The JP Morgan Chase chief executive Jamie Dimon has warned the wars in Gaza and Ukraine could spill over into the global economy, with their continuation posing a risk not seen since the Second World War.
“Recent events … may very well be creating risks that could eclipse anything since World War II – we should not take them lightly,” Mr Dimon wrote in his annual letter to shareholders.
“The ongoing wars in Ukraine and the Middle East continue to have the potential to disrupt energy and food markets, migration, and military and economic relationships, in addition to their dreadful human cost.”
The International Monetary Fund earlier this year revised its growth forecast for the Middle East and North Africa downwards because of the Israel-Gaza war.
Houthi strikes in the Red Sea have also threatened to disrupt global trade, although the US economy has largely been unaffected so far.
Mr Dimon, considered America's most influential banker, often speaks on global issues and has used his annual letters in years past to touch on politics and global events. His name has previously been floated as a potential Treasury Secretary.
“While we hope the wars in Ukraine and in the Middle East will end eventually (and, we hope, successfully from the standpoint of our allies), these other critical economic battles could possibly continue throughout our lifetime,” he wrote.
Appealing to both Republicans and Democrats, Mr Dimon said providing financial assistance to help Ukraine to victory in its war against Russia was in America's best interests.
“America is never far from being dragged into terrible conflicts. Global wars come to our shores whether we like it or not – we need to stay engaged,” Mr Dimon said.
Aid for Ukraine has been stalled in Congress for months, and the House of Representatives has not yet taken up a bipartisan Senate bill that included $95.3 billion for Ukraine and Israel.
Mr Dimon also said the aid would benefit American manufacturers and help to rebuild US military industrial capacity, a talking point used by supporters for providing assistance to Kyiv.
Dimon sours on soft landing prospects
The JP Morgan chief executive said the US economy remains resilient after a year that saw an “unsettling landscape”, including the collapse of Silicon Valley Bank.
But he is less optimistic on the prospects of a so-called soft landing, which he defined as “modest growth along with declining inflation and interest rates”.
While markets are placing the odds of achieving a soft landing at between 70 per cent and 80 per cent, “I believe the odds are a lot lower than that”, he said.
Mr Dimon added that he is concerned by a number of potential inflationary pressures including ongoing fiscal spending, remilitarisation, the new green economy and potential higher energy costs.
He also said he was concerned by large levels of deficit spending and quantitative easing, “and its reversal, which has never been done before at this scale”.
Mr Dimon once again warned against the Federal Reserve's proposed banking requirements, which would increase JP Morgan's required capital by 25 per cent.
The rules, which are part of the Basel III Endgame, were proposed after the collapse of SVB sparked fears of a new global financial crisis. JP Morgan acquired First Republic Bank after the mid-sized lender failed.
“The new rules do virtually nothing to fix what caused the failure of SVB and First Republic,” he wrote.
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
FIGHT CARD
Fights start from 6pm Friday, January 31
Catchweight 82kg
Piotr Kuberski (POL) v Ahmed Saeb (IRQ)
Women’s bantamweight
Cornelia Holm (SWE) v Corinne Laframboise (CAN)
Welterweight
Omar Hussein (JOR) v Vitalii Stoian (UKR)
Welterweight
Josh Togo (LEB) v Ali Dyusenov (UZB)
Flyweight
Isaac Pimentel (BRA) v Delfin Nawen (PHI)
Catchweight 80kg
Seb Eubank (GBR) v Mohamed El Mokadem (EGY)
Lightweight
Mohammad Yahya (UAE) v Ramadan Noaman (EGY)
Lightweight
Alan Omer (GER) v Reydon Romero (PHI)
Welterweight
Ahmed Labban (LEB) v Juho Valamaa (FIN)
Featherweight
Elias Boudegzdame (ALG) v Austin Arnett (USA)
Super heavyweight
Roman Wehbe (LEB) v Maciej Sosnowski (POL)
Results
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).
7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
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UAE currency: the story behind the money in your pockets
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
SHADOWS%20AND%20LIGHT%3A%20THE%20EXTRAORDINARY%20LIFE%20OF%20JAMES%20MCBEY
%3Cp%3EAuthor%3A%20Alasdair%20Soussi%3C%2Fp%3E%0A%3Cp%3EPages%3A%20300%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Scotland%20Street%20Press%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20December%201%3C%2Fp%3E%0A
Scorebox
Sharjah Wanderers 20-25 Dubai Tigers (After extra-time)
Wanderers
Tries Gormley, Penalty
Cons Flaherty
Pens Flaherty 2
Tigers
Tries O’Donnell, Gibbons, Kelly
Cons Caldwell 2
Pens Caldwell, Cross
On racial profiling at airports
3%20Body%20Problem
%3Cp%3E%3Cstrong%3ECreators%3A%3C%2Fstrong%3E%20David%20Benioff%2C%20D%20B%20Weiss%2C%20Alexander%20Woo%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EBenedict%20Wong%2C%20Jess%20Hong%2C%20Jovan%20Adepo%2C%20Eiza%20Gonzalez%2C%20John%20Bradley%2C%20Alex%20Sharp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD%204
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Score
New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs
New Zealand win by 47 runs
New Zealand lead three-match ODI series 1-0
Next match: Zayed Cricket Stadium, Abu Dhabi, Friday
if you go
The flights
Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com
Seeing the games
Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com
Staying there
Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com
