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☆ Jamie Dimon says the global order is at risk — and raging conflicts could explode into World War 3
▼ + stars: | 2024-10-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

JPMorgan CEO Jamie Dimon said US adversaries want to dismantle the world order. The bank chief said the Russia-Ukraine and Israel-Gaza conflicts could escalate into World War III. AdvertisementJamie Dimon says US adversaries want to topple the world order, and the Russia-Ukraine and Israel-Hamas conflicts could explode into a new world war. Dimon emphasized the risk that global warfare could break out, citing his historical knowledge and a recent Washington Post article that said, "World War III has already begun." Ray Dalio, another Wall Street billionaire and a financial historian, said last October that the chance of a world war involving the US and China had jumped from 35% to 50% over the previous two years.

Persons: Jamie Dimon, Dimon, —, Vladimir Putin's, We've, it's, Ray Dalio Organizations: Service, JPMorgan, Institute for International, Washington Post, Wall Street Locations: Russia, Ukraine, Israel, Gaza, China, Western, Washington , DC, Washington, Iran

☆ Morning Bid: Fed leaves shoe dangling in policy parade
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +5 min

At least eight major central banks are meeting on Thursday. Central banks in South Africa and Turkey are also meeting. Futures now show the implied Fed policy rate for the end of next year at a new cycle high of 4.85% - up a whopping 35 basis points in just over a week. Key developments that should provide more direction to U.S. markets later on Thursday:* Bank of England policy decision; South Africa Reserve Bank policy decision, Central Bank of Turkey policy decision. European Central Bank President Christine Lagarde speaks* Philadelphia Fed's September business survey, U.S. weekly jobless claims, U.S. Aug existing home sales, U.S. Q2 current account estimate.

Persons: Sarah Silbiger, Mike Dolan, Jerome Powell, Goldman Sachs, Goldman, Jan Hatzius, Robin Brooks, Brooks, BoE, Christine Lagarde, Darden, Christina Fincher Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, Swiss National Bank, Bank of, Fed, for International Finance, Treasury, Swiss, Africa Reserve Bank, Central Bank of, European Central Bank, Factset, Reuters, Thomson Locations: Washington ,, U.S, Norwegian, Bank of England, South Africa, Turkey, Central Bank of Turkey, Philadelphia

And with China's post-COVID recovery running into the ground and suffering a deepening real estate bust, western investment curbs throw more sand in the wheels. A question now is whether a retreat of western money from emerging markets at least partly explains both their recent underperformance and that of western government bonds, in which emerging central banks and sovereign funds are heavily invested. The picture has not been much better in aggregate emerging bond indices, even if they have done marginally better than developed world counterparts, and worries over emerging high-yield and property linked bonds are rising. Have global investors high-tailed it from emerging markets already? If western money grows more wary and is increasingly warned off China and other selective emerging investments, will there be a mutual pullback of official emerging money from western bond markets?

Persons: Aly, Joe Biden, Morgan, Biden, crumb, Mike Dolan, Richard Chang Organizations: REUTERS, U.S, U.S ., Bank of, Institute for International Finance, Treasury, Reuters, Twitter, Thomson Locations: Shanghai, Shenzhen, China, Ukraine, Washington, Russia, United States, Beijing, Moscow, Taiwan, Brazil, India, South Africa, Hong Kong, Saudi Arabia, South Korea

☆ Mastercard will help banks offer cryptocurrency trading
▼ + stars: | 2022-10-17 | by ( Kate Rooney | ) www.cnbc.com time to read: +4 min

Mastercard is looking to bring crypto to the masses by making it easier for banks to get involved. The payments giant plans to announce a program Monday that will help financial institutions offer cryptocurrency trading, the company told CNBC. Mastercard will act as a "bridge" between Paxos, a crypto trading platform already used by PayPal to offer a similar service, and banks, according to the company. Mastercard has already teamed up with Coinbase on NFTs and Bakkt to let banks and merchants in its network offer crypto-related services. Last week, Visa partnered with FTX to offer crypto debit cards in 40 countries and has more than 70 crypto partnerships.

☆ Credit Suisse chairman pledges reform after 'horrible' year
▼ + stars: | 2022-10-14 | by ( Pete Schroeder | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 14 (Reuters) - Credit Suisse's (CSGN.S) chairman pledged on Friday to reform the bank after a "horrible" 2021 in which it lost billions of dollars. Lehmann took over in January at the Swiss bank, which has been hit by a corporate spying scandal, investment fund closures, heavy losses and a string of lawsuits. Lehmann said Credit Suisse had a tier-one capital ratio (CET1) of 13.5% half way through the year and a "strong commitment that we will certainly ... somewhere be between 13 and 14." Credit Suisse is scheduled to release details of a much anticipated strategic review alongside third-quarter results on Oct. 27. To underpin sustainable profit, Credit Suisse is aiming to streamline its investment bank and expand its wealth management business, which soaks up less capital.

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