Objective to strengthen the training program for employees

FINANCE

Bank of America unveils new business travel card

Bank of America is adding a commercial credit card for business travelers on the go in the bet that business travel will come back eventually. The new Executive Explorer card will offer statement credits for travel benefits such as expedited airport security clearance and improved insurance for lost or delayed baggage, the lender said on Wednesday. Up to $ 5,000 in baggage claims will be covered, compared to $ 2,000 for competitor cards, Bank of America said. The company has also expanded its mobile offerings with an app that allows customers to check their balances, temporarily lock their cards, and access other information from their smartphones. – BLOOMBERG NEWS

AUTOMOTIVE

GM is doing well in second quarter despite plant closures

Despite a computer chip shortage that temporarily shut down some of its factories, General Motors posted a net profit of $ 2.8 billion in the second quarter. The profits came even though GM factories produced 200,000 fewer vehicles than in the same quarter of 2019, the last comparable quarter before the coronavirus pandemic. The automaker has told the same story as its competitors Ford, Stellantis and others, saying high prices and strong demand for expensive pickup trucks and luxury SUVs have helped overcome inventory shortages. The average GM vehicle sold for over $ 48,000 from April to June, up more than $ 5,200 from the previous year, according to Edmunds.com. – ASSOCIATED PRESS

MEDIA

NYT has 8 million subscribers

The New York Times now has 8 million subscribers and expects to add as many this year as it did in 2019, when then-President Donald Trump dominated the headlines and a pandemic did not. yet melts the world economy. The company estimates it will have 8.5 million by the end of 2021. The Times Co. reported modest growth in the April-June quarter – usually the weakest – adding 142,000 new digital subscribers , with 77,000 for the News application and 65,000 for Cooking and games. At the end of June, the Times had a total of 7.9 million subscribers, of which 7.1 million paid for its digital products. Among digital subscribers, 5.3 million have subscribed to the News app. – NEW YORK TIMES

BEAUTY PRODUCTS

L’Oréal examines the relationship between skin problems and the menstrual cycle

L’Oréal begins a partnership with Clue, the period tracking app, as the beauty giant seeks to better understand the relationship between skin problems and the menstrual cycle. Clue, founded in 2012 by Danish and German entrepreneurs, has over 12 million users in 190 countries and research collaborations with institutions such as Stanford University and Oxford University. The partnership comes as L’Oréal experiences a boom in skincare. Revenue from its active cosmetics division, which houses brands such as La Roche-Posay, CeraVe and Vichy, increased 48% in the second quarter. These brands are usually sold in pharmacies and tend to be promoted by dermatologists, which gives them a stamp of credibility. This division was the only one to grow last year, helping the cosmetics group deal with declining makeup sales amid blockages and mandatory mask wear. Makeup demand is now picking up as restrictions relax around the world. – BLOOMBERG NEWS

BANKING

Dimon says he expects to stay in Chase for another five years

Jamie Dimon has said he’s unlikely to lead JPMorgan Chase in 10 years, but he sees himself staying for another five years. “I’m not going to golf and smell the flowers,” Dimon said in an interview with Fox Business that aired Wednesday. Last month, JPMorgan’s board of directors gave the bank’s billionaire CEO a special gift to keep “a significant number of years left.” Dimon, 65, has long joked that his retirement was five years away, no matter when asked. – BLOOMBERG NEWS

INTERNATIONAL

Visa opens office in Sudan as it re-enters financial system

Visa will open an office in Sudan as more local banks start issuing payment cards, the latest step in the country’s reintegration into the global financial system after decades of isolation. The San Francisco-based electronic payments operator has eight “partner institutions” in the African country and sees “real interest” from the Sudanese authorities in the digitization of the economy, said the president of Visa for the Central and Eastern Europe, the Middle East and Africa, Andrew Torre. in an interview in the capital, Khartoum, on Tuesday. Sudan’s transitional government, where dictator Omar al-Bashir was ousted in 2019, moved quickly to overthrow the country’s pariah status and rebuild an economy shattered by mismanagement and corruption. – BLOOMBERG NEWS

ELECTRONIC

Sony sees its profits increase thanks to “Demon Slayer”

Sony’s April-June profit rose 9% to 211.8 billion yen ($ 1.9 billion), as the Japanese electronics and video game maker continued to reap the commercial benefits of the film from hit animation “Demon Slayer”. Strong results from its music streaming business and strong demand for digital cameras, image sensors and PlayStation 5 video game consoles helped Sony Corp’s quarterly sales. Wednesday. – ASSOCIATED PRESS

FINANCE

HSBC Joins Competitors to Raise Salaries of Junior Bankers

HSBC is raising salaries for young U.S. investment bankers, the latest lender to raise wages as the industry relies on staff burnout amid a flow of punitive deals. The London-based bank is raising the salaries of first-year analysts at its investment bank to $ 100,000 from $ 85,000 now, according to a person familiar with the plans. The bank introduced salary increases for existing analysts and associates in May. HSBC joins a series of banks that are raising salaries for junior bankers as the industry experiences one of its busiest years in memory. A scathing internal presentation by junior Goldman Sachs analysts about their workload rocked Wall Street earlier this year. Goldman, Credit Suisse, Morgan Stanley, Citigroup, Deutsche Bank and JPMorgan Chase are among those raising wages as competition for talent intensifies. – BLOOMBERG NEWS

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