Category: Companies

Wells Fargo Misses Profit Estimate on Higher Reserves, Scandal Costs

January 13, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionresultsstocksUSUS NewsWells Fargo
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Wells Fargo & Co. on Friday reported a 50 percent decline in profit for the fourth quarter, missing analysts’ estimates, as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown. The bank’s shares were down nearly 4 percent…

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Trump’s Companies Fined $1.6 Million for Tax Fraud

January 13, 2023
Business & MarketsCompaniesCrime and IncidentsDonald Trumpfelony convictionLocal NewsNew YorkRegional-Local Newstax fraudTrumptrump organizationUSUS News
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Frmer President Donald Trump’s two companies—the Trump Corporation and the Trump Payroll Corp.—have received the maximum possible sentence of $1.61 million on multiple tax fraud-related felony convictions. While Trump himself wasn’t charged in the case, his two companies were earlier convicted of over a dozen felonies, including a scheme to defraud, conspiracy, two counts of tax…

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Pfizer’s Paxlovid Fails to Get in China’s National Insurance Policy

January 13, 2023
Business & MarketsCCP VirusChinaChina Business & EconomyCompaniesCOVIDINSIDE CHINAPaxlovidSpecial Topics
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China’s National Healthcare Security Administration (NHSA) announced on Jan. 10 that it will not include Pfizer’s Paxlovid in its national reimbursement plan due to its high cost. The negotiation between China and Pfizer on Tuesday failed because Pfizer considered China “a middle-income country,” and the price proposed by Beijing was lower than what Pfizer would…

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JPMorgan Beats Profit Estimates, Sees Mild Recession

January 13, 2023
Business & MarketsCompanieseconomic policieseconomyJPMorganMarketsrecessionresultsstocksUSUS News
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JPMorgan Chase & Co., the biggest lender in the United States, said on Friday it set aside $1.4 billion in anticipation of a mild recession, even as it beat forecasts for quarterly profit on the back of a strong performance at its trading unit. Shares in JPMorgan fell about 3 percent in premarket trading as…

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Designer Thom Browne Bests Adidas in Court Battle of Stripes

January 13, 2023
AdidasBusiness & MarketsCompaniescourtdesignerUSUS News
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NEW YORK—Smiling, fashion designer Thom Browne emerged from a New York courthouse Thursday victorious over sportswear giant Adidas in a grand battle over signature stripes. Browne told The Associated Press that he hopes the preservation of his striped designs on luxury athletic clothing and accessories inspires others whose work is challenged by larger clothing producers….

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Bank of America Profit Tops Estimates as Higher Rates Boost Income

January 13, 2023
BofABusiness & MarketsCompanieseconomic policieseconomyMarketsresultsstocksUSUS News
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Bank of America Corp. reported a bigger-than-expected fourth-quarter profit on Friday, helped by a surge in net interest income as the U.S. Federal Reserve raised rates through most of last year. The ‘higher-for-longer’ rate environment to battle decades-high inflation has underpinned profits at consumer banks, with analysts expecting those gains to peak in 2023 and…

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Wall Street Opens Lower After Bank Results

January 13, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionstocksUS
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Wall Street’s main indexes opened lower on Friday as remarks from executives of major U.S. banks deepened concerns about a slowdown in economic growth, while a slump in Tesla’s shares also pressured the Nasdaq. The Dow Jones Industrial Average fell by 257.18 points, or 0.75 percent, at the open to 33932.79. The S&P 500 opened…

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Apple CEO Tim Cook Accepts 40 Percent Pay Cut

January 13, 2023
appleBusiness & MarketsCompaniesTim Cook
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Apple CEO Tim Cook is taking a significant pay cut in 2023, according to a filing with the Securities and Exchange Commission (SEC) on Thursday. Cook’s total compensation target for the year will be $49 million, which is 40 percent less than the previous year, according to the filing. He’ll also get fewer restricted stock units…

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Sam Bankman-Fried Issues First Response to FTX Case: ‘I Didn’t Steal Funds’

January 13, 2023
Business & MarketsCompaniesCrime and Incidentscriminal chargescryptocurrencyeconomyFTXInvestmentJudiciaryMarketsMedia & Big TechSam Bankman-FriedUSUS News
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The founder and former CEO of FTX, Sam Bankman-Fried, promised that customers could get their money back in his first statement since his arrest in the Bahamas. “I didn’t steal funds, and I certainly didn’t stash billions away,” Bankman-Fried said in a Jan. 12th statement on his Substack blog, titled “FTX Pre-Mortem Overview.” “No funds were…

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Southwest Airlines Shareholders Sue After More Than 16,000 Flights Canceled During Holiday Travel Chaos

January 13, 2023
Business & MarketsCompaniesflight cancellationsJudiciarylawsuitLocal NewsRegional-Local NewsSouthwest AirlinesTexasUSUS News
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Shareholders of Southwest Airlines have filed a lawsuit against the company accusing the carrier of failing to publicly disclose serious shortcomings in its outdated flight scheduling software technology, which prompted thousands of flight cancellations in December. The proposed class action lawsuit (pdf) was filed by the Rosen Law Firm on behalf of the shareholders, led by Arthur Teroganesian, in…

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