jpmorgan chase travel agency

Ms. Lake adds, “We welcome Todd and cxLoyalty to JPMorgan Chase, and look forward to creating more value for our shared customers and clients.”

JPMorgan Chase credit card customers will continue using Ultimate Rewards as usual and over time, will have access to enhanced travel experiences.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com .

Amy Bonitatibus, Chief Communications Officer, Chase, [email protected] Ashley Dodd, head of Card Communications, Chase, [email protected]

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Big Banks Chase a Much Bigger Piece of the Travel Market

Dennis Schaal , Skift

January 10th, 2023 at 2:00 PM EST

Banks such as JPMorgan Chase, Capital One, and Citi already have the customer base to appeal to travelers with attractive booking offers, cash back, and points, without having to ante up big for marketing like online travel agencies and hotels. The prospects for banks, with a history of clunky travel portals, will hinge on value proposition, user experience and execution.

Dennis Schaal

Megatrends 2023

Discover the top trends that will define the travel industry for the coming year.

Big banks are making a bold statement in travel and will increasingly become the first place — at the top of the proverbial trip-planning funnel — where customers look to book their trips.

Depending on your perspective, major online travel agencies such as Expedia Group and Booking Holdings, which often power a piece of the banks’ travel offerings, are at times fueling the growth of formidable competitors at their own peril or are cashing-in on travel demand that they might not otherwise capture.

Both Expedia Group, which generated $788 million, or 21 percent of its total revenue, powering travel for banks, hotels and other partners in the third quarter of 2022, and Booking Holdings, which acquired hotel wholesaler Getaroom in 2021, are making strategic moves to expand their business-to-business partnerships.

Consider developments at JPMorgan Chase, which already counted itself among the top five U.S. consumer travel providers in 2022 on the strength of its travel and rewards programs. Expedia ceased powering flights and cars for JPMorgan Chase in early 2022, but still provides hotels. Ariane Gorin, president of Expedia for Business, said the JPMorgan Chase relationship is still a big partnership for Expedia Group despite recent developments.

JPMorgan Chase acquired luxury and corporate travel agency Frosch in 2022, after buying travel and loyalty company CX Loyalty Group a year earlier. With these deals, JPMorgan Chase now controls the customer experience as a full-service travel agency and has “full ownership economics,” according to Co-CEO of Consumer & Community Banking Marianne Lake. In essence, that means the company can claim the vast majority of commissions, among other factors. 

Lake forecast at an investor day in mid-2022 that Chase Travel would process more than $10 billion in travel volumes in 2023, and would reach $15 billion by 2025, if not sooner. The business was already cash flow positive in 2022 and expected to generate around a 5 percent net margin, she said.

The plan was to launch ChaseTravel.com for cardmembers, and to make it available to customers with Chase bank accounts thereafter. “The business will require little marketing expense as we leverage our existing customers and channels, reinforced by our loyalty program, Ultimate Rewards,” Lake said. 

Just think about that: With 66 million U.S. households and 5 million small business customers in the fold, JP Morgan Chase is looking at the potential of a $15 billion travel business by 2023, and the company envisions needing to spend minimal amounts on marketing.

Using the latest annual numbers available, 2021, for context, that $15 billion in gross bookings would have made Chase Travel nearly one-third the size of the 2021 version of Airbnb, and nine times larger than India online travel agency MakeMyTrip.

By The Numbers: Chase Travel’s Expected Volume

net margin in 2022

With banks facing pressure from vanishing investment banking deals , and with soaring interest rates squelching the mortgage business, a bunch of banks are expanding beyond their traditional co-branded card and loyalty business into travel booking products, as well.

“Ultimately, the fact that banks and credit card companies are investing heavily and innovating in the travel space is a great thing for the customer,” said Matt Knise, managing vice president of U.S. Card at Capital One. “Financial services and travel have long been intertwined, however, the travel-related user experience provided by financial services companies has often been an afterthought.“ 

Capital One Travel, which relaunched with flight, hotel and car inventory from Hopper in 2021, is launching its own luxury hotel collection with 10x rewards for VentureX cardholders and is expanding its airport lounges. Capital One expanded its equity stake in Hopper in 2022. 

In addition to JPMorgan Chase’s travel acquisition spree and Capital One expanding its Hopper relationship and contracting with some hotels on its own, Citi is expanding beyond its travel portal , which is currently powered by JPMorgan Chase-owned cxLoyalty, and is developing a new Citi Travel portal in partnership with Booking.com. On the business travel front, in late 2021 U.S. Bancorp acquired travel and expense management platform TravelBank. 

In addition to banks and even Uber digging deeper into travel ,  fintech companies are, as well. In 2021, the UK-based fintech app Revolut expanded beyond its core financial services for the first time, and began selling hotels, homes, and guest houses.

Richard Clarke, managing director at AB Bernstein, thinks much of the online travel agencies’ efforts in powering banks’ travel business is “madness” because they are actually strengthening competitors who likewise want “to sit at the top of the funnel.”

Clarke said when online travel agencies do such business-to-business partnerships, they usually have to give up nearly half of their commissions, lose the customer relationship, and must confront the prospect that their businesses become increasingly commoditized.

“I do think it is a challenge for them, and they almost risk facilitating the fragmentation of their own business,” Clarke said.

Expedia Group’s Ariane Gorin disagrees, saying travel is “not a zero-sum game,” and there’s room for additional players. 

Expedia powers travel offerings for some of Canada’s largest banks, including TD Bank and the Royal Bank of Canada, has relationships with American Express Global Business Travel for hotels, American Express Travel, Accor, JP Morgan Chase, airlines, and many others.

“If we power all the other demand out there then that’s great for our company,” Gorin said.

Gorin added that Expedia will be able to compete because of the strength of its variety of brands, and its “massive loyalty program,” which will get relaunched and consolidated into one, from several, in 2023.

Expedia’s business-to-business segment notched $554 million in adjusted earnings before interest, taxes, depreciation and amortization in the 12 months leading up to September 30, 2022, on $2.35 billion in revenue. 

The travel offerings of individual banks are a fraction of Expedia and Booking’s overall size at this juncture, but if  the banks’  travel programs continue to grow, and travelers increasingly get accustomed to shopping for travel through their credit card companies and bank account vendors with their cash back and loyalty points in the mix, then these may be tough habits to break. 

The Daily Newsletter

Our daily coverage of the global travel industry. Written by editors and analysts from across Skift’s brands.

Tags: banks , fintech , megatrends 2023 , online travel , travel booking

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JPMorgan agrees to buy luxury, corporate travel agency Frosch – Skift

Technology & Automation Insights: Elevating KYC and onboarding efficiency

Next in Tech | Episode 167: FinOps And Battle For Cloud Costs

MediaTalk | Season 2 Ep. 13 - Who Is Investing In The Metaverse And Why

MediaTalk | Season 2 Ep. 12 - Broadband's Growth Outlook as Subsidy Program Ends and Fiber Expands

• 18 Feb, 2022
• Author Vaibhav Chakraborty
• Theme Healthcare & Pharmaceuticals Real Estate Retail & Consumer Products Technology, Media & Telecom Banking Fintech Insurance

JPMorgan Chase & Co. reportedly signed an agreement to purchase FROSCH International Travel Inc., a corporate and luxury travel agency, travel industry news site Skift reported Feb. 17, citing a FROSCH internal staff memo seen by the outlet.

The financial terms of the deal were not disclosed in the Skift report.

The deal represents a new "business line" for the bank, Bryan Leibman, the travel agency's president and CEO, said in the memo, according to the news outlet.

JPMorgan has previously moved into the travel sector, including acquiring cxLoyalty Group Holdings Inc.'s global loyalty division in December 2020.

The travel agency, which is co-headquartered in New York City and Houston, has offices in more than 40 locations worldwide, Skift noted.

Frosch and its brands including Plaza Travel, LUXE Travel, Mann Travels and Valerie Wilson Travel, Inc. will fall "under the JPMorgan Chase umbrella" and stay intact for now, the report said, citing Leibman.

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How to use the chase sapphire preferred hotel credit, the chase sapphire preferred's hotel credit goes a long way toward paying off the card's annual fee..

The Chase Sapphire Preferred® Card currently has an elevated intro offer of 75,000 bonus points after you spend $4,000 on the card in the first three months from account opening. This card has a $95 annual fee , but, you can earn back over half of that cost every year by taking advantage of a single easy-to-overlook perk — the annual hotel credit.

Sapphire Preferred card members can receive a $50 annual Chase Travel Hotel credit every account anniversary year for hotels booked through the Chase Travel SM  portal . Here's what you need to know about how to use this credit and when it makes sense.

Chase Sapphire Preferred bonus and perks

What is the chase sapphire preferred $50 hotel credit, how to use the chase sapphire preferred's $50 hotel credit, when does it make sense to use the chase sapphire preferred's $50 hotel credit, alternative cards with hotel credits, bottom line, chase sapphire preferred® card.

Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, and $50 annual Chase Travel Hotel Credit, plus more.

Welcome bonus

Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's over $900 when you redeem through Chase Travel℠.

Regular APR

21.49% - 28.49% variable on purchases and balance transfers

Balance transfer fee

Either $5 or 5% of the amount of each transfer, whichever is greater

Foreign transaction fee

Credit needed.

Excellent/Good

Terms apply.

Read our Chase Sapphire Preferred® Card review .

The Sapphire Preferred's intro bonus offer is currently 15,000 points higher than the standard offer. This makes it a great time to apply because you're getting the same ongoing card benefits along with the additional upfront value.

This card earns Chase Ultimate Rewards® points, which are some of the best travel rewards thanks to their versatility. You can redeem Chase points for cash back or similar redemptions for one cent each. And if you use your Chase points to book travel through Chase Ultimate Rewards, you'll get a 25% boost in value as a Sapphire Preferred cardholder (1.25 cents per point).

You can really ratchet up your points' value by taking advantage of Chase's transfer partners . Chase points transfer to 14 airline and hotel loyalty programs at a 1:1 ratio. Through these programs, you can book business-class award flights or luxury hotels and dramatically increase the value of your rewards. This includes plenty of one-way Star Alliance business-class flights from North America to Europe for only 60,000 to 70,000 Aeroplan miles, flights that normally costs thousands of dollars.

The Sapphire Preferred also comes with a long list of travel and purchase insurance benefits. You'll get trip delay reimbursement, primary rental car collision coverage , purchase protection, extended warranty coverage and more.

The Chase Sapphire Preferred annual hotel credit can earn you an automatic statement credit of up to $50 every card anniversary year. To qualify for the credit, you need to book a hotel through Chase Travel SM and pay for the booking with your Sapphire Preferred card.

The $50 in hotel purchases that earn you the credit will not earn Chase points. Once a qualifying transaction is posted to your account, the statement credit should get credited within one or two billing cycles.

To use the Sapphire Preferred annual hotel credit, you book a hotel stay through Chase Travel SM . This platform works like booking through another online travel agency like Expedia , Priceline or Kayak . Simply search for the dates and the location where you need a hotel and book from the available options.

To use the hotel credit, first log in to your Chase credit card account and navigate to the Ultimate Rewards page. Next, select the "Travel" drop-down menu and click "Book travel."

Choose "Hotels" and enter the information for your trip. Once you start a search, you can filter the results by star rating, brand, cost and more.

After you've selected the hotel and specific room type, you'll be able to see the final cost in dollars and points.

To earn the full $50, you need to charge at least $50 on your card. If you want to pay with points, just be sure to redeem points for all but $50 of the cost. You can easily adjust how many points you're using for the booking in the "Points redeemed" box, just be sure to click the update button when you change the number of points you want to use.

From here follow the steps to enter the traveler information and payment card info before you finalize the reservation. Be sure to pay with your Chase Sapphire Preferred card. If you don't book with your Sapphire Preferred, you won't earn the credit.

The Sapphire Preferred hotel credit is straightforward — just book a hotel through Chase Travel SM to qualify for the offer. However, you should compare prices for the same dates, hotel and room type to ensure you're getting the best price when booking with Chase. As long as you aren't paying more for the booking, taking advantage of this credit makes sense.

If elite status perks are worth more to you for a particular stay, you may want to consider trying to maximize this credit on a different booking. That's because when you book hotels through a third-party site such as Chase Travel SM you typically won't earn elite status credit. You also won't normally receive elite status benefits, such as free breakfast or room upgrades.

If you're looking for hotel credits and benefits, a co-branded hotel credit card will typically offer the most value, but the perks will be tied to a specific brand. For statement credit perks that are more universal, you'll likely need to consider a general travel credit card.

The Capital One Venture X Rewards Credit Card (see r ates and fees ) offers an annual travel credit of up to $300 for bookings made through Capital One Travel. This credit applies to hotels, but also flights, rental cars and more. When you combine this travel credit with the card's annual 10,000-mile bonus, it's not hard to justify keeping this premium credit card .

Capital One Venture X Rewards Credit Card

10 Miles per dollar on hotels and rental cars, 5 Miles per dollar on flights when booked via Capital One Travel; unlimited 2X miles on all other eligible purchases

Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening

19.99% - 29.99% variable APR

$0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you

Foreign transaction fees

See rates and fees . Terms apply.

Read our Capital One Venture X Rewards Credit Card review.

The U.S. Bank Altitude® Reserve Visa Infinite® Card has an incredibly easy-to-use travel and dining credit worth up to $325 every year. To qualify for the credit you don't need to book through a specific site. Instead, you just pay for travel or dining with the card and you'll earn the credit on the first $325 in eligible spending.

U.S. Bank Altitude® Reserve Visa Infinite® Card

5X points on prepaid hotels and car rentals booked through the Altitude Rewards Center; 3X points on every $1 on eligible travel and mobile wallet spending

Earn 50,000 bonus points (worth about $750 in travel) after spending $4,500 within the first 90 days of account opening

22.24% to 29.24% (Variable)

3% of the amount of each transfer, with a $5 minimum

See  rates and fees , terms apply.

For a limited time, the Chase Sapphire Preferred has an excellent increase welcome offer. However, it also has an extensive array of ongoing benefits for cardholders. These benefits include an annual $50 hotel credit that applies to hotel bookings you make through Chase Travel SM .

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.  Sign up here .

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Why I Chose These 3 Credit Cards for My 'Chase Trifecta'

I recently made the life-altering decision to go full throttle on travel rewards credit cards . Within one month, I applied for and opened an entire Chase Trifecta of credit cards, with the goal of maximizing my reward points . The three cards I chose were:

• Chase Sapphire Preferred® Card
• Chase Freedom Unlimited®
• Chase Freedom Flex℠

Not everyone should apply for this many credit cards so quickly. If your credit score is not where you'd like it to be, if you struggle with excessive credit card spending, if you sometimes miss payment due dates, then the risks might outweigh the rewards. Don't be too blasé about opening new credit cards .

Featured offer: save money while you pay off debt with one of these top-rated balance transfer credit cards

But I'm loving every minute of this new way of life! Travel rewards credit cards are already making a surprisingly positive difference in my personal finances , and I'm excited to keep learning and exploring.

Here are a few reasons why I chose each of these cards for my Chase Trifecta .

1. Chase Sapphire Preferred: Home base for travel rewards

The Chase Sapphire Preferred® Card was the No. 1 priority on my Chase Trifecta list -- and not just because of the 75,000 bonus points welcome offer. My biggest reasons for choosing this travel rewards card are that it can serve as a "home base" for Chase Ultimate Rewards points and it offers a 25% multiplier on the value of reward points when you redeem the points for travel through the Chase Travel portal.

For example, if you have 50,000 points on your Chase Sapphire Preferred® Card, you could exchange them for $500 of cash back as a statement credit -- or you can redeem them for travel purchases (flights, hotels, etc.) and get an extra 25% of value. So your 50,000 points are actually worth $625 of travel. (The 75,000 bonus points from the welcome offer are worth $750 if redeemed for travel.)

This 25% multiplier just feels like a much better deal to me than a regular cash back credit card , because travel (to me) is worth more than money. And that 25% multiplier effect plays out in surprising ways in my everyday spending decisions. For example, the Chase Sapphire Preferred® Card offers 3% points on restaurant purchases -- but with the 25% travel redemption multiplier, that's actually 3.75% if redeemed for travel. I'm now constantly doing mental math to think about how much money I'm earning toward future travel with everyday spending.

2. Chase Freedom Unlimited: Big points on everyday spending

One of the reasons to open a Chase Trifecta is that it helps you cover all your bases for maximum points across spending categories. I chose the Chase Freedom Unlimited® because it has "unlimited" 1.5% points on all purchases. You can use these points for cash back or transfer the points to your Chase Sapphire Preferred® Card and use them for travel. (I'm using all of my points for travel because of that 25% multiplier.)

Your exact details may vary, and terms apply, but the Chase Freedom Unlimited® also gave me an interesting welcome offer: 3% unlimited cash back on all purchases up to $20,000 in the first year. That's a total of $600! Or $750 after transferring the points and redeeming them for travel with the 25% multiplier on the Chase Sapphire Preferred® Card.

3. Chase Freedom Flex: Fun bonus categories

As part of my Chase Trifecta, I also chose the Chase Freedom Flex℠. This card is really fun to use because it gives you 5% bonus cash back/points on up to $1,500 of purchases in specific categories, which rotate each quarter. It makes shopping into a fun little game. There was also a welcome offer of $200 bonus of cash back (redeemable as reward points for $250 of travel) after spending $500 within the first 3 months.

For example, during the first few months that my card account was open, the Chase Freedom Flex℠ was offering 5% bonus points on groceries and personal care (like salons, massage therapy, etc.). So every time my family bought groceries and every time I got a haircut, I was getting an extra 5% of bonus reward points -- or 6.25% if redeemed for travel via Chase Sapphire Preferred® Card.

The new quarterly bonus categories for April–June 2024 are restaurants and Amazon purchases. So every $100 restaurant bill or Amazon delivery purchase that I pay for with the Chase Freedom Flex℠ is earning me points that are worth an extra $6.25 of future travel purchases. If you can max out the 5% reward bonus categories ($1,500 of spending per quarter, or $6,000 per year), you'll get an extra $300 of cash back rewards -- or $375 if the points are redeemed for travel.

Bottom line

Between the Chase Sapphire Preferred® Card, the Chase Freedom Unlimited® and the Chase Freedom Flex℠, within one year, I'm on target to earn a total of at least $2,125 of travel from my Chase Trifecta. And that's just from the welcome offers and special bonus points, not including other everyday credit card spending.

The Chase Trifecta has been a great deal for me so far. I'm a happy Chase credit card customer, and I'm still excited to apply for a Chase business credit card or airline credit card . Apparently Chase has a strict 5/24 rule , where the bank won't approve additional credit card applications if you've applied for more than five cards in 24 months. So I'll be patient...for now.

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Banks back fossil fuels with $6.9 trillion.

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Financial institutions continue to bankroll climate change despite rapid increases in extreme weather events and their impacts. Funds going to fossil fuels delay the low carbon transition – so it seems as if financial institutions are ‘banking on climate chaos.’

In the seven years since the Paris Agreement was adopted, the world’s 60 largest private banks financed fossil fuels with $6.9 trillion. Nearly half – $3.3 trillion – went towards fossil fuel expansion, despite the acknowledgement from the International Energy Agency that there was no room for new fossil fuels if we are to achieve net zero by 2050.

And this is not a question of it taking some time for the Paris Agreement commitments to work through into banking action. In 2023, banks financed $705 billion in fossil fuel financing with $347 billion going to fossil fuel expansion alone. As David Tong, global industry campaign manager at Oil Change International and one of the report’s authors said: "The science shows that over half of fossil fuels in existing fields and mines must stay underground to limit global warming to 1.5ºC, and our Big Oil Reality Check analysis finds that none of the major oil and gas companies we analyze plan to do anything even close to what is needed to hold global warming to 1.5°C.”

Understanding bank commitments to fossil fuels

The 15th annual Banking on Climate Chaos (BOCC) report analyses bank support for fossil fuels, as a means of measuring financial system support for the climate – or in many cases supporting the destruction of the environment. The report covers the world’s top 60 banks’ lending and underwriting to over 4,200 fossil fuel companies and includes the financing of companies causing the degradation of the Amazon and Arctic.

April Merleaux, research and policy Manager at Rainforest Action Network and another one of the author’s of the report said: “Wall Streets’ top concern is its profit. Our top concerns are the climate and human rights. Banks that profit from climate chaos invent new greenwash every year, but we have the receipts that show how much money they put into fossil fuels.” The 60 banks profiled in the report funnelled $347 billion in 2023 into 874 companies expanding fossil fuels including Enbridge, Vitol, TC Energy, and Venture Global.

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JP Morgan Chase is the #1 fossil fuel financier in the world, committing $40.8 billion dollars to fossil fuel companies in 2023. They’re also #1 for fossil fuel expansion in 2023, while Mizuho shot up to second place in the report in both fossil fuel financing ($37 billion) and financing for the expansion of fossil fuels ($18.8 billion). The worst funder of fossil fuel expansion since the Paris Agreement is Citibank , providing $204 billion since 2016.

The report shows high bank financing for the most climate-damaging fossil fuel practices. In 2023, the worst funders of tar sands extraction are CIBC, RBC, Scotiabank, Toronto-Dominion Bank and Mizuho; while Mitsubishi UFJ Financial Group (MUFG) committed $512 million to companies doing ultra deepwater offshore drilling; JP Morgan Chase financed fracking with $6 billion, and CITIC backed coal mining with $7.6 billion. On the protection of nature front, many banks unabashedly financed harmful practices in sensitive biomes: UniCredit committed $265 million to companies involved in Arctic drilling and Bank of America committed to companies extracting oil & gas in the Amazon biome to the tune of $162 million.

This year’s report was based on an updated methodology that uncovers all the sources of financing, not just bookrunners. It also uses more data sources than in previous years to increase accuracy while democratizing bank deal information that would normally be behind a paywall. A backgrounder of the methodology can be found here .

Rolling back climate commitments

Perhaps of most concern is that some banks are actually increasing their exposure to climate risk by rolling back already weak policies. Bank of America for example, which ranks third on the 2023 list of worst fossil fuel funders: in addition to being the top financier of Amazon oil & gas companies in this report, they dropped their exclusions on Arctic drilling, thermal coal, and coal-fired power plants; they have neither energy ratio disclosures nor near-term absolute emission targets, and they abandoned the Equator principles. At the time of the report publication, they are the only bank major exhibiting all of these climate policy failures at once.

Financial system greenwash is a serious concern

Greenwash remains a significant concern for the financial sector in large part because of growing consumer interest in using one of the only tools at their disposal for taking climate action – choosing where to invest their money. While many consumers are increasingly choosing to make investment choices on the basis of environmental benefit, recent research shows that many such ‘green’ investors have their investments with providers with the worst environmental records.

In the UK for example, providers of cash savings and stocks and shares ISAs were assessed by Ethical Consumer on a number of environmental issues, including those that invest in harmful sectors such as fossil fuel extraction or deforestation, with each provider given a rating from ‘best’ to ‘worst’. The analysis shows that the majority (55%) of people that have a stocks and shares ISA with a provider classified as ‘worst’ in Ethical Consumer’s ratings incorrectly think that their money is in a ‘green’ ISA.

Moreover, 52% of investors that were influenced to choose their ISA based on sustainability credentials actually have their money in providers classed as ‘worst’ for their environmental impact – suggesting the impact of greenwashing is leading well-intentioned consumers to providers that continue to fund areas that are fuelling climate change and harming the planet.

This shows a significant disconnect between what people want from their investments and how banks are actually using their money. It would be fair to say that consumers are being misled by the banks, who state climate commitments and action but continue to fund climate destruction. It’s not simply a question of screening out negatives – such as fossil fuel expansion or Arctic destruction – but actively funding investments that are changing the world for the better.

This is a particular issue in the UK as the Competition and Markets Authority now has the power to fine companies a tenth of their global turnover if greenwash is proven. What will that mean for banks if the same rules are applied?

Climate for long term investment

The challenge that we face is that clearly some banks do not believe that they need to concern themselves with compliance with a net zero pathway. That’s an issue arising from the framework and system within which they operate – one where financial return with no concern for destruction is the status quo.

One of the requests that investors and corporates have asked from governments when exploring net zero is regulatory certainty. Transition will require stability, predictability and incentives that are aligned with climate positive action. Yet the banks continue to finance fossil fuels which says that the messaging is not matching the reality. What’s needed for effective transition is a business climate with a long-term perspective and a level playing field.

Dr Bevis Watts, chief executive, Triodos Bank UK said: “It is shocking to see the banking sector continue to pump vast amounts of money into fossil fuel expansion, ignoring the science and driving the planet closer towards climate catastrophe. This cannot fulfil banks’ consumer duty to act in their customers’ interests and provide fair value.”

Triodos itself was the first bank to join the Fossil Fuel Non-Proliferation Treaty and Watts added: “If the financial sector is serious about meeting its climate commitments, we desperately need other banks to follow suit and join us in committing to funding a future that is not reliant on fossil fuels.”

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Ukraine war latest: Frontline city of Kharkiv 'under missile attack', mayor says

The northeastern Ukrainian city of Kharkiv is under attack tonight, according to its mayor, following repeated Russian attacks in recent weeks. Meanwhile, Vladimir Putin is in China, where he has met with president Xi Jinping.

Thursday 16 May 2024 23:39, UK

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• Kharkiv 'under missile attack' - mayor
• Putin in China: Leaders warn against nuclear war - and agree to expand military drills
• Were Putin and Xi really pictured with their 'nuclear footballs'?
• Russia expels British defence attache
• Analysis: Great power politics on display in China visit
• The latest from the battlefield - as Russia launches fresh attacks on border area
• Russia claims to arrest Ukrainian agents carrying out Crimean bridge reconnaissance

Ask a question or make a comment

That's it for our live updates on the Ukraine war this evening.

Scroll through the blog below to catch up on what happened.

This map shows much of eastern Ukraine is under an air raid alert currently.

"Air defence is working, do not leave shelters and be careful," Kharkiv governor Oleh Synehubov said on Telegram.

Following on from our previous post, Kharkiv mayor Ihor Terekhov has now said that Kharkiv is "under missile attack".

This was also reported by regional governor Oleh Synehubov, who has urged citizens to move to air raid shelters.

Mr Synehubov said on Telegram that there is no information about victims currently.

A journalist in Kharkiv says he has "lost count of the number of explosions" shaking the city.

At least five Russian drones have hit the northeastern Ukrainian city of Kharkiv and a fire has broken out, according to officials.

Regional governor Oleh Synehubov reported the drone strike and said the city remained at risk.

Kharkiv mayor Ihor Terekhov said the Osnovyanskyi district has been struck, sparking a fire.

Neither official has reported any casualties.

Kharkiv city has come under frequent fire in recent weeks, while thousands of people have been forced to flee the wider Kharkiv region after Russian troops launched a surprise incursion last week.

The relationship between Russia and China is under scrutiny as Vladimir Putin visits the country in what is largely a symbolic visit.

For Xi Jinping, this visit is about power, says our Asia correspondent Nicole Johnston .

You can watch Nicole's full report here...

"Nothing new."

That's what the US has to say of Vladimir Putin and Xi Jinping signing a joint statement on deepening the strategic partnership between their two countries.

"The statement is nothing new," said White House press secretary Karine Jean-Pierre at a briefing this evening, adding that Washington has been "very clear" where it stands on the issue.

"We find it unacceptable that Chinese companies are helping Putin wage this war against Ukraine. We've been very clear about that. And if China purports to support peace in Europe, it cannot continue to field the biggest threat of European security," she said.

Ms Jean-Pierre dismissed a question over whether the US had any power to persuade China away from supporting Russia.

Vladimir Putin has arrived in the Chinese city of Harbin for day two of his state visit after spending Thursday in Beijing meeting Xi Jinping (a reminder that China is several hours ahead, meaning it's early morning there now).

The northeastern city, which borders Russia's far east, has cultural and historic ties to Russia.

While there, Mr Putin is expected to attend trade and cooperation forums and meet students at the Harbin Institute of Technology.

Earlier, the Russian president and Mr Xi reaffirmed their "no-limits partnership and criticised US military alliances in Asia and the Pacific.

Mr Putin also thanked the Chinese leader for Beijing's peace proposal for the Ukraine war, which Kyiv and the West rejected.

Six people have been injured in a fresh Russian attack on the eastern town of Vovchansk, including the head of its military administration, an official has said.

Kharkiv governor Oleg Synegubov said on Telegram that the ages of the wounded people ranged from 28 to 50.

He claimed Russian forces attacked the town using cluster munitions.

Volodymyr Zelenskyy confirmed the head of Vovchank's administration was injured.

In his evening address posted to social media, Mr Zelenskyy said Ukrainian counterattacks continue in the key frontline town in the northeast, which has been heavily targeted in Moscow's new offensive.

"Our results in repelling assaults and destroying the occupier should increase," said the Ukrainian president.

G7 finance ministers are preparing to back an EU plan to use profits from frozen Russian assets to support Ukraine in the war.

An Italian treasury official said the announcement will be made when ministers meet in Stresa next week.

Some $300bn (£237bn) worth of financial assets were frozen by the G7 after Moscow invaded Ukraine in February 2022.

Earlier this month, EU nations agreed a deal in principle to provide Kyiv with additional funds for military supplies using Russian asset profits.

It followed weeks of tough negotiations among member states.

UK defence secretary Grant Shapps has branded the expulsion of British defence attache Adrian Coghill from Russia a "desperate move".

Moscow announced earlier it had made the move in retaliation to the UK kicking out his Russian counterpart over spying allegations last week.

Mr Coghill was reportedly called to the Russian embassy, where he was told of his expulsion (seen 16.25 post).

In a post on social media, Mr Shapps said Vladimir Putin's issue with Mr Coghill was that he "personified the UK's unwavering support for Ukraine".

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