JPMorgan Chase wants to replenish banking deserts — areas with very low branch access in the U.S. — by opening nearly 100 new locations in low-income areas, WSJ reports.
Why it matters: The pandemic accelerated the trend of bank branch closures, which have disproportionately impacted communities with high concentrations of lower-income, Asian, Black and disabled residents, many of whom still prefer to bank in person.
Stellantis, the maker of Jeep and Ram vehicles,turned in another troubling sales report for the U.S. market.
The big picture: The financial struggles of Europe's No. 2 automaker are rooted in its flagging performance on this side of the pond.
The company today said it delivered just over 305,000 vehicles in the U.S. in the third quarter, down 20% from a year ago.
Sales across its biggest brand, Jeep, fell 6% in Q3, and are down 8% year to date.
Sales of its best-selling model, Ram pickups, fell 19% in the quarter, widening the gap with its rival Ford F-Series pickups, where sales grew 4.2%.
The impact: Stellantis' U.S. shares slid slightly, but they had already dropped 13% Monday after the company slashed its 2024 profit outlook, citing issues in the U.S.
Luxury powerhouse Louis Vuitton-Moët-Hennessy has landed a 10-year sponsorship of Formula One that will begin next season.
Why it matters: What sets the agreement apart from a typical deal is its sheer scale, WSJ reports.
With dozens of brands under its wing, LVMH has a product for numerous facets of the sports — from timekeeping and uniforms to trophy cases and champagne to be sprayed.
The intrigue: LVMH had considered a similar deal a decade ago, according to WSJ.
But the transformation of the sport's drivers into superstars through Netflix's "Drive to Survive" pushed the conglomerate over the finish line.
Zoom in: "This club of 20 daredevils with Hollywood smiles and preternatural skill for swinging around corners at 150 miles an hour were precisely the pitchmen F1 needed to blur the line between sports and entertainment," WSJ notes.
Wendy's is celebrating the 25th anniversary of SpongeBob SquarePants with "Krabby Patty" cheeseburgers and a new "Pineapple Under the Sea" Frosty.
The big picture: The fast-food chain, known for its square-shaped burgers, is the latest to lean into nostalgia with its limited-time menu items that launch Oct. 8.
The prediction market startup Kalshi is clear, for now, to offer markets on which party will control each house of Congress after the next election.
Why it matters: Smaller markets offering bets on elections have existed for a long time and, per a federal appeals court ruling Wednesday, regulators objecting to Kalshi's markets were not able to show compelling evidence that those markets caused real harm to the public interest.
OpenAI announced on Wednesday it has completed its long-anticipated funding round, raising $6.6 billion in the largest venture capital deal of all time, which values the company at $157 billion.
The intrigue: OpenAI is planning to shift to a for-profit structure and investors can ask for their money back if it hasn't completed those changes in two years, Axios has learned.
Hurricanes and tropical storms have long-term health consequences, generating 7,000 to 11,000 excess deaths over the 15 years following the event, a new study finds.
Why it matters: The study demonstrates that long-term public health impacts are a concern in the wake of Hurricane Helene's devastating damage and long after direct deaths and damage is accounted for.
It's a fine time to have a job — wages are rising and employers, for the most part, aren't laying people off. But it's a terrible time to look for one, with hiring rates the lowest in over a decade.
Why it matters: It's a job market that is frozen in place. Companies are hesitant to shrink or grow their payrolls for fear that they might be caught flatfooted if the economy revs up or unexpectedly slows down. And workers, seeing this tough hiring environment, are less likely to quit their jobs voluntarily.
A former venture capitalist was on the national debate stage last night, but you wouldn't have known it by watching.
The big picture: JD Vance didn't once mention his business background during the tranquil tussle with Tim Walz — a notable omission, given that Vance, spent more time as a VC than he did as a soldier, lawyer, or politician.
Impulse Space, a California-based developer of orbital transfer vehicles, raised $150 million in Series B funding led by Founders Fund.
Why it matters: Impulse is led by the first employee at SpaceX, Tom Mueller, and intends to serve as a last-mile logistics provider for the satellite and payload boom that SpaceX helped enable.
Tesla CEO Elon Musk has been promising self-driving taxis for years. Skeptics and true believers will find out soon whether he can deliver.
Why it matters: With new competitors eating into Tesla's electric vehicle market share, Musk is now betting the company on artificial intelligence, including robotaxis.
Striking dockworkers are trying to keep the robots from taking their jobs — demanding that any new contract forbid automation at the East and Gulf Coast ports.
Why it matters: The future is tough to fend off forever. The ports responsible for moving goods around the world have used tech to get more efficient and productive for decades.
What do militaries and the rich and famous have in common? A taste for business jets.
Aircraft once the domain of world-touring rockstars are now being converted into spy planes of the future, outfitted with sensors that discern electronic signals, troop movements and more.
Why it matters: Just like Ukrainians building drones from parts found online, more buyers are turning to everyday outlets to beat supply-chain woes and red tape.
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