BLOOMBERG China’s biggest state-owned banks warned of a tough 2023 as uncertain economic conditions may squeeze earnings after most delivered better-than-estimated profit growth for last year. China’s tightly controlled $54 trillion banking industry was pushed to extend more credit in 2022 to help cushion the economy from a slowdown triggered by the nation’s strict pursuit of Covid zero, which helped …

BLOOMBERG BMW AG expects 2023 profit margins around last year’s level as sales of its most expensive vehicles like the 7-Series offset weaker pricing for entry-level luxury models. Automaking returns are expected to stay between 8% and 10% this year, in line with long term targets, the Munich-based carmaker said. BMW said deliveries will likely tick higher after dropping nearly …

BLOOMBERG Alphabet Inc’s Google is launching a tool to make its advertising service more transparent, following rivals like Meta Platforms Inc and Twitter Inc that years ago released public, searchable archives of the ads that run on their digital platforms. “Transparency breeds trust with people and with our partners, and helps keep us accountable for the work we do,” Dan …