Good morning, here’s your Friday morning briefing to set you up for the day ahead. Look out for these three things happening around the world today.
Jack Ma discusses disrupting development
Alibaba chairman Jack Ma will take part in a panel discussion on using technology to spur economic growth in developing countries today.
Taking place at World Bank’s Annual Meetings, Ma will join World Bank President Jim Yong Kim to deliver some opening remarks ahead of the Disrupting Development: Digital Platforms and Innovation session.
The likes of Penny Mordaunt, the United Kingdom’s Secretary of State for International Development, Heng Swee Keat, Singapore’s Minister of Finance, and Mats Granryd, Director General of the GSMA trade body, will then discuss the impact of new technologies on life and the economy, and how they can be used to rapidly advance the developing world.
World Bank’s annual meeting is currently taking place in Bali, Indonesia. This session will begin at 2:30pm WITA (7:30am BST) at the Bali International Convention Centre.
JPMorgan Chase announces Q3 results
JPMorgan Chase will today publish its earnings from the third quarter of 2018.
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The update comes amidst increasing interest rates, which forced the bank to announce that it would cut 400 jobs in its mortgage banking division earlier this week.
Likewise, Trump’s ongoing trade war is also making life difficult for the United States’ leading investment bank and its clients.
Hernan Cristerna, Global Co-head of Merger & Acquisitions, previously warned: “A prolonged trade war will, of course, mean large cross-border deals are more difficult and harder to get across the line.”
Regardless of the current economic climate, JPMorgan Chase is expected to report earnings of $2.27 per share on revenues of approximately $27bn, according to Forbes.
A conference call is expected to take place at 8:30am ET (1:30pm BST).
Brexit Britain warned to prepare for the worst
Consumer information charity Which? publishes its report into the impact of a no-deal Brexit today, providing an insight into the impact that such an outcome would have on consumers.
Despite repeated suggestions that a no-deal outcome is unlikely, the consumers’ association warns that the British government is unable to guarantee that last-minute agreements will be secured.
According to the report, the travel, food and energy sectors would be worst hit.
In the case of a no-deal Brexit, consumers face reductions in rights and choice, as well as increased prices as businesses attempt to offset rising costs. Which? claims that these consequences would be both immediate and severe.
Previous reports have suggested that a no-deal Brexit could cost the UK as much as 280 times more than its annual EU contribution.