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JPMORGAN PLEDGES $2.5 TRILLION TOWARDS CLIMATE ACTION
JPMorgan Chase & Co said on Thursday that it will commit $2.5 trillion towards sustainability and development initiatives over the next decade.
$1 trillion of the pledged funding has been earmarked solely for investment in green projects, including renewable energy and clean technologies.
The $2.5 trillion target for investment, which begins in 2021 and will run through to the end of 2030, will also be concerned with facilitating transactions to support socioeconomic progress in developing nations.
BITCOIN HITS $62,000 HIGH AHEAD OF COINBASE IPO
The value of Bitcoin hit a record $62,741 in early Tuesday trading, a surge of more than 4% in the past 24 hours.
This latest extension of the cryptocurrency’s 2021 rally comes one day ahead of the initial public offering of Coinbase, which is set to list on the Nasdaq index on 14 April.
Coinbase is the largest dedicated cryptocurrency trading platform in the US, with around 50 cryptocurrencies listed for exchange. It recently revealed that the number of active users on its platform reached 6.1 million, up from 2.8 million in the fourth quarter of 2020.
BIDEN ADMINISTRATION PROPOSES CURBS TO GLOBAL TAX HAVENS
The Biden Administration has proposed sweeping tax reforms to the OECD intended to limit multinational corporations’ ability to move profits overseas, in addition to a worldwide minimum corporate tax rate.
Plans leaked to the Financial Times showed that the administration is pushing for multinational corporations to be taxed not only on the basis of where they declare their profits, but where their customers are situated.
CREDIT SUISSE AXES MANAGEMENT AFTER $4.7 BILLION ARCHEGOS LOSS
Credit Suisse will overhaul the leadership of its investment bank and risk division following the collapse of hedge fund Archegos Capital, which the firm estimates will cost it $4.7 billion.
In a statement on Tuesday, the firm said it would take a hit of 4.4 billion Swiss francs from “the failure by a US-based hedge fund to meet its margin commitments”. The hit will likely undo “the very strong performance that had otherwise been achieved” and set the lender on course for a 900-million-franc loss in the first half of 2021.
Credit Suisse was one of several lenders acting as prime broker for family office Archegos Capital, run by controversial former hedge fund manager Bill Hwang. The firm collapsed last month after several large leveraged bets failed to pay off.
STOCKS MAKING THE BIGGEST MOVES AFTER THE BELL: AMERICAN EAGLE, SNOWFLAKE, VROOM & MORE
American Eagle Outfitters – The clothing company’s stock jumped 4.2% on the back of better-than-expected results for the fourth quarter. American Eagle logged earnings of 39 cents per share on revenue of $1.29 billion. Analysts polled by Refinitiv expected earnings per share of 36 cents on revenue of $1.28 billion. The retailer also said overall comparable sales declined just 1% as strong online sales mitigated mall closures.
SOFTBANK-BACKED GREENSILL CAPITAL IS REPORTEDLY PREPARING TO FILE FOR INSOLVENCY
Greensill Capital is preparing to file for insolvency in the U.K., according to a report from The Financial Times on Wednesday, citing sources familiar with the matter. The insolvency filing will reportedly allow private equity firm Apollo Global Management to acquire parts of the business out of administration.
APPLOVIN JOINS PARADE OF VIDEO GAME COMPANIES HEADED FOR PUBLIC MARKET AFTER 2020 SALES HIT $1.45 BILLION
Mobile game developer AppLovin is poised to become the latest online game provider to hit the public markets, joining a crop of companies to capitalize on a surge in usage during the pandemic.
BITCOIN IS AT A TIPPING POINT AND COULD BECOME ‘CURRENCY OF CHOICE’ FOR GLOBAL TRADE, CITI SAYS
Citi thinks bitcoin is at a “tipping point” and could one day “become the currency of choice for international trade” as companies like Tesla and PayPal warm to it and central banks explore issuing their own digital currencies.