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Recent Editions
Risk Channel
North America
JPMorgan Chase has reported financing $230bn in projects during the first year of its $1.5tn Security and Resiliency Initiative, aimed at strengthening U.S. supply chains, national security, and economic resilience. The program supports defense contractors, energy suppliers, and industrial manufacturers through direct investments, lending, and capital markets transactions, including financing associated with the $125bn Dominion Energy–NextEra merger. Chief executive Jamie Dimon has emphasized the bank's willingness to support earlier-stage companies beyond its traditional lending activities and expects total financing to exceed the original $1.5tn commitment. JPMorgan has also announced a partnership with Michigan and Ford Motor to deploy more than $2bn toward developing manufacturing businesses and addressing supply chain vulnerabilities.
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Risk Channel
UK/Europe
The Financial Reporting Council (FRC), the regulator that is responsible for auditors, accountants and actuaries in the UK, has taken control of inquiries into BDO regarding its work on Manchester City’s accounts, responsibility for which had initially fallen to the Institute of Chartered Accountants in England and Wales (ICAEW). Dame Jayne-Anne Gadhia, chair of the FRC, said it had exercised its powers to take over inquiries the day after an independent commission published its findings that the football club artificially inflated its financial position by more than £900m. Gadhia revealed the move in a letter to Liam Byrne, chair of parliament’s business committee, after he called on the FRC to investigate. Gadhia noted in her letter that the FRC does not have the power to directly compel non-public interest entities, which would include Manchester City, to provide information to it. On Tuesday, Byrne called on the government to explain why reforms to close such gaps in enforcement were abandoned.
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