Company News: Chrysler, Fiat, Wal-Mart, Shipping Industry, JPMorgan Chase, Carnival Cruise Lines
• A trust controlled by the United Auto Workers is steering Chrysler toward an IPO. The move forces the hand of Fiat, which owns most of the carmaker and has been trying to buy the rest from the trust, which benefits Chrysler retirees. Though Chrysler’s sales continue to accelerate almost five years after filing for bankruptcy, the two owners have failed for months to hammer out a deal.
• Wal-Mart Stores said it will give full-time jobs to 35,000 of its part-time workers and hire 55,000 temporary employees, in preparation for a crush of holiday shoppers. The world’s largest retailer has spread staff increasingly thin in recent years, triggering customer complaints about poorly stocked shelves.
• The shipping industry is on track to make money next year for the first time since 2010, as rising demand for commodities finally fills a glut of ships. The cost of moving freight around the globe has tripled this year.
• JPMorgan Chase is negotiating a possible $11 billion settlement with federal and state authorities to resolve a series of investigations tied to mortgage bonds, according to a person familiar with the talks. The bank recently agreed to pay $920 million in penalties to settle U.S. and U.K. probes of the $6.2 billion London Whale trading loss.
• Carnival Cruise Lines continued to founder after a series of highly publicized mishaps. In the recent quarter, the company’s revenue per berth dipped by almost 4 percent, while its profit sank 30 percent, to $934 million. Executives said the cruise giant’s “brand perception” is steadily improving, but advance bookings continue to lag.