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Biz in 60: 12 January 2018

JPMorgan Chase reports 37% drop in Q4 profit JP Morgan Chase has reported a 37 percent year-on-year drop in fourth quarter earnings to 4-point-23 billion dollars. But the biggest US lender's earnings per share and revenues beat market forecasts. Meanwhile, America's third biggest bank, Wells Fargo, reported better than expected earnings, but fell short on revenue. Facebook to overhaul its newsfeed Facebook plans to overhaul its newsfeed. The social media giant's CEO Mark Zuckerberg says the company will prioritise posts from friends and family at the expense of those from businesses. Zuckerberg warned investors that time users spend on Facebook will fall. Facebook has been criticised as a platform for fake news following the 2016 US presidential election. China's ZTE plans to launch 5G smartphone in US And China's ZTE plans to launch a next-generation smartphone in the US by early 2019. The world's fourth biggest telecommunications equipment suppler says the new device will be based on fifth generation network services, or 5G. The phone would compete with Apple and Samsung devices.