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BlackBerry’s transformation from struggling smartphone company into a burgeoning leader in cybersecurity software and connected cars is on track. The company now generates more than 90% of its total revenue from software and services. And 81% of those sales are recurring. In other words, BlackBerry is no longer subject to the fickle tastes of consumers and has hitched its wagon to corporate customers. BlackBerry ( BB ) reported profits and sales Friday morning for its latest quarter that topped Wall Street’s forecasts. The stock was up more than 15% in late morning trading on the news. CEO John Chen, speaking to CNN Friday, said the company’s biggest successes this quarter were in the connected and autonomous car market, with revenue growth of about 30% for the business unit that includes the QNX software business for cars. Chen said BlackBerry is working hard to win more customers in the automotive market, pointing to a deal it announced in January with Chinese search e...

© Reuters. People walk inside JP Morgan headquarters in New York DUBAI (Reuters) – Saudi Arabia said it expects inflows of around $11 billion into the country’s debt as a result of the inclusion of its international bond issues in JP Morgan’s emerging markets bond indexes. Saudi Arabia, together with the United Arab Emirates, Qatar, Bahrain and Kuwait, will enter JP Morgan’s emerging market government bond indexes next year, JP Morgan announced last week. The move is expected to attract a total of around $30 billion of new foreign investment into their debt. The inclusion will be phased in between Jan. 31 and Sept. 30, 2019. The Saudi debt management office expects $11 billion of inflows as a result of the entry into the indexes, the Saudi ministry of finance said in a statement. Saudi Arabia’s bonds will have a 3.1 percent weighting in the JP Morgan indexes. This “will add support to the investor base as well as improve liquidity levels for the government’s issues as well the i...

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JCPenney’s CEO left in May. Now its second in command is out too. Penney said Thursday that Jeffrey Davis, the company’s chief financial officer, was resigning 14 months after taking the job. Jerry Murray, a top executive, will take over as the interim finance chief. Davis’ departure marked another sign of trouble at JCPenney ( JCP ) . The company’s stock has slipped 45% this year, driven down by Marvin Ellison’s exit to take the top job at Lowe’s. Penney has not replaced Ellison yet. On Friday, shares fell 9% to around $1.60, a record low. “They’re in a leaky boat that eventually will sink,” Mark Cohen, the director of retail studies at the Columbia Business School, told CNNMoney last month . “The prognosis for the future is not happiness.” Penney is more than $4 billion in debt. The company has posted a profit in only two quarters over the past four years. In its most recent quarter, Penney lost $101 million and was forced to discount to clear a glut of clothing pilin...

© Reuters. The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing, BEIJING (Reuters) – General Motors’ joint venture in China, Shanghai GM, will recall more than 3.3 million Buick, Chevrolet and Cadillac vehicles from Oct. 20 because of a defect with the suspension system, China’s market regulator said on Saturday. The recall includes cars produced between 2013 and 2018, the State Administration for Market Regulation said in a statement. GM will contact those affected and repair the vehicles free of charge, it said. GM Shanghai said in a text message the suspension arm may be deformed under extreme operating conditions, but there are no known casualties related to the issue. Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be a...