Business Finance – Premudraja http://premudraja.net/ Fri, 22 Oct 2021 10:22:47 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://premudraja.net/wp-content/uploads/2021/06/icon-4-150x150.png Business Finance – Premudraja http://premudraja.net/ 32 32 Investors ignore rate hike fears to stock up on stocks – BofA https://premudraja.net/investors-ignore-rate-hike-fears-to-stock-up-on-stocks-bofa/ Fri, 22 Oct 2021 10:06:00 +0000 https://premudraja.net/investors-ignore-rate-hike-fears-to-stock-up-on-stocks-bofa/ A worker arrives at his office in London’s Canary Wharf business district on February 26, 2014.//File Photo LONDON, Oct. 22 (Reuters) – Equity funds recorded their biggest influx in five weeks as investors bet worries about persistent inflation could be overblown and therefore central banks will remain in accommodative mode, according to a weekly review […]]]>

A worker arrives at his office in London’s Canary Wharf business district on February 26, 2014.//File Photo

LONDON, Oct. 22 (Reuters) – Equity funds recorded their biggest influx in five weeks as investors bet worries about persistent inflation could be overblown and therefore central banks will remain in accommodative mode, according to a weekly review of BofA. Friday.

In the week to Wednesday, investors invested $ 24.5 billion in stocks and $ 5.7 billion in bonds, while withdrawing $ 0.2 billion from gold and $ 4.2 billion from gold, respectively. cash, said BofA, who calculates the numbers from EPFR data.

Wider investment flows went into sectors that would be best protected from any surprise interest rate hikes, such as financial services, bank loans, and inflation-protected US securities. Inflows into credit funds have stagnated.

“Investors don’t fear the Fed or other central banks and don’t believe central banks are getting hawkish,” analysts led by Michael Hartnett, the bank’s chief investment strategist, said in the note.

BofA analysts noted that the UK base rate, which stands at 0.1%, is currently the lowest in 300 years. Some investors believe that a 15bp rate hike expected by the markets for this year would be a “policy error”.

Analysts also noted that Turkey’s massive 200 basis point rate cut on Thursday was the central bank’s 1,000th rate cut since the Lehman Brothers bankruptcy in 2008.

BofA’s Bull & Bear indicator rose a notch to 5.2, in the middle of the range, but remained well below a peak of 7.2 reached in January 2020.

Reporting by Saikat Chatterjee; Editing by Tommy Wilkes

Our Standards: The Thomson Reuters Trust Principles.


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Bitcoin hits all-time high, but momentum for more gains this year is intact https://premudraja.net/bitcoin-hits-all-time-high-but-momentum-for-more-gains-this-year-is-intact/ Thu, 21 Oct 2021 03:27:00 +0000 https://premudraja.net/bitcoin-hits-all-time-high-but-momentum-for-more-gains-this-year-is-intact/ The representation of the Bitcoin cryptocurrency is placed on the PC motherboard in this illustration taken on June 29, 2021. REUTERS / Dado Ruvic / Illustration HONG KONG, Oct.21 (Reuters) – Bitcoin edged down in Asian hours on Thursday, a day after marking a record optimism around the launch of the first U.S. bitcoin futures […]]]>

The representation of the Bitcoin cryptocurrency is placed on the PC motherboard in this illustration taken on June 29, 2021. REUTERS / Dado Ruvic / Illustration

HONG KONG, Oct.21 (Reuters) – Bitcoin edged down in Asian hours on Thursday, a day after marking a record optimism around the launch of the first U.S. bitcoin futures ETF.

The world’s largest cryptocurrency last fell 1.3% to $ 65,184 after hitting a record high of $ 67,016 on Wednesday, but still above the previous peak of $ 64,895 seen in April.

“We think it’s going to increase and we can easily reach 80,000 or 90,000 by the end of this year, but it won’t be without volatility,” said Matt Dibb, COO of Singapore-based Stack Funds.

Over the past few days, he said, traders have started paying high rates to borrow to buy bitcoin futures, “and that’s a sign that we might be a bit overwhelmed, and that ‘there could be a setback ahead.’

He added that he anticipates traders will exit bitcoin and turn to major “altcoins” – other cryptocurrencies.

Ether, the world’s second largest cryptocurrency, rose 1% to $ 4,203 and there were larger gains in smaller tokens as well.

Market participants say the latest wave of buying was supported by the launch of the first US bitcoin-based exchange-traded fund (ETF), with investors betting this will pave the way for more investment from the market. share of private and institutional investors.

Existing bitcoin exchange-traded funds and products have seen strong inflows since September.

Average weekly flows to bitcoin funds totaled $ 121.1 million in October, up from $ 31.2 million a month earlier, according to data from London-based CryptoCompare.

The three months leading up to September had seen cash outflows after significant losses for bitcoin in May and June.

Reporting by Alun John; Editing by Edwina Gibbs

Our Standards: Thomson Reuters Trust Principles.


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FirstFT: WeWork finally becomes a public company https://premudraja.net/firstft-wework-finally-becomes-a-public-company/ Tue, 19 Oct 2021 21:33:34 +0000 https://premudraja.net/firstft-wework-finally-becomes-a-public-company/ Hello. This article is an on-site version of our FirstFT newsletter. Subscribe to our Asia, Europe / Africa or Americas edition to receive it directly to your inbox every morning of the week WeWork will finally make its public debut after the approval of a $ 9 billion merger by shareholders of a blank check […]]]>

Hello. This article is an on-site version of our FirstFT newsletter. Subscribe to our Asia, Europe / Africa or Americas edition to receive it directly to your inbox every morning of the week

WeWork will finally make its public debut after the approval of a $ 9 billion merger by shareholders of a blank check company, ending the real estate group’s tumultuous two-year journey to go public.

Shareholders of BowX Acquisition, a publicly traded acquisition company, or Spac, voted yesterday in favor of its deal with WeWork, allowing the New York-based provider of shared office space to trade on the New York Stock Exchange from Thursday under the WE ticker.

WeWork becomes a public company with a much more humble profile than when it first attempted in 2019, and its $ 9 billion valuation is a fraction of the $ 47 billion that SoftBank valued the company in over months of investment. before its failed IPO. BowX shares were down 7% yesterday.

The company has sought to reassure investors and the public that it has moderated some of the excesses that came under scrutiny in the previous listing attempt. Adam Neumann, founder and CEO of the coworking group, was ousted in 2019 and replaced by real estate veteran Sandeep Mathrani.

What do you think of WeWork finally making its public debut? Write to me at emily.goldberg@ft.com and tell me what you think. Thanks for reading FirstFT Asia. Here is the rest of today’s news – Emily

Five other articles in the news

1. J&J spent $ 1.4 billion on legal proceedings for cancer claims Johnson & Johnson spent $ 1.4 billion on a contentious legal maneuver that created a subsidiary to handle multibillion-dollar claims regarding its talcum powder and filed for Chapter 11 bankruptcy, the chief financial officer said yesterday of the health products company, Joseph Wolk.

2. Another Chinese developer by default Sinic Holdings has added to a growing list of defaults in the country’s shrinking real estate sector as markets brace for a deadline this weekend for developer Evergrande to settle interest payments on its bonds offshore.

3. Brussels undertakes to punish Poland for having contested EU law European Commission President Ursula von der Leyen has vowed to punish Warsaw for challenging the supremacy of EU law after a Polish court ruling this month said parts of EU law were not compatible with the country’s constitution.

4. The FBI raids the American home of Russian Oleg Deripaska The agency raided the Washington residence of the Russian metal tycoon, rekindling US execution measures against the oligarch who was placed under sanctions in 2018 for alleged ties to the Kremlin.

5. Japan Warns of Chip Industry Survival Takayuki Kobayashi, the new Minister of Economic Security, warned in an interview with the Financial Times that his country’s semiconductor industry is doomed unless the government matches the long-term strategic visions set in the United States. and in China.

  • More supply chain issues: The world’s largest automakers could face a potentially crippling aluminum shortage as China’s electricity crisis threatens the supply of a key component used to make the light metal.

Coronavirus digest

  • Singapore will allow quarantine-free travel with 10 countries, including the US, UK, Canada, France and Italy, after nearly 21 months of border closures.

  • A frame at Regenerate, a biotech group that makes Covid-19 antibody treatment, has argued without merit that Colin Powell’s life could have been saved if he had received infusions of the drug.

  • Brussels seeks to extend its easing of state aid rules beyond the end of the year, according to Margrethe Vestager, EU competition chief.

  • The American drug regulator is about to announce that it will support people receiving a different Covid-19 vaccine for their booster injection than their original injection. (FT, CNN)

Subscribe to Road to Recovery Bulletin to gain insight into how businesses and the international economy are being transformed by the pandemic.

The day to come

China’s key rate Traders and analysts have predicted that the People’s Bank of China will keep its benchmark lending rate stable when the decision is announced today, according to a recent poll. (Reuters)

Federal Reserve Beige Book Report The U.S. central bank will release its state of the economy update today, which could cement expectations about the timing of the first U.S. interest rate hike since the start of the pandemic.

Earnings Tesla will be among the companies reporting profits today as the company prepares to open its German “gigafactory”. We will also have our eyes on Biogen, Carrefour, Deliveroo, IBM, Nasdaq, Nestlé, Verizon Communications and others. See a full list here.

FT NextGen brings together the best and brightest of the next generation for a day filled with captivating panels, speeches and audience participation. Join us on October 28 online and in person for a free cocktail at the London Brasserie.

What else do we read

America’s political and business elites divided over China In Washington, vigilance towards Beijing is what comes closest to a bipartisan truth as lawmakers mull over Chinese gains in artificial intelligence and hypersonic missiles, writes Janan Ganesh. On Wall Street and beyond, however, business imperatives are reasserting themselves.

Which group do you think is taking the right approach to China? Washington or Wall Street? Tell us in our latest survey.

Saudi Arabia revives the labor market A growing number of women are agreeing to work in the conservative kingdom, a trend that has helped change the face of retail stores and gave tangible success to Crown Prince Mohammed bin Salman’s ambitious economic reform plan, despite a wider crackdown. of dissent that swept up to activists.

Port deal intensifies Greece’s unease over China ties This month, the Piraeus Port Authority ceded an additional 16 percent of its shares to Cosco, further consolidating its control by the Chinese state-backed shipping group, which bought 51 percent of the Greek port in August 2016 The deal intensified unease in the EU over China’s growing involvement in European infrastructure.

Help Big Tech workers speak out From Watergate’s Deep Throat to Edward Snowden, whistleblowers were almost always presented as principled loners who felt compelled to stand up against the crowd. But a support group of organizations made up of lawyers, researchers and publicists has emerged to help them.

“Squid Game” Success Raises Stakes For Netflix In Broadband Battle When Netflix first launched Squid game, few believed that the South Korean drama would become the American streaming company’s most popular show launch. Even fewer would have imagined that the influx of network traffic would pave the way for higher Internet bills and video subscription fees.

Food drink

A delicious blend of influences from across Southeast Asia, traditional Singaporean dishes are the ultimate solace. Here’s where to find them at their best.

Laksa to Old Chang Lee

Laksa at Old Chang Lee © Arabelle Zhuang

Remember that you can add FirstFT to myFT. You can also choose to receive a FirstFT push notification every morning on the app. Send your recommendations and comments to firstft@ft.com

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Bremer Financial CEO Crain: Directors chose ‘most destructive way’ to try to sell a bank https://premudraja.net/bremer-financial-ceo-crain-directors-chose-most-destructive-way-to-try-to-sell-a-bank/ Mon, 18 Oct 2021 18:00:00 +0000 https://premudraja.net/bremer-financial-ceo-crain-directors-chose-most-destructive-way-to-try-to-sell-a-bank/ Otto Bremer Trust executives have chosen “the most destructive means” in an attempt to sell Bremer Financial Corp., which manages Minnesota’s fourth largest bank, openly saying they are looking for buyers in 2019, the CEO said on Monday. from the bank during a court hearing. Jeanne Crain, who has run Bremer Financial, which has been […]]]>

Otto Bremer Trust executives have chosen “the most destructive means” in an attempt to sell Bremer Financial Corp., which manages Minnesota’s fourth largest bank, openly saying they are looking for buyers in 2019, the CEO said on Monday. from the bank during a court hearing.

Jeanne Crain, who has run Bremer Financial, which has been based in St. Paul since 2016, said the announcement of the sale in October 2019 went against the way most companies make deals.

“It was a value-destroying approach,” Crain said. “You are just alerting the market that you need to sell, that you are almost desperate to sell. You need a controlled and confidential process. “

A dispute between the trust, which owns the bank under a single deal, and Bremer executives over the direction of the company raged behind the scenes for months in 2019, erupting into the light of day. with the announcement of the sale of the trust on October 28.

Weeks later, the bank took legal action, claiming that a sale would violate the wishes expressed by bank founder Otto Bremer in a 1940s document that defines the relationship between the charity and the bank. . More lawsuits were exchanged before the Minnesota attorney general’s office, which oversees charitable trusts, intervened.

Ramsey County District Judge Robert Awsumb agreed to hear the state’s petition to remove the three trustees ahead of the other cases, which led to the evidentiary hearing which began there. three weeks.

Since the death of Otto Bremer in 1951, the trust has been the primary owner of the bank. But due to federal laws, it has no control over its operations. Almost all of the bank’s profits went to the trust each year, which distributed them to charities in the four states in which the bank operates: Minnesota, Wisconsin, North Dakota, and Montana.

Crain’s appearance is one of the key events of the hearing, due to his role in opposing efforts by the trustees to sell the trust’s stake and, by extension, the company. On Monday morning, she was interviewed by Deputy Attorney General Christopher Burns, who mainly guided her through the timeline of the deal discussions.

They started in early 2019 when an investment bank introduced Crain to the CEO of South Dakota-based Great Western Bancorp Inc. time, through a transaction structure known as a merger of equals.

Crain mentioned this to the Trustees and then to the Board of Directors of Bremer Financial at its April 2019 meeting. The Board of Directors, which included the three directors of Otto Bremer at the time, decided to continue to to explore.

But at the next board meeting in late June, the directors said they couldn’t agree to a merger of equals and wanted to sell the trust’s stake in the bank. In his testimony on Monday, Crain said the trustees’ turnaround had “stunned” him.

“It severed the relationship between the trust and the bank,” Crain said. “It seemed very contrary to what Bremer was.”

At the next board meeting at the end of July, things got more heated when Brian Lipschultz, one of the directors, questioned the desire of the other directors to maintain the bank’s relationship with his bank of investment. He wanted an outside investment bank hired by the trustees to make a deal.

Crain said she objected at the meeting to the directors’ characterization that the bank was “pursuing” a merger with Great Western, which the directors had used to justify hiring their own investment bankers.

“We weren’t looking for a fusion of equals,” she said. “We were just discussing it. It was a conversation we were having. It was not something we agreed to.”

The July meeting minutes show that Lipschultz agreed to tell the trust bankers not to seek any buyers until the directors meet again. But in early August, the trustees informed Bremer Financial that its investment bankers had received a letter of interest from another bank, BMO Harris. Crain said this showed him that the trust advisers “were actively shopping at the bank.”

No formal offer was made, however. The letter from BMO Harris did not provide monetary value on a potential transaction, Crain said.

In testimony prior to the hearing, the trustees seemed to agree that it would be difficult to find a buyer if the management and directors of Bremer Financial were unwilling to agree to a deal.

On Monday, Crain said that because financial services is a relational business that depends on the skills of employees, executives on all sides of a deal are interested in retaining talent.

When the dispute erupted with the announcement by the trustees on October 28, 2019 that they were pursuing a sale, Crain said she immediately feared employees were worried about their future and that competitors would try to hire them in Bremer. . She emailed the entire company and set up a conference call with all employees to address concerns that afternoon.

“I would say it was the most destructive way to continue selling an organization,” Crain said.


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List of banks, housing finance companies offering cheapest home loans https://premudraja.net/list-of-banks-housing-finance-companies-offering-cheapest-home-loans/ Sun, 17 Oct 2021 11:25:42 +0000 https://premudraja.net/list-of-banks-housing-finance-companies-offering-cheapest-home-loans/ List of banks, housing finance companies offering cheapest home loans Highlights External loans indexed to benchmarks are easier to understand and ensure that changes in policy rates are transmitted transparently With external loans linked to benchmarks, banks have no choice but to pass the benefits of lower repo rates on to borrowers. Compared to banks, […]]]>

List of banks, housing finance companies offering cheapest home loans

Highlights

  • External loans indexed to benchmarks are easier to understand and ensure that changes in policy rates are transmitted transparently
  • With external loans linked to benchmarks, banks have no choice but to pass the benefits of lower repo rates on to borrowers.
  • Compared to banks, the documentation is simpler and the turnaround time is also much faster in HFCs

New Delhi: Ahead of the holiday season, India’s largest bank SBI announced a festival deal for new home loans as well as balance transfer borrowers. Borrowers with a high credit rating will now benefit from an interest rate of 6.7% regardless of the loan amount. The lender waived the processing fee as well as the premium on interest charged to non-employee borrowers.

The nation’s largest mortgage lender, HDFC, also announced a festive credit score-linked home loan offer, with interest rates starting at 6.7%. Yet many borrowers continue to be tied to their old loans which are tied to the base rate or marginal cost of funds-based lending rates (MCLR), unlike new rates which are tied to an external benchmark, which is the RBI repo rate for most banks. .

These banks and housing finance companies (HFCs) offer the lowest interest rates on home loans:

Loan amount (Rs) Interest rate
Kotak Mahindra Bank 75 lakh 6.5%
Bank of Punjab and Sindh 75 lakh 6.65%
National Bank of India 75 lakh 6.7%
Tata Capital 75 lakh 6.7%
Baroda Bank 75 lakh 6.75%
Bajaj Finserv 75 lakh 6.75%
National Bank of Punjab 75 lakh 6.8%

It should be noted that Kotak Mahindra Bank has been offering the cheapest rate in the private sector bank mortgage lending industry since November of last year.

LIC housing finance: The home loan at LIC Housing Finance starts at an interest rate of 6.66 percent per annum. If the mortgage applicant is an employee and has a CIBIL score greater than 700, he can benefit from a mortgage at an interest rate of 6.66% per year. For self-employed and non-professionals with over 700 CIBIL score, the interest rate for a home loan up to Rs 50 lakh can be 7.00 percent.

For a home loan of Rs 50 lakh to Rs 1 crore, a salaried individual with over 700 CIBIL points will be charged an interest rate of 6.90 percent on the home loan. The same for the self-employed and non-professionals will be 7.00 percent.

HDFC: The interest rate for HDFC home loans starts at 6.75 percent per annum. For applicants with a credit score above 800, the interest rate is 6.7%. For female applicants, the company offers a home loan of up to Rs 30 lakh at an interest rate of 6.75 percent per annum to 7.25 percent per annum. For applicants in general, the interest rate for home loan up to Rs 30 lakh is available from 6.80 percent to 7.30 percent per annum.

For a home loan of Rs 30 lakh to Rs 75 lakh, women can get 7.00% to 7.50% per annum. For others, the applicable interest rate is 7.05% to 7.55% per annum.


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PRESS DIGEST-British Business – October 15 https://premudraja.net/press-digest-british-business-october-15/ Thu, 14 Oct 2021 23:53:40 +0000 https://premudraja.net/press-digest-british-business-october-15/ October 15 (Reuters) – Here are the main articles on the trade pages of UK newspapers. Reuters has not verified these stories and does not guarantee their accuracy. The temperature – GlaxoSmithKline Plc is embroiled in a row with activist investor Bluebell after calling for the replacement of pharmaceutical group CEO Jonathan Symonds. https://bit.ly/3mY7Zy0 – […]]]>

October 15 (Reuters) – Here are the main articles on the trade pages of UK newspapers. Reuters has not verified these stories and does not guarantee their accuracy.

The temperature

– GlaxoSmithKline Plc is embroiled in a row with activist investor Bluebell after calling for the replacement of pharmaceutical group CEO Jonathan Symonds. https://bit.ly/3mY7Zy0

– Octopus Energy plans to invest £ 3bn ($ 4.10bn) in hydrogen plants in Britain by the end of the decade after reaching a deal with RES, the energy giant renewable. https://bit.ly/2YO84ws

The Guardian

– The University of Cambridge has broken off talks with the United Arab Emirates over a record-breaking £ 400million collaboration after allegations about the Gulf State’s use of the controversial Pegasus hacking software, the deputy said chancellor of the university. https://bit.ly/3FOwQwT

– Amazon.com Inc urged owners of its Ring security cameras and doorbells – which come with a camera and microphone – to respect the privacy of neighbors after a court ruled their use violated laws on data. https://bit.ly/3FHTUxr

The telegraph

– Microsoft Corp to shut down the Chinese version of its professional networking site LinkedIn, saying it is finding it increasingly difficult to comply with the Communist regime’s control requirements. https://bit.ly/3DJ1VAc

– HS2 is set to award a flagship £ 2.8 billion train contract to two manufacturers who failed to meet the rail link’s own criteria after a process “shrouded in mystery”, said German manufacturing giant Siemens AG before the High Court. https://bit.ly/2XdXaPz

Sky News

– Pure Gym, which trades on nearly 300 UK sites, is expected to decide by the end of the week whether it wants to cancel a listing on the London Stock Exchange, Sky News has learned. https://bit.ly/3FMu3nW

– SoftBank’s Vision Fund will lead a new round of funding for one of Britain’s fintech companies, Zopa, in a deal that will value it at more than £ 500 million, Sky News has learned. https://bit.ly/3FOvsu3

The independent

– Amazon will push shoppers to buy Christmas gifts four weeks earlier and expects the supply chain disruption to persist at least until the spring of next year, according to an internal document viewed by The Independent. https://bit.ly/3mWvXtr

($ 1 = 0.7314 pounds) (Compiled by Bengaluru Newsroom)


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JPMorgan set to leave pandemic behind, results show https://premudraja.net/jpmorgan-set-to-leave-pandemic-behind-results-show/ Wed, 13 Oct 2021 17:52:00 +0000 https://premudraja.net/jpmorgan-set-to-leave-pandemic-behind-results-show/ Oct. 13 (Reuters) – JPMorgan Chase & Co (JPM.N) topped analysts’ earnings estimates on Wednesday, thanks to record earnings from some investment banking businesses and a sunnier economic outlook that allowed the most major U.S. bank to unlock the money it had set aside for potential loan losses during the coronavirus pandemic. JPMorgan’s third-quarter profit […]]]>

Oct. 13 (Reuters) – JPMorgan Chase & Co (JPM.N) topped analysts’ earnings estimates on Wednesday, thanks to record earnings from some investment banking businesses and a sunnier economic outlook that allowed the most major U.S. bank to unlock the money it had set aside for potential loan losses during the coronavirus pandemic.

JPMorgan’s third-quarter profit was 24% higher than the same period last year, and the bank’s average loans and deposits grew, as did credit card spending, helping credit income from JPMorgan to increase 2.5% from the second quarter.

On a call with analysts, executives were cautiously optimistic the economy was finally on track after 19 months of pandemic-related illness, business closures, travel restrictions and trends home care. They predicted that demand for loans might not change substantially until next year at the earliest, but were encouraged by the first signs that the world is getting back on track.

“We don’t know the future any better than you do,” JPMorgan CEO Jamie Dimon said on a call with reporters. “What we really want is good growth right now. These are big numbers. By the end of 2022, people are predicting 4% unemployment, wages are rising, jobs are plentiful. coming out of COVID, we should all be thanking our lucky stars. “

Analysts were excited by the signals that customers are starting to spend and invest again.

“While the numbers (for loans) are not high, we think people will be happy to be at or near an inflection point,” Glenn Schorr, Evercore ISI analyst, wrote in a note to investors.

JPMorgan shares fell nearly 2.6% on Wednesday, after hitting an all-time high of $ 171.51 last week, suggesting investors could take profits. Shares of other major banks Citigroup (CN), Goldman Sachs (GS.N), Morgan Stanley (MS.N), Well Fargo & Co (WFC.N) and Bank of America Corp (BAC.N) fell between 0 , 2% and 1.7%.

Investors often see JPMorgan not only as a major US bank, but as a symbol of how well the economy and global markets are doing. It has a substantial presence in almost every conventional lending business – from mortgages to commercial lending – one of Wall Street’s largest investment banks and multinational company information through its capital markets operations. and treasury services.

The highlight of JPMorgan’s third quarter was its Corporate & Investment Bank division, where advisory fees nearly tripled due to strong performance in mergers and acquisitions and stock underwriting, fueled in part by a wave of deals. initial public.

During the quarter, JPMorgan maintained its position as the world’s second-largest provider of merger and acquisition advice after Goldman Sachs Group Inc (GS.N), on a fee-based basis, according to Refinitiv.

JPMorgan’s decision to release $ 2.1 billion from credit reserves also bolstered its profits. Dimon and many analysts and investors tend to remove “core” reserve fluctuations from their earnings analyzes because they are based on accounting standards and do not reflect the inflow of new money.

Overall, JPMorgan’s profit reached $ 11.7 billion, or $ 3.74 per share, in the quarter ended Sept. 30, from $ 9.4 billion, or $ 2.92 per share. , one year earlier. Excluding reserve release and tax benefit, its profit would be $ 9.6 billion, or $ 3.03 per share.

Analysts on average expected earnings of $ 3.00 per share, according to Refinitiv.

JPMorgan’s revenue increased 2% to $ 30.4 billion in the quarter. Analysts on average expected revenue of $ 29.8 billion.

The bank maintained its forecast of forecasting net interest income for the year at around $ 52.5 billion.

JPMorgan shares were down 2.3% in morning trading, as other big banks fell as well. Its shares rose about 5% in the weeks leading up to earnings, along with other big banks, in hopes of higher interest rates following comments from the Federal Reserve.

DELIVERY OF BUSINESS

Capital markets companies have helped big Wall Street banks weather the pandemic, as investors rushed to respond to news of the pandemic and companies needed help raising capital or hedging business risks . More recently, as trading revenues declined, trading activity has intensified, with companies deciding to regroup or go public through Special Purpose Acquisition Companies (SPACs) and start-ups listing shares for. the first time.

JPMorgan’s Corporate & Investment Bank division posted a 6% increase in net sales to $ 12.4 billion. Its Consumer & Community Banking division posted a 2% drop in net sales to $ 12.5 billion. These two companies rank among the largest in terms of revenue, by quarter.

The lender’s commercial banking operations saw an 8% increase in net income to $ 2.5 billion, while Asset & Wealth Management registered a 20% increase to $ 4.3 billion.

In a conference call with analysts, management primarily answered questions about JPMorgan’s economic outlook and what the quarterly statistics suggest for the next few quarters. They wanted to know when the bank’s loan income would increase and how it could deploy all the money it had.

For example, card spending has increased dramatically, which would normally be a good sign for banks. But that didn’t always translate into higher profits, as individuals saved money during the pandemic while stranded at home, allowing them to pay off their balances and stay up to date on their bills. bills – avoiding interest payments or late fees.

Other major US banks including Bank of America (BAC.N), Citigroup (CN), Wells Fargo (WFC.N) and Morgan Stanley (MS.N) will release their results on Thursday, while Goldman Sachs (GS.N) ), Wall Street’s most prolific trader will end the earnings season on Friday.

Reporting by Anirban Sen in Bengaluru and Elizabeth Dilts in New York; Additional reporting by Noor Zainab Hussain, Matt Scuffham, Niket Nishant and David Henry Writing by Lauren Tara LaCapra Editing by Saumyadeb Chakrabarty and Nick Zieminski

Our Standards: The Thomson Reuters Trust Principles.


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Forbright announces the launch of the PACE business activity and the strengthening of the sustainable finance division https://premudraja.net/forbright-announces-the-launch-of-the-pace-business-activity-and-the-strengthening-of-the-sustainable-finance-division/ Tue, 12 Oct 2021 12:01:00 +0000 https://premudraja.net/forbright-announces-the-launch-of-the-pace-business-activity-and-the-strengthening-of-the-sustainable-finance-division/ CHEVY CHASE, Maryland – (COMMERCIAL THREAD) – Forbright Bank, recently renamed Congressional Bank, today announced the launch of a new Commercial Property Assessed Clean Energy (Commercial PACE) business line and the strengthening of its Sustainable Finance division. Mike Cary had been named Managing Director, PACE Commercial Loans, and oversee the new business. Besides, Sonia khanna […]]]>

CHEVY CHASE, Maryland – (COMMERCIAL THREAD) – Forbright Bank, recently renamed Congressional Bank, today announced the launch of a new Commercial Property Assessed Clean Energy (Commercial PACE) business line and the strengthening of its Sustainable Finance division. Mike Cary had been named Managing Director, PACE Commercial Loans, and oversee the new business. Besides, Sonia khanna had been named Managing Director, Sustainable Finance, and will focus on sustainable lending opportunities across Forbright’s platform. Taken together, these measures demonstrate the Bank’s commitment to accelerate the transition to a more sustainable, low-carbon economy. Cary joined Forbright on October 4 and Khanna joined on September 20, 2021.

Commercial PACE is a specialized financing approach through which commercial property owners can secure low-cost up-front financing for clean energy projects and other eligible improvement projects that is reimbursed through a voluntary appraisal in addition to the owner’s property taxes. Providing sustainable and innovative financing opportunities like this is one of the ways that Forbright will do its part in the global effort to build the green economy of the future.

As the leader of Forbright’s PACE commercial team, which will sit within the Sustainable Finance division, Cary will be responsible for finding, underwriting and managing PACE commercial lending opportunities in qualified jurisdictions across jurisdictions. United States. Prior to joining Forbright, he helped build and lead the PACE business effort at Poppy Bank as Senior Vice President, National PACE Lending. Cary has over 30 years of experience in commercial lending, including numerous executive roles with Citibank, First Nationwide Mortgage Corporation and CIT Group.

As Managing Director of Sustainable Finance, Khanna will be responsible for expanding Forbright’s sustainable finance platform, including sourcing, underwriting and managing a wide range of top-tier secured financings for investors. , businesses and entrepreneurs contributing to decarbonisation and sustainability. Prior to Forbright, she spent 15 years developing relationships with investors, operators and intermediaries in the primary and secondary markets across the country as a senior member of the Commercial Real Estate group at Pacific Western Bank, where She was a senior manager and led the Washington, DC commercial real estate design team. Prior to that, Khanna worked at CapitalSource Inc and UBS Investment Bank.

These measures position Forbright as an indispensable financial partner for commercial real estate and private equity investors leading to decarbonization and the shift to a clean energy economy, ”said Founder and Executive Chairman John Delaney. “Our approach at Forbright is rooted in building teams with focused expertise and a track record of building successful platforms, and Mike and Sonia are important strategic hires, ”added Don Cole, CEO of Forbright Bank.

About Forbright Bank

Forbright Bank (www.forbrightbank.com), renamed Congressional Bank, member of the FDIC, is a full-service bank, commercial lender and asset manager headquartered in Chevy Chase, Maryland, committed to accelerate the transition to a sustainable and clean energy economy by funding the companies, investors and innovators who drive this change. With more than $ 4.5 billion in assets owned and managed, the Bank provides specialized banking and credit services to clients across the United States. Its Sustainable Finance, Healthcare and Specialty Lending divisions offer nationwide lending products, including personalized home loans, working capital, warehouse lines of credit and term loan purchase contracts. The Bank provides real estate loans, mortgages and other business loans, as well as sophisticated and competitive deposit products, which will include deposits linked to decarbonization and sustainability-focused loans, to businesses and individuals through through its Community Bank division.

FDIC member as a Bank of Congress. Congressional Bank is an Equal Housing Lender and provides loans regardless of race, color, religion, national origin, gender, disability or family status.


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ICL announces the transition of its CFO https://premudraja.net/icl-announces-the-transition-of-its-cfo/ Mon, 11 Oct 2021 05:40:00 +0000 https://premudraja.net/icl-announces-the-transition-of-its-cfo/ TEL AVIV, Israel – (COMMERCIAL THREAD) –LCI (NYSE: ICL) (TASE: ICL), one of the world’s leading specialty minerals companies, today announced that CFO Kobi Altman will step down to focus on family and personal matters, effective January 1, 2022. At that time- There, Aviram Lahav will join ICL as CFO and become a member of […]]]>

TEL AVIV, Israel – (COMMERCIAL THREAD) –LCI (NYSE: ICL) (TASE: ICL), one of the world’s leading specialty minerals companies, today announced that CFO Kobi Altman will step down to focus on family and personal matters, effective January 1, 2022. At that time- There, Aviram Lahav will join ICL as CFO and become a member of the management team.

“I would like to personally thank Kobi Altman for his dedicated leadership over the past six years and for guiding the financial organization with care and professionalism,” said Raviv Zoller, President and CEO of ICL. “He has made a huge contribution to ICL and leaves behind a legacy of excellence. Kobi is restoring a strong financial organization, which will continue to support the growth of our business, as ICL’s value continues to increase. ”

“On behalf of ICL, I welcome Aviram Lahav, who brings more than 20 years of diverse experience from his former roles as CEO and CFO in various global companies. In his most recent role, Aviram was Chief Financial Officer of ADAMA, a global agrochemical company part of the Syngenta Group, as well as CEO of ADAMA Agricultural Solutions. Prior to this experience, he worked at Delta Galil Industries, moving from Group CFO to US Division CEO, then to CEO and Global COO. Aviram also has extensive knowledge of the Brazilian and Chinese markets, ”Zoller concluded.

About ICL

ICL Group is one of the world’s leading specialty minerals companies, which is also benefiting from rising raw materials. The company creates impactful solutions to humanity’s sustainability challenges in global food, agriculture and industrial markets. ICL leverages its unique bromine, potash and phosphate resources, its passionate team of talented employees, and its strong focus on R&D and technological innovation to drive growth in its end markets. ICL shares are double listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs more than 12,000 people worldwide and its 2020 revenue is approximately $ 5.0 billion.

For more information, visit the ICL website at www.icl-group.com.

To access ICL’s interactive corporate social responsibility report, please click here.

You can also read more about ICL on Facebook, LinkedIn and Instagram.



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IMF EXCLUSIVE Board to Meet on Sunday for More Discussions on Georgieva’s Future https://premudraja.net/imf-exclusive-board-to-meet-on-sunday-for-more-discussions-on-georgievas-future/ Sat, 09 Oct 2021 20:23:00 +0000 https://premudraja.net/imf-exclusive-board-to-meet-on-sunday-for-more-discussions-on-georgievas-future/ The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, speaks at a joint press conference following the Summit on Financing African Economies in Paris, France, May 18, 2021. Ludovic Marin / Pool via REUTERS WASHINGTON, Oct.9 (Reuters) – The board of directors of the International Monetary Fund will meet again on Sunday with […]]]>

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, speaks at a joint press conference following the Summit on Financing African Economies in Paris, France, May 18, 2021. Ludovic Marin / Pool via REUTERS

WASHINGTON, Oct.9 (Reuters) – The board of directors of the International Monetary Fund will meet again on Sunday with chief executive Kristalina Georgieva and the law firm which says it pressured World Bank staff to changes the data to benefit China while serving as the bank’s CEO, according to people familiar with the plan.

A decision on Georgieva’s future at the global lender isn’t expected until Monday, at the earliest, as finance ministers and other senior officials from many of the IMF’s 190 member countries meet in Washington to the annual fall meetings of the IMF and the World Bank, one of the sources said.

The IMF’s board debated the issue for five hours on Friday before adjourning and asking for more “clarification.”

The scandal threatens to overshadow high-level meetings, where officials plan to discuss the global economy, the ongoing COVID-19 pandemic, and global tax issues in discussions that will be held in part in person and in line.

In normal years, the event draws some 10,000 people to Washington.

Georgieva has firmly denied the allegations, which date back to 2017, when she was managing director of the World Bank. His lawyer says the investigation by law firm WilmerHale partly violated World Bank staff rules by denying him an opportunity to respond to the charges, a claim WilmerHale disputes.

Georgieva and WilmerHale’s lawyers will appear separately at Sunday’s board meeting, the sources said, who requested anonymity. No comment was immediately available from Georgieva or the cabinet.

France and some other European governments on Friday backed the Bulgarian economist to remain IMF chief, while other officials called for more time to compare his accounts and those of the law firm on the irregularities in data from the now-canceled flagship product of the World Bank, “Doing Business.” report.

Former UK Prime Minister Gordon Brown tweeted his support on Friday, calling Georgieva an “outstanding international civil servant … who served with distinction as commissioner and vice-chairman of the @EU_Commission, then chief executive of @WorldBank and now chief. by @FMINews. “

The US Treasury, which controls 16.5% of IMF shares, declined to comment after Friday’s meeting.

Treasury spokeswoman Alexandra LaManna said this week that the department had “campaigned for thorough and fair accounting of all the facts” of the review, stressing its concern to preserve “the integrity of international financial institutions” .

WilmerHale’s investigative report prepared for the World Bank board alleged that when Georgieva was CEO of the World Bank in 2017, she put “undue pressure” on bank staff to make changes to “Doing Business” report data in order to strengthen the ranking of China’s business climate as a bank sought Beijing’s support for a large capital increase.

Reporting by Andrea Shalal and David Lawder Editing by Paul Simao

Our Standards: Thomson Reuters Trust Principles.


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