| August 18, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
John Lothian News introduces MarketsWiki Education Shorts, videos from our World of Opportunity video series that ran from 2013 to 2021 that have been edited into shorter versions. The videos run from one minute or less to six minutes or so.
The MarketsWiki Shorts will give JLN additional reach through social media and newer short-centric video platforms to carry the messages of the speakers from the World of Opportunity series. A new MarketsWiki Shorts landing page has been established on the JohnLothianNews.com website, with easy access to the full-length version of each video as well.
Additionally, John Lothian News has established a TikTok account (JohnLothianNews) to post short versions of these and other John Lothian News videos in an attempt to help bridge the gaps between different social media communities.
Bloomberg is reporting that China's Covid cases are at a three-month high and even fish are being tested for the virus. The headline for the story is "China Covid Cases at a Three-Month High as Even Fish Get Tests." That prompts the question; How does one give a nasal swab to a fish? Asking for a friend.
Either flying cars or cobblestone roads are in our future as Bloomberg states the case that "The World's Roads Aren't Ready for a Hotter Climate; Global warming is damaging the vast web of asphalt and concrete we use to move around. Fixing the problem won't be cheap."
The Wall Street Journal says "The Perfect Professional Headshot Is Worth $1,000, and Maybe Even a Job" in a story by Callum Borchers.
The Financial Times is reporting that a University of Southern California student, Jake Freeman, made $110mn trading the meme stock favorite Bed Bath & Beyond "after its stock price soared during a month of frenzied trading reminiscent of last year's meme stock boom."
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Registration is open for FIA Expo taking place this 14-15 November at a new location - the Sheraton Grand Riverwalk Chicago. Experience compelling panels that build your knowledge, product demos that deliver innovative solutions, and networking opportunities that celebrate human connections. Whether you're a trader chasing the latest trends affecting the markets, a back office manager seeking ways to increase operational efficiency or a business strategist looking for what's next, you'll find it at Expo. This year, FIA is offering full conference, single day and exhibits plus registration options. Learn more and register by 2 September for the best rates!
Register HERE
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Amazon Tests TikTok-Like Feed in App; Beta feature is being assessed internally by employees, could eventually be launched more broadly
Sebastian Herrera - The Wall Street Journal
Even Amazon.com wants to be a little like TikTok. Amazon is testing a feature in its app that would show users a TikTok-style photo and video feed of products for shoppers to share with other users. The test is currently visible to a small number of Amazon employees, according to a person familiar with it.
/jlne.ws/3c4OHWu
***** JLN beating Amazon to the punch?~JJL
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Thinking Too Hard Really Can Make You Tired, Scientists Say
Alex Millson - Bloomberg
If you're feeling drained at the end of a demanding day at the office, it could be you've been thinking too much. Researchers have found that too much use of the gray matter can lead to mental fatigue, making it harder to make decisions. Scientists analyzed the chemical composition of the brains of two groups of people over the course of an approximate work day. One group was given easy tasks, while the other was told to carry out more demanding versions of the same cognitive assignments. Signs of fatigue, such as reduced pupil dilation, were recorded only in the group performing the more complex tasks.
/jlne.ws/3QTD17y
****** I need to think very softly about this.~JJL
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Americans Are Breaking Up With Their Work Friends; Millions of workers have switched jobs or gone remote—a big reason many employees say work friendships are harder to forge and less of a priority
Lindsay Ellis - The Wall Street Journal
In the months before he left his last job in 2020, Michael Trotter came to dread an end-of-day question from colleagues: Do you want to grab a drink? "I don't want to put in eight, nine, 10 hours and go out and have a beer—and talk about work for another four hours," says Mr. Trotter, a 53-year-old database administrator in Cupertino, Calif. Many workers say that forging office friendships has become harder and less of a priority over the past two years, during which millions of working Americans changed jobs or worked from home. After more than two pandemic years, some professionals are also "quiet quitting" and making other moves to carve out more work-life balance. That includes cutting back on workplace socializing and bonding.
/jlne.ws/3AvvyGE
******* My work friends these days are my canine pals Bella and Indy and they are very demanding.~JJL
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Wait, When Did Everyone Start Using Apple Pay? It took longer than expected for the iPhone to become a wallet. But the patience of Apple is slowly paying off.
Ben Cohen - The Wall Street Journal
Patience isn't the most popular virtue in Silicon Valley, where companies aspire to move fast and break things, the motto that defined the age of tech excess. Nothing broke on the day in 2014 when Apple presented a new service called Apple Pay. If the quality of destruction was measured by the speed at which it happened, the flashy innovation from an industry titan would have been considered a disappointment. The idea that it would make the wallet obsolete sounded ridiculous when the pace of Apple Pay adoption underperformed expectations. Wall Street analysts and iPhone users alike were skeptical for the next few years. The experience of using a credit card didn't seem like a problem that required a solution from Apple.
/jlne.ws/3c0TiJ6
****** I try to use Apple Pay any time I can so I don't have to get my wallet out. Much easier to get my phone out.~JJL
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The World's Roads Aren't Ready for a Hotter Climate; Global warming is damaging the vast web of asphalt and concrete we use to move around. Fixing the problem won't be cheap.
William Ralston - Bloomberg
The historic heat wave that's smothered western Europe this summer has caused transportation chaos. Railroad tracks warped, airport runways failed and key roads buckled. On July 18, the busy A14 highway in Cambridge, England, was shut down after developing a bizarre ridge that, while enticing to skateboarders, would be calamitous to fast-moving cars and their passengers.
/jlne.ws/3A8xTph
****** Time to invest in flying taxi companies. The roads are going to be buckling from the heat.~JJL
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Wednesday's Top Three
Our most clicked story Wednesday was the job posting for a relationship manager at ABN AMRO Clearing in Chicago. Second was CFTC Wins $7.49 Million Jury Verdict in Texas Broker Trading Case, from the CFTC, about the verdict finding Andrew Gizienski and EOX Holdings, LLC liable for "secretly taking the other side of their customers' orders without consent 65 times." Third was Court Authorizes Service of John Doe Summons Seeking the Identities of U.S. Taxpayers Who Have Used Cryptocurrency, from the U.S. Department of Justice, about SFOX, a cryptocurrency prime dealer headquartered in Los Angeles.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | A Crypto Winter King Wants to Reanimate the Industry; Animoca Brands, once a small video game studio, is building a portfolio of more than 340 finance, gaming, and social media companies.
Zheping Huang, Sarah Zheng, Cecilia D'Anastasio, and Betty Hou - Bloomberg
The so-called crypto winter has wiped out $2 trillion in digital currency market value since November, and many investors have gone into hibernation. Yat Siu, the head of Hong Kong-based Animoca Brands Corp., is on the offensive. Animoca, Asia's biggest investor in blockchain projects, is assembling a vast portfolio of finance, gaming, and social media companies, more than 340 in all. The goal, says Siu, is to give people ownership over their virtual properties and break up the empires of Meta Platforms Inc. and Microsoft Corp., which he describes as "digital dictatorships."
/bloom.bg/3SWCLGT
Young Bankers Worry About Nights Off Early and Dark Days Ahead
Diana Li, Shubham Saharan and Max Abelson - Bloomberg
On a boat under the Statue of Liberty at happy hour one August Thursday, young Morgan Stanley colleagues sipped champagne and smiled. Two Citigroup Inc. banking analysts left the company's headquarters by 5:40 p.m. to drink across the street. A young investment-banking analyst who came close to burning out last year now has enough free time to take in Broadway shows. All that was practically unthinkable a year or two ago. Back then, underwriting and advisory work was piling up and junior bankers were groaning under the strain, setting off a rebellion by Wall Street workers who couldn't find time to eat or shower. Underlings at Goldman Sachs Group Inc. put together a presentation begging bosses to cut weekly hours to 80, and the bank was among many that ended up promising more flexibility and time off.
/jlne.ws/3SZjAft
American farmers are killing their own crops and selling cows because of extreme drought
Vanessa Yurkevich - CNN Business
Nearly three quarters of US farmers say this year's drought is hurting their harvest -- with significant crop and income loss, according to a new survey by the American Farm Bureau Federation, an insurance company and lobbying group that represents agricultural interests. This year's drought conditions are taking a harder toll than last year's, as 37% of farmers said they are plowing through and killing existing crops that won't reach maturity because of dry conditions. That's a jump from 24% last year, according to the survey.
/jlne.ws/3wcXlcq
They Lost Crypto in the Crash. They're Trying to Get It Back; In a frenzied effort, investors are trying to recover lost funds from Celsius Network, a crypto firm that imploded this summer.
David Yaffe-Bellany - The New York Times
David Little was starting to lose hope. Like thousands of other investors, he lost a large chunk of his cryptocurrency savings — which at one point accounted for more than half his net worth — when the experimental crypto bank Celsius Network filed for bankruptcy this summer. Then he had an idea. In July, Mr. Little, a 35-year-old engineer in Houston, wrote a letter to the U.S. Bankruptcy Court for the Southern District of New York, arguing that he and others who had deposited their digital currencies in a special type of Celsius account should be able to withdraw the funds. Soon he started getting calls from fellow depositors — a man who was struggling to pay rent, a woman who had lost her retirement savings.
/jlne.ws/3AwokCj
The century of climate migration: why we need to plan for the great upheaval; People driven from their homes by climate disaster need protection. And ageing nations need them
Gaia Vince - The Guardian
A great upheaval is coming. Climate-driven movement of people is adding to a massive migration already under way to the world's cities. The number of migrants has doubled globally over the past decade, and the issue of what to do about rapidly increasing populations of displaced people will only become greater and more urgent. To survive climate breakdown will require a planned and deliberate migration of a kind humanity has never before undertaken.
/jlne.ws/3ptTSlI
University student makes $110mn trading meme stock favourite Bed Bath & Beyond; Twenty-year-old Jake Freeman amassed big stake in struggling retailer before share price soared
Antoine Gara and Madison Darbyshire - Financial Times
A 20-year-old university student has made a roughly $110mn gain by selling a stake in struggling retailer Bed Bath & Beyond, after its stock price soared during a month of frenzied trading reminiscent of last year's meme stock boom. Jake Freeman, an applied mathematics and economics major at the University of Southern California, acquired nearly 5mn shares in Bed Bath & Beyond in July, according to regulatory filings, after dismal earnings and the ousting of its chief executive sent its stock price plummeting.
/jlne.ws/3K1KsHE
China Attacks US Chip Handouts While Warning of Market Slowdown; Industry association honcho says US Chips Act discriminatory; The US and China are locked in a race for chip supremacy
Bloomberg News
China lashed out at a $52 billion program to expand American chipmaking, saying the landmark blueprint contains elements that violate fair market principles and targets Beijing's own efforts to build a semiconductor industry. The US Chips Act, signed into law this month and part of an overall package of incentives worth in excess of $200 billion, is intended to give China's rivals a helping hand, said Yu Xiekang, vice chairman of the China Semiconductor Industry Association. Parts of it also clearly discriminate against the Asian country, he said without elaborating.
/jlne.ws/3K4Ob7p
Crypto Funds Weigh Market Data Options As Correlations Grow; Data costs could rise to as much as $500,000 per month; Wall Street and crypto continue to become more entwined
Eva Szalay - Bloomberg
In a sign of how close digital and traditional markets have become, cryptocurrency traders can no longer live without knowing what's happening on stock exchanges.
/jlne.ws/3SSFxwR
Genesis CEO exits after crypto broker took hit from Three Arrows collapse; Group plans to cut 20% of its staff as Michael Moro steps aside
Joshua Oliver- Financial Times
Crypto broker Genesis will cut a fifth of its staff and replace its chief executive as it counts the cost of lending $2.4bn to hedge fund Three Arrows Capital. The departure of Michael Moro after six years is one of the most high- profile casualties so far from the collapse of Three Arrows, which has reverberated through the digital asset sector. Genesis will also cut around 20 per cent of its 260 employees, it said.
/jlne.ws/3dGzCdV
Investment Bank Behind 32,000% IPO Probed by Hong Kong Regulator
Cathy Chan and Kiuyan Wong - Bloomberg
The Hong Kong financial group behind an initial public offering that stunned Wall Street by soaring more than 32,000% following its debut has drawn regulatory scrutiny over deals it arranged in the Asian financial hub.
/jlne.ws/3c78aFN
Russian Accused of Laundering Ransomware Crypto Extradited to US
Margi Murphy - Bloomberg
A 29-year-old Russian accused of laundering ransom payments on behalf of cybergangs targeting hospitals and health-care providers has been extradited from the Netherlands to the US to face charges. Denis Mihaqlovic Dubnikov is accused with others of engaging in a variety of financial transactions to conceal cryptocurrency extorted from the victims of Ryuk ransomware attacks from at least August 2018 through August 2021, according to a statement Wednesday from the US Attorney's Office in Portland, Oregon.
/jlne.ws/3c9Q2et
South Korea to Block Foreign Crypto Exchanges Lacking Permit; Officials list more than a dozen platforms facing scrutiny; Nation has tightened up oversight after crypto implosions
Hooyeon Kim - Bloomberg
South Korea plans to block domestic access to foreign cryptocurrency exchanges that lack the proper registration to operate in the country and could launch a probe into the companies. An intelligence unit of the Financial Services Commission has reported 16 foreign crypto businesses to the nation's investigative body and asked other agencies to block access to the firms' local websites, according to a statement on Thursday.
/jlne.ws/3CaTss9
This Is the Case for Building a More Robust Power Grid; it's not enough to just have more renewable power sources.
Joe Weisenthal and Tracy Alloway - Bloomberg
Thanks to surging energy costs and extreme weather events, there's a greater urgency to decarbonize the electricity grid. However, it's not enough just to add more solar panels, or wind turbines or even nuclear plants. We need a way to move all that power. And today's grid wasn't made for intermittent energy sources. On this episode we speak to Rob Gramlich, the Founder and President of Grid Strategies, about what we need in our grid to take advantage of intermittent power and what it would take to get there, both from a monetary and regulatory standpoint.
/jlne.ws/3QwLWfq
The Return of Market 'Silliness' Is Great for Ex-SPACs; Equity lines of credit can help neophyte public companies cover their costs. Retail investors should consider who'll really end up footing the bill.
Chris Bryant - Bloomberg
Many firms that have gone public by merging with special purpose acquisition companies are quickly running low on cash. To stave off disaster, newly listed startups are turning to an esoteric form of finance called an equity line of credit, or ELOC, which grants them the right — but not the obligation — to sell additional shares to a financial investor in return for hard cash.
/jlne.ws/3SX2m2h
After 2,240% Run, Tesla Visionary Leaves UK Fund Bleeding Money; Some inside the company saw him as a mad genius. Now, Baillie Gifford is trying to adapt to life after James Anderson.
Loukia Gyftopoulou - Bloomberg
For years, he rode the likes of Amazon.com Inc. and Tesla Inc. to the moon, earning a reputation as the techno-visionary oracle of Edinburgh. Now, James Anderson, bull-market hero, has left behind a precarious legacy.
/bloom.bg/3wfnC9X
DRW hires former Instinet strategy head as chief operating officer for equities; Incoming COO brings considerable experience to DRW, having previously served at Instinet, KCG Holdings and BDO Consulting.
Wesley Bray - The Trade
Proprietary trading firm DRW has appointed Bill Wiley as chief operating officer, equities. Wiley joins DRW from Instinet Incorporated, where he spent the last four years, most recently serving as global head of strategy. Prior to that, he spent seven years at KCG Holdings, serving as chief operating officer across client execution services and customer market making.
/bit.ly/3Avx63p
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine says fighting 'deadlocked' ahead of visit by U.N. chief
Natalia Zinets - Reuters
Ukrainian forces said on Thursday they had beaten back a Russian attack in the southern region of Kherson, while the death toll from Russian shelling of Kharkiv city in Ukraine's northeast climbed as the nearly six-month war grinds on without let-up. U.N. Secretary-General Antonio Guterres will meet Ukrainian President Volodymyr Zelenskiy and Turkish President Tayyip Erdogan later on Thursday in the western Ukrainian city of Lviv.
/jlne.ws/3dxY8hn
Russian military sites in Crimea keep exploding, hinting at growing Ukrainian ambitions and abilities
Yuliya Talmazan - NBC News
Crimea is now at the heart of what appears to be an audacious Ukrainian effort to target Russian supply lines and morale. A series of blasts hit a Russian military depot in the annexed peninsula Tuesday — rocking the relaxed summer holiday destination for the second time in a week and suggesting a growing Ukrainian ability to strike deep behind enemy lines. It's a significant development that could shift the dynamics of the war as it nears the six-month mark, and which defies warnings from Moscow against attacking a region that holds deep strategic and symbolic value for Russian President Vladimir Putin.
/jlne.ws/3PC6jXk
Anti-Putin Investment Banker Found Dead Under Mysterious Circumstances in D.C.
Allison Quinn - Daily Beast
A well-known investment banker who spoke out fiercely against Russia's Vladimir Putin after opening a popular nightclub in Moscow has been found dead in Washington, D.C.
/jlne.ws/3QXc0jT
Ukraine Strikes Russian Base Ahead of Talks With Turkey, U.N.; Rocket attack on ammunition depot in Russian-occupied Kherson comes as Ukraine's president prepares to meet with Turkish counterpart
Ian Lovett, Evan Gershkovich - The Wall Street Journal
Ukrainian forces said they hit another base in Russian-occupied Kherson as the leaders of Turkey and the United Nations were expected to meet with President Volodymyr Zelensky and discuss food shipments from Ukraine and the increasingly tense situation at the Zaporizhzhia nuclear plant.
/jlne.ws/3A97ebU
One more grain ship leaves Ukraine, Turkey's defence ministry says
Reuters
One more ship carrying grain has left Ukraine's Chornomorsk port, Turkey's Defence Ministry said on Thursday, bringing the total number of vessels to leave Ukraine's Black Sea ports under a U.N.-brokered grain export deal to 25.
/jlne.ws/3K6Y3xl
Pension Veteran Tears Into Public Funds for 'Bogus Benchmarking'; Fund managers benefit as public employees, taxpayers foot bill; Critic says public pensions underperform by $60 billion a year
Neil Weinberg - Bloomberg
Richard Ennis knows a thing or two about how US public pension systems work. For half a century, he's managed money for some funds and advised untold others at EnnisKnupp, a consulting firm he co-founded. He's also the former editor of the Financial Analysts Journal and recipient of lifetime achievement awards for his work.
/bloom.bg/3wcIm1M
Russia's War in Ukraine Is How the Soviet Union Finally Ends; Empires — especially the biggest ones — don't end quickly or peacefully.
Hal Brands - Bloomberg
Wars that are caused by people can also be caused by deep historical processes. For proof, look at the fighting in Ukraine. That conflict is the doing of Russian President Vladimir Putin, a ruler determined to reassert Russia's greatness by destroying an independent Ukraine. Yet it is also part of a bigger story about what happens when empires break up.
/bloom.bg/3K1x32c
Lawyers Seek Hedge Fund Help to Take Russia's Billions; Group wants to go after assets of sanctioned Russians; Money managers have been approached to invest in the project
Will Louch, Laura Benitez, and Lucca De Paoli - Bloomberg
Lawyers led by McCue Jury & Partners and Mishcon de Reya LLP are seeking investments from money managers to go after billions of dollars held by sanctioned Russian individuals and companies. Hedge funds, family offices and litigation finance firms have been approached by lawyers seeking funding to file legal claims against sanctioned Russians, according to people familiar with the matter. The proceeds would largely be used to compensate Ukrainians for losses incurred in the wake of Russia's invasion, with investors receiving a cut of any successful claims, said the people, who asked not to be named because the discussions are private.
/jlne.ws/3K2r6SG
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Appointment of New Chairman in 2023
SGX
Singapore Exchange Limited (the "Company") wishes to announce that as part of its Board renewal process, Mr Kwa Chong Seng will step down as Chairman on 31 December 2022. Mr Koh Boon Hwee, who was appointed to the Board on 15 March 2022, will succeed Mr Kwa as Chairman with effect from 1 January 2023. Mr Kwa was elected as Chairman with effect from 23 September 2016. He was first appointed as a director to the SGX Board on 20 September 2012 and served as Chairman of both the Nominating & Governance Committee and the Remuneration & Staff Development Committee since 19 September 2013, and as Lead Independent Director since 1 December 2013.
/bit.ly/3dsAu5R
SGX Group reports FY2022 net profit of S$456 million
SGX
Singapore Exchange (SGX Group) today reported FY2022 adjusted net profit of S$456.4 million (S$446.9 million). Total revenue increased 4% to S$1,099.0 million (S$1,056.0 million) - the highest ever since listing. Excluding treasury income[1], total revenue grew 7% to S$1,049.5 million (S$981.4 million). Adjusted EBITDA was S$637.8 million (S$623.9 million) while adjusted earnings per share stood at 42.7 cents (41.8 cents). The Board of Directors has proposed a final quarterly dividend of 8.0 cents (8.0 cents) per share, payable on 21 October 2022, for approval at the forthcoming annual general meeting. If approved, this brings total dividends in FY2022 to 32.0 cents (32.0 cents) per share.
/bit.ly/3ptr11a
Eurex KOSPI derivatives record volumes: Over 3 million Weekly Options traded since launch
Eurex
In H1 2022, the total Eurex/KRX Link volume surged 160% YoY with close to 20 million contracts. More than three million KOSPI Weekly Options contracts were traded within the first four months, with a monthly ADV of 83K in June; Night/Day ratio achieved a record high of 29.1% on 11 August 2022. Amidst persistent inflation and a strong USD, trading activity in the USDKRW Futures grew 81% YoY to a 2022 ADV of 2.8K. Mini-KOSPI Futures trading volume continued to grow, with over 8.7K contracts traded daily in 2022 and the Night/Day ratio increased 3.1 percentage points to hit 7.9%; It also achieved record high trading activity during its May expiration, with over 22K contracts traded in a single night. KOSPI 200 Futures have shown consistent growth, with monthly ADV rising steadily throughout 2022. In June 2022, it reached a monthly ADV of 15.8K, an increase of 403% as compared to June 2021.
/bit.ly/3K0Rxs9
Trading Arrangements of Global X Bloomberg MSCI Asia ex Japan Green Bond ETF
HKEX
Exchange Participants are requested to note that Global X Bloomberg MSCI Asia ex Japan Green Bond ETF (Stock Code: 3059 - HKD Counter, 83059 - RMB Counter) has been authorized under collective investment scheme by the Securities and Futures Commission and are expected to commence trading on the Exchange and admitted to the list of Designated Securities eligible for short selling on 19 August 2022 (Friday). This RMB counter will also be eligible for the RMB Equity Trading Support Facility (TSF). Investors should always refer to the details about the Fund provided by the Fund Manager, e.g. Net Asset Value per Unit, before trading the abovementioned ETFs. Detail of their trading arrangements (Attachment 1) is attached for reference.
/bit.ly/3QQLGaP
ICE Launches 10 Nature-Based Solutions Carbon Credit Futures
MarketsMedia
Intercontinental Exchange, a leading global provider of data, technology, and market infrastructure, announced that it has launched 10 new Nature-Based Solutions Carbon Credit futures contracts, providing a carbon credit futures contract portfolio which allows market participants to buy, sell and hedge carbon credits from 2016 out to 2030.
/jlne.ws/3QXblPn
1nvest lists ETF that pursues long-term returns in emerging Asian economies
JSE
Shares in the 1nvest MSCI Emerging Markets Asia Index Feeder ETF began trading today on the Johannesburg Stock Exchange (JSE), giving South African investors exposure and access to eight fast-growing Asian emerging markets. This emerging market-focused Exchange Traded Fund (ETF), which is managed by specialist index asset manager 1nvest, has been designed to track the performance of the MSCI Emerging Markets Asia Index. 1nvest lists ETF that pursues long-term returns in emerging Asian economies. The index is made up of more than 1,100 large and mid-cap companies operating in China, India, Indonesia, South Korea, Malaysia, Philippines, Taiwan, and Thailand. In addition, the index covers approximately 85% of the free float-adjusted market capitalisation in each of the eight emerging markets included in the index.
/bit.ly/3c1eqPs
Special Executive Report; Initial Listing of Options on Ether Futures
CME Group
Effective Sunday, September 11, 2022, for trade date Monday, September 12, 2022, and pending all relevant CFTC regulatory review periods, Chicago Mercantile Exchange Inc. ("CME" or "Exchange") will list Options on Ether Futures (the "Contract") as noted in the table below for trading on the CME Globex electronic trading platform ("CME Globex") and for submission for clearing via CME ClearPort.
/bit.ly/3QL9ZHu
Eurex expands FX Futures offering to Emerging Markets currencies; New Eurex FX Futures contracts cover Brazil, Mexico, South Africa; Cash settlement eliminates need for new settlement infrastructure in foreign currencies
Eurex
Eurex will start trading new FX Futures contracts covering Brazilian Real (BRL), Mexican Pesos (MXN) and South African Rand (ZAR) on 10 October 2022. The launch of the three most heavily traded currencies outside the G10 reinforces Eurex's position as Europe's leading FX liquidity hub.
/bit.ly/3Ar2gsr
Warranting Of Russian Nickel Brands In Uk Warehouses
Summary
1. Following the announcement by the UK of a 35% additional duty on imports of Russian nickel, this Notice announces the immediate suspension on placing the brands listed in appendix 1 on warrant in LME-listed warehouses in the UK unless the Warehouse can establish that the exportation date from Russia was prior to 20 July 2022.
Defined Terms: 2. Capitalised terms not otherwise defined in this Notice shall have the meaning ascribed to them in the LME Rulebook. Background. 3. The UK government has introduced the Customs (Additional Duty) (Russia and Belarus) (Amendment) (No. 2) Regulations 2022 (the "Regulations"). The Regulations impose a 35% additional duty on importing nickel of Russian and Belarussian origin and releasing these for free circulation in the UK from 20 July 2022, unless it can be established that the relevant metals were exported from Russia or Belarus before 20 July 2022.
/bit.ly/3624ceb
Moscow Exchange launches trading in ETF for corporate bonds
MOEX
On August 18, 2022, trading in shares of the exchange-traded mutual investment fund (BPIF) "DOHOD Cbonds Corporate bonds of the Russian Federation" managed by MC "DOHOD" began on the Moscow Exchange. The fund's trading code is BOND.
/bit.ly/3dJvZ7m
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Amazon is internally testing a TikTok-like feed in its app
Amanda Silberling - TechCrunch
Amazon is the next company in line to try to generate engagement from a TikTok-like social feed. The e-commerce giant joins the a laundry list of companies that have had the same idea: Facebook, Instagram, Twitter, Snapchat, Pinterest, LinkedIn, YouTube, Spotify, Netflix ... what's next, a vertical video feed on the IRS app that tracks your tax refund?
/jlne.ws/3PxWNEw
Musk's tweet about buying Manchester United no joke for fed-up fans
Reuters
Elon Musk, the world's richest person, briefly lifted the gloom over Manchester United's (MANU.N) shares and fans on Wednesday by tweeting he was buying the English soccer club - only to say a little later it was all part of "a long-running joke". One of the world's most successful soccer clubs, the "Red Devils" are languishing at the bottom of England's Premier League and, having seen eight coaches come and go in less than 10 years, some fans and investors are wondering whether it's time for the club's owners, the American Glazer family, to sell.
/jlne.ws/3wcKHdg
eToro to Acquire Gatsby for $50M to Extend Option Trading to the US
Solomon Oladipupo - Finance Magnates
eToro, an Israeli multinational social investment and trading network, has announced its plans to acquire fintech startup Gatsby, a commission-free options and stock trading firm. Gatsby was co-founded in 2018 by Jeff Myers and Ryan Belanger-Saleh and is targeted at younger retail investors.
/jlne.ws/3K5078Z
Vietnam orders tech firms to store user data onshore
Reuters
Vietnam's government has ordered technology firms to store their users' data locally and set up local offices, its latest move to tighten cybersecurity rules.
/jlne.ws/3SWH3xT
Abu Dhabi AI Firm Sets Up $10 Billion Fund for Tech Deals; 42's new fund will target tech investments in growth markets; Firm is partnering with Abu Dhabi Growth Fund on new entity
Adveith Nair - Bloomberg
Abu Dhabi-based artificial intelligence firm G42, backed by a key member of the oil-rich emirate's ruling family, is setting up a $10 billion fund with a focus on technology investments in emerging markets.
/jlne.ws/3A7o5Mi
Tiger Global Doubles Down on Investment in Indian Fintech Jar; The fund invests $22.6 million along with other investors; One-year-old startup valued at $300 million in funding round
Baiju Kalesh - Bloomberg
Global private equity investor Tiger Global Management doubled down on its investment in Indian micro-saving app, Jar, by leading a $22.6 million round which saw participation from a clutch of other investors, a partner at the fund said.
/jlne.ws/3wfiFxT
An IRL Store for a Digital Blockchain; Blockchain Solana has opened a retail store. What it's selling and what is gained by a physical store.
Victoria Vergolina - Bloomberg
Solana is one of the newer blockchains in crypto, and for a while was positioned by its fans as a challenger to the dominance of Ethereum. Like the Ethereum blockchain, Solana offers NFTs, smart contracts and its own token, SOL. Solana's developers say their blockchain is a faster and cheaper alternative to existing tech.
/jlne.ws/3bYvPsg
Neobanks Are Struggling to Make Good on Their Lofty Promises; Some offers of high rates and low fees have strings attached.
Shubham Saharan and Max Reyes - Bloomberg
Digit is a trendy financial technology company in San Francisco that offers traditional banking services online, complete with a tool that can automatically allocate a portion of customers' deposits to a savings account to match their investing goals. The service comes with a "no overdraft guarantee."
/bloom.bg/3Tai4HE
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| Cybersecurity | | Top stories for cybersecurity | 10 back-to-school cybersecurity essentials
Ryan Cloutier - SecurityStudio
Cybersecurity within schools can feel like an incredibly complex issue to tackle, but you can address the most critical items one by one
/jlne.ws/3Qzb45n
Hacker tournament brings together world's best in Las Vegas
Zeba Siddiqui - Reuters
A team of hackers from two North American universities won the "Capture the Flag" championship, a contest seen as the "Olympics of hacking," which draws together some of the world's best in the field. In the carpeted ballroom of one of the largest casinos in Las Vegas, the few dozen hackers competing in the challenge sat hunched over laptops from Friday through Sunday during the DEF CON security conference that hosts the event.
/jlne.ws/3Apq1Af
How Your Company Can Fight CybercrimeOnline theft is on the rise. Here's what to do to counter
Alex Holland - Inc.
Between 2008 and 2021, the FBI recorded a 207% increase in cybercrime reports, with losses hitting almost $7 billion last year. This is being driven by a highly professionalized cyber-threat supply chain that is enabling threat actors with little know-how and limited resources to imperil personal, economic, and national security.
/jlne.ws/3QP0erF
Booz Allen starts entry-level cybersecurity staffers at up to $150,000
Sydney Lake - Fortune
Cyberattacks are on the rise while the talent to combat these is running short. Globally, there are 3.5 million open cybersecurity positions, according to Cybersecurity Ventures' Boardroom Cybersecurity 2022 Report. And Booz Allen Hamilton, a Fortune 500 tech management consulting company, is turning a great deal of its attention to what executive vice president Brad Medairy calls a "national problem and a collective crisis": cybersecurity.
/jlne.ws/3wbMQpq
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| Cryptocurrencies | | Top stories for cryptocurrencies | CoinFund is Making Bigger Bets on Web3
David Pakman - The CoinFund Blog
As students of the tech industry, we are taught that major technical architectural transitions catalyze massive value creation. Going back to the mechanization phase of the industrial revolution, we see hundreds of new companies created with enormous economic consequences. In the late 1970s and early 1980s, we witnessed the birth of the personal computer revolution, paving the way for thousands of hardware and software companies to be formed and collectively changing how we work, create, and communicate.
/jlne.ws/3PqRWoM
UK Group to Test Stablecoin Payments, Provide Data to Bank of England
Oliver Knight - Coindesk
The Digital FMI Consortium, a group of private-sector companies, said it plans to test cross-border payments and provide recommendations to the Bank of England using its own sterling-backed stablecoin, dSterling. "The backing of the dSterling will be pounds held in a Bank of England reserve account and it is 100% backed," a company spokeperson told CoinDesk.
/jlne.ws/3dHv5I8
South Korean founder of failed Terra coin admits he was 'wrong'
Sunghee Hwang - AFP
The co-founder of the failed Terra cryptocurrency, which collapsed and wiped out about $40 billion of investors' money in May, has admitted he was "wrong", but said that he was not talking to South Korean investigators.
/jlne.ws/3PFUvUc
Canadian Pension Giant Caisse Writes Off $150M Bet on Bankrupt Crypto Lender Celsius
Michael Bellusci - CoinDesk
The Caisse de Depot et Placement du Quebec pension fund has elected to write off its stake in bankrupt crypto lender Celsius Network, Caisse confirmed Wednesday. The Canadian fund invested US$150 million in Celsius in the fall of 2021. "Blockchain technology has the potential to disrupt several sectors of the traditional economy. As digital assets grow in adoption, we intend to capture the right opportunities, while working with our partners towards a regulated industry," Alexandre Synnett, executive vice-president and chief technology officer at Caisse said at the time.
/jlne.ws/3QIMoqK
Bill Ackman Among Investors as Venture Capital Crypto Firm Shima Capital Raises $200M Fund
Brandy Betz - CoinDesk
Shima Capital has raised $200 million for its first venture capital fund to support early-stage Web3 startups. The fund debuted on the same day as a $300 million purse from CoinFund, dual signs that investors remain confident during the crypto bear market.
/jlne.ws/3Cbu6uc
Crypto Investing Giant Paradigm Leads $20M Round for Fractional NFT Protocol
Brandy Betz - CoinDesk
Fractional, a protocol that enables collective ownership and governance of non-fungible tokens (NFTs), is rebranding as Tessera, and it also revealed a $20 million funding round led by crypto-native investment giant Paradigm that closed earlier this summer.
/jlne.ws/3wfFfq1
Coinbase Will Be 'Meaningful' Beneficiary of Ethereum Merge, JPMorgan Says
Michael Bellusci - CoinDesk
Crypto exchange Coinbase (COIN) is positioned to benefit from the Ethereum Merge as institutional and retail clients get value from staking ether (ETH), JPMorgan analyst Kenneth Worthington told clients in a note.
/jlne.ws/3K6YwzQ
Token Front-Running Was Common at Coinbase Crypto Exchange, a New Study Argues
Amitoj Singh - CoinDesk
A new academic study found that insider trading was a bigger issue than previously thought at cryptocurrency exchange Coinbase (COIN), suggesting market regulators seeking to police trading may have more work ahead of them. Researchers at the University of Technology Sydney estimate that insider trading, or front-running, occurred on 10% to 25% of new crypto listings at Coinbase between September 2018 and May 2022, generating at least $1.5 million in profits for whomever was behind the transactions.
/jlne.ws/3Ra89A7
Crypto.com Appoints General Manager for Singapore Business
Joanna Ossinger - Bloomberg
Crypto.com has appointed Chin Tah Ang as general manager of Singapore, the company said in a statement Thursday.
/jlne.ws/3QAHXhU
Genesis CEO Steps Down as Crypto Broker Slashes Its Workforce; COO Derar Islim to be interim chief as Michael Moro exits; 20% staff cut follows Three Arrows crisis, market downturn
Yueqi Yang and Vildana Hajric - Bloomberg
Genesis Chief Executive Officer Michael Moro is stepping down as part of a leadership shuffle after the crypto brokerage was stung by exposure to bankrupt hedge fund Three Arrows Capital and a broad market downturn. The New York-based company also said it is eliminating 20% of its 260-person workforce to reduce costs, starting Wednesday.
/jlne.ws/3AuZlPH
Crypto bandits swipe nearly $2B as hacks surge 60% in 2022: report
Reuters
Losses arising from cryptocurrency hacks jumped nearly 60% in the first seven months of the year to $1.9 billion, propelled by a surge in funds stolen from decentralized finance (DeFi) protocols, according to a blog post from blockchain analysis firm Chainalysis released on Tuesday. In the same period last year, stolen funds from hacking amounted to $1.2 billion. DeFi applications, many of which run on the Ethereum blockchain, are financial platforms that enable crypto-denominated lending outside of traditional banks.
/jlne.ws/3CeV4AZ
Biggest Stablecoin Issuer, Tether, Switches Accounting Firm to BDO Italia; Tether has been promising a full audit of its investments since at least 2017 but has yet to deliver
Vicky Ge Huang - The Wall Street Journal
Tether Holdings the issuer of the world's largest stablecoin, said on Thursday it switched the accounting firm that signs off on its attestation reports to BDO Italia, the Italian member firm of BDO. Stablecoins are a type of cryptocurrency that are pegged to government-backed currencies like the dollar. Stablecoin issuers say that each token is backed one-for-one with liquid investments. Cash and cash-equivalent investments would allow stablecoin users to redeem their stablecoins en masse without causing the collapse of the token.
/jlne.ws/3QPa7ph
IPOR, the First Benchmark Rate for DeFi and Interest Rate Derivatives DEX, goes live on Ethereum; The IPOR Protocol
IPOR Labs AG
IPOR Labs AG, developers of blockchain-based derivatives software, announced today the launch of its IPOR (Inter-Protocol Overblock Rate) Protocol, which includes the IPOR Index, a standardized benchmark rate based on actual smart contract transactions, and the IPOR Interest Rate Derivatives DEX, allowing traders to hedge, arbitrage, or take a directional position on the interest rate movements to manage risk across their credit portfolios on Ethereum.
/jlne.ws/3dFjCsB
Sir Anthony Hopkins Drops Some NFTs; The 84-year-old actor has collaborated on a series of wild digital images inspired by his career, which will be up for auction.
Natalie Jarvey - Vanity Fair
In June, Anthony Hopkins turned to Twitter for help navigating one of the internet age's deeper mysteries: non-fungible tokens. "I'm astonished by all the great NFT artists. Jumping in to acquire my first piece," he wrote, calling on fellow Web3 enthusiasts Snoop Dogg, Jimmy Fallon, and Reese Witherspoon for recommendations.
/jlne.ws/3A3mebq
Patrick Mahomes Adds Super-Bowl Glow to NFTs After Crypto Crash; Dapper didn't disclose the terms of deal with Chiefs QB; Celebrity crypto backings have slowed amid price declines
Vildana Hajric - Bloomberg
Kansas City Chiefs quarterback Patrick Mahomes is getting behind NFT firm Dapper Labs Inc., making him one of the first major celebrities to endorse a crypto company after the industry's dramatic crash.
/jlne.ws/3wcUdx3
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| Politics | | An overview of politics as it relates to the financial markets | DeSantis' new rules for pension investments push Florida into fight against Wall Street
Steve Contorno - CNN
As soon as next week, Florida pension fund managers could be barred from considering the social impact of their financial decisions as Gov. Ron DeSantis opens a new front in his anti-"woke" crusade, this time focused on Wall Street and corporate CEOs.
In new draft rules posted Monday on the website of the agency that oversees Florida's pension fund, state investment managers can weigh only the risk or return of an investment when directing the state's $200 billion in assets. The directive is DeSantis' initial salvo against what he has called "ideological corporate power," and it follows efforts by other GOP state leaders that are targeting companies that venture into the political arena.
/jlne.ws/3Aw9N9w
Conservatives' war on BlackRock
Alayna Treene - Axios
A conservative group known for targeting "woke capitalism" has launched a multimillion-dollar campaign attacking BlackRock and its CEO Larry Fink for "weaponizing" retirement funds with its push for more ESG investments, which promote environmental, social and governance responsibility. Why it matters: The campaign by Consumers' Research aligns with the posture of a growing faction of the GOP. House Republicans plan to make an assault on ESG a central part of their legislative and investigative agenda if they take back the majority in November's midterms.
/bit.ly/3dBzpJ5
China opposes U.S. chip act, to take measures to safeguard rights
Reuters
China opposes a new chips act passed by the United States and will take forceful measures to safeguard its legitimate rights when necessary, said China's commerce ministry on Thursday.
/jlne.ws/3Au9CeJ
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| Regulation & Enforcement | | Stories about regulation and the law. | Analysis: Musk's 'joke' ManU tweet unlikely to land him regulator's red card -legal experts
Katanga Johnson and Michelle Price - Reuters
While the U.S. securities regulator is likely to examine Elon Musk's tweet in which he joked about buying New York-listed soccer club Manchester United (MANU.N), legal experts say that on its face the crack is unlikely to land him in hot water. Musk, the world's richest person, briefly lifted the gloom over the club's shares by tweeting on Tuesday: "I'm buying Manchester United ur (sic) welcome," to his 103 million followers, adding later that it was a "joke."
/jlne.ws/3PzhIHg
CFTC Staff Extends Temporary No-Action Letter Regarding Capital and Financial Reporting for Certain Non-U.S. Nonbank Swap Dealers
CFTC
The Commodity Futures Trading Commission's Market Participants Division (MPD) today announced it has issued a temporary no-action letter extending CFTC Staff Letter No. 21-20 to nonbank swap dealers (SDs) domiciled in foreign jurisdictions that are the subject of a pending CFTC review for comparability determinations regarding capital and financial reporting requirements.
/jlne.ws/3PqRWoM
Buy-side will be 'severely disrupted' by SEC Mifid research decision; Survey finds firms left flailing after regulator confirmed plans last month to allow its no-action letter allowing EU asset managers to pay US brokers in cash for research to expire next year.
Annabel Smith - The Trade
The European buy-side expects to be severely disrupted by the US Securities and Exchange Commission's (SEC) recent decision to allow its research no-action letter to expire in 2023, a Substantive Research survey has found.
/bit.ly/3A8FwMy
Retail investors convicted and fined for illegal short selling
Securities & Futures Commission of Hong Kong
The Eastern Magistrates' Court today convicted Ms Chan Siu Tai and her sister Ms Janice Chan after they pleaded guilty to illegal short selling in prosecutions brought by the Securities and Futures Commission (SFC).
The sisters were fined a sum of $114,000 and ordered to pay the SFC's investigation costs.
/jlne.ws/3QBeZOU
City of London regulators to face shake-up under Liz Truss; Frontrunner to be UK prime minister eyes merger of FCA, PRA and PSR
Sebastian Payne, Daniel Thomas and Laura Noonan - FT
Liz Truss, the frontrunner to be the next UK prime minister, has the City of London's top regulators in her sights with an immediate review of their roles and responsibilities if she wins, according to campaign insiders.
/jlne.ws/3pqfoI6
KPMG Korea fined over auditors' misleading of US regulator; Two former employees found to have improperly altered work papers
Michael O'Dwyer - FT
KPMG's South Korean business has been fined $350,000 by the US accounting watchdog for failing to have proper procedures in place to prevent its auditors from doctoring work papers.
/jlne.ws/3K2qT1Q
SEC Settles Charges with Quant Who Perpetrated Front-Running Scheme
SEC
The Securities and Exchange Commission has obtained a final judgment against Sergei Polevikov, who worked as a quantitative analyst at two asset management firms, for perpetrating a front-running scheme that generated profits of approximately $8.5 million. The SEC also barred him from the securities industry.
/jlne.ws/3wcUJLv
SEC Obtains Final Judgment Against Remaining CKB Defendants Ordering Payments of More Than $220 Million in International Pyramid Scheme
SEC
On August 12, 2022, the U.S. District Court for the Eastern District of New York entered a final judgment against defendants CKB168 Holdings Ltd. ("CKB"), WIN168 Biz Solutions Ltd. ("WIN"), CKB168 Ltd. ("CKB168"), CKB168 Biz Solution, Inc. ("Biz Solution"), Cyber Kids Best Education Ltd. ("Cyber Kids"), Rayla Melchor Santos ("Santos"), Hung Wai "Howard" Shern ("Shern"), Rui Ling "Florence" Leung ("Leung"), Daliang "David" Guo ("Guo"), Yao Lin ("Lin"), and Joan Congyi "JC" Ma ("Ma"), and relief defendants Rosanna LS Inc. ("Rosanna") and Ouni International Trading, Inc. ("Ouni").
/jlne.ws/3AuCVxS
SEC Brings Insider Trading Charges Against Family Member of Silicon Valley Executive
SEC
The Securities and Exchange Commission today announced insider trading charges against Nicholas Daniel, a close relative of a senior employee at San Jose-based Cypress Semiconductor Corporation, for placing trades in advance of the announcement that Cypress would be acquired by another company. Daniel agreed to pay more than $738,000 to settle the charges.
/jlne.ws/3poDAL7
SEC Sues Fund Manager and Investment Adviser for Multi-Million Dollar Fraud
SEC
The Securities and Exchange Commission charged Christopher R. Bentley of Tomball, Texas and his company, Bellatorum Resources, LLC ("Bellatorum"), for engaging in myriad fraudulent acts that resulted in an almost complete loss of over $30 million invested in three private funds: Bellatorum Land & Minerals, LP; Bellatorum Phalanx Investments, LP; and Sentinel Energy Investments, LP.
/jlne.ws/3SYiNLI
SEC Charges Former Eagle Bancorp CEO with Failing to Disclose Related Party Loans
SEC
The Securities and Exchange Commission charged Eagle Bancorp, Inc., based in Bethesda, Maryland, and its former Chief Executive Officer and Chairman of the Board, Ronald D. Paul, with negligently making false and misleading statements about related party loans extended by the bank to Paul's family trusts. Eagle and Paul have agreed to settle the SEC's charges.
/jlne.ws/3dxNKGl
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Real Reason Sugar Production Has Been More Successful Than Expected
Karen Greco - Tasting Table
Amid the ongoing food crisis — impacting items from olive oil to beef to bread — because of global climate change and the war in Ukraine, there is finally a bright spot. According to a report from Food Business News, the USDA has revised its estimates on the U.S.'s sugar stocks for 2021 and 2022 (the current year) and 2022-2023 (beginning in October). U.S. sugar stock grew an additional 46,000 tons in July, and yields for next year are expected to increase by 203,993 tons. This is all because of a higher than anticipated sugar beet harvest.
/jlne.ws/3Qwj1bm
The fabulously wealthy are fueling a booming luxury ranch market out West; Moguls are lavishing ever-larger fortunes on the rustic life, prompted in part by the pandemic
Karen Heller - The Washington Post
On a quiet stretch of handsome Western highway, ranch broker Jim Taylor drives his dust-caked SUV while highlighting the attractions in this region of few people, abundant cattle and some of the nation's priciest parcels of coveted land. "Sold that ranch," he says, pointing north. A few miles later, Taylor gestures south toward a weathered jackleg fence that stretches endlessly into the distance. "That ranch, too. Actually, sold it twice."
/jlne.ws/3TbQkCz
Rising inflation is driving institutional investors away from traditional asset classes, finds research; A new survey seen by The TRADE finds that pessimism in stock markets is on the rise, with numerous asset managers reporting losses and over half fearing a prolonged recession.
Laurie McAughtry - The Trade
High levels of global inflation and recessionary fears are forcing institutional investors to radically shift their portfolios away from equities and bonds, according to new research from Clearwater Analytics. The study, which covered over 130 institutional investment firms representing more than $9 trillion assets under management, found that just 17% of asset managers favoured equities in the current climate, compared to 38% in a similar poll conducted six months ago.
/bit.ly/3dEkGxd
Norway's oil fund chief warns of tough times ahead for investors; The $1.2tn sovereign wealth fund lost $174bn in first half, and Nicolai Tangen is worried that July's rally will unravel
Adrienne Klasa and Robin Wigglesworth - FT
The head of the world's largest sovereign wealth fund has warned investors against complacency and said they face difficult years ahead, as Norway's oil fund swung to its biggest ever dollar loss in the first half of 2022.
/jlne.ws/3T1Vp07
Stock Market Plunge Punished 401(k) Millionaires; Data from Fidelity found the number of seven-figure retirement accounts down sharply after stocks cratered in the first half of 2022.
Suzanne Woolley - Bloomberg
The number of people with at least $1 million in their Fidelity 401(k) accounts plunged 29% in the second quarter to 294,000, data from the company shows. The S&P 500 posted its lowest closing price so far this year on June 16, when the index was down about 24% from its peak on Jan. 3.
/jlne.ws/3AvB9g0
China Is Ramping Up Swiss Gold Imports, Signaling Better Demand; Swiss flows to China were 80.1 tons in July, most since 2016; China's market is bouncing back from lows earlier this year
Eddie Spence and Ranjeetha Pakiam - Bloomberg
China's gold imports from the major refining hub of Switzerland jumped to the highest in more than five years, signaling demand improved as the Asian nation relaxed strict Covid measures. One of the world's top bullion buyers, China shipped in more than 80 tons from Switzerland in July, according to Swiss Federal Customs Administration. That's more than double the previous month and eight times more than in May.
/jlne.ws/3QDTiOj
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Power supply, local economy threatened but natural ecology rebounds
CBS News
Environmentalists have long cursed the day Glen Canyon was dammed and the Lake Powell reservoir was formed by flooding the landscape behind it. Thanks to alarmingly low water levels and a two-decade-long drought, that landscape now seems to be returning to its natural state not seen for more than half a century. Ben Tracy reports.
/jlne.ws/3QraFSp
Global Water Crisis Prompts Action by Institutional Investors
Lauren Foster - Barron's
Water stress is playing out across the globe, from the desperately low water levels on the drought-stricken Colorado River in the U.S. to the shrinking Rhine River in Germany, and threatening industries from agriculture to barge traffic. To elevate water risk as a financial risk, Ceres, an environment-focused shareholder advocacy organization, and a group of institutional investors on Tuesday launched the Valuing Water Finance Initiative to encourage the biggest corporate water users and polluters to act on their water stewardship.
/jlne.ws/3Qwj1bm
ESG Critics Are Frequently Vocal, Not Always Successful; There's no shortage of critics of the environmental, social, and governance (ESG) movement, investing style, and the related exchange traded funds. That's not debatable.
Tom Lydon - VettaFi
What is up for debate is the level of success this vocal group is having when it comes to derailing inflows to ESG ETFs and proxy votes. They're not enjoying many noteworthy victories. That could be good news for ETFs such as the IQ Candriam ESG US Equity ETF (IQSU B+). "According to Morningstar's proxy database, the 2022 proxy season saw a record number of environmental, social, and governance resolutions head for vote," noted Morningstar analyst Ruth Saldanha. "This year also saw the rise of what we have been calling anti-ESG shareholder proposals. These proposals use various tactics to get on the ballot, many of which obfuscate the real intent behind them, and are usually submitted by groups that oppose the work of 'pro-ESG' investors."
/bit.ly/3c6wDez
Are indoor vertical farms really 'future-proofing agriculture'? Heralded as the next step in food production, this practice is gaining ground in the US. But are they really a greener alternative to traditional farming?
Victoria Namkung - The Guardian
At a hyper-controlled indoor farm in industrial South San Francisco, four robots named John, Paul, George and Ringo carefully transfer seedlings from barcoded trays into 15-plus foot towers that are then hung vertically inside a 4,800 sq ft grow room. Inside the hygienic space, which is operated by the indoor farming company Plenty, there's no soil, sunlight or tractors, but rows of hanging crops illuminated by colorful LED lights and carefully monitored by cameras, sensors and artificial intelligence. Once a tower is ready to be harvested, a balletic automated process reminiscent of a dry cleaner's conveyor belt begins.
/jlne.ws/3QIQ7Vg
Where water is called 'blue gold': A town grapples with one of its worst droughts on record
Joseph Ataman, - CNN
For well over a century, water has gurgled through a web of gutters and channels on Cécile Messelis' farm, flowing into an underground reservoir and earthen troughs to nourish crops sown across terraced fields. In 2020, that stream began to falter. This year, it stopped altogether: Messelis' fields now crackle in the sunlight; her stone cistern echoes with thirst.
/jlne.ws/3Cdg4YS
The world is obsessed with air conditioning. How can we stop it from killing the planet? A warming world means massive amounts of cooling, but a solution is out there.
Dave Levitan - Grid
Keeping the world cool is only making it hotter. It is one of climate change's vicious little circles, where warming the planet requires more cooling, which generates more warming. This summer has seen dramatic heat waves everywhere from Iraq and India to France and the United Kingdom, and virtually every year for the foreseeable future is likely to reshape the grim top-ten list of warmest years on record.
/jlne.ws/3QU1utq
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Serena Williams' new focus could help diversify the venture capital game
Scott Neuman - NPR
When megastar Serena Williams recently said that she plans to retire from tennis after the upcoming U.S. Open, she added an intriguing tidbit about her future: She will turn her focus to a venture capital firm she quietly formed eight years ago.
/jlne.ws/3CdeRRk
MAREX Announces Record H1 2022 Results
Marex Group
Strategy execution and robust risk management delivers strong performance in supportive market conditions; $100 million AT1 Issuance further strengthens balance sheet
Marex, the diversified global financial services platform ('the Group'), today announces very strong results for the six months to 30 June 2022. Recent strategic investment across the global franchise has positioned the business to outperform in favourable market conditions, driving organic revenue growth, increased profit and improved margins and ROE.
/prn.to/3SSIZHP
RBC Capital Markets appoints Credit Suisse alumnus as head of credit sales EMEA; New head brings over two decades' worth of experience to RBC, having previously served at Credit Suisse and Goldman Sachs.
Wesley Bray - The Trade
RBC Capital Markets has named Simon Johnson as its new managing director, head of credit sales EMEA. As part of the role, Johnson will oversee sales across RBC's investment grade and high yield credit client base in Europe. He joins RBC from Credit Suisse, where he held senior roles in the European credit sales team over the last 21 years.
/bit.ly/3A55H6W
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| Wellness Exchange | | An Exchange of Health and Wellness Information | U.S. CDC plans to focus on public health response after pandemic failings
Julie Steenhuysen - Reuters
The U.S. Centers for Disease Control and Prevention said it will prioritize its public health response in a revamp of its structure after months of criticism over its handling of the COVID-19 and monkeypox pandemics. A briefing document provided by the agency on Wednesday said an external report into its response found public guidance had caused confusion, while important information were sometimes released too late to inform federal decisions.
/jlne.ws/3wcKHdg
In an effort to address its missteps during Covid, CDC plans an 'ambitious' agency overhaul
Helen Branswell - STAT News
The Centers for Disease Control and Prevention, an agency that has had its reputation battered by a series of missteps in the Covid-19 pandemic, and a slow response to the monkeypox outbreak, will undergo an "ambitious" overhaul, Director Rochelle Walensky announced Wednesday. In an email to staff, Walensky said the renewal effort will focus on making the agency more nimble and responsive to needs that arise in health emergencies. The priority will be to gather data that can be used to rapidly dispense public health guidance, rather than craft scientific papers.
/jlne.ws/3AssElW
In the Wake of Covid, Corporate Execs Become Breathwork Believers; The ancient practice is increasingly validated by science and used to optimize brainpower and relieve stress.
Hannah Elliott - Bloomberg
When a legal firm reached out to Belisa Vranich about breathwork sessions 15 years ago, it had one concern in particular. "They said, 'We just want to make sure you're not going to chant,' " recalls Vranich, a clinical psychologist. "I said, 'No, we might sweat, but we're definitely not going to chant.' "
/jlne.ws/3SSBFfj
CDC takes a small step toward fixing America's public health system
Caitlin Owens - Axios
Public health experts say the Centers for Disease Control and Prevention's new plan to reform itself is generally a good plan — but that without much bigger, more fundamental changes, the U.S. might continue to be caught flat-footed by new threats. The big picture: Systemic failures at the CDC have sown public distrust in health experts over the past three years, but America's public health problem is much bigger than any one agency — and the politicization of the COVID pandemic only made things worse.
/jlne.ws/3A861BK
Covid Rules Cause Four-Mile Traffic Jam for Tibet Tourists; Traffic jam occurs as neighboring provinces delay entry; People returning from Covid hotspots risk further spread
Linda Lew and Jinshan Hong - Bloomberg
Hundreds of vehicles were stuck on a state highway in Tibet after the neighboring province of Yunnan denied entry to people traveling from the Covid hotspot, saying its quarantine system had reached capacity.
/jlne.ws/3K1auuF
Covid's Harmful Effects on the Brain Reverberate Years Later; Study finds ongoing risk of psychotic disorders and dementia; Research highlights burden of pandemic-induced chronic disease
Jason Gale - Bloomberg
Covid-19 survivors remain at higher risk of psychotic disorders, dementia and similar conditions for at least two years, according to a large study that highlights the mounting burden of chronic illness left in the pandemic's wake.
/jlne.ws/3SZpw8f
China Covid Cases at a Three-Month High as Even Fish Get Tests; Virus continues to spread in tropical Hainan despite lockdown; Thousands of medical workers brought in to treat the infected
Linda Lew and Jinshan Hong - Bloomberg
China's Covid cases surged to a three-month high, driven by a worsening outbreak in the tropical Hainan province that has become the country's biggest since Shanghai was shut down in the spring.
/jlne.ws/3T1eVcU
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Mutual Fund Values Evergrande Shares at Next-to-Nothing; HuaAn Fund assigns value of HK$0.01 for each Evergrande share; Fair value for Sunac, Shimao also slashed as shares suspended
Bloomberg News
Shares of some of China's largest property developers are now considered almost worthless by a mutual fund that holds the assets. An exchange-traded fund run by HuaAn Fund Management Co. has assigned a value of HK$0.01 for each share of China Evergrande Group and Evergrande Property Services Group Ltd. in its portfolio, according to a statement late Tuesday. Before trading in those real estate companies was suspended in mid-March, their shares were at HK$1.65 and HK$2.30, respectively.
/jlne.ws/3CaUsfT
PetroChina Considering Spinoff of Energy Marketing Business, Sources Say; CNPC has asked external consultants for feasibility proposals; Oil price gains prompted firm to weigh monetising the asset
Bloomberg News
PetroChina Co., the country's biggest oil and gas producer, is weighing a plan to carve out its marketing and trading business and seek a separate listing, people with knowledge of the matter said.
/jlne.ws/3PrOPNi
Xi Highlights Drought Risk in China as Power Supplies Threatened
Bloomberg News
Chinese President Xi Jinping called on local authorities to work to relieve the severe drought in some provinces that's threatening electricity supplies and adding a further risk to economic growth.
/jlne.ws/3psTGTO
Analysis: 100 banks, 1,000 suspects: German fraud probe puts Scholz on the spot
Marta Orosz and Tom Sims - Reuters
German chancellor Olaf Scholz faces lawmakers' questions this week over his role in tackling a multibillion-euro tax fraud as a sprawling probe into the scheme threatens to undermine him as he grapples with an energy crisis and the fallout of war. In the scheme, known as "cum-ex" or dividend stripping, banks and investors would swiftly trade shares of companies around their dividend payout day, blurring stock ownership and allowing multiple parties to falsely reclaim tax rebates on dividends.
/jlne.ws/3ArGipp
South African Coal Miner Says Rail Snags Hobble Export Potential; Exxaro is able to ship less than half its capacity via RBCT; State-owned Transnet is struggling to deliver coal to port
Paul Burkhardt - Bloomberg
South Africa's Exxaro Resources Ltd. can't fully exploit booming global coal prices because rail disruptions are curbing more than half its potential exports of the fuel.European coal prices surged to a record on Wednesday as Russia squeezes natural gas shipments following its invasion of Ukraine, boosting demand for the most polluting fossil fuel to help prevent blackouts. Exxaro and other South African coal exporters can't fully benefit from that bonanza because the rail operations of state-owned Transnet SOC Ltd. have been hit by vandalism, sabotage and a shortage of locomotives.
/jlne.ws/3Qzf2uN
Rhine Crisis Shows Signs of Respite With Water Set to Rise; Marker at Kaub waypoint is forecast to increase over weekend; Water still at historically low level as crisis far from over
Brian Wingfield - Bloomberg
Water levels on the Rhine are set to rise over the weekend, potentially providing respite to a crisis that has snarled the shipment of energy products and other goods along one of Europe's most important rivers.
/jlne.ws/3T1Epa0
Russia's Sakhalin-2 LNG Plant Asks Buyers to Pay Gazprombank; Sakhalin-2 established a new Russia-based operator in August; Putin is tightening control over key Russian energy assets
Stephen Stapczynski - Bloomberg
Russia has asked buyers from its Sakhalin-2 LNG plant to pay Gazprombank JSC, throwing customers including Japan and South Korea into a dilemma over sanctions that threaten shipments. Sakhalin Energy LLC, the new operator, sent settlement instructions to customers for paying in US dollars to Gazprombank, according to documents seen by Bloomberg. Gazprom PJSC owns just over 50% of Sakhalin Energy, while Gazprombank is the lending arm of Russia's gas exporter.
/jlne.ws/3Av9cF5
Europe's Scorching Summer Puts Unexpected Strain on Energy Supply; The dry summer has reduced hydropower in Norway, threatened nuclear reactors in France and crimped coal transport in Germany. And that's on top of Russian gas cuts.
Jason Horowitz - The New York Times
In a Nordic land famous for its steep fjords, where water is very nearly a way of life, Sverre Eikeland scaled down the boulders that form the walls of one of Norway's chief reservoirs, past the driftwood that protruded like something caught in the dam's teeth, and stood on dry land that should have been deeply submerged.
/jlne.ws/3SYd1d0
LNG Heavyweight Qatar Sees Surplus Jump 12-Fold on Energy Profit; Country reports $12.8 billion surplus in first half of 2022; Energy revenue offset increases in government spending
Simone Foxman - Bloomberg
Soaring energy revenues propelled a 12-fold jump in Qatar's budget surplus to 47.3 billion riyals ($12.8 billion) in the first half of 2022, data showed, boosting the fortunes of one of the world's richest nations.
/jlne.ws/3wck9ZA
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| Miscellaneous | | Stories that don't quite fit under the other sections | A new work anxiety: Will I be penalized for working from home?
Jacqueline Ganun - NPR
Jenn Ramirez Robson has been working remotely since the pandemic started. Now, as more people are returning to the office or offered the choice of working from home, she's still working remotely. But every once in a while, she gets worried about being left out at work.
/jlne.ws/3SXxe2I
Charitable Giving in the U.S. Rebounded Last Year
Barron's
Charitable giving in the U.S. increased in 2021 after declining the year before, according to a report by BNY Mellon Wealth Management released on Wednesday, based on data from its own clients. The bank's clients made 507 charitable gifts amounting to a total of US$55 million last year, returning to pre-pandemic levels. The data was collected from the investment bank's Charitable Gift Fund and 101 nonprofit clients as of March 2022.
/jlne.ws/3AcmvJo
The Perfect Professional Headshot Is Worth $1,000, and Maybe Even a Job; Professionals pursuing that 'just right' look for LinkedIn profiles and résumés are tapping high-end headshot photographers who say they can help clients look better, feel better—and boost their careers
Callum Borchers - The Wall Street Journal
Look confident but not cocky. Assertive yet approachable. Smart instead of sexy, unless you can pull off both—and only if it's subtle sexy. Nailing your professional headshot seems harder and more clutch than ever at a time of record job changes and on-screen first impressions. The buttoned-up and made-up looks that once dominated business directories and professional profiles now seem stuffy in the work-from-anywhere era.
/jlne.ws/3SWR4et
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