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JPMorgan loss may reach $9 billion
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The leading US bank JPMorgan Chase trading loss could reach $9 billion.
In May, 2012, the company revealed a shocking trading loss of as much as $2 billion on complex investments. But now it has emerged that the loss could hit even higher.
Also CEO Jamie Dimon confirms the amount is expected to grow, reports The Huffington Post.
Experts point out $9 billion figure reflects a worst-case estimate, but the loss could as well total $6 billion.
“The bottom line is the reputation of JP Morgan is hurt. I don’t think people care if it is a $6 billion or $9 billion loss,” says Paul Miller, an analyst for FBR Capital Markets & Co.
A JPMorgan representative declined to comment, but the bank is expected to provide more detail when it reports its quarterly earnings on July 13.
As reported, Dimon blames CIO’s strategy for the huge loss. He says it was “riskier, more volatile and less effective” than expected.
The CIO is an arm of the bank used to make broad bets to hedge its portfolios of individual holdings. Hedging is an investment practice used to reduce the risk of price fluctuations to the value of an asset.
Ref: 105.105.105.1681
Oil deposit exploration in Latvia's waters; project managed by people close to Lembergs
The company responsible for oil deposits surveying in the Baltic Sea in Latvia's economic zone near Liepaja – Balin Energy with its Ocean Nomad drilling platform has reached 525 m depth below sea level.
EU bathing water continues to improve
The latest data on EU bathing water quality has been released, showing 93% of sites meet the minimum standards.
Syria and Israel in exchange of fire
Israeli and Syrian forces have exchanged fire across the ceasefire line in the occupied Golan Heights.
This week's special in Latvia – thunder and lightning
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Cypriot banks launder money, leaked EU report reads
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Lembergs on residents' complaints: not worth listening to chatter on the streets!
A serious competition for the seat of Mayor of Ventspils has been brewing for a good time against Aivars Lembergs.
Apple has avoided paying billions in U.S. taxes, investigation unveils
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Latvian entrepreneurs have the longest hours in the Baltics
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Friendship with Unity – the only thing that keeps Prudentia afloat?
The income Prudentia Advisers received from the agreement with Latvia's national airBaltic airline was the company's only source of income last year.
Microsoft monitors Skype more closely than previously believed, reports suggest
Your Skype conversations aren't very private, a new report reveals. In an experiment, tech news site Ars Technica found that two out of the four links they sent over Skype were accessed by a computer that matched Microsoft's IP address.
Tornado in U.S. moves on reaching 320 km/h in Oklahoma City
A suburb of Oklahoma City has suffered a massive tornado. 91 people, including 20 children have been left dead, Oklahoma state officials have said.
Reform Party: language problem popularization at kindergartens is a political game
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Education Ministry: the English language exam experiment was successful
The experiment with the centralized passing of the English language exam this March was fruitful, believes the manager of the State Education Contents Centre of the Latvian Education and Science Ministry Guntis Vasilevskis.
United Airlines restarts Dreamliner 787 flights
United Airlines is getting its 787s back in the air. The planes are returning after being grounded for four months by the federal government because of smoldering batteries on 787s owned by other airlines.
Riga mayoral candidate. Guntis Belēvičs: bull in a china shop?
Guntis Belēvičs, the Latvian Greens Party candidate for the mayoral position of Riga, describes himself as a successful businessman who doesn't need anything, for he has all. In other words, he has reached a state, in which he can fully devote himself to serving the society and development of Riga.
Tourists die in Turkey balloon crash
Two tourists have been killed and more than 20 other people injured after two hot-air balloons collided in Turkey.
China offers India a handshake across the Himalayas
India and China will study new ways to ease tensions along their ill-defined border, Chinese Premier Li Keqiang said on Monday in his first foreign trip since taking office, which comes just weeks after a military stand-off between the Asian giants in the Himalayas.
Tornadoes leave a trail of destruction in central U.S.
In the wake of a tornado, one person is reported dead and several others injured in the U.S. state of Oklahoma.
Prudentia distances from the consequences of the advices it once gave
In its secret report to the Cabinet of Ministers in regard to Liepājas metalurgs on April 16, Prudentia basically refused to take any responsibility for any losses that could arise from following the recommendations proposed by the company.
Syria army storms rebel town Qusair
Fighting has raged in Syria's town of Qusair after government troops launched a major operation to seize the strategic rebel stronghold.
Survey: popularity of current Ventspils management is below 50%
For the first time since the foundation of the current management of Ventspils, its popularity among the residents of Ventspils has dropped below 50%, according to the results of a pre-election survey carried out by Baltic News Network (BNN).
Weather in Latvia to cool down at the end of the week
This week is expected to have variable weather in Latvia – heat and thunderstorms. Rain is expected to be heavy, as is the wind.
LHV bank to take over Snoras Leasing
Estonian LHV bank has unveiled that negotiations have concluded successfully on the acquisition of the Lithuanian investment company Snoras Leasing.
Hockey Championship: Sweden triumphs
Sweden's national ice hockey team won the finals of the World Ice Hockey Championship 2013 on May 19. With a score of 5:1 (2:1, 0:0, 3:0) Sweden won the final match against Switzerland.
Yahoo to buy Tumblr for $1.1 billion
The former Web innovator Yahoo is said to be planning a purchase of the popular blogging service Tumblr for approximately $1.1 billion. Experts in the field consider this a signal of the company's objective to reposition itself in a time when the technology industry rushes into social networking.
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JPR @ 2013-05-21 19:07:44
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Oddis @ 2013-05-21 18:22:38
So, according to your logic, you can tax as much as you can as long as you can afford it?
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LH @ 2013-05-21 16:42:55
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Hugo @ 2013-05-21 15:13:29
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tom @ 2013-05-21 12:53:57
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