Aurelia Butler

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BUENOS AIRES (Reuters) -Argentina’s next government would not ask the International Monetary Fund (IMF) for any new loans if center-right presidential hopeful Patricia Bullrich prevails in next month’s general election, a top advisor to the candidate told Reuters.Instead, the IMF’s top debtor nation with a long history of defaults would only seek to manage existing debt with the global lender, Facundo Martinez Maino said, as Argentina’s economy suffers a severe economic slump marked by triple-digit inflation and the steady deterioration of its local peso currency.Bullrich, a conservative former lawmaker and security minister, is running against center-left candidate Sergio Massa and Javier Milei, a radical libertarian. Milei scored a shock first-place showing in August’s primary election. The general election will take place on Oct. 22.Martinez Maino, part of Bullrich’s economic team, stressed in an interview that the candidate will seek the IMF’s support in a push to attract fresh investment for the ailing economy, South America’s second biggest.”The only thing we want is for the private sector to have financing, the only thing we need is debt management. We do not need to take on new debt,” he said.The advisor said that IMF officials would likely support Bullrich’s approach.”This is our program, but the fund supports it (and) supported it. They told us, ‘If you win and put this program on the table and it begins to advance, we will be giving it the necessary support,'” Martinez Maino said.Asked about the remarks, an IMF spokesperson noted that the lender listens to the opinions and priorities of political and economic actors, but does not respond with its own judgments or recommendations.Former President Mauricio Macri, a member of Bullrich’s party, renegotiated a previous IMF loan deal for $44 billion in 2018.Bullrich aims to grow foreign investment, said Martinez Maino, adding that he and the candidate’s would-be pick for economy minister, Carlos Melconian, will travel this week to New York to meet with banks and investors. More

HONG KONG (Reuters) – Trading in shares of China Evergrande (HK:3333) were suspended on Thursday after a report that its chairman had been placed under police surveillance, stoking concerns over the developer’s future as it struggles with a growing threat of liquidation. The stock last closed at HK$0.32. More

Bank of America’s significant losses were highlighted by Barron’s on Wednesday, pointing to potential exacerbation by rate adjustments in the third quarter. The decline in bank shares can be attributed to these losses, resulting in a marginal dip in the market. According to InvestingPro data, the bank’s shares have seen a drop of 15.77% year-to-date, with a 1-year total return of -9.69%.The banking industry is still recovering from a series of setbacks, including the downfall of substantial lenders like Silicon Valley Bank. This has led to a 4.8% decrease in total U.S. bank deposits, amounting to $872 billion, bringing the total down to $17.27 trillion by June 30, marking the end of the second quarter.In response to these challenging circumstances, JPMorgan Chase (NYSE:JPM) has made strategic changes within its organization. On Wednesday, it was announced that Jay Horine will replace Fernando Rivas as the director of its major investment-banking business. Additionally, JPMorgan Chase has launched a new digital-focused division within the investment bank. This information was conveyed by Rob Curran from Dow Jones.Despite the challenges, there are some bright spots for Bank of America. As per InvestingPro’s real-time metrics, the bank’s revenue has seen a growth of 5.63% in the last twelve months (LTM2023.Q2) and its dividend yield stands at a healthy 3.52%. In addition, it has been able to maintain dividend payments for 53 consecutive years, a fact that speaks volumes about its financial resilience. For more insights and tips, readers can visit InvestingPro where 9 additional tips are listed, including the bank’s prominent position in the industry and the prediction that the company will be profitable this year.The restructuring at JPMorgan Chase and the considerable losses at Bank of America are indicative of an industry trying to navigate through uncertain times and recover from past setbacks. The impact of these developments on the overall health and future trajectory of the banking industry remains to be seen. It’s worth noting that Bank of America, with an adjusted market cap of $215.9 billion, still remains a significant player in the banking industry, according to InvestingPro data.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More