JP Morgan Chase admits to US market manipulation and agrees to pay $920m

Groupe PSA to unveil Citroen SUV in 2021

French auto major Groupe PSA will unveil Citroen C5 Aircross sport utility vehicle (SUV), by the first quarter of 2021, said a top official.

The SUV is on track and would be introduced by the first quarter of 2021, Roland Bouchara, senior vice president, Sales and Marketing India, Groupe PSA, said in a statement on Tuesday.

Groupe PSA also unveiled the Eurorepar range of multi-brand, aftermarket products in India.

PCA India, the local entity of Groupe PSA, signed a sales and distribution agreement with GoMechanic, a prominent Indian aftermarket player that will support the sales of Eurorepar spare parts in the country.

Initially Eurorepar will be introducing products such as high quality brake pads and later multiple product lines such as wiper blades, filters (air, oil and fuel), brake discs, coolant, grease and lubricants. The parts will be available through GoMechanic workshops and retailers in 15 major cities.

Amazon is booming while small businesses struggle

New York (CNN)Amazon is trying to make fashion easier for men.

The company is expanding its Personal Shopper feature, which launched last year for women’s clothing, to include menswear.
For $5 a month, Amazon Prime customers can choose up to eight items of clothing to have shipped to them to try on. They pay for the ones they want to keep, and ship the rest back for free within seven days.

    The service also allows shoppers to make specific attire requests, for, say, a Zoom job interview.
    The expansion comes during a difficult time for clothing retail.

    Employers’ work-from-home mandates, along with mass unemployment ushered in by the pandemic, have transformed the concept of workwear, which is increasingly merging with athleisure styles that prioritize comfort and function.
    Over the summer, Brooks Brothers, the menswear brand that became synonymous with the classic Wall Street banker look, filed for bankruptcy. Men’s Wearhouse is also struggling.
    Online sales are a bright spot for many retailers, however.

      And the pandemic has bolstered Amazon’s e-commerce dominance. It reported $88.9 billion in sales during its latest quarter ending June 30, up 40% from the same period a year earlier.
      The expanded personal shopper service puts Amazon in direct competition with Stitch Fix, a clothing subscription company with a similar buy-what-you-like model. Stitch Fix reported a bigger-than-expected net loss last quarter, but its stock is still up 5% this year.

      Crude Oil Futures Settle Sharply Lower

      Crude oil prices drifted down sharply on Tuesday as worries about energy demand resurfaced after reports showed a surge in coronavirus cases across the globe and that several countries are reimposing lockdown measures.

      Traders also looked ahead to the first U.S. presidential debate between Donald Trump and Democrat Joe Biden, due to take place later today.

      West Texas Intermediate Crude oil futures for November ended down $1.31 or about 3.2% at $39.29 a barrel.

      Brent Crude futures slipped $1.60 or about 3.8% to $40.83 a barrel.

      On the Covid-19 front, the global death toll from the pandemic surged past 1 million on Monday night, with U.N. Secretary General António Guterres calling it a “mind-numbing figure”.

      He said that it was crucial that the international community learn from the mistakes made in the first 10 months of the pandemic.

      Separately, Anthony S. Fauci, the United States’ leading infectious-disease expert, called Florida’s full reopening of bars and restaurants “very concerning,” and warned it will spark more coronavirus outbreaks.

      Traders also await weekly inventory reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). While API’s report is due later today, EIA is scheduled to release its inventory data at 10:30 AM ET Wednesday.

      Miami Area to Keep Enforcing Mask Rules That Governor Defanged

      Miami-Dade Mayor Carlos Gimenez said the county would continue to issue mask citations, even after Florida Governor Ron DeSantis blocked local governments from collecting pandemic fines.

      Gimenez, who oversees Florida’s most populous and hardest-hit county, said the Republican governor’s executive order bars the county from collecting for now, but authorities could still issue the $100 citations and collect when the order is lifted or expires.

      Theorder on Friday marked an aggressive escalation by DeSantis, an ally of President Donald Trump. The governor has long resisted calls for a statewide mask order, but had repeatedly said he would defer to counties and cities on how best to protect their residents.

      DeSantis’s executive measures last week also forced Gimenez — who is running for the U.S. House of Representatives as a Republican against Democrat Debbie Mucarsel-Powell — to let bars and clubs reopen. He had previously said he hoped to keep them closed until there was a vaccine.

      JP Morgan Chase admits to US market manipulation and agrees to pay $920m

      JP Morgan Chase has agreed to pay more than $920m and admitted to wrongdoing to settle federal US market manipulation investigations into its trading of metals futures and Treasury securities, the US authorities said on Tuesday.

      JP Morgan sets aside $8.3bn to cover Covid-19 losses

      The landmark multi-agency settlement lifts a regulatory shadow that has hung over the bank for several years and marks a signature victory for the government’s efforts to clamp down on illegal trading in the futures and precious metals market.

      JP Morgan will pay $436.4m in fines, $311.7m in restitution and more than $172m in disgorgement, the Commodity Futures Trading Commission (CFTC) said on Tuesday, the biggest-ever settlement imposed by the derivatives regulator.

      According to the settlement, between 2009 and 2016 JPMorgan Treasury’s traders placed orders on one side of the market which they never intended to execute, to create a false impression of buy or sell interest that would raise or depress prices. The manipulative practice designed to create the illusion of demand or a lack of demand is known as “spoofing”.

      “The conduct of the individuals referenced in today’s resolutions is unacceptable and they are no longer with the firm,” said Daniel Pinto, co-president of JP Morgan and chief executive of the Corporate & Investment Bank.