| December 23, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
On Friday, Fortune reported that the top three editors at CoinDesk were fired following a clash with new corporate owners, Bullish. The clash stemmed from Bullish's forced removal without the customary retraction notice of a CoinDesk story about crypto billionaire Justin Sun's $6.2 million art purchase of a banana duct-taped to a wall.
Editor-in-chief Kevin Reynolds and deputy editors-in-chief Nick Baker and Marc Hochstein were dismissed under the guise of a "restructuring as a result of cost reduction measures" and to boost "productivity." Bullish bought CoinDesk from Digital Currency Group for around $75 million after the crypto world imploded following CoinDesk's award-winning reporting on FTX, which led to the FTX bankruptcy and Sam Bankman-Fried's conviction for fraud.
Bullish, led by CEO and former NYSE President Thomas Farley, acquired CoinDesk with the promise of upholding its editorial independence. However, this commitment was questioned after the removal of a news story about a banana; Matt Murray, executive editor of The Washington Post and former editor-in-chief of The Wall Street Journal, who had been head of an editorial committee for Bullish, resigned after the story was removed.
Eric A. Bloom, former president of Sentinel Management Group, was among those whose sentences were commuted by President Joseph Biden on December 12, 2024. Bloom's sentence was commuted as part of the largest single act of clemency in history, which saw 1,499 sentences commuted and 39 pardoned. Bloom was convicted in March 2014 of defrauding more than 70 customers of more than $500 million, crimes which rocked the futures world. This move is not going to be very popular in front offices of FCMs, or former FCMs, which lost money in the Sentinel fraud.
Suchir Balaji, a 26-year-old former OpenAI engineer and whistleblower, passed away in November 2024 in what authorities confirmed as a suicide, the Associated Press reported. Known for his pivotal role in developing OpenAI's ChatGPT and GPT-4 systems, Balaji later raised ethical concerns about AI training practices, especially regarding copyright infringement. He publicly criticized using online data for training AI without consent, deeming it both unfair and legally dubious, and was cited in lawsuits involving The New York Times and authors like Sarah Silverman.
William M. Farrow III, chairman of Cboe Global Markets, Inc. and a director of WEC Energy Group, Inc. and CoBank, was selected by The National Association of Corporate Directors (NACD) as one of its D100, which recognizes the top 100 corporate directors. Farrow, the former CIO of the CBOT, was nominated for this honor by Cboe, he shared on LinkedIn.
James H. Lee, Chairman and CEO of the Texas Stock Exchange (TXSE), has been named a finalist for Texan of the Year by The Dallas Morning News, Lee shared on LinkedIn. Lee credited the recognition to the efforts of the TXSE team and the support of Texas Governor Greg Abbott. "This is a testament to the leadership and innovation driving our state's economy," Lee said, also expressing gratitude for his education at the University of Texas' McCombs School of Business. TXSE, poised to position Dallas as a "global business hub" per Dallas Mayor Eric Johnson, plans to open its headquarters in 2025 and begin trading operations, pending SEC approval.
The National Futures Association (NFA) is celebrating the retirements of several veteran employees this month, it shared on LinkedIn. In New York, Shuna Awong, Director, and Dahai Yu, Senior Quantitative Specialist, are retiring from the OTC Derivatives department. In Chicago, Joe Taylor, Director of Information Systems, and Kurt Krueger, Director of the Office of Professional Development, are also departing after years of dedicated service.
FIA has announced Devexperts as its newest member via a post on LinkedIn. Devexperts specializes in trading software and services for brokerages, wealth management firms, and exchanges across equity, options, futures, forex, and cryptocurrency markets. With over 800 engineers operating from offices in Europe, the US, and Asia, the company's flagship product, DXtrade, serves as a comprehensive multi-asset trading platform for brokers.
Here are the headlines from in front of FOW's paywall from some recent stories: Libor migration and Basel III key themes for 2025 - OSTTRA and ANALYSIS: LCH SA gears up to start clearing cryptocurrency derivatives.
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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Our most read stories from our previous edition of JLN Options were:
Shakeup of Top Options Market Primes India Brokers for Slump from Bloomberg.
UK's elite Marines undergo financial literacy training from the Financial Times.
More Men Are Addicted to the 'Crack Cocaine' of the Stock Market from The Wall Street Journal. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Crossroads of Innovation: Cathie Wood, Peter Zeihan, and Jamie Metzl Share Visionary Insights at Miami Summit
JohnLothianNews.com
In a recent interview with John Lothian News, James Putra, vice president and head of product at TradeStation, discussed key insights from several prominent speakers at the recent "Crossroads Summit" focused on innovation and economic trends, including Investor Cathy Woods, Author Peter Zeihan and Jamie Metz, founder and chair of OneShared.World.
Watch the video »
Dan Smalley - Broadridge
Watch Video »
David Greely - Abaxx Exchange
Watch Video »
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Trump Threatens to Take Control of Panama Canal, Greenland; The president-elect's provocative comments about the canal draw an angry rebuke from Panama's president
Santiago Pérez, José de Córdoba and Alex Leary - The Wall Street Journal
President-elect Donald Trump is openly discussing provocative aspirations for U.S. territorial expansion as he prepares to return to the White House, warning about taking over the Panama Canal and wresting control of Greenland from Denmark. His comments, delivered in public remarks and social-media posts on Sunday, come after he recently trolled Canadian Prime Minister Justin Trudeau by suggesting that Canada should become the 51st state and referring to Trudeau as a governor. During the recent presidential campaign, Trump said he would deploy the U.S. military to impose a naval embargo on Mexican cartels and order the Pentagon to use American special forces to take down cartel leaders.
/jlne.ws/4guiDai
***** So much for not getting into new foreign wars.~JJL
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JPMorgan Wants to Win More DIY Investors. Here's How.
Andrew Welsch - Barron's
JPMorgan Chase oversees money on behalf of numerous rich clients. Now, it sees an opportunity to win more business from clients who like to manage at least some of their own investments. The company has been adding new features and products to its self-directed brokerage offering, and plans more such roll-outs next year, including a new fixed-income trading experience on its mobile app. "I'm confident we can be a top five player in the space," says Paul Vienick, head of J.P. Morgan Online Investing. The business has already experienced brisk growth. JPMorgan's brokerage platform for self-directed investors is nearing $100 billion in assets-up 80% over the past two years. Though small by comparison with Charles Schwab or Fidelity, JPMorgan sees opportunities to drum up more business with its millions of existing banking and wealth management customers. Vienick has an ambitious goal of one day serving $1 trillion in self-directed assets. "Clearly, that will take time," Vienick says.
/jlne.ws/3ZOJiaH
****** I wish JPM would let me do more DIY.~JJL
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Friday's Top Three
Our most read story last Friday was More Men Are Addicted to the 'Crack Cocaine' of the Stock Market from The Wall Street Journal. Second from the Financial Times was UK's elite Marines undergo financial literacy training and third was Happy Holidays from the team at FOW from FOW.
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| Lead Stories | A Looming Threat to Bitcoin: The Risk of a Quantum Hack; Researchers warn a quantum-computing attack on cryptocurrency would cause trillions in losses
Alexander Osipovich - The Wall Street Journal
Bitcoin's rally faces a risk that isn't on the radar of most crypto investors: quantum computing. The nascent technology, which drew attention this month after Google claimed a breakthrough with its new Willow quantum-computing chip, could one day enable hackers to break the encryption that keeps bitcoin secure. Such a hack could torpedo bitcoin's price, by allowing thieves to swipe coins out of supposedly secure digital wallets. Researchers say a quantum device powerful enough to crack bitcoin is likely a decade or more away. Still, advances in the technology pose a long-term risk, unless bitcoin's fractious community of developers beef up its technology in a time-consuming upgrade.
/jlne.ws/41NGeOJ
India Is Witnessing a Roaring Nineties-Style Stock Boom; Equity culture shift is redefining India's stock market; Structural shift in Indian stocks has been dramatic: Jefferies
Alex Gabriel Simon - Bloomberg
The boom in US stocks during the late 1990s still ranks as the biggest ever in percentage terms, and helped enrich a whole generation of investors. One of the key ingredients that made the rally possible is taking root in India. Equity culture - the degree to which people embrace shares as a mainstay of their investment portfolio - helped drive stock gains during the "Roaring Nineties" in the US, when the proportion of household savings in the asset class tripled to about a third. India may achieve similar levels in coming years, analysts say.
/jlne.ws/4iIkn1r
Masayoshi Son's Quest to Become the Next Nvidia; The billionaire SoftBank founder promises to invest $100 billion in the US as part of a sweeping redemption plan.
Min Jeong Lee and Ian King - Bloomberg
When Masayoshi Son made a surprise appearance at Mar-a-Lago alongside Donald Trump last week, the founder of Japan's SoftBank Group Corp. vowed to invest a stunning $100 billion in the US over the next four years. The president-elect joked that perhaps SoftBank would like to double that target to $200 billion. Not to be outdone, Son replied with a wide smile, "I will really try." That may not be an exaggeration. The Japanese entrepreneur is quietly plotting one of his trademark bet-the-company moves that's likely to cost as much as his initial pledge - and perhaps a good bit more. Over the past few months, according to people directly involved, Son has developed a singular obsession: how to build the next Nvidia Corp. with his own chip and rake in some of the tens of billions of dollars being spent on artificial intelligence hardware.
/jlne.ws/3Dq0GLE
US banking giants capture biggest share of industry profits since 2015; JPMorgan Chase, Bank of America, Citigroup and Wells Fargo account for 44% of earnings
Joshua Franklin - Financial Times
The four biggest US banks are on course to capture their largest share of the industry's profits in almost a decade, a sign of how they are consolidating their dominant market position. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, the four largest US banks by deposits and assets, collectively reported about $88bn in profits in the first nine months of 2024, according to Financial Times calculations based on figures from industry tracker BankRegData.
/jlne.ws/3BJglVK
Why Companies Like OpenAI and SpaceX Are Staying Private Longer
Bailey Lipschultz - Bloomberg
Private companies - especially those in tech - are raising billions of dollars to delay, and sometimes even shun, a path to public markets. These efforts are creating vast wealth for employees and early-stage stakeholders, while shutting out most people who can't invest in them through things such as 401(k) retirement accounts provided by some US companies. The numbers show a dramatic shift from just a few decades ago, and the trend has become even more stark as initial public offerings (IPOs) have receded since a pandemic-era frenzy. As a result, a relatively small group of people have access to the upside while the vast majority of potential investors can only watch from the sidelines.
/jlne.ws/407sPA0
The SEC Needs to Hold Chinese Companies Accountable;
The Biden administration has lagged in enforcing disclosure rules. Paul Atkins can change that. William P. Barr and Fletcher W. Strong - The Wall Street Journal
The U.S. is the lead source of funding for companies worldwide. The ability to trade on the New York Stock Exchange, Nasdaq and other exchanges hugely benefits any company seeking to raise capital. The statutory trade-off is that publicly traded companies must open their financial records to U.S. regulators to deter fraud and harm to the American investing public. Chinese companies are refusing to play by these rules, and the Biden administration has been slow to enforce them. Soon, Paul Atkins-whom President-elect Trump tapped to be chairman of the Securities and Exchange Commission-can finally give teeth to the rules already on the books and start delisting noncompliant Chinese companies.
/jlne.ws/4gPt1ta
ECB Plans to Clamp Down on Banks Ignoring Its Demands for Fixes; Bank supervisor issues thousands of measures each year; Lenders have been slow to respond, prompting ECB frustration
Laura Noonan and Nicholas Comfort - Bloomberg
The European Central Bank is set to crack down on lenders that are slow to deal with fixes the supervisor demands of them, after growing frustrated with a perceived lack of responsiveness. The ECB has issued more than 5,000 supervisory measures a year on average since it started overseeing the euro region's top banks in late 2014. But banks have at times been slow to respond to the watchdog's demands, creating a backlog that the ECB is now trying to reduce in an effort to make its oversight more effective.
/jlne.ws/3P8PHsn
The 30-Year Mortgage Wasn't Designed for Climate Chaos; As house-demolishing weather becomes increasingly common, more Americans will find themselves without a safety net.
Polly Mosendz and Eric Roston - Bloomberg
It sounded like artillery, an infiltration of a quiet suburban community in the dead of night, as Kevin Pelley stood in the dark in what was left of his yard on a bank of the Puyallup River. A combat Army veteran who served in Kuwait and Iraq, Kevin watched the storm for hours. An atmospheric river was filling the actual river, causing a flow of over 16,000 cubic feet per second, or 50 times the prior month's average. Water washed away much of his backyard. When a large piece of soil cleaved off into the river, it fell with the force and noise of gunfire. By the time day broke in his town 35 miles south of Seattle, the foundation of the Pelley home was teetering over the bank of a newly formed cliff. The river that used to be about 100 feet behind their house was now under it. A code enforcement officer from Pierce County placed a yellow "Restricted Use" tag: the property was no longer safe to enter, except for analysis by engineers.
/jlne.ws/4gruAOd
The 11 Wild Trades of 2024: Booms, Busts and a 2,900% Windfall; Here are the highs and lows of the year in markets, from triumphant Trump trades and a windfall in Argentina to busted hedge-fund bets.
Bloomberg News
The speculative retail frenzy, the relentless AI disruption, the out-of-this-world crypto rally. In a year full of shocks and surprises, global markets offered investors opportunities to flourish - or flop - in equal measure. Leveraged trades in August briefly blew up. Wall Street's big gamble on Donald Trump paid off. Hedge funds with complex strategies took hits. Investors who kept it simple - in cash or tech stocks - proved smart. As the trading year draws to a close, Bloomberg highlights the eye-catching ups and downs, as told by reporters from all corners of world markets.
/jlne.ws/3ZODcao
Venture Capital Partners Are Leaving Big Firms in Droves
Katie Roof and Kate Clark - Bloomberg
Being a venture capital partner is supposed to be a job for life. But in 2024, dozens of investors at some of the most storied firms have quit or been pushed out, the effect of a protracted startup downturn and a broader shift in the role of VC firms. In the last month alone, Matt Miller said he was leaving Sequoia Capital after more than a decade; Lux Capital general partner Bilal Zuberi started work on a new fund; and general partner Sriram Krishnan left Andreessen Horowitz. Krishnan is planning to work with the White House advising on AI policy, he said on Sunday.
/jlne.ws/405uUfK
Indian Banks Lobby RBI to Approve New Benchmark for Swaps Market
Bhaskar Dutta - Bloomberg
A group of Indian lenders has asked the central bank to approve a new benchmark for overnight indexed swaps, according to people familiar with the matter. The banks want the swaps to reference the newly-proposed Secured Overnight Rupee Rate (SORR) instead of the prevailing Mumbai Interbank Outright Rate (MIBOR), the people said, asking not to be named as the discussions are private.
/jlne.ws/41IEkyY
Biden Team to Probe Chinese Chips, Setting Up Trump for Tariffs
Gregory Korte and Josh Wingrove - Bloomberg
President Joe Biden's administration is launching an investigation that will offer President-elect Donald Trump a choice about whether to enact new tariffs on Chinese-made semiconductor chips. The White House announced Monday it would initiate the inquiry into so-called foundational chips - also known as legacy or mature-node semiconductors - made in China. While not as advanced as the chips driving artificial intelligence, the older technology is ubiquitous across a wide range of applications including autos, airplanes, medical devices and the telecommunications industry.
/jlne.ws/4gv0NEc
Generative AI and Climate Change Are on a Collision Course; From energy to resources, data centers have grown too greedy.
Sasha Luccioni - Wired
In 2025, AI and climate change, two of the biggest societal disruptors we're facing, will collide. The summer of 2024 broke the record for Earth's hottest day since data collection began, sparking widespread media coverage and public debate. This also happens to be the year that both Microsoft and Google, two of the leading big tech companies investing heavily in AI research and development, missed their climate targets. While this also made headlines and spurred indignation, AI's environmental impacts are still far from being common knowledge.
/jlne.ws/3BJlfSE
A guide to the misinformation over Trump and JPMorgan CEO Jamie Dimon's 'bromance'
By Charles Gasparino - NY Post
Jamie Dimon didn't call Donald Trump after the former president became the president-elect last month. He also didn't leave a voicemail directly with The Donald - despite some reporting that attempted to depict the JPMorgan chief with other CEOs as a world-class suck-ups to the man who, if you believe the spin, is ready to unleash holy hell on anyone he sees as a foe. Who told me this? Well, I spoke to someone with direct knowledge of the matter who knows what goes down at the mega-bank Dimon runs. Nope, no call to Trump from Dimon, the JPM insider said. However, someone from the bank's government relation's team did call someone on the Trump transition team to congratulate the president-elect on behalf of Dimon and assure his people that the world's top banker is ready to provide advice and counsel if it's needed, the insider said. OK, sounds like a little bit of inside baseball, until you understand the backstory.
/jlne.ws/3DrqYwN
In the shadows of Arizona's data center boom, thousands live without power; As data centers drain America's power grids, a fierce battle is being waged for electricity. On Navajo Nation land, many are on the losing end.
Pranshu Verma - The Washington Post
Living on one of the largest swaths of land in America without electric power, Thomasina Nez's entire life is a scramble to complete basic tasks. To take a hot shower, she must wait for buckets of water to come to a boil on a small propane stove outside her wood-framed roundhouse. To make meals, she relies mostly on canned goods because unrefrigerated produce rots quickly in the Arizona heat. It's a struggle to stay warm at night, because she refuses to use her coal-powered heater after its fumes killed her two dogs.
/jlne.ws/4iMWoOx
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin vows 'destruction' on Ukraine after Kazan drone attack
AFP
Russian President Vladimir Putin on Sunday vowed to bring more "destruction" to Ukraine in retaliation for a drone attack on the central Russian city of Kazan a day earlier. Russia accused Ukraine of a "massive" drone attack that hit a luxury apartment block in the city, some 1,000 kilometres (620 miles) from the frontier. Videos on Russian social media networks showed drones hitting a high-rise glass building and setting off fireballs, though there were no reported casualties as a result of the strike.
/jlne.ws/3ZOE1jp
Ukraine drone hits Russian high-rise 1,000km from frontline
AFP
Kyiv on Saturday staged a major drone attack on the Russian city of Kazan, 1,000 kilometres (620 miles) from the frontier, the latest in a series of escalating aerial attacks in the nearly three-year conflict. A drone smashed into a high-rise apartment building in the city of more than 1.3 million, damaging a skyscraper but leaving no victims, local officials said. Though attacks so far into Russian territory are rare, Kazan and the surrounding oil-rich region of Tatarstan have previously been targeted by Ukrainian drones.
/jlne.ws/3PeglA0
JP Morgan sues Kremlin-backed bank in High Court amid battle over $400m of Russian assets
Michael Bow - The Telegraph
JP Morgan is fighting a Kremlin-backed bank in the High Court amid a battle over more than $400m (£318m) of frozen Russian assets. The Wall Street giant, led by Jamie Dimon, has filed a legal claim against VTB Bank in a long-running dispute over frozen money held under sanction outside of Russia's labyrinthine financial system. The legal action comes after VTB attempted to claw back almost $440m which had been frozen by JP Morgan following Russia's invasion of Ukraine, issuing a string of claims against the American bank through the Russian courts.
/jlne.ws/3ZMTjW1
Trump Keeps Door Open to Putin Offer for Talks on War in Ukraine
Josh Wingrove - Bloomberg
President-elect Donald Trump suggested he's open to meeting Vladimir Putin to discuss ending the war in Ukraine sparked by Russia's 2022 invasion. The Russian president offered on Thursday to hold talks with Trump, saying, "I'll be ready to meet if he wants." Speaking at his annual news conference, Putin said he doesn't know when they'll meet because Trump "doesn't say anything about it" and he hasn't spoken to the former and future president in more than four years.
/jlne.ws/4gqBFP2
Switzerland adopts more EU sanctions on Russia and Belarus
Reuters
Switzerland adopted the latest EU sanctions package on Russia and Belarus, the government said on Monday. The move came one week after the European Union targeted Moscow's vessels and Chinese entities found to have traded with the Russian military. The Swiss government listed 54 persons and 30 companies and organisations, freezing their assets as of Dec. 24, and banned 52 ships from providing services.
/jlne.ws/3DvbKHd
Putin threatens there is a real risk of WW3 erupting, accusing the West of 'escalating the situation' and warning 'the dangers are increasing'
James Reynolds and Will Stewart - Daily Mail
Vladimir Putin has warned that World War Three could erupt if the West continues 'escalating the situation' in his latest existential threat over the war in Ukraine. The Russian dictator accused the West of antagonising the conflict but stopped short of saying World War Three was already underway. 'You know, there is no need to scare anyone,' he told a state TV reporter, caveating, 'there are many dangers - they are increasing'.
/jlne.ws/3P9Pmpp
Zelensky's slow shift toward negotiating for Ukraine's future; A new U.S. president and battlefield realities appear to be pushing Zelensky, who had long insisted on fighting for every inch of occupied land, to the table.
Isabelle Khurshudyan and Ellen Francis - The Washington Post
As Ukrainian forces struggle to hold off Russia's army on the battlefield and President-elect Donald Trump looks to broker a peace deal, President Volodymyr Zelensky has in recent weeks signaled a greater willingness for negotiations to end the war - a major shift for the Ukrainian leader, who had long vowed to fight for every last inch of his country's land.
/jlne.ws/41N0YGz
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Netanyahu vows to act with 'force, determination' against Yemen's Huthis
Ruth Eglash - AFP
Israeli Prime Minister Benjamin Netanyahu on Sunday vowed to retaliate against Yemen's Huthi rebels after they fired a missile at Tel Aviv, warning that Israel would target what he described as the last remaining arm of "Iran's axis of evil". The Huthis struck Israel's commercial hub on Saturday with what they claimed was a ballistic missile, injuring 16 people and forcing many to leave their homes following the pre-dawn attack.
/jlne.ws/3BIUZaX
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Hong Kong Securities And Futures Commission And Ministry Of Finance Top Management Meet In Beijing
Mondo Visione
The Securities and Futures Commission's Chairman, Dr Kelvin Wong and its Chief Executive Officer, Ms Julia Leung held a high-level meeting with the Minister of Finance, Mr Lan Fo'an in Beijing on 19 December 2024. The two sides had in-depth exchanges on the recent development of the Hong Kong capital market and the development of Hong Kong as an international financial centre, enhancing mutual market access for both financial markets, and strengthening regulatory cooperation on auditing of Mainland companies listed in Hong Kong. They also agreed to further follow up on the implementation of such cooperation.
/jlne.ws/4fvU3EP
ICE First Look at Mortgage Performance: Delinquencies Hit Highest Level in Nearly Three Years; Prepayments Drop on Higher Rates
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following "first look" at November 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
/jlne.ws/4gpyR4L
Trading Schedule during National Holidays for Year 2025
SFE
Pursuant to the Circular issued by the China Securities Regulatory Commission ("CSRC"), Shanghai Futures Exchange ("SHFE") hereby announces the following trading schedule during national holidays for year 2025:
/jlne.ws/3P9Eub3
The Taiwan Futures Exchange (TAIFEX) has announced the temporarily increased margin levels of IMF
TAIFEX
The Taiwan Futures Exchange (TAIFEX) has announced the temporarily increased margin levels of IMF due to its underlying securities being subject to disposition measures imposed by the securities market. The margins will be effective after the close of the regular trading session on 2024/12/24 and will be restored to the current levels after the close of the regular trading session on 2025/01/08.
/jlne.ws/3ZJSugC
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | The disinformation storm is now hitting companies harder; Businesses need new playbooks for dealing with online falsehoods as AI intensifies the risks
Anjli Raval - Financial Times
For major companies, managing the fallout from internal mis-steps - from botched responses to political crises to executive misconduct - has always been tricky. But safeguarding reputations is only getting tougher. It was difficult enough when corporate crises were more tethered to true events or decisions. Now, falsehoods and disinformation can derail companies as online fakery can morph and multiply quicker than ever before. The use of artificial intelligence to produce false material such as deepfake videos more easily has only heightened the risks.
/jlne.ws/3VUgInb
Apple approaches $4 trillion valuation as investors bet on AI momentum
Shashwat Chauhan and Medha Singh - Reuters
Apple is closing in on a historic $4 trillion stock market valuation, powered by investors cheering progress in the company's long-awaited AI enhancements to rejuvenate sluggish iPhone sales. The company has pulled ahead of Nvidia and Microsoft in the race to the monumental milestone, thanks to an about 16% jump in shares since early November that has added about $500 billion to its market capitalization.
/jlne.ws/3ZPT3FR
AI's assault on our intellectual property must be stopped; Writers should not have to shoulder the burden of 'opting out' from companies stealing their work
Kate Mosse - Financial Times
In 1989, we bought a tiny house in the shadow of the medieval city walls of Carcassonne. It was the beginning of my love affair with Languedoc - the history, the arcane mysteries hidden in the landscape, the endless blue sky, the light over the mountains at dusk. It would inspire my first historical adventure novel, Labyrinth, which would go on to be translated into 38 languages and sold in more than 40 countries. Its global success is the reason I could give up my day job and become a full-time writer.
/jlne.ws/3VPdod2
US launches probe into Chinese semiconductor industry; Investigation comes just weeks before Biden administration hands over to president-elect Donald Trump
Tim Bradshaw and Jonathan Wheatley - Financial Times
The US has launched a probe into alleged "anti-competitive and non-market" measures used by China to support its semiconductor industry, just weeks before the Biden administration hands over to president-elect Donald Trump. The US Trade Representative's office said it was investigating "China's acts, policies and practices related to targeting of the semiconductor industry for dominance".
/jlne.ws/3ZSODOa
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| Cybersecurity | | Top stories for cybersecurity | Shun This Basic Cybersecurity Tactic and Become a Target for Hackers; A lack of multifactor authentication opened the door to cyberattacks at UnitedHealth Group and others
Cheryl Winokur Munk - The Wall Street Journal
Many businesses jeopardize their financial and reputational health by going without one of the most basic cyber hygiene measures: multifactor authentication. Recent high-profile hacks at UnitedHealth Group, Microsoft and Australian insurance giant Medibank were traced to a lack of MFA, a security tactic that requires more than one identification method to log into an account.
/jlne.ws/4gMcKoP
Top 10 Cybersecurity Trends to Expect in 2025
The Hacker News
The 2025 cybersecurity landscape is increasingly complex, driven by sophisticated cyber threats, increased regulation, and rapidly evolving technology. In 2025, organizations will be challenged with protecting sensitive information for their customers while continuing to provide seamless and easy user experiences. Here's a closer look at ten emerging challenges and threats set to shape the coming year.
/jlne.ws/3ZWVjv4
Beyond Technology: How Human-Centric Cybersecurity Can Transform Security Effectiveness
Seemant Sehgal - Forbes
The role of human expertise and understanding is more critical than ever. Human-led security testing and human-centric cybersecurity (HCC) have recently taken center stage, each offering unique strengths but often applied in isolation. On one side, human-led security testing leverages the insight and intuition of skilled cybersecurity experts, providing a level of adaptability and context that automated tools alone can't replicate. Meanwhile, human-centric cybersecurity emphasizes designing processes and products that align with user behaviors and needs, acknowledging that real security hinges on usability as much as technology.
/jlne.ws/4066jHs
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| Cryptocurrencies | | Top stories for cryptocurrencies | Tether Sees $10 Billion in Net Profits for 2024; It invested more than half of net profit this year, CEO says; Company says it agreed to invest $775 million in Rumble
Olga Kharif - Bloomberg
The world's biggest stablecoin issuer, Tether Holdings Ltd., is on track to close the year with more than $10 billion in net profits, Chief Executive Officer Paolo Ardoino said in an interview. As Bitcoin and many other cryptocurrencies rallied to new all-time highs, demand for Tether's USDT stablecoin - pegged to the dollar - has skyrocketed. The token added nearly $50 billion to its market capitalization this year, and it now stands at more than $140 billion, according to data tracker CoinMarketCap. Much of Tether's earnings come from investing its reserves backing stablecoins, including USDT, into US Treasuries, gold and other securities.
/jlne.ws/3DuPE7N
Investment Advisers to Supplant Hedge Funds as Top BTC ETF Holders in 2025: CF Benchmarks; Investment advisers, the gatekeepers to retail and high-net-worth capital, are seen overtaking hedge fund managers in owning BTC and ETH ETFs next year.
Omkar Godbole - CoinDesk
Investment advisers will probably overtake hedge funds as the biggest holders of U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) next year, CF Benchmarks said Monday. A total of 11 spot BTC ETFs debuted in the U.S. on Jan. 11, providing a way for investors to gain exposure to the cryptocurrency without personally having to hold and store it. Since their inception, they have accumulated over $36 billion in investor funds.
/jlne.ws/4gQWanx
HyperLiquid Sees Record $60M in USDC Flee as North Korea Said to Be Probing Perpetuals Exchange; North Korea-linked addresses, said to be possibly testing the exchange for weaknesses, have accrued losses exceeding $700,000, according to one observer.
Omkar Godbole - CoinDesk
HyperLiquid, a layer-1 blockchain and decentralized exchange for perpetual futures (perps), has experienced a notable outflow of the USDC stablecoin amid speculation North Korean hackers are interacting with the platform, according to a post on X by pseudonymous observer Tay, known for tracking threats posed by to crypto protocols by the country. A record $60 million of USDC fled the exchange by 10:00 UTC Monday, according to Hashed Official's Dune-based tracker. USDC, the world's second-largest dollar-pegged stablecoin, is used as collateral on HyperLiquid. The deposit bridge still holds $2.2 billion in USDC.
/jlne.ws/41KASDR
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| Politics | | An overview of politics as it relates to the financial markets | DoJ's Jonathan Kanter does not see a 'complete U-turn on antitrust' under Donald Trump; Top Biden enforcer predicts public demand will keep his successor from completely abandoning his tough approach
Stefania Palma - Financial Times
Jonathan Kanter has stepped down as one of Joe Biden's top antitrust enforcers, but he is hopeful that the next administration will uphold the crackdown on corporate power that he has helped unleash. "If we revert to a regime of lax antitrust enforcement, that is...the prerogative of whoever's in charge," Jonathan Kanter, who on Friday resigned as head of the US Department of Justice's antitrust unit, told the Financial Times in an interview.
/jlne.ws/4iHBTTg
Elon Musk Makes 'Overstaffed' Fed Target in Quest for Efficiency
Jana Randow - Bloomberg
Elon Musk, the billionaire tasked with making the US government more efficient come January, has zeroed in on the Federal Reserve. The central bank in charge of protecting the world's largest economy is "absurdly overstaffed," Musk wrote on social-media platform X. The remarks were part of a thread beginning when someone posted about the Fed's latest policy decision. They come after US President-elect Donald Trump also made the Fed a target, arguing he should have a say in monetary policy and the setting of interest rates.
/jlne.ws/3WgCFgH
Musk and Trump Could Delete Consumer Protections; Long-sought curbs on high credit card fees and other harmful practices might not survive the new administration.
Erin Lowry - Bloomberg (opinion)
As the weeks tick down on the Biden presidency, the administration has been trying to drive through a slew of much-needed consumer-finance protections. The new rules, including caps on credit card late fees, would add to some meaningful achievements that the administration has notched on behalf of American consumers, including tighter rules on banking fees and buy now, pay later services. But some of the changes face legal challenges, as Republicans push back against policies that have angered the financial industry. The outcome of these battles is just one area where consumers have a lot at stake in the coming year. Here is what I'll be keeping close tabs on once President-elect Donald Trump takes office:
/jlne.ws/3PbL9lg
Australia to Delay New Climate Targets Following Trump's Return
Ben Westcott - Bloomberg
Australia's new targets for carbon emission cuts by 2035 are expected to be delayed by several months as a result of Donald Trump's return to the White House, likely pushing them out beyond the next election which is due to be held by May. Energy Minister Chris Bowen said Australia's Climate Change Authority had told him it needed more time to consider advice on what the 2035 targets should be, adding Trump's election had created uncertainty over the global approach to climate change.
/jlne.ws/3VVqtlg
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| Regulation & Enforcement | | Stories about regulation and the law. | Japan Regulator Seeks Insider Trading Charges for Ex-TSE Staffer
Takashi Nakamichi - Bloomberg
Japan's securities watchdog filed a complaint to prosecutors against a former Tokyo Stock Exchange employee and his father for alleged insider trading, the latest in a slew of scandals that have rocked the nation's financial industry. The father traded shares of Lawson Inc. and a few other companies using non-public information provided by his son about planned tender offers involving those stocks, according to a release Monday from the Securities and Exchange Surveillance Commission. The TSE fired the employee Monday.
/jlne.ws/3VU5cbo
India Punctures a 10,000% Stock Rally Over Fake Disclosures; Fake disclosures made to benefit some investors in firm: SEBI; Regulator halts trading in the stock until further orders
Chiranjivi Chakraborty - Bloomberg
India's securities market regulator on Monday suspended trading in shares of Bharat Global Developers Ltd., the latest in a string of crackdowns on companies manipulating their stock price through accounting frauds and fake disclosures. Bharat Global falsely claimed to have won large orders from corporates such as Reliance Industries Ltd., Tata Group, McCain India Agro Pvt. and UPL Ltd., the Securities and Exchange Board of India said in an initial order.
/jlne.ws/49NfyzP
FDIC Halts Bonuses for Dozens of Officials Under Investigation
Megan Howard and Nicola M. White - Bloomberg
The Federal Deposit Insurance Corp. suspended bonuses for about two dozen executives under investigation for misconduct. The FDIC Board approved eliminating the bonuses if allegations against the officials were substantiated at a meeting earlier this week, a spokesperson for the regulator said Friday, adding that the policy only affects supervisors, managers and executives. Some officials said the money should be paid and then clawed back if needed, according to the Wall Street Journal, which reported the bonus suspensions earlier. Board member Jonathan McKernan said he sought to add the proposal to the meeting agenda, the newspaper said.
/jlne.ws/4gImEbz
CFTC Approves Final Rule on Margin Adequacy, Treatment of Separate Accounts of a Customer by Futures Commission Merchants
CFTC
The Commodity Futures Trading Commission today announced a final rule to implement requirements for futures commission merchants related to margin adequacy and the treatment of separate accounts of a customer. The rule finalizes the Commission's proposal, published in the Federal Register in March, to codify the no-action position in CFTC staff letter 19-17 regarding separate account treatment.
/jlne.ws/49Ny4YJ
Commissioner Johnson Announces Executive Staff Appointments
CFTC
CFTC Commissioner Kristin N. Johnson announced today that Danielle Abada, Christopher Lamb and Nita Somasundaram have joined her staff.
/jlne.ws/3WgBGNx
FINRA Orders Three Firms to Pay Over $8.2 Million in Restitution to Customers; Firms Did Not Provide Fee Waivers in Connection with Mutual Fund Purchases
FINRA
FINRA has ordered three firms-Edward Jones, Osaic Wealth, Inc. and Cambridge Investment Research, Inc.-to pay more than $8.2 million in restitution to customers who were harmed by the firms' failures to provide available mutual fund sales charge waivers and fee rebates on mutual fund purchases. FINRA did not impose any fines in connection with these matters in recognition of each firm's extraordinary cooperation with FINRA's investigations.
/jlne.ws/4fuUY8r
Statement on Customer Protection Rule
Chair Gary Gensler - SEC
Today, the Commission adopted amendments on the requirements for large broker-dealers to calculate and segregate their customer balances daily rather than weekly. I am pleased to support this adoption because it helps better protect customers in the event a large broker-dealer fails. Our markets have dramatically evolved since the 1972 adoption of Rule 15c3-3, otherwise known as the Customer Protection Rule.
/jlne.ws/4iNN39a
Statement on Daily Computation of Customer and Broker-Dealer Reserve Requirements under an Amended Broker-Dealer Customer Protection Rule
Commissioner Mark T. Uyeda - SEC
Under the Broker-Dealer Customer Protection Rule, carrying broker-dealers-i.e., those broker-dealers that maintain custody of customer securities and cash-must have a special reserve bank account that holds "qualified securities" and/or cash in an amount determined by a weekly computation.[1] The idea is that if the broker-dealer fails, the securities and cash it holds for customers can be promptly returned.[2] A firm must hold an amount of cash or U.S. Treasury securities in the reserve account equal in value to the net amount of cash owed to customers, which is the amount by which total cash owed to customers (e.g., cash balances in securities accounts) exceeds total amount of cash customers owed to the broker-dealer (such as through margin loans to customers).[3] On July 12, 2023, the Commission proposed to amend this rule to require certain broker-dealers to compute their customer and reserve deposit requirements, and make any required deposits into their reserve accounts on a daily basis rather than a weekly basis.[4]
/jlne.ws/41PAC6C
It's Been a Week: Statement on Amendments to Exchange Act Rule 15c3-3
Commissioner Hester M. Peirce - SEC
Rule 15c3-3 plays a key role in advancing the Commission's investor protection mandate. It requires broker-dealers to safeguard customer assets, which helps to ensure that, should a broker-dealer fail, it can self-liquidate in an orderly manner that protects its customers' ability to access her assets.[1] A successful self-liquidation permits customers to gain access to their funds much more quickly than possible if they are required to pursue their claims in a liquidation administered by the Securities Investor Protection Corporation.
/jlne.ws/4gFkrgE
Tai Mo Shan to Pay $123 Million for Negligently Misleading Investors About Stability of Terra USD; Order also finds Tai Mo Shan acted as a statutory underwriter in distributing LUNA crypto assets, which were offered and sold as securities
SEC
The Securities and Exchange Commission today charged Tai Mo Shan Limited with misleading investors about the stability of Terra USD (UST), a purported "algorithmic stablecoin" issued by Terraform Labs PTE Ltd. (Terraform), when UST dropped from its purportedly fixed exchange rate of 1 UST to $1, known as a peg. The Commission further charged Tai Mo Shan with offering and selling securities in unregistered transactions by acting as a statutory underwriter with respect to certain of its offers and sales of LUNA, a crypto asset issued by Terraform and offered and sold as a security. Tai Mo Shan is a wholly-owned subsidiary of Jump Crypto Holdings LLC.
/jlne.ws/3P4IjhT
SEC Files Settled Charges Against Multiple Entities for Failing to Timely File Forms D in Connection With Securities Offerings
SEC
The Securities and Exchange Commission today announced charges against two private companies and one registered investment adviser for failing to timely file Forms D for several unregistered securities offerings in violation of Rule 503 of Regulation D.
/jlne.ws/3Bx8mLx
SEC Adopts Rule Amendments to the Broker-Dealer Customer Protection Rule
SEC
The Securities and Exchange Commission today adopted amendments to Rule 15c3-3 (the customer protection rule) to require certain broker-dealers to increase the frequency with which they perform computations of the net cash they owe to customers and other broker-dealers (known as PAB account holders) from weekly to daily. The Commission also adopted amendments to Rule 15c3-3 and Rule 15c3-1 (the broker-dealer net capital rule) to permit certain broker-dealers that perform a daily customer reserve computation to decrease the required 3 percent "buffer" in the customer reserve bank account by reducing the customer-related receivables, or "aggregate debit items," charge from 3 percent to 2 percent in the computation.
/jlne.ws/4gsZ02z
SEC Charges Silver Point Capital With Policy Failures Regarding Receipt of Material Nonpublic Information About Bonds Issued by Puerto Rico
SEC
The Securities and Exchange Commission today charged registered investment adviser Silver Point Capital L.P. with failing to establish, implement, and enforce written policies and procedures reasonably designed to prevent the misuse of material nonpublic information (MNPI) relating to its participation on creditors' committees. According to the SEC's complaint, one of Silver Point's core strategies was to invest in distressed companies. As part of this strategy, and because of the nature of its business, a long-time Silver Point consultant, a now-deceased lawyer, participated on creditors' committees of those distressed companies on Silver Point's behalf. However, the SEC alleges, the firm failed to enforce policies and procedures that were reasonably designed to address the specific risks associated with the consultant's receipt of MNPI as a result of his participation on creditors' committees.
/jlne.ws/3PaCKhR
SEC Charges Former Representative of Advisory Firm SeaCrest with Cherry-Picking
SEC
The Securities and Exchange Commission today announced it charged Eric Cobb of South Carolina with engaging in a fraudulent scheme where he allocated profitable securities trades to favored accounts and unprofitable trades to disfavored clients, a practice known as cherry-picking, while he was a representative of investment adviser SeaCrest Wealth Management, Inc.
/jlne.ws/41MXeVd
Sanlam admits to inadequate oversight of authorised representatives
ASIC
The Australian arm of South African financial services conglomerate Sanlam Group will need to have its compliance processes reviewed by an independent expert after it admitted to breaching its licensee obligations and provided a court enforceable undertaking (CEU) to ASIC.
/jlne.ws/3VUhX5P
Third person sentenced for Courtenay House misconduct
ASIC
David Sipina of Prairiewood NSW, a former contractor and promoter of Courtenay House investments, has been sentenced to three years' imprisonment, to be served by way of an intensive correction order, for his role in the unlicensed Courtenay House financial services business.
/jlne.ws/3VS5YG4
Perth accountant charged over alleged insider trading in Genesis Minerals shares
ASIC
Last Friday, 20 December 2024, Vittorio Letizia, of Cottesloe, Perth appeared at Perth Magistrates' Court charged with five counts of insider trading in connection with purchases made in Genesis Minerals Limited shares in September 2021.
/jlne.ws/407FLpq
Westpac admits to misleading representations that resulted in $6.35m in overcharges
FMA
Westpac New Zealand Limited has admitted to misleading customers entitled to advertised discounts as well as overcharging some of its business customers. Westpac made the admissions in civil proceedings brought by the Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko - at the High Court in Auckland. Westpac's breaches of the fair dealing provisions under the Financial Markets Conduct Act 2013 (FMCA) affected a total of 24,621 customers and resulted in $6.35m in overcharges.
/jlne.ws/3ZMSpc5
FMA seeks clarity from High Court on use of eligible investor certificates in wholesale investment sector
FMA
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko - has filed a case stated proceeding to seek the Court's determination on legal issues about the use, confirmation, and acceptance, of eligible investor certificates in the wholesale investment sector. The proceeding follows investigations into the use of eligible investor certificates by various wholesale property developers. These investigations followed the FMA's thematic review of wholesale offers of financial products.
/jlne.ws/4gqWd9T
Consumer Price Developments in November 2024
MAS
This November 2024 report contains an update of the latest consumer price developments in Singapore, prepared by MAS and the Ministry of Trade and Industry.
/jlne.ws/3ZSPs9I
SFC and SAFE top management meet in Beijing
SFC
The Securities and Futures Commission's Chairman, Dr Kelvin Wong and its Chief Executive Officer, Ms Julia Leung held a high-level meeting with Deputy Governor of the People's Bank of China and Administrator of the State Administration of Foreign Exchange, Mr Zhu Hexin in Beijing on 20 December 2024.
/jlne.ws/4fwk6M0
SFC and Ministry of Finance top management meet in Beijing
SFC
The Securities and Futures Commission's Chairman, Dr Kelvin Wong and its Chief Executive Officer, Ms Julia Leung held a high-level meeting with the Minister of Finance, Mr Lan Fo'an in Beijing on 19 December 2024.
/jlne.ws/41MHC44
SFC bans fund manager Ng Ka Shun for life and fines him $1.7 million for serious misconduct
SFC
The Securities and Futures Commission (SFC) has banned Mr Ng Ka Shun, responsible officer (RO) of Agg. Asset Management Limited (Agg), for life and fined him $1.7 million for window-dressing Agg's financial resources and mismanaging two funds (Notes 1 to 3).
/jlne.ws/4iQTZST
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Star Dealmakers Remaking the Rules of Corporate Debt; Deal architects are reimagining corporate debt fundamentals; Burgeoning liability management tactics reshape debt deals
Eliza Ronalds-Hannon, Jill R Shah, and Reshmi Basu - Bloomberg
David Nemecek and Scott Greenberg spent countless hours across the table from each other this year, battling over the fine print buried deep in junk-rated companies' debt documents. Kirkland & Ellis's Nemecek was representing companies in distress. Greenberg, from rival law firm Gibson Dunn & Crutcher, was on the other side, banding together investors owed billions of dollars to form so-called cooperation groups and fighting attempts to short-change them in a turnaround.
/jlne.ws/4iLZoL1
MicroStrategy's Long-Shot S&P 500 Bid Stokes Wall Street Agita; Nasdaq entry, accounting-rule change stirs up S&P speculation; Market pros cite hurdles to entry, including Bitcoin reliance
Lu Wang - Bloomberg
To Michael Saylor's online fanbase, it's the next step in the great normalization of crypto: Bitcoin proxy MicroStrategy Inc. enters the S&P 500 next year, forcing the likes of index-tracking funds to buy his controversial company en masse. Whether they like it or not. As MicroStrategy officially joins the Nasdaq 100 on Monday, after comfortably meeting all thresholds for inclusion, the dot-com-era software maker turned leveraged Bitcoin play is on a tear. Thanks to its relentless crypto-buying program, the firm is enjoying a 480% rally in its stock price this year, fetching a market-capitalization heft that's on par with some of the biggest companies in America.
/jlne.ws/40bar8f
The Most Important Bond Seller You've Never Heard Of; You're probably not familiar with Jessica Pulay, and that's as it should be.
Marcus Ashworth - Bloomberg
The last time the UK changed its chief bond salesperson, Tony Blair was surfing the wave of his pre-Iraq War popularity, his government was debating whether to adopt the euro and Britain was financing a debt load of about one-third the size of its economy. Jessica Pulay, who replaced Robert Stheeman in July after his 21-year tenure atop the Debt Management Office, is taking on an operation that must fill a financing gap about the size of the nation's annual gross domestic product. It might not be the hardest job in UK financial markets, but it can't be far off.
/jlne.ws/4fvUsqD
Europe's Hottest Stock Has an American Architect; How Siemens Energy went from near zero to market hero.
Chris Bryant - Bloomberg
Forced to seek a government rescue barely a year ago, Siemens Energy AG was an unlikely candidate for Europe's best performing stock of 2024. The fact that a General Electric Co. spinoff, GE Vernova Inc., unwittingly assisted its rival's resurrection is even more remarkable. Yet the more investors compare the two electrical power-equipment giants, the more the German firm should benefit. Spun out of Siemens AG in 2020, Siemens Energy was forced to ask Berlin for financial guarantees in 2023 following quality problems and massive losses at its wind unit. From that nadir, the stock price has since increased around sevenfold as investors bet the wind issues won't require a dilutive recapitalization and began paying more attention to the company's gas turbine and power-grid activities, which are benefiting from rising electricity demand. This year's 300% price gain exceeds that of any other member of the Stoxx Europe 600 index.
/jlne.ws/4gOOjqF
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Climate change is pushing some governments to the breaking point; One country offers a glimpse into the future of warming and unrest.
Umair Irfan - Vox
2024 is on track to become the hottest year since humans have been keeping track, beating out 2023. The extraordinary back-to-back record-breakers amplified disasters like heat waves, hurricanes, and torrential downpours around the world, claiming thousands of lives and causing billions in damages. Few countries have emerged completely unscathed over the past two years, but one place known for its welcoming climate, was especially wounded.
/jlne.ws/3BL3PFh
Coffee companies issue serious warnings after beans become nearly impossible to grow - here's what's going on
Leo Collis - TCD
The overheating of our planet is putting coffee bean crops at risk, and it's not just the people who rely on a morning caffeine boost who will be affected. What's happening? According to Inside Climate News, coffee prices reached an all-time high in late November as the impact of drought began to take hold of the industry. Brazil and Vietnam - two of the largest coffee-producing countries on the planet - have dealt with drought during 2024, dramatically reducing yields and increasing the prices of supplies that remain.
/jlne.ws/4iQJsXL
Qatar will 'stop' EU gas sales if fined under due diligence law; Energy minister warns Doha 'not bluffing' over hefty penalties in corporate sustainability directive
Andrew England in Doha and Alice Hancock - Financial Times
Qatar has threatened to stop vital gas shipments to the EU if member states strictly enforce new legislation that will penalise companies which fail to meet set criteria on carbon emissions, human and labour rights. Qatari energy minister Saad al-Kaabi told the Financial Times that if any EU state imposed non-compliance penalties on a scale referenced in the corporate due diligence directive Doha would stop exporting its liquefied natural gas to the bloc.
/jlne.ws/4iQWjcz
The New Climate Gold Rush: Scrubbing Carbon From the Sky
David Gelles and Christopher Flavelle - The New York Times
This summer, Bill Gates huddled in London with representatives of some of the world's wealthiest people, including the Amazon founder, Jeff Bezos, the SoftBank founder, Masayoshi Son, and Prince al-Waleed bin Talal of Saudi Arabia. They were evaluating their joint investments in companies that could help the world combat climate change. Among the businesses in their portfolio, four stood out as having a particularly audacious goal: They were working to strip carbon dioxide from the atmosphere, for a profit.
/jlne.ws/3P7xR9p
EU's Gold Standard for Green Bonds to Create New Market Segment; Alignment with rules necessary to market 'European green bond'; Strict criteria means only limited borrowers may use for now
Greg Ritchie - Bloomberg
The European Union's long-awaited rules for green bonds took effect over the weekend, though the strict criteria mean only a limited pool of borrowers may adopt them for now. The European Green Bond Standard is designed to help stamp out greenwashing in the burgeoning market for bonds that fund climate-friendly projects. Going forward, the EU says alignment with the rules is necessary if issuers want to market their debt as a "European green bond."
/jlne.ws/41PE414
Biden administration releases LNG export study, urging caution on new permits
Timothy Gardner - Reuters
/jlne.ws/4guAlug
Constrained South Africa Power Grid Curbs Green-Project Awards; Nation got 40 bids for solar projects, awarded eight; Grid capacity is 'binding constraint' on power, minister says
Ana Monteiro and Ntando Thukwana - Bloomberg
/jlne.ws/3BFAzQg
Russia aims to be global leader in nuclear power plant construction; Vladimir Putin's envoy says more than 10 units are being built in countries such as China, Iran and Turkey
Attracta Mooney and Alice Hancock - Financial Times
/jlne.ws/4gOZpfy
Methane pollution at US's biggest oilfield plunges after Biden crackdown; Emissions at Permian Basin of potent greenhouse gas declined 26% in 2023
Myles McCormick - Financial Times
/jlne.ws/4guh6ky
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Asset Management: the year that was; A look back at the five themes that dominated in 2024 - and our top scoops, interviews and longer reads
Harriet Agnew - Financial Times
BlackRock's shopping spree
BlackRock chief executive Larry Fink said in 2023 that he was on the hunt for "transformational" acquisitions. This year, the world's largest money manager came through in spades, striking three deals aimed at boosting the company in alternative assets. First up was a $12.5bn agreement to buy Global Infrastructure Partners in January, which vaulted BlackRock to second in the league tables for private infrastructure managers and brought on board entrepreneur Adebayo Ogunlesi and four of his partners. The deal also helped set the stage for BlackRock and Microsoft to combine forces on a $30bn fund to invest in artificial intelligence infrastructure.
/jlne.ws/4iIlDSd
Leading online retail brokerage tastytrade offers integration with TradingView
Tastytrade
Tastytrade, Inc., the online brokerage firm created by traders for self-directed investors, announces today that it now has a direct trading integration with the TradingView platform. Customers with a tastytrade account can now seamlessly connect to TradingView to enhance their trading experience with best-in-class charting and analytical tools.
/jlne.ws/4frap1q
Questions raised over business model of Goldman's ETF Accelerator; The platform secured its first client last year but the bank is now assessing long-term options
Steve Johnson - Financial Times
Goldman Sachs may have overestimated demand for its exchange traded fund platform and been hindered by its relatively high-cost base, industry figures believe. The bank has said it is assessing options for its ETF Accelerator, with a potential sale believed to be one possibility. Goldman's Accelerator launched in November 2022 and secured its first client in October 2023. It currently hosts 10 ETFs with combined assets of $4.1bn, including four funds operated by GMO and three by Brandes.
/jlne.ws/41IZxc7
Why BlackRock is shelling out $12bn for private credit shop HPS; World's biggest fund manager seeks to elbow its way into industry dominated by the likes of Apollo and Blackstone
Eric Platt and Antoine Gara - Financial Times
HPS Investment Partners could hardly be more different than its suitor, BlackRock. Whereas BlackRock, an $11.5tn powerhouse, is best known for investing clients' funds across huge swaths of public markets, HPS has earned a windfall on targeted bets in the private lending sector. BlackRock's more than $12bn deal for HPS earlier this month comes as the world's biggest asset manager is seeking to compete with groups such as Blackstone and Apollo, which are already deeply entrenched in a market widely seen as one of the next major battlegrounds in finance.
/jlne.ws/4fuTrzd
Hedge Funds Cut Nuclear Technology Exposure After 'Hard' Rally; Money managers remain positive about sector's long-term future as demand for clean energy picks up.
Sheryl Tian Tong Lee and Ishika Mookerjee - Bloomberg
Some hedge fund managers are sounding the alarm on overvalued nuclear power stocks and scaling back exposure after a stunning rally this year. Sydney-based Tribeca Investment Partners and Segra Capital Management in Palm Beach, Florida, are among funds that have recently trimmed bets on nuclear technology developers and utilities.
/jlne.ws/4iQJPS9
Hedge Funds From East Join Western Peers in Booming Mideast Hubs
Adveith Nair and Nishant Kumar - Bloomberg
Abu Dhabi has already drawn the likes of Brevan Howard Asset Management and Marshall Wace as it established itself as a burgeoning hub for hedge funds. Now, a new group of heavyweights are looking to join the mix. Hillhouse Investment Management and CPE - the Chinese firm formerly known as Citic Private Equity - have held early-stage talks on setting up offices in Abu Dhabi, according to people familiar with the matter. A representative for the city's financial freezone, ADGM, now expects two private equity firms from Asia to set up a base there shortly.
/jlne.ws/3ByLATw
Hedge Funds Pile Into Trades Dollar-Yen Will Rise as High as 165
David Finnerty - Bloomberg
/jlne.ws/41NCigV
'God Bless America' Fund Beats Political Rivals With 33% Gain
Saijel Kishan and Jeff Green - Bloomberg
/jlne.ws/3BG5dZQ
This team replicated the secret sauce of a winning hedge-fund strategy. Now any investor can try to copy it. A team of strategists at Verdad successfully replicated the performance of so-called 'pod shops' using a collection of actively managed ETFs and mutual funds available to any investor
Joseph Adinolfi - Market Watch
/jlne.ws/4gFzAyh
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | How AI is transforming the skills needed to be CEO
Ruth Umoh and Natalie McCormick - Fortune
The proliferation of AI is poised to transform the skills needed to reach the corner office, reshaping how leaders approach decision-making, strategy, and organizational dynamics. Aspiring CEOs will need a deep understanding of how to leverage technology to drive innovation and maintain a competitive edge. While they won't need to become experts in programming or algorithms, they must ask the right questions, interpret AI-driven insights, and understand the ethical and strategic implications of its use. Emotional intelligence will become even more critical as automation reshapes the workforce. CEOs must balance technological efficiencies with human considerations, fostering a culture that embraces change, mitigates fears about automation, and supports continuous learning. Visionary thinking will also be essential, as CEOs will need to anticipate AI-driven disruptions and adapt business models accordingly.
/jlne.ws/405HwDn
The darker side of Guy Hands' legacy; Terra Firma founder accused of raging at staff and making sexually inappropriate comments
Antonia Cundy and Caroline Binham - Financial Times
When Guy Hands announced he was stepping down as chair of Terra Firma last year, one of the UK's most tenacious dealmakers indicated he was starting a new, more-benevolent chapter. "Guy wants to change the focus of his life," the private equity firm said of its founder's plans to devote himself to philanthropy. While still controlling Terra Firma-backed businesses, such as property group Annington and McDonald's restaurants in the Nordics, Hands identified diversity, inclusion and mental health initiatives as his charitable aims.
/jlne.ws/408n0SX
Young people are rejecting work. Why? An increase in Neets, who are not in education, employment or training, exposes grievances about the labour market
Delara Zand - Financial Times
"I'm considering living in the wild, just trotting around the globe with little money," reads a post on a Reddit forum for Neets. "I was working [in] a retail store and the first few hours were OK, then I had to deal with customers," reads another. "I packed my bag and just left." In this forum, a community of 44,000 people from around the world share advice and discuss the challenges of being a Neet - an acronym for not in education, employment or training.
/jlne.ws/3BIZjHd
Compliance Wants to Go From Back-Office-Boring to Front-of-Mind Career Path; Many of those hiring for compliance jobs say they aim to raise the sector's profile in the minds of top early-career professionals
David Smagalla - The Wall Street Journal
Hiring good people for compliance departments is getting harder as young professionals increasingly gravitate toward business careers with more curb appeal. Many in the sector say it is a struggle to hire top early-career professionals, in part because of its emphasis on helping companies stay ahead of legal requirements. It is also a grind to recruit young professionals with the necessary mindset and skills for compliance work, employers say.
/jlne.ws/3P8b5xQ
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Invest in your social life like it's a 401(k): Older Americans share how loneliness and money are connected in retirement
Allie Kelly - Business Insider
More than 3,300 older Americans have shared their financial and other regrets with Business Insider. Some older adults said tight budgets and a lack of savings were contributing to loneliness. This is part of an ongoing series about older Americans' regrets. Taffi Ozenne has a few simple and inexpensive joys in her life. When she feels lonely, she counts them: a hot-fudge sundae at McDonald's ($3.79), a walk with her dogs (free), and the first puff of her cigarette ($9.63 for a pack) on a sunny afternoon in northern California. The 68-year-old repeats the list over and over. In those moments where I'm wishing I had a friend that I could do something with, I just gravitate toward my dogs and say, oh, I got two friends right here - let's go for a walk," she said.
/jlne.ws/3VTYfau
Donald Trump's transition team seeks to pull US out of WHO 'on day one'; Swift exit would remove global health body's main source of funds and damage its ability to tackle emergencies
Hannah Kuchler and Oliver Barnes - Financial Times
Donald Trump's transition team is pushing to pull the US out of the World Health Organization on the first day of the new administration, according to experts who warn of the "catastrophic" impact it would have on global health. Members of Trump's team told the experts of their intention to announce a withdrawal from the global health body on the president-elect's January 20 inauguration. The departure would remove the WHO's biggest source of funds, damaging its ability to respond to public health crises such as the coronavirus pandemic.
/jlne.ws/3ZHP9Pa
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Tycoon threatens international legal action against Bangladesh over 'destroyed' investments Move; Mohammed Saiful Alam could threaten Dhaka's pursuit of assets it claims were stolen under Sheikh Hasina
Owen Walker and Chris Kay - Financial Times
ne of Bangladesh's richest businessmen has launched a legal effort as a Singaporean citizen to recover losses he claims were caused by the Dhaka government freezing his assets and harming his investments following the ousting of former prime minister Sheikh Hasina. The action by Mohammed Saiful Alam, founder and chair of Bangladeshi industrial conglomerate S Alam, and his family could threaten the interim government's attempts to claw back billions of dollars it claims were diverted out of the country under the previous regime.
/jlne.ws/3VU2tPc
Norway's $1.7 Trillion Fund Adds Properties in the US
Kari Lundgren - Bloomberg
Norway's $1.7 trillion sovereign wealth fund paid $976.8 million to take full ownership of properties in three major US cities, doubling down on a view that prime office real estate remains a good bet in the longer term. "In a period of heightened dislocation in the office sector, we see this as an opportune moment to invest," Per Loken, the fund's global co-head of unlisted real estate said in a statement Monday.
/jlne.ws/4grv1YR
Bankruptcies, Suicides Rise as Japanese Struggle With Mounting Debt; Japan PM Ishiba Pledges Over $65 Billion Aid for Chip, AI SectorsScroll back up to restore default view.
Ayai Tomisawa - Bloomberg
Personal debt is overwhelming an increasing number of Japanese as higher interest rates and the rising cost of living bite. Consumer loans are rising at the highest rate in 16 years. Household borrowing exceeded incomes for the first time last year. And government officials are worried that many people accustomed to rock-bottom rates will struggle with their mounting loans.
/jlne.ws/4fzyC5A
South Korea Plans First Won-Denominated FX Bonds in 21 Years; Won-denominated FX bonds to be issued monthly from Jan. 24; Won dropped to a 15-year low this month on political, Fed woes
Hooyeon Kim - Bloomberg
South Korea aims to issue its first won-denominated foreign-exchange stabilization debt in more than two decades next month, according to a finance ministry official with direct knowledge of the plan. The government plans to sell up to 20 trillion won ($13.8 billion) of debt in 2025, with issuances planned once a month from January 24, said the person, who declined to be identified as the matter is private. The size of the monthly note hasn't been decided, the person added.
/jlne.ws/4071NZl
Chinese Investors Buy Record Amount of Hong Kong Stocks Via Link; Mainland traders bought HK$778 billion of stocks in the city; Alibaba, Bank of China were among the most bought shares
Bloomberg News
Mainland Chinese investors snapped up a record amount of Hong Kong stocks as they ramped up exposure to risk assets in the city amid a revival of animal spirits and a weakening yuan. Traders in Shanghai and Shenzhen bought HK$778 billion ($100 billion) of stocks in the financial hub this year through Dec. 20, the highest annual amount since trading links with the city opened in 2016, according to Bloomberg-compiled data. Shares in Alibaba Group Holding Ltd., Bank of China Ltd. and China Mobile Ltd. were among the most purchased.
/jlne.ws/4grxAdr
Qatar will 'stop' EU gas sales if fined under due diligence law; Energy minister warns Doha 'not bluffing' over hefty penalties in corporate sustainability directive
Andrew England and Alice Hancock - Financial Times
Qatar has threatened to stop vital gas shipments to the EU if member states strictly enforce new legislation that will penalise companies which fail to meet set criteria on carbon emissions, human and labour rights. Qatari energy minister Saad al-Kaabi told the Financial Times that if any EU state imposed non-compliance penalties on a scale referenced in the corporate due diligence directive Doha would stop exporting its liquefied natural gas to the bloc.
/jlne.ws/3DDRmnc
South Africa Retains Preferential US Market Access for 2025; US lawmakers have criticized Pretoria over Ukraine, Israel; House in June passed bill for US-South Africa relations review
Ana Monteiro - Bloomberg
South Africa will retain its preferential access to the US markets for its goods in 2025 despite strained relations between the countries. After undertaking an annual review of which nations are allowed to enjoy duty-free access to the world's biggest economy under its African Growth and Opportunity Act, Washington left its list of eligible and ineligible nations unchanged for next year, the Office of the US Trade Representative said in a statement Sunday.
/jlne.ws/3DvOCIL
What's Behind the Meltdown in Brazil; A fiscal reform disappoints investors while the courts take sides in politics.
Mary Anastasia O'Grady - The Wall Street Journal (opinion)
Investors piled out of Brazil last week, sending its currency, the real, to historically low levels and country risk soaring. Brazilian stocks plummeted. The panic came after months of deterioration in the outlook for the Brazilian fisc. Reuters reported on Wednesday evening that the dollar-denominated MSCI Brazil index had "fallen more than 30% since the start of the year." The trigger for the most recent round of selling in the world's ninth-largest economy was a watered-down tax and spending package that fell far short of what's needed to close a gaping hole in the budget. With a nominal deficit of 9.5% of gross domestic product, more than double what it was when President Luiz Inácio "Lula" da Silva took office two years ago, and no credible plan to right-size it, Brazil faces a deep fiscal crisis.
/jlne.ws/49RbVIW
Panama's Leader Takes Up Feud With Trump Over Canal Control
Richard Macauley - Bloomberg
Good morning. Panama's president rejects Donald Trump's threat over control of its famous canal. Euro-area growth forecasts are being dialed back. And Apple may take on Amazon with a new home device. Listen to the day's top stories. Panama President José Raúl Mulino rebuffed Donald Trump's threat to reimpose US control over the Panama Canal, saying its shipping tolls aren't inflated and that its sovereignty isn't negotiable. Trump responded: "We'll see about that!" Read more about how the president-elect is upending global politics even before he takes office.
/jlne.ws/4fFjAM0
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| Auditions | | Explore a space for creative trading stories where you can find and share unique works like screenplays, television scripts, poetry, and more, all inspired by the world of finance and trading. | NT. MIKES MOTHERS APARTMENT
Mike and his mother sip coffee at the kitchen table. Mike has a pen in his hand and is drumming on the table. He turns around and looks at the door.
MOTHER
Why so jumpy? My coffee's not that strong.
MIKE HARRIS
Nothing Ma. Just excited to get started.
MOTHER
So, what's in Chicago that's important enough to make you leave me here all alone?
MIKE HARRIS
C'mon ma. You know, it's been my lifelong dream to be a trader. I'm heading to Chicago to work at the Chicago Board of Trade. It's a once in-a-lifetime opportunity
MOTHER
Please stay. Who's going to visit me?
Mike reaches across the table and holds his mothers hands.
MIKE HARRIS
I can't mom. I have to get going,
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