As profit rises, Siemens reorganizes and makes deals

The New York Times: Siemens, the German electronics and engineering giant, disclosed a sweeping reorganization on Wednesday as it said that profit in its most recent quarter rose 12 percent. The company, which is competing with General Electric Co. to acquire the power generation and transmission units of its French rival Alstom, also announced a flurry of deals.

 

JPMorgan closing accounts of foreign diplomats in U.S.

Reuters: JPMorgan Chase & Co. is closing the accounts of current and former foreign government officials in an attempt to avoid the compliance costs associated with them, the Financial Times reported on Tuesday. The ban by the largest U.S. bank by assets, which affects 3,500 accounts, has prompted former Colombia finance minister Jose Antonio Ocampo to accuse it of discrimination in a complaint to the consumer regulator, the report said.

 

Fiat Chrysler bets on Jeep, Alfa revamp to go global

Reuters: Fiat Chrysler is launching a breakneck global growth effort built around its upmarket Alfa Romeo, Jeep and Maserati brands. Also CEO Sergio Marchionne pledged to stay five years - two more than previously disclosed - to see the plan through. In a 10-hour presentation to financial analysts on Tuesday, Marchionne outlined a business plan aimed at reviving the company's historic carmaking names and convincing investors that it can overcome high debt, an uncertain market and past missteps to close in on industry leaders such as Volkswagen AG and Toyota Motor Corp.