American Express Revenue, Profit Rise
Revenue at American Express was lifted in the latest quarter by higher card-member spending, loans and card fees, though expenses from rewards programs also increased.
BlackRock's Cash Engine Gets Boost, but Its Profit Falls
BlackRock's second-quarter profit fell about 7% as the money-management giant faced increased competition and price pressures.
Schlumberger Elevates Le Peuch to CEO
Schlumberger said Paal Kibsgaard will retire as chairman and chief executive, effective Aug. 1. The company said Olivier Le Peuch, currently chief operating officer, will succeed Kibsgaard as CEO and join the board on that date.
Budweiser Brewer to Sell Australian Unit to Japan's Asahi
Anheuser-Busch InBev agreed to sell its Australian unit for $11.3 billion, including debt, as it pushes forward with an effort to sell assets and pare debt after pulling an initial public offering of its Asia-Pacific businesses.
Pepsi Expands in Africa With $1.7 Billion Deal
PepsiCo has agreed to pay $1.7 billion to buy South Africa's Pioneer Foods, as the beverage giant looks to expand and accelerate its growth in sub-Saharan Africa.
State Street Reports 20% Earnings Drop
State Street reported a nearly 20% drop in earnings in the second quarter as income from fees and net interest fell.
Gannett Closes In on Deal to Combine With GateHouse Media
USA Today publisher Gannett is nearing a deal to combine with rival GateHouse Media, a move that would join the nation's two largest newspaper groups by circulation.
Oyo Hotel Founder Buys $2 Billion in Shares Back From VC Investors
The 25-year-old founder of Oyo Hotel & Homes, an India hotel brand, has led a $2 billion share buyback in the company, which has transformed the country's budget-hotel industry and gone global.
Cleveland-Cliffs 2Q Profit Declines; Revenue Rises
The iron-ore miner posted quarterly net income of $160.8 million, or 57 cents a share, down from $165.1 million, or 55 cents a share, in the year-ago quarter.
The Luxury Car Industry's New-Old Bosses
The German luxury car industry has stalled. Getting the engine running again may require fresher thinking than the insiders appointed to run both BMW and Daimler can supply.