| September 12, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The Spikes futures funeral has been put on hold as MIAX has filed a petition to the Washington, DC Court of Appeals asking them to review the matter. This starts a new 60-day clock that will keep Spikes futures trading through January 1, 2024.
What strikes me about this conflict is that the Cboe is trying to eliminate the competition using the courts, while also not being very vocal in public about their case. That speaks to a losing hand, a shark that is all teeth and no bite. The industry always wants competition. So does the SEC, as evidenced from its statement when it issued the Spikes futures Exemptive Order in November of 2020, saying:
"The Commission believes that permitting the Product to trade as a futures contract, as opposed to as a security future, should foster competition as it could serve as an alternative to the only comparable incumbent volatility product in the market. Facilitating greater competition among these types of products should provide market participants with access to a wider range of financial instruments to trade on and hedge against volatility in the markets, particularly the S&P 500. In addition, the introduction of an additional volatility product in the market should lower transaction costs for market participants. Further, because SPY options are traded on 16 different national securities exchanges, the Commission would expect there to be a large number of market participants able to act as market makers in the Product. Moreover, the fact that SPY options are multi-listed should provide resiliency by reducing the likelihood that a disruption on one or more options exchanges could lead to a disruption in trading in the Product."
It seems that the WFE General Meeting scheduled for next week in Bermuda will proceed as planned. Hurricane Lee is expected to pass through the area later this week as it continues on its path towards the northeast United States and Canada. One person who had intended to arrive in Bermuda early had to change their plans because it's impossible for planes to land in winds of 100 miles per hour. However, by Saturday, the weather is expected to be splendid.
Yesterday the CME announced it would launch Micro Gold futures on October 2, pending regulatory approval. Surging retail demand for Micro Gold futures is behind the addition of the Micro Gold futures, the company said.
The World Federation of Exchanges has issued a guidance note on the WFE Green Equity Principles.
Bloomberg is reporting that 10,000 people are missing in Libya after deadly floods hit eastern Libya, according to a Red Cross official. The Wall Street Journal reports more than 5000 people are feared dead from the floods.
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 yesterday on JLN Options were:
- Volatility Insights: Evaluating the Market Impact of SPX 0DTE Options
- An interventionist SEC risks a courtroom backlash
- The Stock Market's Set for a Round of Volatility ~JB
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Exploring Term CORRA: An Interview with Michelle Tran, President of TMX Datalinx
JohnLothianNews.com
In a recent interview with Michelle Tran, president of TMX Datalinx, John Lothian News delved into the world of Term CORRA and its potential impact on the financial markets.
Term CORRA, which stands for Canadian Overnight Repo Rate Average, has garnered significant attention in the financial industry due to its potential to reshape the landscape of Canadian interest rate benchmarks.
Watch the video »
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US CFTC official pushes for national financial fraud database
Chris Prentice - Reuters
A top U.S. regulator on Monday proposed the creation of a federal registry to make it easier for investors and law enforcement to dig up information on past financial fraud convictions and civil fines. Christy Goldsmith Romero, a commissioner of the Commodity Futures Trading Commission (CFTC), said in remarks at a conference that she is pushing for U.S. regulators to create a searchable, centralized database of financial misconduct that could make it easier for the public to arm themselves against fraudsters.
/jlne.ws/44PM4gy
****** This is a great idea that will never happen. Just look at the difference in the way the futures and securities fraud databases are managed. Try harmonizing them first.~JJL
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Toronto's Financial Workers Will Finally Be Able to Work on the Subway
Danielle Bochove - Bloomberg
Commuters in Canada's largest city will finally be able to send texts, access at least some emails, and generally annoy fellow passengers by taking phone calls - all while riding the subway downtown. The development, set to happen within a month, was announced Monday by Canadian Industry Minister Francois-Philippe Champagne in Toronto.
/jlne.ws/3sNQMOC
****** I find this headline insulting, as if I need internet connectivity to be able to work. ~JJL
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Looking at LSE Group's blockchain plans and trying not lose our minds; Awoouu (wolf howl)
Louis Ashworth - Financial Times
A mainFT scoop earlier this week might have prompted feelings of deja vu for some readers:
The London Stock Exchange Group has drawn up plans for a new digital markets business, saying this will make it the first major exchange to offer extensive trading of traditional financial assets on the blockchain technology best known for powering cryptocurrency.
/jlne.ws/3EFyRfm
****** It is deja vu all over again.~JJL
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Twinkies and Jam to Mix as Smucker Buys Hostess for $5.6 Billion
J. Edward Moreno - The New York Times
In a sugary union of major snack makers, J.M. Smucker, known for its jellies, Jif peanut butter and many other brands, agreed to acquire Hostess Brands, the maker of Twinkies, Ho Hos and Ding Dongs, in a deal worth $5.6 billion. The takeover, announced on Monday, values Hostess at $34.25 per share, about 50 percent higher than its stock was trading before takeover rumors emerged a few weeks ago. Smucker's stock fell 7 percent on Monday.
/jlne.ws/44N0Zbo
****** That is a lot of fluff to pay for a lot of fluff.~JJL
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Monday's Top Three
Our top story Monday was Fortune's The man who bought the NYSE just made a $11.9 billion bet that he can fast-track your mortgage for far less than you're paying now, about Intercontinental Exchange CEO Jeff Sprecher. Second was 'He is driven by demons': biographer Walter Isaacson on Elon Musk, an interview with Isaacson by the Financial Times' Gillian Tett. Third was a tie between High Frequency Trading's most unconventional exercise club, which was our top story on Friday, and the press release Women in Derivatives Rebrands to Women in Financial Markets to Reflect Membership Growth.
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| Lead Stories | Amateurs Pile Into 24-Hour Options: 'It's Just Gambling'; Rookie speculators try to strike it big on short-term investments that often act like lottery tickets
Gunjan Banerji - The Wall Street Journal
Lucas Sommer woke up around the time the stock market opened and, still bleary-eyed, opened his Robinhood app. He had a hunch it would be a good day for stocks, so he scooped up some options contracts that would profit if the tech-heavy Nasdaq Composite Index rose that day. By the time he was toweling off from a shower, though, the market had ticked down and his options had taken a big hit. "That's a $1,000 shower," he recalled thinking. Soon after, the options he bought for $3,000 were worth $80.
/jlne.ws/3ZgiAXL
Fake Trades Are Common on Decentralized Crypto Exchanges, Report Says
Alexander Osipovich - The Wall Street Journal
Backers of the growing breed of "decentralized" crypto exchanges say they're more trustworthy and transparent than markets such as FTX and Binance. A new report suggests they suffer from some of the same problems. The report from software firm Solidus Labs focused on wash trading-transactions orchestrated by a single trader or group to generate the appearance of trading activity and, typically, manipulate prices.
/jlne.ws/44TtPGW
Treasury Bills Yielding 5% Are a Big Hit With Retail Investors; Paper ranging from 1-month to 1-year is yielding around 5.28%; Money funds are 'champing at the bit' to resume buying: Tobin
Alex Harris - Bloomberg
A seemingly insatiable demand for cash is rippling through markets. Everyone - from moms and pops to corporate treasurers and the mega asset managers - is piling in, won over by a unique opportunity: To lock in a 5% yield, and protect themselves from uncertainty over the US economy. With rates on cash and cash-like instruments at the highest in more than two decades and offering more income than benchmark US debt or stocks, assets in money-market fund's have swelled to a record. But nowhere is that appetite for liquid, high-yielding instruments more apparent than in the market for T-bills where investors have snapped up more than $1 trillion of new notes in just the last three months.
/jlne.ws/3LkDyPF
DOJ to 'Surge' Resources at Corporate Crimes With National Security Implications; Principal Associate Deputy Attorney General Marshall Miller cited the appointment of the National Security Division's first chief counsel for corporate enforcement and its ongoing hiring of 25 prosecutors
David Smagalla - The Wall Street Journal
U.S. prosecutors are increasingly focusing their attention on investigating corporate crimes that have national security implications, a top Justice Department official said Monday. "We've determined that it's necessary for the department to infuse significant amounts of resources into national security, corporate investigations and prosecutions," said Marshall Miller, principal associate deputy attorney general at the Justice Department, during a panel at the Practising Law Institute's conference on white-collar crime in New York.
/jlne.ws/46ajXJN
Banks Load Up on $1.2 Trillion in Risky 'Hot' Deposits; Brokered deposits rose 86% from a year earlier, and regulators are growing concerned
Gina Heeb - The Wall Street Journal
At midyear, Zions Bancorp reported holding $8.5 billion in brokered deposits, an obscure but costly banking industry product that is drawing attention from regulators. At this time last year, the Salt Lake City-based bank had practically none. Many industry players view brokered deposits as a double-edged sword. They can be a quick and easy way for a bank to shore up its balance sheet. The deposits are typically much more expensive because banks have to pay higher interest rates to lure in those customers, along with other fees. Regulators and bankers say they are also a type of "hot" money that is prone to disappear when a bank hits a rough patch, since these yield-seeking customers don't tend to be loyal.
/jlne.ws/3EBunXq
CME Group and DTCC's enhanced treasury cross-margining arrangement receives SEC and CFTC approval; Arrangement will allow eligible clearing members to gain increased margin efficiencies between US treasury securities and CME Group interest rate futures, with an expected launch in January 2024.
Wesley Bray - The Trade
CME Group and The Depository Trust & Clearing Corporation (DTCC) have received Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) approvals for their enhanced cross-margining arrangement. Expected to launch in January 2024, the development will help create capital efficiencies for clearing members that trade and clear both US treasury securities and CME Group interest rate futures.
/jlne.ws/3LmmMzM
Jamie Dimon Slams Regulators on Capital Plans, Urges 'More Humility'
Hannah Levitt - Bloomberg
Jamie Dimon again took aim at higher capital requirements US regulators proposed for the banking industry in July, saying he would "love to know what they really want to accomplish." Requiring US lenders to hold more capital than their international competitors is a "huge negative" over time, the JPMorgan Chase & Co. chief executive officer said Monday at a conference hosted by Barclays Plc.
/jlne.ws/44PPNe3
Goldman Sachs reshuffles top management, elevates insiders as CEO Solomon retrenches
David Hollerith - Yahoo Finance
Goldman Sachs (GS) is handing new responsibilities to some longtime insiders as the Wall Street giant navigates through a series of challenges. One member of the firm's top management committee, Ericka Leslie, will step down as the firm's chief administrative officer to become chief operating officer of Goldman's global banking and markets division. That division is the largest at Goldman, housing investment banking as well as trading operations.
/jlne.ws/3LjChbJ
Kyle Bass Says US Banks to Lose $250 Billion in Office Holdings
Shelly Hagan and Tom Mackenzie - Bloomberg
Kyle Bass said the US banking industry will lose hundreds of billions of dollars from exposure to the office market amid shifting workplace trends and elevated interest rates. "Banks in the US will lose $200, $250 billion in office over time here," Bass, founder of Hayman Capital Management, said in an interview with Bloomberg TV Monday. "And there's about $2 trillion of equity in the banks so it's like a 10% hit to US banking equity."
/jlne.ws/3Rc5r06
Gensler Slams Crypto's "Wide-Ranging Non-Compliance" Ahead of Hearing on SEC's Oversight
Hope C - CoinMarketCap
SEC Chair Gary Gensler remains steadfast in his tough stance on cryptocurrencies, as indicated by his written remarks ahead of his testimony on SEC oversight. Gensler emphasized the industry's noncompliance with securities rules, drawing comparisons to the problems encountered prior to the introduction of federal securities laws in the 1920s. While Gensler is slated to testify on a variety of topics, his comments on cryptocurrency will be eagerly monitored by an industry seeking for regulatory certainty in the United States.
/jlne.ws/3Lj0GOu
Crypto Volatility Picks Up on Looming Sales From FTX's $3.4 Billion Token Hoard; FTX will seek approval for disposals at Sept. 13 court hearing; September on average was worst month for crypto in past decade
Sidhartha Shukla and Akshay Chinchalkar - Bloomberg
Volatility picked up in digital-asset markets as traders evaluated the prospect of crypto disposals by the defunct FTX exchange through its bankruptcy process. FTX's administrators have recovered about $7 billion in assets, including $3.4 billion of crypto. A court hearing is due on Wednesday to consider a plan to begin sales of tokens to help repay creditors, according to recent filings.
/jlne.ws/3LgtRBR
FTX update, Alameda P&L edition; It's a doozy
Alexandra Scaggs - Financial Times
The financial details of the FTX saga are not surfacing quite as quickly as the guilty pleas. But Monday brought some fun bits of information for those of us still gawking at the wreckage almost a year later. The first was a presentation breaking down the asset-recovery efforts of FTX's current management: The $7bn figure matches the estimates provided by the management team earlier this year, so this breakdown isn't exactly new, but there are some fun details nevertheless.
/jlne.ws/3EBtiik
FTX Outlines $7 Billion of Recovered Assets, From Bitcoin to Bahamas Property
Angus Berwick - The Wall Street Journal
The managers of FTX's bankruptcy estate have laid out what they have managed to claw back from the wreckage. The roughly $7 billion total is in line with an earlier report published in June, but a court filing late Monday gave extra detail to creditors.
/jlne.ws/467Ymlj
Hackers Scammed $500K In Crypto from Twitter Users In Just 20 Minutes
Jordan Pearson - VICE
The Twitter account of Vitalik Buterin, the co-founder and face of Ethereum, was broken into by hackers on Saturday. They posted a crypto phishing scam in a tweet to Buterin's nearly 5 million followers containing a link advertising a free NFT drop. "To celebrate Proto-Danksharding coming to Ethereum, [Consensys] is marking the moment with a commemorative NFT," the tweet stated.
/jlne.ws/3sTZr24
US SEC fines 9 investment firms over marketing rule failures
Reuters
The U.S. Securities and Exchange Commission on Monday ordered nine investment advisory firms to pay a combined $850,000 in civil penalties for advertising hypothetical performance without implementing new policies required by regulators.
/jlne.ws/3sQqgUK
FTX 2.0: Bankman-Fried's Former Crypto Exchange Outlines Plan for Potential Reboot; Deadline for FTX 2.0 bids set for Sept. 24, court filing shows; Defunct crypto exchange faces $16 billion in customer claims
Emily Nicolle - Bloomberg
A plan to reboot a new version of defunct crypto exchange FTX Group may emerge as soon as next year, potentially injecting a jolt of activity back into a market that's been largely subdued since the platform's collapse. More than 75 bidders have been contacted by the FTX estate since May to gauge industry interest in backing a relaunch of the exchange, according to a presentation filed in a Delaware court.
/jlne.ws/3ZbjEfK
Arm's $55 Billion IPO Smacks of Bankers' Desperation; The oversubscription is not an indication of investor enthusiasm.
Shuli Ren - Bloomberg Opinion
Arm Holdings Plc's Nasdaq debut was supposed to energize the anemic initial public offerings market. But its roadshow, powered by more than two dozen investment banks, is looking like a hard sell. In their desperate attempt to earn fees and de-risk from Arm parent SoftBank Group Corp., bankers are getting investors worried. The chip designer's IPO shares are reportedly more than five times oversubscribed.
/jlne.ws/45HRDyK
Bill Gross Blasts Gundlach: To Be Bond King, You Need a Kingdom; " ... look at his record for the last five, six, seven years"
Vildana Hajric - Bloomberg
When it comes to whether there's a new bond king in town, Bill Gross is sure of one thing: Jeffrey Gundlach certainly does not carry the crown. The money manager - widely known by the moniker 'The Bond King' for having built Pacific Investment Management Co. over many decades into a fixed-income giant - didn't mince words against the billionaire founder of DoubleLine Capital, whose investment success he downplayed.
/jlne.ws/3Pi91mV
European exchanges launch JV for CTP tender; The joint venture (JV) participants include: BME, Deutsche Boerse Group, Euronext, Luxembourg Stock Exchange, and Nasdaq.
Claudia Preece - The Trade
A JV between major exchanges across Europe have today announced the incorporation of the new company, EuroCTP, through which the participants aim to bid to become the EU's equities and ETF consolidated tape (CT) provider. EuroCTP is a project which arose in response to the European Commission's previously published proposal for an equities tape and aims to tender as the CT provider in the EU's future selection process.
/jlne.ws/3rbT9dr
Eventus bolsters Validus platform with new user interface for more efficient user experience; Improved UI will offer speedier surveillance insights as well as greater efficiency of investigations and alert management.
Wesley Bray - The Trade
Trade surveillance technology provider, Eventus, has introduced a next-generation user interface (UI) for its Validus platform, offering new case-building features and greater transparency for users. The new UI provides centralised compliance management across all asset classes and an enhanced dashboard layer, investigation tools which allow for speedier surveillance insights, and data visualisation tools.
/jlne.ws/3sPWyzb
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | What Russia Got by Scaring Elon Musk; The billionaire isn't the only one who's been frightened into holding back help for Ukraine.
Anne Applebaum - The Atlantic
One evening in September 2022, a group of Ukrainian sea drones sped out into the Black Sea, heading for Russian-occupied Crimea. Their designers-engineers who had been doing other things until the current war began-had carefully targeted the fast, remote-controlled, explosive-packed vessels to hit ships anchored in Sebastopol, the home of Russia's Black Sea Fleet.
/jlne.ws/3EwC8Oi
Video shows $500 Ukrainian hobby drones chasing a $4.5 million Russian T-90 tank before blowing it up
Sophia Ankel - Business Insider
A video released by Ukraine's Ministry of Defense appears to show three $500 Ukrainian hobby drones chasing a $4.5 million Russian T-90 tank before blowing it up. Ukraine's Ministry of Defense, which shared the footage of the incident on X, formerly known as Twitter, said the operation was conducted by the country's 3rd Assault Brigade in the eastern city of Bakhmut.
/jlne.ws/3Pij5fk
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Aquis Exchange relaxes eight-year ban on proprietary trading firms; Exchange is set to allow access for more aggressive proprietary trading firms, but member firms will be able to opt out of interacting with them should they wish to do so.
Annabel Smith - The Trade
Aquis Exchange has relaxed its ban on proprietary or non-client firms on its UK and EU trading platforms, allowing them to interact with members that have opted in to trade against them. The relaxation which was communicated to clients on Tuesday before market open, is set to come into effect in October, subject to regulatory non-objection. The decision follows member demand for more choice around interacting with non-client proprietary trading firms, Aquis said in a statement.
/jlne.ws/3PfArd5
EuroCTP B.V. incorporated to provide EU's consolidated tape
Benjamin David - Funds-Europe
23 August 2023 marked the formal incorporation of EuroCTP B.V., which seeks to become the consolidated tape provider for equities and ETFs in the European Union.The company will operate under its board of directors, with representatives from all participating exchanges on its supervisory board.The company has conveyed its intention to provide a comprehensive view of the European equity market. It aims to offer a clear, consistent overview of the EU trading environment and ensure the consolidated tape adheres to the necessary legal and regulatory guidelines.
/jlne.ws/3PzUPH5
EuroCTP, the company set up by European exchanges for the provision of a consolidated tape in the European Union, has been incorporated and elected a chair of the supervisory board
BMX
On 23 August 2023, EuroCTP B.V. has been established as a company. It aims to tender as the European Union consolidated tape provider for equities. EuroCTP will have its own Board of Directors and all participating exchanges are represented in the supervisory board of the new company. The shareholders of the new company have a clear commitment to implement this significant European capital markets project and are dedicated to the long-term success and prosperity of retail investors and market participants.
/jlne.ws/44PqiJy
Nasdaq gets SEC nod for first exchange AI-driven order type
Laura Matthews - Reuters
Nasdaq Inc. (NDAQ.O) on Friday said it won approval from the U.S. Securities and Exchange Commission to launch the first exchange artificial intelligence-driven order type, a move that, if successful, could further increase the efficiency of an already fast-paced stock market. The approval of the dynamic midpoint extended life order (M-ELO) would speed up the frequency at which orders are matched and minimize market impact, which would result in better trading outcomes for investors, the exchange said.
/jlne.ws/3RzEjbJ
The Next Chapter: How AFX's New Brand Reflects a New, Post-LIBOR Era for the Markets
AFX
Q3 has marked a new era in financial markets history. The London Interbank Offered Rate (LIBOR) has at last been sunset, creating a unique opportunity for banks and financial institutions in the overnight lending market to embrace alternative rates that meet their precise needs.
/jlne.ws/44LfwnL
CME Group And DTCC Receive Regulatory Approval For Enhanced Treasury Cross-Margining Arrangement Launching January 2024
CME Group
CME Group, the world's leading derivatives marketplace, and The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced their enhanced cross-margining arrangement has received Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) approvals. The arrangement will enable capital efficiencies for clearing members that trade and clear both U.S. Treasury securities and CME Group Interest Rate futures and is expected to launch in January 2024.
/jlne.ws/44IQdTm
Eurex's Partnership Program for short-term interest rate derivatives gains traction with key stakeholders
Eurex
The extension of Eurex's Partnership Program to the short-term interest rate (STIR) derivatives segment has garnered substantial interest. As of publication of this release, 18 participants from the U.S., the U.K., and Continental Europe have registered for the program. The STIR Partnership Program is planned to go live in the last week of October in conjunction with the product re-launch.
/jlne.ws/3RpU7xg
Intercontinental Exchange Chief Financial Officer Warren Gardiner to Present at the J.P. Morgan 14th Annual U.S. All Stars Conference on September 19
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, announced today that Warren Gardiner, ICE's Chief Financial Officer, will present at the J.P. Morgan 14th Annual U.S. All Stars Conference. The presentation will take place on Tuesday, September 19 at 8:00 a.m. ET. The presentation will be available live and in replay via webcast and can be accessed in the investor relations and media section of ICE's website at http://ir.theice.com/.
/jlne.ws/3PA5odm
Completion Of Off-Market Purchase
London Stock Exchange Group
Further to its announcement on 7 September 2023, London Stock Exchange Group plc ("LSEG" or the "Company") today announces that it has completed the off-market purchase of 9,500,466 limited-voting ordinary shares of 679/86 pence each of the Company (the "Off-Market Purchase") in aggregate from York Holdings II Limited ("York Holdings II") and York Holdings III Limited ("York Holdings III") (entities owned by BCP York Holdings (Delaware) L.P.("BCP York") (an entity owned by a consortium of certain investment funds affiliated with Blackstone Inc. and including an affiliate of Canada Pension Plan Investment Board, an affiliate of GIC Special Investments Pte. Ltd. and certain other co-investors), Thomson Reuters and certain other minority holders) (BCP York, York Holdings II and York Holdings III together, the "Consortium"). The shares purchased by the Company will be cancelled.
/jlne.ws/3EAS2XV
Toronto Stock Exchange Announces the 2023 TSX30, Celebrating Excellence in Growth
TMX
Toronto Stock Exchange (TSX) today released its 2023 TSX30, an annual ranking of the 30 top-performing stocks over a three-year period, showcasing particularly strong representation from the natural resources sector for the second consecutive year. Highlights from this year include: the resilient oil and gas sector making up over 50% of the list; significant Canadian presence, with 27 companies headquartered in Canada; and the continued success of graduates from TSX Venture Exchange (TSXV) to TSX, with 12 companies on the list.
/jlne.ws/44NBqa2
Appendix 3Y - Change Of Director's Interest Notice - Helen Lofthouse
ASX
Attached Is An Appendix 3Y Change Of Director's Interest Notice For Helen Lofthouse. Release of market announcement authorised by: Johanna O'Rourke Group General Counsel and Company Secretary
/jlne.ws/46R1Cme
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Elon Musk's biography author Walter Isaacson is already forced to correct one controversial detail
Christian Hetzner - Fortune
Walter Isaacson's official biography of Elon Musk, which has been in the works for over two years, is facing significant revisions just as it hits stores this week. In recent excerpts shared by the biographer, including accounts of a "ruthless" leadership change at Twitter and sordid details of Musk's fathering of twins with a Neuralink manager he employs, the most controversial revelation was an "untold story" about the billionaire's alleged intervention to prevent a potential attack on a Russian naval base by Ukrainian forces, likened to a "mini-Pearl Harbor" scenario.
/jlne.ws/3sRiCJN
Eventus rolls out next-generation user interface with new and enhanced tools for streamlined, efficient user experience; New Validus platform UI includes state-of-the-art data visualization tools
Eventus via PR Newswire
Eventus, a leading global provider of state-of-the-art, at-scale trade surveillance software across all lines of defense, today announced the introduction of the next-generation user interface (UI) for its Validus platform to provide a more streamlined, efficient user experience with comprehensive new case-building features and greater transparency. The new UI, which offers centralized compliance management across all asset classes, includes an enhanced dashboard layer and easy-to-use investigation tools for even faster surveillance insights, along with state-of-the-art data visualization tools.
/jlne.ws/3r8FrYM
A closer look at how industry expert Tony Huck's new venture is set to facilitate more seamless trading operations; TRADE CYCLE will focus on streamlining areas including: data and trading analytics, execution, connectivity and clearing, among others, The TRADE understands.
Claudia Preece - The Trade
Electronic trading expert Tony Huck launched TRADE CYCLE last week in a bid to enhance the trading operations of institutional clients within the US equities, options, and futures markets through promoting more mutually beneficial communications.
/jlne.ws/3EBoHfP
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| Cybersecurity | | Top stories for cybersecurity | Ransomware thrives as cyber security remains lax, says UK report
Mehul Srivastava - Financial Times
The ransomware industry has evolved into a sophisticated supply chain that often defies western governments and leaves unprotected businesses on the back foot, a UK assessment has found. Ten years after the first large-scale ransomware attack, nicknamed Cryptolocker, the industry has thrived on businesses' weak online security.
/jlne.ws/483axBI
MGM resorts says 'cybersecurity issue' may have widespread impact
Dennis Romero - NBC News
MGM Resorts International reported a "cybersecurity issue" Monday that may have affected its hospitality, gaming and entertainment properties across the U.S. The issue may still be affecting the publicly traded company: Some of its websites were down late Monday, and it urged customers to book rooms and request reservations by phone.
/jlne.ws/3PzcO0a
MGM Resorts Cyberattack Stymies Slot Machines, Check-Ins; Casino staff resort to 'manual mode' and handwritten vouchers; MGM has alerted law enforcement and started investigation
Katrina Manson and Jamie Tarabay - Bloomberg
Keith Miller's monthly visit to the Borgata casino in Atlantic City, New Jersey, was short-circuited by a cyberattack. He and his wife, Nanako Miller, were temporarily prevented from checking into a hotel room. And they found that cashing out of slot machines involved handwritten vouchers and long lines at the cashier's window. Even paying for lunch was a struggle.
/jlne.ws/3sImMU4
NIST releases Cybersecurity Framework 2.0 draft
Cynthia Brumfield - CSO Online
NIST seeks comments ahead of the 2024 release of CSF 2.0, which aims to appeal to a broader range of organizations while elevating the importance of corporate governance and more fully addressing supply chain security.
/jlne.ws/3RimMof
Recent Cyber-Related False Claims Act Activity Signals Contractors and Universities Should Examine Their Cybersecurity Practices and Brace for an Uptick in Enforcement
Sheppard Mullin Richter & Hampton LLP - JDSupra
In recent weeks, there has been an uptick in news of cyber-related False Claims Act ("FCA") activity. For example, on September 1, 2023, the court unsealed a qui tam lawsuit against Penn State University relating to allegations of non-compliance with Department of Defense ("DoD") cybersecurity obligations. Separately, on September 5, 2023, the Department of Justice ("DOJ") announced a multi-million dollar FCA settlement with Verizon under its Civil-Cyber Fraud Initiative (which focuses on leveraging the FCA to pursue cybersecurity related fraud by government contractors and grant recipients, as we previously discussed here).
/jlne.ws/3Pb1dDn
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| Cryptocurrencies | | Top stories for cryptocurrencies | Sam Bankman-Fried, DOJ Propose Jury Questions Ahead of October Trial
Nikhilesh De - CoinDesk
Sam Bankman-Fried's defense team wants the judge overseeing their case to ask prospective jurors if they've had any dealings with the FTX founder, crypto or the now-collapsed crypto empire.
/jlne.ws/3LkAX8n
Coinbase Clarifies Discontinuation Reports, Cites Non-Compliance As Reason
Yousra Anwar Ahmed - Bloomberg
Coinbase has issued a clarification on reports that it is discontinuing all exchange services for Indian consumers. The exchange had emailed some of its Indian clients, notifying them that all services would be discontinued after September 25, and suggesting they withdraw any remaining funds from their accounts.
/jlne.ws/3EDOxQx
Lawsuit Alleges Shaquille O'Neal Received Nearly $750K From FTX
Samantha Dorisca - Afrotech
According to a lawsuit, FTX is looking to collect some of its profits, and this could impact the pockets of Shaquille O'Neal and Naomi Osaka. Decrypt reports that court papers show FTX advisors had an extensive list of celebrities, businesses, and sports teams that received profits from the company. As AFROTECH previously mentioned, the cryptocurrency exchange filed for Chapter 11 bankruptcy and collapsed in November 2022.
/jlne.ws/4658hbt
DOJ 'Overreaching' in Trying to Block Sam Bankman-Fried's Proposed Witnesses, Defense Says
Nikhilesh De - CoinDesk
The U.S. Department of Justice is continuing its push to prevent FTX founder Sam Bankman-Fried from having a fair trial, defense attorneys charged in a filing pushing back against prosecutors' motion to disqualify proposed expert witness testimony.
/jlne.ws/3rdwGgb
Decentralized Exchange Sushi Expands to Aptos Blockchain
Oliver Knight - CoinDesk
Sushi, one of the longest-running decentralized exchanges (DEX), has expanded its services to layer-1 blockchain Aptos. The move to Aptos is the first time Sushi has been accessible on a blockchain that is not compatible with the Ethereum Virtual Machine (EVM). It had previously been accessible on Ethereum, Arbitrum, Base, Polygon, Fantom, BNB Chain and others, according to DefiLlama.
/jlne.ws/469sRqW
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| Politics | | An overview of politics as it relates to the financial markets | Is Biden Too Old to Run Again? We Asked People Born on His Exact Birthday; About half of Americans born in 1942 are still alive-and many of them describe busy lives that include work
Andrew Restuccia - The New York Times
Louise Smoczynski is enjoying a quiet retirement in Madison, Wis., but she and her friends are starting to have health problems. Ken Diller is a biomedical engineering professor in Austin, Texas, who has taught for 50 years and isn't ready to spend his days relaxing on a beach. They have one thing in common: They were born on Nov. 20, 1942, the same day as Joe Biden. The 46th president, the oldest to occupy the White House, is campaigning for a second term that, should he win, would put him in office until age 86. These octogenarian voters are among nearly a dozen Americans born the same day as the president that The Wall Street Journal interviewed. They are uniquely suited to answer one of the biggest questions hanging over the 2024 election: Is Biden too old to run again? Most said no. But they were candid about the risks of aging in the years to come.
/jlne.ws/3EUmCvX
Polish Government to Extend Ban on Ukraine Grain Imports; Ruling party appeals to farmers a month before elections; Hungary also looking to extend import ban beyond Sept. 15
Natalia Ojewska - Bloomberg
Poland will extend its ban on imports of grain from Ukraine after the current European Union restrictions expire on Friday, raising tensions with its war-torn eastern neighbor and Brussels. The government in Warsaw will approve the decision on Tuesday, according to Agriculture Minister Robert Telus. Meanwhile, Hungary reiterated that the import restrictions should be extended after Sept. 15 until at least the end of the year.
/jlne.ws/44ToPSG
Putin Says Russia to Rectify Slow Response to High Fuel Prices; High gasoline prices have previously caused protests in Russia; Government recently cut subsidies to domestic oil refiners
Bloomberg News
Russia's government was slow to react to rising domestic fuel prices but is now working on solutions with the nation's oil producers, said President Vladimir Putin. Road fuel has become more expensive in Russia as the country's cabinet failed to react in a timely way to developments in the global markets, Putin said on Tuesday. The government's decision to cut by half the subsidies Russian refineries get for supplying gasoline and diesel to buyers at home aggravated the problem, he said.
/jlne.ws/3PmN9H4
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| Regulation & Enforcement | | Stories about regulation and the law. | BaFin-Licensed Crypto Custodian Finoa Will Offer Regulated DeFi
Ian Allison - CoinDesk
Berlin-based cryptocurrency custody firm Finoa is extending its range of brokerage and crypto staking services to include easy access to a regulatory-compliant form of decentralized finance (DeFi) via the firm's custodial wallet infrastructure.
/jlne.ws/3RjCjnF
CFTC commissioner, industry question legality of DeFi orders; The CFTC can't charge a protocol just because third parties used it to break the law, one commissioner says
Casey Wagner - Blockworks
After the Commodity Futures Trading Commission targeted three DeFi firms, other decentralized exchanges are on high alert and questioning how much power the agency truly has. The CFTC released orders on Thursday stating that Opyn, ZeroEx and Deridex were allegedly operating unregistered trading platforms and offering illegal leveraged transactions in digital assets.
/jlne.ws/45MDm3U
TP ICAP's eRepo Order Book Hits New Record: £100bn Volume Traded In One Day
Mondo Visione
TP ICAP Group plc (TP ICAP), a world-leading provider of market infrastructure, today announced a record trading day on its eRepo order book. On 7 September 2023, the platform reported £100bn of volume traded in one day. eRepo is a fully electronic order book, designed to help market participants manage the high volume demands of the European repo market.
/jlne.ws/44IzAHu
U.S. SEC moves to appeal Ripple court decision
Danny Parker - forkast
The U.S. Securities and Exchange Commission (SEC) submitted a filing last Friday that pushed the court of the Southern District of New York to appeal its ruling on the agency's lawsuit against Ripple Labs.
/jlne.ws/3rdooVx
SEC's Gary Gensler to hold firm on crypto enforcement in Senate hearing
Tom Mitchelhill - Cointelegraph
Seemingly unfazed by a recent slew of court setbacks, United States Securities and Exchange Commission Chair Gary Gensler remains resolute that his agency should be the one to reign over crypto, and plans to tell lawmakers the same on Sept. 12. In the last two months, the securities regulator lost to both Grayscale and Ripple - seen as huge blows to the agency.
/jlne.ws/3LjHxMy
The FCA could crack down on social media "wild west" with finance risk warning labels
Automotive Management
Motor retailers should be prepared to review how they advertise their finance offers for new and used vehicles on social media due to the Financial Conduct Authority's (FCA) latest crackdown. The FCA is already several weeks into a new consultation that could lead to including warning labels with more information on the risks associated with taking out finance on adverts placed on social media platforms like Instagram, TikTok, Facebook, YouTube, Threads, Discord and more.
/jlne.ws/3EGysJD
Modernizing Investor Protection for the Digital Age: Opening Remarks of CFTC Commissioner Christy Goldsmith Romero
CFTC
Today, I will share my view that one of the best ways to modernize investor protection is for regulators to keep pace with technology. I will talk about how regulators can use technological advances to our advantage. Finally, I will re-propose a National Financial Fraud Registry[1] - which I first proposed in December 2019-one stop shopping for investors to check if the companies or individuals they are considering investing with, have been convicted or fined for fraud.
/jlne.ws/3PzSfkg
SEC Sweep into Marketing Rule Violations Results in Charges Against Nine Investment Advisers
U.S. Securities and Exchange Commission
The Securities and Exchange Commission today announced charges against nine registered investment advisers for advertising hypothetical performance to the general public on their websites without adopting and/or implementing policies and procedures required by the Marketing Rule. All nine firms have agreed to settle the SEC's charges and to pay $850,000 in combined penalties.
/jlne.ws/3ZfymSR
New screening checks required to approve financial adverts
FCA
To help people to make informed decisions to save, invest and borrow with confidence, the FCA is introducing new screening checks for firms that approve financial adverts. Firms approving financial marketing for unregulated firms will have to demonstrate they have the necessary skills and expertise to approve adverts. Those signing them off must understand the product, to ensure the promotion is accurate and fairly balances risk and reward.
/jlne.ws/3PB9WjF
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Brazil Became the World's Top Corn and Soy Exporter. Cotton Is Next.; US crop size, quality have fallen amid droughts and margins; Brazil already beat US to become biggest corn, soy exporter
Ilena Peng and Tarso Veloso Ribeiro - Bloomberg
Brazil is close to unseating the US to become the world's biggest cotton exporter as Texas, America's top producing region, buckles under searing heat and drought. The difference in cotton exports from the two countries is sharply narrowing amid a robust season in Brazil, adding the fiber to a growing list of crops where the US is losing dominance.
/jlne.ws/3LkUAgr
TP ICAP's eRepo Order Book Hits New Record: £100bn Volume Traded In One Day
Mondo Visione
TP ICAP Group plc (TP ICAP), a world-leading provider of market infrastructure, today announced a record trading day on its eRepo order book. On 7 September 2023, the platform reported £100bn of volume traded in one day. eRepo is a fully electronic order book, designed to help market participants manage the high volume demands of the European repo market.
/jlne.ws/44IzAHu
Gold Bugs in Japan Reaping Rewards as Yen Weakness Persists; Domestic precious metal prices have surged 18% since January; Expensive stocks, ETF demand also adding to bullion's allure
Sybilla Gross, Marika Katanuma, and Eddie Spence - Bloomberg
As weakness in the yen looks set to continue into next year, prospects for gold priced in the Japanese currency have rarely looked so good. Japanese investors with exposure to yen-denominated bullion have earned themselves healthy returns so far this year, with domestic prices for the precious metal now hovering around a record high of 10,000 yen per gram - up around 18% since January.
/jlne.ws/3Zliv5h
OPEC Oil Data Show 3 Million-Barrel Shortfall on Saudi Supply Squeeze
Grant Smith - Bloomberg
Global oil markets face a supply shortfall of more than 3 million barrels a day next quarter - potentially the biggest deficit in more than a decade - as Saudi Arabia extends its production cuts.
/jlne.ws/3EH9ud7
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | A Huge Lithium Discovery That Economists Were Expecting; A vast new deposit on the Nevada-Oregon border could help ease geopolitical tensions and limit the effects of climate change.
Tyler Cowen - Bloomberg
When I first read about the discovery of a vast new deposit of lithium in a volcanic crater along the Nevada-Oregon border, I can't say that I was surprised. Not because I know anything about geology - but because, as an economist, I am a strong believer in the concept of elasticity of supply. Before I get to that, it's worth dwelling on the significance of this find, which could help limit climate change and ease geopolitical tensions.
/jlne.ws/3sP7i0D
World at 'beginning of end' of fossil fuel era, says global energy agency; Global demand for oil, natural gas and coal expected to peak before end of 2030
David Sheppard - Financial Times
The world is at "the beginning of the end" of the fossil fuel era, according to the leading global energy watchdog, which for the first time has forecast that demand for oil, natural gas and coal will all peak before 2030. The International Energy Agency projected that the consumption of the three major fossil fuels will start to decline this decade because of the rapid growth of renewable energy and the spread of electric vehicles.
***** Fatih Birol, executive director, of the IEA, wrote an opinion piece about this for the Financial Times. Here are versions of this story on the IEA report from The Guardian, The Wall Street Journal, and Forbes. ~SAED
NOAA: 2023 worst year on record for billion-dollar disasters
Rebecca Falconer - Axios
The U.S. experienced 23 separate billion-dollar weather and climate disasters in the first eight months of 2023 - the largest number since records began. Driving the news: "With approximately four months still left in the year, 2023 has already surpassed the previous record of 22 events seen in all of 2020," per a statement from the National Oceanic and Atmospheric Association (NOAA) accompanying its report on the disasters Monday.
/jlne.ws/48fpYqv
US behind more than a third of global oil and gas expansion plans, report finds; Study highlights conflict between Washington's claims of climate leadership and its fossil fuel growth plans
Fiona Harvey - The Guardian
The US accounts for more than a third of the expansion of global oil and gas production planned by mid-century, despite its claims of climate leadership, research has found. Canada and Russia have the next biggest expansion plans, calculated based on how much carbon dioxide is likely to be produced from new developments, followed by Iran, China and Brazil. The United Arab Emirates, which is to host the annual UN climate summit this year, Cop28 in Dubai in November, is seventh on the list.
/jlne.ws/44NESSa
UK scientists call on Sunak to back deep-sea mining 'moratorium;'Letter expresses concerns about the nascent industry's environmental impact
Kenza Bryan - Financial Times
Dozens of British scientists have urged prime minister Rishi Sunak to back a "moratorium" on deep-sea mining over concerns about the nascent industry's environmental impact.In a letter signed by 60 researchers, they have warned the UK government that pressing ahead with the industrial-scale exploitation of the seafloor could have grave consequences for both marine life and the ability of the oceans - one of the planet's biggest carbon sinks - to absorb carbon dioxide.
/jlne.ws/465BmDI
Money, Oil and Fights Over Emissions: What to Watch at COP28; Here are five things to keep on your radar as countries prepare for United Nations climate talks in Dubai at the end of November.
Ewa Krukowska - Bloomberg
Governments worldwide are facing increasing pressure to step up the fight against global warming as almost every corner of the planet battles wildfires, heat waves and other deadly impacts from rising temperatures. Climate change is set to be at the top of the agenda at the United Nations annual meeting in New York next week. UN Secretary General Antonio Guterres will seek to build momentum before global COP28 climate talks hosted by the United Arab Emirates at the end of November. Even as 2023 is on course to be the hottest year on record, it's looking more difficult than ever to meet an internationally agreed target to limit global warming to less than 2 degrees Celsius before the end of the century.
/jlne.ws/45IrfEW
World way off track to meet Paris climate goals, says UN report; First comprehensive stocktake urges countries to take 'more ambitious' action to cut emissions
Attracta Mooney - Financial Times
/jlne.ws/3RgPSEe
Offshore Wind Faces a Lost Year in the UK; The British government's failure to set an attractive price for renewable energy will cost the nation dearly.
Lara Williams - Bloomberg
/jlne.ws/3sOkWkP
We're Thinking About Climate Risk All Wrong; When human survival is at stake, conventional analyses "may become useless."
David Spratt - Mother Jones
/jlne.ws/3Rh6pbi
Bill Gates-Backed Startup Pilots Unique Battery to Help Heavy Industry; Thermal energy storage could help provide heat and electricity for hard-to-decarbonize sectors like cement and steel.
Michelle Ma - Bloomberg
/jlne.ws/454w36F
Small islands slam 'endless' climate talks at landmark maritime court hearing; Small island states have asked the world's maritime tribunal to clarify state obligations on climate change, which could be influential for other courts.
Isabella Kaminski - Climate Change News
/jlne.ws/44LcrEd
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Mizuho seeks to break curse over foreign forays on Wall Street; Japanese lender targets US investment banking top 10 after acquisition of boutique firm Greenhill
Joshua Franklin - Financial Times
Mizuho Financial Group has set its sights on becoming one of Wall Street's top 10 investment banks by 2026, betting its acquisition of Greenhill & Co can help it succeed in a market where many overseas companies have struggled. The Japanese lender's deal for the New York boutique advisory firm caught many on Wall Street off guard when it was announced in May, both for the price - Mizuho paid a more than 100 per cent premium to where the stock was trading - and the target given that Greenhill's revenues have stagnated for a decade.
/jlne.ws/44M6ruX
It's easy to get duped out of thousands of dollars by this bank scam - how to spot it and avoid it
Ruth Sarreal - MarketWatch
The Federal Trade Commission recently revealed the most-reported text message scam: bank impersonations. Reports of bank impersonations by text in 2022 jumped to 20 times the number reported in 2019. According to the FTC, consumers reported a loss of more than $330 million to text message scams in 2022. And cash that's lost because of bank fraud or scams isn't covered by the Federal Deposit Insurance Corp. or National Credit Union Administration.
/jlne.ws/3Rja3lc
Arm's IPO Orders Are Already Oversubscribed by 10 Times; Arm will close its order book a day early on Tuesday; The IPO could be oversubscribed by up to 15 times by Wednesday
Ryan Gould, Gillian Tan, and Amy Or - Bloomberg
Arm Holdings Ltd.'s initial public offering is already oversubscribed by 10 times and bankers plan to stop taking orders by Tuesday afternoon, according to people familiar with the matter. Arm, controlled by SoftBank Group Corp., will close its order book a day early on Tuesday, but is still planning to price its shares on Wednesday, the people said, asking not to be identified because the matter is private.
/jlne.ws/3rix9xs
Top Fund Managers Snap Up Japan Banks on BOJ Tightening Bets; Short-term rates may turn positive this year, Evarich say; Bank shares look cheap based on price-to-book ratio: Atom
Yasutaka Tamura - Bloomberg
A top-ranked fund that keeps a fifth of assets in shares of Japanese lenders is ready to increase that position on the possibility the central bank is preparing to end its ultra-easy monetary policy. Yutaka Uda, the president and chief investment officer of Evarich Asset Management in Tokyo, said the sector may double in value over the next 18 months as the Bank of Japan may scrap its yield-curve control and put an end to negative interest rates as early as this year.
/jlne.ws/48cgPz1
Some Floating Rates Won't Float; Also Bitcoin futures ETFs, covenant-heavy loans, private banking and Elon Musk.
Matt Levine - Bloomberg Opinion
Banks often raise money by issuing fixed-to-floating-rate preferred stock: They sell shares for $25, and for some fixed period (often five, seven or 10 years) those shares pay an annual dividend of, say, 6% ($1.50 per year, or $0.375 per quarter). And then after that they start paying a dividend that changes each quarter based on some benchmark interest rate.
/jlne.ws/3ExW1V6
Hedge Fund ExodusPoint Opens for New Cash to Raise $1 Billion; Firm raising new capital for the first time in three years; It hired about 40 portfolio managers over the past 12 months
Nishant Kumar, Bei Hu, and Hema Parmar - Bloomberg
/jlne.ws/45NJf0F
Deutsche Bank Launches Private Credit Business for Investors; DBIP to invest in corporate and real estate private credit; Raheman Meghji, a former DB managing director, will be CEO
Katharine Hidalgo and Lisa Lee - Bloomberg
/jlne.ws/45ONAk8
Ex-Credit Suisse Banker's Wealth Firm Shuts Down After Bad Bets
Ben Stupples - Bloomberg
/jlne.ws/46cgTND
BlackRock Launches Active ETF That Mimics Popular Mutual Fund
Lucy Brewster - ETF.com
/jlne.ws/46aQq2X
Crispin Odey removed as person with significant control of Odey AM
Cristian Angeloni - Investment Week
/jlne.ws/3r8KJDA
Axioma and Jacobi forge new partnership bringing investment managers enhanced risk analytics and workflow tools
Qontigo
/jlne.ws/46a01H2
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | 90% of companies say they'll return to the office by the end of 2024-but the 5-day commute is 'dead,' experts say
Morgan Smith - CNBC
The debate over whether or not to return to the office is far from settled - and yet, the push to get employees back to the office is getting more aggressive. Goldman Sachs wants employees in five days a week. Google is factoring employees' in-office attendance into their performance reviews. A whopping 90% of companies plan to implement return-to-office policies by the end of 2024, according to an Aug. report from Resume Builder, which surveyed 1,000 company leaders. Nearly 30% say their company will threaten to fire employees who don't comply with in-office requirements. Only 2% of business leaders said their company never plans to require employees to work in person.
/jlne.ws/48e7mXQ
Why do we work 9 to 5? The history of the eight-hour workday
Jeanne Sahadi - CNN
US work culture revolves around employees putting in eight hours a day, five days a week - a schedule immortalized by Dolly Parton in her 1980 song "9 to 5." It's just the norm, many assume. Same as it ever was. Except, it wasn't always so. It has just held steady at that level since World War II. How the United States landed on the eight-hour standard wasn't the result of one union or one industry, one company or one law. Rather it came about after a long and complex mix of labor actions, advocacy, political compromises, pioneering employers and economic competition.
/jlne.ws/3sRTx1r
Boeing's execs refuse to relocate, instead taking private jets to work: report
Shannon Thaler - NY Post
The top dogs of Boeing are living the high life - refusing to relocate their residences despite the aerospace giant's push for staffers to return to the office - and instead commuting via private jet to the company's headquarters, according to a report. David Calhoun took over as Boeing's CEO just before the pandemic, in January 2020. Like most of the US workforce, he worked from home at the time between his two abodes: a sprawling waterfront estate on New Hampshire's Lake Sunapee, and another in a gated resort community in Buffalo, SC, according to the Wall Street Journal.
/jlne.ws/48dR6GA
Special Report: Understanding out-of-control CEO pay-and why it's a problem; Can unions, shareholders, and politicians start to rein in spiraling executive pay packages?
Kristin Toussaint - Fast Company
In July of 2023, right before the start of the actors' strike and more than two months into the Hollywood writers' strike, Disney CEO Bob Iger was attending investment firm Allen & Company's annual Sun Valley Conference, an event known as "summer camp for billionaires." It was there-the same day it was announced that his contract with Disney would be extended two years, the terms of which gave him the opportunity to receive an annual incentive bonus five times that of his base salary-that he called the writers' and actors' expectations for their contracts "not realistic."
/jlne.ws/3sIuNs8
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| Wellness Exchange | | An Exchange of Health and Wellness Information | FDA approves new Covid-19 boosters from Pfizer and Moderna; Drug regulator's decision is the first step towards a new round of jabs as cases rise in the US
Steff Chávez and Jaren Kerr - Financial Times
The US federal drug regulator has approved new Covid-19 boosters from Moderna and Pfizer, as it moves to contain infections from spreading more quickly in the US. Anyone 5 years of age and older will be eligible to receive an updated jab from either Moderna or BioNTech/Pfizer as long as it has been at least two months since a previous Covid-19 vaccination, the Food and Drug Administration said on Monday.
/jlne.ws/3EwFNM2
ADHD Drug Shortages Worsen as Makers Say Production Is Maxed Out; With supply constraints entering a second year, patients would like to see rules governing prescriptions loosened.
Gerry Smith and Ike Swetlitz - Bloomberg
Mark Bouchard's troubles started in June. Until then, the Chicago law student had no issues getting Vyvanse, a drug that controls ADHD. That month, the 28-year-old called three pharmacies before finding it. In July, it took about a dozen calls. Last month, it was more than 30-and the prescription was a different combination of pills that cost $270, triple the usual price. "Every month the game of phone tag gets longer, and I have to ration my meds for more days," Bouchard says.
/jlne.ws/3RdlwCI
Phone. Keys. Wallet ... Brain? Some memory lapses are a normal part of brain function, experts say.
Jancee Dunn - The New York Times
I was in the supermarket recently when a woman came running toward me. "Jancee!" she said. "How are you?" I smiled. She looked familiar, but what was her name? As she chatted, I silently recited the alphabet, hoping it would jog my memory. Please don't let her name be Zoe, I thought; I can't fake this for much longer. It's natural to wonder whether our memory is getting worse as we age - and those concerns aren't unreasonable: Some 5.8 million Americans live with dementia, which is marked by a significant loss of cognitive functions. And the biggest risk factor for dementia is aging. But some age-related memory lapses aren't cause for concern.
/jlne.ws/3PdvsJF
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Record Olive Oil Prices Push Up Cost of Spain's Signature Dish; Bloomberg index shows paella ingredients 18.3% more expensive; Food inflation persists even as headline rate remains subdued
Alonso Soto and Ainhoa Goyeneche - Bloomberg
A surge in the price of olive oil in top grower Spain has increased the cost of making a traditional paella to its highest in five months. Bloomberg's monthly index, which calculates how much Spanish households need to spend on ingredients to make the Mediterranean rice dish, jumped 18.3% in August from a year ago, accelerating from a 15% rise the previous month.
/jlne.ws/464Z96C
Colombian Cocaine Output Soars to Record of About 1,700 Tons; UN satellite monitoring shows record amounts of coca planted; President Petro has pledged a new approach to illegal drugs
Matthew Bristow - Bloomberg
Colombian cocaine output surged to a record last year, with the drug flooding into new markets and fueling violence across the planet. Satellite photos show the amount of land planted with coca, the raw material for making the drug, rose to 230,000 hectares (570,000 acres), in 2022, up 13% from the previous year. That's enough to produce 1,700 tons of refined cocaine, the most ever, according to a report published Monday by the UN Office on Drugs and Crime.
/jlne.ws/3Lod0wT
Colombia's coca production at all-time high, UN says
Joe Daniels - Financial Times
Colombian coca crop production last year reached a record high, the UN said in a report on Monday, as the country's leftist government rethinks its approach to drugs. Last year 230,000 hectares of land were planted with coca - the main ingredient in cocaine - a 13 per cent increase over 2021, according to the annual report by the United Nations Office on Drugs and Crime (UNODC).
/jlne.ws/44IxOWV
Hedge Fund Boss Slams Hydrogen Bets as 'Complete Waste of Time'; Argonaut's Barry Norris says he's shorting hydrogen stocks; Impax CEO says 10-15 years out, hydrogen looks a lot better
Sheryl Tian Tong Lee - Bloomberg
Hydrogen is a losing bet for investors interested in making money in the foreseeable future, according to Barry Norris, the founder and chief investment officer of UK hedge fund Argonaut Capital Partners. "It's a complete waste of time, unfortunately," London-based Norris said in an interview. The Argonaut CIO said he's "skeptical that the business models of a lot of these companies will work."
/jlne.ws/45LZZWd
Climate Change Is Causing an Insurance Crisis in Louisiana; Damages from hurricanes have pushed insurers to close their doors or hike rates, forcing some residents to move out of state.
Leslie Kaufman - Bloomberg
A little over a year ago, Peter Gardner, a Louisiana developer, completed rehabbing an apartment building with 144 units and got a surprise so ugly it made him decide to move his business out of town. When the project began, his broker estimated the annual cost of insuring it would be $75,000. But by the time Gardner finished it, the insurance cost had risen to $175,000. He paid it, but when he went to renew the policy this past July, he got another shock.
/jlne.ws/45Z6WDa
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