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(Bloomberg) -- JPMorgan Chase & Co. admitted wrongdoing and agreed to pay more than $920 million to resolve U.S. authorities’ claims of market manipulation involving two of the bank’s trading desks, the largest sanction ever tied to the illegal practice known as spoofing.Over eight years, 15 traders at the biggest U.S. bank caused losses of more than $300 million to other participants in precious metals and Treasury markets, according to court filings on Tuesday. JPMorgan admitted responsibility for the traders’ actions. The Justice Department filed two counts of wire fraud against the bank’s parent company but agreed to defer prosecution related to the charges, under a three-year deal that requires the bank to report its remediation and compliance efforts to the government.The New York-based lender will pay the biggest monetary penalty ever imposed by the Commodity Futures Trading Commission, including a $436.4 million fine, $311.7 million in restitution and more than...
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(Bloomberg) -- Russia called on Turkey to help end fighting between their respective allies Armenia and Azerbaijan as the conflict escalated for a third day, with disputed claims over the downing of an Armenian jet roiling the lira and the ruble.Armenia’s Defense Ministry said Tuesday that one of its Su-25 jets had been shot down in its airspace by a Turkish F-16 fighter operating over Azerbaijan. Turkey and Azerbaijan swiftly denied the report, but declines in the Russian and Turkish currencies point to mounting concern that the two regional powers could be dragged in on opposite sides of the fighting.“Any statements about military support or military activity definitely add fuel to the fire,” Kremlin spokesman Dmitry Peskov told reporters Tuesday on a conference call before the plane reports. Russia expects all countries and “particularly partner states such as Turkey” to do everything to persuade the warring sides to stop the violence,...
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(Bloomberg) -- Lithium producers must reinvent mining methods for the key metal used in rechargeable batteries to meet rising demand from the electric-vehicle industry, according to Standard Lithium Ltd.’s top executive.“The industry’s going to have some challenges as higher purity lithium compounds are required -- they’re going to have to reinvent themselves,” Standard Lithium Chief Executive Officer Robert Mintak said in a phone interview. “We’re not going to be saddled with 20-year-old processes and refining capabilities.”The soft silvery-white metal is a vital ingredient in rechargeable batteries of electric vehicles, including those made by Tesla Inc., and Mintak sees both challenges and supply shortages unless lithium producers turn to more unconventional methods to fulfill demand. Standard Lithium is already embracing new ways to recover lithium.The Vancouver-based company opened its first direct lithium extraction plant in El Dorado, Arkansas this month, with the facility using a new technology that allows for a 90%...
