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JPMorgan Chase is the largest bank in the United States, and one of the world’s largest public companies.
Key data for May proves disappointing and many challenges remain, but China still has some tools in the shed to turn things around.
US lender was not insolvent, but it could not produce the capital to survive a bank run, showing once again that there is virtue in preparing for a rainy day.
Nicolas Aguzin’s appointment as the first non-Chinese to run HKEX raised some eyebrows, given the continuing importance of attracting Chinese companies. While his experience guiding JPMorgan’s expansion into China would have weighed with the board, the question facing him now is, what next?
- Rise of the new innovation economy is ‘in its prime’, JPMorgan Asia-Pacific CEO says
- Asia has the fastest growth rate for high-net-worth individuals, who are increasingly looking to deploy capital for philanthropic pursuits, UBS Hong Kong CEO says
Valued at more than US$60 billion, Shein is expected to become the most valuable China-founded company to go public in the US since Didi Global’s debut in 2021 at a US$68-billion valuation.
If China allows lenders to issue loans to some developers, it ‘would be negative for banks as it would raise concerns about national service risk and credit risk in the medium term’, JPMorgan analysts say.
‘Hong Kong is probably going to be one of the biggest wealth centres in the world, and Singapore is catching up very quickly,’ says Harshika Patel.
Leaders from the world of finance and business convened in Riyadh issued a warning on Tuesday about the many perils the world currently faces, including geopolitical conflicts, economic uncertainties, high inflation and climate issues.
Invest Hong Kong’s five-day event, including a two-day conference, is set to explore a ‘new era’ as fintech innovations make their way into real-world use on a broad scale, says the city’s acting secretary for financial services.
China Resources Longdation, a property arm of state-owned conglomerate China Resources, plans to raise between US$500 million and US$1 billion in a Hong Kong initial public offering (IPO), according to three sources with direct knowledge of the matter.
About 90 top-level executives such as CEOs and chairmen are expected at this year’s event, more than double last year’s attendance.
The settlements conclude the final pieces of litigation in a saga involving women who said Epstein sexually abused them, and which embroiled some of the world’s most powerful figures in finance and business.
Strong corporate earnings and robust economic growth are drawing investors even as they flee other Asian markets including China.
The semiconductor design firm did not disclose proposed terms for the sale, but it is expected to seek a valuation of US$60 billion to US$70 billion.
China’s biggest property developer Country Garden cancelled a HK$2.34 billion (US$300 million) share placement, IFR reported, citing a message sent to investors.
Hong Kong universities’ business and commerce students have voted JPMorgan and HSBC the top two employers for the second straight year, while those studying for engineering and natural sciences picked the city’s government for the fourth consecutive year.
Valued at more than US$60 billion, Shein could become the most valuable China-founded company to go public in the US since ride-hailing giant Didi Global’s debut in 2021 at a US$68 billion valuation.
Mitsubishi CEO’s total compensation was US$1.8 million for the year ending in March, compared to JPMorgan Chase’s chief who was paid US$34.5 million last year.
While China specialised in becoming the world’s factory, India has spent the past three decades quietly attracting multinationals to set up so-called global capability centres – which now generate more combined revenue than the entire economy of Nepal.
The bank was accused of being the financial conduit that allowed Epstein’s decades-long sexual abuse of teenage girls and young women to continue.
Hafize Gaye Erkan – who worked at Greystone, First Republic Bank and Goldman Sachs – will be the first woman to head the central bank.
Fraser expressed ‘full confidence in China’s economic and financial development’ and pledged to expand business in the country, the National Administration of Financial Regulation said.
The case involves the Epstein-owned island of Little St James, where the late financier is said to have sexually abused women.
First Republic Bank has become the second large US regional bank with assets over US$200 billion to fail in just a few weeks. What bank or banks are next?
San Francisco-based First Republic is the third midsize bank to fail in two months after Silicon Valley Bank and Signature Bank. The bank’s 84 branches in eight states will reopen as branches of JPMorgan Chase.
Banks including Citizens Financial Group, PNC Financial Services Group and JPMorgan Chase & Co are among roughly half a dozen bidders vying to buy First Republic Bank, according to sources familiar with the matter.
For the LME, the warehouse issue represents yet another headache as it wades through the fallout of its last nickel crisis a year ago.
Quick action by central bankers prevented a global crisis, but Hong Kong and global banks still need to be on guard for more volatility, according to Eddie Yue Wai-man.
JPMorgan Chase, Bank of America, Citigroup and Wells Fargo will contribute US$5 billion each, while Goldman Sachs and Morgan Stanley will kick in US$2.5 billion apiece.
Just 848, or 5.7 per cent, of 15,000 private businesses surveyed by JPMorgan across multiple sectors were founded or led by women. Those companies, however, excelled at fundraising.
