Three major American banks, JPMorgan Chase, Wells Fargo, and Citigroup, saw a considerable increase in profit during the quarter. Analysts say this shows that big banks and the US economy as a whole remain stable even in the face of macroeconomic volatility. JPMorgan Chase, Wells Fargo, and Citigroup, three significant US banks, released their third-quarter financial statements. The banks showed...

The UK's Financial Reporting Council (FRC) penalised KPMG for £21 million ($25.8 million) for significant irregularities in the audit of the now-defunct Carillion, the regulator said in a statement. Thanks to KPMG's cooperation during a 5.5-year inquiry, the fine was lowered from £30 million, but the Financial Times reports that it is still a record for the UK audit business. KPMG LLP will cover...

According to CNBC, Walt Disney Co., the largest media and entertainment firm in the world, raised the cost of passes and tickets to Disneyland and Disney World parks on October 11. The cost of single tickets for entering one park once a day, increased to $65 (4% on average), depending on the exact fare. The most costly single ticket will cost $194, while the lowest will only cost $104. The cost...

The subsidiary of the British bank HSBC Plc in China purchases the Chinese retail wealth business of Citigroup Inc., announced the parties to the transaction. The $3.6 billion portfolio of the branch consists of assets and deposits of high net worth retail clients in 11 major Chinese cities, according to a statement from the bank. Citi points out that the acquisition excludes the bank's...

The restructured Scandinavian airline SAS AB will now have a 19.9% interest owned by Air France-KLM, with the possibility of an eventual controlling stake. A group of investors, including Air France-KLM, Castlelake LP, and Lind Invest, will contribute $1.175 billion to SAS along with the Danish government, the airline’s press release reads. Air France-KLM will be able to become a controlling...

Eli Lilly and Co., a US pharmaceutical company, is paying $1.4 billion to acquire Point Biopharma Global Inc., a producer of radiopharmaceuticals. According to a press announcement, Eli Lilly will pay $12.5 for each share of Point Biopharma, an increase of 87% over the stock's closing price on October 2. The boards of directors for both businesses gave their approval to the agreement. It is...

Macy's Inc. aims to establish up to 30 small stores within the next two years as the majority of the chain's shops are located in big shopping malls with falling number of visitors. The initial small-format outlets, which are around one-fifth the size of a regular Macy's shop, started to appear in high-traffic areas nearly four years ago, and they have since had the best financial outcomes of any...

According to the annual study of Brand Finance, American sporting goods producer Nike Inc. has once again risen to the top of the list of the most costly brands worldwide in the "clothing and accessories" category. Nike has held onto the top rank since 2015, when the initial study on the product category was published. The brand, owned by the American manufacturer, is now worth $31.3 billion,...

The owner of the largest US chain of club warehouse stores, Costco Wholesale Corp., has begun selling gold bars that are one troy ounce in weight, writes CNBC. Only club members have access to the merchandise, which, according to Costco consumers, sells for around $1900 each piece, or the current spot price of gold ($1867 per troy ounce). Customers must pay a membership fee of $60 or $120...