Chase profits down nearly 30% in second quarter

BANKING

Morgan Stanley’s investment banking revenue down sharply

Morgan Stanley’s revenue from investment banking fell as capital markets seized up, underscoring a slow quarter for Wall Street as the gloomy outlook for the economy clouds the way forward. The company’s investment banking group posted revenue of $1.07 billion, down 55% from a year earlier, a bigger drop than the 47% decline predicted by the analysts. The bank also reported an additional $413 million impact from mark-to-market losses on business loans held for sale as credit spreads widened. — BLOOMBERG NEWS

MEDIA

A new beer ad during the Super Bowl for the first time in 30 years

Molson Coors, maker of Coors Light and Miller Lite beer, has bought a 30-second spot to air nationally on Fox during the Super Bowl next year, becoming the first new beer sponsor on the most-watched sporting event in America for more than three decades, the company said on Thursday. Molson got the chance after rival Anheuser-Busch said in June that he would end his exclusive deal with the game, a position he has held since 1989. – BLOOMBERG NEWS

AIRLINES COMPANIES

Emirates refuses Heathrow’s request to cut flights

Middle Eastern carrier Emirates on Thursday rejected a request from London Heathrow Airport for airlines to cut summer flights in a bid to ease travel disruption, calling it a ‘wholly unreasonable and unacceptable’ decision which shows “blatant disregard for customers”. In a searing statement, the airline lashed out at Heathrow’s management, accusing it of “incompetence” for not being ready for the “peak period” for travel. Emirates, one of the world’s largest airlines, hit back a day after Heathrow announced it was capping daily passenger numbers at 100,000 and asking airlines to stop selling tickets as it sought to ease the travel chaos caused by high travel demand and staffing shortages. — ASSOCIATED PRESS

REGULATORY

Bank of America fined for pandemic unemployment program

Bank of America has been fined $225 million by regulators for unfair and deceptive practices related to a prepaid card program to distribute unemployment insurance and other public benefit payments amid the pandemic. The Office of the Comptroller of the Currency ordered the bank to pay $125 million and provide remedies to consumers who were harmed by the practices, according to a statement from the regulator Thursday. The card program served 12 states, including California and New Jersey. The Consumer Financial Protection Bureau also fined the company $100 million, accusing the bank of “botching the payment of state unemployment benefits at the height of the pandemic.” The CFPB said its order would require consumers to be reimbursed. “Bank of America automatically and unlawfully froze people’s accounts with a flawed fraud detection program, then gave them little recourse when in fact there was no fraud,” the CFPB said in a statement. separate. Bank of America was hired by the states to administer unemployment benefits, and the states were “responsible for reviewing and approving applications and directing” the company to issue the funds, the official said. B of A spokesman William Halldin in an emailed statement. The efforts “have enabled the government to successfully deliver more than $250 billion in pandemic unemployment benefits to more than 14 million people and, overall, distribute more pandemic relief to Americans than any other bank”. — BLOOMBERG NEWS

ELECTRIC VEHICLES

Tesla’s top AI executive quits

Tesla’s top artificial intelligence executive and a key figure in its Autopilot driver assistance system is leaving the electric car maker after a months-long sabbatical. Andrej Karpathy, who joined Tesla in 2017, announced his departure in a series of tweets on Wednesday. He was senior director of AI and led the Autopilot computer vision team that had been trying for years to make the company’s cars capable of driving autonomously. The departure adds to a long line of revenue at the top of the Autopilot Group, which has struggled to realize Elon Musk’s self-driving ambitions. — BLOOMBERG NEWS

ELECTRIC VEHICLES

GM and a chain of truck stops will build a network of charging stations

A major automaker, a major chain of truck stops and an electric vehicle charging company are proposing a network that would place charging outlets at 50-mile intervals along US highways. General Motors, Pilot Travel Centers and EVgo said Thursday they would build 2,000 charging stations at “up to” 500 Pilot Flying J locations across the country. The companies wouldn’t answer questions about the cost or how much each would pay, but a statement said they are relying on government grants and utility programs to help get the network up and running. Construction will begin this summer with the first chargers operational in 2023, GM spokesman Philip Lienert said. The network should be finished in a few years, he said. — ASSOCIATED PRESS

CREDIT

Amex adds new benefits to the no-fee card

American Express is adding new benefits to its no-fee Blue Cash Everyday card as US consumers face historic price increases. The card — which has long offered cash back for spending at U.S. supermarkets and gas stations — will now also offer rewards for online retail purchases, the company said in a statement Thursday. It will also offer credits for a Disney streaming subscription and an online dining service. — BLOOMBERG NEWS

ELECTRIC VEHICLES

Panasonic will build a giant battery factory in Kansas

The Japanese company Panasonic Corp. chose Kansas as the location of a multibillion-dollar mega-factory to produce electric vehicle batteries for Tesla and other automakers, lured by the largest set of taxpayer-funded incentives the state has offered to a private company. The company and Governor Laura Kelly announced the new project on Wednesday, just hours after Kelly and eight top Kansas Legislature leaders signed an incentive package worth $829 million over 10 years. . State officials expect the new plant to have about 4,000 workers, which would make Panasonic a “top 20, easily” private employer in the state in terms of size, the secretary told the Kansas Trade, David Toland. He and other officials believe local suppliers and other businesses will create up to 4,000 new jobs and there will be 16,500 temporary construction jobs. The company said it would invest about $4 billion in the plant in DeSoto, Kansas, a town of about 6,000 people about 30 miles southwest of Kansas City, Missouri. The city attempted to redevelop a long-abandoned army munitions factory. — ASSOCIATED PRESS

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