Jamie Dimon reiterated his warning about a turbulent US economy in JPMorgan's first-quarter earnings report on Friday, as the banking giant reported earnings that beat Wall Street's expectations. JPMorgan's net revenue rose 8% year-on-year to $45.3 billion, driving net income up 9% to $14.6 billion.The bank bolstered its provision for credit losses — money set aside in anticipation of bad debts — by $973 million to $3.3 billion in the first three months of this year, citing a worse macroeconomic outlook. ...

The tariffs are paused, except the ones that aren't. Which includes a whopping 145% for products shipped from China. What does that mean for Apple?Yes, lots of giant tech companies have deep ties to China, from Amazon to Meta to Tesla. But Apple is fully enmeshed in China, where it has spent years building up the supply chain for its iPhones, which are the company's core business. If those tariffs stay in place, it could jack up the price of an iPhone by hundreds of dollars. Maybe more.So now what?Spoiler ...

Amazon is stepping in to help weather the tariff storm — only for some vendors. Amazon will pay higher prices to its vendors on a "case-by-case basis" to "share the tariff impact," according to an internal document obtained by Business Insider.That means Amazon will pay some of its wholesale vendors more than the previously agreed-upon prices for their products. By doing so, vendors can offset the increased cost of sourcing their products from countries hit by tariffs. The change reflects the urgency Amaz ...

AI is going to get a lot cheaper, especially as the price of chips comes down, Amazon CEO Andy Jassy said Thursday in his annual shareholder letter. Jassy pointed to chips as "the biggest culprit" behind the cost of AI. "Most AI to date has been built on one chip provider," Jassy wrote in an apparent reference to Nvidia.But inference, or what AI models produce, will become more efficient in the next couple of years, Jassy wrote. Chips will also offer progressively better performance for price over time, he ...

Walmart's finance chief said the retailer is facing "day-to-day" sales volatility amid President Donald Trump's tariff uncertainty. "We are one week into this new tariff environment, and we're still working through what it means to us," John Rainey, the company's CFO, said at the Walmart Investment Community Meeting on Wednesday. Rainey said that a third of Walmart's offerings are imported from outside the US. China and Mexico are the "most significant" countries that Walmart imports from, he said. As Ch ...

Group 1: India and BYD - India has blocked BYD from expanding in its auto market, citing national security concerns and accusations of "unfair practices" [1][2] - BYD's proposal for a $1 billion joint venture in India was previously rejected [1] - In 2024, BYD sold only 3,500 cars in India, representing less than 0.1% of its global sales of 4.27 million [2] Group 2: Tesla's Efforts in India - Tesla is increasing efforts to enter the Indian market, which is the world's third-largest car market [3] - The company listed 13 job openings in Mumbai shortly after a meeting between Prime Minister Modi and Elon Musk [3] - Tesla's ambitions have faced criticism from former President Trump regarding India's high import tariffs on EVs, which can reach up to 100% [3][4] Group 3: Market Dynamics - Tesla's stock has decreased by 41% this year, while BYD shares have increased by nearly 20% [5] - Last year, BYD surpassed Tesla in global EV sales revenue for the first time, outpacing Tesla by approximately $10 billion [6]

Microsoft is considering another round of job cuts that could come as soon as May, according to people familiar with the matter. Leaders on some Microsoft teams are specifically discussing cuts to middle managers, and how to increase the ratio of coders versus non-coders on projects, the sources told Business Insider.Some Microsoft organizations want to increase their "span of control," or the number of employees who report to each manager, these people said. The sources, who hold senior positions at the ...

Core Viewpoint - Larry Fink, the CEO of BlackRock, expresses a desire to eventually step down but acknowledges that the next generation of leadership is not yet ready to take over [2]. Leadership Transition - The potential successors to Fink include Rob Goldstein (COO), Martin Small (CFO and global head of corporate strategy), Rachel Lord (head of international), and Stephen Cohen (chief product officer) [3]. - The leadership lineup experienced changes earlier this year with the unexpected departure of Mark Weidman, who joined PNC Financial as president, and Salim Ramji, who left for Vanguard [4]. Company Growth and Challenges - BlackRock's employee base in New York City has remained stagnant at around 4,000 over the past seven years, excluding acquisitions, amid concerns about housing costs, crime, and education [5]. - Fink highlights a growing sentiment among employees about relocating due to these challenges [5]. Community Engagement - Fink encourages business leaders to "reclaim the glory of New York City" and expresses support for Congressman Richie Torres, who is focused on making a difference in the Bronx [6].

The CEO of the world's largest asset manager was asked if he thinks a recession is coming. Larry Fink's response: We're in it. Most CEOs Fink has been talking to "would say we are probably in a recession right now," he said in an interview at the Economic Club of New York on Monday."One CEO specifically said the airline industry is a "proverbial bird in a coal mine — canary in the coal mine — and I was told that the canary is sick already," he said, adding that travel demand has declined. Last week, Presi ...

Core Viewpoint - Apple has successfully prevented the UK government from keeping the details of its legal challenge regarding privacy features on iPhones confidential, highlighting a significant conflict between the tech giant and the UK government over user data privacy [1][2][3] Group 1: Legal Context - The Investigatory Powers Tribunal ruled against the UK government's request to keep the case details private, emphasizing the principle of "open justice" [2][3] - The UK government had issued Apple a "technical capability notice" in January, citing the Investigatory Powers Act of 2016 to justify access to encrypted user data [2] Group 2: Implications for Apple - Following the government's request, Apple announced in February that it could no longer provide its Advanced Data Protection (ADP) security system to UK customers [4] - The ruling intensifies the ongoing standoff between Apple, the world's most valuable company, and the UK government [3] Group 3: Public and Advocacy Response - Rebecca Vincent, interim director of Big Brother Watch, praised the tribunal's decision, framing the Home Office's order as a significant threat to the privacy rights of British Apple users [5]