JPMorgan

GE tumbles on worries about its outlook

New York - AFP

Shares of General Electric tumbled Thursday on worries that weak activity in its key electricity and oil and gas businesses could hit earnings much harder than investors expected. The industrial conglomerate sank 3.9 percent to $23.95 in midday trading following a bruising appraisal of the company's prospects by analysts at JPMorgan Chase. Analysts on average expect GE to earn aboutRead more

US payment firm Vantiv buys UK's Worldpay for £9.3bn

London - AFP

Vantiv has struck a deal to buy British payments processing rival Worldpay for £9.3bn after weeks of negotiations to create the world’s biggest industry player by the number of transactions handled. The combined group, which is valued at £22.2bn, will retain the name Worldpay and have its international headquarters in London. The terms of the deal were improved afterRead more

Deutsche Bank, JPMorgan to pay $148m to end yen Libor cases in US

New York -Muslimchronicle

Deutsche Bank AG and JPMorgan Chase & Co. have agreed to pay a combined $148 million to end private US antitrust litigation claiming they conspired with other banks to manipulate the yen Libor and Euroyen Tibor benchmark interest rates. The preliminary settlements, totaling $77 million for Deutsche Bank and $71 million for JPMorgan, were detailed in filings late Friday inRead more

JPMorgan CEO being American 'almost an embarrassment'

New York - Muslimchronicle

JPMorgan Chase chief executive Jamie Dimon ripped into the political gridlock in Washington and said Friday that they dysfunction threatened US economic prospects. "It's almost an embarrassment to be an American citizen traveling around the world and listening to the stupid shit we have to deal with in this country," Dimon said on a conference call with analysts. Dimon, whoRead more

Are US banks regaining their appetite for acquisitions?

New York - AFP

News that JPMorgan Chase considered bidding for British payment company Worldpay signals that big US banks could be shifting back into acquisition mode after nearly a decade playing defense. JPMorgan, the biggest US bank by assets, said on Wednesday that while it considered bidding on Worldpay, it would not attempt what would have been its biggest purchase since the financialRead more

JPMorgan chief sees higher risk of EU breakup

New York - Arab Today

The odds of a breakup of the European Union have increased after Brexit, an outcome that could have "devastating" economic and political effects, JPMorgan Chase's chief executive said Tuesday. JPMorgan chief executive Jamie Dimon, in an annual letter to shareholders, said he had hoped Britain's decision last year to exit the EU would have led the bloc to focus onRead more

Germany's DAX index is closing in on record high faster than its euro-area peers

Paris - Arab Today

Germany’s DAX index is zooming in on its record high and has room to power ahead as investors scoop up shares in industrial companies that will benefit from accelerating global economic growth. The DAX, which has been outperforming most other euro-zone equity indexes this year, is about 2.8 per cent — or about 350 points — shy of a recordRead more

A giant initial public offering on track

Jeddah - Arab Today

The largest initial public offering (IPO) in history seems to be on track. On Friday, the Financial Times newspaper reported that Saudi Arabia is close to appointing the banks that will be lead underwriters on the IPO of Saudi Aramco, the world’s largest oil producer. Two major banks have been identified, JPMorgan, Saudi Aramco’s longstanding commercial banker and Morgan StanleyRead more

Dow ends at fresh record; Nasdaq tumbles 1.4%

New York - AFP

Strong gains by banking and industrial equities propelled the Dow to a fresh record Thursday, but an acceleration of the tech sell-off pushed the Nasdaq sharply lower. The Dow Jones Industrial Average rose 0.4 percent to 19,191.93 almost 40 points above than the previous record set November 25. But the Nasdaq dropped 1.4 percent to 5,251.11, and the broad-based S&PRead more

JPMorgan denies having planned to buy Italy's BMPS

New York - AFP

US bank JPMorgan Chase denied Friday that it ever intended to buy troubled Italian rival BMPS, as people close to the alleged deal had reported. "This is not accurate and was never under consideration," a JPMorgan spokesperson told AFP. Sources who asked to remain anonymous had indicated Wednesday that Jamie Dimon, chief executive of the largest US bank by assets,Read more