Trading Day: Trade tension turns to tentative hope
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CNA
3 hours ago
- CNA
JPMorgan expands tech team with Guggenheim veteran, memo says
NEW YORK :JPMorgan Chase is hiring Guggenheim Securities executive Mike Amez, as the country's biggest bank continues to expand its technology investment banking team and to provide specific expertise to medium-sized companies, according to a staff memo. Amez will join as Head of Mid-Cap Technology Services in September and be based in Chicago, Global Co-Heads of Technology Investment Banking Chris Grose and Greg Mendelson wrote in the memo which was seen by Reuters. At Guggenheim, Amez was a senior managing director in the technology investment banking group, specializing in supporting IT services, cybersecurity services and hyperscale cloud infrastructure clients. During his career, Amez "bolstered his expertise in navigating the intricate and rapidly evolving technology sector, while cultivating lasting relationships with clients," Grose and Mendelson wrote. The hire was announced less than six weeks after the bank said it was bringing on four executives from rivals Goldman Sachs, Bank of America and Lazard to work with the technology team in the investment bank on the West Coast. JPMorgan is already a powerful player in tech banking, according to Dealogic data, and is working to deepen its sub-sector expertise, industry analysts said. Recently it landed major deals in the tech sector, including advising Global Payments on its $24.25 billion acquisition of payment processor Worldpay. It also advised Turn/River on its $4.4 billion take-private deal of IT management software maker SolarWinds, as well as DoorDash on its $3.9 billion acquisition of the restaurant delivery platform Deliveroo. It additionally helped CoreWeave with its $23 billion stock debut in March.
CNA
5 hours ago
- CNA
Trump says 'no extensions' to Aug 1 tariff deadline
WASHINGTON: President Donald Trump said on Tuesday (Jul 8) that he would not extend an Aug 1 deadline for higher US tariffs to take effect on dozens of economies, a day after he appeared to signal flexibility on the date. While Trump imposed a sweeping 10 per cent tariff on goods from almost all trading partners in April, higher rates customised to dozens of economies were unveiled, then halted until Jul 9. But the president this week again delayed their reimposition, pushing it back to Aug 1. Trump insisted that there would be no further delay in the tariffs. "There will be no change," he posted on Truth Social. He added that levies would start being paid on Aug 1, in line with letters now being sent out to trading partners. "No extensions will be granted," Trump said. On Monday night, Trump had told reporters at a dinner that the Aug 1 deadline was "firm, but not 100 per cent firm." Pressed on whether the letters were his final offer, Trump replied: "I would say final - but if they call with a different offer, and I like it, then we'll do it." In a push for further trade deals, Trump sent letters to more than a dozen partners on Monday, including key US allies Japan and South Korea. Products from both countries would be hit with 25 per cent duties, Trump wrote in near-identical letters to leaders in Tokyo and Seoul. Indonesia, Bangladesh, Thailand, South Africa and Malaysia were among other countries facing duties ranging from 25 per cent to 40 per cent. In his messages to foreign leaders, Trump warned of further escalation if there was retaliation against his levies. Most countries receiving the letters so far saw US tariffs at similar or unchanged rates from those threatened in April, although some like Laos and Cambodia saw notably lower levels. The Trump administration is under pressure to show results after promising a flurry of deals following the US president's tariff threats. So far Washington has only struck two pacts, with Britain and Vietnam, besides an agreement to dial back staggeringly high tit-for-tat levies with China. In threatening tariff hikes on various economies, Trump cited in his letters a lack of reciprocity in trading ties. He also warned that goods transshipped to avoid higher duties would be subjected to steeper levels. But he added that if countries were willing to adjust their trade policies, Washington "will, perhaps, consider an adjustment to this letter".
CNA
8 hours ago
- CNA
ReserveOne, backed by crypto heavyweights, set to raise over $1 billion in Nasdaq listing
ReserveOne, a new cryptocurrency holding company with ties to industry veterans and a former U.S. commerce secretary, said on Tuesday it will list on the Nasdaq through a blank-check deal that is expected to raise more than $1 billion. The company will manage a portfolio of cryptocurrencies including bitcoin, ethereum and Solana. Shares of M3-Brigade Acquisition V Corp, the blank-check firm, fell nearly 4 per cent before the open. The deal is the latest in a series of efforts to wrap crypto assets into equity and make them more appealing for traditional investors. The exponential stock price growth of Michael Saylor's Strategy, which pivoted to a bitcoin-focused business model in 2020, has also popularized the playbook. While ReserveOne is joining a crowded space, its leadership team includes some high-profile figures. The company will be led by CEO Jaime Leverton, the former chief of crypto miner and computing provider Hut 8. Sebastian Bea, a former executive at asset managers BlackRock and Coinbase Asset Management, will be its president and head of investment. The company's board will be chaired by stablecoin giant Tether's co-founder Reeve Collins, and will include Wilbur Ross, the Secretary of Commerce in the first Trump administration. Crypto firm and crypto exchange Kraken are among the investors, contributing up to $750 million to the deal, through a combination of equity and convertible debt offering. Blank-check firms, or special purpose acquisition companies, are shell entities that raise capital through an IPO with the sole purpose of merging with a private company, which then becomes publicly traded.
