Nintendo Q1 Profit Grows 4%, Beating Estimates
The Kyoto-based gaming company said it sold 5.82 million units of the Switch 2, which went on sale on June 5, during the quarter.
The successor to the hit home-portable Switch gaming device launched in the midst of US President Donald Trump's trade war, testing Nintendo's supply chain management.
Nintendo maintained its full-year sales forecast of 15 million Switch 2 units.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Asharq Al-Awsat
26 minutes ago
- Asharq Al-Awsat
Top Trump Aide Accuses India of Financing Russia's War in Ukraine
A top aide to President Donald Trump on Sunday accused India of effectively financing Russia's war in Ukraine by purchasing oil from Moscow, after the US leader escalated pressure on New Delhi to stop buying Russian oil. "What he (Trump) said very clearly is that it is not acceptable for India to continue financing this war by purchasing the oil from Russia," said Stephen Miller, deputy chief of staff at the White House and one of Trump's most influential aides. Miller's criticism was some of the strongest yet by the Trump administration about one of the United States' major partners in the Indo-Pacific. "People will be shocked to learn that India is basically tied with China in purchasing Russian oil. That's an astonishing fact," Miller said on Fox News' "Sunday Morning Futures." The Indian Embassy in Washington did not immediately respond to a request for comment. Indian government sources told Reuters on Saturday that New Delhi will keep purchasing oil from Moscow despite US threats. A 25% tariff on Indian products went into effect on Friday as a result of its purchase of military equipment and energy from Russia. Trump has also threatened 100% tariffs on US imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Miller tempered his criticism by noting Trump's relationship with Indian Prime Minister Narendra Modi, which he described as "tremendous."
Arab News
9 hours ago
- Arab News
Bangladesh protest victim gives evidence at ex-PM Hasina trial
DHAKA: The first witness in the trial of Bangladesh's fugitive ex-prime minister Sheikh Hasina gave evidence on Sunday, a man shot in the face during protests that toppled her last year. Hasina, 77, who has defied court orders to return from India to attend her trial on charges amounting to crimes against humanity, is accused of ordering a deadly crackdown in a failed bid to crush the student-led uprising. Up to 1,400 people were killed between July and August 2024, according to the United Nations. The first witness, among the 11 cases that the prosecution is expected to present to the court, was Khokon Chandra Barman, whose story reflects the violence of the protests. The 23-year-old wears a mask to conceal his face, which was ripped apart by gunshot during the culmination of the protests on August 5, 2024, the same day that Hasina fled Dhaka by helicopter. 'I want justice for the ordeal I've been going through, and for my fellow protesters who sacrificed their lives,' he told the court. Barman lost his left eye, while his right eye was damaged, as well as his lips, nose and teeth. A video showing Barman's blood-covered face was played in court, with the opening statements aired on the state-run broadcaster. Prosecutors have filed five charges against Hasina — including failure to prevent mass murder — which amount to crimes against humanity under Bangladeshi law. 'Sheikh Hasina was the nucleus around whom all the crimes committed during the July-August uprising revolved,' chief prosecutor Tajul Islam told the court on Sunday. Hasina is on trial in absentia alongside two other accused. One, her former interior minister Asaduzzaman Khan Kamal, is also a fugitive. The other, Chowdhury Abdullah Al-Mamun, the former inspector general of police, is in custody. He has pleaded guilty. Attorney General Md Asaduzzaman said he wanted a 'fair trial,' speaking to reporters outside the court. 'People were killed and maimed — we demand the highest punishment for the crimes committed,' Asaduzzaman said. Amir Hossain, the state-appointed lawyer for Hasina, noted that Barman was shot during the chaotic final day of the weeks-long protests. He pointed out that several police officers were also killed in clashes with protesters and it was 'unclear who actually shot Barman.' Hossain said he was not in contact with Hasina, who has refused to accept the authority of the court. The trial continues.
Asharq Al-Awsat
9 hours ago
- Asharq Al-Awsat
How Moscow Might Respond if Trump Stops Russian Oil to India
US President Donald Trump's demand on India to halt Russian oil imports could threaten billions in Russian revenues, prompt Moscow to retaliate by stopping a major US-led oil pipeline and potentially lead to a new global supply crisis. India, the world's third largest oil importer, has become the biggest buyer of Russian oil since 2022, purchasing up to 2 million barrels per day of oil accounting for 2% of global supply. Other top buyers are China and Türkiye. The Indian route is so important for the Kremlin that if disrupted it could prompt it to retaliate by closing the CPC pipeline from Kazakhstan, where US oil majors Chevron and Exxon hold big stakes, analysts at JP Morgan said this week. "Russia is not without leverage," the US bank said. Trump has threatened to slap tariffs of up to 100% on countries that buy Russian oil unless Moscow reaches a peace deal with Ukraine by August 7-9. A 25% tariff on all US goods imports from India starts on Friday. Reuters reported on Thursday that Indian state refineries had paused purchases of Russian oil this week amid Trump's threats. REALIGNMENT India only began buying large quantities of oil from Russia, the world's second largest oil exporter, since 2022. It became a top importer after Europe, Russia's former top client, imposed a ban on Russian oil over its military actions in Ukraine. Russia's oil giant Rosneft has a major stake in one of India's biggest oil refineries. India is now 35% reliant on Russian oil imports worth $50.2 billion in the 2024-25 fiscal year, according to India's government data. "Cutting off this flow would require a massive realignment of trade flows," said Aldo Spanjer from BNP Paribas, adding that the global supply was already stretched. India buys all varieties and grades of Russian oil - including Urals from Western ports, ESPO and Sokol from the Pacific and some grades from the Arctic, according to LSEG data. Urals would be hit hardest if India stops buying as it purchases up to 70% of Russia's biggest export grade by volume. India's oil minister said the country can find alternative supply. India would need to raise imports of US and Middle Eastern crude or cut refining runs, leading to a spike in diesel prices, especially in Europe, which imports fuel from India. "Indian refiners will still struggle to replace the heavy quality of Russian crude so they may end up paring runs," said Neil Crosby from Sparta Commodities. FALLING INCOME Russia has managed to continue selling oil since 2022 despite international sanctions, although it sells it at discounts to global prices. Falling global prices mean Russia's income is already under pressure. Its oil and gas revenue fell 33.7% year-on-year in June to its lowest since January 2023, finance ministry data showed. Revenues will fall 37% in July due to weaker global oil prices and a strong rouble, Reuters calculations show. Russian firms will need to store oil on tankers if India stops buying, paying extra money for shipping charges and being forced to offer wide discounts to new buyers, traders said. A loss of 2 million bpd of exports might also gradually prompt Russia to start reducing oil production from the current levels of 9 million bpd, traders said. Russia's current production is regulated by OPEC+ quotas. HOW CAN RUSSIA RESPOND? Russia could potentially divert some 0.8 million bpd of oil to Egypt, Malaysia, Pakistan, Peru, Brunei, South Africa and Indonesia, JP Morgan said. Moscow could also disrupt the CPC pipeline to make sure the West feels the pain from higher oil prices. Western oil firms Exxon, Chevron, Shell, ENI and TotalEnergies ship up to 1 million bpd via CPC, which has total capacity of 1.7 million bpd. "If we get a visible and substantial difficulty in clearing Russian crude and Putin shuts off CPC, oil prices might get well over $80 per barrel, possibly a lot more," said Crosby. The CPC pipeline crosses Russian territory and the consortium has clashed with Moscow, which ordered it to suspend operations for several days in 2022 and 2025 citing environmental and tanker regulations. A combined stoppage of CPC and Russian flows to India would create a disruption of 3.5 million bpd or 3.5% of global supply. "The Trump administration, like its predecessors, will likely find sanctioning the world's second-largest oil exporter unfeasible without spiking oil prices," JP Morgan said.
