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☆ JPMorgan to expand in Greece with new office, payments team
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

ATHENS, Nov 11 (Reuters) - U.S. bank JPMorgan (JPM.N) said on Friday it will open a new office in Athens to support the growth of its business in the country. The office will house a new Payments Innovation Lab for which the firm will hire around a 50-strong payments research and development team locally - including product and engineering specialists. The Payments Innovation Lab will provide research and development to the bank's global payments business, including working with Onyx, JP Morgan's business unit that leverages cutting-edge technologies like blockchain. "We want to stay at the apex of payments innovation, and our new location in Athens will be a key nerve centre for our cutting edge payments innovation work," said Takis Georgakopoulos, Global Head of JPMorgan Payments. Recruitment for the Payments Innovation Lab will begin immediately, including for a head of the division.

Foxconn, formally called Hon Hai Precision Industry Co Ltd, opened the India plant in 2019 and has been ramping up production. Foxconn has shared its plans with Tamil Nadu officials about accelerating its hiring efforts at the Indian plant due to disruptions in China, said the first government source. "We are gradually increasing our production scale there," the person said, declining to give details on its hiring plans in India. The second government source in India, a senior official in the Tamil Nadu administration, said the state government was working with Foxconn in "finalising" the expansion. Currently, iPhones are assembled in India by at least three of Apple's global suppliers: Foxconn and Pegatron (4938.TW) in Tamil Nadu; and Wistron (3231.TW) in nearby Karnataka state.

Crypto markets have come under intense pressure this year, as rising interest rates prompt investors to ditch risky or speculative assets. In the case of FTX, U.S. residents can't trade on its global platform due to strict regulations for the crypto space in the United States. Ken Lo, co-founder at Hong Kong-based crypto exchange and custodian Hong Kong Digital Asset Exchange, said counterparty risk, which comes from a lack of transparency and information disclosure, underscores the need for "clear regulatory framework and vision statement." In an interview with Reuters in July, Bankman-Fried said his company still had a "few billion" on hand to shore up struggling firms that could further destabilize the digital asset industry. Max Boonen, co-founder of digital asset liquidity provider B2C2, said FTX's problems have set the crypto space back by six months.

At the COP27 climate conference in Egypt, companies and country delegates are discussing ways of enhancing the market for green bonds, or bonds that are linked to projects deemed environmentally beneficial. POPULAR DESPITE THE 'GREENIUMS'Also known as "use of proceeds bonds," green bonds involve a company or government raising money for projects considered environmentally beneficial. SUSTAINABILITY-LINKED BONDSSustainability-linked bonds, or SLBs, comprise a newer and smaller market than green bonds. SOCIAL BONDS, SDG BONDS, AND MOREBeyond bonds focused on environmental outcomes, lie pools of money for related goals around social equity or fair living standards. Social impact bonds, or impact bonds, differ from social bonds in linking financial returns to the desired outcome.

☆ The latest inflation numbers come out tomorrow and it's expected to remain high—here's what to know
▼ + stars: | 2022-11-09 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

The latest numbers from the Consumer Price Index (CPI) report come out tomorrow, and inflation is expected to remain high. Forecasts expect it to barely dip below the 8% year-over-year rate it's been floating above since March. Specifically, inflation is predicted to be 7.9% year-over-year as of October, according to a median forecast of 52 economists surveyed by Bloomberg News. "We've been head-faked multiple times, thinking we're starting to turn the corner only to see inflation rise again." While an inflation rate decrease would be good news, there needs to be a streak of consecutive months of steady declines before we can say inflation is under control, McBride says.

☆ China, Russia to drive 10% default pain for 'junk-rated' EM firms - JPMorgan
▼ + stars: | 2022-11-08 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

Their woes will also mean emerging markets overall will see a more than 10% "high-yield" corporate default rate for another year, keeping it at more that triple the historical average. "We expect another high default year in 2023 focused on specific segments," JPMorgan's analysts said in a research note on Tuesday that describes China and Russia as the "trouble spots". China's battered property sector is forecast to have another eye-watering 46% default rate next year. The overall emerging market corporate default rate, once financially healthier "investment grade" companies are also included, is forecast to be 3.8%. Distressed bonds, classed as those trading below 70 cents on the dollar - or 30% below their face value - currently total $178 billion or 27.7% of EM corporate high yield outstanding bonds.

☆ Morgan Stanley says this Tesla-supplying global battery material stock could soar by 81%
▼ + stars: | 2022-11-07 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Morgan Stanley expects shares in Asian battery component maker L & F Co to rally by 81% by the end of next year. Morgan Stanley maintained its price target and rating on the stock despite the delays to the U.S. joint venture. L & F, which also supplies battery materials to SK Innovation, LG, and Samsung , said it intends to resubmit its application to the South Korean government in the fourth quarter. Equity analysts at Jefferies have a buy rating and 370,000-won price target on the stock, implying a 67% upside. "L & F team has not seen any order slowing from key end customer (TSLA) and expects a continued sequential increase in the next two quarters," Kown said in a note to clients on Oct. 16.

Here are the known and unknowns so far:WHO'S IN THE PRICE CAP COALITION? Britain said Thursday it could ban countries from using its services to transport Russian oil purchased for a price exceeding the cap. WHAT WILL THE PRICE CAP LEVEL BE? Moscow could end up cutting production as a result, which would apply upward pressure on global oil prices. Worries about potential sanctions, even if unfounded, can cause traders to avoid deals, another factor that can boost oil prices.

☆ Tom Ford return offers remedy for Gucci fatigue
▼ + stars: | 2022-11-04 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

MILAN, Nov 4 (Reuters Breakingviews) - Tom Ford’s return to the realm of Gucci owner Kering (PRTP.PA) would add some much-needed sparkle. Bringing Tom Ford himself on board could even help revitalise it. Tom Ford offers diversification at a reasonable valuation. Sales of Tom Ford Beauty’s cosmetics and fragrances grew at a double digit rate in the third quarter, according to Vogue Business. In August, the Wall Street Journal reported that beauty giant Estée Lauder was looking to buy Tom Ford for $3 billion.

☆ Shopify's startup investments this year include millions into companies that focus on NFTs, Web3 apps, customer-engagement, and financial services
▼ + stars: | 2022-11-03 | by ( Madeline Stone | ) www.businessinsider.com time to read: +12 min

In its press release announcing the new funding, Wati said the investment was Shopify's first in a startup operating in Southeast Asia. The goal is to make Thirdweb's tools available to Shopify merchants who want to bring Web3 products and experiences to their online stores. Shopify recently participated in Gorgias' $30 million Series C round, which valued the startup at $710 million. According to the company, merchants using its technology report a 96% increase in sales on average. Flexport announced it had received a strategic investment from Shopify as part of its $935 million Series E on February 7.

☆ The federal government wants to stop your boss from spying on you
▼ + stars: | 2022-11-03 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Companies are using surveillance technologies to keep tabs on remote workers. Under current law, some level of employee surveillance is generally allowed. Some experts have called this "productivity paranoia" a sentiment that's led some companies to expand the use of various surveillance technologies. These are among the reasons Abruzzo's memo called on the NLRB to review companies' surveillance technologies and assess whether they restrict workers' rights. While the emergence of remote work has brought this surveillance into the spotlight in recent years, the legal landscape remains murky.

☆ Late Bed Bath & Beyond CFO Dropped From Shareholder Suit
▼ + stars: | 2022-11-02 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +5 min

Gone are claims from the original 24-page complaint that Mr. Arnal and Mr. Cohen colluded to boost the company’s share price. Bed Bath & Beyond has said the lawsuit was without merit. Bed Bath & Beyond and Mr. Cohen, along with JP Morgan Securities LLC, are still named as defendants in the suit, which seeks class-action status. Bed Bath & Beyond shares traded around $4.05 on Wednesday, down more than 70% since the beginning of the year. Mr. Toll said he hadn’t heard from Bed Bath & Beyond or Mr. Arnal’s estate leading up to the filing of the amended complaint.

☆ Late Bed Bath & Beyond CFO Dropped From Suit Alleging Collusion With Ryan Cohen
▼ + stars: | 2022-11-02 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +5 min

“There’s plenty of grief in his family, and us making it even worse didn’t seem worth it,” Mr. Toll said. Gone are claims from the original 24-page complaint that Mr. Arnal and Mr. Cohen colluded to boost the company’s share price. Bed Bath & Beyond and Mr. Cohen, along with JP Morgan Securities LLC, are still named as defendants in the suit, which seeks class-action status. Mr. Cohen unloaded his entire stake in Bed Bath & Beyond in mid-August. Bed Bath & Beyond shares traded around $4.05 on Wednesday, down more than 70% since the beginning of the year.

☆ Here are some notable salary ranges from several of New York City's biggest employers, as a new pay transparency law peels back the curtain on workers' pay
▼ + stars: | 2022-11-02 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

As of Tuesday, most New York City employers have to include salary ranges upfront in job posts. The new salary transparency law peels back the curtain on six-figure salaries at some of the city's biggest employers. Have you noticed big pay discrepancies between job postings at your company and your salary? Some had not yet listed salary ranges on multiple New York City job posts as of this writing, including Meta and Google. Citi, for example, initially listed a salary range of $0 to $2 million for a client service officer, as Motherboard first reported.

☆ Exclusive: How operating system startup OpenFin landed an investment from the CIA's VC firm and expanded from serving Goldman Sachs to the government sector
▼ + stars: | 2022-11-01 | by ( Stephanie Palazzolo | ) www.businessinsider.com time to read: +3 min

OpenFin offers an operating system where users can easily interact with apps all on one screen. The startup received $10 million from ING Ventures and an undisclosed investment from In-Q-Tel. OpenFin, a startup that offers a user-friendly operating system, has announced a $10 million investment from corporate VC firm ING Ventures and an undisclosed investment from In-Q-Tel, a VC firm serving the CIA and broader US intelligence community. OpenFin also allows users to easily reorganize their screen to ensure they have access to the most relevant information at any time. In addition to using third party apps on OpenFin, users can also build their own apps on the platform and integrate them with other tools.

☆ Egypt's pound sinks further against dollar after flexibility pledge
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +2 min

CAIRO, Oct 30 (Reuters) - Egypt's pound fell about 4% to 24 against the dollar as trading resumed on Sunday, Refinitiv data showed, after authorities committed to a flexible exchange rate under an International Monetary Fund support deal. The pound slid about 14.5% to 23 against the dollar on Thursday after they pledged a "durably flexible" exchange rate in conjunction with a staff-level agreement for a $3 billion IMF extended fund facility. Egypt's currency has been held steady or allowed to depreciate only gradually following previous sharp devaluations in 2016 and this March. It has weakened about 34.5% against the dollar so far this year. It introduced a mandatory requirement for importers to use letters of credit, leading to a sharp slowdown in imports and bottlenecks at ports.

☆ US economy seeing a 'mitigation' in growth not a slowdown, says Bank of America CEO
▼ + stars: | 2022-10-28 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The U.S. economy is experiencing a "mitigation of growth" but not a slowdown, Bank of America CEO Brian Moynihan said Friday. "If you raise rates and slow down the economy to fight inflation, the expectation is you have a slowdown in consumer spending. "You're seeing a mitigation of the rate of growth, not a slowdown. Bank of America expects the Fed to hike rates by 75 basis points and 50 basis points at its two remaining meetings this year, followed by two 25 basis point hikes next year. Economists, politicians and business leaders are split on whether the U.S. economy is heading for a recession or is already in one.

The all-inclusive figure that forms the basis for the Fed's target is likely to come in around 6%. SUPPLY, DEMAND, COMPETITIONThere has been sharp rhetoric about high corporate profits driving inflation - and indeed businesses like auto dealers enjoyed large markups during the pandemic, when demand surged and supply was limited. Based on those and other metrics, shelter inflation already may be declining even if government data doesn't show it yet. While that may not be the source of inflation, Fed officials feel that more balance between labor demand and supply will help ease price increases. "This pattern supports our view that wage growth and price inflation will moderate without a recession," Briggs wrote.

Although iPhone sales were not as strong as some analysts had targeted, they were still a record for the September quarter. Minutes before Apple reported, Amazon.com AMZN.O added to tech sector misery, predicting a holiday profit slump that sent its shares down 20%. Apple's iPhone sales for the company's fiscal fourth quarter rose to $42.6 billion, when Wall Street expected sales of $43.21 billion, according to Refinitiv IBES. The company reported sales of iPads were $7.2 billion, compared with the average estimate of $7.94 billion. In China, which has experienced a sharp economic slowdown, Apple reported fourth-quarter sales of $15.5 billion.

The dollar's weakness added support, as the greenback's strength of late has been a notable factor inhibiting oil market gains. U.S. West Texas Intermediate (WTI) crude rose $2.59, or 3%, to $87.91. Crude exports rose to 5.1 million barrels a day, the most ever, dropping net U.S. crude imports to their lowest in history. Oil analysts anticipate supply will tighten in coming months after that move, and as Europe is expected next month to ban oil imports from Russia and restrict Russian shippers from the global shipping insurance industry. "Until 2024 we believe oil price will be strongly influenced by the availability of tankers that are willing to transport Russian oil rather than global supply-demand fundamentals, keeping oil price elevated," JP Morgan analysts wrote.

☆ The 4 'essential' relationships that helped this 32-year-old grow her business to bring in 7 figures
▼ + stars: | 2022-10-26 | by ( Ashton Jackson | ) www.cnbc.com time to read: +5 min

Running a successful business is hard – and building a successful business as a Black woman is even harder. Black women are the fastest growing group of entrepreneurs in the U.S., according to JP Morgan, yet they face disproportionate financial barriers. However, Black women founders only average $24,000 in profits. According to Williams, these are the four essential relationships every business owner should have to "scale their impact." I have a trifecta of successful [women] business owners and we meet weekly sharing resources with each other," Williams shares.

☆ Oil volatility could get more intense as Europe's December deadline approaches
▼ + stars: | 2022-10-26 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

Singh notes there could be a significant drop in Russian oil in coming months as European restrictions on imports of oil and refined products, like diesel, take hold. Barclays expects about 1 million barrels of Russian oil to come off the market, but Singh said his estimate is low compared with others. He noted that China and India have increased their purchases of Russian oil, but so have other countries, like Turkey. We also believed the government in the U.S. was going to put a floor under oil prices by refilling the SPR," said Blanch. There's going to be a very large spread between European energy prices and U.S. energy prices."

☆ Santander's profit tops forecast despite provisions, costs
▼ + stars: | 2022-10-26 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

The euro zone's second-biggest lender by market value booked a net profit of 2.42 billion euros ($2.41 billion), up from 2.17 billion euros in the same quarter last year. Analysts polled by Reuters had expected a net profit of 2.19 billion euros. Net loan-loss provisions rose 24% year-on-year to 2.76 billion euros against an uncertain macroeconomic backdrop, mirroring the picture at lenders in the United States. Santander's diversification, especially in Latin America, has helped it cope with tough conditions for lenders in Europe since the financial crisis. Revenues climbed 13% year-on-year to 13.51 billion euros, more than the 13.15 billion euros analysts had forecast.

☆ These 15 people are shaping the office of the future, designing meeting pods, hologram calls, and buildings that actually make workers healthier
▼ + stars: | 2022-10-24 | by ( Robert Davis | ) www.businessinsider.com time to read: +27 min

These 15 power players are just a handful of the people designing workplaces to balance productivity, interaction, and employee well-being through indoor-air-quality monitoring systems, building amenities, holographic meeting spaces, and more. AftershipCities like Austin, Texas; Nashville, Tennessee; and Raleigh, North Carolina, began offering business-relocation incentives during the pandemic to boost their workforces and help increase occupancy in office buildings. Room's office suite includes a phone booth, a meeting room, an open meeting room, and a focus room. Room also makes a soundproof meeting room that fits two people, a more open meeting booth, and a focus room designed for quiet concentration. "The future of office work needs to be guided by a new, genuine form of flexibility in which the work, not the workers themselves, become even more malleable," Petersen writes.

☆ Pfizer’s Price Hike Shot in the Arm for Vaccine Makers
▼ + stars: | 2022-10-21 | by ( David Wainer | ) www.wsj.com time to read: +1 min

With fewer and fewer Americans opting for Covid-19 vaccine boosters, investors had been growing increasingly skittish about vaccine-makers Pfizer and Moderna Both stocks have underperformed their peers and are among the cheapest healthcare stocks, trading well below the industry average on a price-to-earnings basis. News late Thursday that Pfizer is planning to price its shot at $110 to $130 per dose in the U.S. is giving a lift to both stocks as investors rework their models to reflect the higher revenue starting next year when Pfizer expects to transition its vaccine to the commercial market. The federal government currently covers the cost of vaccines and is paying roughly $30 per dose under the latest contract. While investors had expected a hike as that coverage lapsed, “the magnitude of the price increase was well above expectations,” wrote Chris Schott , an analyst at JP Morgan. Pfizer was up 4.5% while Moderna rose 9% in early afternoon trading.

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