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☆ Analysis: Ghana overhaul a test for $1 billion World Bank-backed debt
▼ + stars: | 2022-12-02 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +5 min

[1/3] A girl walks past a flag of Ghana outside the Cape Coast Castle, in Ghana, July 28, 2019. "If Ghana decides to use the guarantee, it has to pay back immediately to the World Bank," Mitu Gulati, a law professor at the University of Virginia and debt restructuring expert, said. "This is a highly protected instrument that was issued with the logic that Ghana would never default on the World Bank," Gulati said. Ghana 2030 bondIN OR OUT? Ghana has not yet said whether the 2030 issue will be part of its debt restructuring.

But neither incoming hard economic numbers nor many senior policymakers have fully bought into the recession idea just yet. But not all think a soft landing is out of the question. JP Morgan's Bruce Kasman said his "baseline" is the lagged effect of Fed tightening does eventually drag the U.S. economy into recession late next year. But he also said it was a "mistake to rule out a soft landing scenario." by Mike Dolan, Twitter: @reutersMikeD; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Watch CNBC's full interview with JPM's David Kelly and Edward Jones' Mona Mahajan
▼ + stars: | 2022-12-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with JPM's David Kelly and Edward Jones' Mona MahajanDavid Kelly, JP Morgan Asset Management chief global strategist, and Mona Mahajan, Edward Jones senior investment strategist, join 'Squawk on the Street' to discuss if Friday's jobs data alters Kelly's soft landing picture, what next year holds for equity markets and more.

☆ Jobs market still moderating and Fed will have an excuse to taper rate hikes, says JPM's Kelly
▼ + stars: | 2022-12-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJobs market still moderating and Fed will have an excuse to taper rate hikes, says JPM's KellyDavid Kelly, JP Morgan Asset Management chief global strategist, and Mona Mahajan, Edward Jones senior investment strategist, join 'Squawk on the Street' to discuss if Friday's jobs data alters Kelly's soft landing picture, what next year holds for equity markets and more.

☆ Credit Suisse shares get closer to offer price in $2.4 bln cash call
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] Switzerland's national flag flies above a logo of Swiss bank Credit Suisse in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd WiegmannMILAN, Dec 1 (Reuters) - Credit Suisse (CSGN.S) shares fell to a fresh record low on Thursday approaching the offer price of the 2.24 billion Swiss francs ($2.37 billion) rights issue the loss-making bank needs to help stabilise its finances. By 1019 GMT, Credit Suisse shares fell to as low as 2.667 francs, which is around 5% above the 2.52 francs offer price in the rights issue. Rights to subscribe to the capital increase fell as much as 51% on the day. "The share price is... above the offer price of CHF 2.52 for their CHF 2.2bn rights offering, which is also the 'hard underwriting' price for the consortium of 19 banks.

HONG KONG, Dec 1 (Reuters Breakingviews) - Covid-19 lockdowns and protests across China have highlighted the risks of the mutual dependence between Taiwan's Foxconn and its top customer Apple (AAPL.O). It makes 70% of the world’s iPhones, according to Fubon Research. Meanwhile Apple’s huge investments into Foxconn have paid off: the U.S. company is the most profitable smartphone maker by far. Foxconn has been scrambling to contain the fallout, offering bonuses to temporary workers and shifting production to other facilities. At the time, Foxconn said it was bringing the situation under control and was coordinating with other plants to increase production.

☆ Fed won't crash economy with interest-rate hikes: Powell
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

Federal Reserve Chair Jerome Powell speaks in Washington, U.S., September 23, 2022. REUTERS/Kevin Lamarque/File PhotoNov 30 (Reuters) - The Federal Reserve has been "pretty aggressive" already with its interest rate hikes and won't try to crash the economy with further sharp increases just to get inflation under control faster, Fed Chair Jerome Powell said on Wednesday"We might get rid of inflation, but at a very high human cost," Powell said at the Brookings Institution in Washington, in response to a question from a JP Morgan economist about if he would take a "shock and awe" approach to rate hikes. "I think we are in a position where the right thing to do is to move really quickly as we have, and now slow down and get to that place where we think we need to be, and by the way, there's high uncertainty around that." Reporting by Ann Saphir, Lindsay Dunsmuir and Howard Schneider; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ UK's FTSE 100 rises ahead of key Federal Reserve speech
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.3%, FTSE 250 adds 0.3%Nov 30 (Reuters) - The FTSE 100 rose on Wednesday, helped by consumer discretionary and energy stocks, though investors were cautious ahead of U.S. Federal Reserve Chair's speech later in the day. The blue-chip FTSE 100 (.FTSE) gained 0.3% by 0821 GMT and was on track for its best month in two years. Consumer discretionary shares like Flutter Entertainment (FLTRF.L) gained 2.1% after JP Morgan raised the company's price target. Energy stocks (.FTNMX601010) took an early lead, gaining 0.2% as crude oil prices climbed on falling U.S. crude inventories and a weaker greenback. Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

China on Friday launched its first private pension scheme in 36 cities as it grapples with a rapidly ageing population, allowing individuals to open retirement accounts at banks to buy pension products ranging from deposits to mutual funds. The move marked the official launch of China's version of IRA, or Individual Retirement Accounts in the United States, a private pension scheme that offers tax advantages for individuals saving for retirement. As part of the new system, local domestic workers covered by China's public pension insurance can participate in the private pension scheme and contribute up to 12,000 yuan ($1,680) per year to their individual accounts and receive tax benefits. Eddy Wong, chief executive of China International Fund Management (CIFM), a joint venture between JPMorgan and Shanghai International Trust Co., said China's individual pension market has "huge potential and room for development". "The first movers in China's pension market enjoy an advantage," said Howhow Zhang, Greater China wealth and asset management strategy and transactions leader at consultancy EY.

☆ Fiscal developments affect Brazil's central bank decisions through balance of risks, says director
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Nov 29 (Reuters) - Brazilian central bank director Diogo Guillen said on Tuesday that markets are more sensitive to fiscal news and that fiscal developments enter into policymakers' decisions through the balance of risks for inflation. Speaking at an event hosted by JP Morgan, Guillen, the economic policy director, said that in the short run, the central bank analyzes how fiscal stimuli will impact activity and how this will translate into more inflation. The package has left the market apprehensive amid the lack of commitments regarding public expense control, which could ultimately push Brazil's debt to record levels and force a monetary policy shift. Guillen said fiscal policies may impact the Brazilian currency, change expectations and directly affect inflation through expenditures. That suggests that inflation will fall to around the official target despite being still high, he signaled, stressing that the central bank will do whatever is necessary to accomplish that goal.

The Euro STOXX 600 (.STOXX) gained 0.4%, recovering from its worst session in almost two weeks a day earlier. Shares in London (.FTSE) were up 0.8% and markets in Paris (.FCHI) and Frankfurt (.GDAXI) gained around 0.2%-0.3%. Hopes of faster easing of China's strict restrictions rose after an official said they will continue to fine-tune policy to reduce the impact of its "Zero COVID" on society. The sudden bout of optimism on China combined with talk of possible output cuts by OPEC+ to help oil prices rally. Shares of Chinese property companies surged after the country's securities regulator lifted a ban on equity refinancing for listed property firms.

[1/2] HSBC logo is seen on a branch bank in the financial district in New York, U.S., Aug. 7, 2019. REUTERS/Brendan McDermid/File PhotoLONDON, Nov 29 (Reuters) - HSBC (HSBA.L) has agreed to sell its business in Canada to Royal Bank of Canada (RY.TO) for $13.5 billion Canadian dollars ($10.04 billion) in cash. Chinese insurance company Ping An Insurance Group has been pushing HSBC to split off its Asian business to boost returns. "We decided to sell following a thorough review of the business, which assessed its relative market position within the Canadian market and its strategic fit within the HSBC portfolio," Chief Executive Noel Quinn said. Analysts had valued HSBC's Canada business in the range of C$8 billion to C$10 billion.

☆ Protests in China send a chill through global markets
▼ + stars: | 2022-11-28 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

The protests had an immediate impact on global markets, and raised questions about the path forward for China’s increasingly sluggish economy. The protests began Friday after 10 people were killed in a fire in China’s Xinjiang province, where Covid lockdown restrictions reportedly hindered first responders from reaching the blaze. Step down, Communist Party!”Meanwhile, the prospect of social upheaval in the world’s second-biggest economy has sent a chill through global markets. Oil prices dropped sharply as investors feared that surging Covid cases and protests in China would sap demand from one of the world’s largest oil consumers. To fix its economy, China needs to ease lockdowns to allow its people to get back to their lives.

☆ The FTX fiasco doesn't make bitcoin untouchable and crypto doomsayers are just 'people throwing gasoline,' Fundstrat's Tom Lee says
▼ + stars: | 2022-11-28 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

There's still hope for the crypto industry despite FTX's collapse, said Fundstrat's Tom Lee. Its crash flushes out bad actors, he said, adding bitcoin has historically delivered good returns. But do I think crypto is dead? "The mistake was to say that banks were untouchable and that's what happened with crypto now," Lee said. He acknowledged the pressure on the crypto industry, saying it's been a "terrible year" for the sector.

☆ The 5 worst things about my job as a software engineer
▼ + stars: | 2022-11-25 | by ( Jenna Gyimesi | ) www.businessinsider.com time to read: +5 min

I listened to his advice and decided to become a computer science major in college and later become a software engineer. Sure, there are a lot of perks to being a software engineer such as six-figure salaries and free food, but some things are less than ideal. Here are the top 5 things I don't like about being a software engineer. If you are a software engineer, know that you bring value to the tech world and your company. It's extremely hard to even become a software engineer so think about how far you've come already.

☆ Epstein accusers sue JP Morgan and Deutsche Bank, claiming banks benefited from sex trafficking operation
▼ + stars: | 2022-11-25 | by ( Samantha Beech | ) edition.cnn.com time to read: +3 min

New York CNN —Two anonymous women who accuse the late Jeffrey Epstein of sexual abuse have filed separate civil lawsuits against JP Morgan Chase & Co. and Deutsche Bank AG, claiming the big banks enabled and benefitted financially from Epstein’s alleged sex trafficking operation. The class action suits were filed in part under a new law in New York, which allows adult sexual abuse survivors to sue their alleged abusers, even if the statute of limitations has expired. Specifically, Deutsche Bank chose facilitating a sex trafficking operation in order to churn profits,” the suit claims. The suit alleges Deutsche Bank ignored red flags including payments to numerous young women and large withdrawals of cash. In 2020, New York regulators fined Deutsche Bank $150 million and slammed the lender for “mistakes and sloppiness” in its relationship with Epstein.

☆ Analysis: Out of fashion: Gucci faces daunting task to replace top designer
▼ + stars: | 2022-11-25 | by ( Mimosa Spencer | ) www.reuters.com time to read: +5 min

[1/4] Gucci's designer Alessandro Michele arrives at the "Green carpet Fashion Awards" event during the Milan Fashion Week in Milan, Italy, September 24, 2017. Tensions had been high between the designer and company management, sources told Reuters. Kering chairman and CEO François-Henri Pinault lauded the designer's tenure as "an outstanding moment" in Gucci's history. Gucci falls out of fashionFURRY LOAFERSMichele, 49, reinvigorated the brand with his eccentric, gender-fluid styles popular with younger shoppers. China generates around 35% of Gucci's annual sales, according to Barclays estimates, compared to 27% for LVMH's fashion and leather goods division and 26% for Hermes.

☆ The dream of plant-based meat in fast food may already be dead
▼ + stars: | 2022-11-23 | by ( Mary Meisenzahl | ) www.businessinsider.com time to read: +3 min

Fast food chains have experimented with plant-based proteins for years with limited success. Plant-based meat is too expensive and adds too much complexity for widespread fast food adoption, an analyst said. Despite some exceptions like Burger King's Impossible Whopper, plant-based fast food menu items have largely been featured as limited-time offerings. It's "very hard" to convert meat eaters to plant-based meat, he said. Plant-based meat isn't likely to disappear from fast food menus, but it's also not going to replace beef.

Russia has said it will not sell oil to countries that endorse the price cap. A G7 plan to take effect on Dec. 5 will allow the shipping industry to help export Russian oil but only at a set price - the price cap. That would leave a shortfall of 110 tankers should Moscow seek to fully skirt the price cap, Gromov added. POOLING RESOURCES WITH BUYER COUNTRIESRussia may seek to bypass the restrictions by pooling its shipping resources with those of top buyer countries that have yet to endorse the G7 price cap. Between 1 million and 2 million bpd of Russian crude and refined products exports could be shut in, a U.S. Treasury official said.

☆ This is the worst fixed-income year in the history of bonds, says JP Morgan's Phil Camporeale
▼ + stars: | 2022-11-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThis is the worst fixed-income year in the history of bonds, says JP Morgan's Phil CamporealeLiz Ann Sonders, Charles Schwab chief investment strategist, and Phil Camporeale, JPMorgan Asset Management portfolio manager, join 'Squawk on the Street' to discuss assessing the terminal rate, fixed income versus equities, and financial conditions in 2023.

☆ Watch CNBC's full interview with Charles Schwab's Liz Ann Sonders and JP Morgan's Phil Camporeale
▼ + stars: | 2022-11-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Charles Schwab's Liz Ann Sonders and JP Morgan's Phil CamporealeLiz Ann Sonders, Charles Schwab chief investment strategist, and Phil Camporeale, JPMorgan Asset Management portfolio manager, join 'Squawk on the Street' to discuss assessing the terminal rate, fixed income versus equities, and financial conditions in 2023.

☆ JP Morgan remains world's biggest systemically important bank
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 21 (Reuters) - JP Morgan remains the world's most systemically important bank according to the latest rankings from the G20's Financial Stability Board published on Monday. JP Morgan remains in bucket 2 - there is still nobody in the top category with most capital requirements. Within the list, one bank has moved to a higher bucket, Bank of America has moved from bucket 2 to bucket 3," the FSB said in a statement. China Construction Bank and BNP Paribas have moved to a lower bucket. Reporting by Huw Jones; editing by Marc Jones and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Even though more than half the money ever invested in bitcoin would now be underwater if it had stayed, crypto monitors insist it's somehow still attracting punters. Cryptocurrency and bitcoin investors seem to be showing few signs of dumping their crypto-related assets, stocks and exchange-traded funds (ETFs), despite the latest wave of turmoil and scandal to crash over the sector. Analysts at JP Morgan estimate that around $25 billion has flowed out of the crypto since May. He estimates that the stablecoin market cap peaked at around $170 billion earlier this year and has declined by around $25 billion since May. That is, $25 billion of redemptions flowing out of crypto, most likely to fiat currency, perhaps cash or cash-like products.

☆ U.S. SEC stepped up enforcement activity in fy2022, assessed record penalties
▼ + stars: | 2022-11-15 | by ( John Mccrank | ) www.reuters.com time to read: +2 min

The total assessed included a record $4.2 billion in civil penalties, up from a total amount of $3.6 billion in 2021, as it filed 760 total enforcement actions, including 462 new or stand-alone ones. The SEC chair previously announced the amount of fines and fees assessed, but the annual report published on Wednesday provided more details in its roundup of activity in the year ended Sept. 30. SEC actions against JP Morgan Securities LLC, 15 other broker dealers, and one investment adviser for widespread and long-standing failures to maintain and preserve work-related text messages conducted on employees' personal devices made up over $1.2 billion of SEC penalties in 2022. The SEC also filed charges against Deloitte's China-based affiliate of failing to comply with U.S. auditing requirements and secured a record penalty against crypto firm BlockFi for selling unregistered securities. Reporting by John McCrank in New York; Additional reporting by Chris Prentice; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

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