| June 28, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Yesterday Chicago was blanketed with smoke from the Canadian wildfires. I went downtown yesterday and wore a mask in my truck and while I was outside walking, a reverse of wearing one inside due to concerns over Covid-19. The smoky smell permeated the city and the sun was an orange ball in the sky on my drive home, as it was covered by the wildfire smoke. The New York Times has a story about the wildfire smoke coming to Chicago and the Midwest. Chicago yesterday had the worst air quality of any city in the world and the air quality level was classified as "unhealthy," Crain's Chicago Business reported.
The world's largest food company, Nestle SA, is abandoning pledges made on behalf of major brands including KitKat and Perrier to become carbon neutral. Nestle joins firms like EasyJet Plc and Gucci owner Kering in backing away from carbon offsetting to meet zero emission targets, Bloomberg reports. Despite abandoning carbon offsets, Nestle is still committed to netzero 2050.
On Friday at the annual City Against MND Cricket Day, 33K pounds were raised for the MND Association for vital research. You can still donate HERE. I did not see an update on who won the The David Setters Cricket Trophy 2023.
Blockchain often bills itself as a trustless system, depending on software instead of intermediaries to ensure trust in transactions and the system. On the other hand, our markets are built on trust. Just ask Walt Lukken, FIA's president and CEO. His opening speech at IDX was titled "Trust is foundational to open and accessible markets." I am with Walt. I put a lot of trust in our markets and in him.
Clive Furness announced on LinkedIn that he is starting a new position as chief executive officer at The Contango Hedge Company. He was interviewed by Julie Ros at IDX and we will have that video interview soon. He was also interviewed by JLN at the last FIA EXPO in Chicago about the Contango Hedge.
The NovaNews June issue from NovFori is out, bringing you insights on B2B marketplace innovations and tech advances spanning AI, sustainability, digital transformation and more.
Bloomberg reports that the price of pre-owned luxury watches from Rolex and Patek has hit a two-year low, amid slowing economies and the crash in cryptocurrency prices.
But then maybe people are saving their money to pay for art. Bloomberg also reported that a portrait by Gustav Klimt sold at auction at Sotheby's in London for a record $108 million, becoming the most valuable artwork to sell at auction in Europe.
I published three short video snippets from my interview with MarkIV broker Mark LeeMaster for the story The Smart Confirm Trading Floor Renaissance Is Bringing New Life To The CME Trading Floor. You can see the video snippets HERE, HERE, and HERE of Mark talking about the advantage of the Smart Confirm technology, which has been adopted by half the SOFR options broker groups since the floors reopened and has helped trading floor volumes grow from less than 50% to a current 67%.
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 top three stories in JLN Options yesterday were: Spider Rock's Annabelle Baldwin on Block Trading Tools, a New Options Platform, Becoming an ATS, and Options on Futures and The Smart Confirm Trading Floor Renaissance is Bringing New Life to the CME Trading Floor and Crypto volatility, options expirations create perfect storm. ~JB
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Lule Demmissie, U.S. CEO for eToro, to new users: frequent risks in smaller increments is a magic combination
JohnLothianNews.com
Lule Demmissie is the U.S. CEO of eToro, a global social trading platform with 32 million users in 100 countries. Demmissie says: "Think of it as Twitter and then on top of it a trading system and then on top of that a place for people to practice." Social engagement drives the platform. When users log in, they see a broad feed of user thoughts on the assets, markets and investing. As users navigate to each asset, they gain access to a unique feed that presents user posts related to that specific offering. People can trade crypto, stocks, ETFs and options, the latter made possible by eToro's recent acquisition of Gatsby, a commission-free options trading app. Futures could be a possibility someday.
Watch the video »
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Some Wall Street Interns Are Raking in $120 an Hour This Summer; Wages have increased for summer jobs in finance as the industry tries to get young talent in the door.
Paulina Cachero - Bloomberg
Interns at Wall Street firms are getting bigger paychecks this year, as the finance industry seeks to attract more young people disillusioned by layoffs in tech. For finance jobs across the US, median intern pay jumped 19% at 16 top firms studied by Levels.fyi, which analyzes compensation data submitted by users. The bump was even higher at hedge funds and prop-trading firms, where hourly pay surged 29% year-over-year to $111, or $4,400 before taxes for a 40-hour week, according to the company.
/jlne.ws/3XsgAuK
****** Where do I sign up?~JJL
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Huge New York landlord admits Fridays in the office are 'dead forever' - and Mondays are 'touch-and-go'
Lakshmi Varanasi - Business Insider
It looks like we're never going back to the office full-time - at least not every day of the week. One of New York's biggest private landlords, Vornado Realty Trust, is betting on hybrid work being here to stay. The firm's chairman, Steven Roth, told investors recently that office work on Fridays is likely "dead forever." Even Mondays, he said, are "touch-and-go," The Wall Street Journal reported Tuesday.
/jlne.ws/43avqaI
****** When the smoke from Canada forces companies to move to Florida, the landlord won't even have Tuesday to Thursday.~JJL
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The tech sector's free pass must be cancelled; Ignoring AI is the wrong response to ethical and social questions about it
Margaret Heffernan - Financial Times
How has the tech sector got away with exceptionalism for so long? Whenever the harmful effects of a new technology emerge, the loudest clamour opposes regulation, arguing that it would strangle innovation and that the engineering is too complex for legislation. The costs may indeed be high - loss of trust, the degradation of democracy, the rising death toll of adolescents - but regulation would be a sacrilege against the crusade for knowledge and economic growth. Or so the argument goes. Even when apostate pioneers in artificial intelligence warn vociferously against its dangers, an equal and opposite cohort (sometimes even including the same voices) argues that the technology is too young to be constrained, that there isn't yet sufficient evidence of harm and that business can be trusted to do the right thing.
/jlne.ws/46nrZQx
****** What is the relationship between a lack of regulation for key high growth sectors and profits from Congressional stock trading? Profits are arguably greater with lower regulation.~JJL
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Libor's Demise Means No More Rigging, But Less Flexibility; The interest rate once dubbed the most important number in finance finally dies this week.
Marcus Ashworth - Bloomberg
A seminal event occurs at the end of this week: Dollar Libor will finally die. The big question is does its replacement, the Secured Overnight Financing Rate, make the global financial system safer, or just exposed to different risks? The London interbank offered rate, set daily by panels of banks, was once dubbed the most important number in finance. It was a suite of borrowing costs, covering a range of maturities for the world's major currencies. Hundreds of trillions worth of everything was tied to Libor, from floating-rate notes to residential mortgages to auto loans.
/jlne.ws/3NqALEV
***** No more rigging? Dear Marcus, you lack a certain imagination.~JJL
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Climate Risk a Major Challenge for Insurance Industry, Treasury Says; Agency says state regulators need to build on their so-far 'limited' efforts at getting the industry to address climate change-related risks
Richard Vanderford - The Wall Street Journal
Climate-related risks are becoming an increasing challenge for insurers, the U.S. Treasury Department said, urging state regulators to step up their so-far "limited" efforts to address the issue. Insurers face a host of risks, from increased litigation to reputational harm, associated with climate change, but the response from regulators remains in its early stages, the Treasury Department's Federal Insurance Office said in a report published Tuesday.
/jlne.ws/3r1iSox
***** If you want to know where the tip of the spear for climate risk is, look no further than insurance companies.~JJL
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Tuesday's Top Three
Our top story on Tuesday was the Bloomberg obituary, Businessman James Crown Killed in Racetrack Accident in Colorado at Age 70. Second was Bloomberg's FTX Lied to Banks About Commingled Funds, Management Alleges. And third was French Riviera Mansion of Long-Dead Russian Tycoon Put on Block, again from Bloomberg.
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MarketsWiki Stats
27,350 pages; 245,465 edits
MarketsWiki Statistics
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| Lead Stories | AI Frenzy Draws Hordes to Private Markets in Industry Gold Rush; Pre-IPO shares of AI and machine-learning startups in vogue; Investors are bidding up OpenAI and Anthropic, Rainmaker says
Yiqin Shen and Bailey Lipschultz - Bloomberg
The buzz around artificial intelligence has investors snapping up shares of startups on alternative venues, looking to find the next wave of technology giants before they even go public. AI and machine learning have remained the most in-demand sectors every month this year, accounting for 25% to 30% of investor interest, according to EquityZen Securities Inc., a marketplace for privately held shares. On Rainmaker Securities, a platform that facilitates secondary stock transactions for private businesses, investors are paying up for shares of companies like OpenAI and Anthropic, startups that are seen as leading the pack in AI.
/jlne.ws/46p4KFS
Bitpanda Pro Spinout Raises EUR30 Million Led by Thiel's Valar; One Trading is seeking official MiFID trading venue license; Crypto shake-ups spur firms to toughen their regulatory base
Anna Irrera - Bloomberg
Peter Thiel's Valar Ventures has led a EUR30 million ($33 million) investment in a company created from the spinout of Bitpanda Pro, helping fill a gap in Europe for a regulated marketplace for crypto derivatives. The independent platform is called One Trading and has applied to the Dutch financial watchdog for a trading venue license under the Markets in Financial Instruments Directive. Thiel already backs the exchange's former parent, Vienna-based Bitpanda GmbH.
/jlne.ws/3NR7iVV
FIA welcomes EU-UK MoU on regulatory cooperation in financial services
FIA
FIA welcomes the signing of the Memorandum of Understanding (MoU) between the EU and UK on regulatory cooperation in financial services. "Cleared derivatives markets are truly global and know no boundaries, so FIA is pleased to see this MoU as a tangible sign of the commitment between the EU and UK to work together and usher in a renewed era of cooperation," said FIA President and CEO Walt Lukken.
/jlne.ws/3Ny76tc
Speculation mounts that BlackRock bitcoin ETF will get green light; SEC has so far only approved funds based on the cryptocurrency's futures, rejecting applications for 'spot' product
Steve Johnson - Financial Times
Speculation is mounting that BlackRock may be in sight of ending a decade-long embargo on spot bitcoin exchange traded products in the US. Dozens of asset managers have applied to launch such a fund in the world's largest investment market since the Winklevoss twins, the entrepreneurs and Olympic rowers, made the first filing in 2013, when bitcoin was trading at about $1,000.
/jlne.ws/3PRdajF
Nestle Puts KitKat Carbon Neutrality in Greenwashing Graveyard; Nespresso maker joins EasyJet, Gucci renouncing carbon offsets; Critics say 'carbon neutral' claims can mislead consumers
Dasha Afanasieva - Bloomberg
Nestle SA has abandoned pledges to make major brands including KitKat and Perrier carbon neutral, joining a nascent corporate pushback against programs that let polluters compensate for their own greenhouse gas emissions by investing in efforts to reduce them elsewhere. The world's biggest food company joins airline EasyJet Plc and Gucci owner Kering in backing away from so-called carbon offsetting as a way to meet net zero emissions targets.
/jlne.ws/3Xr6o5L
The case for a digital euro; While many harbour concerns over privacy, having a new way to pay throughout the eurozone would definitely help consumers
Mairead McGuinness - Financial Times
During the Covid pandemic, I returned to Belgium from Ireland only to discover that I had left my wallet behind. After the usual panic, I realised that I wouldn't have any trouble buying groceries or making other payments. I didn't have cash and I didn't have my credit or debit cards - but I did have the digital wallet on my smartphone. Everyday finance has gone digital in just a few years. It's been a gradual yet profound evolution, accelerated by the pandemic. Forget your wallet, like I did? Use your smartphone or your smartwatch. Splitting a bill? Scan a QR code on a friend's phone to pay them back. Shopping online? Choose from myriad different options to pay.
/jlne.ws/3r3gtd8
What's next on the road from Paris to Dubai for climate finance; Pressure moves to a series of major meetings over the next six months leading to COP28
Attracta Mooney and Kenza Bryan - Financial Times
President Emmanuel Macron's two-day summit in Paris involved 40 world leaders, a concert headlined by Billie Eilish and a plan to overhaul the world's financial system to tackle climate change and poverty - and left plenty of work for a hectic negotiations schedule leading up to the UN COP28 summit in Dubai.
/jlne.ws/44ocuGc
UBS Preparing to Cut Over Half of Credit Suisse Workforce; Job cuts to begin in July, with two more rounds in the Fall; Credit Suisse trading, investment bank to be hit hardest
Marion Halftermeyer, Laura Benitez and Myriam Balezou - Bloomberg
UBS Group AG is planning to cut more than half of Credit Suisse Group AG's 45,000-strong workforce starting next month as a result of the bank's emergency takeover. Bankers, traders and support staff in Credit Suisse's investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts, with almost all activities at risk, people familiar with the matter said.
/jlne.ws/3PCn20i
New York Is Buying a Supercomputer to Understand and Regulate AI; The DFS is adding AI equipment and hiring professionals; Supercomputers are in high demand for cloud, AI tasks
Diana Li - Bloomberg
New York is seeking to procure a supercomputer to run artificial intelligence systems and gain a deeper understanding of the technology for more effective regulation. "When I say the DFS is looking at AI and machine learning it's not limited to how we evaluate private sector use of those tools," said New York Department of Financial Services Superintendent Adrienne Harris at the Point Zero Forum for financial regulation in Zurich. She said the state is looking to obtain the hardware and hire professionals to run the programs.
/jlne.ws/3XBucE3
Europe to Open Artificial Intelligence 'Crash Test' Centers
Sanne Wass - Bloomberg
The Europe Union is introducing "crash test" systems for artificial intelligence to ensure new innovations are safe before they hit the market. The trade bloc launched four permanent testing and experimental facilities across Europe on Tuesday, having injected EUR220 million ($240 million) into the project. The centers, which are virtual and physical, will from next year give technology providers a space to test AI and robotics in real-life settings within manufacturing, health care, agriculture and food, and cities.
/jlne.ws/46nx4bz
SBF'S Shopping List; The accused crypto scammer spent millions on everything from thought leaders and clubhouses to media investments and e-sports leagues.
Max Chafkin - Bloomberg
It will be up to the courts to decide whether Sam Bankman-Fried, who's been accused of orchestrating a multibillion-dollar fraud at the crypto exchange FTX, was a criminal or merely a poor businessman. SBF, whose story is the focus of a new podcast from Bloomberg and Wondery called Spellcaster, denies wrongdoing and is fighting the charges. What's clear, beyond any reasonable doubt, is that he and his inner circle didn't have the greatest taste. Here's a partial list of where their money went. All figures are from public disclosures or bankruptcy documents, unless otherwise noted. -With Zeke Faux, Hannah Miller and Annie Massa
/jlne.ws/3CQ00LR
FTX Begins Talks on Reboot as Managers Uncover Past Misconduct; Failed crypto company is in initial discussions with investors about relaunching its international exchange
Alexander Saeedy - The Wall Street Journal
FTX is moving ahead with efforts to revive its flagship international cryptocurrency exchange, even while its reputation continues to take a hit as new managers shed light on how they say nearly $9 billion in customer funds were stolen before the company's collapse last year.
/jlne.ws/3CNhcBM
US to Bathe in More Canadian Wildfire Smoke: Weather Watch; A column of smoke from the blazes, which continue to burn, has triggered air quality alerts in 11 US states.
Brian K Sullivan - Bloomberg
Another plume of smoke from the wildfires burning in Canada is headed across the Great Lakes into western New York, Pennsylvania and the US Midwest. Air quality alerts are already up in some parts of 11 American states, according to the National Weather Service.
/jlne.ws/3NPUW0a
Mandatory buy-ins to be a 'last resort' under CSDR refit plans; Buy-ins to be a last resort, T+1 to be explored, and CSDs to be pleased to see financial and regulatory burdens reduced as part of drive to improve settlement efficiency.
Jon Watkins - The Trade
The European Council has reached a provisional agreement with the European Parliament during trilogue negotiations on a widely anticipated update to the rules on central securities depositories (CSDs).
/jlne.ws/3Ny6i7E
EMS adoption rising among fixed income traders as regulatory burdens intensify, claims report; Access to liquidity from multiple sources in a single blotter is the main benefit of an execution management system (EMS) in electronic fixed income trading, according to survey.
Claudia Preece - The Trade
The adoption of EMS for fixed income trading is expected to rise, spurred by time constraints and increased regulatory burdens, according to a report from Coalition Greenwich and TS Imagine. The findings are aligned with The TRADE's own EMS survey findings which have seen increasing numbers of responses from fixed income traders in recent years.
/jlne.ws/3PzRats
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Why the EU is split over raiding Russian assets; Some European capitals think diverting interest from Russia's frozen assets will dent confidence in the euro
Sam Fleming in Brussels, Martin Arnold in Berlin and Philip Stafford - Financial Times
Russian money trapped in Europe's financial system is expected to throw off interest worth several billion euros a year. The problem: there is no agreement on what to do with it. The European Commission has promised detailed proposals within weeks to divert the proceeds to support rebuilding Ukraine, part of a longstanding effort to make Russia pay for the destruction of the war.
/jlne.ws/3JBvPvB
Ukraine says 'main event' in counteroffensive still to come; Defence minister argues Wagner insurrection in Russia will encourage further western support for Kyiv
Roman Olearchyk - Financial Times
Ukraine has hit back at doubters over the progress of its summer counteroffensive, insisting recent modest gains against Russian occupiers were merely a "preview" of a much bigger push to come. Oleksiy Reznikov, Ukraine's defence minister, told the Financial Times that the liberation of a group of villages under Russian occupation in recent weeks was "not the main event" in Kyiv's planned attack.
/jlne.ws/46E0ylV
Putin Claims He's Back in Control. Russia's Elite Isn't So Sure; Mutiny showed Putin's control of events weakened, people say; Many insiders still say they see no alternative to Putin
Bloomberg News
Vladimir Putin tried this week to show he was firmly in control after the dramatic attempted mutiny by mercenary commander Yevgeny Prigozhin. But among the Kremlin and business elite, many powerful players aren't buying it.
/jlne.ws/3ptlwD9
What Wagner's Mutiny Means for Its Sprawling Business Empire; The Russian mercenary group's commercial network in the Central African Republic is set to come under pressure.
Simon Marks and Stephanie Baker - Bloomberg
The two men, rifles strapped to their backs, huddle together in the grass. Bright flashes appear in their hands - Molotov cocktails, which they hurl high over a barbed wire fence toward stacked red crates of beer. Plumes of smoke fill the air. The fire that ensued destroyed some 50,000 beer bottles at a brewery owned by French alcohol giant Castel in Bangui, the capital of the Central African Republic. Officials from two Western governments that have reviewed the closed-circuit footage, obtained by Bloomberg News, believe that the perpetrators belong to the Wagner Group, according to people familiar with the situation.
/jlne.ws/3r77CHn
Switzerland Rejects Sale of Leopard 1 Tanks Bound for Ukraine
Bastian Benrath - Bloomberg
Switzerland blocked arms maker Ruag AG from selling almost 100 tanks in a deal that would have seen them used by Ukraine in its war with Russia. The government said the request is "inconsistent with applicable law," noting that Switzerland is a neutral country which can't approve sales of arms bound for an active conflict zone. Ruag said it acknowledged the decision, but declined to comment further when contacted by Bloomberg.
/jlne.ws/3XvAYel
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | HKEX's New IPO Settlement Platform, FINI, To Launch In October
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Wednesday) pleased to announce the launch of FINI, its innovative IPO settlement platform, in October this year. FINI is a major HKEX initiative that will significantly shorten the time between the pricing of an IPO and the trading of shares from five business days (T+5) to two business days (T+2). FINI will modernise and digitalise Hong Kong's IPO settlement process, driving efficiency and supporting the long term development of Hong Kong as a capital raising centre.
/jlne.ws/4328dXW
Capitolis set to connect to LCH's FX Smart Clearing solution; Following roll-out, Capitolis plans to add additional banks into future FX Smart Clearing exercises.
Claudia Preece - The Trade
Tech firm Capitolis has announced plans to connect to LCH's FX Smart Clearing solution in order to optimise processes and save banks from increased costs arising from the Standardised Approach to Counterparty Credit Risk (SA-CCR).
/jlne.ws/438J3H3
The art of informed timing and patience steers UCT team on a winning sail for the monthly JSE Investment Challenge prize
JSE
Understanding market unpredictability, alert responsiveness, and the art of right timing. These are some of the key insights Savannah Cohen - who is part of a team of four students from the University of Cape Town - attributes to having been invaluable in helping them clinch top spot in the JSE Investment Challenge's Exchange Traded Funds (ETFs) and Exchange Traded Notes (ETNs) university category for the month of May.
/jlne.ws/3NR5QCY
Nasdaq Welcomed 60 IPOs in the First Half of 2023; Secured an 88% Win-Rate for Listings in the U.S. Market; Two of the Three Largest Operating Company IPOs by Proceeds Raised Listed on Nasdaq
Nasdaq
Nasdaq (Nasdaq: NDAQ) announced today that in the first half of 2023, it welcomed 60 initial public offerings (IPOs), raising a total of $3.71 billion. A total of 46 operating companies and 14 SPACs listed on Nasdaq during the first six months of 2023, representing an 88% win rate in the U.S. market, and extending Nasdaq's leadership to 38 consecutive quarters. In addition to the IPOs, 4 companies transferred their corporate listing to Nasdaq. Additionally, Roper Technologies announced their intention to transfer their corporate listing to Nasdaq, representing $48 billion in market cap.
/jlne.ws/3PCymtk
Keynote Address by Loh Boon Chye, CEO, SGX Group, at 9th Annual Conference of the Principles 2023
SGX Group
1. Ms Indranee Rajah, Minister in the Prime Minister's Office, Second Minister for Finance and Second Minister for National Development, ladies and gentlemen, good morning. Thank you to ICMA for organising this event in Singapore. Asia is an important part of the transition equation
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Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montreal Exchange Closed for Canada Day
Toronto Stock Exchange
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montreal Exchange will be closed on Monday, July 3, 2023, for the Canada Day holiday. The Exchanges will re-open and resume regular trading hours on Tuesday, July 4, 2023.
/jlne.ws/3NOstIi
Moscow Exchange starts calculating the RUSFAR CNY real time indicator
MOEX
Starting July 3, 2023, the Moscow Exchange is updating the methodology for calculating the cost indicator for attracting and placing liquidity in Chinese yuan RUSFAR CNY and starts calculating an additional indicator RUSFAR CNY real time.
/jlne.ws/42Zn7hD
CNY deposits became available in the M-Deposits segment and on the MOEX Treasury platform
MOEX
The Moscow Exchange has provided an opportunity for money market participants to place and raise funds in Chinese yuan in the M-Deposits segment and on the MOEX Treasury platform. Operations for up to one year are available to clients.
/jlne.ws/3NOKjuM
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Gaming industry puts generative AI to the test; Unity and NetEase say latest technology can make games more realistic and cheaper to make
Tim Bradshaw - Financial Times
The potential of artificial intelligence to transform the video games sector will be put to the test as two of the biggest industry players this week introduce products imbued with the latest technology. Video game makers are hoping to cut their multimillion-dollar budgets by adopting AI development tools that can generate dialogue, characters and landscapes. From the players' point of view, the technology promises to improve their gaming experience as they interact with more lifelike characters and dynamic storylines.
/jlne.ws/3Nqyc5L
CAB Payments targets £850mn valuation in rare bright spot for European IPOs; Shares in Italian luxury yachtmaker Ferretti rise after additional listing in Milan
George Steer - Financial Times
Fintech group CAB Payments said it was targeting an £850mn valuation in one of London's biggest initial public offerings so far this year, in a rare sign of life for Europe's moribund market for listings.
/jlne.ws/443de3Z
Fintech Firm Innoviti Seeking Funds at $350 Million Value, Sources Say; Startup plans to raise $25 million in new funding round; Early investors may tag along and sell some stakes as well
Baiju Kalesh - Bloomberg
Innoviti Technologies Pvt Ltd. is weighing a new funding round that could value the Indian fintech startup at around $350 million, according to people familiar with the matter.
/jlne.ws/431VzrR
Wavelabs to offer modular version of eLiSA EMS AI-based analytics tools to traders; Traders using EMSs from other vendors will now have access to eLiSA's analytics in modular format including its artificial intelligence based fair value calculator for bonds.
Annabel Smith - The Trade
Wavelabs has opened up its eLiSA execution management system (EMS) to non-users with modular versions of the system's analytics products, The TRADE can reveal. Traders using EMS from other vendors or simply looking to access analytics modules included within eLiSA as a standalone product can now do so.
/jlne.ws/3XwPbIk
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| Cybersecurity | | Top stories for cybersecurity | Fears grow of deepfake ID scams following Progress hack; Sensitive nature of stolen material leads experts to think hackers might seek to do more than extort companies
Mehul Srivastava - Financial Times
When Progress Corp, the Massachusetts-based maker of business software, revealed its file transfer system had been compromised this month, the issue quickly gathered global significance. A Russian-speaking gang dubbed Cl0p had used the vulnerability to steal sensitive information from hundreds of companies including British Airways, Shell and PwC. It had been expected that the hackers would then attempt to extort affected organisations, threatening to release their data unless a ransom was paid.
/jlne.ws/46nYI8r
Hacking Group Says It Attacked Microsoft for Sudan. Experts Say Russia's Behind It; 'Anonymous Sudan' is promoting Russia's interests in an escalating campaign of cyberattacks against Sweden, Israel and the US, researchers say
Jordan Robertson and Ryan Gallagher - Bloomberg
A hacking group responsible for a series of outages at Microsoft Corp. earlier this month had spent the previous months attacking targets in Israel, Sweden and other nations, part of an expanding campaign that some cybersecurity researchers have tied to Russia.
/jlne.ws/3PztxkE
Cybersecurity is the most common IT expense
Lewis Maddison - Yahoo
It appears that businesses are finally heeding the advice of experts and taking their cybersecurity seriously, as levels of investment soar to new heights. Research from NordLayer revealed cybersecurity is the most popular category in IT spending, with two-thirds (66%) of firms purchasing such solutions and services in 2023 so far, with 57% also spending money on cybersecurity training. What's more, most UK companies have in-house cybersecurity specialists, and only 22% outsource these services.
/jlne.ws/3Jzhm3o
MIT researchers devise a way to evaluate cybersecurity methods
Adam Zewe - MIT News
A savvy hacker can obtain secret information, such as a password, by observing a computer program's behavior, like how much time that program spends accessing the computer's memory. Security approaches that completely block these "side-channel attacks" are so computationally expensive that they aren't feasible for many real-world systems. Instead, engineers often apply what are known as obfuscation schemes that seek to limit, but not eliminate, an attacker's ability to learn secret information.
/jlne.ws/3JA95MI
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| Cryptocurrencies | | Top stories for cryptocurrencies | EU Moves Ahead With Push to Create Digital Euro for Payments
Jorge Valero - Bloomberg
The European Union's executive arm offered its vision for a digital euro that would facilitate payments but not serve as an investment tool. The bloc proposed a legal framework Wednesday for a digital currency that would operate like a digital wallet, but is leaving most of the details up to the European Central Bank.
/jlne.ws/44el9eA
ClearToken Aims to Add Regulated Digital Asset Infrastructure
Shanny Basar - MarketsMedia
Nomura's digital assets subsidiary has invested in ClearToken, a startup that is launching a clearinghouse for spot digital assets, as institutional investors believe confidence in the infrastructure that underpins the trading process is a key enabler for growth.
/jlne.ws/3pme8cL
Nevada Files to Place Crypto Custodian Prime Trust Into Receivership; Petition follows cease-and-desist order halting deposits and withdrawals
Vicky Ge Huang and Caitlin Ostroff - The Wall Street Journal
A Nevada regulator filed a petition to place crypto custodian Prime Trust into receivership, pointing to a shortfall of roughly $83 million in customer funds.
/jlne.ws/3r6m3ve
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| Politics | | An overview of politics as it relates to the financial markets | US weighs tougher restrictions on AI chip exports to China; Semiconductor makers Nvidia and AMD could be hit by update of controls introduced in October
Demetri Sevastopulo - Financial Times
The Biden administration is contemplating new export controls on chips for artificial intelligence, as Washington increases its efforts to make it harder for China to obtain technology with military applications.
/jlne.ws/431ZGnS
Politicians Are Trying a New Fundraising Approach: Honesty; Candidates try to overcome donor fatigue by leveling with them; Frantic tone, frequency of emails for cash turn off recipients
Bill Allison - Bloomberg
A major fundraising deadline this week has campaigns flooding supporters' inboxes with frantic appeals for cash and some candidates trying a new tactic to stand out - transparency. The heavy use of email fundraising, which helped campaigns such as former President Donald Trump's reach grassroots supporters, has become a less effective approach for raising money as weary donors ignore repeated email blasts warning of dire consequences if they don't give.
/jlne.ws/3JXKFNt
Thames Water's Debt Woes Raise Specter of UK's Energy Crisis; Utility holds billions of debt as it faces talks on future; Cost of nationalization would be passed to taxpayers
Todd Gillespie, Priscila Azevedo Rocha and Irene Garcia Perez - Bloomberg
The UK is facing a potential water sector crisis as it considers a temporary takeover of Thames Water Ltd, a rare move that was used for the first time during the recent energy crunch to protect customers of a failing supplier.
/jlne.ws/3r75G1D
Oxford-Educated Brexiteers Lose Again as #MeToo Claims Odey; In the worlds inhabited by BoJO and CrisO, the rules didn't apply to them. Until they did.
Matthew Brooker - Bloomberg
The unraveling of British financier Crispin Odey's hedge fund empire contains many resonances. It's a MeToo wake-up call that underlines how far women remain from securing equal treatment in the City of London. It's also a reminder of how investment is a people business that is perpetually vulnerable to reputational damage - no matter how smart the principals may be in playing the markets. Odey's three-decade-old firm imploded within days after sexual assault allegations, which he denies, led to the founder's ouster, the desertion of business partners and a scramble to find alternative homes for its funds.
/jlne.ws/4370A2q
Once-Bold UK Is Now a Laggard in Climate Fight; Britain used to lead the battle to curb emissions. Not any more.
Lara Williams - Bloomberg
Once upon a time, the UK was a climate champion, setting the pace in tackling the world's most urgent crisis. But the current administration is squandering that lead and putting Britain's global standing at risk as other nations move ahead with bold, economy-shaping climate policies. It'll soon be too late to make up lost ground.
/jlne.ws/44qA5WZ
The last Brexit deal? Gibraltar fears a hard border with Spain; A power struggle in Madrid threatens to dash the UK territory's hopes for a golden age of closer ties with the EU
Barney Jopson - Financial Times
/jlne.ws/3Xqahbf
Norway Approves More Than $18 Billion of Oil and Gas Projects
Stephen Treloar - Bloombewrg
/jlne.ws/442HxHR
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| Regulation & Enforcement | | Stories about regulation and the law. | U.S. Sanctions Wagner's Gold and Diamond Mining Operations; Measures follow WSJ investigation of Russian paramilitary group's global expansion
James V. Grimaldi and Ian Talley - The Wall Street Journal
The U.S. government imposed sanctions Tuesday on the gold and diamond operations of the paramilitary group Wagner in an attempt to undercut the funding of the Russian organization that has dispatched tens of thousands of soldiers to the war in Ukraine.
/jlne.ws/3NrHRJf
CFTC Announces Second Voluntary Carbon Markets Convening on July 19
CFTC
Commodity Futures Trading Commission Chairman Rostin Behnam today announced the second voluntary carbon markets convening will be held on Wednesday, July 19 at 11:30 a.m. at the CFTC's Washington, D.C. headquarters.
/jlne.ws/440xseC
Statement of Commissioner Christy Goldsmith Romero: The Role of Copper and Other Metals in the Electrification of America
Energy and Environmental Markets Advisory Committee, Weber County, Utah
CFTC
Good morning. I am pleased to be back in Utah for this meeting of the Energy and Environmental Markets Advisory Committee. I want to thank Commissioner Mersinger for her sponsorship of EEMAC, and her staff and Lauren Fulks for coordinating this event. Utah will always hold a special place in my heart. I went to law school at Brigham Young University, had a baby, raised my children when they were young, practiced law in Salt Lake City, two of my children attended the University of Utah, and I met my wife here. I have skied and hiked Utah mountains; fished, kayaked, and sailed on Utah waterways; and camped under Utah stars.
/jlne.ws/3r5viMc
Opening Statement of Commissioner Summer K. Mersinger before the Energy and Environmental Markets Advisory Committee
CFTC
I want to welcome you all to Roy, Utah and thank our host, the Weber County Public Library, for the opportunity to hold this meeting of the CFTC's Energy and Environmental Markets Advisory Committee (EEMAC).
/jlne.ws/3CRxCZY
Opening Statement of Commissioner Caroline D. Pham before the Energy and Environmental Markets Advisory Committee
CFTC
I'm pleased to welcome today's meeting of the Energy and Environmental Markets Advisory Committee (EEMAC), its third under the sponsorship of Commissioner Mersinger. I want to thank Commissioner Mersinger and EEMAC Secretary Lauren Fulks for highlighting important issues out west, since I'm a native Californian.
/jlne.ws/433hBe1
Request for Comment on Derivatives Clearing Organization Risk Management Regulations to Account for the Treatment of Separate Accounts by Futures Commission Merchants
NFA
Dear Mr. Kirkpatrick:
National Futures Association (NFA) appreciates the opportunity to comment on the Commodity Futures Trading Commission's (CFTC or Commission) proposed amendments to Commission Regulation 39.13 regarding derivatives clearing organization (DCO) risk management regulations. The proposed amendments would allow a DCO to permit clearing futures commission merchants (clearing-FCMs) to treat the separate accounts of a single customer as accounts of separate entities for purposes of Commission Regulation 39.13(g)(8)(iii), provided the clearing-FCM's written internal procedures permit it to do so and the DCO requires the clearing-FCM to comply with specified conditions set forth in the proposed regulations.
/jlne.ws/3XvvIr6
SEC Settles Case Against Two Former Lawyers for Scheme to Create False Opinion Letters
SEC
On June 26, 2023, the U.S. District Court for the Southern District of New York entered final judgments against Richard J. Rubin and Thomas J. Craft, Jr., two former attorneys, in a civil action in which the SEC charged them for their role in a fraudulent legal opinion letter scheme to facilitate the sale of millions of shares of microcap securities to retail investors. The final judgments resolve the SEC's case against Rubin and Craft.
/jlne.ws/44kovwh
SEC Charges Former MusclePharm Executives with Accounting and Disclosure Fraud
SEC
The Securities and Exchange Commission today filed a settled complaint charging Las Vegas-based nutritional supplement company MusclePharm Corp.'s former Executive Vice President of Sales and Operations, Brian H. Casutto, former Vice President of Sales, Matthew J. Zucco, and former contract Chief Financial Officer, Kevin R. Harris, for engaging in improper revenue recognition practices to achieve revenue growth demanded by its former Chief Executive Officer, Ryan C. Drexler. The SEC also separately charged Drexler with fraud in a litigated complaint for disclosure violations and control failures.
/jlne.ws/46COL7k
SEC Obtains Emergency Relief to Halt Pre-IPO Stock Fraud Scheme by Unregistered Broker-Dealer
SEC
The Securities and Exchange Commission today announced that it obtained a preliminary injunction, asset freeze, and other emergency relief against Legend Venture Partners LLC, a New York City-based unregistered broker-dealer, in connection with a fraudulent scheme involving the sale of interests in private companies that had the potential for a public offering. Last year, the SEC shut down a similar scheme by StraightPath Venture Partners LLC, for which Legend's principals and many of its sales agents had previously worked.
/jlne.ws/3NQk2fz
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Why are so many newly floated companies being taken private? Diagnosing the P2P2P phenomenon
Craig Coben, Per Einar Ellefsen and Gautier Rousseau - Financial Times
Private equity have been taking stock market-listed companies private for many years. But now public-to-private (P2P) deals have a special twist: many now involve companies that have recently gone public and have performed well post IPO. That is a sign of public market failure.
/jlne.ws/3Nx6eFi
BlackRock Joins AI Mania, Calling It a Potential 'Mega Force'; AI can be 'big driver' of returns even in tough macro climate; Favors short-term Treasuries, inflation-linked US debt
Anchalee Worrachate - Bloomberg
BlackRock Inc. is betting on the AI boom as it latches onto the promise of productivity gains from artificial intelligence. The world's largest asset manager has just introduced a bullish call on the theme, following a blistering AI-powered rally that's already driven the best-ever first half of a year for the tech-heavy Nasdaq 100 index. It picked out semiconductor makers, companies with vast sets of data or high potential for automation as those most likely to benefit.
/jlne.ws/46s3im3
$108 Million Klimt Painting Breaks European Auction Record; The portrait hit the auction block at Sotheby's in London.
James Tarmy - Bloomberg
A portrait by Gustav Klimt sold for £85.3 million ($108.4 million) at Sotheby's in London on Tuesday, becoming the most valuable artwork to sell at auction in Europe. (The previous record was set in 2010, when Giacometti's L'homme qui marche sold for £65 million in London.)
/jlne.ws/3XrmcWc
Millennials Feel Shame Asking Their Parents for Money; More than half of respondents in a recent survey of young adults said they were still reliant on their families for financial support.
Claire Ballentine - Bloomberg
Millennials and members of Gen Z are having a hard time becoming financially independent. Only 28% of millennials (ages 27 to 42) and members of Gen Z (ages 18 to 26) answered "not at all" when asked if they still relied on their parents for financial support, according to a recent study from credit agency Experian. And more than half said they were "somewhat or very" dependent on money from their families.
/jlne.ws/3NPUgYJ
US Home Prices Recover Further as Buyers Battle for Tight Supply of Listings; Inventory shortage crimps sales in busiest season for deals; Miami, Chicago, Atlanta post biggest year-over-year gains
Patrick Clark - Bloomberg
Home prices in the US rose for a third straight month, pushed up by growing buyer demand for a tight supply of listings. A national gauge of prices increased 0.5% in April from March, according to seasonally adjusted data from S&P CoreLogic Case-Shiller.
/jlne.ws/448uWmM
Cheaper Natural-Gas Prices in Store This Summer; The fuel's price has rallied but is much lower than a year ago
Ryan Dezember - The Wall Street Journal
/jlne.ws/3JBCVjJ
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | 1 big thing: Wildfire emissions break records; The skyline of Chicago seen obscured from wildfire smoke coming from Canada on June 27.
Axios
First, the record Canadian wildfire season exposed residents of some of the biggest cities in the Northeast and mid-Atlantic to hazardous air quality. Now, low-level smoke is taking aim at the Midwest and Ohio Valley. Why it matters: Wildfire smoke is a public health hazard that can aggravate chronic conditions and pose risks for even healthy populations. Due to the wildfires' size, locations and behavior so far this summer, it's unlikely this will be the last time heavily populated areas of the country see similar effects.
/jlne.ws/3XvLNgB
Global initiative launched to rate corporate carbon offset claims
Susanna Twidale - Reuters
A standard to assess companies' claims about progress towards internal climate targets and their use of carbon offset credits was launched on Wednesday by a global initiative seeking to bring transparency and confidence to an unregulated market.
/jlne.ws/434qpAr
Canada will eliminate extreme heat deaths, Trudeau government says as it sets new goals to fight climate change; The strategy comes with a host of new targets, but no new money, to prepare Canada for the dangers and damages of a warming world.
Alex Ballingall - Toronto Star
With record wildfires raging across the country, the federal government is giving itself a host of new goals - but, for now, no new money - to prepare for the dangers and damages of the climate crisis. But questions remain about how the government, which has already been slow to deliver pledged spending on several climate-related programs, will fulfil its declared intentions to protect Canada from the harsh realities of a warming world.
/jlne.ws/44ofP8a
In a Montana Courtroom, Debate Over Whether States Can Make a Difference on Climate Change, and if They Have a Responsibility to Try; The first youth-led climate lawsuit to go to trial considered if a statute preventing the state's environmental agency from denying permits for fossil fuel development contradicts its constitution's guarantee of a "clean and healthful environment."
Richard Forbes - Inside Climate News
At the close of the final day of their lawsuit against Montana for its failure to rein in development of fossil fuels in the state and slow climate change, all but one of the 16 young plaintiffs filed out of the Helena courtroom with their lawyers, family members and other supporters. Grace Gibson-Snyder stayed, helping the judge's scheduling clerk, Farrah Looney, collect the beige and blue cushions that had padded the uncomfortable wooden benches where the plaintiffs sat during the trial.
/jlne.ws/434p5NZ
Emergency Room Visits and 911 Calls for Heat Illness Spike During Texas Heat Wave
Prolonged 100-plus degree weather has sent hundreds of Texans to emergency rooms this month.
Martha Pskowski, Gina Jimenez - Inside Climate News
Record-setting heat in Texas has sent hundreds of people to emergency rooms in recent weeks, according to state health officials. Temperature records fell across Texas during the last two weeks, putting June 2023 on pace to be the hottest June ever in some parts of the state. From the border city of Del Rio to the capital city, Austin, temperatures hit triple digits for days straight.
/jlne.ws/46s3y4v
CCC: Chance of UK meeting climate pledges has 'worsened' since last year
Carbon Brief
/jlne.ws/44diGkq
Hollywood Grapples With How to Use Its Climate Superpowers; The TV and film industry is working to figure out how tell better climate change stories while also reducing its own emissions.
Michelle Ma and Caelyn Pender - Bloomberg
/jlne.ws/442G9VF
Louis Vuitton Owner Emerges as ESG Magnet With $17 Billion Stake; LVMH has become a more popular ESG stock than Vestas; Luxury's status as ESG coincides with rising income inequality
Lisa Pham - Bloomberg
/jlne.ws/46E39MH
UK to Have Less Coal Power This Winter as Plants Start Closing
Will Mathis - Bloomberg
/jlne.ws/3r9NmVC
EU renewable energy law clears first vote after French nuclear assurances
Kate Abnett - Reuters
/jlne.ws/44ej02w
Why Won't Companies Use This Quick Fix to Reduce Cow Methane Emissions? A feed additive called Bovaer reduces methane from cow burps by 30%. Despite having emission-cutting goals, JBS, Danone, Nestle and Starbucks aren't racing to use it.
Ben Elgin - Bloomberg
/jlne.ws/3Pzn8WH
Transcript: A Paris Meeting to Unlock Trillions for Climate; In this bonus episode of Zero, Akshat Rathi and Oscar Boyd talk about Mia Mottley and Emmanuel Macron's climate finance summit in Paris.
Abraiya Ruffin, Oscar Boyd and Akshat Rathi - Bloomberg
/jlne.ws/3CRpKYk
Planning an EV Road Trip? Good Luck Finding a Hotel With a Charger; Only around a quarter of US hotels offer guests electric car chargers
Keith Laing - Bloomberg
/jlne.ws/3CP5MgH
China, India to benefit most as Asia-Pacific decarbonisation play adds US$47 trillion to global economy by 2070, Deloitte says; If China tackles climate change, it has the most to gain, head of Deloitte Access Economics says; China has established 21 undergraduate programmes related to peaking carbon emissions and carbon neutrality, and 42 colleges to train talent
Martin Choi - South China Morning Post
/jlne.ws/3pp1SIj
How Blue Carbon Can Tackle the Climate, Biodiversity and Development Crises
Katie Wood and Oliver Ashford - World Resources Institute
/jlne.ws/3NtsGiH
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | US banks step up sales of loan portfolios to private lenders; PacWest's $3.5bn deal with Ares is latest after industry turmoil this spring
Brooke Masters - Financial Times
Regional and midsized US banks have stepped up efforts to sell off their loan portfolios, looking to raise cash and cut their capital requirements after the failures of Silicon Valley Bank and First Republic this spring.
/jlne.ws/3CS4TnA
Odey Asset Management in talks with SW Mitchell over Oliver Kelton's funds; Firm said it would shift funds to rivals following sexual assault claims against its founder
Emma Dunkley, Antonia Cundy and Laurence Fletcher - Financial Times
Odey Asset Management is in "advanced talks" about transferring four funds and their manager, Oliver Kelton, to investment boutique SW Mitchell Capital, as the hedge fund reels from sexual assault allegations against its founder Crispin Odey. In a letter to clients on Tuesday and seen by the Financial Times, Odey Asset Management said the funds it is aiming to shift include Brook Continental European, Brook European Focus, Brook European Focus Absolute Return, and Odey Pan European.
/jlne.ws/3Pzu5H3
Upstart prime broker Clear Street to launch new investment banking business; The prime broker has appointed four new industry experts from JonesTrading, Bridgeway Capital Partners and EF Hutton to lead the new division.
Wesley Bray - The Trade
New York-based independent prime broker Clear Street is set to launch a new investment banking business named Strategic Advisory Services. The new business line will offer strategic advisory, transaction and creative capital solutions to emerging growth companies, subject to regulatory approvals.
/jlne.ws/44lsRTZ
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Jobs in US energy grew 3.8% in 2022, led by work in clean energy
Timothy Gardner - Reuters
Jobs in the U.S. energy industry rose 3.8% last year, faster than overall employment growth and led by work in clean energy, the Department of Energy said on Wednesday. The U.S. Energy and Employment Report showed jobs in clean energy, a wide category including wind and solar power, nuclear, and grid technologies and battery storage, grew about 3.9%, adding 114,000 jobs.
/jlne.ws/44dlePw
Oil-Field Lawsuit Offers Rare Insight Into Harassment Complaints; Former engineer seeks more than $1 million in lawsuit; Others claim driller failed to prevent abuse in oil fields
David Wethe - Bloomberg
A lawsuit set for trial in July against the world's largest provider of drilling services will offer rare public testimony about the plight of women working in America's oil fields. Jessica Cheatham, who worked as an engineer for SLB, previously known as Schlumberger Ltd., is seeking more than $1 million in damages after the company allegedly failed to protect her from pervasive sexual harassment and, she says, effectively ended her career when she complained.
/jlne.ws/3qXLBKO
Switzerland's Economy Relies on Mothers Working Part-Time, at Their Cost; Swiss mothers commonly work part-time, ending up paid less; Attitudes favor traditional role models for men and women
Bastian Benrath and Paula Doenecke - Bloomberg
When Kerstin Roethlisberger had children, she did what mothers in Switzerland do more than anywhere else in the advanced world: she switched to working part-time. The school teacher, now 52, found that to be a "dream solution." But it was also pretty much the only option, given her husband was working full-time, and affordable childcare wasn't available.
/jlne.ws/441fVD7
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Boots and Walgreens to close 450 branches across UK and US; Pharmacy group slashes earnings forecast as market softens and customers tighten belts
Laura Onita - Financial Times
Boots will close 300 stores in the UK and a further 150 Walgreens branches in the US over the next year as parent company Walgreens Boots Alliance seeks to "optimise" locations.
/jlne.ws/46q2oqc
Wildfire smoke in Minnesota: How to best protect your health and your home
Grace Birnstengel - MPR News
Canada's wildfire season is off to its worst start on record, and with that comes smoke that's been drifting over the northern U.S. including Minnesota. The smoke greatly impacts our air quality and produces hazy, smoky skies. Earlier this month, smoke from Canadian wildfires brought the worst air quality to the Twin Cities since records began in 1980. This week it's back to smoke from wildfires in Ontario and Quebec. An air quality alert is in effect through midnight on Thursday. Here's what you need to know anytime the air is smoky, as this unhealthy air becomes more of a pattern and less of a novelty.
/jlne.ws/44qKphH
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's $7tn energy overhaul sparks battery 'gold rush'; Companies including sesame-dessert maker pivot to lithium batteries in rare bright spot for Chinese economy
Edward White and Gloria Li - Financial Times
Chinese companies from foodmakers to tech start-ups are rushing into the country's energy storage sector, spurred by massive state spending on President Xi Jinping's plan to achieve energy independence.
/jlne.ws/442jAk6
Russia Set to Overtake Saudi Arabia in Battle for China's Oil Market; As Riyadh's push to boost prices falls flat, Moscow keeps gaining ground with world's biggest buyer
Summer Said and Benoit Faucon - The Wall Street Journal
Russia is on the cusp of overtaking Saudi Arabia as the biggest oil supplier to China, in a shift that shows the limits of the kingdom's influence over global markets that have been turned upside down by the Ukraine war.
/jlne.ws/44mdpa9
India Is Starting to Reach the Limits of Its Russian Oil Splurge; Weekend mutiny intensifies financial pressure on Kremlin; Russia accounted for near half of India's May crude imports
Rakesh Sharma and Alex Longley - Bloomberg
From an island fort outside the heart of historic Mumbai, visitors can spot giant oil tankers unloading their cargoes to two refineries on the city's southeastern coast. Up until a year ago, those ships would almost certainly have been hauling crude from one of a dozen mainstay suppliers - the Middle East, the US and West Africa. Today, the oil is more likely to be Russian.
/jlne.ws/3phl0Is
India gears up for multibillion-dollar battery subsidies; Authorities in New Delhi seek to accelerate large coal consumer's transition to clean energy
Benjamin Parkin - Financial Times
India's government is preparing a new multibillion-dollar subsidy scheme for companies making electricity grid batteries, according to a proposal seen by the Financial Times, as authorities try to accelerate the large coal consumer's transition to clean energy.
/jlne.ws/44k803A
Japan's Soaring Fish Prices Hit Healthy-Eating Elderly Hardest; The price of fish increasing by 14.8% compared to the year before.
Tomoko Sato - Bloomberg
A healthy eating habit of adding fish to their diets is getting increasingly more expensive for older adults in Japan. The nation's food inflation surged to a 47-year high in May, with the price of fish increasing by 14.8% compared to the year before, while gains in meat price tags remained at a more modest 8.6%, according to data released by the Statistics Bureau of Japan.
/jlne.ws/3r5kHRs
Foreign investors in Nigeria look forward to return to orthodoxy; New president's message on repatriation of dividends and profits aimed at raising stock market spirits
Chris Newlands - Financial Times
/jlne.ws/434nXtJ
Nigeria's oil and gas industry fails to cash in on global energy hunger; Poor security and infrastructural under-investment blight national prospects
Aanu Adeoye - Financial Times
/jlne.ws/46sXFE2
Digital pathway aims at guiding Nigerian farmers out of isolation; Improved business methods expand horizons beyond subsistence level
James Kynge - Financial Times
/jlne.ws/44kdKKp
UK Considers Nationalization of Thames Water as Crisis Escalates; Concerns growing over utility company's debt structure; Ministers expect to be questioned on matter Wednesday
Kitty Donaldson, Priscila Azevedo Rocha, Dinesh Nair and Irene Garcia Perez - Bloomberg
/jlne.ws/46q6L4A
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| Miscellaneous | | Stories that don't quite fit under the other sections | How Tulsa cops brought down a $500 million catalytic converter crime ring
Evan Ratliff - Bloomberg
The largest investigation in the history of the Tulsa Police Department began with a routine traffic stop. On the afternoon of May 2, 2021, an off-duty officer reported a suspicious white pickup truck driving through the southeastern part of the city with "multiple catalytic converters in the bed." Oklahoma, like the rest of the country, had been experiencing an astonishing rise in thefts of the devices-astonishing in part because many car owners don't even know what their catalytic converter is, or why it's worth stealing, until it's gone.
/jlne.ws/3CQMDuN
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