_{CURRENCY NEWS}

JPMorgan Chase to Pay $920 Million for Fraud in Precious Metals and Treasury Markets

JPMorgan Chase & Co. has agreed to pay $920 million in penalties, victim compensation, and disgorgement to resolve criminal charges for two schemes involving market manipulation. The misconduct spanned from 2008 to 2016, involving tens of thousands of unlawful trades in precious metals futures contracts and U.S. Treasury markets. Traders manipulated supply and demand by placing orders they intended to cancel, deceiving market participants to gain profits and avoid losses.

JPMorgan entered a Deferred Prosecution Agreement (DPA), admitting to two counts of wire fraud. The resolution reflects the seriousness of the offenses, JPMorgan's failure to self-report, and its past criminal history. Despite this, the bank received credit for its cooperation and remediation efforts, including significant enhancements to its compliance programs.

The agreement includes parallel settlements with the CFTC and SEC, with the total penalties aligning to address related violations. This case highlights a major effort to ensure market integrity and hold financial institutions accountable for manipulative trading practices. Read More.

_{ECONOMIC NEWS}

Egg Prices Could Approach Record Highs Soon, Supplier Warns – Here’s Why

Egg prices in the U.S. have surged 38% since November 2023, reaching $3.65 per dozen, driven by a combination of factors:

1. Bird Flu Outbreak: A “serious” avian influenza outbreak has killed 33 million egg-laying chickens in 2024, with half of those losses occurring since mid-October. This has led to significant supply shortages.

2. Holiday Demand: Consumer demand for eggs peaks during Thanksgiving and Christmas, further pushing prices upward.

Experts warn that prices may approach record highs seen in January 2023 ($4.82 per dozen). While some price relief is expected after the holidays, the uncertain trajectory of the bird flu outbreak complicates forecasts. Read More.