Porsche on Thursday revealed a concept car called Mission S that signals a new design direction and flagship model for the famed German sports carmaker.

The debut of the sleek midengine vehicle is part of a turnaround plan revealed last week by the Volkswagen-controlled brand that includes efforts to boost profits through higher-end products and lower vehicle sales.

Porsche described Mission S as “a first glimpse of the brand’s evolved design identity” that also represents a “super sports car platform” that will be positioned above its iconic 911 sports car.

The vehicle’s design is recognizably Porsche but with more aggressive styling compared with its current models, including new hood vents and a roof scoop. Its rear features more differentiated flair in which the vehicle’s spoiler flows into its rear panels.

“A Porsche must be recognisable as a Porsche at first glance,” Porsche Chairman Michael Leiters said in a release. “The Mission S provides a glimpse of the ideas and design features that will shape Porsche in the coming years.”

Automakers routinely use concept vehicles to gauge customer interest, showcase future technologies and signal the direction of a vehicle or brand.

The company did not release expected pricing or performance specifications for such future models. Starting prices for its current 911 models range from roughly $135,500 for an entry-level Carrera to more than $203,000 for a Carrera 4 GTS convertible.

During Porsche’s capital markets day on Oct. 7, the company outlined its “Sportwagenschmiede ’35” turnaround plan, which focuses on emphasizing high-end sports cars and luxury SUVs to get the carmaker back on track.

Porsche’s operating margin last year was only 1.1%, compared with 14.1% in 2024, as the company deals with increased costs, U.S. tariffs and declining sales in China.

The turnaround plan includes a long-term target for a group ‌operating margin of 15% and a midterm breakeven point of 200,000 units or below annually. That compares with sales of 279,449 in 2025.

The semiconductor boom will last at least through 2027, South Korean finance minister Lee Hyoung-Il said on Saturday.

“For now, our view is that we can sustain this growth at least through next year,” Lee told CNBC on the sidelines of the IMF-World Bank annual meetings in Bangkok. “That’s because the gap between demand and supply for semiconductors is still very wide, and supply is still being expanded.”

His comments come after semiconductor stocks fell sharply this week, hurt by investor concerns about interest rate hikes and rising competition from Chinese companies. South Korean chip stocks like SK Hynix and Seoul Semiconductor were part of the sell-off, along with U.S. giants like Nvidia.

Chip stocks have fueled volatility in South Korea’s stock market this year, Lee said. He attributed the market’s wild swings to the semiconductor industry’s larger share of the economy than in other countries. Despite the market swings, South Korea’s economy is “solid,” Lee said.

On Thursday, an opinion column in Maeil Business Newspaper, a prominent South Korean publication, urged the country’s government to prepare for the coming slowdown in the artificial intelligence boom. The author said two experts expect a “flood of new supply” of semiconductors that will turn the memory market “into a red ocean” by 2029, according to a CNBC translation.

While South Korea’s semiconductors may be driving volatility in its stock market, the industry has also fueled tax growth. Lee said the country expects to collect more taxes than initially projected this year.

South Korea will ultimately be in a stronger fiscal position because of the chip boom, he added.

WATCH: Don’t overlook opportunity in South Korea, says Verdad Advisers’ Rasmussen

Singapore continues to grapple with severe haze as smoke from wildfires in neighboring Indonesia drifts into the city-state, with Prime Minister Lawrence Wong warning of action against companies responsible for the fires.

Air quality in Singapore remained unhealthy on Thursday, as smoke from widespread fires in Indonesia’s Kalimantan region continued to drift toward the city-state, according to the National Environment Agency.

Singapore’s air quality first deteriorated to unhealthy levels on Sept. 4, the first time in nearly three years, according to government data. The worsening haze has cast a shadow over the city-state, disrupting daily life and threatening businesses as air pollution continues to worsen.

In a post on X Thursday night, Wong said the government was looking into companies potentially responsible for the forest and peatland fires in Indonesia. He said authorities could take legal action under Singapore’s Transboundary Haze Pollution Act where warranted, while also exploring joint action with other countries.

Singapore’s Seletar Airport has seen 16 diversions due to low visibility, spokespeople for Changi Airport Group and the Civil Aviation Authority of Singapore told CNBC in a joint media reply.

The prolonged haze is taking a toll on daily life and businesses, with some outdoor dining establishments, including outdoor dining restaurants and hawker centers, reporting a drop in business, according to the local media.

A spokesperson from Marina Bay Sands told CNBC via email that “certain outdoor experiences that involve prolonged exposure to the outdoors have been temporarily suspended” and the hotel is providing masks and air purifiers to guests.

Singapore’s Minister for Digital Development and Information Josephine Teo told CNBC’s “Squawk Box Asia” on Thursday that the haze was “not the best way to welcome our international guests,” as the city-state hosts Singapore International Cyber Week. The event has drawn a record turnout of more than 15,000 visitors from over 100 countries.

Teo said the government had begun preparations weeks earlier to support residents, including distributing masks to those most in need. While it remains unclear when the haze will improve, she said Singapore has been in close contact with Indonesian officials to understand their needs and stands ready to provide assistance.

A spokesperson of ride-hailing and delivery platform Grab told CNBC via email that they have been distributing masks and have issued advisories to their platform workers as well.

The haze has extended beyond Singapore, affecting neighboring Malaysia as well.

Malaysia’s Second Finance…

Nike is making a big bet on India.

The retailer, which has been struggling to revive its business and regain momentum under CEO Elliott Hill, is hoping the world’s most populous country can help it turn the page on its performance.

As it reported its fiscal first-quarter earnings on Oct. 1, the company announced it will create a new global campus in Bengaluru, India, as part of its growth strategy. Hill wrote in a letter to employees that the new facility would be a “long-term investment” to help position Nike for success.

“India is already an important growth market and manufacturing hub for Nike, with strong capabilities and access to talent,” Hill wrote.

The new campus is expected to open in the next few years and span corporate roles across the organization, including the namesake Nike brand, Jordan Brand and Converse. Nike plans to discuss its India campus in detail at its investor day next month.

In a statement to CNBC, a Nike spokesperson said expanding into India is a “natural” next step for the company as it looks to grow its global presence.

“As participation in running, basketball, football, fitness and other sports continues to grow across India, we see an opportunity to better serve athletes through stronger local capabilities, consumer insights, and innovation,” the spokesperson said.

India will be the world’s third-largest retail market by 2030, according to Indian conglomerate Reliance Industries. Its e-commerce market was valued at $159.25 billion in 2026 and is projected to reach $332.94 billion by 2031, according to IBEF, a business advocacy organization created by the Indian government.

Nike has endured a yearslong slump and is trying to right its business under Hill’s turnaround plan. Nike also announced this month that it would lay off workers across the company as part of what it has dubbed its Pace strategy, which includes supply chain changes and reorganization of the company’s geographic segments. Nike expects the effort to deliver approximately $2.5 billion in savings through fiscal 2031.

Nike’s decision to invest further in India as part of its comeback comes as the sportswear company sheds revenue in another critical international market: China. Though its fiscal first-quarter North America revenue came in just above Wall Street expectations, Hill said that performance wasn’t enough to offset pressures abroad.

Nike has been particularly struggling in the Greater China market, where its revenue dropped by 26% in its fiscal first quarter. It’s part of what experts have said is a broader trend of American companies losing relevance and traction to domestic brands as the once-lucrative market matures.

On a call with analysts earlier this month, Hill said the company was taking “deliberate actions” to strengthen its China business, though he said those effects will take time to materialize. Hill said the company plans to…

Netflix is shaking up its C-suite in an effort to fix its engagement woes.

On Thursday, the streaming giant announced that former Disney executive Peter Rice will take over as the company’s chief content officer, overseeing global content organization, including scripted and unscripted series, film and live events.

Rice is replacing 10-year Netflix veteran Bela Bajaria, who most recently led the company’s global content team with a focus on its live sports strategy. Bajaria was initially hired in 2016 to help the streamer launch an unscripted division as well as licensing and studio co-productions. She later transitioned to the top creative role, spearheading Netflix’s $20 billion content budget.

She oversaw popular TV series like “Stranger Things,” “Wednesday,” “Bridgerton,” “Squid Game,” “Adolescence” and “Beef,” as well as Netflix films like “Frankenstein” and “KPop Demon Hunters.” Bajaria also helped push Netflix into live sports and events, including deals with the WWE and the NFL as well as programs like “The Roast of Tom Brady.”

Prior to his stint at Disney, Rice was president of 21st Century Fox and CEO of Fox Networks Group as well as Fox’s lead executive on the Hulu board. He was also the president of Fox Searchlight Pictures and helped release “Slumdog Millionaire,” “Juno,” “Little Miss Sunshine” and “Sideways.”

The executive change follows a tumultuous period for Netflix as it faces stagnating viewership and explores avenues for growth. It comes just days after the streaming giant laid off roughly 1,000 employees, or 6% of its workforce.

The last time Netflix made cuts of this size was in 2022 when it reported its first quarterly subscriber loss in more than 10 years.

“We believe this round of layoffs reflects more structural changes to the cost base than a reaction to near-term subscriber dynamics,” wrote Brian Pitz, managing director and head of internet and interactive entertainment equity research at BMO Capital Markets, in a research note published Friday.

In July, Netflix reported viewership increased just 2% in the first half of the year as the streamer suffers from a lack of shows with water-cooler-level hype.

Co-CEO Ted Sarandos admitted last month during the Bloomberg Screentime conference that the company is “not growing as fast as I want us to.”

Those warnings, and now Bajaria’s exit, have Wall Street bracing for more turbulence ahead.

“The sudden departure of Bajaria likely signals to us that user engagement may have remained soft throughout [the third quarter],” Pitz wrote.

Netflix is set to release fiscal third-quarter earnings on Tuesday.

In July, Nielsen reported that Netflix had generated 7.8% of TV viewership, while YouTube accounted for nearly double that, at 14.2%.

YouTube has been…

Shares of French Satellite Group Eutelsat soared this week as SpaceX‘s Starshield drew criticism after the Ukrainian military’s access to its systems was suddenly restricted.

Earlier this week, tensions rose between the U.S. and Ukraine after Kyiv accused Elon Musk’s SpaceX of imposing new restrictions on its military-grade Starlink internet service without warning, curbing connectivity and limiting Ukraine’s ability to defend itself against Russian attacks.

Ukraine’s President Volodymyr Zelenskyy criticized the U.S., saying “Starlink was switched off” in the middle of the night, preventing Ukrainian drones from intercepting Russian attacks, and ultimately contributing to civilian deaths.

“They knew what they did,” Zelenskyy said. “It’s not about attack. It’s also about defending the lives… People were killed because not enough destroying, not enough interceptors, including interceptors with Starlink, which didn’t work.”

SpaceX CEO Elon Musk responded by shifting blame on the U.S. government and said that Starshield systems were under Washington and President Donald Trump’s control.

Eutelsat shares rose 19% on Friday, and was up 25% over the past five days following the news of Starlink’s struggles in Ukraine.

Eutelsat’s share move this week is more evidence “supporting the sovereign value of European Satellite networks,” Deutsche Bank analysts said in a note Thursday. Markets viewed Eutelsat as “the credible Starlink alternative” amid the disruption, they added.

“Whilst we note Eutelsat does offer a global LEO [Low Earth Orbit] constellation, we believe it lacks the scale to offer the number of terminals that Starlink can provide,” they added. “We would expect the shares to give up some of the gains.”

Eutelsat consolidated with satellite internet provider OneWeb in 2023, looking to challenge Starlink’s market dominance. However, Eutelsat currently has over 600 satellites in orbit, while Starlink has more than 6,750, the company’s websites show.

Ukraine’s deputy minister for recovery, infrastructure, and transport Serhiy Derkach told CNBC on Friday that Russia had amped up attacks on Ukrainian infrastructure, taking advantage of restrictions on military applications, including striking bridges, railway networks, and border crossings.

“With U.S. limiting the use of Starlinks on the battlefield, Russia feels that this is their moment to try and inflict even more pain and suffering on Ukraine’s civilian infrastructure,” Derkach said.

“We are definitely moving towards very harsh weeks and months and need our partners’ support now more than ever,” he said, adding that Ukrainians already experience blackouts lasting 4-12 hours per day.

KFC’s U.S. restaurants will ditch PepsiCo and switch to Coca-Cola beverages next year, marking the first time in decades that the Yum Brands chain has changed its drink supplier, the restaurant company said Thursday.

Some of KFC’s international markets serve Coke products, but the chain’s U.S. restaurants have stuck with PepsiCo drinks ever since Pepsi bought KFC in 1986. At the time of the acquisition, KFC was Coke’s second-largest fountain account, trailing only McDonald’s. Pepsi later spun off KFC, along with sister chains Pizza Hut and Taco Bell — but even as the combined Yum Brands, the company stayed loyal to its previous owner. Without Pepsi, Taco Bell would not serve its iconic Mountain Dew Baja Blast.

The change comes as KFC aims to win back U.S. diners, who have ditched the fried chicken chain for rivals such as Chick-fil-A or Popeyes.

“This decision is a critical step in the Kentucky Fried Comeback,” KFC U.S. President Catherine Tan-Gillespie wrote in a memo to franchisees and employees obtained by CNBC. “A new beverage offering, with a new partner in Coca-Cola, gives us a platform to innovate, meet changing tastes and give customers more reasons to choose us.”

For many fast-food chains, beverages have become a critical way to attract consumers. A number of restaurants, including McDonald’s and Taco Bell, have broadened their drink offerings with options such as refreshers or “dirty soda.” For its part, KFC recently unveiled new drinks, including iced coffees and shakes, at Open House, its innovation restaurant in McKinney, Texas.

Coke told CNBC earlier this year that the company has helped many of its restaurant partners create new drinks.

KFC expects to be pouring Coke beverages in all of its U.S. restaurants by the end of the first quarter of 2027, Tan-Gillespie said.

Tan-Gillespie also said that Pepsi remains an important partner for KFC’s parent company and the chain’s international markets.

For decades, Coke and Pepsi have tussled over important restaurant partners, which represent both a sales opportunity and the chance to grow the visibility of their beverage brands.

It is unusual for large restaurant chains to switch beverage providers, but not unprecedented. In 2024, Pepsi poached Subway, the largest U.S. restaurant chain by number of locations, from Coke. Besides KFC, Coke has wooed away a number of notable Pepsi customers in recent years, including Culver’s, Arby’s and Panda Express.

CNBC’s Jim Cramer said Thursday that investors looking beyond the struggling artificial intelligence trade should consider apparel stocks VF Corp and Kontoor Brands.

VF Corp is the parent company of Vans, The North Face and Timberland. Kontoor, which actually spun out of VF Corp in 2019, is behind the Wrangler, Lee, and Helly Hansen brands.

The recommendations come at an unlikely time for consumer stocks, with rising interest rates and oil prices threatening to squeeze household budgets. “Normally, I’d hesitate to recommend apparel stocks at this point in the business cycle, but VF Corp and Kontoor have already come down dramatically from their highs, and they’re trading at depressed valuations,” Cramer said. “I think the environment’s baked in.”

Cramer also said compelling new research suggests shifting fashion trends could breathe new life into both companies, creating buying opportunities that investors may be overlooking. “These upgrades have changed my mind about VF Corp and Kontoor,” he added. “Down here, I think both stocks are buys.”

Truist and Piper Sandler both raised their ratings on VF Corp to buy — and coincidentally, both shops set $20 price targets, implying roughly 17% upside to Thursday’s close.

Cramer was particularly encouraged Tuesday by Piper Sandler’s note, which accompanied the firm’s fall teen survey. The readthrough on what young consumers like showed a growing interest in non-athletic footwear. That could be welcome news for Vans, whose sales have declined for four consecutive fiscal years, including double-digit drops in each of the past three.

Piper Sandler’s survey offered signs that Vans may finally be stabilizing — ranking as the seventh-most-popular footwear brand among male teens after years of sinking in the rankings and climbing to ninth among upper-income male teens. The struggling skateboarding sneaker brand has been the biggest obstacle to VF Corp’s turnaround under CEO Bracken Darrell, who took over in July 2023. Vans’ sales have dropped nearly 50% since fiscal 2022, while The North Face and Timberland have performed considerably better.

Speaking of those other brands, Timberland entered the top 10 footwear brands among upper-income teens for the first time in the survey’s history, while The North Face returned to the top 10 athletic clothing brands among that group. “If the teen survey says buy VF Corp, then I have to say [buy, buy, buy],” the “Mad Money” host said.

Truist similarly expects Vans to benefit as consumers shift away from athletic footwear toward more fashion-oriented styles. With VF Corp trading at roughly 16 times 2027 earnings estimates, Cramer said that “if Vans is finally improving, then this one’s definitely a winner.”

As for Kontoor, Jefferies upgraded the stock to buy from hold and raised its price target to $89, implying 22% upside from Thursday’s close.

The analysts argued that a recent…

Netflix on Thursday announced Bela Bajaria will be replaced as the company’s chief content officer by former Disney exec Peter Rice, effective Oct. 26.

Rice most recently oversaw Disney’s cable channels, news programming and coverage of major sporting events.

“Peter is one of the most effective at-scale operators in the entertainment industry,” co-CEO Ted Sarandos said in a statement. “I’m excited to welcome him to Netflix as Chief Content Officer as we continue to scale and deliver members more of the stories they love.”

Before Rice was at Disney, he held roles at 21st Century Fox and Fox Searchlight Pictures. Netflix in its announcement called him “one of the entertainment industry’s most respected creative executives.” In his new role, Rice will oversee the company’s global content organization, including scripted and unscripted series, film and live events.

“[Netflix has] shown again and again that they’re willing to take chances on distinctive voices and fresh ideas, and I’m excited to work with the team to help bring even more great stories to members everywhere,” he said in a statement.

Bajaria, who is leaving Netflix after nearly 10 years, most recently led the company’s global content team. She had been focused on the company’s live sports strategy, looking to create events out of buzzy games and tournaments.

“I’m incredibly grateful for everything she’s done to help Netflix entertain the world,” Sarandos said in a statement.

The announcement comes a day after Netflix instituted layoffs across its organization, eliminating approximately 6% of its workforce, or roughly 1,000 jobs. Shares of the company are down more than 20% this year, though the stock remained relatively unchanged in extended trading Thursday.

The media company will report its next quarterly earnings on Tuesday.

The nation’s biggest banks delivered mixed third-quarter results this week, but Wall Street’s reaction was overwhelmingly negative, with all six major bank stocks falling despite some strong results.

CNBC’s Jim Cramer said Wednesday, on Day 2 of the financial earnings flood, that investors appear more concerned about what lies ahead than what the banks just reported.

“Frankly, it’s strange to see such universally negative reactions to a set of quarters that contained plenty of positives,” the “Mad Money” host said. “But this is what happens when investors are worried about the future, and it’s hard not to worry with persistent inflation, rising interest rates, and newly wobbly capital markets.”

Here’s what stood out from each bank’s report.

Wells Fargo reported a mixed quarter Tuesday, beating earnings estimates but falling short on revenue. Net interest margin — a key profitability gauge, measuring the spread between what a bank earns on loans and pays out on deposits — stabilized at 2.43%, slightly ahead of expectations. That stabilization was particularly encouraging after the bank had missed net interest margin estimates in nine of the previous 10 quarters. Shares fell following the report, but Cramer’s Charitable Trust, the portfolio used by the CNBC Investing Club, upgraded the stock to a buy-equivalent rating. “CEO Charlie Scharf emphasized that his bank is set up to do much better in a higher interest rate environment and, given his track record, I believe him,” Cramer said. Wells Fargo stock rose slightly Wednesday.

JPMorgan Chase missed expectations on both the top and bottom lines on Tuesday. Weakness in fixed income trading and asset management weighed on results, while expenses rose faster than revenue. On the earnings call, though, management offered better-than-expected net interest income forecasts for the fourth quarter and 2027. The stock initially struggled but recovered much of its losses as investors digested the outlook. For Cramer, the quarter “wasn’t much of a needle-mover for the world’s largest bank.” JPMorgan stock gained nearly 1% in Wednesday’s awful market.

Citigroup delivered one of the stronger headline reports on Tuesday. Revenue grew 8% year over year, marking the bank’s best third-quarter performance in a decade, while management raised its full-year net interest income outlook. Citi also stood out as the only major bank to exceed fixed-income trading revenue expectations. Despite those positives, shares tumbled 5.6% following the report. “My suspicion is that Citi’s stock was punished for its recent outperformance,” Cramer said. “Before yesterday’s beatdown, it was running circles around the rest of the group. But if you believe in the turnaround, as I do, this is a buying opportunity.” Citi shares dropped another 1.8% on Wednesday.

On Wednesday, Bank of America delivered one of the most disappointing reports of the group, missing revenue and earnings…