Standard Chartered Profit Slides on Impairments, Costs
Standard Chartered’s third-quarter underlying net profit dropped 30%, weighed by higher impairment and operating expenses, but topline growth rose 6% on an improved net interest margin and a strong wealth-management recovery.
BNP Paribas Profit Fall Worse Than Expected
BNP Paribas reported a lower third-quarter net profit despite revenue growth that exceeded analysts’ expectations, as expenses climbed.
Stellantis Buys 20% Stake in China’s Leapmotor
Stellantis has invested $1.6 billion in Chinese electric-vehicle business Leapmotor as the automaker seeks to expand global sales through a joint venture.
Mercedes-Benz Third Quarter Hit by Weaker Demand
Mercedes-Benz reported a 7% drop in third-quarter underlying earnings and weaker revenue, as lower passenger car sales and increased tech investments weighed.
Ford Reaches Tentative Labor Deal With UAW Six Weeks Into Historic Strike
The proposed agreement contains a 25% pay bump for assembly line workers. GM and Stellantis continue negotiations for their own labor pacts.
Morgan Stanley Names Ted Pick as Next Chief Executive
Pick will succeed longtime CEO James Gorman, ushering in a new era for the Wall Street powerhouse.
Li Ning Shares Fall on Lower-Than-Expected Retail Sales
Li Ning’s shares fell sharply after the Chinese sportswear maker’s third-quarter retail sales missed market expectations.
Silver Lake Looks to Privatize Hollywood Agency Titan Endeavor
The owner of WME and IMG said it was exploring options, but will keep its majority interest in TKO, the company that controls UFC and WWE.
Berkshire Hathaway Adds to Stake in Occidental Petroleum, Now Holds More Than 25%
Berkshire bought 3.9 million shares of the petroleum company earlier in the week, bringing the total value of its stake to $14.5 billion.
Meta Sees Continued Rebound in Advertising
The Facebook parent posted quarterly profit of $11.6 billion and reported its largest sales in years.
Source: Dow Jones Newswires