According to an exchange filing on Monday, JPMorgan will now own 71 per cent stake of its Chinese securities joint venture after completing the transaction of buying 20 per cent stake from one of its local partners.
The deal was first flagged in September, which will give the Wall Street bank an edge closer to the ownership of its securities business in China as geopolitical relations between the US and China remains fragile. It will also strengthen JPMorgan’s position as the foreign bank with the highest ownership stake in the mainland Chinese securities joint venture.
US largest bank finalised the purchase deal just before the Nov. 3 presidential election, on which the future relationship between the two powerful economies, China and US depends.
The stake of JPMorgan’s Chinese securities joint venture was put for sale by state-owned Shanghai Waigaoqiao FTZ, as per the filing on the Shanghai United Assets and Equity Exchange in September. JPMorgan was the only one that could raise its ownership in the venture with prior rights, the filing shows and the remaining four shareholders have given up their permission to purchase 20 per cent stake.
China welcomes PM Modi’s remarks on India-China ties

China welcomed Prime Minister Narendra Modi’s positive remarks on India-China ties, emphasising that cooperation between the two nations is the way forward.
Chinese Foreign Ministry spokesperson Mao Ning said the Xi-Modi meeting in Kazan last year provided strategic guidance for improving ties.
She noted both countries have strengthened exchanges and cooperation, achieving positive outcomes in various areas.
China expressed readiness to work with India to enhance cooperation and advance stable bilateral relations, marking 75 years of diplomatic ties.
In a podcast with Lex Fridman, Modi said normalcy has returned to the India-China border after talks with Xi, emphasising their long-standing cultural ties.
He stressed that India-China cooperation is crucial for global stability, adding that competition between the two should be healthy, not conflict-driven.
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Russia, US May Start Ukraine Peace Talks Today

Russia has signalled its willingness to have peace talks with the US over Ukraine, with discussions possibly beginning as early as today, according to Foreign Ministry spokeswoman Maria Zakharova.
The development comes after high-level diplomatic talks in Saudi Arabia, where Ukraine showed openness to a 30-day ceasefire, and the US agreed to present the proposal to Moscow.
The Kremlin confirmed that US negotiators were heading to Russia, indicating a potential step forward in diplomatic engagements between the two nations.
Kremlin adviser Yuri Ushakov spoke with US National Security Adviser Mike Waltz on Wednesday, emphasising ongoing diplomatic efforts to find a resolution to the conflict.
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Greenland Opposition Party Secures Victory in Legislative Elections

Greenland’s centre-right opposition secured a surprise victory in the legislative elections, with rising support for the nationalist Naleraq party advocating swift independence.
The Democratic Party won 29.9% of votes, tripling its 2021 result, while Naleraq more than doubled its share to 24.5%.
Outgoing PM Mute Egede’s Inuit Ataqatigiit party and its coalition partner Siumut placed third and fourth.
With no party securing a majority, coalition talks will shape the next government and its approach to independence.
Trump’s renewed push to acquire Greenland influenced the campaign, driving higher voter turnout.
Naleraq seeks immediate independence, but others prefer financial stability first, as Greenland relies on Danish subsidies.
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Can Europe’s $20 Billion AI Gigafactories Compete?

Europe plans to invest $20 billion in four AI gigafactories to compete with the US and China, but experts question their feasibility.
These data centres face major challenges, including chip shortages, power constraints, and a lack of cloud service providers like Google or Amazon.
The project is part of InvestAI, a €200 billion initiative, but still trails US efforts like Stargate.
Each gigafactory will house 100,000 advanced chips, requiring billions in investment.
Experts debate whether funds should focus on AI applications instead, as past EU tech initiatives struggled to meet goals.
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Zelenskyy Visits Saudi Arabia Before Key US Talks

President Volodymyr Zelenskyy will meet Saudi Crown Prince Mohammed bin Salman on Monday before crucial talks with US officials on Ukraine’s war with Russia.
Saudi Arabia has played a mediating role in the conflict, brokering prisoner exchanges and hosting US-Russia talks.
The US, once Ukraine’s main ally, has shifted its wartime policies, cutting military aid and intelligence sharing while engaging directly with Moscow to end the war.
On Tuesday, Ukrainian and US officials will meet for the first time since Zelenskyy’s tense Oval Office encounter with Trump, focusing on a minerals deal and a possible resolution to the conflict.
Under pressure from Trump, who wants a swift end to the war, Zelenskyy is working to align with the US but has yet to secure security guarantees for Ukraine.
Trump’s envoy, Steve Witkoff, said the talks aim to establish a peace framework and ceasefire, but Moscow has rejected a temporary truce, calling it a tactic to aid Ukraine.
With US support uncertain, Zelenskyy is urging European allies for more aid as Ukraine faces Russian advances and intensified aerial attacks.
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