Sterling Bank reports 49.7 decline in profit

Pre-tax profits at Europe's largest bank HSBC slumped by 48 percent in the first three months of 2020, as the lender felt the impact of the Covid-19 pandemic on its business. The bank has set aside $3 billion to cover losses from unpaid loans, 417 percent higher than the same period last year. Also today, US oil prices slumped again in early trading after an investment fund sold all its short-term contracts to buy crude. A plunge in demand for oil due to lockdown measures has resulted in a massive glut of supply in the market.

HSBC said Monday its first-half post-tax profits for 2020 plunged 69 percent on year.

As pharma companies announce promising results from their coronavirus vaccine testing, we look at the expectations of profits that will be made. We speak to Michael Hewson, chief market analyst at CMC markets.

Saudi Arabia's state-backed oil company Aramco announced a heavy slump in profits, as the global coronavirus pandemic takes its economic toll.

Profits at Apple more than doubled in the first three months of 2021, as sales of all its flagship products soared. Demand for company's biggest earner, the iPhone, was boosted by the latest model, which can be used on 5G mobile networks.

Apple, Microsoft and Google's parent company Alphabet have seen a surge in revenue. The results are attributed to the coronavirus pandemic — but also the easing of lockdowns.

A report by three US activist groups claims Amazon, Facebook, Google, Microsoft and Twitter made billions from US government contracts since 2004.

In a bid to tackle soaring energy prices, Spain's government is to cut taxes on electricity and claw back billions of euros in what the prime minister has described as "excess profits". The cost to Spanish consumers has risen by 35 percent in the past year, as wholesale price rises have been passed on to households. Also today, we look at the situation of European economies ahead of the State of the Union address by Commission President Ursula von der Leyen.

Lego said it has "seen a giant leap" in 2021, as the iconic toy block manufacturer generated more than double its usual revenue in the first half of the year.

Facebook reported an annual 17 per cent jump in third-quarter net profit, driven by an increase in daily active users and strong advertising sales despite the platform facing multiple controversies that have led to calls for tighter regulation.

Benefitting from soaring demand for online ads, Google's parent company Alphabet reported nearly $19 billion in profits between July and September, up 68 percent from the same period last year. Microsoft's earnings also beat expectations, while French consumers are gearing up for some price hikes at the bakery.

After massive loses in 2019 and 2020, European aircraft giant Airbus has shifted towards "recovery and growth" and made more money than expected last year. The company now aims to ramp up production.