Author: Jack Mulligan

Veteran executive inherits deep challenges and legacy of Marchionne Antonio Filosa officially began his tenure as CEO of Stellantis this week, stepping into the role with a bold declaration: “Mediocrity is not worth the trip.” The statement pays tribute to late Fiat Chrysler CEO Sergio Marchionne, a mentor whose influence looms large over the global automaker’s culture and expectations. Filosa, 51, brings 25 years of experience at the company, having worked his way up from a night shift paint shop supervisor to leading Jeep and, more recently, Stellantis’ Americas operations. His appointment comes after Carlos Tavares resigned amid plummeting profits,…

Rumors of BNY Mellon interest lift shares, but no deal in sight Northern Trust has confirmed its commitment to staying independent following a Wall Street Journal report that Bank of New York Mellon expressed interest in a potential merger. The report triggered a 6.5% surge in Northern Trust shares, reflecting investor speculation despite no formal offer being made. “Northern Trust is fully committed to remaining independent and continuing to deliver long-term value to our stakeholders,” a spokesperson said in a statement Monday. The rumored merger would mark a seismic shift in the custody banking and wealth management industry, combining two…

Modest iOS 26 upgrades and Siri delays fuel upgrade hesitancy Apple’s slow progress in artificial intelligence is raising concerns among analysts and investors, as the tech giant struggles to justify hardware upgrades and maintain its dominance in the smartphone market. At its June developer conference, Apple previewed iOS 26, the next major software update for iPhone. But unlike past years, the update lacked a compelling breakthrough. Its most notable changes were mostly cosmetic, and the much-anticipated overhaul of Siri—Apple’s AI assistant—has been delayed again. Several analysts have responded by cutting iPhone sales forecasts, citing the lag in AI capabilities as…

Conference Board cites consumer pessimism and weak new orders as key drags A widely followed gauge of future U.S. economic activity declined for the sixth consecutive month in May, reinforcing concerns of a potential economic slowdown. The Conference Board’s Leading Economic Index (LEI) fell 0.1% to 99.0, following a sharply revised 1.4% decline in April—the steepest drop since the onset of the pandemic in 2020. The May decline, in line with economists’ expectations, was driven by a combination of persistent consumer pessimism, a drop in building permits, weaker manufacturing orders, and a modest rise in jobless claims. Despite a rebound…

Olive Garden and LongHorn outperform as Darden eyes 7–8% annual revenue growth Darden Restaurants surpassed Wall Street expectations on both earnings and revenue in its fiscal fourth-quarter report Friday, buoyed by strong same-store sales and expansion from recent acquisitions. The parent company of Olive Garden and LongHorn Steakhouse also issued an upbeat outlook for fiscal 2026, expecting revenue to grow 7% to 8%. For the quarter ended May 25, Darden posted adjusted earnings of $2.98 per share, slightly above the $2.97 expected by analysts surveyed by LSEG. Revenue came in at $3.27 billion, marginally ahead of the $3.26 billion forecast.…

Swiss central bank calls for action amid global uncertainty The Swiss National Bank (SNB) warned Thursday that the global economic outlook remains highly uncertain due to escalating trade tensions and geopolitical instability. In its 2025 Financial Stability Report, the SNB also pointed to domestic regulatory weaknesses, urging reforms to strengthen the financial system and bolster UBS’s resilience. The central bank highlighted elevated global debt levels, overvalued residential real estate, and stretched U.S. equity markets as key vulnerabilities. “Several risk factors could amplify the impact of potential negative shocks on global economic and financial conditions,” the SNB said. UBS dominance poses…

Citi sees $75–$78 range if 1.1M bpd of Iranian exports are lost Brent crude prices may remain 15% to 20% above pre-conflict levels if ongoing Iran-Israel hostilities disrupt 1.1 million barrels per day (bpd) of Iranian oil exports, Citibank analysts said Thursday. This would keep prices in the $75 to $78 per barrel range, compared to around $65 in May. As of midday Thursday, Brent futures were up 1.9% at $78.18 a barrel, while West Texas Intermediate rose 2.3% to $76.86. The upward trend reflects mounting geopolitical risk tied to potential supply disruptions in the Middle East. JP Morgan warns…

Bank eyes regional integration to boost M&A, equity activity Goldman Sachs is betting on a major overhaul of its Asia-Pacific operations to capture a greater share of the investment banking market and tap into what it calls “strong tailwinds” in the region. Iain Drayton, newly appointed head of the integrated APAC investment banking franchise, told Reuters the structural changes are already yielding results in deal activity and investor sentiment. Since September 2024, Goldman has merged its merger and acquisition (M&A) teams, aligned its financial and strategic investor groups, and introduced a capital solutions unit. In May, the bank completed a…

Auto sector hit hard amid rising trade tensions with U.S. Japan’s exports fell 1.7% year over year in May, marking the steepest decline since September 2024, according to data from the Ministry of Finance. While the drop was milder than the 3.8% contraction forecast by economists polled by Reuters, it reversed April’s 2% gain and underscored the country’s deepening trade challenges. Exports to key trading partners were notably weak. Shipments to the United States dropped 11.1%, while exports to China declined 8.8%. The auto sector was hit particularly hard, with global automobile exports down 6.9%. Exports of motor vehicles to…

Manufacturing remains weak despite auto and aerospace gains U.S. factory production edged up just 0.1% in May, according to Federal Reserve data released Tuesday, as solid gains in vehicle and aircraft manufacturing were offset by broader sector weakness. April’s data was revised downward to show a 0.5% decline, painting a fragile picture of the industrial economy. Manufacturing, which makes up 10.2% of the U.S. economy, is being strained by President Donald Trump’s shifting tariff policies. Recently doubled duties on steel and aluminum, alongside a 25% tariff on motor vehicles and parts, have raised input costs for producers and added uncertainty…