Category Archives: JP Morgan

JPMorgan sues Tesla for $162m after Musk tweets soured share deal

Posted on by

Investment bank says it lost millions because of tweets by Elon Musk that he might take electric carmaker private

JPMorgan has sued Tesla for $162.2m, accusing Elon Musk’s electric car company of “flagrantly” breaching a 2014 contract relating to stock trading options that Tesla sold to the bank.

The options, or warrants, give the holder the right to buy a company’s stock at a set “strike” price and date. The suit, filed in a Manhattan federal court, centres on a dispute over how JPMorgan repriced its Tesla warrants as a result of Musk’s notorious 2018 tweet that he was considering taking the carmaker private.

Continue reading...

JP Morgan chief skips quarantine as he jets into Hong Kong

Posted on by

Jamie Dimon let off 21-day hotel quarantine because he runs a ‘very huge bank’, says Carrie Lam

JP Morgan’s billionaire chief executive Jamie Dimon was allowed to skip Hong Kong’s strict 21-day hotel quarantine rules because he runs “a very huge bank” with “key business in Hong Kong”, the territory’s chief executive, Carrie Lam, said on Tuesday.

Dimon flew into Hong Kong on Monday on JP Morgan’s private jet, becoming the first Wall Street bank boss to visit the territory or mainland China since the pandemic began.

Continue reading...

Protesters call on banks to ‘drop African debt’ in wake of Covid

Posted on by

World’s poorest nations saddled with ‘imprisoning’ debt, hampering responses to the pandemic, say activists protesting HSBC meeting

Activists at a demonstration outside the annual general meeting of HSBC in London have demanded the bank and other financial giants provide debt relief to African countries hit hard by the coronavirus pandemic.

In an attempt to highlight the role of private creditors in the debt crises of the world’s poorest countries, campaigners with “drop the debt” banners gathered outside HSBC’s AGM at the Southbank Centre.

Continue reading...

European Super League will pour €400m into grassroots football, says new chief

Posted on by

Anas Laghari claims elite competition will reignite love of game and end ‘madness’ of big money transfers

The Spanish banker who created the controversial new European Super League has promised the new JP Morgan-backed competition will pump €400m (£350m) into the national leagues that the elite clubs plan to leave behind.

Anas Laghari, a partner at the Madrid bank Key Capital and the newly appointed general secretary of the Super League, said the new league would reignite younger people’s love of football and end the “madness” of big money transfers.

Continue reading...

Study: global banks ‘failing miserably’ on climate crisis by funneling trillions into fossil fuels

Posted on by

Analysis of 35 leading investment banks shows financing of more than $2.66tn for fossil fuel industries since the Paris agreement

The world’s largest investment banks have funnelled more than £2.2tn ($2.66tn) into fossil fuels since the Paris agreement, new figures show, prompting warnings they are failing to respond to the climate crisis.

The US bank JP Morgan Chase, whose economists warned that the climate crisis threatens the survival of humanity last month, has been the largest financier of fossil fuels in the four years since the agreement, providing over £220bn of financial services to extract oil, gas and coal.

Continue reading...

JP Morgan economists warn climate crisis is threat to human race

Posted on by

Leaked report for world’s major fossil fuel financier says Earth is on unsustainable trajectory

The world’s largest financier of fossil fuels has warned clients that the climate crisis threatens the survival of humanity and that the planet is on an unsustainable trajectory, according to a leaked document.

The JP Morgan report on the economic risks of human-caused global heating said climate policy had to change or else the world faced irreversible consequences.

Continue reading...

Harry and Meghan attend exclusive JP Morgan event in Miami

Posted on by

Sussexes appear in one of their first engagements since stepping down as senior royals

The Duke and Duchess of Sussex attended an exclusive JP Morgan event in one of their first engagements since stepping down as senior royals, a palace source has said.

It is unclear whether the couple, who have pledged to become more financially independent, were paid for their roles as speakers at a summit the banking giant hosted in Miami on Thursday.

Continue reading...