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July 4 (Reuters) - Oil prices rose on Tuesday as markets weighed supply cuts for August by top exporters Saudi Arabia and Russia against the backdrop of an uncertain global economic outlook. Instead, the uncertain macro outlook is what the market is focused on," ING analysts said in a client note. Saudi Arabia on Monday said it would extend its voluntary cut of 1 million barrels per day (bpd) from output to August, the kingdom's state news agency reported. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd as Riyadh and Moscow look to prop up prices. However, the weaker economic growth demand still suggests demand for merchandise remains weak, which would weigh on distillates consumption, ANZ analysts said in a client note.

Persons: Brent, Alexander Novak, Morgan, Arathy Somasekhar, Trixie Yap, Tom Hogue, Gerry Doyle Organizations: . West Texas, ING, bbl, OPEC, of, Petroleum, U.S, ANZ, Thomson Locations: Saudi Arabia, Russia, U.S, Riyadh, Moscow, China, Europe, Houston, Singapore

July 4 (Reuters) - Oil prices held steady early on Tuesday as markets weighed supply woes from cuts for August by top exporters Saudi Arabia and Russia against mixed analyst views on economic data that could hint at weak crude demand. Instead, the uncertain macro outlook is what the market is focused on," ING analysts said in a client note. Saudi Arabia on Monday said it would extend its voluntary cut of 1 million barrels per day (bpd) from output to August, the kingdom's state news agency reported. Russia will also reduce its oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd as Riyadh and Moscow look to prop up prices.

Persons: Brent, Alexander Novak, Morgan, Arathy Somasekhar, Trixie Yap, Tom Hogue, Gerry Doyle Organizations: Brent, . West Texas, ING, bbl, OPEC, of, Petroleum, U.S, ANZ, Thomson Locations: Saudi Arabia, Russia, U.S, Riyadh, Moscow, China, Europe, Houston, Singapore

☆ Russia rejects bank compromise as Black Sea grain expiry looms
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +2 min

With 13 days remaining until expiry of the deal that has allowed Ukraine to export grain from its Black Sea ports despite Russia's invasion, Moscow said there had been no progress on any of its key demands, including the banking issue. She also rejected a U.N. attempt to create an alternative payment channel between Rosselkhozbank and U.S. bank JP Morgan (JPM.N). Russia says the severing of the bank's access to SWIFT is one of the obstacles facing its own exports of food and fertiliser, and that it cannot keep renewing the Black Sea deal unless those issues are addressed. The United Nations says the deal has so far allowed the export of more than 32 million metric tons of food from three Ukrainian Black Sea ports to 45 countries on three continents. Its foreign ministry said the Black Sea initiative had delivered Ukrainian grain to "well-fed" countries but failed to help those that needed it most in Africa, Asia and Latin America.

Persons: Maria Zakharova, JP Morgan, SWIFT, Zakharova, Felix Light, Mark Trevelyan, David Goodman Organizations: Financial Times, European Union, Foreign Ministry, SWIFT, United Nations, Thomson Locations: Russia, Ukraine, Moscow, Rosselkhozbank, Africa, Asia, Latin America, Ethiopia, Yemen, Afghanistan, Sudan, Somalia

JPMorgan, the biggest U.S. lender, plans to increase its quarterly stock dividend to $1.05 per share from a current $1.00. Wells Fargo will boost its dividend to 35 cents a share from 30 cents, the companies said. Goldman Sachs' dividend will rise to $2.75 a share from $2.50, while Morgan Stanley's will increase to 85 cents a share from the current 77.5 cents. Citigroup's stress capital buffer (SCB) requirement rose to 4.3%, from a current 4.0%, contrasting with large peers whose SCB dropped. "While we would have clearly preferred not to see an increase in our stress capital buffer, these results still demonstrate Citi’s financial resilience through all economic environments," Fraser said.

Persons: Morgan Chase, Mike Segar, Goldman Sachs, Morgan Stanley, Wells, Morgan Stanley's, Jane Fraser, Fraser, Saeed Azhar, Nupur Anand, Tatiana Bautzer, Michelle Price, Lananh Nguyen, Richard Chang, Diane Craft, Cynthia Osterman Organizations: Co, New York City, REUTERS, JPMorgan Chase, Federal, JPMorgan, Bank of America, Moody's Investors Service, Citigroup repurchased, Thomson Locations: New York, Wells Fargo, U.S

☆ Cyanide maker Draslovka mulls equity raise to drive new mining technology
▼ + stars: | 2023-06-30 | by ( Jan Lopatka | ) www.reuters.com time to read: +3 min

REUTERS/Jan LopatkaPRAGUE, June 30 (Reuters) - Cyanide maker Draslovka is considering an equity fundraising worth hundreds of millions of dollars support the roll out of new technology that could help miners slash use of cyanide, its CEO said in an interview on Friday. The privately-held Czech company is the world's leading sodium cyanide maker. It acquired Australian Mining & Process Solutions last year, which developed innovative glycine leaching technology that can cut cyanide usage in mining by about half, depending on the circumstances. Draslovka hopes the technology will spearhead a transformation of the industry, raising its effectiveness and reducing environmental impacts. Bruzek said Draslovka had another 10 similar potential projects lined up by year-end, including a top nickel and cobalt miner.

Persons: Pavel Bruzek Jr, Jan Lopatka, Draslovka, Bruzek, JP Morgan, Barrick, Emma Rumney Organizations: Draslovka, REUTERS, Australian Mining, U.S, Oaktree Capital Management, Partners, Thomson Locations: Prague, Czech Republic, Jan Lopatka PRAGUE, Czech, London, United States, Sasol, South Africa

☆ US bank stocks rise as lenders sail through Fed's stress test
▼ + stars: | 2023-06-29 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +4 min

This year's test, which was devised before the latest banking crisis, checked if banks would stay above the minimum 4.5% capital ratio during economic stress and macroeconomic instability. Banks will disclose their new stress capital buffer in the coming days and Well Fargo expects a reduction in the capital requirements for JP Morgan, BofA and Goldman. Goldman Sachs analysts said market focus will likely return quickly to potential increases to stress capital buffer and tougher regulations against the backdrop of Basel III revision. Citigroup (C.N) rose 0.7%, but trailed its peers as analysts said higher stress capital buffer would hamper its efforts to boost profitability. "Citi will now have the highest CET1 requirement among our banks at 12.3%," J.P. Morgan analysts wrote in a client note.

Persons: Charles Schwab, Morgan Stanley, Goldman Sachs, Banks, JP Morgan, BofA, Goldman, Wells, J.P, Morgan, It's, Brian Jacobsen, Manya Saini, Niket Nishant, Chuck Mikolajczak, Arun Koyyur Organizations: Big, JPMorgan Chase, Bank of America, Fargo, JP, Reuters Graphics Reuters, Wall Street, Jefferies, Citizens, Citigroup, Citi, Bank of New York Mellon, US Bancorp, RBC Capital Markets, Wealth Management, Reuters, Banks, Thomson Locations: Wells Fargo, Basel, U.S, Menomonee Falls , Wisconsin, Bengaluru

☆ In return to office messaging, there's now more stick, less carrot
▼ + stars: | 2023-06-29 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +8 min

This marks a shift from the incentive culture that many companies have been using to lure workers back to the office post-pandemic. But workforce demographics vary widely when it comes to the benefits, and the desire, to return to the office. Employees who work from the office at least three times a week report feeling more connected to their colleagues, a company spokesman said. This could mean, for instance, spelling out to the sales team that Mondays and Wednesdays are in-office days because that's when the bulk of customer interactions happen, and making clear to engineering that Thursdays are in-office days because that's when code reviews happen. This comes as the company will start mandating employees be in the office four days a week, up from three days, after Labor Day.

Persons: Bradford, Bell, William J, Conaty, there's, slowdowns, Morgan Chase, Davis Polk, Sallie Krawcheck, Lynne C, Vincent, Jenny von Podewils, Podewils, Rubab Jafry O'Connor, Neil Barr Organizations: Resources, Center, Cornell University's ILR, Google, Skadden, Wardwell, LaSalle Network, Citi, Bank of America, CNBC, Companies, Whitman School of Management, Syracuse University, Employees, Carnegie Mellon University's Tepper School of Business, Labor Locations: Slate

☆ LVMH owner Bernard Arnault reportedly visits China after luxury spending rebound
▼ + stars: | 2023-06-28 | by ( Laura He | ) edition.cnn.com time to read: +4 min

LVMH reported its first-quarter sales surged 17% from a year ago, beating analyst expectations, driven by a rebound in China’s luxury market from the downturn it experienced during the pandemic. Luxury goods spending bounced back more quickly than any other sector in the first quarter. Although the economic momentum has lost steam in the past couple of months, growth in luxury goods sales has accelerated. China was one of the world’s largest luxury goods markets before Covid hit. Bain & Co. estimated earlier this year that Chinese consumer spending accounted for around 17% of the global luxury market in 2022.

Persons: Hong Kong CNN — Bernard Arnault, Elon Musk, Morgan, Jamie Dimon, Musk, Caijing, Christian Dior, LVMH didn’t, LVMH, ”, Jean, Jacques Guiony, “, Li Qiang, ” Li Organizations: Hong Kong CNN, LVMH, WF, CNN, Consumers, Bain & Co Locations: Hong Kong, China, Beijing, ” Beijing

☆ Would Bud Light do it all over again? Anheuser-Busch's US CEO dodges question of whether promo with a transgender influencer was a 'mistake.'
▼ + stars: | 2023-06-28 | by ( Grace Mayer | ) www.businessinsider.com time to read: +4 min

The company's Bud Light brand saw backlash over a promotion that featured a transgender influencer. The CEO didn't say whether he thought the promo a "mistake," but said the brand would continue to support LGBTQ+ organizations. Analysts from JP Morgan have also warned that sales could continue to drop, and predicted some consumers will swear off Bud Light "for the foreseeable future." Anheuser-Busch is now spending nearly three times more on Bud Light advertising, Whitworth told CBS Wednesday. The Bud Light brand has also donated to anti-LGBTQ+ politicians in the past, the interviewers pointed out in the CBS segment.

Persons: Bud, —, Brendan Whitworth, Bud Light, influencer Dylan Mulvaney, Whitworth, it's, Mulvaney, JP Morgan, We'll, we've Organizations: CBS, Service, Privacy, Anheuser, Target, Busch, JP, Bud Light

Summary Oil prices rise early in second sessionPolitical instability in Russia adds to supply concernsHopeful expectations for summer driving season demand remainJune 27 (Reuters) - Oil prices edged higher on Tuesday, spurred by worries about political instability in Russia and possible supply disruptions, as well as U.S. demand hopes ahead of the summer driving season. Following the weekend's events, ANZ analysts said, the complacency among traders about Russian oil continuing to seep into the international market could no longer be assumed to the same extent. The challenge has fed questions about President Vladimir Putin's grip on power and some concern about possible disruption of Russian oil supply, although loadings have kept on schedule. Oil fell about 3.6% last week on worries that further interest rate hikes by the U.S. Federal Reserve could sap demand as China's economic recovery disappoints investors. Traders were also watching for signs of a pickup in demand for transport fuels, such as gasoline, in the United States ahead of the peak summer driving season.

Persons: Brent, Wagner, Vladimir Putin's, Saudi Arabia's, Morgan, Stephanie Kelly, Trixie Yap, Muralikumar Anantharaman, Clarence Fernandez Organizations: Brent, U.S, West Texas, ANZ, Saudi, BMI Research, U.S . Federal, Traders, American Automobile Association, Global, American Petroleum Institute, Energy Information Administration, Thomson Locations: Russia, Moscow, Russian, Rostov, Saudi Arabia, United States, U.S

☆ China slams the West for 'hyping up' the concept of 'de-risking.' Here's what it means and why China is so worried.
▼ + stars: | 2023-06-27 | by ( Spriha Srivastava | ) www.businessinsider.com time to read: +4 min

The US-China trade war has impacted manufacturing exports, particularly in the semiconductor industry. Opening Plenary with Li Qiang, Premier of the People's Republic of China World Economic Forum/Benedikt von LoebellWhy does de-risking matter? According to the Peterson Institute for International Economics, the trade war of 2018-19 devastated US exports to China. A big sticking point for the two nations is the US manufacturing exports to China. "Prior to the trade war, manufacturing was 44 percent of total US goods and services exports to China — the largest component of pre-trade war commerce.

Persons: Li Qiang, Li, —, Ursula von der Leyen, Benedikt von Loebell, Trump, Morgan, JP Morgan Organizations: Service, European, Economic, Peterson Institute for International Economics, Peterson Institute, Semiconductor Industry Association Locations: China, West, Davos, Tianjin, decouple, People's Republic of China, China —, East Asia, Taiwan, South Korea

"This is a really fine settlement," Rakoff said. Epstein had been a JPMorgan client from 1998 through 2013, when the bank terminated his accounts. JPMorgan in a statement this month said any association it had with Epstein "was a mistake and we regret it." Rakoff appointed Simone Lelchuk, a lawyer who specializes in administering settlements, to consider individual claims and determine payouts in the JPMorgan and Deutsche Bank cases. JPMorgan is also facing a lawsuit over Epstein by the U.S. Virgin Islands, where the financier owned two neighboring islands.

Persons: Morgan Chase, Mike Segar, Jeffrey Epstein, Jed Rakoff, Rakoff, Epstein, Jane Doe, David Boies, Boies, Simone Lelchuk, Luc Cohen, Jonathan Stempel, Matthew Lewis Organizations: Co, New York City, REUTERS, JPMorgan Chase's, U.S, Deutsche Bank, JPMorgan, U.S ., Thomson Locations: New York, U.S, Manhattan, Florida, Russia, Eastern Europe, U.S . Virgin Islands

☆ London stocks hit three-month low dragged by defence stocks; Aston Martin surges
▼ + stars: | 2023-06-26 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) slipped 0.4%, hitting a three month low as the aerospace and defence sector (.FTNMX502010) lost 2.1% after fighters of the Wagner group attempted a mutiny in Russia over the weekend. "Defence stocks tend to benefit from bad news in terms of geopolitical tensions," said Christopher Peters, trading floor manager at Accendo Markets. Britain's biggest defence company BAE Systems (BAES.L) slumped 3.1%, dropping to the bottom of the FTSE 100. The more domestically-focussed FTSE 250 midcap index (.FTMC) also fell 0.5%, touching a three-month low. Among individual stocks, Cineworld Group (CINE.L) dropped 28.9% after the cinema chain operator said it will file for administration as part of a proposed restructuring plan.

Persons: Russia Cineworld, Aston Martin, carmaker Aston Martin, Wagner, Christopher Peters, JP Morgan, Shashwat Chauhan, Sherry Jacob, Phillips Organizations: Defence, U.S, EV, Lucid, carmaker, Accendo, BAE Systems, Lloyds, Bank of England, Bank for International, Cineworld, Thomson Locations: Russia, Bengaluru

FRANKFURT/BERLIN, June 23 (Reuters) - Siemens Energy (ENR1n.DE) warned on Friday that the impact of quality problems at its Siemens Gamesa wind turbine business would be felt for years and were not yet quantifiable, sending its shares tumbling by nearly a third. Finance chief Maria Ferraro earlier told analysts that the majority of the hit would be over the next five years. Issues at Siemens Gamesa have been a drag on the parent for a long time, prompting Siemens Energy to take full control of the business after only partially owning it for several years. The discovery of faulty components at Siemens Gamesa in January had already caused a charge of nearly half a billion euros. At the same time, he said he did not believe that the full takeover of Siemens Gamesa had been a mistake.

Persons: Christian Bruch, Maria Ferraro, us, JP Morgan, Jochen Eickholt, Bruch, Spain's Gamesa, Siemens Gamesa, Kirsten Donovan, Jason Neely, Jane Merriman Organizations: Siemens Energy, Siemens, Finance, JP, Siemens Gamesa, Thomson Locations: FRANKFURT, BERLIN

☆ This market's narrow advances are less sustainable than broad advances, says Invesco's Brian Levitt
▼ + stars: | 2023-06-23 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThis market's narrow advances are less sustainable than broad advances, says Invesco's Brian LevittJack Caffrey, JP Morgan Private Bank equity portfolio manager and Brian Levitt, Invesco global market strategist, join 'Closing Bell Overtime' to discuss today's market action and where there's opportunity for investing in the current market environment.

Persons: Invesco's Brian Levitt Jack Caffrey, JP, Brian Levitt Organizations: JP Morgan Private Bank

☆ 'Lots of smoke. Lots of questions': Internal emails show JPMorgan Chase execs worried about the bank's ties to Jeffrey Epstein. So why did it take so long to cut him loose?
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

That, of course, is the billion-dollar question: What did JPMorgan, America's largest bank, know about Epstein's alleged sex trafficking? Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. Lots of questions," declared a senior JPMorgan compliance officer reviewing Epstein's accounts as part of that 2011 compliance review, according to court papers filed by the US Virgin Islands. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

Persons: —, Morgan Stanley, Lehman Brothers —, Jamie Dimon, Jeffrey Epstein, Leon Black, Bill Clinton, Donald Trump, Epstein, Jes Staley, Staley, Jeffrey Epstein's, Michelle Licata, Courtney Wild, Stephanie Keith, Jane Doe, JP Morgan —, Epstein —, jes staley, Patricia Wexler, Wexler, Dimon, Barry Krischer, JPMorgan, Ghislaine Maxwell, Rod Stewart, Cipriani, Joe Schildhorn, Patrick McMullan, Frank Haberstroh, Haberstroh, Les Wexner, Wexner, Tom Williams, JP Morgan, Little, Little Saint James, Epstein's, Jim Spellman, Staley didn't, Morgan, James, Emily Michot, Bill Gates, Larry Summers, Woody Allen, Stephen Cutler, Cutler, Mary Erdoes, Erdoes, Youngbee Dale, Dale, JPMorgan Chase, Michael M, NYDFS, Bernie Madoff, Cecile de Jongh, Joe Shmoe, Jacob Shamsian Organizations: JPMorgan, Highbridge Capital Management, Citigroup, Lehman Brothers, titans, Apollo, US, US Virgin Islands, Bloomberg TV, Financial, US Department of, Treasury, Getty, BSA, Polaris Market Research, United Nations University Centre, M2C Model, Palm, JPMorgan Chase, Washington D.C, Inc, Apollo Global Management, The New York Times, Little Saint, Virgin, U.S ., Miami Herald, Tribune, Service, Microsoft, Columbia University, Mountain Capital, DOJ, New, Deutsche Bank, New York Department of Financial Services, Virgin Islands, Barclays, Authority, Wall Street Journal Locations: York, Manhattan, New York, US Virgin, dimon, Palm Beach , Florida, New York City, UN, Paris, Washington, Prague, thomas, Wexner, Little Saint, I'm, Little St, U.S, U.S . Virgin Islands, Staley, Dimon's, Virgin, British

☆ JPMorgan Chase's drawn-out breakup with Jeffrey Epstein
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

Several months later, in October 2006, JPMorgan categorized Epstein as a "high-risk" client, according to a transcript of Dimon's deposition in May. Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. A 'faithless servant'One person who might know much more about the tangled relationship between Epstein and JPMorgan is Jes Staley. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

Epstein had been a JPMorgan client from 1998 and 2013 when the bank terminated his accounts. Lawyers for the victims plan to seek up to 30% of the settlement amount for legal fees, court records show. The victims' lawyers also represented Epstein victims in a similar $75 million settlement with Deutsche Bank (DBKGn.DE), where Epstein was also a client. JPMorgan also faces a lawsuit over Epstein by the U.S. Virgin Islands, where Epstein owned two neighboring islands. The case is Doe 1 v JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

Persons: Morgan Chase, Mike Segar, Jeffrey Epstein's, Epstein, Jan, Jed Rakoff, Jane Doe, JPMorgan, Rakoff preliminarily, Jes Staley, Staley, Jonathan Stempel, Jahnavi, Robert Birsel Organizations: Co, New York City, REUTERS, JPMorgan Chase's, U.S, JPMorgan, Deutsche Bank, Barclays, Reuters, U.S ., JPMorgan Chase Bank NA, Court, Southern District of, Thomson Locations: New York, U.S, Manhattan, U.S . Virgin Islands, Southern District, Southern District of New York, Bengaluru

☆ SEC fines JPMorgan subsidiary for deleting 47 million emails, some related to subpoenas
▼ + stars: | 2023-06-22 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

The Securities and Exchange Commission fined the broker-dealer subsidiary of JPMorgan Chase $4 million for accidentally deleting about 47 million emails from early 2018, according to an administrative order Thursday. Some of those deleted emails were sought by subpoenas in at least a dozen regulatory investigations, but could no longer be retrieved, the SEC order against J.P. Morgan Securities LLC noted. Many of the emails were "business records required to be retained pursuant" to federal securities law, the order said. The firm had submitted a settlement offer in anticipation of administrative proceedings related to the deletions, and the SEC accepted that offer. In its order Thursday, the SEC noted JPMorgan in 2016 began a project "to delete from its system older communications and documents no longer required to be retained."

Persons: Morgan Chase, J.P, Morgan Securities, Patricia Wexler Organizations: The Securities, Exchange Commission, JPMorgan Chase, SEC, J.P, Morgan Securities LLC, Chase, Morgan, JPMorgan, Bloomberg, Commission Locations: Park Avenue, Midtown, Manhattan , New York

REUTERS/Mike Segar/File PhotoNEW YORK, June 21 (Reuters) - JPMorgan Chase & Co's (JPM.N) commercial bank is entering Singapore and Israel this year as its unit catering to midsize and small companies makes a global push, the bank said. The moves will give the commercial bank a presence in 28 countries by year-end. The largest U.S. lender has been beefing up its global presence, with a goal of quadrupling the number of commercial clients as it enters new geographies. JPMorgan's commercial bank began branching outside of the U.S. and Canada in 2019, establishing bases in Europe and Asia. Revenue for the international commercial business stood at $847 million at the end of 2022, reflecting annual growth of 17%.

Persons: Morgan Chase, Mike Segar, Andrew Kresse, Doug Petno, Morgan McGrath, Nupur Anand, Lananh Nguyen, Conor Humphries Organizations: Co, New York City, REUTERS, JPMorgan Chase, U.S, JPMorgan, World Trade Organization, Revenue, Thomson Locations: New York, Singapore, Israel, U.S, Paris, London, Tel Aviv, Sydney, Canada, Europe, Asia

☆ 5 wild conspiracy theories surrounding the sinking of the Titanic
▼ + stars: | 2023-06-21 | by ( Áine Cain | Will Gendron | ) www.businessinsider.com time to read: +2 min

JP Morgan was behind the whole thingA portrait of JP Morgan circa 1900. Photo by Museum of the City of New York/Getty ImagesThis rumor has everything you could want in a conspiracy theory. The Federal Reserve Bank. There's a theory out there that JP Morgan sank the Titanic in order to pave the way for the establishment of the Federal Reserve Bank in the US. Morgan was reportedly supposed to be on the ship, but decided to skip the maiden voyage at the last second.

Persons: Morgan, JP Morgan, John Jacob Astor, Benjamin Guggenheim, Macy's, Isidor Straus, Astor, We've, Straus, Ida, Layton, Morgan could've Organizations: Museum of, Federal Reserve Bank, Titanic, White Star, Pittsburgh Post, Gazette, US Federal Locations: City of New York, Europe

☆ US shale's muted reply to OPEC oil cuts to limit supply, executive says
▼ + stars: | 2023-06-21 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

U.S. energy firms have cut domestic oil and gas drilling activity to the lowest level since April 2022 with declines from Texas to Pennsylvania. Analysts expect further cuts this year with oil and gas prices off from last year's strong levels. "We are more constructive on where oil prices could go." Global benchmark Brent crude was trading at $77.10, while U.S. natural gas prices were trading around $2.58 per million British thermal units. It expects to flatten drilling activity there and turn more to Ohio's Utica and Wyoming's Powder River Basin, he added.

Persons: Lloyd Helms, Morgan, Helms, Arathy Somasekhar, Matthew Lewis Organizations: Global, Brent, Organization of, Petroleum, U.S . Energy Information Administration, Thomson Locations: ., Texas, Pennsylvania, U.S, Saudi Arabia, New Mexico, Utica, Houston

☆ JPMorgan invests in financial technology provider Cleareye.ai
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 20(Reuters) - JPMorgan (JPM.N) has made a strategic investment in Cleareye.ai, a financial technology firm focused on trade finance, the companies said on Tuesday. The parties, which entered into a commercial partnership last September, did not provide the financial terms of the transaction. Trade finance refers to financial products offered by banks and other institutions that seek to facilitate global trade by reducing counterparty risk between importers and exporters. Cleareye.ai operates a platform that it claims can expedite trade finance processes and compliance by analysing documents and data and removing manual checks. JP Morgan's trade finance business receives nearly 4 million individual documents every year.

Persons: Cleareye.ai, Andres Gonzalez, Louise Heavens Organizations: JPMorgan, Trade, Cleareye.ai, Thomson Locations: Cleareye.ai, U.S

High debts, rising interest rates and a wilting economy has produced a toxic cocktail for Sweden's commercial property companies, with several cut to junk by rating agencies. Sweden and Germany are among the worst affected by a widening property slump on the continent, according to Eurostat. Swedish officials are worried that banks could compound property companies' troubled by cutting credit, triggering firesales that would further drag down the market. Financial markets minister Wykman said he had held discussions with banks, property companies and investors about the entire commercial property market. This week, analysts at JP Morgan said big banks in Sweden, which had 1 trillion Swedish crowns of property exposure, were 'ill-prepared' for losses.

Persons: Niklas Wykman, Wykman, Ilija Batljan, Batljan, JP Morgan, Finland's, SEBa.ST, Chiara Elisei, Sinead Cruise, John O'Donnell, Toby Chopra Organizations: Organisation for Economic Cooperation, Development, Financial, Reuters, Eurostat, OECD, Reuters Graphics, SBB, JP, Thomson Locations: STOCKHOLM, FRANKFURT, Europe, Sweden, Germany, Stockholm, Swedish, Spain, Ireland, London

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