[naviga:h3]American Express profits jump 22%[/naviga:h3]

NEW YORK — American Express said its third quarter profits jumped by 22 percent from a year earlier, as the credit card giant benefited from a lower tax rate and increased spending on the company’s credit cards.

The New York-based company said it earned a profit of $1.65 billion, or $1.88 a share, which is up from $1.36 billion, or $1.51 a share, in the same period a year ago. The results beat the expectations of analysts, who were looking for AmEx to earn $1.77 a share, according to FactSet.

[naviga:h3]Coke taps executive as new president[/naviga:h3]

ATLANTA — Coca-Cola has named longtime company executive Brian Smith as its new president and chief operating officer.

Smith joined the company in 1997. He has led Coke’s operations in Brazil and Mexico and most recently was the head of its Europe, Middle East and Africa division.

Smith will report to CEO James Quincey. Quincey served as Coke’s president and COO from 2015 to 2017, when he was named CEO.

Atlanta-based Coca-Cola said the new leadership structure will help Quincey focus on long-term strategy while Smith leads day-to-day operations.

Coke also said Thursday that Chief Financial Officer Kathy Waller will retire in March 2019. John Murphy, who leads Coke’s Asia Pacific group, will become the new CFO.

[naviga:h3]Starbucks selling stores in Europe[/naviga:h3]

SEATTLE — Starbucks is restructuring its European operations after several years of slowing sales.

The Seattle-based coffee chain is selling 83 company-owned stores in France, the Netherlands, Belgium and Luxembourg to its longtime partner, Alsea. Alsea will also provide services to 177 other Starbucks locations in those countries which are owned by franchisees.

Mexico City-based Alsea already operates more than 900 Starbucks stores in Mexico and South America.

The deal is similar to one Starbucks made in 2016, when it sold off its stores in Germany.

Starbucks also plans to close offices in Amsterdam and consolidate its European headquarters in London.

The closure will impact 186 employees, who will be encouraged to apply to open jobs in London.

Starbucks will retain a roasting plant in the Netherlands which employs 80 people.

[naviga:h3]Philip Morris tops expectations[/naviga:h3]

NEW YORK — Philip Morris International on Thursday reported third-quarter net income of $2.25 billion.

On a per-share basis, the New York-based company said it had profit of $1.44.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.28 per share.

The seller of Marlboro and other cigarette brands posted revenue of $20.44 billion in the period.

Its adjusted revenue was $7.5 billion, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $7.18 billion.