JPMorgan CEO Jamie Dimon on the US economy

Jamie Dimon, JP Morgan Chairman and CEO, joins Halftime Report live to discuss the market, real estate, lending and more.

In the News

Economy Booms, Gaming Gets Trimmed, and WWE Founder Faces Serious Allegations: Your Daily Dose of Headlines

Boom Boom Boom! The US economy just blew Wall Street's predictions out of the water, growing 3.3% in the last quarter – way better than the expected 2%. This marks a steady climb from 2022 and fuels talk of the Fed giving interest rates a haircut later this year. Strong consumer spending, thanks to rising wages and a rock-solid job market, powered this economic surge, even with inflation showing signs of cooling down (from 5.9% to a more manageable 2.7%).

Meanwhile, in the video game realm... Microsoft's gaming division is having a leaner year. They just made some cuts, axing 1,900 employees (mostly from Xbox and Activision Blizzard). This amounts to 8% of their entire gaming workforce. The news comes after their big Activision Blizzard acquisition and some significant leadership changes, including CEO Bobby Kotick's departure in December and now Blizzard President Mike Ybarra's exit. Seems like trimming the fat is the name of the game for several companies in the industry, with Twitch, Discord, Unity, and Riot Games also making similar moves.

And lastly, a bombshell in the wrestling world: WWE founder Vince McMahon is facing some serious allegations. A former employee, Janel Grant, filed a lawsuit claiming he sexually abused and trafficked her as part of securing talent deals. Former head of talent relations John Laurinaitis is also named as a defendant. This isn't McMahon's first rodeo with such accusations – he resigned as CEO in 2022 while the company investigated similar claims, later revealing millions in hush money payments. Now, as executive chairman of WWE's parent company, TKO Group, he's dealing with this new lawsuit just as they secured a hefty deal with Netflix for Monday Night Raw. Whew, talk about a drama-filled storyline!

So there you have it, your daily dose of economic cheer, gaming industry updates, and a major controversy shaking up the world of wrestling. Stay tuned for further developments, folks, it's gonna be a wild ride!

Mobile industry is integral to Africa’s growth

The United Nations Conference on Trade and Development (UNCTAD) estimates that, if effectively harnessed, digital trade in Africa has the potential to contribute an additional $180bn to the continent’s GDP by 2025. Despite this tremendous potential, e-commerce in Africa is currently underutilised.

A major report prepared and published by the mobile phone industry body the GSMA in collaboration with the UK’s Department for Business and Trade points to the ways in which mobile commerce is going to be integral to the continent’s growth. We report from its launch at the 2023 Mobile World Congress in Kigali, Rwanda.

Read the full article HERE.

Is This A Golden Age of Fraud?

How "passive income" money-making scams seem to have taken over the world, and the economic implications of such scams.

Tipping, Explained: Why Two-Thirds of Americans View It Negatively

You’re being asked to tip more and more places today. If you’re annoyed, you’re not alone. A survey by Bankrate found a third of people are annoyed by those pre-entered tip screens. The vast majority of people are still tipping servers or wait staff at sit-down restaurants but tipping much less frequently when picking up takeout or grabbing coffee.

Global Banking Annual Review 2023: The Great Banking Transition

Banking profits are up, thanks to rising interest rates, but financial institutions globally need to reinvent themselves in the face of major structural and macroeconomic shifts.

Check out McKinsey's just published report HERE.

 

Will China become the Next Japan?

China's economy is struggling, but it is unusually similar to how Japan's economy struggled nearly thirty years ago. In this video, we explore the parallels between the two nations, the causes behind Japan's so-called "Lost Decades", and the warnings of China facing a balance sheet recession. Can China avoid the recession, or is it due to become the next Japan?

95,000 Hours Saved: Unique Ways Companies Are Tackling Worker Frustration

As more workers say they’re less engaged on the job, some companies are taking steps to improve the day-to-day experience for employees. 

WSJ’s Russell Adams joins host J.R. Whalen to discuss why the changes don’t always include pay raises.

What's the future of crypto?

The financial revolution once promised by cryptocurrencies has been knocked off course by regulators and allegations of fraud. 

So what does the future hold for crypto?

What is the Federal Reserve doing to tame inflation?

Research Affiliates founder and chairman Rob Arnott breaks down the Federal Reserve's decision to pause rate hikes for first time in 15 months on 'Barron's Roundtable.'

How Jerome Powell Became the U.’S. Most Powerful Economic Voice

Jerome Powell, as the chair of the U.S. Federal Reserve, appears to hold the country’s economic health in his hands. It’s a coveted role that has earned him both praise and criticism. Fed Chair Powell prioritizes data and does not necessarily focus on fighting inflation or boosting employment.

US Banking Crisis: The Truth Behind The Disaster

Silicon Valley Bank, Signature Bank and Silvergate bank have all collapsed throwing up a warning signs that something horrible is happening in the economy. But what's the truth here? This is a story of incompetence, a changing economic environment and political lobbying.

Why a strong dollar isn't as good as you think

The U.S. dollar is the world’s dominant currency and plays a key role in global trade. While that may seem like good news to Americans, it’s bad news for much of the world. 

“So here’s the paradox. The rest of the world despises how dominant the dollar is, yet they go to the U.S. dollar, because there really isn’t much of an alternative,” said Eswar Prasad, an economist at the Brookings Institution and professor at Cornell University. 

Despite constant predictions of the dollar’s demise, nearly 60% of the world’s central banks’ foreign exchange reserves – the money the hold to cover unexpected financial emergencies – are invested in dollar-denominated assets. 

The share of the U.S. dollar as a payment currency worldwide is more than 40%, while it makes up more than 60% of international debt and 50% of loans globally. 

Besides being the go-to currency for international financial transactions, commodities such as oil are also bought and sold in U.S. dollars. 

The dollar’s dominance in transactions extends to the U.S. banking system too, which is, in turn, influenced by America’s fiscal and monetary policies. 

“This is ultimately going to entrench the dollar’s dominance even further,” Prasad said. “That is certainly a serious problem for low-income countries that have high levels of foreign debt, especially dollar-denominated debt.” 

Watch the video above to learn about how a strong dollar contributed to economic and political crises in emerging markets such as Sri Lanka, Pakistan, Ghana and Egypt.