hello and welcome we start in saudi arabia where president biden has been meeting with the country s de facto leader. despite earlier indicating that he would not value one on one time with him. this is the moment when two leaders bumped this shortly after mr biden flew intojeddah, the us president abandoning any plans because of saudi arabia s record on human rights. mr biden also held talks and we will discuss the details. they have made it clear that his historic visit will come when he attends another summit with other leaders of the gulf. and also how to respond to the gulf. and also how to respond to the high cost of fuel. for more details here is our middle eastern correspondent. it was only four weeks ago thatjoe biden said that he was not coming here to meet crown prince mohammed bin salam. this is a summit tomorrow, he said that he would see him there but he was there to see lots of other leaders. and then in the last 24 hour is on the white house confirmed today s
pre tax profits ringed in at $7.7 billion in the third quarter. now, this is all driven by rising global interest rates feeding into their balance sheets. but there have been questions before that these high rates were not being passed on to savers. joining me now is the independent banking analyst, frances coppola. nice to see you, doing rather well. i imagine those paying higher mortgage rates and everything it is a bitter pill. tell us more about the numbers? it is yet tell us more about the numbers? it is yet more tell us more about the numbers? it is yet more profits from their very healthily inaudible it has shrunk ever so slightly in this quarter but it is still way above where it was last year and that does reflect the fact that they have passed on interest rates to lenders much more quickly than they have to savers, which i think some people might get quite cross about. ~ . ., , , about. wanted we are seeing, is we are seeing about. wanted we are seeing, is we are
cheaper for customers because it makes their products cheaperfor customers in because it makes their products cheaper for customers in other countries to buy. the yen has been steadily depreciating against the us dollar and that is likely to continue boosting export profits forjapanese export profits for japanese companies export profits forjapanese companies according to damien thong the head of japanese equity research. it thong the head of japanese equity research. equity research. it is a big tailwind for equity research. it is a big tailwind for firms - equity research. it is a big| tailwind for firms exporting from japan and also firms which manufacture outside means a lot of the profits they generate overseas will be brought back to japan and a overseas will be brought back tojapan and a very overseas will be brought back to japan and a very attractive rate of exchange. rate of exchange. japanese companies rate of exchange. japanese companies have rate of excha