The U.S. is set to impose port fees on vessels linked to China starting October 14th, which could cost the top ten cargo carriers approximately $3.2bn in 2026. The move aims to reduce reliance on Chinese-built ships and strengthen U.S. shipbuilding, but has already created uncertainty among carriers. S&P noted: “The uncertainty has added another…

PepsiCo has named Walmart executive Steve Schmitt as its new chief financial officer, effective November 10th, when he will succeed Jamie Caulfield, who plans to retire after more than three decades at the company. Mr. Schmitt, who has served as finance chief of Walmart’s U.S. arm since 2021, joins the company as it seeks to…

Elon Musk has agreed to settle a $128m lawsuit brought by four former top executives at Twitter, now X, over unpaid severance when he took over the company. The executives, who include former CEO Parag Agrawal, argued that Musk fired them “without reason” after he bought the social media platform in 2022 and denied them…

JPMorgan Chase chief executive Jamie Dimon says he would welcome proposed changes to ease the SEC’s quarterly earnings report requirements. “The bigger problem wasn’t just reporting quarterly. It was forecasting, where CEOs get their back up against a wall. They have to meet these things – earnings – and then they start doing dumb stuff…

Verizon’s chair and chief executive Hans Vestberg is stepping down from both roles with immediate effect in a leadership overhaul that will split the roles at the telecoms group. Dan Schulman will take on the role of CEO, while Mark Bertolini, former co-chief of hedge fund Bridgewater Associates, will chair Verizon’s board. Mr. Schulman led…

Treasury Secretary Scott Bessent has appointed Frank Bisignano to be the chief executive of the IRS, creating a new position to help run the beleaguered tax agency. Mr. Bessent will remain in his role as commissioner of the agency. Mr. Bisignano, currently commissioner of the Social Security Administration, previously served as president and CEO of…