Delta Air Lines planes collided at Atlanta’s airport, but no injuries were reported. JPMorgan Chase's shares dropped 5 percent after a caution on 2025 financial forecasts. Goldman Sachs expects a $400 million loss this quarter. The EU's highest court ruled Apple must pay up to €13 billion in back taxes. Meanwhile, crypto fraud losses soared to $5.6 billion in 2023. All this and more on today's edition of World Street.
On Collision Course
Two Delta Air Lines planes bumped into each other while taxiing for takeoff at Atlanta’s Hartsfield-Jackson International Airport on Tuesday morning. No injuries were reported. Passengers from the regional flight were bused back to the terminal, while the second aircraft taxied to a gate on its own, where passengers disembarked, an airport spokesperson said.
JPMorgan Revises 2025 Outlook
JPMorgan Chase shares dropped by five percent on Tuesday after its president, Daniel Pinto, cautioned analysts that 2025 projections for net interest income (NII) and expenses were overly optimistic.
Speaking at a financial conference, Pinto said that while the bank expects to reach its 2024 NII target of around $91.5 billion, the current forecast of $90 billion for 2025 is unrealistic due to anticipated rate cuts by the Federal Reserve. He noted the figure would likely be lower but did not provide an exact number.
$400M Blow For Goldman
Goldman Sachs expects to take a pretax loss of around $400 million in the third quarter as it continues to scale back its troubled consumer division. CEO David Solomon, speaking at a conference on Monday, said the sale of the bank's GM Card business and a loan portfolio would impact revenues when results are announced next month.
He also warned that several divisions may see lower profits compared to the first half of the year. Solomon noted that a 10 percent decline in trading revenue, driven primarily by fixed-income trading, is expected for the quarter compared to last year.
Taxman Comes Calling
The European Union's highest court ruled against Apple on Tuesday, marking a significant loss for the tech giant in its ongoing tax dispute with Ireland. This decision requires Apple to pay up to €13 billion ($14.4 billion) in back taxes to Ireland, highlighting another setback for the company in Europe.
The tax dispute dates back to 2016 when the European Commission (EC) ordered Apple to repay the taxes, accusing the company of receiving unlawful tax benefits from Ireland over a span of two decades.
Crypto Fraud Hits New Highs
According to a new FBI report, cryptocurrency fraud losses exceeded $5.6 billion in 2023, marking a 45 percent rise from 2022. The surge in investment scams involving cryptocurrencies was the primary driver, with losses reaching nearly $4 billion, up from $2.57 billion the previous year.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
