| October 29, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Aquis Exchange and Cboe Europe today announced a joint venture, SimpliCT, to bid for the role of the EU's consolidated tape (CT) provider for equities. SimpliCT, co-owned by Aquis and Cboe, will be headquartered in the Netherlands and will aim to create a reliable, cost-effective CT solution to simplify and enhance visibility in EU equity markets. The venture aligns with the EU's Capital Markets Union objectives, aiming to attract global capital by improving market access and transparency. Both companies bring extensive expertise, handling over half of daily European equity trades, and plan to leverage their technology and operational strengths to meet the high standards expected by regulators.
The selection process, managed by the European Securities and Markets Authority (ESMA), will begin in June 2025, with a decision expected by the end of the year. If selected, SimpliCT will operate under a governance framework ensuring fair treatment of data contributors and consumers, providing a consolidated, real-time view of EU market activity.
As National Cybersecurity Awareness Month concludes, the Internal Revenue Service and its Security Summit partners have issued a reminder to taxpayers about the importance of online safety. With the upcoming tax season in mind, they emphasize the need for vigilance against identity theft and fraud in digital spaces. The IRS warns that careless online behavior can expose individuals to scammers seeking personal information, potentially leading to tax-related identity theft. To combat these threats, the Security Summit offers several key recommendations. These include recognizing and reporting phishing attempts, protecting personal information online, using strong passwords and multi-factor authentication, keeping software updated, and using VPNs on public Wi-Fi networks. The IRS stresses that it does not use unsolicited email or social media for personal tax matters, and any such communications should be treated with suspicion. They advise forwarding suspicious emails to phishing@irs.gov for investigation. The guidance also extends to educating children and teens about online safety to protect entire families from cybersecurity risks. By following these guidelines, taxpayers can better safeguard their personal and financial information as they navigate the digital landscape and prepare for tax season.
MIAX Exchange Group shared on LinkedIn that MIAX Sapphire, the newest options exchange at the exchange group, officially crossed the one million contract milestone on October 25, 2024 when its volume reached 1,018,797 contracts traded.
Rohit Bhat has been promoted to general manager and managing director of Google Cloud for financial services from managing director of Google Cloud for financial services, including capital markets, digital assets and exchanges, he shared on LinkedIn.
I forgot to mention another Howard Lutnick story from his Madison Square Garden appearance during the Donald Trump event. He introduced Elon Musk to the crowd as "the greatest capitalist in the history of the United States of America" and announced that he and Musk were co-founding the "Department of Government Efficiency." That would be D.O.G.E., get it? Musk has said he believes he can cut $2 trillion from the budget. Given his penchant for sophomoric humor like the DOGE reference, I am surprised it was not $2.420 trillion.
Meanwhile, it looks like there was only one trade on the FMX Futures Exchange yesterday for 110 of the March 2025 SOFR futures, and open interest stands at 1308 contracts. See the Daily Trader Report page for the very limited details.
Benzinga has a story by LaToya Scott titled "Is Bitcoin A Dangerous Economic Threat? Paper From University of Minnesota Professor Propose Heavy Taxation Or Outright Banning As A Solution."
Here are the headlines from in front of FOW's paywall from some recent stories: BGC chief Lutnick calls for bitcoin to be regulated as commodity, ANALYSIS: EEX Baltic-Finnish gas migration to provide margin benefits and CME trades first Chinese spodumene futures as lithium hedging tool.
The Wall Street Journal has a story today to help you open your next bottle of wine. The story is titled "The 14 Best Wine Openers, According to Sommeliers and Restaurateurs."
My time in Florida is coming to an end. I am finishing up my work here, though the roof will have to wait until there are contractors available. Over the weekend I was a painter and today I am a flooring guy, laying laminate flooring in the living room of the home. I will probably return to Florida in December to finish up my work and address the roof issues. I leave on Thursday after the technician from Frontier finally (hopefully!) comes to fix my internet services.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Futures Industry Still Grappling with Post-Trade Challenges, Expert Says from John Lothian News.
- Election Risk Premium Continues to Widen into Elections Week from Cboe.
- Crypto exchanges turn to derivatives to lure cautious investors from the Financial Times. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Futures Industry Still Grappling with Post-Trade Challenges, Expert Says
JohnLothianNews.com
In an interview with John Lothian of John Lothian News, Joanna Davies, a managing director at OSTTRA, shed light on the ongoing challenges in the futures industry's post-trade processes. The discussion centered around the findings of an Acuiti report and the industry's response to issues that flared up in 2020. Davies emphasized that the Acuiti report served as a validation of OSTTRA's understanding of the problems plaguing the industry. "Two themes emerged," she noted. "The risk introduced by the heavy-handed position transfer process in the ETD market, and the complexity and cost of collateral and margin optimization." The reaction from clients to the report was one of fatigue, according to Davies.
Watch the video »
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Why Janet Yellen wants more Americans to have a bank account
Jennifer Schonberger - Yahoo Finance
Treasury Secretary Janet Yellen is unveiling a plan Tuesday designed to ensure more Americans have bank accounts and affordable credit, outcomes that she argues will create a stronger and more equitable economy. The initiative is part of the first-ever strategy by the Treasury Department to increase access to the financial system for Americans, as requested in 2023 by Congress.
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***** I am guessing it is not so you can deposit your bitcoin.~JJL
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JPMorgan CEO Jamie Dimon says 'it's time to fight back' on regulation
Tatiana Bautzer and Nupur Anand - Reuters
JPMorgan Chase CEO Jamie Dimon blasted several major U.S. financial regulatory initiatives on Monday and vowed to oppose those he said would not make banks safer. The outspoken executive, 68, who runs the largest U.S. lender, criticized what he called overlapping or ill-conceived rules on capital requirements, card payments and open banking.
/jlne.ws/3YhEJF2
******* Sounds like Jamie Dimon is talking himself into a new job.~JJL
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2,500,000,000 Gmail Users Targeted in Viral AI Hack That Tricks Users Into Accepting 'Security Alert': Report
Alex Richardson - The Daily Hodl
A sophisticated new artificial intelligence (AI)-powered scam is targeting billions of users on the world's largest email service. Microsoft security expert Sam Mitrovic writes in a new blog post about a "super realistic AI scam call" that mimics American-sounding voices to trick Gmail users into giving up their login credentials.
/jlne.ws/4fjnMB9
****** See my warning above from the IRS.~JJL
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Helping Make the World Safe from Automated Trading: Customer Thoughts on the FIA White Paper
Derek Haworth - BornTec
Continuing their tradition of market leadership, the Futures Industry Association (FIA) recently updated the white paper "Best Practices for Automated Trading Risk Control System Safeguards." The white paper covers everything from pre-trade controls to post-trade analysis as they relate to automated trading and the FIA aptly points out that ALL market participants - exchanges, trading firms, brokers, clearing firms, and third-party service providers - have a role to play in ensuring that the highest standards are adopted and followed.
/jlne.ws/3YGHiBZ
****** Derek had me at "Helping Make the World Safe."~JJL
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Monday's Top Three
Our top story Monday was New Lisbon woman dies Saturday after vehicle becomes submerged in Juneau County, from the Wisconsin Rapids Tribune, about the death of Anne Bagan, a former CME Group executive. Second was the video of Howard Lutnick giving a speech in Madison Square Garden supporting Trump, on X. Third was Robinhood jumps into election trading, giving users chance to buy Harris or Trump contracts, from CNBC.
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| Lead Stories | Aquis and Cboe to form joint venture intent on exploring consolidated tape bid; The exchanges will co-own a new Netherlands-based company named SimpliCT which will seek to leverage the expertise of its founders to develop a "best-of-breed equity CT".
Annabel Smith - The Trade
Pan-European equity exchanges Aquis Exchange and Cboe Global Markets have today set out plans to launch a joint venture that will look to explore making a bid to provide the European consolidated tape. Named SimpliCT, the new venture will be based in the Netherlands and co-owned by Cboe and Aquis as equal shareholders. Alasdair Haynes, chief executive, Aquis, commented: "This proposed joint venture would not only represent a cost-efficient, robust business model that integrates advanced complementary, proprietary technologies, it would also be designed to deliver fair compensation for data contribution, aligning the interests of contributors and consumers."
/jlne.ws/3C1RKvj
Dutch Regulator Seeks Better Algo Testing to Avert Market Abuse; Regulator works with ESMA to improve pre-trade controls; Follows joint research project with Oxford-Man Institute
Alice Atkins - Bloomberg
The Dutch Authority for the Financial Markets is working with the European Securities and Markets Authority and other supervisors to assess how trading firms can improve algorithm testing to ensure they do not behave in an unintended manner or contribute to disorderly market conditions. The regulator, or AFM, has linked up with the University of Oxford to research computer-driven trading models and assess market manipulation risks, Robert Graumans, a data scientist in the AFM's multi-asset surveillance team, said in an interview. Initial work that draws on data from Euronext Amsterdam has looked at how different algorithms respond to various triggers, to help supervisors better identify models that might be harmful to market functioning. The findings were published this month.
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Traders Hunt Profit Playing Warped Election Betting Markets; With prediction market odds diverging from traditional polls, bettors are trying to capitalize in the final days before the presidential vote.
Charlie Wells and Claire Ballentine - Bloomberg
As anxiety and anticipation build ahead of the Nov. 5 presidential election, political bettors are setting aside emotion and hunting for ways to profit off the mixed signals being sent by polls and prediction markets. While traditional voter surveys show a toss-up race, prediction markets have swung hard toward Donald Trump in recent days, pushing his odds of winning to 60% or above and giving rise to what look like price anomalies across different websites. That's where bettors want to play.
/jlne.ws/3YnbNMc
How Russia, China and Iran Are Interfering in the Presidential Election; Eight years after Russia interfered in the 2016 presidential election, foreign influence with American voters has grown more sophisticated. That could have outsize consequences in the 2024 race.
Sheera FrenkelTiffany Hsu and Steven Lee Myers - Financial Times
When Russia interfered in the 2016 U.S. presidential election, spreading divisive and inflammatory posts online to stoke outrage, its posts were brash and riddled with spelling errors and strange syntax. They were designed to get attention by any means necessary. "Hillary is a Satan," one Russian-made Facebook post read. Now, eight years later, foreign interference in American elections has become far more sophisticated, and far more difficult to track.
/jlne.ws/48t48jN
London Stock Exchange Group Weighs Cutting 200 Jobs Globally
William Shaw, Chongjing Li, and Denise Wee - Bloomberg
London Stock Exchange Group Plc is weighing cutting about 200 jobs after executives conducted a review of its business around the world, according to people familiar with the matter. The cuts would affect less than 1% of the data behemoth's workforce globally and largely impact the firm's sales division, the people said, asking not to be identified discussing personnel information. As is typical in the UK, the company will conduct a consultation process with employees affected by the decision, the people said. A representative for LSEG declined to comment. Although it's best known for operating the London Stock Exchange, LSEG now makes most of its money from data services, having completed the $27 billion purchase of Refinitiv in 2021. The parent company of Bloomberg News competes with Refinitiv to provide financial news, data and information.
/jlne.ws/3A5Qy9D
People who allegedly withdrew thousands of dollars from Chase ATMs in viral check fraud scheme may soon have to pay up
Elisabeth Buchwald - CNN
So long to all that "free" money. Customers who allegedly withdrew money fraudulently from Chase Bank ATMs using an illegal scheme that blew up on TikTok over the summer could soon have to cut hefty checks back to the bank. These people were able to withdraw funds by writing checks to themselves and immediately withdrawing funds before the checks bounced. Normally, the bank follows the industry standard of making a portion of any check available to customers before the funds clear. However, a temporary glitch allowed customers to withdraw more substantial amounts than typically allowed before a check clears.
/jlne.ws/3NKgxqb
Microsoft accuses Google of 'shadow campaigns' to undermine its business; War of words between Big Tech companies reveals fierce rivalry in cloud computing
Stephen Morris - Financial Times
Microsoft has accused Google of running "shadow campaigns" seeking to undermine its position with regulators and politicians, the latest example of the escalating competition between the tech giants in cloud computing and data centres. Rima Alaily, Microsoft's deputy general counsel, alleged in a blog post on Monday that Google was secretly backing a lobbying group "designed to discredit Microsoft with competition authorities and policymakers and mislead the public".
/jlne.ws/4e0QbLn
Aetherflux Welcomes Dan Gallagher as Advisor
Aetherflux
Aetherflux announced today that Dan Gallagher, Chief Legal, Compliance and Corporate Affairs Officer at Robinhood Markets, Inc., has joined Aetherflux as an Advisor. His extensive experience navigating complex regulatory landscapes in the public and private sectors, combined with his bipartisan relationships and history partnering with Aetherflux's Founder and CEO, Baiju Bhatt, will be invaluable as we make space solar power a reality. Dan will continue to serve as Robinhood's Chief Legal, Compliance and Corporate Affairs Officer.
/jlne.ws/4dZQVAg
US seeks up to 3 million barrels of oil for emergency reserve
Timothy Gardner - Reuters
The U.S. on Monday said it is seeking up to 3 million barrels of oil for the Strategic Petroleum Reserve for delivery through May next year, a purchase that would leave the government with little money to buy more until lawmakers approve more funds. The solicitation for the oil which would be delivered to the SPR's Bryan Mound, Texas site from April through May 2025, is the latest step in bringing oil back to the reserve after its biggest sale ever in 2022 of 180 million barrels.
/jlne.ws/4fjh3Hk
AT&T announces $1 billion fiber deal with Corning
Reuters
AT&T said on Monday it had struck a $1 billion multi-year deal with Corning to buy fiber, cable, and connectivity solutions, as the U.S. telecom giant looks to expand its high-speed internet services. WHY IT'S IMPORTANT With the U.S. wireless market facing a slowdown, telecom companies such as AT&T and rival Verizon have doubled down on their high-speed internet businesses, an area that has long been dominated by broadband companies such as Comcast.
/jlne.ws/3O4xDiR
HSBC chief says east-west division will not lead to 'any split'; Georges Elhedery embarks on sweeping overhaul of lender as part of cost-cutting drive
Kaye Wiggins and Ortenca Aliaj - Financial Times
HSBC chief executive Georges Elhedery has insisted that his plan to divide the bank's operations into "eastern" and "western" sections is not a step towards a formal split. Elhedery made the comments as the bank reported a rise in pre-tax profits and a share buyback of up to $3bn, in quarterly earnings released days after he unveiled plans for a sweeping overhaul on geographical lines.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia takes two Ukrainian towns as it advances at fastest pace in a year
Guy Faulconbridge - Reuters
Russia said on Tuesday it had taken two eastern Ukrainian towns and open-source data indicated that Moscow's forces were advancing at their fastest pace in at least a year amid signs the conflict is drawing in new players such as North Korea. The 2-1/2-year-old war in Ukraine is entering what Russian analysts say is its most dangerous phase as Moscow's forces advance, North Korea sends troops to Russia and the West ponders how the conflict will end.
/jlne.ws/4eZUFDi
Russia bomb attack shatters historic building in Ukraine's Kharkiv
Vitalii Hnidyi - Reuters
A Russian guided bomb attack on Kharkiv on Monday shattered much of the Derzhprom building, one of the most celebrated landmarks in Ukraine's second city, dating from the 1920s. Six people were injured in the 9 p.m. (1900 GMT) strike, adding to 13 wounded in an earlier overnight bomb attack on the city. In the central Ukrainian city of Kryvyi Rih, a Russian missile struck a three-storey residential building, killing one person and wounding at least 11.
/jlne.ws/48tt4rK
Swiss president backs lifting re-export ban on arms to Ukraine
Emma Farge - Reuters
Switzerland's president said on Monday she was in favour of revising a ban that currently prevents Swiss-made arms from being re-exported from another country to Ukraine, saying the embargo was hurting her country's industry and security. Calls for Switzerland to break with centuries of tradition as a neutral state have been growing both at home and abroad since Russia invaded Ukraine in 2022. Its parliament has already recommended that the arms rules be eased, though last year the government refused to change its long-standing policy.
/jlne.ws/3AkseRk
Ukraine, S. Korea to Exchange Intelligence Data, Zelenskiy Says
Olesia Safronova - Bloomberg
Ukrainian President Volodymyr Zelenskiy held a phone conversation with South Korean President Yoon Suk Yeol amid growing concerns that North Korean troops and generals are being dispatched to Russia to aid Moscow's war on Ukraine. "There is only one conclusion - this war is being internationalized and goes beyond the borders of two states," Zelenskiy said in a Telegram statement following the conversation.
/jlne.ws/40pTGHU
With Limited Options, Zelensky Seeks a Path Forward for Ukraine; A muted response to Ukraine's "victory plan" and steep challenges on the battlefield leave Kyiv searching for a Plan B.
Kim BarkerEric SchmittSteven Erlanger and Anton Troianovski - The New York Times
For weeks, President Volodymyr Zelensky of Ukraine has pushed Western leaders to support his so-called victory plan, which he claims will end the country's war with Russia next year. But Mr. Zelensky has received only lukewarm rhetorical support. No country has agreed to allow Ukraine to fire Western long-range missiles at military targets deep inside Russia. Nor has any major power publicly endorsed inviting Ukraine into NATO while the war is raging.
/jlne.ws/4e4h5C4
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Hamas used hospital as a military base, says ambulance driver
Kieran Kelly - The Telegraph
Hamas was heavily embedded inside a hospital in northern Gaza, using its offices and ambulances for their operations, according to an ambulance driver. Speaking under interrogation by the Israel Defense Forces (IDF), the driver said Hamas military operatives were known to operate "at the gates of buildings [and] in the offices" of the Kamal Adwan hospital in Jabalia. "They operate ambulances to transport their wounded military operatives and transport them for their missions. And this is instead of using ambulances for the benefit of civilians," he said in a video released by the IDF.
/jlne.ws/4e4hNiC
Israel 'captures Oct 7 Hamas fighters' in hospital raid
Jotam Confino - The Telegraph
Israeli special forces captured 100 suspected terrorists in a raid on a hospital in northern Gaza. The terror suspects, including Hamas members who took part in the Oct 7 massacre, had barricaded themselves inside the Kamal Adwan Hospital in Jabalia, according to the Israel Defence Forces (IDF). "Inside the hospital, they found weapons, terror funds, and intelligence documents," the IDF said in a statement.
/jlne.ws/40iBS1q
Kremlin says Russia is doing all it can to try to de-escalate Middle East tensions
Reuters
The Kremlin said on Monday that Russia was doing everything it could to try to facilitate attempts to de-escalate tensions in the Middle East by urging restraint on all sides. Kremlin spokesman Dmitry Peskov made the comments when asked about the aftermath of Israeli strikes on Iran. "Russia is maintaining contacts with all parties to this conflict. We have contacts with Tehran, and we have contacts with the Israelis and the Palestinians," Peskov told reporters.
/jlne.ws/3C1aLOi
Hezbollah Replaces Slain Leader Nasrallah With Deputy Qasem; Lebanese group says Naim Qasem will become its new leader; Succeeds Hassan Nasrallah, who Israel assassinated last month
Omar Tamo and Omar El Chmouri - Bloomberg
Lebanese militant group Hezbollah announced that Naim Qasem will become its new leader, replacing long-standing chief Hassan Nasrallah, who Israel assassinated just over a month ago. Hezbollah's main decision-making body, the Shura Council, agreed to make Qasem, who's been deputy leader since 1991, the new secretary-general, the group announced on Telegram on Tuesday.
/jlne.ws/3YsnOQa
Pentagon Runs Low on Air-Defense Missiles as Demand Surges; Large number of interceptors used to strike missiles, drones in Middle East raises concerns about U.S. military readiness in Pacific
Nancy A. Youssef and Gordon Lubold - The Wall Street Journal
The U.S. is running low on some types of air-defense missiles, raising questions about the Pentagon's readiness to respond to the continuing wars in the Middle East and Europe and a potential conflict in the Pacific. Interceptors are fast becoming the most sought-after ordnance during the widening crisis in the Middle East, as Israel and other U.S. allies face an increasing threat from missiles and drones fired by Iran and the militias it supports. The shortfall could become even more urgent after Israel's Friday night strikes on Iran, which U.S. officials fear might spark another wave of attacks by Tehran.
/jlne.ws/48y0Bkw
Israel Cuts Ties With U.N. Agency, Creating New Hurdles for Palestinian Aid; Ban on working with Unrwa will make it harder for agency to operate in Gaza
Carrie Keller-Lynn - The Wall Street Journal
Israel's parliament passed legislation to sever ties with the United Nations agency for Palestinian refugees, curtailing its ability to work in Gaza and the West Bank at a time when it is leading the humanitarian response to the war in Gaza. The laws passed late Monday effectively ban Unrwa-known formally as the United Nations Relief and Works Agency for Palestine Refugees in the Near East-from operating in Israeli territory and forbid Israeli state authorities from having contact with it. Unrwa has long drawn criticism from Israel, which has said that the agency is biased against Israel and that its staff includes members of Hamas.
/jlne.ws/4e1qWIB
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Aquis Exchange and Cboe Europe to Launch SimpliCT to Explore Bid for EU Equities Consolidated Tape
Cboe
Aquis Exchange PLC (Aquis), a creator and facilitator of next-generation financial markets, and Cboe Europe (Cboe), a division of Cboe Global Markets, Inc., the world's leading derivatives and securities exchange network, are today pleased to announce their intention to form a joint venture which plans to explore a bid to perform the role of the EU's equity consolidated tape (CT) provider. The selection process for the EU equity CT is expected to begin in June 2025, with a successful applicant chosen by the end of 2025. Aquis and Cboe, operators of pan-European equity exchanges, technology and reporting services that collectively process over half of daily European equity trades, plan to establish and co-own a new company named SimpliCT (pronounced: simplicity), which will be based in the Netherlands and seek to leverage the expertise of its founders to develop a best-of-breed equity CT.
/jlne.ws/40pTzvY
CME Group Announces First Trades of Spodumene Futures
CME Group
CME Group, the world's leading derivatives marketplace, today announced its new Spodumene CIF China (Fastmarkets) futures have launched and are available for trading. A total of 29 contracts traded on the first day, with participation from a number of firms including JA Commodities (Zhejiang) Ltd, Mitsubishi Corporation RTM International Pte Ltd, Wogen Resources Limited and Wooray Commodities Pte Ltd. The first trade was executed by Freight Investor Services Ltd.
/jlne.ws/3YGEkgP
Product modification Summary: Expansion of the Listing Schedule of the Adjusted Interest Rate S&P 500 Total Return Index (EFFR) Futures Contract - Effective December 09, 2024
CME Group
Expansion of the Listing Schedule of the Adjusted Interest Rate S&P 500 Total Return Index (EFFR) Futures Contract.
/jlne.ws/40nvDtd
Deutsche Borse Photography Foundation and Goethe-Institut Paris show works by students of Ricarda Roggan at the Akademie der Bildenden Kunste Stuttgart in the exhibition "PARASITES!"
Deutsche Boerse
A press tour will take place on Thursday, 7 November 2023, at 5 p.m. at the Goethe-Institut Paris. As part of the exhibition series "La jeune photographie allemande", this year, students of Ricarda Roggan at the Akademie der Bildenden Kunste are showing their photographic works. The exhibition entitled "PARASITES!" will open at the Goethe-Institut Paris on 7 November 2023 at 6:30 p.m., during the international photography fair PARIS PHOTO. The Deutsche Borse Photography Foundation organises the exhibition series annually in cooperation with the Goethe-Institut Paris.
/jlne.ws/4eWGoXQ
LME Mumbai Forum 2025 Sponsorship Opportunities
LME
1. The purpose of this Notice is to inform Members and other interested parties of the LME Mumbai Forum 2025 taking place on 27 January 2025. 2. This Notice also advises of the sponsorship and exhibition opportunities associated with the event that will be hosted by The London Metal Exchange ("LME").
/jlne.ws/3NGLUSz
Risk 24 030 LME Clear Margin Parameters November 24
LME
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ADX and FTSE Russell Launch FTSE ADX 15 Islamic Index to meet Growing demand for Shariah-Compliant Investments
LSEG
FTSE Russell, an LSEG business, and Abu Dhabi Securities Exchange (ADX) are pleased to announce the launch of the FTSE ADX 15 Islamic Index (FADXI15). This new index leverages FTSE Russell's recognised index expertise to augment ADX's leading role in the GCC region and establish the next-generation benchmarks for this dynamic and expanding market. The FTSE ADX 15 Islamic Index meets the increasing demand for Shariah-compliant investment products and will act as a dedicated solution for Islamic finance investors within the broader FTSE ADX Index Series.
/jlne.ws/3Ysnlxo
MIAX Exchange Group - Options And Equities Markets - Daylight Saving Time - November 2024
Mondovisione
Please be advised the MIAX Options, MIAX Pearl Options, MIAX Emerald Options, MIAX Sapphire Options and MIAX Pearl Equities Exchanges are scheduled to end Daylight Saving Time at 2:00 AM on Sunday, November 03, 2024. The MIAX Exchange Group will adjust the system time back 1 hour for trading beginning Monday, November 04, 2024.
/jlne.ws/3Us45zg
Suspension of Trading in Commercial Paper; BSE Notices
BSE India
/jlne.ws/48uH5W6
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | UK Buy-Now-Pay-Later Fintech Zilch Takes Step Toward ABS Market; Buy-now-pay-later firm says Deutsche Bank-led line expanded; CFO Says deal paves way for publicly-rated securitization deal
Abhinav Ramnarayan - Bloomberg
Zilch Technology Ltd.'s chief financial officer says the buy-now-pay-later lender is one step closer to issuing its first publicly-rated asset-backed security after expanding an existing debt deal and bringing on new investors. The UK fintech, which allows customers to split their shopping bill into interest-free payments, said it expanded its existing £100 million ($129 million) securitization facility with Deutsche Bank AG by £50 million and brought in two new unnamed credit-fund investors. The credit line will enable Zilch to provide up to £10 billion in transactions annually, according to a statement Monday.
/jlne.ws/4houFmw
Nigeria-based fintech Moniepoint gains 'unicorn' status; Company raises $110mn from investors including Google despite slowdown in fundraising for African start-ups
Aanu Adeoye - Financial Times
The Nigeria-based fintech Moniepoint has gained "unicorn" status after raising $110mn from investors including Google, a rare bright spot in an otherwise gloomy funding market for African technology companies. The funding round for the nine-year-old company, led by London-based private equity firm Development Partners International and supported by Google's Africa Investment Fund, gave it a valuation of at least $1bn for the first time, according to people familiar with the transaction.
/jlne.ws/4fomh4M
Microsoft's AI demand under scrutiny as investors seek payday
Aditya Soni - Reuters
Microsoft is expected to report its slowest quarterly revenue growth in a year on Wednesday, while investors await signs of AI demand amid growing worries about the slow payoff from hefty investments in the technology. The software giant is widely seen as the front-runner in the race to capitalize on generative AI, in part thanks to its investment in ChatGPT-owner OpenAI. But recent reports point to slow adoption for its key products including the $30-per-month Copilot assistant for enterprises.
/jlne.ws/3UrTkwM
Meta reportedly building AI search engine to cut reliance on Google, Bing
Reuters via NY Post
Meta Platforms is working on an artificial intelligence-based search engine as it looks to reduce dependence on Alphabet's Google and Microsoft's Bing, the Information reported Monday. The AI search engine segment is heating up with ChatGPT-maker OpenAI, Google and Microsoft all vying for dominance in the rapidly evolving market. Meta's web crawler will provide conversational answers to users about current events on Meta AI, the company's chatbot on WhatsApp, Instagram and Facebook, according to the report, which cited a person involved with the strategy.
/jlne.ws/3YsP01k
JPMorgan Says AI Power Demand Is Straining US Water Supplies
Alastair Marsh - Bloomberg
JPMorgan Chase & Co. says the US is facing significant strains on its water supply that have the potential to harm the world's largest economy and eat into corporate valuations. The water resources of the US, already overstretched, are being further stressed by the boom in artificial intelligence, according to a report published on Monday by JPMorgan and sustainability consultancy ERM, titled The Future of Water Resilience in the US.
/jlne.ws/3Uum7R9
Bringing Order To Chaos, Making It Happen For Decentralized AI
Nimrod Lehavi - Forbes
Initially hailed as a panacea for productivity, Generative AI is now falling out of favor for reasons many have been flagging as inevitable all along. According to analysts at Gartner, some 30% of GenAI projects will be abandoned before exiting proof of concept by the end of 2025. Issues cited include low data quality, an inability to control risks, and spiraling costs of up to $20 million for a single deployment. Advocates of decentralized AI solutions have long pointed out the potential for Web3 technologies to overcome or mitigate some of these issues. On-chain transactions can open the black box of data and algorithms, supporting transparency and, thus, quality. This transparency also facilitates better risk management of common AI problems such as algorithm bias and AI hallucinations. As for costs - most costs associated with AI stem from the vast storage and computing requirements.
/jlne.ws/3C3x6Lc
A Closer Look: Matt Hansen CEO, Growers Edge
Sarah Diehn - Business Record
Much of Matt Hansen's nearly 30-year career working with financial services companies happened abroad, including in Austria and England. Originally from Texas, he acquired his sense of "wanderlust" from his grandmother, the matriarch of the family. "She traveled all over the place. At 84, she was riding elephants in Kathmandu," Hansen said. "I really wanted to get out and see the world, and I had a career path that allowed me to do so." He worked as a banker before launching his travels with Cerberus Capital Management, a global private equity firm. The firm takes a hands-on approach to the companies it invests in, sending in Hansen and others to work alongside the teams as senior managers. But Hansen recognized that he was spending more of his time working to get a company growing, the part of leading a business that was meaningful to him. He sought to change that when he pursued the CEO opening at Johnston-based Growers Edge.
/jlne.ws/4hA26To
Private Equity's Next Bet on Artificial Intelligence Is Nuclear Energy; Climate goals, data centers driving interest in atomic sector; Amazon, Google, Microsoft have recently done power deals
Neil Callanan, Naureen S Malik, Will Mathis, and Silas Brown - Bloomberg
/jlne.ws/48xYwVK
Citi to migrate to Google Cloud; Citi's multi-year agreement also includes use of Google Cloud's Vertex AI platform which will deliver Gen-AI capabilities across the firm.
Claudia Preece - The Trade
/jlne.ws/3UtWUGJ
Data centres could be source of heat for European cities, says Danfoss boss; Danish executive calls for clear regulation for green transition to avoid continent's companies being 'left on the platform'
Richard Milne - Financial Times
/jlne.ws/3NK2QYc
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| Cybersecurity | | Top stories for cybersecurity | US-based Cybersecurity Firm Armis Raises $200m at $4.2b Valuation, Eyes IPO
Yimie Yong - TB Global
Armis, the cyber exposure management & security company, announced Tuesday the close of a $200 million Series D round of investment, increasing its total company valuation to a new high of $4.2 billion. Armis' latest funding round was led by both top-tier investors General Catalyst and Alkeon Capital, along with existing investors Brookfield Growth and Georgian.
/jlne.ws/40iM4ac
Compliance Scorecard Joins CompTIA Cybersecurity Trustmark Program
BusinessWire
Compliance Scorecard, a Compliance-as-a-Service platform designed by MSPs for MSPs, has announced its support for the CompTIA Cybersecurity Trustmark program. This partnership aims to bolster MSPs' ability to protect sensitive data and mitigate cyber threats through a globally recognized standard in cybersecurity.
/jlne.ws/3NH9hLE
CISA Director Informs on State of Election Cybersecurity
Charles Lyons-Burt - GovConWire
In 2016 and 2020, foreign influence on the U.S. presidential election was a concern. Russian efforts were detected in 2016 in particular and Iranian activities were identified in 2020. Both of these nations, along with China, are being closely watched by the Department of Homeland Security, which asserts that bad actors are more active than they ever have been this election cycle, and yet, that cybersecurity for the election process has never been stronger.
/jlne.ws/3AiLLBx
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| Cryptocurrencies | | Top stories for cryptocurrencies | Thiel-Backed Crypto Exchange Bitpanda Explores Options; Citigroup, JPMorgan are working with the Austrian firm; Alternatives being considered include IPO and a sale
Eyk Henning and Swetha Gopinath - Bloomberg
Bitpanda GmbH, a cryptocurrency trading platform backed by billionaire Peter Thiel, is exploring options including a potential initial public offering in Frankfurt, according to people familiar with the matter. The Vienna-based company is working with Citigroup Inc. and JPMorgan Chase & Co. and could also consider selling itself, the people said. Any deal could value Bitpanda at $4 billion or more, one of the people said, asking not to be identified as the information is private.
/jlne.ws/4fe9wJY
From $8,000 to $53 million: Bitcoin wallet dormant since 2012 wakes up
James Hunt - The Block
A dormant Bitcoin wallet address containing 749 BTC ($53.2 million) transferred funds for the first time in nearly 12 years on Tuesday morning, according to onchain data. Data from blockchain explorer Mempool shows that a send totaling around 159.2 BTC ($11.3 million) was initiated at 7:28 a.m. UTC. The address last sent 10 BTC (approximately $110 at the time) on Nov. 10, 2012, when the 749 BTC balance was worth just $8,000, on-chain monitoring platform Whale Alert noted on X.
/jlne.ws/4eT8Jyh
Connamara Technologies Equips Zero Hash with Cutting-Edge Exchange Platform Chainwire
Business Insider
Connamara Technologies announces the successful implementation of Zero Hash's digital asset platform powered by Connamara Technologies' EP3 exchange platform. Zero Hash benefits from efficient order matching, risk management, and the ability to access new markets. The partnership reinforces EP3's flexibility and scalability in the digital asset market. Connamara Technologies, a leading provider of fully integrated exchange infrastructure solutions, is proud to announce that Zero Hash, the foremost crypto and stablecoin infrastructure platform, has successfully implemented its digital asset platform, powered by the proprietary EP3 matching engine.
/jlne.ws/48oD59g
Trump's crypto project plans to launch its own U.S.-dollar-backed stablecoin: Report
Catherine Mcgrath - Fortune
World Liberty Financial, former president Donald Trump's crypto venture, launched its native token earlier this month, and now is reportedly planning something more ambitious: its own stablecoin, which can serve as a stand-in for the U.S. dollar, according to Decrypt.
/jlne.ws/3Ysi3lC
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| Politics | | An overview of politics as it relates to the financial markets | Citadel's Griffin Says Expectation Is Trump Wins US Vote; Upcoming US elections dominated many panels at this year's FII; Trump favored to win but it's almost "coin toss," Griffin says
Christine Burke and Abeer Abu Omar - Bloomberg
Financier Ken Griffin expects the race to the White House will be close, but Donald Trump will ultimately win. "The expectation today is that Donald Trump will win the White House," the billionaire founder of Citadel said on a panel at Saudi Arabia's Future Investment Initiative summit. "We are at that moment of peak uncertainty. It is a race that Trump is favored to win but it is almost a coin toss."
/jlne.ws/3CcGR9H
Why Trump's Plan to Escalate Tariffs Has So Many Haters; Higher import taxes are at the center of his economic policy; Critics worry that the consequences could be devastating
Brendan Murray - Bloomberg
The US heavily taxed imports for much of its history before largely abandoning the policy, beginning in the 1930s, as government leaders embraced the idea of free trade. High tariffs made a comeback during the presidency of Donald Trump, who adopted them in an effort to revitalize American manufacturing and to counter what the US regards as China's unfair trade practices. Trump's successor Joe Biden kept the trend going. Now, Trump says that if he's elected president again on Nov. 5, he will dramatically increase taxes on imports and put them at the center of his economic policy. His pledge has reignited a debate over whether tariffs are a valuable tool for competing with economic rivals or a policy weapon with a checkered past that's likely to backfire.
/jlne.ws/48tuZws
America isn't too worried about fascism; Harris is correct that the republic is in danger but that message may not suffice to prevent a Trump victory
Edward Luce - Financial Times
Here is the thing about Donald Trump's neofascism, ethnonationalism and the threat he poses to democracy: however you label his prejudices, US voters who do not have an opinion on this subject never will. Or at least not until it is too late. Perhaps this is because this critical but tiny share of undecided voters think Trump is all bark and no bite. Maybe they are betting he would be fascistic to others, just not towards them. Possibly they are so bored of politics they have no clue what Trump has been saying.
/jlne.ws/48scSXJ
Philadelphia DA sues Elon Musk for $1 million election sweepstakes-'indisputably' unlawful
Paolo Confino - Fortune
The Philadelphia district attorney's office sued Tesla CEO Elon Musk over his political action committee's $1 million a day giveaway to registered voters in swing states, alleging it violates consumer protection laws and is designed to interfere in the upcoming Presidential Election.
/jlne.ws/3UsRzPE
Kamala Harris played hardball with banks. It delivered billions for homeowners.
Rachel Siegel and Maeve Reston - The Washington Post
Kamala Harris had been California's attorney general for about eight weeks when she gathered with her peers in front of a coffee station at the Fairmont Hotel in D.C. Attorneys general from across the country were closing in on a multibillion-dollar mortgage settlement with major banks, whose risky lending practices leading up to the Great Recession spurred an unprecedented crisis that by early 2011 was still costing Americans their homes.
/jlne.ws/3UsoNi9
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| Regulation & Enforcement | | Stories about regulation and the law. | Treasury Issues Regulations to Implement Executive Order Addressing U.S. Investments in Certain National Security Technologies and Products in Countries of Concern
U.S. Department of the Treasury
The U.S. Department of the Treasury (Treasury) today issued a final rule (Final Rule) to implement Executive Order 14105 of August 9, 2023, "Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern" (the Outbound Order). The Final Rule provides the operative regulations and a detailed explanatory discussion regarding their intent and application.
/jlne.ws/4e3Kqwj
Cancelled - October 29 Commission Open Meeting
CFTC
The Commodity Futures Trading Commission Open Meeting scheduled for Tuesday, Oct. 29, has been cancelled. The matters under consideration will be completed through the Commission's seriatim process.
/jlne.ws/4f1cf9X
CFTC Commissioner Pham Announces Global Markets Advisory Committee will Meet November 21
CFTC
CFTC Commissioner Caroline D. Pham, sponsor of the Global Markets Advisory Committee, announced the GMAC will hold a virtual public meeting Thursday, Nov. 21, from 9:30 a.m. to 10:30 a.m. EST. The meeting will be open to the public via live webcast or listen-only audio feed via telephone.
/jlne.ws/3YHqzPe
CFTC Charges two Louisiana-Based Companies and Cofounder with Multi-Million Dollar Forex Fraud, Failing to Register
CFTC
The Commodity Futures Trading Commission today announced a civil enforcement action in the U.S. District Court for the Eastern District of Louisiana against NOLA FX Capital Management, LLC, Meteor, LLC, Louisiana limited liability companies, and the founder of both, Michael B. DePetrillo.
/jlne.ws/3NGKJCD
SEC Seeks Court Order Requiring New-York-Based Company to Comply with Subpoena
SEC
The Securities and Exchange Commission announced that it filed a subpoena enforcement action against Fruit Street Health, P.B.C., a company conducting business from New York, New York, for failing to produce documents pursuant to an SEC investigative subpoena. The filed action seeks an order directing Fruit Street to comply with the subpoena.
/jlne.ws/40iEn3O
ASIC Annual Forum program announced, limited registrations remain
ASIC
ASIC has released the full program for the ASIC Annual Forum and dinner to be held on 14-15 November 2024 in Sydney. The event brings together leading business, regulatory and consumer representatives to consider the financial challenges that impact our diverse nation under the theme Bridging generations: Regulating for all Australians.
/jlne.ws/48qIaho
ASIC warns governance gap could emerge in first report on AI adoption by licensees
ASIC
ASIC is urging financial services and credit licensees to ensure their governance practices keep pace with their accelerating adoption of artificial intelligence (AI). The call comes as ASIC's first state of the market review of the use and adoption of AI by 23 licensees found there was potential for governance to lag AI adoption, despite current AI use being relatively cautious.
/jlne.ws/3AkWZ8F
PSG SIPP Limited enters administration
FCA
News stories First published: 28/10/2024 Last updated: 28/10/2024
PSG SIPP Limited (PSG SIPP) went into administration on 25 October 2024. Christopher Allen and Adam Stephens of Evelyn Partners have been appointed as joint administrators.
/jlne.ws/3YKOqxy
MAS Imposes Composition Penalty on Atrium Asia Investment Management, Reprimands CEO
MAS
The Monetary Authority of Singapore (MAS) has imposed a composition penalty of S$1.9 million on Atrium Asia Investment Management Pte. Ltd. (AAIM) for breaches of MAS' anti-money laundering and countering the financing of terrorism (AML/CFT) requirements. MAS has also issued a reprimand to AAIM's Chief Executive Officer (CEO), Mr Mintarja Oei, for failing to ensure AAIM's compliance with MAS' AML/CFT requirements.
/jlne.ws/4e8vihl
SIFMA White Paper: CFP Board's Regulatory Regime for CFP Certificants Imposes Risks on Financial Services Firms
SIFMA
SIFMA today released a new white paper analyzing the risks to financial services firms associated with the Certified Financial Planner (CFB) Board's continually expanding role as a de facto private regulator for CFP Certificants. SIFMA is comprised of hundreds of member firms that employ tens of thousands of individuals who hold the CFP private certification. Over the past nearly two decades, CFP Board has continued to expand and grow its own regulatory regime for CFP Certificants.
/jlne.ws/4e8rVGW
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | US Treasury Trims Borrowing Estimate to $546 Billion for Quarter
Liz Capo McCormick - Bloomberg
The US Treasury trimmed its estimate for federal borrowing for the current quarter, while continuing to expect a $700 billion cash balance at the end of the year, just before the federal debt ceiling kicks back in. The Treasury Department said in a statement Monday that it now estimates $546 billion in net borrowing for October through December, down from the $565 billion it had penciled in back in July. Officials' year-end cash estimate was unchanged.
/jlne.ws/4hkDNIN
Oil's Big Options Bets Turn Worthless as Iran Risk Fades
Alex Longley and Devika Krishna Kumar - Bloomberg
Traders who piled into bullish options bets on oil prices at record pace are waking up to a harsh reality: Most of those contracts are now worthless. Israel refrained from striking Iran's energy infrastructure in its long-awaited bombardment of the OPEC nation over the weekend, sending crude prices crashing. That plunge has helped contribute to a chunk of about 800,000 Brent December call options expiring without a profit on Monday as traders' urge to protect against a price spike evaporates.
/jlne.ws/40naU8R
CEOs are saying this is as bad as it gets for their earnings
Natalia Kniazhevich - Bloomberg
Corporate America is sending an important signal this earnings season that the rally in US stocks can continue to broaden out beyond technology shares. The mention of a "bottom" in results this reporting period through last week is up 56% from a year earlier, according to Bank of America (BAC). In the past, such references have preceded a broad improvement in earnings, the bank said.
/jlne.ws/3C4fyys
BP Needs a Swifter Reality Check on Share Buybacks; The British oil major needs to adjust to its straitened circumstances.
Javier Blas - Bloomberg
In corporate-speak, when a company says a key target is "currently" unchanged but it plans to disclose a "review" soon, you know trouble is coming. And indeed, there's trouble ahead for BP Plc. The British oil major on Tuesday said that it was still buying back $1.75 billion of its stock every three months - a cornerstone of its distribution policy to shareholders. But facing weaker oil and gas prices, BP put investors on notice that it's set to change strategy very soon. "As part of the update to our medium-term plans in February 2025, we intend to review elements of our financial guidance, including our expectations for 2025 share buybacks," it said.
/jlne.ws/3NJguuJ
Why Short Sellers Can't Even Get Along With Each Other; Traders betting against stocks are no more likely to trust each other than they are corporate executives.
Marc Rubinstein - Bloomberg
In the final episode of the HBO series Industry, young portfolio manager Harper Stern announces she wants to launch a short-only fund. "We'll knuckle down on companies who might be misleading the market, committing fraud or engaging in unethical business practices," she pitches. "We will find the liars, we will find vulnerabilities - and therefore what is mispriced - using a combination of forensic accounting and corporate espionage." Her prospective backer replies sarcastically: "You'll be popular."
/jlne.ws/3CcGYC9
The Commercial Real Estate Crash Is Battering Even the Safest Bonds; For the first time since the great financial crisis, buyers of top-rated commercial mortgage-backed securities are suffering losses.
Carmen Arroyo, Natalie Wong, Aaron Gordon, and Christopher Cannon - Bloomberg
/jlne.ws/4e4mKrI
Trader Seeks EUR37.5 Million Payday on Faster ECB Rate Reductions; Bet targets ECB rate cuts to 1.75% by the middle of next year; Swaps price 125 basis points of cuts across next five meetings
James Hirai - Bloomberg
/jlne.ws/4f1ghz7
Surprise US Election Haven for Some Investors Is Embattled Yen
Ruth Carson and Masaki Kondo - Bloomberg
/jlne.ws/4e3GifN
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Pharma and agritech groups push against biodiversity levy at UN summit; One contentious proposal seeks to impose 1% levy on returns from products made using genetic data
Simon Mundy - Financial Times
Pharmaceutical and agricultural companies are among the industry groups pushing against a proposed levy on their returns from products made using genetic data from nature. Negotiators are wrangling over a deal at the UN COP16 biodiversity summit under way in Colombia around payment for the use of the data known as digital sequence information (DSI), used heavily by makers of drugs and agricultural products.
/jlne.ws/4fet5SA
What could stop the global green energy race? A Trump victory; He could also take tougher steps to stymie decarbonisation efforts next time around
Pilita Clark - Financial Times
Last week, one of Wall Street's top commodities analysts was asked how he thought the outcome of the US election might affect the energy sector. "I'm just going to point out this," the Carlyle private equity group's Jeff Currie told an FT energy conference in London. "Under the Trump administration, the world got a lot greener and under the Biden administration it got a lot browner."
/jlne.ws/4houaZG
Two hurricanes stir up voter backlash to Florida Republicans' climate denialism
Richard Luscombe in Miami - The Guardian
The climate emergency was already a hot-button political issue in Florida long before devastating back-to-back hurricanes named Helene and Milton barreled into the state in recent weeks. Ron DeSantis, the Republican governor who considers global warming "leftwing stuff", angered environmental advocates by signing a bill in May scrubbing the words "climate change" from state statutes and in effect committing Florida to a fossil fuel-burning future.
/jlne.ws/4hnUdA6
Biden administration to award $3bn to US ports for climate-friendly improvements; Grants to be use to improve port infrastructure and reduce greenhouse gas emissions at 55 sites across the country
Associated Press via The Guardian
Joe Biden's administration is awarding nearly $3bn to boost climate-friendly equipment and infrastructure at ports across the country, including Baltimore, where a deadly bridge collapse killed six construction workers in March and disrupted east coast US shipping routes for months. The president timed the announcement of the grants ahead of a visit to the city's main port on Tuesday. Officials say they will improve and electrify port infrastructure at 55 sites nationwide while supporting an estimated 40,000 union jobs, reducing pollution and combating the climate crisis.
/jlne.ws/48rf15O
How American Tax Breaks Brought a Chinese Solar Energy Giant to Ohio; The Inflation Reduction Act restored American manufacturing jobs - and gave China an opportunity to extend its dominance in some clean energy technologies.
Bloomberg News
Nestled among the corn fields of Pataskala, Ohio, Illuminate USA's sprawling new solar factory is buzzing. Hundreds of freshly hired local employees are hoisting pallets, soldering equipment and inspecting their work as sheets of glass are transformed into state-of-the-art photovoltaic panels. They're collecting hourly wages that start at double the state minimum. The factory has also delivered contracts to area electricians and suppliers.
/jlne.ws/3C2IEhL
How Vintage Nike Airs Exposed a Flaw in a $700 Million Carbon Market; Everything from wildfires to fraud is adding risk for investors in carbon offsets. Now there are new questions about how the market is trying to insure itself.
Ben Elgin - Bloomberg
Nike executives made a startling discovery in the early 1990s. The gas pumped into the soles of the Nike Air series of athletic shoes created an exceptionally resilient cushion. But the large, tightly-linked molecules of sulfur hexafluoride also make it the planet's most powerful greenhouse gas - 24,300-times more potent than carbon dioxide. Air Jordans and Nike Inc.'s other popular shoes, it turns out, were overheating the planet as much as half the cars in its home state of Oregon.
/jlne.ws/3YhxsVW
BP says spun off part of US operations of solar joint venture Lightsource BP
Ron Bousso - Reuters
BP spun off part of the U.S. operations of its Lightsource BP solar joint venture shortly before completing the acquisition of the outstanding 50% stake in the business last week, the British company said on Tuesday. "Immediately prior to the business combination, 2.4GW (gigawatts) of Lightsource BP's operational and construction assets in the United States were transferred from Lightsource BP into a new joint venture between BP and the Lightsource BP founders, and certain management and staff," BP said in its third-quarter results.
/jlne.ws/3NLyLra
Cargill, Bunge Slow Soybean Buying on Stalled US Biofuels Policy
Tarso Veloso and Kim Chipman - Bloomberg
/jlne.ws/3NJkqeX
Major LNG Producer Challenged on Clean Claims in Landmark Case
Paul-Alain Hunt - Bloomberg
/jlne.ws/40mZiCU
These White Male CEOs Got Wealthier From Diversity-Linked Pay; List led by CEOs from companies including American Airlines; Bosses from McDonald's and Coca-Cola also got hefty payouts
Saijel Kishan - Bloomberg
/jlne.ws/4hred4Q
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | HSBC to Buy Back $3 Billion Shares as Profit Beats Estimates; Lender sees boost in wealth fees, inflow of HK customers; CEO says revamp underway is about simplification; shares rally
Harry Wilson and Ambereen Choudhury - Bloomberg
HSBC Holdings Plc announced a fresh multibillion-dollar stock buyback as it reported better-than-estimated earnings, days after unveiling a major overhaul of its businesses. Europe's largest bank said Tuesday that it would repurchase up to $3 billion of shares on the back of a 9.9% gain in pretax profit from a year earlier to $8.48 billion. The results were driven by gains in divisions including its wealth arm, which benefited from higher private banking volumes in Asia, according to its statement.
/jlne.ws/3YrtMkA
Santander Profit Beat Brings Signs of Decline in Lending Income; Cost cutting helps Spanish lender adjust to lower rates; Bank has delayed UK earnings results on motor finance ruling
Jorge Zuloaga - Bloomberg
Banco Santander SA's third-quarter earnings showed further signs of a decline in interest income amid a global shift to lower rates, weighing on an otherwise solid quarter. The Madrid-based bank posted net income of EUR3.25 billion ($3.5 billion) in the three months to September. While that was better than analyst estimates, it came with a quarterly drop in interest and fee income. The announcement late Monday that the bank would delay release of its UK earnings following the recent court ruling on banks' compensation to customers of car loans also overshadowed the results. Santander shares were down 2.4% at 9:47 a.m. Madrid time.
/jlne.ws/3BZqahY
JPMorgan sues customers over check fraud linked to glitch that went viral
Jonathan Stempel - Reuters
JPMorgan Chase (JPM), the largest U.S. bank, has begun suing customers for check fraud, saying they improperly withdrew funds by taking illegal advantage of a temporary technical glitch that went viral on TikTok. The glitch in late August let customers deposit big checks in ATMs and withdraw funds immediately before the checks could clear, even if the checks later bounced.
/jlne.ws/4eWI43A
Goldman Sachs Opens Office in Riyadh's Giant Financial District; Bank deepens presence in the largest Middle Eastern economy; Goldman's CEO is among attendees at this week's FII event
Nicolas Parasie - Bloomberg
Goldman Sachs Group Inc. has opened a new office in the financial district of Saudi Arabia's capital Riyadh, deepening its presence in the largest Middle Eastern economy. The Wall Street firm, which has been operational in the kingdom since 2008, is moving into the King Abdullah Financial District next year, joining Paris-based Rothschild & Co. and many other top institutions that have set up shop in the hub that spans 1.6 million square meters.
/jlne.ws/4folu3O
BNP Paribas Said to Lay Off Handful in Credit Sales, Trading; David Malvern, the head of US high-yield trading, was laid off; Latest exits come shortly after six from EM team were let go
Maria Elena Vizcaino and Gowri Gurumurthy - Bloomberg
BNP Paribas SA let go at least half a dozen employees in New York last week, including its head of US high-yield trading, David Malvern, according to people familiar with the matter. Two investment-grade credit traders were also let go, plus two sales employees, said the people, who spoke on the condition of anonymity because the information is private.
/jlne.ws/4f4smU8
Private Equity Reopens Checkbook for $85 Billion US Deal Spree
Ryan Gould and David Carnevali - Bloomberg
/jlne.ws/3YI3nQX
Blackstone Raises $22 Billion in New Direct Lending Fund; Fundraise is for an evergreen fund targeting institutions; Firm has swelled direct lending platform to over $123 billion
Paula Seligson - Bloomberg
/jlne.ws/48qKaGq
Battleshares ETFs aim to pit innovators against legacy peers; Tidal Investments files for funds that combine leveraged long positions in new pioneers with short positions in established rivals
Daniel Gil - Financial Times
/jlne.ws/3Uw1F2n
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Job scams are climbing. Experts say to watch out for these red flags
Adriana Morga and The Associated Press - Fortune
Because most job seekers turn to online platforms for employment, scammers impersonate companies and recruiters to trick people into giving them money or personal information. Between finding openings, sending out your resume and interviewing, looking for a job is tough. Now a growing trend of scammers impersonating recruiters is making it even harder.
/jlne.ws/3YssPs2
Starbucks Threatens to Fire Staff Who Don't Come Back to Office; Corporate employees expected to come in three days a week; Company escalates hybrid work enforcement under new CEO
Daniela Sirtori and Matthew Boyle - Bloomberg
Starbucks Corp. is telling its corporate staff they could be fired if they don't come to work at the office three days a week. Starting in January, Starbucks will implement a "standardized process" to hold workers accountable if they don't abide by the coffee chain's return-to-office policy, according to a memo sent to one of the company's divisions that was seen by Bloomberg News. Consequences are "up to, and including, separation," the email said.
/jlne.ws/4fowEFy
Meet the 'super users' who tap AI to get ahead at work
Danielle Abril - The Washington Post
Lisa Ross is a little techie, a tad nerdy, and a bit over analytical. So getting to use artificial intelligence for work couldn't have been a more tantalizing prize. Ross, who has attention-deficit/hyperactivity disorder (ADHD) and uses they/them pronouns, says they've more than doubled their productivity by using AI for almost everything - to create content using specific frameworks, prepare for tough conversations, help with project and strategic planning, and determine impact. The vice president at Canada-based corporate training company Avenue even uses AI to help create custom bots for future tasks.
/jlne.ws/3C2kYdf
From intern to CEO: does it pay to be a company lifer? Executives who spend their career at one place can boost morale and loyalty but risk stifling innovation
Emma Jacobs - Financial Times
"Nike has always been a core part of who I am," said Elliott Hill when the sportswear company anointed him chief executive last month. This was not pure spin. After all, Hill started at Nike as an intern. The appointment is a vote of confidence in the "CEO lifer", a small cohort of top executives including General Motors' Mary Barra; Dave McKay at Canadian bank RBC; and Walmart's Doug McMillon, who have risen through the ranks of their companies over the course of many years.
/jlne.ws/40nggRv
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Can Zapping the Brain Help Treat Addiction? A radical experiment uses focused ultrasound waves to reset cells inside the brain's reward center to combat cravings
Julie Wernau - The Wall Street Journal
Joe Hilton was inside an MRI machine, wearing a $1 million helmet and goggles showing him pictures of heroin being cooked in a spoon and injected into an arm. Doctors behind a glass partition used the MRI images to ensure ultrasound waves from the helmet were correctly aimed at a target in Hilton's brain a couple of millimeters in size. Then, more than 1,000 probes pulsed ultrasound waves to this area, known as the brain's reward center.
/jlne.ws/3YswA0C
Fall Allergies Are Nothing to Sneeze At. Defeat Them With These High-Tech Solutions. A new crop of smart devices can detect allergens, filter them, zap them and even oust them from your personal space
Michael Kaminer - MansionGlobal.com
Cocklebur, Pigweed, Sagebrush, Mugwort: That's not the recipe for a Harry Potter potion, it's a roster of plants that cause most fall allergies, according to the American College of Allergy Asthma and Immunology. As any allergy sufferer knows, that's only a partial list of culprits. Pollution, smoke, dust, humidity and even fumes from furniture and paint can trigger severe reactions in autumn and year-round. But those afflicted now have high-tech help. A new crop of smart devices can detect allergens, filter them, zap them and even oust them from your personal space. Here are our picks for smart devices to help fight allergies.
/jlne.ws/4hD86Ld
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Growing power of tech firms risks eroding press freedom, Starmer warns; New digital markets laws will help protect independent journalism, says Prime Minister
James Warrington - The Telegraph
Britain's press freedom risks being eroded by the growing dominance of deep-pocketed tech giants, Sir Keir Starmer has warned. The Prime Minister said the rapid rise of artificial intelligence (AI) could undermine independent journalism if left unchecked, adding that the delivery of trustworthy information was "more vital than ever".
/jlne.ws/3ApZeYg
There Will Soon Be No Meatpackers Left in NYC's Historic Meatpacking District
Magdalena Del Valle - Bloomberg
New York City's last meatpackers in its storied Meatpacking District are leaving. Gansevoort Market Inc., one of the city's longest operating meat markets, will end its lease early to make room for new housing and a potential expansion of the Whitney Museum of American Art. Located on Little West 12th St., the market currently houses a co-op of seven meat sellers. Their early departure will open up 66,000 square feet (6,132 square meters) to become Gansevoort Square, First Deputy Mayor Maria Torres-Springer said Monday at an event sponsored by the Association for a Better New York.
/jlne.ws/3UrvG3x
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| Miscellaneous | | Stories that don't quite fit under the other sections | Imposters stole thousands of pounds of posh cheddar, rattling the U.K. cheese world
Rachel Treisman - NPR
The British artisanal cheese community is reeling from what it's calling the great - or grate - cheese heist of 2024 after imposters stole tens of thousands of pounds of high-value cheddar from a major distributor. London-based retailer and cheesemaker Neal's Yard Dairy announced last week that it had been the "victim of a sophisticated fraud resulting in the loss of over £300,000 worth of clothbound Cheddar" - the equivalent of more than $389,000.
/jlne.ws/4eT9M1b
'I can't run a business like this': Why the WordPress row matters
Imran Rahman-Jones - BBC News
One of the world's biggest web publishing platforms - used by a large chunk of the internet - is locked in a spat which is affecting thousands of businesses worldwide. While most of the work WordPress does is not seen by internet users, it says its behind-the-scenes web-building tools power 40% of the world's websites.
/jlne.ws/3UrNyv2
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