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Jamie Dimon, the chairman and CEO of J. P. Morgan Chase, said Thursday the current market volatility can be attributed to a variety of worries about political risk and oil prices, but the issue “that’s probably roiling the market the most is trade.”

“How bad is it going to get?” Dimon asked during an interview with CNBC’s Becky Quick. Dimon said traders, executives and other market watchers are trying to figure that out and are factoring it into their outlooks.

The U.S. economy is strong, Dimon said. Companies are hiring, consumers are spending, unemployment is down, he noted. But stocks have been volatile. On Thursday, they fell sharply and then tried to recover some of that ground in the afternoon. As of 2:25 p.m. ET, the Dow Jones Industrial Average was down 454 points.

The U.S. under the Trump administration has engaged in an escalating trade war with China, though the two sides are talking and set a 90 day time frame from Dec. 1 to get an agreement.

Dimon called it a trade “skirmish.” But it is forcing business leaders to find new supply lines, rethink investments or hold off on investments. “Those things are just causing uncertainty, which causes volatility.”

Dimon was in Washington along with the top executives of other large companies to attend the Business Roundtable’s CEO Innovation Summit. The head of the biggest U.S. bank was just elected chairman of the lobbying group for third year as executives face a the second half of President Donald Trump’s term.

Trump’s early policies, including tax cuts last year, have been seen as business friendly but there are challenges, such as the possibility of slowing economic growth and the effects of Trump’s tariffs on American companies.

Dimon says he doesn’t expect the U.S. and China to come to final terms on their trade negotiations in three months, but they should be able to make progress. He places the likelihood of an agreement at 60 percent but says there’s always a risk that something goes south. “That kind of uncertainty is just not good for markets.”

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Bitcoin price pain continues as the cryptocurrency plummets to a 15-month low



Other major cryptocurrencies also suffered on Friday. XRP, the second largest by market value, was down 7 percent while ether fell 11 percent.

Timothy Tam, CEO of cryptpocurrency research firm CoinFi, said bitcoin’s large move downward was a “combination” of factors.

On Thursday, the SEC extended their review period of a much-awaited bitcoin ETF until February 27. While Gabor Gurbacs, who’s spearheading the bitcoin ETF effort at VanEck, said the move was “expected” — the market still reacted.

“Historically there is price correlation with expectation of an ETF approval and downward movement when the ETF gets rejected or delayed,” Tam told CNBC Friday. “Sentiment among retail investors in the crypto space is already negative, so any negative news like this generates an overreaction.”

Michael Moro, CEO of Genesis Trading, said unlike prior weeks with drama in another cryptocurrency bitcoin cash, this week’s moves don’t appear to be event-driven.

“It looks like a continuation of the momentum trade that it has been for all of 2018,” Moro said. “Short interest has continued to spike, as trading firms look to take advantage of the volatility.”

Moro has also seen an uptick in selling by some long-term bitcoin holders.

“The general market sentiment seems to be that this ‘crypto winter’ could last for some time; not too many people are expecting a V-shaped recovery in 2019,” he said.

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UK gambling sites agree to TV ad blackout during soccer matches



Britain’s biggest gambling firms have voluntarily agreed to a TV ad blackout running from “whistle-to-whistle” during soccer matches.

The Remote Gambling Association (RGA), an industry lobby group whose members include bookmaker’s William Hill, Paddy Power and Ladbrokes, will agree to stop the ads during live broadcasts, which have become commonplace across English soccer.

No formal announcement from the RGA has been made, but it is looking to confirm the move early next year.

“We made a number of proposals which are being considered by the members of the Industry Group for Responsible Gambling.” Clive Hawkswood, the chief executive of the RGA, told CNBC. “We are of course hopeful that IGRG will agree changes to the Code, but that process has not been completed yet.”

Anti-gambling campaigners and politicians have voiced concerns about the volume of bookmaker’s adverts on TV and how it potentially glamorizes gambling.

U.K. Secretary of State for Digital, Culture, Media and Sport, Jeremy Wright, said via social media Thursday it was a “welcome move.”

“Gambling firms banning advertising on TV during live sport is a welcome move and I am pleased that the sector is stepping up and responding to public concerns,” he said.

Over half of the soccer teams in England’s top two leagues in England currently have gambling sites as their main shirt sponsor and the increasing influence of these companies has grown relatively unchecked in recent years.

“Investors in U.K. gambling stocks may be worried about another regulatory measure in the shape of a proposed ban on advertising during live sports events, but the effect on earnings should be modest,” said Irish wealth management company Davy Research.

The brokerage says FTSE 100 companies Paddy Power Betfair and GVC Holdings, which owns big betting firms Ladbrokes and Coral, both spend between £40 million ($51 million) and £50 million annually on British TV advertising, some of which may now be redeployed.

Davy said the returns on TV advertising are modest and the change won’t materially affect earnings forecasts. On Thursday, GVC shares closed 5.6 percent lower, Paddy Power Betfair down 2.8 percent and William Hill registered a near seven-year low.

“However, it is a necessary development, in our view, and nudges the sector towards a more sustainable footing.” Davy went on to say.

Bet365, which sponsor the shirt and stadium of Stoke City, has become one of the most prevalent advertisers on British TV, using BAFTA-nominated actor Ray Winstone to promote its in in-play advertising on TV. It’s owned by Peter and Denise Coates and recently logged profits of £660 million in its latest accounts.

Television advertising helped the U.K. gambling industry see £5.35 billion wagered online during 2017, according to the Gambling Commission. That’s compared to the £5.55 billion spent in betting shops, casinos, arcades and bingo halls combined.

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Best companies to work for in Germany in 2019



Leading software business SAP has been crowned by Glassdoor as the best place for German employees to work during the next year — and it’s not just Germany that SAP is winning over.

In Glassdoor’s annual best place to work rankings, the German-based group has made an appearance in five of the lists published this week, including France and the U.K. Reviews on Glassdoor see employees praise the company for the company’s work benefits and positive atmosphere shown across staff levels.

In Glassdoor’s 25 ‘Best places to work‘ list for Germany, it’s not just tech firms hitting the spot – transportation, consultancy and retail groups are also popular among the workforce.

To compile, the recruiter examined the input that workers give when offering feedback, in addition to ratings, which range from 1 to 5. With more than 830,000 companies assessed on Glassdoor worldwide, the top 10 firms in this list surpassed the average rating of 3.4; with each group receiving a figure of at least 4.3.

Here’s the top 10 companies to work for in Germany:

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