Amex, a top player in the U.S. credit card industry, saw a 2% rise in net profit and an 8% increase in revenue during the third quarter, reaching an all-time high. According to a press release by Amex, net income increased to $2.51 billion in the July-September period from $2.45 billion in the same period last year. EPS increased to $3.49 from $3.30, exceeding analysts' consensus prediction of...

General Motors, a U.S. car manufacturer, is set to form a partnership with Lithium Americas Corp, a mining company based in Canada, and will inject $625 million into the collaboration. As per a collaborative announcement, the joint venture will concentrate on extracting lithium carbonate at the Thacker Pass project in Nevada. GM will acquire a 38% ownership interest in the project. Lithium plays...

The Climate Pledge Fund from Amazon has spearheaded a $500 million investment in X-energy, a company working on small modular reactors (SMRs), as per X-energy's press office. In collaboration, Amazon and the startup plan to introduce over 5 GW of electricity to the US market by 2039. Also, Amazon has entered into deals to help progress nuclear power with Energy Northwest and Dominion Energy, as...

The Swiss financial regulator has mandated UBS to revise its contingency plan (living will) due to the increased risk from acquiring Credit Suisse last year. Finma has halted UBS's annual strategy approval and advised the bank to enhance its current action plan. In a statement, it was mentioned that more choices are necessary to enhance the crisis preparation and exit plan for systemically...

BlackRock Inc., the largest investment company globally in terms of assets under management, saw a 2% rise in net profit and a 15% increase in revenue during the third quarter. The amount of assets being managed by BlackRock grew by 26% to reach a new high of $11.48 trillion, due to both a rise in financial markets and an increase in client investments. As per the company's official statement,...

According to the annual Best Global Brands ranking compiled by Interbrand Corp, Apple has maintained its position as the most expensive brand in the world for twelve years in a row. The Apple brand lost 3% of its value throughout the year, now standing at $488.9bn. The value of the Microsoft brand increased by 11% to reach $352.5bn, keeping it in second place. Amazon remains in third place,...

Samsung Electronics announced in a preliminary report that it recorded revenue between 78 and 80 trillion won ($57.9-59.3 billion) in the third quarter of 2024. The growth is expected to be between 15.7 and 18.7 percent compared to last year. It is anticipated that the operating profit for July-September 2024 will fall between 9-9.2 trillion won, showing an increase from 2.43 trillion won in the...

Warren Buffett's investment firm Berkshire Hathaway keeps cutting its holding in Bank of America Corp. as reported by MarketWatch. According to documents sent to the SEC, Berkshire sold approximately $383 million worth of the bank's 9.6 million shares on October 3, 4, and 7. Currently, the investment firm holds approximately 784.5 million shares of BofA. Therefore, Berkshire holds a 10.1% share...

KLM, the Dutch airline, has stated its plans to reduce expenses, sell off certain investments, and explore the possibility of selling assets in order to make lasting improvements to its operational and financial performance. The company is confident that optimizing the business will lead to a short-term increase in operating profits by €450 million. It anticipates reaching a profit margin...