Jamie Dimon says private credit defaults are not threat to major banks

The boss of JP Morgan, Wall Street’s biggest bank, said a downturn across the $3tn private credit market would not put financial stability at risk, adding that losses would have to be “very large” before the pain rippled out to major banks.Dimon played down the potential impact that a series of private credit loan defaults would have on the wider financial system, arguing that while there were some areas of of weakness, the unregulated industry did not pose a “systemic” risk.“The actual credit hasn’t gotten that much worse. There are pockets where it has … so we’ll be watching it closely,” Dimon told analysts during an earnings call on Tuesday. “The big point, to me, is … I don’t think it’s systemic

United Airlines CEO reportedly pitched merger with American, sparking competition fears

The CEO of United Airlines is said to have pitched a blockbuster merger with American Airlines during a meeting with Donald Trump, floating the combination of the world’s two largest carriers.Scott Kirby, who leads United, raised the prospect during an encounter with the US president in late February, Reuters reported, citing two unnamed sources. Such a deal would overhaul the global air travel industry – and would likely face intense competition scrutiny.United declined to comment. American and the White House did not immediately respond to requests for comment

UK growth forecasts slashed by IMF as Iran war hurts global economy – as it happened

Newsflash: The International Monetary Fund has cut its forecast for UK growth this year and in 2026, as the Iran war hurts the global economy.The UK has been hit by the sharpest growth downgrade in the G7 in the IMF’s new economic forecasts, just released, at its spring meeting in Washington DC.UK GDP is now expected to rise by just 0.8% this year, down from a previous forecast of 1.3% – a bigger downgrade than other major economies

UK steel exports to EU at risk as bloc doubles tariffs and halves quotas

The EU is to go ahead with plans to double tariffs and halve quotas on imports of steel from July, in a move designed to curb Chinese imports but which could damage UK exports to the bloc.The decision by EU lawmakers and member states after late night talks on Monday, will reduce duty-free quotas by 47%. Exact country allocations have yet to be determined.The EU industry commissioner, Stéphane Séjourné, hailed the agreement as the “strongest ever” safeguard agreed and a “victory for our steel mills, our steelworkers and our industrial sovereignty”.A flood of cheap imports from China was thought to be the driving force behind the measures

IMF warns ‘unprecedented’ energy crisis could trigger global recession as Australia prepares for G20 fuel talks

The International Monetary Fund has warned the US-Israel war on Iran risks creating an “energy crisis of an unprecedented scale” that could tip the global economy towards recession.The grim warning contained in the IMF’s latest World Economic Outlook comes as Jim Chalmers prepares to attend the organisation’s spring meetings in Washington DC this week, where he said he would be “joining with other countries continuing to call for an enduring end to the war”.As the United States began its blockade of the critical strait of Hormuz in an effort to force Iran back to the negotiating table, the IMF’s chief economist, Pierre-Olivier Gourinchas, said “the world economy faces another difficult test”.“The closing of the strait of Hormuz and serious damage to critical facilities in a region central to global hydrocarbon supply raise the prospect of a major energy crisis should hostilities continue,” Gourinchas said.As higher fuel costs smash household and business confidence in Australia, the treasurer will hold bilateral meetings with his foreign counterparts from the nation’s major fuel suppliers, including South Korea, Singapore, Japan and China

Nissan turnaround plan pins hopes on ‘AI-defined vehicles’

Nissan has said it will add self-driving abilities to the vast majority of its cars and cut a fifth of its models in the latest stage of the Japanese carmaker’s drawn-out turnaround efforts.Ivan Espinosa, Nissan’s chief executive, said the company was pinning its hopes on “AI-defined vehicles”, with an aim of installing autonomous driving technologies on 90% of its vehicles in the future.The carmaker endured years of turmoil under a succession of bosses. Espinosa took over last year and has set about a painful programme of seven factory closures and 20,000 job losses in an effort to cut costs.On Tuesday he announced at an event at Nissan’s headquarters in Yokohama, Japan, that the company would reduce the number of cars it made from 56 to 45 models in order to divert investment to more profitable models