Business

Chrysler parent Stellantis confirmed on Thursday that CEO Carlos Tavares would retire at the end of his contract in early 2026 and announced major senior management changes as it struggles to turn around its lagging North American operations.Earnings and sales in the French-Italian automaker's traditional profit powerhouse have been declining, forcing it to cut its 2024 profit forecast last week and signal possible reductions to its dividend and share buybacks next year.Analysts have downgraded the company's stock, which has tumbled 42% this year after missteps in North America, where sales of popular products such as its Jeep and Ram trucks typically produce much of its profits.The confirmation of Tavares' retirement plans comes weeks after Stellantis said it was searching for his success...

JPMorgan Chase posted third-quarter results that topped estimates for profit and revenue as the company generated more interest income than expected.Here's what the company reported:Earnings: $4.37 a share vs. $4.01 a share LSEG estimateRevenue: $43.32 billion, vs. $41.63 billion estimateJPMorgan said profit fell 2% from a year earlier to $12.9 billion, while revenue climbed 6% to $43.32 billion. Net interest income rose 3% to $23.5 billion, exceeding the $22.73 billion StreetAccount estimate, on gains from investments in securities and loan growth in its credit card business.CEO Jamie Dimon touted the firm's quarterly results in a statement, while also addressing regulators' sweeping efforts to force banks to hold more capital and expressing concern about rising geopolitical risks, saying...

Lan Fo'an, China's finance minister, center, speaks as Zheng Shanjie, chairman of the National Development and Reform Commission (NDRC), left, and Pan Gongsheng, governor of the People's Bank of China (PBOC), listen during a news conference on the sidelines of the National People's Congress in Beijing, China, on Wednesday, March 6, 2024.Bloomberg | Bloomberg | Getty ImagesBEIJING — China's Minister of Finance Lan Fo'an told reporters Saturday during a highly anticipated press briefing that the central government has room to increase debt and the deficit.He emphasized that the space for a deficit increase is "rather large," but noted such policies are still under discussion, according to CNBC's translation of the Chinese.Economists have insisted that China needs additional fiscal support, b...

A view of the cityscape ahead on Jan. 12, 2024, in Taipei, Taiwan. Annice Lyn | Getty Images News | Getty ImagesChina is studying further trade measures against Taiwan, the Ministry of Commerce said on Saturday, two days after Beijing slammed a speech by Taiwan President Lai Ching-Te.The Democratic Progressive Party, Taiwan's ruling party, has not taken any practical measures to lift "trade restrictions" on mainland China, the commerce ministry said in a statement on its official website."At present, relevant departments are studying further measures based on the conclusions of the investigation into trade barriers from Taiwan (against mainland China)," it added.China, which views democratically governed Taiwan as its own territory, detests Lai as a "separatist". Lai and his government rej...

A heavy traffic jam with many cars on the road in Chaoyang district in Beijing, China.Sw Photography | Digitalvision | Getty ImagesChina's passenger vehicle sales rose 4.3% in September from a year earlier, snapping five months of decline with a boost from a government subsidy to encourage trade-ins as part of a broader stimulus package.All the gains came from battery-powered vehicles, whose buyers and manufacturers have benefited since July from a doubling of subsidies to consumers, while sales of gasoline cars in China, a market foreign brands once dominated, continue to shrink.Sales in the world's biggest auto market hit 2.13 million vehicles in September, up from 2.04 million a year earlier. For the first nine months, sales were up 1.9% from 2023 levels, according to data from the Chin...

Jeff Shell, CEO of NBCUniversal, speaks during a conference at the Cannes Lions International Festival of Creativity in Cannes, France, June 22, 2022. Eric Gaillard | ReutersLess than two years after NBCUniversal fired Jeff Shell for alleged sexual harassment, the former CEO is close to finding himself back in the saddle leading a storied media company.The longtime media executive is primed to help run the day-to-day media operations of Paramount Global as president of the company when its merger with Skydance Media closes in the first half of 2025, assuming regulatory approval. He'll report to current Skydance CEO David Ellison, who will take the top job as the combined company's CEO.While neither Shell nor Ellison has publicly declared specific intentions for Paramount Global due to regu...

Wells Fargo on Friday reported third-quarter earnings that exceeded Wall Street expectations, causing its shares to rise.Here's what the bank reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Adjusted earnings per share: $1.52 vs. $1.28 expectedRevenue: $20.37 billion versus $20.42 billion expectedShares of the bank rose more than 4% in morning trading after the results. The better-than-expected earnings came even with a sizeable decline in net interest income, a key measure of what a bank makes on lending.The San Francisco-based lender posted $11.69 billion in net interest income, marking an 11% decrease from the same quarter last year and less than the FactSet estimate of $11.9 billion. Wells said the decline was due to higher funding costs amid...

JPMorgan Chase CEO and Chairman Jamie Dimon speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023.Evelyn Hockstein | ReutersJPMorgan Chase CEO Jamie Dimon sees risks climbing around the world amid widening conflicts in the Middle East and with Russia's invasion of Ukraine showing no signs of abating."We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse," Dimon said Friday in the bank's third-quarter earnings release."There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the...

About 165 million Americans rely on employer-sponsored health insurance, and yet workers may still not get the coverage they want — particularly when it comes to drugs such as Novo Nordisk's weight-loss drug Wegovy and diabetes drug Ozempic.About 1 in 3 employees are looking for more resources to combat obesity, according to a recent report by consulting firm Gallagher. Glucagon-like peptide-1 treatments such as Wegovy and Ozempic, which mimic hormones produced in the gut to suppress a person's appetite, are considered game changers on this front.These blockbuster weight-loss drugs have skyrocketed in popularity in the U.S. but are still not universally covered — even though "Americans have higher rates of obesity and diabetes and more behavioral health conditions today than ever before," ...

Netflix is less than a week away from issuing its third-quarter results, and some analysts think the stock is poised for more upside ahead. The streaming giant's quarterly report is due next Thursday after the market close. The stock is having a strong 2024, surging nearly 50%. "We believe Netflix is the main beneficiary of industry rationalization and expect strong 3Q results," UBS analyst John Hodulik wrote in a Wednesday note to clients, adding that subscriber growth is anticipated to ease year over year but "remain solid." With a buy rating on the stock, Hodulik's target of $750 implies more than 2% upside from Thursday's close. "We expect 4Q commentary to suggest strong sub performance (last qtr net adds will be disclosed), helped by Squid Game 2 and two NFL games (UBSe 7.1M adds vs. ...