| February 22, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Well, things are heating up in the Ukraine and Germany's response to Russia's incursion into Ukraine was to turn off the gas, or pass on the Russian gas, as it were, from the Nord Stream 2 pipeline.
Hong Kong is also under siege, but from the spread of Covid-19 cases that has prompted mandatory testing. The FT reports experts warn a third of residents will be in isolation within weeks and more will have Covid in April without stronger containment policies.
Former federal prosecutor turned defense attorney, and someone who knows about clients being charged criminally and civilly at the same time, Renato Mariotti, has a commentary in Politico titled "How Donald Trump Played Himself." Mariotti explains how Mr. Trump has talked his way into having to plead the fifth in the civil case because of downplaying the threat of a criminal indictment. Mariotti was the defense attorney for Jitesh Thakkar. When Thakkar's criminal case was dismissed and the CFTC persisted with the civil case, that prompted my "Justice for Jitesh" campaign which attracted 2590 signatures.
We have a couple more videos coming out this week that we shot a while ago. Expect to see our interview with John McPartland for The History of Financial Futures this week. Also, I shot an interview with Laurie McAughtry, the new editor of The Trade, last week. Expect to see that video soon, too.
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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If we use the European date format of DD. MM. YYYY then today's date (February 22, 2022) is a palindrome. 22022022. On some calculators it would also be an ambigram.~JB
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If You Scanned that QR Code During the Super Bowl, the FBI Has a Warning For YouQR codes are making a comeback, but there are risks involved.
Jason Aten - Inc
The most talked-about ad from the Super Bowl this year was a colorful QR code bouncing around the television screen. If you pointed the camera on your smartphone at it, you were taken to the website for Coinbase, a cryptocurrency exchange. It's a remarkably simple way to generate some viral marketing.
/jlne.ws/3pt7COj
****Clicking on any old QR code is a bad idea.~JJL
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These 5 factors will make you more promotable; Paycom's VP of Human Resources shares the lessons she learned to look for opportunities and grow her career.
Jennifer Kraszewski - Fast Company
When I was seven years old, I decided that I wanted to raise chickens. For some, this might be a little odd. Even in my small Oklahoma town, a young girl managing chickens isn't an everyday sight. But I was committed. Thankfully, my beloved grandad was all in and even encouraged me to consider starting a business selling eggs.
/jlne.ws/3BKdrMa
***** First rule of getting a promotion, there is more than one basket to put your eggs.~JJL
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The Secret to Happiness, According to This Harvard Professor: A Reverse Bucket ListIf you want to be truly happy, don't just think about what to add to your life, but about what to take away.
Jessica Stillman - INc.com
Most of us have some sort of bucket list. Whether it's a literal scrap of paper or just a mental inventory, just about everyone has a checklist of experiences and accomplishments they hope to experience before their time here on earth is up. That makes sense. When we think of how to improve our lives, our first impulse is generally to add things. I'd be happier if my career were going better. A trip to Hawaii would really improve things. Everything would be different if I could find a good relationship. There's only one problem with this approach -- science suggests it tends to backfire.
/jlne.ws/3JPbjFJ
******A limited position in soybeans and a limit up market did not make the list.~JJL
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Fox Business Host Neil Cavuto Says Covid Vaccine Saved His Life After Being in ICU
Sarah Muller - Bloomberg
Fox Business and Fox News host Neil Cavuto returned to the anchor chair after a weeks-long absence, explaining he was hospitalized with "Covid pneumonia." "It landed me in intensive care for quite a while and it really was touch-and-go." he said Monday on the show Coast to Coast.
/jlne.ws/3Haaeqa
****** Had Neil Cavuto not been vaccinated, he would be dead. End of story.~JJL
**** It is worth noting that Fox News has a vaccine mandate for their employees in place.~JB
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Crypto industry makes push into regulated derivatives markets; Most futures and options trading currently takes place on offshore venues subject to minimal oversight
Philip Stafford - FT
Cryptocurrency companies are pushing into the highly regulated US derivatives market as they seek to meet demand from retail traders to make supercharged bets on digital assets. Volumes in crypto derivatives registered almost $3tn last month, accounting for more than 60 per cent of trading in cryptocurrencies, according to data provider CryptoCompare. Most activity takes place on offshore venues such as those overseen by exchanges giant Binance, which are subject to little or no regulatory oversight.
/jlne.ws/3vabVBK
***** Some good data with this story, which on the face of it seems a little late to the party.~JJL
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Monday's Top Three
Our top story on Monday was The Guardian story, Revealed: Credit Suisse leak unmasks criminals, fraudsters and corrupt politicians. Credit Suisse is not having a good year so far. Our second most read story was The Trade's CME Group financial chief to step down amid swathes of senior management changes. Third was from Yahoo Finance, FTX's Sam Bankman-Fried explains how he built a $32 billion crypto exchange in 3 years after growing annoyed with 'crappy' platforms - making him a multibillionaire at 29. A good idea at the right time and the gumption to make it happen can be worth a lot.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | An Obscure Corner of Wall Street Is Making Billions Trading Inflation; Small teams have been making the most of global price shocks with trades that can be just as volatile
Donal Griffin and William Shaw - Bloomberg
Most of the world hates inflation. For Nikhil Choraria and a small band of traders, it's an opportunity. The Goldman Sachs Group Inc. partner is a leading practitioner of the obscure art of inflation trading, a niche business that's exploded -- very lucratively -- for some of the world's major banks and hedge funds. Choraria, 38 and based in London, orchestrates often-complex transactions designed to profit from gyrations in inflation. Over the past year, his team picked the right side on trades underpinned by the biggest inflationary spike in decades, which convulsed the global economy and even blindsided some central bankers. They helped generate $450 million in revenue in 2021, twice what they made in previous years, according to people familiar with the bank.
/jlne.ws/3HaoKOw
What's at Stake for the Global Economy as Conflict Looms in Ukraine; Countries that depend on the region's rich supply of energy, wheat, nickel and other staples could feel the pain of price spikes.
Patricia Cohen and Jack Ewing - NY Times
After getting battered by the pandemic, supply chain chokeholds and leaps in prices, the global economy is poised to be sent on yet another unpredictable course by an armed clash on Europe's border. Even before the Kremlin ordered Russian troops into separatist territories of Ukraine on Monday, the tension had taken a toll. The promise of punishing sanctions in return by President Biden and the potential for Russian retaliation had already pushed down stock returns and driven up gas prices.
/jlne.ws/3sXrhXs
Beijing Backs Hong Kong Lockdown as Covid Crisis Worsens, Sources Say
Bloomberg News
Hong Kong resistant to full lockdown; open to targeted curbs; Two sides meeting often, people familiar with the talks say
Chinese officials have told Hong Kong that they think a lockdown will be needed to contain surging Covid-19 cases, according to people familiar with the discussions, with the city's government conceding some kind of targeted stay-at-home restrictions may be necessary if the situation continues to spiral out of control.
/jlne.ws/3s5XcWq
Crypto Companies Build Lobbying Army to Influence New York's Rules; Etoro, Blockchain.com are spending $100,000 a month to woo lawmakers.
Laura Nahmias and Crystal Kim - Bloomberg
New York is trying to become the U.S.'s "crypto capital." Major cryptocurrency companies are hiring an army of lobbyists to influence that outcome. New filings show that Digital Currency Group, Blockchain.com, and roughly a dozen other firms are spending upwards of $100,000 a month in a $1.5 million Albany lobbying blitz aimed at helping to write the rules governing the $2 billion crypto industry, which remains mostly unregulated at the federal level.
/jlne.ws/3h78sLU
Germany halts Nord Stream 2 gas pipeline after Putin orders troops into Ukraine; Chancellor Olaf Scholz says Berlin will not approve Kremlin-backed project given Moscow's actions
Guy Chazan, Sam Fleming and Eleni Varvitsioti, and Laura Hughes - FT
Germany halted the approval of the Nord Stream 2 gas pipeline on Tuesday, the first in a volley of western sanctions against Moscow after Vladimir Putin ordered troops into Ukraine.
/jlne.ws/3s8yG6Y
Hong Kong announces mandatory Covid testing as city reels from surging cases; Measures intensified as experts warn that a third of residents will be in isolation within weeks
Chan Ho-him and Andy Lin - FT
Hong Kong announced on Tuesday that all residents would have to undergo mandatory Covid-19 testing from next month, as the city reels from China's worst outbreak since the start of the pandemic. Carrie Lam, Hong Kong's chief executive, announced the latest measures as experts warned that more than a third of residents will be in isolation within weeks and more than half will have had Covid by April unless containment policies were strengthened.
/jlne.ws/35f8YEU
Oil majors and commodity traders at risk from new sanctions on Russia; Western measures over Ukraine crisis could hit companies from BP and Exxon to Glencore and Vitol
Tom Wilson and Neil Hume - FT
Some of the world's biggest oil companies and commodity traders are at risk of disruption to their extensive business operations in Russia if the west follows through with "unprecedented" sanctions against Moscow for any further invasion of Ukraine. The US has emphasised measures that would target Russia's financial sector and members of President Vladimir Putin's inner circle, rather than sanctions that would directly disrupt supplies of Russian oil and gas into Europe and potentially push elevated energy prices even higher.
/jlne.ws/3h4czbJ
SoFi to Buy Banking-Infrastructure Firm Technisys for About $1.1 Billion; The all-stock deal is CEO Anthony Noto's latest move to turn the onetime student lender into a full-service bank
Peter Rudegeair - WSJ
SoFi SOFI -4.21% Technologies Inc. is buying banking-software maker Technisys SA for about $1.1 billion, the latest in a string of deals designed to transform the lender into a one-stop financial shop. The all-stock deal is equivalent to roughly 10% of SoFi's market value. The deal gives SoFi control of its own core-banking platform, the back-end technology that banks use to power mobile-banking apps, open accounts and keep track of customer deposits.
/jlne.ws/3BIg80D
Swiss banks' struggles to move on from murky past hit by documents leak; Fallout from release of details of Credit Suisse accounts threatens to spread through country's finance sector
Owen Walke - FT
Switzerland's attempts at shedding its long-held reputation as the global banking centre of choice for oligarchs, corrupt government officials and drug smugglers has been dealt a blow by the leak of documents detailing the accounts of 30,000 Credit Suisse clients. The cache of documents — some dating back decades — was reported by a consortium of media outlets and brought further embarrassment to Switzerland's second-biggest lender, which has spent the past two years lurching from one scandal to the next.
/jlne.ws/3HcozlM
LSEG to acquire TORA for $325 million; Exchange said the acquisition would add digital assets trading to its roster and enhance its trading and banking solutions business across Asia, North America and Europe.
Annabel Smith - The Trade
The London Stock Exchange Group (LSEG) has entered into a definitive agreement to acquire trading technology provider, TORA, for $325 million. The deal is expected to close in the second half of this year, subject to regulatory approvals. Following completion of the deal, TORA will be part of LSEG's data and analytics division.
/jlne.ws/3HaEIYY
Credit Suisse Denies Wrong Doing After Vast Data Leak
Lina Saigol - Barron's
Credit Suisse Group said it "strongly rejects" allegations of wrongdoing after media organizations reported investigations into a data leak revealing that the Swiss bank had managed accounts for clients linked to crime and corruption. The data on more than 18,000 bank accounts, collectively holding more than $100 billion, was leaked to German newspaper Süddeutsche Zeitung by an anonymous whistle-blower.
/jlne.ws/3h8cROx
The Credit Suisse leaks expose an industry that has got away with too much for too long; I won't be holding my breath for government action or an inquiry into its actions - or into any other bank for that matter
Prem Sikka - The Guardian
How do the banks continue to get away with it? The latest revelations about Credit Suisse provide yet another glimpse into the corrosive nexus of banks, corporations, accountants, lawyers and financial intermediaries that enables the wealthy and political elites to profit from illicit practices.
/jlne.ws/35gYBjO
How Swiss banking secrecy enabled an unequal global financial system; Centuries-old code of silence helped Switzerland become a magnet for tax-dodging wealthy clients
Kalyeena Makortoff - The Guardian
French kings found the ideal refuge for their wealth: a city-state nestled between the snow-capped Alps and the pristine waters of Lake Geneva. Catholic royalty flocked to Geneva in the 18th century in an effort to conceal their dealings with Protestant bankers. By 1713, the authorities in Geneva, who would gain a reputation for discretion, introduced rules banning bankers from revealing details about their clients. That centuries-old code of silence, which was later enshrined in law in Switzerland, came under renewed focus this week after a leak of Credit Suisse data revealed its clients were involved in torture, drug trafficking, money laundering, corruption and other serious crimes, suggesting widespread failures of due diligence by the bank.
/jlne.ws/3h8BhYu
Russian c.bank vows financial stability support as rouble tanks
Reuters
The Russian central bank on Tuesday said it was ready to take all necessary measures to support financial stability, as Russian assets were hammered after Moscow sent what it called "peacekeeping" forces into eastern Ukraine.
/jlne.ws/3p3cF7x
Chicken Industry Officials Prepare for Retrial in Price-Fixing Case; Former Pilgrim's Pride CEOs, other executives face charges in Justice Department's probe of poultry industry. New trial starts Tuesday.
Patrick Thomas - WSJ
Executives who worked for some of the biggest U.S. chicken producers are set to stand trial for a second time beginning Tuesday, as they battle Justice Department accusations that they conspired to fix prices. The government's case against the 10 former poultry executives previously ended in a mistrial in December after jurors failed to reach consensus on a verdict after several days of deliberations. Prosecutors decided to pursue a retrial, which is expected to last 22 days in a federal court in Colorado.
/jlne.ws/3s95Ovp
Housing Operator Fights Students, Investors and Now a Wall St. Colossus; Investors say Nelson Partners owes them tens of millions, and student tenants complain about poorly run properties. Now a $54 billion investment firm is in the mix.
Matthew Goldstein - NY Times
A student-housing operator that tenants and investors say has badly mismanaged high-end properties across the country has added a Wall Street colossus to the list of legal opponents. Fortress Investment Group, an investment firm managing money for institutional and private clients, has mounted an attempt to seize control of a high-rise student apartment building in Denver from Patrick Nelson and his company, Nelson Partners Student Housing.
/jlne.ws/3BUq4Ex
A New Generation of Masters of the Universe; A handful of companies that create indexes control the flows of trillions.
Marc Rubinstein - Bloomberg
For years, hedge fund managers were the undisputed masters of the universe. They influenced the fortunes not just of companies and markets but countries too. No more. They have been usurped at the top of the financial food chain by a new breed of market savant. Nowhere is the power shift more apparent than in South Korea.
/jlne.ws/3saahOt
HSBC Under Investigation in U.S. Over WhatsApp Use
Harry Wilson - Bloomberg
Bank co-operating with CFTC probe into business communications; Comes after JPMorgan fined for messages outside work systems
HSBC Holdings Plc is being investigated by U.S. regulators over bankers' misuse of services such as WhatsApp. The London-based bank is co-operating with the Commodity Futures Trading Commission probe into the use of "non-HSBC approved messaging platforms for business communications," according to its annual report published alongside earnings on Tuesday.
/jlne.ws/3LLFUFX
EU Watchdog Slams Investment Sector Failings, Including ESG; The European Union needs to make significant adjustments to the structures shaping its investment industry if it's to address the shortcomings, according to a European Court of Auditors report.
Frances Schwartzkopff - Bloomberg
European efforts to create a single, liquid and transparent market for investors have fallen far short of the mark, according to the region's top government watchdog. The European Court of Auditors, which monitors EU finances, said the creation of a single market more than three decades ago has aided transparency around risk, returns and fees. But "investors are still not adequately protected against various issues," according to a report published on Monday.
/jlne.ws/3HeNVj4
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Studies show many people may not need a fourth COVID-19 booster for several months, or even years
Bethany Biron - Insider
If you recently got a booster shot to protect against COVID-19, you may not need another for several months, or even several years, new studies suggest. According to one study released earlier this week and reported on by Apoorva Mandavilli for The New York Times, receiving three mRNA vaccinations from Pfizer-BioNTech or Moderna helps the body create a wide array of antibodies that are especially effective in not only preventing death and severe illness, but also in protecting against variants.
/jlne.ws/3IdqbNw
Hong Kong to enforce mass testing amid predicted surge in COVID infections
Twinnie Siu and Farah Master - Bloomberg
Hong Kong will roll out compulsory testing for COVID-19 starting in mid-March for its 7.4 million residents, leader Carrie Lam said on Tuesday, as university researchers predicted new infections could peak at a staggering 180,000 a day next month.
/jlne.ws/3IafPOs
As Covid-19 Cases Wane, U.K. to Lift Remaining Curbs; Government to end free public testing on April 1 and remove restrictions this week, including self-isolation requirement for those infected
Max Colchester - WSJ
The U.K. government will lift all remaining Covid-19 restrictions in England this week, including a legal requirement that those infected with the virus self-isolate, as Prime Minister Boris Johnson looks to fully reopen the British economy and society two years after the pandemic first hit.
/jlne.ws/3IdyLf9
The Science Behind Why Children Fare Better With Covid-19; Children's innate immune systems help fend off the virus more effectively than those of adults
Sarah Toy - WSJ
Children's seeming imperviousness to Covid-19's worst effects has been one of the biggest mysteries—and reliefs—of the pandemic. Now the reasons are coming into focus, scientists say: Children mobilize a first line of defense known as the innate immune system more effectively than adults. Although some children do fall seriously ill after coming down with Covid-19, the most have mild symptoms or no symptoms at all. Unlike other respiratory viruses such as the flu or respiratory syncytial virus, SARS-CoV-2 doesn't hit children nearly as hard as it does adults or the elderly.
/jlne.ws/3s9hFcP
More contagious version of omicron spreads in U.S., fueling worries
Rob Stein - NPR
As the omicron surge continues to decline in the U.S., infectious disease experts are keeping a close eye on an even more contagious version of the variant that could once again foil the nation's hopes of getting back to normal. The virus, known as BA.2, is a strain of the highly contagious omicron variant that appears to spread even more easily — about 30% more easily.
/jlne.ws/3BFNQ6K
Official Sees 'Strong Possibility' Covid Shots Will Be Given Every Autumn; As restrictions begin to ease in a move toward "living with Covid," officials plan the way forward.
Bloomberg
There is a "strong possibility" that Covid jabs will be given every autumn alongside flu vaccines for those most in need, a member of the Joint Committee on Vaccination and Immunisation (JCVI) has said.
/jlne.ws/3sYDlrl
Living With Covid Does Not Mean Ignoring It; The U.K. is ending most of its Covid restrictions. It's the right move, but individuals will have to keep up their end of the bargain.
Therese Raphael - Bloomberg
Boris Johnson followed Denmark on Monday in scrapping most Covid restrictions for England. His "living with Covid" plan shifts the emphasis from government intervention to personal responsibility. The prime minister announced that from Thursday, the government will no longer require people to self-isolate if they've had a positive Covid test. The colossally expensive contact-tracing program will be scrapped, and the unvaccinated will not have to self-isolate on coming into contact with someone who has Covid.
/jlne.ws/36x1Lkh
Hong Kong Sets All Schools for Covid-19 Response Centers; Chief Executive Carrie Lam brings forward summer holidays to March and gives timeline for citywide testing as Omicron cases surge
Natasha Khan - WSJ
The city's top official said all schools would have enforced early summer holidays to run from March to mid-April, with campuses used for testing, isolation and vaccination as an unprecedented coronavirus outbreak spreads through the city. Chief Executive Carrie Lam Tuesday announced the unexpected move, which shifts the holidays forward several months, as part of a raft of measures to combat an Omicron surge in the face of pressure from Chinese leaders in Beijing to contain the disease.
/jlne.ws/3BNT8NJ
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | BME launches CONNEXOR to speed up and streamline the admission of warrants in the Spanish market
BME-X
The new service made available to warrant issuers is a SIX platform that has become a standard in the Swiss market and other European countries
As of today, BME is making the CONNEXOR service available to warrants issuers. CONNEXOR will enable greater agility and efficiency in the warrants admission process by sending their reference data to BME. The launch is a new step forward in the digitalisation and modernisation of this type of process. CONNEXOR will also allow the submission of any event that may occur during the lifespan of the warrant.
/bit.ly/3HcsC1D
MARF registers the Bond Programme of Aquisgrán's Securitisation Fund
MARF
21 February, 2022 BME's Fixed Income Market, MARF, has registered the Information Document of Aquisgrán, Fondo de Titulización's bond programme, for up to 150 million euros. The issues to be launched under this programme will be underwritten by Spanish state-owned bank ICO and other institutional investors. These issues are expected to be rated A1 by Moody's and AA- by Axesor. The Fund is managed by Intermoney Titulización, SGFT. Currently, the outstanding balance of securitisation assets in MARF amounts to 3.4 billion, 34.2% of the total amount in this market.
/bit.ly/3H6z761
Variable Storage Rate (VSR) Results for Wheat and KC HRW Wheat Premium (Storage) Rates CME
/bit.ly/3vokyZB
Fonterra, NZX and EEX enter GDT partnership for future growth
EEX Press Release
Fonterra has agreed a strategic partnership with New Zealand's Exchange (NZX) and the European Energy Exchange (EEX) to each take ownership stakes in Global Dairy Trade (GDT) alongside the Co-op.
/bit.ly/3sV7act
HKEX RE-APPOINTS MEMBERS TO INTERNATIONAL ADVISORY COUNCIL
HKEX
Mary Schapiro, Stuart Gulliver, and Joseph Tsai re-appointed to International Advisory Council
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Monday) pleased to announce the re-appointment of Mary Schapiro, Vice Chair for Global Public Policy and Special Advisor to the Founder and Chairman of Bloomberg LP, and former Chair of the US Securities and Exchange Commission; Stuart Gulliver, director of Saudi Aramco, The Saudi British Bank, Jardine Matheson Holdings Limited and the Airport Authority Hong Kong, and former Group Chief Executive and Chairman of the Group Management Board of HSBC Holdings plc; and Joseph Tsai, Executive Vice Chairman of Alibaba Group, to the International Advisory Council effective 20 February 2022.
/bit.ly/3t1MjEc
New Index Options Strike Series
HKEX
/bit.ly/34Uswie
Special Addition of LG Energy Solution to KRX indices
KRX
/bit.ly/3sXwNJI
Moscow Exchange launches trading in Russian Government Bond Index futures
MOEX
On 28 February 2022, the Moscow Exchange Derivatives Market will start trading a cash-settled futures contract on the Russian Government Bond Index (RGBI).
/bit.ly/3saCYej
Shanghai International Energy Exchange has announced its Circular on Releasing the Revised General Exchange Rules of the Shanghai International Energy Exchange as follows:
Shanghai Futures Exchange
Shanghai International Energy Exchange (INE) has approved the revised versions of its General Exchange Rules and been approved by the China Securities Regulatory Commission. The above rules shall take effect since February 22, 2022.
/bit.ly/3sWtiDf
GOH Speech by Tan Boon Gin, CEO of Singapore Exchange Regulation: Leadership Diversity and Firm Performance - A Study of Singapore-listed Companies
SGX Speeches
Good morning ladies and gentlemen. Thank you for the invitation to speak today. Let me first congratulate the organisers for putting together the report which will be presented later and for organising this event.
As everyone here is probably aware, we have introduced rules for issuers to set a board diversity policy. Such a policy should address gender, skills, and experience as well as any other relevant aspects of diversity. Issuers must also describe in their annual reports their targets, the plans and progress to achieving the targets and finally, a description of how the skills, talents, experience and diversity of the directors serve the needs of the issuer.
/bit.ly/3LP2LQR
Taiwan Futures Exchange Newsetter
TAIFEX
News and Events New Single Stock Futures Added On February 7, TAIFEX listed two new Single Stock Futures (STFs) on Tainan Spinning Co., Ltd (1440) and Chung Hung Steel Corp. (2014). With the new additions, TAIFEX now offers a total of 231 equity futures and 48 equity options, including 9 ETF Futures and 8 ETF Options, for investors to hedge and gain equity exposure.
/bit.ly/3sYBCST
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Fintel Short Squeeze Leaderboard Identifies Short Squeeze Opportunities for Traders; Fintel's short interest data identifies candidates for the week of February 20, 2022
Fintel.io
Fintel.io, a provider of advanced research tools for data-driven investors, has developed a mathematical model that provides investors and traders with data that helps quantify the short squeeze risk for a company. This model takes into account a number of factors that contribute to short squeezes, including relative short interest, borrow fee rates, trading volume, and others.
/jlne.ws/3s5Zi8H
Money.Net Launches Financial Data and Analytics Platform for Institutions
Business Wire
Money.Net, a financial data and analytics company, announced today that it has launched an enhanced platform for institutional users, which provides cost-effective access to professional-grade financial tools. Available immediately, Money.Net supports institutional users throughout the entire investment journey leveraging next-generation technologies including artificial intelligence (AI) and machine learning to mine big data.
/jlne.ws/33GKeFh
Never mind Big Tech — 'little tech' can be dangerous at work too; 'Algorithmic management' is spreading beyond gig platforms and logistics warehouses to other sectors
Sarah O'Connor - FT
An inquiry opened last week into a scandal that has horrified Britons: how hundreds of people running UK post offices were wrongly prosecuted for false accounting and theft on the basis of a faulty computer system. A judge has called the Post Office's insistence that the software was infallible "the 21st-century equivalent of maintaining that the Earth is flat". Yet many other companies are in danger of believing computers over humans as well.
/jlne.ws/3vab5F6
BSO becomes fastest connectivity provider to the Mexican Stock Exchanges
FFNews.com
BSO, a global pioneering infrastructure and connectivity provider, has today announced it has upgraded its backbone route into Mexico City, making it the fastest low-latency connectivity provider to both the Mexican Stock Exchange (BMV) and the Institutional Stock Exchange (BIVA). Mexico City is home to two of the largest stock exchanges in Latin America, establishing itself as a hub for high-frequency traders. By upgrading this route, BSO further strengthens its positioning in the region following a route upgrade to Brazilian exchange B3 and strategic partnership with EllaLink, the express optical platform between Europe and Latin America.
/jlne.ws/3BEq7UK
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| Cybersecurity | | Top stories for cybersecurity | Beyond Identity bags $100m in cybersecurity boom
Eric Johansson - Verdict
Beyond Identity has secured a $100m Series C funding round, but it's not the only cybersecurity startup raising money at the moment; a wave of digital defence providers have been securing record cash injections during the pandemic.
Beyond Identity's new raise sees the grand total invested into the company jump to $205m. Evolution Equity Partners led the round, following the closure of the venture capital firm's second $400m cybersecurity fund in October 2021. It has previously invested in fraud detection startup Quantexa and digital asset protection company Unbound Security. New Enterprise Associates, Potentum Partners, Expanding Capital and HBAM also participated in the round.
/jlne.ws/3p5raYw
Practical Strategies to Combat Common Cybersecurity Threats and Mitigate Risk
Jennifer L. Urban, Aaron K. Tantleff and Avi B. Ginsberg - Foley & Lardner LLP
What would you do if you woke up tomorrow and your company was experiencing a cybersecurity incident? What if IT systems were completely locked down? What if you could not use phones, check emails, or receive orders? What if you could not operate machinery or pay payroll? What if the sensitive, personal, and proprietary information your company stores was suddenly unavailable and potentially for sale on the black market? What loss would your company sustain each hour it was offline? What would you do if your company was the subject of a regulatory investigation? What would you do if the media exposed that your company was shut down due to a cyberattack? What would you tell the board of directors or your shareholders? Unfortunately, this is the reality many companies suddenly face when they become the victim of a ransomware attack.
/jlne.ws/34Uxqf8
Cybersecurity Tools Lie Unused in Federal Agencies' Toolboxes
Jim Dempsey - Lawfare Blog
Concerns over the possible Russian use of cyber weapons against U.S. domestic critical infrastructure in connection with the Ukraine crisis—warnings renewed on Feb. 11—should prompt reconsideration of the still-deferential posture of U.S. cybersecurity policy toward much of the private sector. Once again, though, complaints against "government mandates" may block action.
/jlne.ws/3vcRwf8
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| Cryptocurrencies | | Top stories for cryptocurrencies | CRYPTOVERSE-Bitcoin could be laid low by miners' malady
Medha Singh and Lisa Pauline Mattackal - Reuters
Bitcoin miners are feeling the heat - and the pain's rippling downstream to pressure prices. The cryptocurrency's spectacular rally in 2021 drew thousands of entrants into mining, or producing new coin. As a result the hashrate, or combined computational power used by bitcoin miners globally, has roughly quadrupled over the past six months to blow past 200 million "terahashes" per second. But what's that got to do with the price of bitcoin?
/jlne.ws/35iBJjT
Bitcoin's Allure as the New Gold Fizzles During Ukraine Tensions
Sunil Jagtiani - Bloomberg
Bitcoin's price relative to gold has dropped to the lowest level since the middle of 2021. The standoff between the West and Russia over Ukraine is stoking risk aversion, hurting so-called digital gold as cryptocurrencies slide but supporting the traditional haven of bullion. One Bitcoin is now equivalent to about 19 ounces of the yellow metal, down from a peak of some 37 ounces in October.
/jlne.ws/3p92Chk
Crypto Firm Amber Gets Temasek Funding at $3 Billion Value
Alfred Cang and Sarah Zheng - Bloomberg
Existing investors including Sequoia also took part in round; Amber will use proceeds for hiring in Americas, Europe
Singaporean state investment firm Temasek Holdings Pte was among investors in a funding round that valued cryptocurrency-trading platform Amber Group at $3 billion, just weeks after the city-state cracked down on marketing by crypto firms.
/jlne.ws/3s9A09P
Blockchain.com Is Leasing a Miami Office for Its Crypto Workers
Jonathan Levin - Bloomberg
Crypto firm moving employees to space in Wynwood Arts District; Miami has become a popular destination for crypto companies
Blockchain.com is leasing a 22,000-square-foot (2,044-square-meter) office in Miami's Wynwood arts district, close to Peter Thiel's Founders Fund, in the latest sign of crypto industry expansion in the Florida city. The company will eventually employ about 300 people in the building formerly known as Cube Wynwd, which will become the Blockchain.com Building. Blockchain.com will occupy the seventh and eighth floors.
/jlne.ws/34XDkfm
NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation; Trendy digital assets are ridiculously easy to create. That's a problem.
Christopher Mims - WSJ
In a recent ad for cryptocurrency exchange FTX, Tom Brady asks seemingly everyone in his contact list, "You in?" As in, are you going to join him in buying some crypto, and not, presumably, in being a football star married to a supermodel. The pitch is straightforward celebrity-endorsement fare, designed to capitalize on the FOMO that is the standard psychological tactic of those who are already invested in cryptocurrencies and related technologies, and who would like the rest of us to come aboard. Mr. Brady has an equity stake in FTX.
/jlne.ws/3BJdoQM
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| Politics | | An overview of politics as it relates to the financial markets | Oil Prices Approach $100 on Threat of Ukraine War; Natural-gas prices surge in Europe after Germany halts Nord Stream 2 pipeline; aluminum, nickel and wheat rise
Joe Wallace -WSJ
Oil, natural gas and agricultural prices rose as escalating tensions over the future of Ukraine threatened to disrupt flows of natural resources from Eastern Europe to world markets. Futures for Brent crude, the benchmark in international energy markets, added 2.3% to reach $97.62 a barrel and earlier climbed to $99.50 a barrel, their highest level since 2014. In Europe, natural-gas prices rose 11% to EUR80.58 ($91.40) a megawatt-hour after Germany halted the Nord Stream 2 pipeline in response to Russian aggression against Ukraine.
/jlne.ws/3BOBZDK
Putin's Endgame: Unravel the Post-Cold War Agreements That Humiliated Russia; Moscow's military forces threaten Ukraine, but the bigger prize is restoration of Russia's sphere of influence
Stephen Fidler - WSJ
The world's attention is on eastern Ukraine, where Moscow's forces circle. Yet Russian President Vladimir Putin's ambitions extend far beyond. He wants to renegotiate the end of the Cold War. Whatever follows Russia's large-scale military maneuvers, and the announcement Monday to recognize the independence of two breakaway Ukrainian regions and orders to send troops there, Mr. Putin has made clear he wants to redraw the post-Cold War security map of Europe.
/jlne.ws/3p8t8rb
Russian Troops Enter Breakaway Ukrainian Region; Germany Halts Nord Stream 2; Ukraine's president considers cutting diplomatic relations with Russia following Moscow's recognition of statelets
Yaroslav Trofimov, Thomas Grove, Laurence Norman - WSJ
Ukrainian President Volodymyr Zelensky urged calm as Russian troops poured into the eastern Donbas region and Western nations announced measures to punish Moscow for recognizing two Russian-controlled statelets there as independent.
/jlne.ws/3h5hwAP
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Why post-Brexit race in financial regulation is a bad strategy; UK has hurriedly announced changes to insurance rules but watchdog is right to be cautious
Helen Thomas - FT
There is only one sort of race in the regulation of financial services: to the bottom. That's worth remembering in the UK's sudden hurry to overhaul European financial rules as part of a broader push to show the benefits of the glorious freedom gained by leaving the EU.
/jlne.ws/3sYbXKf
A year since Biden's inauguration: Has SEC enforcement increased post-Trump? Brian Lynch, President of SteelEye US, talks to The TRADE about the changing landscape for financial regulation in the US: with a rundown of the latest changes and a look at what might yet be to come.
Brian Lynch- The Trade
It has been a little over a year since President Joe Biden was inaugurated. While headlines during this time have focused on how his approach to climate change, foreign policy, and Covid differs from his predecessor, there is another area in which Biden's administration has demonstrated a departure from prior strategy - namely financial regulation.
/jlne.ws/36x3K8e
FMA warns primefirmtrade.com unreasonably withholding investor funds
FMA New Zealand
FMA are concerned that primefirmtrade.com is involved in a scam. The entity is withholding client funds unreasonably. Clients are required to make a large sum payment for a "withdrawal code" to withdraw funds from their trading accounts. There is information that suggests a connection between their website and two other websites - metasmarttrade.live and bitfidel.com. We have reasons to believe that the testimonials on all three websites are fake and made by fictitious individuals.
/jlne.ws/3HcdgdA
Recent statements by Bitpanda GmbH (Bitpanda)
UK FCA
We are aware of recent statements made by Bitpanda announcing the acquisition of Trustology Limited. Trustology is a cryptoasset business which the FCA registered under the Money Laundering Regulations (MLRs) in October 2021. As a result of the transaction, Bitpanda has become the new beneficial owner of Trustology for the purposes of the MLRs.
/jlne.ws/3voA7Av
Preparation for permanent cessation of LIBOR
FSA Japan
On March 5, 2021, ICE Benchmark Administration (IBA) has announced that it intends to cease the publication of LIBOR based on the current methodology referencing rates provided by panel banks (panel-based LIBOR) immediately after end-2021 except for certain US dollar LIBOR settings. While LIBOR is mainly referenced in derivative contracts such as interest rate swaps, it is also quoted in a significant number of cash products including corporate loans and bonds. Additionally, it is used in wide range of users, including not only financial institutions but also non-financial corporate and institutional investors. In this regard, there is the possibility of disruption to users if LIBOR were ceased without sufficient preparation.
/jlne.ws/31jMjpn
FSA publishes English translation of monthly magazine, Access FSA No.220 NEW
FSA Japan
/jlne.ws/3scbKnz
SFC concludes consultation on regulating trustees and custodians of public funds and further consults on implementation details
SFC - Hong Kong
The Securities and Futures Commission (SFC) today released consultation conclusions and began a further consultation on a proposal to regulate depositaries (ie, top-level trustees and custodians) of SFC-authorised collective investment schemes (CIS) (Note 1). In 2019, the SFC launched a consultation proposing to introduce a new regulated activity, Type 13 regulated activity or RA 13, to put depositaries of SFC-authorised CIS under the SFC's direct supervision (Note 2). Respondents were generally supportive of the proposal, with some seeking clarification of the proposed licensing scope and conduct requirements. The SFC is now consulting the public on proposed amendments to subsidiary legislation and SFC codes and guidelines to implement the regime (Note 3).
/jlne.ws/3BFg9lX
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Inflation Mess and a Financial Refuge; Biden and the Fed need a sharp policy change, and meantime Treasury can raise the cap on I-bonds.
By Joshua Rauh and Kevin Warsh - WSJ
Inflation is a clear and present danger to the American people. Extraordinary excesses in monetary and fiscal policy caused the inflation dragon to resurface after 40 years of dormancy. Inflation is broadening across sectors and deepening in the minds of households. The price surge is triggering second- and third-order effects: higher wages are going to workers to offset accelerating prices; companies are passing cost increases to their customers with little friction. And forward-price indicators like commodities suggest prices are poised to increase further.
/jlne.ws/3h40BPl
Bearish Bets Against Markets Are Surging; Investors are loading up their bets against a number of big tech stocks, positioning for a reversal
Karen Langley, Gunjan Banerji - WSJ
Investors are wagering that the recent pain in the stock and bond markets will intensify. Short sellers are adding to their positions against the SPDR S&P 500 Exchange-Traded Fund Trust, which tracks the broad U.S. stock index, at the fastest rate in nearly a year. Other investors are scooping up at record pace options contracts that would pay out if the recent declines in the stock and bond markets worsen.
/jlne.ws/3H9uRD0
Mortgage Businesses Seen Laying Off Thousands as Volume Drops
Carmen Arroyo - Bloomberg
Some staff can be moved to other businesses, but many can't; Refinancing applications drop by about 45% in six months
U.S. home mortgage lenders have spent much of the last two years hiring. Now they might have to spend the coming months laying workers off. The number of people working as brokers for mortgages and other kinds of loans, a proxy for total home lending employment, has surged more than 50% to around 130,000 since late 2019, according to the U.S. Bureau of Labor Statistics. That's right around the highest level since early 2006, just before the financial crisis.
/jlne.ws/3H8r5JN
MSCI needs to add Israel to its Europe index; Cross-border connections matter more than geography
Glenn Yago - FT
Should cross-border benchmarks for stock markets be determined by geography or by the compatibility of the companies that make them up? That is the question facing MSCI when it is expected to consider this week how to classify Israel among the indices it compiles for investors.
/jlne.ws/3h4wqHt
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | New thematic index tracks US ocean care champions
Qontigo
Following on the success of the EURO iSTOXX® Ocean Care 40 Index, Qontigo and SILEX have introduced a US-focused version to track those American companies that are taking initiative towards efficient water management and that have strong environmental policies. The iSTOXX® USA Ocean Care 40 Index, part of Qontigo's thematic family, is comprised of 40 large and liquid stocks with the highest Ocean Care KPI score. This rating results from the average score in 12 key performance indicators that aim to assess companies' efforts to protect our waters and the environment.
/jlne.ws/3v8G0kV
AllianzGI to vote against European companies that fail to link pay to ESG; German asset manager says it will punish groups from 2023
Adrienne Klasa - FT
German fund manager Allianz Global Investors has said it will vote against large UK and European companies it has invested in that fail to link executive pay to environment, social and governance metrics from next year.
/jlne.ws/3saE7SW
UK private businesses urged to raise boardroom gender parity; Call to match listed companies with at least one in four top positions going to women
Delphine Strauss - FT
Britain's biggest private businesses will be expected to match listed companies on gender parity, as ministers launch a fresh push for more women to be appointed to senior leadership positions. The FTSE Women Leaders Review, a business-led body backed by government, have published voluntary recommendations that set a target for FTSE 350 companies to increase women's representation to at least 40 per cent of both boards and leadership teams by the end of 2025.
/jlne.ws/3IdsQXs
Sustainable Trading launches ESG focused non-profit network; Led by industry veteran Duncan Higgins, the network will focus on devising trading focused ESG solutions including developing a self-assessment and benchmarking mechanism.
Annabel Smith - The Trade
Sustainable Trading, the non-profit membership network aimed at driving ESG change in the trading markets, has launched. Members of the network will collaborate to develop solutions to ESG issues in trading including considering how the industry builds, maintains and operates trading infrastructure and the environmental impact this has.
/jlne.ws/3IdG46C
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Why European bank shares are experiencing a false dawn; Hopes of fatter margins on lending are offset by risks ignored by investors at their peril
Patrick Jenkins - FT
Look at the share-price charts for Europe's banks and one fact is unmissable. Investors are finally feeling confident about these companies' prospects. After a decade during which the continent's banks have struggled with ever lower interest rates squeezing margins on the lending that is the dominant business line for most, the growing hawkishness of central banks is proving a cause for optimism.
/jlne.ws/35iNbfn
For Credit Suisse and Peers, Offshore Billionaires Are Always Risky; The bank says revelations of dodgy clients are mainly a matter of history.
Paul J. Davies - Bloomberg
The reputation of Swiss banking has taken a battering for years and the hits keep coming. The latest slew of stories about Credit Suisse Group AG's links with unsavory clients highlights again the very long tail on what the bank says are entirely historic issues. Cleaning up Swiss banks' client base and the industry's standing in the world is an ongoing effort. Inter-governmental transparency on taxes has improved and anti-money laundering practices are sharper, but there will always be great risks in helping very rich people keep fortunes outside their own countries.
/jlne.ws/35i2NQj
Allianz Fires Fund Managers After Multibillion-Dollar Blowup
Stephan Kahl, William Patrick Geor Louch, and Neil Weinberg - Bloomberg
Insurer discharged men in December, regulatory filings show; Allianz took a $4.2 billion charge after lawsuits and probes
Allianz SE dismissed two people responsible for managing a suite of hedge funds that allegedly lost investors billions of dollars and prompted probes by U.S. regulators.
/jlne.ws/36kNTcC
HSBC's Profit Surges, but Bank Takes Hit From China Property; London-based bank plans further $1 billion buyback
Quentin Webb and Julie Steinberg - WSJ
HSBC Holdings HSBC 0.85% PLC reported its highest annual net profit since 2018 and said rising interest rates were likely to boost future returns, even as the banking giant took a charge against potential fallout from the stress in China's property market. The figures follow a series of strong results for the London-based lender, in which it has cut its stockpile of provisions against pandemic-related bad loans, reinstated dividends and introduced a $2 billion buyback.
/jlne.ws/36yQ8cD
HSBC Bankers Grounded as Pandemic Cut Business Flights by 96%
Harry Wilson - Bloomberg
Long-haul flying has reduced drastically in past two years; CFO Ewen Stevenson said travel curbs will be permanent
HSBC Holdings Plc's logo is seen by millions of passengers throughout the world's airports -- but its own staff aren't among them. The bank's average worker racked up 307 kilometers (191 miles) of business travel last year, not quite enough for one round trip between HSBC's U.K. offices in London and Birmingham. This is down from 4,228 km two years ago.
/jlne.ws/3s97Ziz
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Tells Banks, State Firms to Report Exposure to Jack Ma's Ant
Bloomberg
Firms are said to conduct thorough checks into Ant links; Alibaba shares fall 5.1% in Hong Kong at open, nearing new low
Chinese authorities told the nation's biggest state-owned firms and banks to start a fresh round of checks on their financial exposure and other links to Ant Group Co., renewing scrutiny of billionaire Jack Ma's financial empire, according to people familiar with the matter. Multiple regulators, including the banking watchdog, recently told institutions under their oversight to closely examine all exposure they had to Ant, its subsidiaries and even its shareholders up to January, said the people, asking not to be identified as the matter is private. Those people described this as by far the most thorough and wide-ranging look into deals with Ant and said institutions were told they must report findings back as soon as possible.
/jlne.ws/35exjL1
China Crackdown Risk Roars Back With Probe of Jack Ma's Empire
Coco Liu, Zheping Huang, and Vlad Savov - Bloomberg
Renewed crackdown fears lead to $100 billion-plus wipeout; Internet titans will seek to reassure investors with earnings
From Alibaba to Tencent, China's largest companies are once again at the center of a market storm, spurred by speculation that Beijing is readying another assault on the world's biggest internet arena.
/jlne.ws/3sXtIt4
Bank CEO Gives $500,000 of Shares to His Chauffeur, Home Help
Suvashree Ghosh - Bloomberg
Vaidyanathan has given roughly 38% of his stake over 4 years; IDFC First shares are recovering from 2020 slump amid pandemic
The chief executive officer of IDFC First Bank Ltd. gifted $530,000 worth of the shares he owns to his driver, trainer, and helpers at home and office in an unusual gesture of philanthropy in India. V. Vaidyanathan gave 900,000 shares or 3.7% of his holding in the private sector lender. The recipients will use the funds to buy homes, according to an exchange filing. The value of the holding is based on Monday's closing price.
/jlne.ws/3h6t6vO
India RBI Deploys FX Tool to Manage Liquidity Before LIC IPO
Subhadip Sircar - Bloomberg
RBI will hold a $5 billion USD/INR sell/buy swap on March 8; Swap will help RBI to manage USD inflows before LIC IPO: Emkay
India's central bank plans to sell dollars to banks and take out rupee liquidity via a forex swap, a move that will help the monetary authority manage liquidity in the banking system ahead of the country's biggest share sale.
/jlne.ws/36yW3yn
Russian banks imported $5 billion in foreign cash in December -ACRA estimates
Elena Fabrichnay - Reuters
Russian ratings agency ACRA estimates that the country's banks imported $5 billion worth of banknotes in foreign currencies in December, up from $2.65 billion a year before, in a pre-emptive step in case of sanctions creating increased demand.
/jlne.ws/3JPxmMt
Canary Wharf Group launches MadeFor managed office space with Citi as first customer
CanaryWharf.com
Canary Wharf Group (CWG) is launching MadeFor: premium fully fitted and managed office space, with sustainable design and delivery at its core. Designed and built by CWG's in-house team, MadeFor provides beautifully designed, high quality, fitted, furnished and dressed workspace that's ready for immediate occupation or which can alternatively be delivered "to order". MadeFor also offers businesses a fully managed solution, including cleaning, Wi-Fi and IT services, full maintenance and 'handyman' services, and refreshments.
/jlne.ws/3h5hKIb
Arab Rulers and Spy Chiefs Stashed Millions in Swiss Bank; A leak of account data from Credit Suisse revealed the holdings of powerful figures across the Middle East, raising new questions about self-dealing.
Ben Hubbard - NY Times
The king and queen of Jordan had secret Swiss bank accounts worth hundreds of millions of dollars, according to a major data leak from one of Switzerland's largest banks. So did the sons of Hosni Mubarak, the ousted president of Egypt, and business tycoons who thrived during his 30-year rule. Other accounts were linked to spy chiefs from Egypt, Jordan and Yemen who cooperated with the United States and have been accused of human rights abuses.
/jlne.ws/36ylArp
U.K. Backs Nigerian Bank With $100 Million Credit Facility
William Clowes and Ruth Olurounbi - Bloomberg
At least $30 million to be directed to women entrepreneurs; Loans to be made available through First Bank of Nigeria
CDC Group, the U.K.'s development-finance arm, will provide a $100 million credit facility to First Bank of Nigeria Ltd. to help support women-owned businesses and small companies in Africa's largest economy.
/jlne.ws/3p6Hw3r
??Hedging the Russian Ruble Hasn't Been so Expensive Since 2015
Davison Santana - Bloomberg
Ruble risk reversals rise to seven-year high as currency falls; Options market shows traders see room for more ruble pain
Traders are rushing for hedges against big losses in the Russian ruble through options, sending the price of these instruments to a seven-year high and signaling the market is unlikely to calm down soon. The 25-delta risk reversal on the Russian ruble surged to 10.8% on Monday, the highest since 2015. That price reflects the premium traders are willing to pay for a high-strike option -- a weaker ruble -- versus a low-strike option.
/jlne.ws/3HbuvvF
What Does It Mean to Be a 'People-First Company?' Many companies claim to put their people first. Here is what that looks like in action.
Michael Hines - BuiltinChicago
Innovative and cutting-edge are classic tech clichés. If companies aren't careful, "people first" will soon be added to that list, given how overused it has become during the pandemic. In the battle to retain talent and recruit top candidates for open roles, companies have been working overtime to advertise how they put their people first. For candidates, the natural question has become: "What does that even mean?"
/jlne.ws/3JPcPaT
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| Miscellaneous | | Stories that don't quite fit under the other sections | BP Ends 30-Year Partnership of London's National Portrait Gallery
Laura Hurst - Bloomberg
Sponsorship of National Portrait Gallery to end in December; Big Oil's backing of arts and museums is being criticized
BP Plc is ending a three-decade partnership with the National Portrait Gallery as relationships between the arts and fossil-fuel companies come under increased scrutiny in the U.K.
/jlne.ws/3BId1Wg
The Secret to Getting a Better Job After 50; Here are strategies professionals say helped them in the fourth decade of their work lives
Ray A. Smith - WSJ
Even in a hot hiring market, it is tough for workers over 50 to stay competitive in workplaces that often value youth over experience. The pandemic has been especially hard on older employees seeking to reclaim jobs lost in the early days of lockdowns. Many say they fear that the workplace upheaval brought on by Covid-19 has reinforced some bosses' belief that professionals in their 50s and beyond are less inclined to return to offices or adapt to new ways of working.
/jlne.ws/3BEnCSm
When a bank lobby is better than a white cube for seeing art; A show at UBS's headquarters in New York offers a sympathetic setting for contemporary works
Robert Armstrong - FT
At this point in the history of corporate capitalism, it's fair enough to wonder what any publicly traded company is doing with an art collection. It's fairer still to wonder this about banks in particular, given their chequered history since the turn of the century as stewards of financial, let alone cultural, capital. And the questions are particularly acute in the case of UBS, whose stock has gone nowhere for almost 15 years and is still worth a fraction of its value before the bank made a bigger-than-average mess of things during the financial crisis.
/jlne.ws/3IiPE8A
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