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News

British Business - Aug 5

Aug 5 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - Britain is heading for a protracted recession as inflation surges above 13%, causing the worst squeeze on living standards for more than 60 years, the Bank of Engl
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Financial Times - Aug 4

Aug 4 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Phil Mickelson leads golf stars in antitrust lawsuit against PGA Tour Link UK parliament closes TikTok account a week after launch Link Opec+ agrees minimal oil production rise in effort
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Gold investors face bind over bars from tarnished Russia

(Clarifies that the FCA oversees banks trading financial products or instruments in the London gold market) By Peter Hobson LONDON, Aug 1 (Reuters) - Some investors want Russian gold off their books but it's not that easy to remove. A de facto ban on Russian bullion minted after Moscow's invasion of Ukraine -- instigated by the London market in ear
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West Virginia bars five financial firms for deemed fossil fuel 'boycotts'

(Updates with comment from BlackRock) By Pete Schroeder WASHINGTON, July 28 (Reuters) - West Virginia has barred five major financial institutions, including Blackrock Inc BLK.N and JPMorgan Chase & Co JPM.N , from new state business after determining that they were boycotting the fossil fuel industry. Goldman Sachs GS.N , Morgan Stanley MS.N and W
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JP Morgan forecasts euro zone recession as gas crisis looms

By Marc Jones LONDON, July 27 (Reuters) - The euro zone's looming gas crisis along with Italy's renewed political troubles will push the bloc into a mild recession by early next year and limit European Central Bank interest rate hikes, JPMorgan has warned. The bank's economists cut their economic forecasts, predicting euro zone GDP growth would slo
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JP Morgan forecasts euro zone recession as gas crisis looms

LONDON, July 27 (Reuters) - The euro zone's looming gas crisis and Italy's political troubles will push the bloc into a mild recession and limit European Central Bank interest rate hikes, JPMorgan forecast on Wednesday. The bank's economists cut their economic forecasts, predicting euro zone GDP growth to slow to 0.5% this quarter and and then cont
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Ukraine may need more debt action in future - JPMorgan official

* JPMorgan: Impossible to predict if more measures needed on debt * Former Finance Minister Jaresko sees unavoidable restructuring * Moratorium would save Ukraine $5 bln over two years - lawmaker * Kyiv has $5 bln monthly budget shortfall over war costs, lack of tax revenue By Karin Strohecker LONDON, July 22 (Reuters) - JPMorgan, which is advising
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Ukraine may need more debt action in future - JPMorgan official

LONDON, July 22 (Reuters) - Ukraine's solicitation agent JPMorgan said Kyiv's request for a two year debt freeze on sovereign bond payments would hopefully alleviate an ongoing liquidity crunch, but it could not rule out that more help would be needed in future. Ukraine on Wednesday asked international creditors to freeze debt payments on some $20
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Get ready for tougher times, Bank of England tells banks

By Huw Jones LONDON, July 20 (Reuters) - Investment banks need to prepare for tougher times ahead by properly checking risks from their clients as a prolonged period of cheap money ends, Bank of England executive director Nathanael Benjamin said on Wednesday. Inflation on Britain reached a 40-year high of 9.4% in data published on Wednesday and BoE
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JPMorgan hires Kelvin Goh for Asia Pac role, memo says

HONG KONG, July 18 (Reuters) - JPMorgan JPM.N has hired Kelvin Goh from rival Citigroup C.N to be its head of financial institutions group (FIG) for Asia Pacific, according to a memo seen by Reuters. Goh held the same role at Citigroup and has been in the investment banking industry for 18 years, according to the memo, the contents of which was con
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Wells Fargo profit slumps on higher loan loss reserves, mortgage weakness

By Noor Zainab Hussain and Elizabeth Dilts Marshall July 15 (Reuters) - Wells Fargo & Co WFC.N said on Friday its second-quarter profit nearly halved as the bank set aside more funds to cover potential loan losses, while its mortgage lending business came under pressure from higher interest rates. The fourth-largest U.S. bank reported profit of $3.
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Global equity funds post third weekly outflow on slowdown fears

July 15 (Reuters) - Global equity funds faced a third straight week of outflows in the week to July 12 on concerns over the prospect of further central bank interest rate hikes and the health of economies worldwide. According to Refinitiv Lipper, investors disposed of $4.33 billion worth of global equity funds in a third straight week of net sellin
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JPMorgan, Morgan Stanley earnings bode badly for Wall Street dealmakers

By Saeed Azhar and David Henry NEW YORK, July 14 (Reuters) - Fears that investment banking would take a big hit across Wall Street in the second quarter looked to be confirmed on Thursday, with JPMorgan Chase & Co JPM.N and Morgan Stanley MS.N reporting that revenues in that business more than halved. JPMorgan investment banking revenue was $1.4 bi
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JPMorgan, Morgan Stanley earnings bode badly for Wall Street dealmakers

By Saeed Azhar and David Henry NEW YORK, July 14 (Reuters) - Fears that investment banking would take a big hit across Wall Street in the second quarter looked to be confirmed on Thursday, with JPMorgan Chase & Co JPM.N and Morgan Stanley MS.N reporting that revenues in that business more than halved. JPMorgan investment banking revenue was $1.4 bi
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Morgan Stanley profit slumps 30% as deals stall, recession risks rise

By Niket Nishant and Saeed Azhar July 14 (Reuters) - Morgan Stanley's MS.N second-quarter profit slumped 30%, it reported on Thursday, falling short of analysts' estimates for the first time in nine quarters, as its investment banking business suffered from a slump in global dealmaking. The banking sector is reeling from Russia's invasion of Ukrain
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JPMorgan suspends buybacks, warns on global economy as profit slumps

By Noor Zainab Hussain and David Henry July 14 (Reuters) - JPMorgan Chase & Co's JPM.N Jamie Dimon struck a cautious note on the global economy as America's largest bank reported a worse-than-expected 28% fall in quarterly profit and suspended share buybacks in the face of growing risks of a recession. The chief executive also stressed the need to
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JPMorgan profit falls on higher soured loan reserves

July 14 (Reuters) - JPMorgan Chase & Co JPM.N reported a fall in second-quarter profit on Thursday as America's largest bank set aside more money to cover potential losses in the face of growing risks of a recession. The bank posted a profit of $8.6 billion, or $2.76 per share, for the quarter ended June 30, compared with $11.9 billion, or $3.78 pe
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Take Five: Dollar takes it all

(Reuters) - The dollar's 12% year-to-date rise has raised global concern, and will surely be debated when G20 policymakers meet on July 15-16. All the more so, if it vaults to parity against the euro for the first time in 20 years. British politics, Chinese lockdowns, U.S. banks' results and central bank hawks also bear watching. Here is your look
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Take Five: Dollar takes it all

(Reuters) - The dollar's 12% year-to-date rise has raised global concern, and will surely be debated when G20 policymakers meet on July 15-16. All the more so, if it vaults to parity against the euro for the first time in 20 years. British politics, Chinese lockdowns, U.S. banks' results and central bank hawks also bear watching. Here is your look
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Emerging markets face bleak outlook after stormy start to the year

* War worries and rate tightening cast pall over developing assets * Volatility set to continue as U.S. recession fears rise * Debt spreads flag strain on riskier emerging markets By Rodrigo Campos and Jorgelina do Rosario NEW YORK/LONDON, June 30 (Reuters) - It's been a torrid first half for emerging market assets and with the Federal Reserve kick
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