The Financial Post brings you the top business stories as they happen for October 13, 2023. Read on for breaking news you need to know.
Canadian funds weigh $3-billion stake sale in Chile’s Transelecposted another quarter of record net interest income and boosted its forecast for the year as the company benefits from higher interest rates and its purchase of First Republic Bank.
Net interest income was US$22.9 billion in the three months through Sept. 30, above analysts’ expectations. The biggest U.S. bank said it now expects to generate US$88.5 billion from the revenue source this year. “We acknowledge that these results benefit from our over-earning on both net interest income and below normal credit costs, both of which will normalize over time.,” chief executive Jamie Dimon said in a statement. Dimon warned that the wars in Ukraine and the Middle East could have far-reaching consequences. “This may be the most dangerous time the world has seen in decades,” he said.
JPMorgan’s results mirror similar gains at Wells Fargo & Co., which reported Friday that net interest income — the difference between what a bank earns on loans and the amount it pays out on deposits — also topped estimates. The third-quarter reports offer the latest look at how U.S. consumers and businesses are faring as the United States Federal Reserve leaves borrowing costs higher for longer than most economists had predicted.
CPPIB, British Columbia Investment Management Corp. and Public Sector Pension Investment Board are in the early stages of evaluating a potential sale of their roughly 72 per cent stake in the Santiago-based utility, the people said, asking not to be identified because the matter is private.Wall Street kicks off earnings season with JPMorgan Chase & Co., Wells Fargo & Co., Blackrock Inc. and Citigroup Inc. reporting results today.
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Live news: Canadian pension funds mull selling stake in Chile's Transelec for $3 billionThe Financial Post brings you the top business stories as they happen for October 13, 2023. Read on for breaking news you need to know.
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