Connect with us
DAPA Banner
DAPA Coin
DAPA
COIN PAYMENT ASSET
PRIVACY · BLOCKDAG · HOMOMORPHIC ENCRYPTION · RUST
ElGamal Encrypted MINE DAPA
🚫 GENESIS SOLD OUT
DAPAPAY COMING

Business

At Close of Business podcast July 13 2026

Published

on

At Close of Business podcast July 13 2026
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

JPMorgan Chase, Goldman Sachs, Bank of America

Published

on

JPMorgan Chase, Goldman Sachs, Bank of America

(L-R) Brian Moynihan, Chairman and CEO of Bank of America; Jamie Dimon, Chairman and CEO of JPMorgan Chase; and Jane Fraser, CEO of Citigroup; testify during a Senate Banking Committee hearing at the Hart Senate Office Building on December 06, 2023 in Washington, DC.

Win Mcnamee | Getty Images

Expectations are high that when banks start posting second-quarter results Tuesday, led by JPMorgan Chase and Bank of America, revenue from trading equities and fixed income will approach, or even exceed, the records set earlier this year.

Advertisement

That’s a key part of what veteran analyst Mike Mayo of Wells Fargo calls the “sweet spot” in the financial sector right now. Both of banking’s profit engines — Wall Street and Main Street — are in growth mode at the same time.

The largest U.S. banks are raking in rising fees from helping corporations tap the markets, punctuated by last month’s giant SpaceX IPO, while risk-taking traders are also thriving as geopolitical unrest including the Iran war stokes volatility across asset classes.

“You saw the largest IPO in history, a pace of mergers that’s on track to be a record year, and a broadening out of trading to include equity and fixed income across myriad geographies,” Mayo told CNBC.

The quarter’s big bank earnings come at an unusually favorable moment for the industry. After years of navigating higher interest rates and inflation-fueled recession fears, lenders are benefiting from a rare combination of booming Wall Street activity, resilient consumer credit and a long-awaited pickup in business lending.

Advertisement

“There’s not much more you can ask for,” Mayo said.

The trends, which coincide with the Trump administration’s push to ease banking regulations, have helped financial stocks outperform the broader market for two straight years, Mayo noted. That streak also raises the stakes as investors look for signs the momentum can continue into 2027.

JPMorgan, Bank of America, Citigroup, Wells Fargo and Goldman Sachs are set to post results early Tuesday, with Morgan Stanley reporting Wednesday.

‘Big money maker’

Investment banking revenue for the group could surge 26% from a year ago, while trading revenue could jump 14%, according to KBW analyst Chris McGratty.

Advertisement

Besides the hundreds of millions of dollars in fees that SpaceX paid banks — led by Goldman Sachs and Morgan Stanley — for the IPO itself, the firms garnered fees for raising debt for the newly public company, and also have a shot at managing the wealth of newly minted millionaires and billionaires.

On top of that, Goldman and Morgan Stanley likely reaped so-called “soft dollars” from the SpaceX IPO, according to Jay Ritter, professor emeritus of finance at the University of Florida’s Warrington College of Business.

SpaceX CEO Elon Musk, speaks on a screen remotely from SpaceX headquarters in Starbase, Texas, speaks before the launch of SpaceX’s initial public offering (IPO) at the Nasdaq MarketSite in New York on June 12, 2026.

Adam Jeffery | CNBC

Advertisement

Soft dollars are essentially fees that hedge funds pay investment banks for a slice of an oversubscribed IPO, Ritter said.

“The big money maker for investment banks in IPOs is not the bankers’ fee, but the ability to allocate shares to hedge funds and some active mutual funds that pay soft dollars,” he said.

Meanwhile, trading gains were driven by strength in equities as stock markets climbed during the quarter, as well as heightened activity in fixed income after the Iran conflict sent oil prices, interest rates and currencies swinging, McGratty said.

“Banks are doing a good job these days of capturing the upside of volatility, whereas in previous cycles, they’ve been caught offsides,” McGratty said.

Advertisement

‘Demand is back’

Construction of a $16 billion data center developed by Related Digital for Oracle and Open AI, in Saline, Michigan, May 6, 2026.

Jim West | Universal Images Group | Getty Images

Consumer banking also appears healthy. Low unemployment has kept borrowers current on mortgages, auto loans and credit cards, limiting losses.

There are still some risks for the quarter, including potential blowups in the private credit realm, even though that concern has subsided for most banks in the absence of new “cockroaches” emerging. JPMorgan CEO Jamie Dimon warned analysts and investors last year after the collapse of subprime car lender Tricolor Holdings that “when you see one cockroach, there are probably more.”

Advertisement

Another is whether competition over deposits is intensifying, as some players have been forced to pay higher rates to attract and keep savers’ dollars, McGratty said. In an environment where interest rates are steady or rising, that could pressure lender margins.

After two years of market-beating returns, investors are becoming less interested in how strong the last quarter was than whether this unusually favorable backdrop can last.

“We know the quarter’s going to be strong, so I think the question that you ask yourself is around sustainability, right?” McGratty said. “Is it all sustainable?”

Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Advertisement
Continue Reading

Business

Asian Paints raises prices by 12% due to raw material costs

Published

on


Asian Paints raises prices by 12% due to raw material costs

Continue Reading

Business

DP World, maritime union fight over new technology plan in Fremantle

Published

on

DP World, maritime union fight over new technology plan in Fremantle

A legal fight between DP World and the union over new crane technology at the Fremantle port has started to play out in the Federal Court.

Continue Reading

Business

Proximity to power shifts calculations

Published

on

Proximity to power shifts calculations

Leaked numbers have made government secrets public, and highlight a departure from Labor’s past messaging.

Continue Reading

Business

Form 4 Agco For: 13 July

Published

on


Form 4 Agco For: 13 July

Continue Reading

Business

Alto Neuroscience prices $100M stock offering at $26.48

Published

on


Alto Neuroscience prices $100M stock offering at $26.48

Continue Reading

Business

Fever surpasses 6k paid member barrier

Published

on

Fever surpasses 6k paid member barrier

West Coast Fever increased its paid membership by 29 per cent in 2026, with 6,086 people signing up.

Continue Reading

Business

Sealife Weymouth remains closed after huge fire

Published

on

Business Live

It said no staff or animals were hurt after a blaze broke out at a nearby electricity substation

A fire near Weymouth Sealife

A fire near Weymouth Sealife(Image: Weymouth Fire Station)

An aquarium in Dorset has temporarily closed to visitors after a fire broke out at a nearby electricity substation on Sunday.

Sealife Weymouth remains shut as “a precaution” on Monday (July 13) although no buildings were affected.

Advertisement

In a statement, the Merlin-owned attraction said no animals, staff or visitors were hurt and that it would reopen to the public “once it has been confirmed it is safe to do so”.

“If you were due to visit us on this day, please contact us on 01305 761070 to rearrange your visit or request a refund,” Sealife said. “We apologise for any inconvenience and appreciate your understanding.”

Emergency services were called to Preston Beach Road at 3.45pm on Sunday after a reports the substation was on fire and flames had spread to nearby trees and bushes.

A total of 12 firefighters used two hose reels, two main jets and foam to extinguish the fire, which reportedly also caused power to be lost to around 100 nearby properties.

Advertisement

Firefighters remained on the scene beyond 7.30pm on Sunday, for several hours dampening down.

A spokesperson for SeaLife said: “Following a fire at an electricity substation on land adjacent, the aquarium will remain closed on Monday. The fire was contained to an outside area, and did not spread to the aquarium buildings.

“No employees or guests were harmed by this incident, and all animals remain safe and well in our care. The aquarium will re-open to guests once it has been confirmed it is safe to do so.”

It comes as parts of the UK face an “exceptional” risk for wildfires over the next few days amid record-breaking temperatures.

Advertisement

The UK Health Security Agency’s amber and yellow heat health alerts, which were due to be lifted on Sunday, are now in effect until 9pm BST on July 15.

Temperatures of 35°C or higher have now been recorded in May, June and July of the same year for the first time in the UK weather record, as heatwave conditions are expected to continue this week, according to the Met Office.

A National Fire Chiefs Council (NFCC) spokesperson said: “When the weather stays hot and dry, it only takes one spark to start a wildfire. What can begin as a small fire can spread incredibly quickly, putting people, homes, wildlife and our countryside at risk.

“We’re asking everyone to take extra care outdoors, whether that’s avoiding disposable barbecues in the countryside, parks or moorlands, or making sure cigarettes are fully extinguished. A few simple actions can make a huge difference and help prevent fires before they start.”

Advertisement
Continue Reading

Business

Kawhi Leonard Deal Now on Hold as LeBron James, Anthony Davis Talks Continue

Published

on

Kawhi Leonard LA Clippers

The NBA offseason has already produced a wave of blockbuster trades, but several major storylines remain unresolved as free agency and Summer League action continue in Las Vegas. Here are seven of the latest trade rumors and developments shaping the league heading into the 2026-27 season.

1. Kawhi Leonard’s trade to Toronto is on hold pending a league investigation. Leonard was initially traded from the LA Clippers to the Toronto Raptors on June 30 in a deal that would send Brandon Ingram, Gradey Dick, two unprotected first-round picks and additional draft compensation to Los Angeles. The trade was expected to be finalized after the league’s moratorium lifted July 6, but both teams issued statements saying the deal can only be completed if Toronto’s ownership group assumes the risk of penalties tied to an ongoing NBA investigation into whether Leonard’s endorsement arrangement with sponsor Aspiration constituted salary cap circumvention. Commissioner Adam Silver addressed the situation before Game 1 of the NBA Finals, saying he hoped for a swift resolution. “I think we’re close to the point now where I think we need to wrap this up because you also need finality,” Silver said. “Their team has to understand what the situation is they’re going to be operating under, and so do the other 29 teams.”

2. LeBron James remains undecided, and his choice is holding up several other rosters. James informed the Los Angeles Lakers he would not return for a ninth season, and as of this week his free agency has stretched well beyond his own past decision timelines, including his 2010 move to Miami and his 2014 return to Cleveland, both of which were announced by July 11. Teams including Cleveland, Denver, Golden State, Miami, Minnesota and Philadelphia have each kept at least two roster spots open specifically to accommodate James, according to ESPN. His longtime agent, Rich Paul, has said the decision will ultimately come down to fit rather than money. “If it’s about happiness, because if it’s the most money, then it’s not necessarily the most happiness,” Paul said on his “Game Over” podcast, adding, “As you’re going through this process, I’m saying to LeBron, ‘You really have to think this through.’ Everything looks great in July. Everything looks great on paper. But you got to be very careful with that.”

3. The Warriors’ pursuit of James may hinge on landing Anthony Davis. According to ESPN’s Shams Charania, Golden State is not viewed as a top contender for James unless the team can first pull off a trade for Davis, James’ former Lakers teammate. Complicating that pursuit is forward Jimmy Butler, whose $57 million expiring contract would likely need to be included in any Davis package. The Warriors have publicly told Butler he will not be dealt, though Butler is separately expected to be sidelined into at least the winter as he recovers from January ACL surgery, limiting outside interest in acquiring him regardless.

Advertisement

4. Jalen Duren’s future with the Detroit Pistons remains unresolved. Duren and the Pistons have yet to agree to a new contract as of this week, with league sources indicating a sign-and-trade remains a possibility if the two sides cannot reach an agreement on an extension. Duren’s situation has continued to draw attention from rival front offices monitoring Detroit’s roster decisions as the team looks to build around its young core following an active offseason that already saw the Pistons trade away veteran forward Caris LeVert.

5. Nikola Jokic is choosing to wait a full year before signing his next contract, a decision that will directly affect Denver’s trade calculus. Jokic became extension-eligible in mid-June for a four-year, $278 million deal, but is instead expected to wait until next offseason to sign a five-year, $359.5 million contract, which would become the largest deal in NBA history. Speaking in Serbian following a FIBA World Cup qualifying game, Jokic reaffirmed his desire to stay in Denver long term. “My idea and desire is to stay in Denver. I’ll probably sign next year,” Jokic said. “My desire is to play the rest of my life in Denver.”

6. New Orleans is fielding steady interest in forward Trey Murphy III, though a deal appears increasingly unlikely. Murphy has remained a frequent name in trade rumors, but one league executive told Heavy that acquiring him would likely require an offer similar to the four first-round picks Memphis received in the Desmond Bane trade, though that asking price has reportedly come down somewhat in recent weeks. Despite the interest, momentum suggests the Pelicans are more likely to keep Murphy on their roster heading into the coming season rather than complete a deal before training camp.

7. Evan Mobley’s long-term fit in Cleveland could be reshaped depending on where LeBron James ultimately signs. The Cavaliers, one of the teams still in the mix for James, carry an expensive roster built around Mobley’s four-year, $223 million extension, and analysts have noted that a James addition would likely reduce Mobley’s offensive touches given James’ need for a significant share of the ball. Some league observers believe Cleveland could ultimately look to move Mobley for a substantial return if the roster fit no longer makes sense, particularly if the team shifts into a more explicit win-now mode built around James.

Advertisement

Beyond these seven storylines, the broader offseason has already reshaped several rosters significantly. The Milwaukee Bucks completed a blockbuster trade sending two-time MVP Giannis Antetokounmpo to the Miami Heat for four players, four first-round picks and a pick swap, while the Boston Celtics traded Jaylen Brown to the Philadelphia 76ers for Paul George and additional draft compensation. The Memphis Grizzlies also moved on from Ja Morant, sending the guard to the Portland Trail Blazers as part of a broader teardown of the young core that once won 56 games together, while the Charlotte Hornets dealt LaMelo Ball to the Minnesota Timberwolves.

With Summer League continuing in Las Vegas and several marquee free agents, including James, still unsigned, league insiders expect additional trade activity in the coming days as front offices continue positioning their rosters ahead of the 2026-27 season, particularly once James’ decision finally resolves the logjam currently holding up multiple front offices around the league.

Continue Reading

Business

Bangkok pub fire video: Watch how the inferno spread through crowded music venue in seconds

Published

on

Bangkok pub fire video: Watch how the inferno spread through crowded music venue in seconds
A fire that tore through a crowded live music venue in Bangkok late Sunday night has killed at least 27 people and injured 63 others, with Thai officials saying most victims died after being overcome by smoke while trying to reach the pub’s toilets, which had no way out. Nine men and 18 women are among the dead, and 22 of the injured remain in critical condition. Thailand’s Prime Minister, Anutin Charnvirakul, visited the site and confirmed the toll, as authorities opened an investigation into how a night of music turned into one of the country’s deadliest fire disasters in years.

The blaze broke out at the Na Ladprao venue, near Soi Lat Phrao 1 Road, just after midnight, when the bar was packed with customers. Officials say the choking pace at which smoke filled the building, reaching the ceiling and spreading through the entire venue within minutes, left many patrons with almost no time to find a working exit.

Trapped near the toilets

According to Thai authorities, a large number of the dead were found near the bathrooms at the rear of the venue, an area that offered no route outside. PM Anutin said panic appeared to have pushed the crowd toward that dead end as smoke filled the room, rather than toward the exits.

Were the exits blocked?

The venue’s Facebook page had listed a capacity of more than 300 people and advertised four fire exits, and Bangkok Governor Chadchart Sittipunt said the bar held the required permits. But investigators are now examining whether one or more of those exits were obstructed on the night of the fire, Chadchart noted that several bodies were recovered close to a fire exit, and officials believe something may have been blocking it.

Advertisement

Smoke, not fire, was the killer

Officials repeatedly pointed to smoke, rather than the flames themselves, as the main cause of death. Chadchart said the fire climbed quickly to the ceiling and that smoke was very likely what killed most victims. A firefighter at the scene, Chakrit Khongkom, described the smoke as having filled the entire venue almost instantly, adding that most survivors were found choking rather than burned.

Rescuers battled furniture and heat

Fire crews reached the venue within about five minutes of the alarm being raised, but by then the blaze had already spread through the building, according to fire official Suriyachai. Teams searching the smoke-filled interior found tables and chairs blocking their path throughout the venue, making the rescue slower and more dangerous in the intense heat. Body-camera footage reviewed by Reuters showed firefighters in oxygen masks working through the darkness, carrying victims out on stretchers, several of whom were found near the toilets.

A blackout, then an explosion

The exact cause of the fire is still being investigated, but band members performing that night told officials the lights suddenly went out near the stage, followed by what sounded like an explosion, after which smoke filled the room. One musician recalled a scramble for the exit in total darkness, with people on the floor calling for help around him. Anutin said musicians had described smoke coming from a circuit breaker near the stage moments before the power failed.

Advertisement

What witnesses saw

Motorbike-taxi driver Surin Jaiharn told reporters he saw flames shoot out of the entrance and used clothing to beat out fire on people fleeing the building, while another driver helped carry an injured woman to safety. A tourist from Laos, Kan Kutirat, said he noticed smoke near the stage moments before the crowd erupted into screaming and chaos — an experience he said has stayed with him. Journalists at the scene reported seeing people run into the street with their clothes on fire, and multiple body bags laid out as forensic teams worked through the night.

Old questions about nightlife safety, again

The tragedy has reopened concerns about fire safety enforcement at bars and clubs in Thailand, a country that has seen repeated deadly venue fires. It follows the 2022 Mountain B nightclub fire that killed 25 people, and the 2009 Santika Club fire in Bangkok, which remains one of the country’s worst, with 67 deaths. Investigators say they are now focused on whether the exits at Na Ladprao were genuinely accessible on the night of the fire, and whether any safety violations contributed to the scale of the tragedy.

(Inputs from AFP and Reuters)

Advertisement
Continue Reading

Trending

Copyright © 2025