The Financial Times estimated that JPMorgan Chase & Co. made approximately $38.9 billion, or 18% (nearly a fifth) of all profits made by U.S. banks between January and September. This is JPMorgan's largest share since 2009, when many banks were still struggling to recover from the financial crisis. This year's earnings for JPMorgan surpasses that of Citigroup Inc. and Bank of America Corp....

SoftBank's stock added 7% in Tokyo after SoftBank and T-Mobile announced a deal. The Japanese investment group will receive 48.75 million shares valued at $7.6 billion at no additional expense. SoftBank Group's shares grew by 7% following the company's announcement that it would acquire around $7.6 billion worth of shares in T-Mobile US. According to Bloomberg, this was the largest rise in the...

Lions Gate Entertainment Corp. (Lionsgate), a media firm based in the United States, plans to go public by merging with Screaming Eagle Acquisition Corp., a publicly traded specialty mergers and acquisitions company (SPAC). A press release from Lionsgate states that the agreement values the Lionsgate Studios business at $4.6 billion. It consists of studios that make television shows and feature...

The business did not receive a single order for its functional, actual system for extremely quick passenger tunnel transportation. According to Bloomberg, citing sources, the company Hyperloop One, which invented the technology enabling passenger vacuum train travel through tunnels at high speeds, is about to shut down. The agency reports that it has never been able to obtain an order for a...

Furniture maker IKEA issued a warning about potential delays to its supply chain and unavailability of certain products in shops as a result of logistical issues brought on by attacks on ships in the Red Sea. According to the company’s representative quoted by the BBC, the situation in the Red Sea "will lead to delays in deliveries and may worsen the availability of some IKEA products." Yemeni...

Axios claimed, citing unnamed sources, CEOs of Paramount Global and Warner Bros. Discovery (WBD), the US media holding companies, explored the possibility of merging their businesses. The discussion, according to the insiders, took place at Paramount's Times Square offices and lasted for several hours. Among other things, the parties talked about the possibility of combining Max streaming...

Petroleos de Venezuela SA (PDVSA), the state-owned Venezuelan oil corporation, and the Curaçao Refinery (Refineria di Korsou, RDK) have signed an agreement to reestablish financial and commercial ties. "The agreement establishes the general conditions for the restoration of commercial and financial operations between the state-owned oil companies, including considering the possibility of storing...

According to Bloomberg, the Saudi low-cost airline Flynas hired Goldman Sachs Group Inc., Morgan Stanley, and Fransi Capital to help arrange its initial public offering (IPO), which is scheduled to take place in Riyadh early next year. Kingdom Holding Co., owned by Saudi Prince Al Waleed bin Talal Al Saud, is one of Flynas's owners. Last year, the Public Investment Fund (PIF) of Saudi Arabia...

Nippon Steel, the biggest steelmaker in Japan, has declared its intention to acquire US Steel, according to the NHK TV channel. Nippon Steel is the largest steel firm in Japan and the third-old in the US. The transaction between the two corporations will be worth $13.8 billion, or 2 trillion yen. From April to September 2024, Nippon Steel will convert US Steel into a subsidiary with the...