JPMorgan Chase is the largest bank in the United States, and one of the world’s largest public companies.
Our editors will be looking ahead today to these developing stories ...
Protesting pupils call on education chief
Scholarism, a protest group representing secondary school pupils, meets Education Secretary Eddie Ng Hak-kim to discuss its concerns about the national education scheme, which it says is indoctrination. The group, comprising about 150 pupils from top schools, was set up in June last year after a video featuring 15-year-old convenor Joshua Wong Chi-fung (pictured, right, in an earlier meeting with Ng) speaking eloquently about the scheme attracted attention on the internet.
Court rules in test case on money lending
Eastern Court gives its verdict in a test case involving charges of unlicensed lending against Global Merchant Funding, which describes itself as Asia's 'leading business funding expert'. The company, which operates in Hong Kong, Taiwan and Singapore, denies breaching the Money Lenders Ordinance and argues that other common law jurisdictions do not regard its practice of issuing 'merchant cash advances' as loans.
Bureau of Statistics reports on first half
The National Bureau of Statistics announces key economic data for the first half of the year at a briefing in Beijing. News media will be waiting to hear whether the government will announce further measures to boost the economy, following yesterday's release of key economic indicators and the interest rate cut announced earlier this week by the central bank.
Shanghai Shenhua introduces Drogba to media
Former Chelsea striker Didier Drogba (left) kicks off his career with Shanghai Shenhua tomorrow at a media briefing hosted by the club. According to reports, the club will pay Drogba US$314,000 a week for 21/2 years, making him the Chinese Super League's most expensive player. Confirming the transfer last month, Drogba, 34, said: 'I hope to help promote Chinese football around the world and further improve the links between China and Africa.'
Residents discuss Western's 'stairway to hell'
A concern group opposed to plans to build a 200-metre escalator along Pound Lane in Western holds a media briefing in Sheung Wan to raise its concerns. The escalator is part of a hillside system intended to connect Conduit, Robinson, Bonham and Hospital roads and Pound Lane to Queen's Road West. The Central and Western Concern Group is opposed to the plan, saying 'the stairway to hell' will encourage SoHo-like development in what is now a quiet low-rise area.
JPMorgan results may include news on 'Whale' losses
JPMorgan Chase starts American banks' reporting season with its second-quarter results. Chief executive Jamie Dimon (left) is expected to give an update on the bank's losses in derivatives trading by a trader dubbed 'the London Whale'. On May 10, Dimon reported the loss to be at least US$2 billion, but later estimates have risen to US$9 billion. US media reported this week that JPMorgan plans to 'claw back' some of the losses from former employees responsible for the loss, including Ina Drew, a Dimon lieutenant. Drew quit last month, leaving the company with US$21 million in severance benefits.