Last:23.47    -0.47

ocbc buyers fight back from the shortists

1. Reduced Purchasing Power:
   • Soaring inflation erodes the purchasing power of consumers. As the cost of goods and services increases, consumers may cut back on discretionary spending, including purchases of imported goods.
2. Impact on Exports:
   • Export-oriented industries are likely to face challenges as demand from foreign markets diminishes. Countries heavily reliant on exports may experience a decline in economic growth.
3. Exchange Rates:
   • Rising interest rates can influence exchange rates, affecting the competitiveness of exports. Higher interest rates may attract foreign capital seeking better returns, leading to an appreciation of the domestic currency. A stronger currency can make exports more expensive for foreign buyers, further dampening demand.
4. Global Supply Chains:
   • Disruptions in export demand can disrupt global supply chains. Countries and industries that are part of intricate supply networks may face challenges as orders decrease and production adjusts to lower demand.
5. Economic Slowdown:
   • A decrease in export demand can contribute to an economic slowdown. Reduced economic activity in one region can have a cascading effect on other interconnected economies, especially in today' s globalized world.
6. Policy Responses:
   • Governments and central banks may respond to these challenges with various policy measures. These could include fiscal stimulus, monetary policy adjustments, or trade policy changes to support domestic industries.
7. Diversification:
   • Countries heavily reliant on exports may reconsider their economic strategies and focus on diversification. Diversifying export markets and industries can help reduce vulnerability to external shocks.
8. Commodity Prices:
   • In some cases, export-dependent economies may be particularly sensitive to fluctuations in commodity prices. A drop in demand can lead to lower prices for key exports, further impacting the economic situation.
9. Consumer Behavior:
   • Consumers around the world may adjust their spending habits in response to economic challenges. This shift in consumer behavior can have broad implications for businesses and industries.
10. Global Economic Interconnectedness:
    • The interconnected nature of the global economy means that challenges in one part of the world can have repercussions globally. Collaborative efforts and international cooperation may be essential to address such economic challenges.
    • https://www.bloomberg.com/markets/rates-bonds/government-bonds/us

chartiskao      ( Date: 29-Dec-2023 09:24) Posted: a slumping economy, plummeting land revenues, and increased spending on COVID-19 control measures, highlight the significant economic impact of the pandemic on government finances. Several key points can be inferred from this information: Economic Downturn: The mention of a slumping economy indicates a period of economic contraction. This could be due to various factors such as reduced consumer spending, disruptions in supply chains, and a decline in overall economic activity. Impact on Land Revenues: The decline in land revenues suggests that sectors related to real estate, property transactions, or land-based taxes have been adversely affected. Economic downturns often lead to reduced property transactions and a decrease in the value of real estate assets, impacting government revenue from land-related activities. Increased Spending on COVID-19 Control Measures: Governments worldwide have allocated significant resources to combat the COVID-19 pandemic. This includes funding for healthcare infrastructure, testing, vaccination programs, and economic stimulus measures to support individuals and businesses affected by the crisis. The increased spending on COVID-19 control measures puts additional strain on government budgets. Fiscal Pressures: The combination of reduced revenues and increased spending creates fiscal challenges for governments. They may face budgetary deficits, necessitating careful management of public finances to maintain essential services and support economic recovery. Policy Responses: In response to such economic challenges, governments may implement various policy measures, including fiscal stimulus packages, monetary interventions, and structural reforms to stimulate economic growth and stabilize public finances. chartiskao      ( Date: 29-Dec-2023 09:21) Posted: Risks are low after what happened last few years and the recovery after 2023 is higher if more simulus are throw into the market after FED cut rates 6 times China&rsquo s economy is in for a bumpy ride as Covid zero comes to an end Published Thu, Dec 08, 2022 · 2:01 pm With the Covid Zero policy being rapidly dismantled, the threat of economic disruption remains high. PHOTO: BLOOMBERG China Economy   THREE years after the first case of Covid-19 was reported in Wuhan, Chinese policymakers must now grapple with how to live with the virus while keeping the economy growing fast enough to stave off public anger. With the Covid Zero policy being rapidly dismantled, the threat of economic disruption remains high. Infections are likely to surge, forcing workers to stay home, businesses may run out of supplies, restaurants could be emptied of customers and hospitals will fill up. Even though there&rsquo s optimism the economy will recover as China opens up to the rest of the world, the next six months could be particularly volatile. Goldman Sachs Group expects below-consensus economic growth in the first half of next year, saying the initial stages of reopening will be negative for the economy, as was the experience in other East Asian economies. Morgan Stanley predicts China&rsquo s economy to remain &ldquo subpar&rdquo through the first half of next year. Standard Chartered said growth in urban consumer spending will still lag pre-pandemic rates next year given the hit to household incomes during the pandemic.   The economy was already in bad shape this year because of the Covid outbreaks and a property market crisis. While China&rsquo s zero tolerance approach to combating infections has kept infections and deaths relatively low for most of the pandemic, the rapid spread of the highly infectious Omicron variant exposed the challenges of maintaining strict controls. From snap city-wide lockdowns to almost-daily Covid tests, the restrictions have taken a heavy toll on people&rsquo s lives and the economy. That discontent manifested in mass unrest at the end of last month. People in Beijing, Shanghai and elsewhere started to reject demands for quarantines or lockdowns of their housing estates, and between Nov 25 and Dec 5, at least 70 mass protests occurred across 30 cities, according to data compiled by think-tank Australian Strategic Policy Institute. Authorities have moved to quell public anger by relaxing some Covid requirements around testing and quarantine &mdash although the sudden and confusing changes to the rules over the past few weeks have injected more uncertainty about the economy&rsquo s outlook. SEE ALSO Chinese to skip flying overseas in 2024 even as domestic travel booms GET BT IN YOUR INBOX DAILY Start and end each day with the latest news stories and analyses delivered straight to your inbox.     VIEW ALL     Your feedback is important to us Tell us what you think. Email us at [email protected]   Here&rsquo s a deeper look at the economy&rsquo s downturn and the challenges it faces as China exits Covid Zero. People have been cooped up in their homes China&rsquo s cities have been hit hard by Covid restrictions, with mobility across the country&rsquo s 15 largest cities plummeting in recent months, according to congestion data released by Baidu. Major hubs are showing strain, including the capital Beijing, as well as Chongqing and Guangzhou. Trips there have plunged in recent months below levels in previous years, according to subway data compiled by Bloomberg. Few have borne the brunt of China&rsquo s Covid Zero policy more than the financial hub of Shanghai, a major epicentre for recent protests. After a two-month lockdown this year to tackle a major outbreak, China&rsquo s richest city is still struggling to get back up off its knees. Malls have seen a surge in vacancies, consumer spending has plunged, and spending in areas like food and beverages has been depressed, mirroring the national trend. Lack of spending has hit the economy hard Covid restrictions have battered the economy, with consumers pulling back on spending and business output plunging. Retail sales unexpectedly contracted 0.5 per cent in October from a year earlier, with economists surveyed by Bloomberg predicting an even worse outcome of a decline of 3.9 per cent in November. The government is expected to miss its economic growth target of around 5.5 per cent by a significant margin this year. The consensus among economists is for growth of just 3.2 per cent, which would be the weakest pace since the 1970s barring the pandemic slump in 2020. With onerous testing rules, flare ups in holiday spots, and official advice discouraging travel, holidaymakers have stayed home, adding a further drag on retail spending. Tourism revenue declined 26 per cent to 287 billion yuan (S$55.9 billion) over the week-long National Day holiday in October compared to the same period last year. Flight travel also dropped to its lowest levels since at least 2018. Youth unemployment is near a record high That&rsquo s all combined to drive growing economic malaise among the country&rsquo s youth, with the unemployment rate among 16-24 year-olds soaring to a record high of about 20 per cent earlier this year. Joblessness among young people is more than triple the national rate, with many graduates struggling to find work in the downturn, especially in the technology and property-related industries. Unemployment will likely get worse next year, when a new crop of 11.6 million university and college students are expected to graduate, adding to pressure in the labour market. Factories are still struggling to cope with Covid outbreaks So far during the pandemic, the industrial sector has held up better than consumer spending since factories were protected from Covid outbreaks and global demand for Chinese-made goods was strong. That&rsquo s changing now. Export demand is plummeting as consumers around the world grapple with soaring inflation and rising interest rates. The disruption at a major assembly plant in Zhengzhou for Apple&rsquo s iPhones and violent protests there last month also show the damage that outbreaks can have on production. The housing market crisis continues to simmer China&rsquo s ongoing real estate slump has also been a source of unhappiness for homebuyers. The property market, which has long been a major driver of the country&rsquo s economy, is in its worst downturn in modern history, with sales and prices plummeting. Cash-strapped property developers struggled to finish building homes, prompting mortgage boycotts by thousands of buyers in the summer. Despite authorities introducing a spate of measures recently to help make borrowing easier and ease tight cash flows for developers, the economy&rsquo s downturn and lack of confidence mean the housing market continues to be depressed. The slump is not expected to end soon, with Bloomberg Economics expecting a 25 per cent drop in property investment in the coming decade. Local governments are struggling to fund their spending Government finances have come under severe pressure as the economy slumped. Land revenues have plummeted and local governments have had to boost spending on Covid control measures. The broad measure of the fiscal deficit in the first 10 months of the year is nearly triple the amount it was in the same period last year. Relaxing testing and quarantine rules will help ease pressure on local government finances. However, it remains to be seen how far and fast authorities will go in dismantling Covid Zero if a surge in Covid cases puts strain on the healthcare system, a likely outcome given that a significant portion of the country&rsquo s elderly and vulnerable population are still unvaccinated or lacking booster shots. BLOOMBERG KEYWORDS IN THIS ARTICLE

1. Economic Downturn: The mention of a slumping economy indicates a period of economic contraction. This could be due to various factors such as reduced consumer spending, disruptions in supply chains, and a decline in overall economic activity.
2. Impact on Land Revenues: The decline in land revenues suggests that sectors related to real estate, property transactions, or land-based taxes have been adversely affected. Economic downturns often lead to reduced property transactions and a decrease in the value of real estate assets, impacting government revenue from land-related activities.
3. Increased Spending on COVID-19 Control Measures: Governments worldwide have allocated significant resources to combat the COVID-19 pandemic. This includes funding for healthcare infrastructure, testing, vaccination programs, and economic stimulus measures to support individuals and businesses affected by the crisis. The increased spending on COVID-19 control measures puts additional strain on government budgets.
4. Fiscal Pressures: The combination of reduced revenues and increased spending creates fiscal challenges for governments. They may face budgetary deficits, necessitating careful management of public finances to maintain essential services and support economic recovery.
5. Policy Responses: In response to such economic challenges, governments may implement various policy measures, including fiscal stimulus packages, monetary interventions, and structural reforms to stimulate economic growth and stabilize public finances.

chartiskao      ( Date: 29-Dec-2023 09:21) Posted: Risks are low after what happened last few years and the recovery after 2023 is higher if more simulus are throw into the market after FED cut rates 6 times China&rsquo s economy is in for a bumpy ride as Covid zero comes to an end Published Thu, Dec 08, 2022 · 2:01 pm With the Covid Zero policy being rapidly dismantled, the threat of economic disruption remains high. PHOTO: BLOOMBERG China Economy   THREE years after the first case of Covid-19 was reported in Wuhan, Chinese policymakers must now grapple with how to live with the virus while keeping the economy growing fast enough to stave off public anger. With the Covid Zero policy being rapidly dismantled, the threat of economic disruption remains high. Infections are likely to surge, forcing workers to stay home, businesses may run out of supplies, restaurants could be emptied of customers and hospitals will fill up. Even though there&rsquo s optimism the economy will recover as China opens up to the rest of the world, the next six months could be particularly volatile. Goldman Sachs Group expects below-consensus economic growth in the first half of next year, saying the initial stages of reopening will be negative for the economy, as was the experience in other East Asian economies. Morgan Stanley predicts China&rsquo s economy to remain &ldquo subpar&rdquo through the first half of next year. Standard Chartered said growth in urban consumer spending will still lag pre-pandemic rates next year given the hit to household incomes during the pandemic.   The economy was already in bad shape this year because of the Covid outbreaks and a property market crisis. While China&rsquo s zero tolerance approach to combating infections has kept infections and deaths relatively low for most of the pandemic, the rapid spread of the highly infectious Omicron variant exposed the challenges of maintaining strict controls. From snap city-wide lockdowns to almost-daily Covid tests, the restrictions have taken a heavy toll on people&rsquo s lives and the economy. That discontent manifested in mass unrest at the end of last month. People in Beijing, Shanghai and elsewhere started to reject demands for quarantines or lockdowns of their housing estates, and between Nov 25 and Dec 5, at least 70 mass protests occurred across 30 cities, according to data compiled by think-tank Australian Strategic Policy Institute. Authorities have moved to quell public anger by relaxing some Covid requirements around testing and quarantine &mdash although the sudden and confusing changes to the rules over the past few weeks have injected more uncertainty about the economy&rsquo s outlook. SEE ALSO Chinese to skip flying overseas in 2024 even as domestic travel booms GET BT IN YOUR INBOX DAILY Start and end each day with the latest news stories and analyses delivered straight to your inbox.     VIEW ALL     Your feedback is important to us Tell us what you think. Email us at [email protected]   Here&rsquo s a deeper look at the economy&rsquo s downturn and the challenges it faces as China exits Covid Zero. People have been cooped up in their homes China&rsquo s cities have been hit hard by Covid restrictions, with mobility across the country&rsquo s 15 largest cities plummeting in recent months, according to congestion data released by Baidu. Major hubs are showing strain, including the capital Beijing, as well as Chongqing and Guangzhou. Trips there have plunged in recent months below levels in previous years, according to subway data compiled by Bloomberg. Few have borne the brunt of China&rsquo s Covid Zero policy more than the financial hub of Shanghai, a major epicentre for recent protests. After a two-month lockdown this year to tackle a major outbreak, China&rsquo s richest city is still struggling to get back up off its knees. Malls have seen a surge in vacancies, consumer spending has plunged, and spending in areas like food and beverages has been depressed, mirroring the national trend. Lack of spending has hit the economy hard Covid restrictions have battered the economy, with consumers pulling back on spending and business output plunging. Retail sales unexpectedly contracted 0.5 per cent in October from a year earlier, with economists surveyed by Bloomberg predicting an even worse outcome of a decline of 3.9 per cent in November. The government is expected to miss its economic growth target of around 5.5 per cent by a significant margin this year. The consensus among economists is for growth of just 3.2 per cent, which would be the weakest pace since the 1970s barring the pandemic slump in 2020. With onerous testing rules, flare ups in holiday spots, and official advice discouraging travel, holidaymakers have stayed home, adding a further drag on retail spending. Tourism revenue declined 26 per cent to 287 billion yuan (S$55.9 billion) over the week-long National Day holiday in October compared to the same period last year. Flight travel also dropped to its lowest levels since at least 2018. Youth unemployment is near a record high That&rsquo s all combined to drive growing economic malaise among the country&rsquo s youth, with the unemployment rate among 16-24 year-olds soaring to a record high of about 20 per cent earlier this year. Joblessness among young people is more than triple the national rate, with many graduates struggling to find work in the downturn, especially in the technology and property-related industries. Unemployment will likely get worse next year, when a new crop of 11.6 million university and college students are expected to graduate, adding to pressure in the labour market. Factories are still struggling to cope with Covid outbreaks So far during the pandemic, the industrial sector has held up better than consumer spending since factories were protected from Covid outbreaks and global demand for Chinese-made goods was strong. That&rsquo s changing now. Export demand is plummeting as consumers around the world grapple with soaring inflation and rising interest rates. The disruption at a major assembly plant in Zhengzhou for Apple&rsquo s iPhones and violent protests there last month also show the damage that outbreaks can have on production. The housing market crisis continues to simmer China&rsquo s ongoing real estate slump has also been a source of unhappiness for homebuyers. The property market, which has long been a major driver of the country&rsquo s economy, is in its worst downturn in modern history, with sales and prices plummeting. Cash-strapped property developers struggled to finish building homes, prompting mortgage boycotts by thousands of buyers in the summer. Despite authorities introducing a spate of measures recently to help make borrowing easier and ease tight cash flows for developers, the economy&rsquo s downturn and lack of confidence mean the housing market continues to be depressed. The slump is not expected to end soon, with Bloomberg Economics expecting a 25 per cent drop in property investment in the coming decade. Local governments are struggling to fund their spending Government finances have come under severe pressure as the economy slumped. Land revenues have plummeted and local governments have had to boost spending on Covid control measures. The broad measure of the fiscal deficit in the first 10 months of the year is nearly triple the amount it was in the same period last year. Relaxing testing and quarantine rules will help ease pressure on local government finances. However, it remains to be seen how far and fast authorities will go in dismantling Covid Zero if a surge in Covid cases puts strain on the healthcare system, a likely outcome given that a significant portion of the country&rsquo s elderly and vulnerable population are still unvaccinated or lacking booster shots. BLOOMBERG KEYWORDS IN THIS ARTICLE chartiskao      ( Date: 28-Dec-2023 15:11) Posted: will ocbc' s earning in 2024 will be much better tah 2023' s earning if you see the earning improving than it will be able to give higher than 40cts dividend in 2024 https://www.ocbc.com/iwov-resources/sg/ocbc/gbc/pdf/investors/quarterly-results/2023/ocbc%201h23%20results%20presentation.pd

China&rsquo s economy is in for a bumpy ride as Covid zero comes to an end

Published Thu, Dec 08, 2022 · 2:01 pm

With the Covid Zero policy being rapidly dismantled, the threat of economic disruption remains high.

PHOTO: BLOOMBERG

China Economy

 

THREE years after the first case of Covid-19 was reported in Wuhan, Chinese policymakers must now grapple with how to live with the virus while keeping the economy growing fast enough to stave off public anger.
With the Covid Zero policy being rapidly dismantled, the threat of economic disruption remains high. Infections are likely to surge, forcing workers to stay home, businesses may run out of supplies, restaurants could be emptied of customers and hospitals will fill up. Even though there&rsquo s optimism the economy will recover as China opens up to the rest of the world, the next six months could be particularly volatile.
Goldman Sachs Group expects below-consensus economic growth in the first half of next year, saying the initial stages of reopening will be negative for the economy, as was the experience in other East Asian economies. Morgan Stanley predicts China&rsquo s economy to remain &ldquo subpar&rdquo through the first half of next year. Standard Chartered said growth in urban consumer spending will still lag pre-pandemic rates next year given the hit to household incomes during the pandemic.

 

The economy was already in bad shape this year because of the Covid outbreaks and a property market crisis. While China&rsquo s zero tolerance approach to combating infections has kept infections and deaths relatively low for most of the pandemic, the rapid spread of the highly infectious Omicron variant exposed the challenges of maintaining strict controls. From snap city-wide lockdowns to almost-daily Covid tests, the restrictions have taken a heavy toll on people&rsquo s lives and the economy.
That discontent manifested in mass unrest at the end of last month. People in Beijing, Shanghai and elsewhere started to reject demands for quarantines or lockdowns of their housing estates, and between Nov 25 and Dec 5, at least 70 mass protests occurred across 30 cities, according to data compiled by think-tank Australian Strategic Policy Institute.
Authorities have moved to quell public anger by relaxing some Covid requirements around testing and quarantine &mdash although the sudden and confusing changes to the rules over the past few weeks have injected more uncertainty about the economy&rsquo s outlook.

SEE ALSO

Chinese to skip flying overseas in 2024 even as domestic travel booms

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Your feedback is important to us
Tell us what you think. Email us at [email protected]

 

Here&rsquo s a deeper look at the economy&rsquo s downturn and the challenges it faces as China exits Covid Zero.

People have been cooped up in their homes

China&rsquo s cities have been hit hard by Covid restrictions, with mobility across the country&rsquo s 15 largest cities plummeting in recent months, according to congestion data released by Baidu.
Major hubs are showing strain, including the capital Beijing, as well as Chongqing and Guangzhou. Trips there have plunged in recent months below levels in previous years, according to subway data compiled by Bloomberg.
Few have borne the brunt of China&rsquo s Covid Zero policy more than the financial hub of Shanghai, a major epicentre for recent protests. After a two-month lockdown this year to tackle a major outbreak, China&rsquo s richest city is still struggling to get back up off its knees.
Malls have seen a surge in vacancies, consumer spending has plunged, and spending in areas like food and beverages has been depressed, mirroring the national trend.

Lack of spending has hit the economy hard

Covid restrictions have battered the economy, with consumers pulling back on spending and business output plunging. Retail sales unexpectedly contracted 0.5 per cent in October from a year earlier, with economists surveyed by Bloomberg predicting an even worse outcome of a decline of 3.9 per cent in November.
The government is expected to miss its economic growth target of around 5.5 per cent by a significant margin this year. The consensus among economists is for growth of just 3.2 per cent, which would be the weakest pace since the 1970s barring the pandemic slump in 2020.
With onerous testing rules, flare ups in holiday spots, and official advice discouraging travel, holidaymakers have stayed home, adding a further drag on retail spending. Tourism revenue declined 26 per cent to 287 billion yuan (S$55.9 billion) over the week-long National Day holiday in October compared to the same period last year. Flight travel also dropped to its lowest levels since at least 2018.

Youth unemployment is near a record high

That&rsquo s all combined to drive growing economic malaise among the country&rsquo s youth, with the unemployment rate among 16-24 year-olds soaring to a record high of about 20 per cent earlier this year. Joblessness among young people is more than triple the national rate, with many graduates struggling to find work in the downturn, especially in the technology and property-related industries.
Unemployment will likely get worse next year, when a new crop of 11.6 million university and college students are expected to graduate, adding to pressure in the labour market.

Factories are still struggling to cope with Covid outbreaks

So far during the pandemic, the industrial sector has held up better than consumer spending since factories were protected from Covid outbreaks and global demand for Chinese-made goods was strong. That&rsquo s changing now.
Export demand is plummeting as consumers around the world grapple with soaring inflation and rising interest rates.
The disruption at a major assembly plant in Zhengzhou for Apple&rsquo s iPhones and violent protests there last month also show the damage that outbreaks can have on production.

The housing market crisis continues to simmer

China&rsquo s ongoing real estate slump has also been a source of unhappiness for homebuyers. The property market, which has long been a major driver of the country&rsquo s economy, is in its worst downturn in modern history, with sales and prices plummeting. Cash-strapped property developers struggled to finish building homes, prompting mortgage boycotts by thousands of buyers in the summer.
Despite authorities introducing a spate of measures recently to help make borrowing easier and ease tight cash flows for developers, the economy&rsquo s downturn and lack of confidence mean the housing market continues to be depressed. The slump is not expected to end soon, with Bloomberg Economics expecting a 25 per cent drop in property investment in the coming decade.

Local governments are struggling to fund their spending

Government finances have come under severe pressure as the economy slumped. Land revenues have plummeted and local governments have had to boost spending on Covid control measures. The broad measure of the fiscal deficit in the first 10 months of the year is nearly triple the amount it was in the same period last year.
Relaxing testing and quarantine rules will help ease pressure on local government finances. However, it remains to be seen how far and fast authorities will go in dismantling Covid Zero if a surge in Covid cases puts strain on the healthcare system, a likely outcome given that a significant portion of the country&rsquo s elderly and vulnerable population are still unvaccinated or lacking booster shots. BLOOMBERG

chartiskao      ( Date: 28-Dec-2023 15:11) Posted: will ocbc' s earning in 2024 will be much better tah 2023' s earning if you see the earning improving than it will be able to give higher than 40cts dividend in 2024 https://www.ocbc.com/iwov-resources/sg/ocbc/gbc/pdf/investors/quarterly-results/2023/ocbc%201h23%20results%20presentation.pdf chartiskao      ( Date: 28-Dec-2023 13:08) Posted: &ldquo 共 同 富 裕 才 是 社 会 主 义 &rdquo   JPMorgan is on track for the biggest annual profit in the history of American banking. Analysts predict that its annual net income will be 36% higher than last year &mdash while the combined earnings of the next five largest banks rises about 1%. (Dec 27): More than a decade after regulators vowed to tame the risks of too-big-to-fail banks, White House officials were on a call. Why, one attendee asked, was JPMorgan Chase & Co  allowed to buy First Republic Bank that morning in a government-led auction? The answer came, flatly, from Treasury Secretary Janet Yellen: They had the highest bid. After a year marred by the biggest US bank failures since the 2008 financial crisis, the nation&rsquo s largest lender is on familiar footing &mdash scooping up a weakened rival, reeling in its clients, and minting record profits along the way. Yet for most of the industry, 2023 was bleak. In the first half, dozens of regional lenders swooned &mdash and some collapsed &mdash as rising interest rates slashed the value of assets on their books, saddling US banks with US$684 billion (RM3.17 trillion) of unrealised losses. Many firms have since spent heavily to keep depositors from leaving. Some started raising the possibility of defaults on commercial real estate loans. Bond-rating firms have downgraded banks  in batches. As all that trouble started spilling into view in March, nervous depositors showed up at JPMorgan with more than US$50 billion. The firm&rsquo s executives raised expectations for net interest income &mdash the difference between what a bank earns on loans and what it pays out to savers &mdash a whopping four times throughout the year, eventually pulling in so much that the managers have taken to warning that it&rsquo s &ldquo over-earning&rdquo . That&rsquo s put JPMorgan on track for the biggest annual profit in the history of American banking. Its earnings from the first nine months alone would rank as the company&rsquo s second-best year ever. Analysts predict that by the end of this month, its annual net income will be 36% higher than last year &mdash while the combined earnings of the next five largest banks rises about 1%. JPMorgan&rsquo s stock has soared to a record, gaining 26% in 2023 and outpacing every major competitor. The 24-member KBW Bank Index and 50-firm KBW Regional Banking Index are both down. &ldquo There&rsquo s a certain level of frustration from other banks,&rdquo said Lee Raymond, the oil veteran who spent 33 years on JPMorgan&rsquo s board. &ldquo When things kind of get in tough shape, it&rsquo s an opportunity for somebody like JPMorgan to acquire some things that they would like to acquire but aren&rsquo t in a position to.&rdquo   Raymond would know: He helped create the country&rsquo s largest oil company just before steering JPMorgan through its own massive deals. &lsquo Real issues&rsquo When the Federal Deposit Insurance Corp  announced that JPMorgan won the auction for First Republic, it called the process &ldquo highly competitive&rdquo , and noted that the bank, which Jamie Dimon has led for 18 years, offered the smallest hit to the agency&rsquo s main insurance fund. Still, some regulators were uneasy with the outcome. &ldquo If they&rsquo re able to scoop up all of the failed institutions, even when there are other bidders, it raises real issues,&rdquo Consumer Financial Protection Bureau director Rohit Chopra told the Senate Banking Committee. A Treasury spokesperson declined to comment when asked about the White House call, which was described by people with knowledge of the conversation. &ldquo First Republic was resolved with the least cost to the Deposit Insurance Fund, and in a manner that protected all depositors,&rdquo the department said in a statement. It&rsquo s no wonder that JPMorgan could write the biggest cheque. The bank is four times larger than all three other bidders &mdash PNC Financial Services Group Inc, Citizens Financial Group Inc,  and Fifth Third Bancorp &mdash combined. Put differently, since Dimon scooped up Bear Stearns and Washington Mutual during the 2008 financial crisis, JPMorgan has added a mountain of assets equal in size to Wells Fargo & Co, which is itself the fourth-largest US bank. Even Dimon&rsquo s competitors have acknowledged his success. Morgan Stanley chief executive officer James Gorman recently praised him on  television  as the best bank executive in the world. Raymond, who left JPMorgan&rsquo s board in 2020, compared him to John D  Rockefeller, the Standard Oil baron.  &ldquo There is nobody in the banking business that I&rsquo ve seen that compares,&rdquo Raymond said. &ldquo It&rsquo s really hard to see where anybody has done what JPMorgan has been able to do.&rdquo

&ldquo 共 同 富 裕 才 是 社 会 主 义 &rdquo

 

JPMorgan is on track for the biggest annual profit in the history of American banking. Analysts predict that its annual net income will be 36% higher than last year &mdash while the combined earnings of the next five largest banks rises about 1%.

(Dec 27): More than a decade after regulators vowed to tame the risks of too-big-to-fail banks, White House officials were on a call. Why, one attendee asked, was JPMorgan Chase & Co  allowed to buy First Republic Bank that morning in a government-led auction?
The answer came, flatly, from Treasury Secretary Janet Yellen: They had the highest bid.
After a year marred by the biggest US bank failures since the 2008 financial crisis, the nation&rsquo s largest lender is on familiar footing &mdash scooping up a weakened rival, reeling in its clients, and minting record profits along the way.
Yet for most of the industry, 2023 was bleak. In the first half, dozens of regional lenders swooned &mdash and some collapsed &mdash as rising interest rates slashed the value of assets on their books, saddling US banks with US$684 billion (RM3.17 trillion) of unrealised losses. Many firms have since spent heavily to keep depositors from leaving. Some started raising the possibility of defaults on commercial real estate loans. Bond-rating firms have downgraded banks  in batches.
As all that trouble started spilling into view in March, nervous depositors showed up at JPMorgan with more than US$50 billion. The firm&rsquo s executives raised expectations for net interest income &mdash the difference between what a bank earns on loans and what it pays out to savers &mdash a whopping four times throughout the year, eventually pulling in so much that the managers have taken to warning that it&rsquo s &ldquo over-earning&rdquo .
That&rsquo s put JPMorgan on track for the biggest annual profit in the history of American banking. Its earnings from the first nine months alone would rank as the company&rsquo s second-best year ever. Analysts predict that by the end of this month, its annual net income will be 36% higher than last year &mdash while the combined earnings of the next five largest banks rises about 1%.
JPMorgan&rsquo s stock has soared to a record, gaining 26% in 2023 and outpacing every major competitor. The 24-member KBW Bank Index and 50-firm KBW Regional Banking Index are both down.

&ldquo There&rsquo s a certain level of frustration from other banks,&rdquo said Lee Raymond, the oil veteran who spent 33 years on JPMorgan&rsquo s board. &ldquo When things kind of get in tough shape, it&rsquo s an opportunity for somebody like JPMorgan to acquire some things that they would like to acquire but aren&rsquo t in a position to.&rdquo  
Raymond would know: He helped create the country&rsquo s largest oil company just before steering JPMorgan through its own massive deals.

&lsquo Real issues&rsquo

When the Federal Deposit Insurance Corp  announced that JPMorgan won the auction for First Republic, it called the process &ldquo highly competitive&rdquo , and noted that the bank, which Jamie Dimon has led for 18 years, offered the smallest hit to the agency&rsquo s main insurance fund. Still, some regulators were uneasy with the outcome.
&ldquo If they&rsquo re able to scoop up all of the failed institutions, even when there are other bidders, it raises real issues,&rdquo Consumer Financial Protection Bureau director Rohit Chopra told the Senate Banking Committee.
A Treasury spokesperson declined to comment when asked about the White House call, which was described by people with knowledge of the conversation. &ldquo First Republic was resolved with the least cost to the Deposit Insurance Fund, and in a manner that protected all depositors,&rdquo the department said in a statement.
It&rsquo s no wonder that JPMorgan could write the biggest cheque. The bank is four times larger than all three other bidders &mdash PNC Financial Services Group Inc, Citizens Financial Group Inc,  and Fifth Third Bancorp &mdash combined. Put differently, since Dimon scooped up Bear Stearns and Washington Mutual during the 2008 financial crisis, JPMorgan has added a mountain of assets equal in size to Wells Fargo & Co, which is itself the fourth-largest US bank.

Even Dimon&rsquo s competitors have acknowledged his success. Morgan Stanley chief executive officer James Gorman recently praised him on  television  as the best bank executive in the world. Raymond, who left JPMorgan&rsquo s board in 2020, compared him to John D  Rockefeller, the Standard Oil baron. 
&ldquo There is nobody in the banking business that I&rsquo ve seen that compares,&rdquo Raymond said. &ldquo It&rsquo s really hard to see where anybody has done what JPMorgan has been able to do.&rdquo

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5. https://www.channelnewsasia.com/singapore/5cs-new-singapore-dream-cash-condo-car-credit-card-country-club-forward-sg-3909151

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