarterly net profit on Thursday as unit sales slowed for its Switch 2 console, but maintained its annual forecasts.A remake of 1990s action-adventure classic "The Legend of Zelda: Ocarina of Time", which comes out Thursday, has sparked nostalgic fan excitement.But market analysts will be watching to see how much the title can boost sales of the Switch 2, which became the world's fastest-selling games console on its 2025 release.Nintendo reported an 11% year-on-year rise in net profit for the first half of 2026-27.But in the second quarter, from July-September, net profit was down 29% to ¥73.5bn ($465.3mn) — missing estimates of ¥82.2bn in a Bloomberg survey of analysts.The company maintained its annual net profit forecast of ¥310bn."Although sales declined year-on-year due to lower hardware unit sales, operating profit rose" nearly 50% in the first six months, due to steady sales of games and a windfall connected to US tariff refunds, Nintendo said.The company sold nearly 6.5mn Switch 2 consoles in the first half, down from nearly 10.4mn the previous year, when the gadget was new.This year Nintendo raised the price of Switch 2, as the global artificial intelligence boom causes the price of memory chips used in everyday electronics to soar.Some analysts have also said the lack of any blockbuster title to boost Switch 2 adoption among gamers has led to sluggish sales of the console."While working to bring Nintendo Switch 2 to more consumers, we will also leverage the Nintendo Switch hardware installed base and rich software lineup to expand software sales and maintain engagement," the company said Thursday. SonySony upgraded its annual earnings forecast for the current fiscal year on Thursday thanks to robust sales of its games, music and movies.The firm now expects to earn ¥1.33tn ($8.4bn) for the year to March, up from the previous upgraded forecast of ¥1.21tn issued in July.The Japanese tech-entertainment conglomerate said second-quarter net profit jumped 44% to ¥449.6bn, driven largely by games and films.For the game operations, sales were helped by favourable foreign exchange rates but also strong sales of new titles.In the movie segment, it noted an "increase in theatrical revenues primarily due to the contribution of 'Spider-Man: Brand New Day'".The film was released in July and was a blockbuster success.The game segment is also expected to benefit from the eagerly awaited November launch of "Grand Theft Auto VI", which is predicted to be the biggest release in gaming for years. Novo NordiskObesity drugmaker Novo Nordisk raised its 2026 outlook for the third time this year on Wednesday as quarterly sales of its Wegovy pill beat forecasts, bolstering the Danish firm's efforts to recover ground lost to US rival Eli Lilly.Novo, which is clawing back into the obesity drug race after sliding sales and shares in recent years, raised its full-year adjusted sales and operating profit forecast to between 2% growth and a 2% decline at constant exchange rates, up from flat to a 6% fall.It said the improvement in its third-quarter performance was driven by higher volumes, in particular in obesity drugs, in both the US and international markets. The outlook assumes sales growth internationally and a decline in the US.Novo said high manufacturing output and faster approvals from health authorities had allowed it to speed up the rollout of its Wegovy pill. It now plans to launch the pill in more than 20 countries by mid-2027, compared with the end-2027 target given at its capital markets day in September.CEO Mike Doustdar said in an interview that Novo had held its ground since Lilly launched a rival pill. "We've been able to hold the baton," he said, adding that he was convinced Lilly "is trying really hard to reverse this thing, and we need to watch them."Novo rode a wave of demand after launching Wegovy in 2021, becoming Europe's most valuable listed company in 2023 with its market value later cresting above $600bn. Its shares have since slumped more than 70% from their peak, while Lilly's have surged.The Wegovy pill has been the star performer for Novo. Launched in the US in January, it brought in 5.39bn Danish crowns ($810mn) in the third quarter, up 53% from the second quarter and above the 4.62bn consensus estimate.Third-quarter adjusted operating profit rose 27% to 31.72bn Danish crowns at constant exchange rates from a year earlier, above the 28.39bn projected by analysts. Adjusted sales were 79.20bn crowns against 73.22bn expected. BMWBMW said Wednesday that it would step up planned job cuts as it reported a drop in third-quarter profit, hit by cutthroat competition and falling demand in China, the world's largest car market.Chief executive Milan Nedeljkovic said he could not give a number for the new cuts but was ready to make as many as required."We'll go as far as our feet will carry us," Nedeljkovic said, during a conference call. "And as far as makes sense for us."Collapsing sales in China have led to painful adjustments for Germany's car industry. Mercedes-Benz is to restart its ownlayoffs program and Volkswagen plans to have cut 120,000 jobs globally across its 10 brands by 2030.A BMW source told AFP in July that the carmaker was aiming for 8,000 job cuts by the end of 2027 under the program then being launched.Additional cuts could now be brought forward because of strong interest in the latest redundancy scheme, Nedeljkovic said Wednesday."We will be able to complete the program in a short amount of time," he said. "This highly positive response to the program opens up more significant potential to faster streamline our structures."In the three months to end-September, BMW said net profit fell about 15 % to €1.45bn ($1.6bn) as sales fell almost 6% to €30.5bn.Worldwide vehicle deliveries fell 6.3%, dragged down by China where they cratered 24.8%.The group, which apart from its namesake brand also includes Mini and Rolls-Royce, has promised to shift more of the supply chain for its Chinese vehicles into China to try to regain market share.Nedeljkovic said BMW was also learning from its Chinese operations when it came to its business in the rest of the world, pointing to experience learned in developing driving assistance software with local partner Momenta. PfizerPfizer raised its full-year profit and revenue forecasts on Tuesday as strong demand for its recently acquired cancer drug Padcev and blockbuster blood thinner Eliquis led to higher-than-expected third-quarter results.Pfizer is now targeting annual sales of $62bn to $64bn, up from the prior forecast of $60.5bn to $62.5bn, and earnings of $2.95 to $3.05 per share, compared with its previous outlook of $2.80 to $3.00 a share.CEO Albert Bourla said the raised outlook reflected the strong quarterly performance as well as confidence in the company's strategy, pipeline and long-term growth prospects.The New York-based drugmaker has spent billions of dollars on acquisitions and licensing deals to bolster its pipeline and reassure investors about its growth prospects despite looming patent expirations and declining sales of COVID-19 products that had generated a revenue windfall during the pandemic.The company spent $43bn in 2023 to acquire cancer drugmaker Seagen and $10bn for obesity drug developer Metsera last year.Pfizer's acquired products are increasingly contributing, but the longer-term growth story still depends on the success of experimental treatments in the pipeline, Bernstein analyst Courtney Breen said.The company reported a third-quarter adjusted profit of 87 cents per share, topping analysts' estimates by 14 cents, according to LSEG data.Total revenue for the quarter came in at $16.58bn, above Wall Street estimates of $15.87bn. ToyotaJapanese car giant Toyota raised its full-year profit forecasts on Thursday on the back of strong demand for hybrid vehicles and the weak yen, despite fierce competition from Chinese rivals.For the current year to March 31, 2027, the firm said it expected net profit of ¥3.57tn ($22.6bn), up from its previous projection in August of ¥3.25tn.However, the forecast still foresees a year-on-year decline in profit of 7.2%.Sales remained "resilient", driven by hybrid vehicles, particularly in the US, the company said, as well as the weakening of the yen which this summer fell to its lowest level in four decades.Although the forecast came in below the expectations of analysts surveyed by Bloomberg, Toyota's share price soared by more than 15 % in the wake of the announcement.The company also predicted operating profit of ¥3.9tn, compared with its earlier forecast of ¥3.4tn.The world's largest automaker by sales said the decision came after it "mitigated the impact of rising materials prices and production disruptions caused by earthquakes and floods through recovery efforts at production sites and optimised global supply, thereby maintaining consolidated vehicle sales".The hike in forecasts overshadowed a lacklustre second quarter, which saw Toyota's net profit slump 18.5% year-on-year to ¥759.4bn, well short of expectations, still weighed down by more expensive materials and other factors.Its quarterly revenue, by contrast, jumped 8.6% year-on-year to ¥13.4tn, thanks to an increase in unit sales in Japan and Europe and stabilisation in North America, despite tariffs imposed by Washington.For the full 2026-2027 fiscal year, which will end in late March, Toyota expects revenue to grow 5.6% year-on-year to ¥53.5tn, a figure it slightly revised downward on Thursday.The automaker acknowledged a "challenging competitive environment".This is especially true in China, where Toyota again saw its unit sales plunge 25 % year-on-year in the second quarter."In China, our market share has stopped declining and is currently holding firm" because Toyota has been "rolling out products suited" to local demands, chief financial officer Yoichi Miyazaki told reporters."To further expand our customer base in the new energy vehicle segment, we will make full use of the strengths of our joint venture partners and, under the leadership of the local chief engineers, swiftly reflect market feedback in our planning, development and improvement processes," he said.The yen has weakened because of the gap between Japanese and US interest rates, high oil prices and concerns that Prime Minister Sanae Takaichi's spending plans will further swell Japan's enormous debts.The weak currency has in recent months inflated resource-poor Japan's import costs, especially for oil as the Iran war strangles supplies from the Middle East.While a weaker currency also boosts Japanese exporters' profitability, the country's automakers are being squeezed by US tariffs, the Middle East war and fierce competition from Chinese rivals.In July Chinese electric vehicle giant BYD challenged Toyota, Nissan and Suzuki on their home turf, launching a pint-sized "kei" car in Japan.
