| July 07, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Bloomberg is reporting that the UK plans to reverse the MiFID ban on free research for clients. Bloomberg said "Chancellor of the Exchequer Jeremy Hunt is planning to roll back a piece of European Union legislation that forced financial firms to separate the cost of investment research from trading expenses, part of his efforts to boost the attractiveness of the UK's financial services sector."
The New York Times and other outlets are reporting that heat records have been broken around the globe and that the last three days were quite likely the hottest in Earth's modern history. Temperature records were shattered from North America to Antarctica.
According to a Bloomberg story, June was the hottest June on record as the oceans heated up and temperatures in the oceans were the warmest for the third straight month.
Also, Bloomberg is reporting Canada's record wildfire season is set to worsen as the heat builds and the fire activity is expected to stretch into August.
The Financial Times Unhedged Podcast today is titled "Harry Markowitz found a free lunch in finance" with a subheading of "The economist, who died in June, used rigorous math to show that diversification could bring higher returns without increasing risk."
The Financial Times is reporting that 30 million people have signed up for Threads from Meta as of yesterday, though I saw a report from Mark Zuckerburg on the site that reported 50 million signed up. You can follow me on Threads with the username "JohnJLothian".
Wall Street Journal reporter Evan Gershkovich has been detained by Russia for 100 days. He should be released immediately. Free Evan Now!
Steve Brodsky is joining the board of the Northwestern Memorial Hospital Foundation at Northwestern Memorial Hospital.
The SEC Historical Society posted to LInkedIn that "This week in 1980, the NASDAQ began posting best bid and offer rather than "representative" prices in its newspaper listings, narrowing spreads for broker-dealers, but increasing volume on the exchange. By late September NASDAQ volume was nearly 60 percent that of the NYSE." You can learn more about this HERE.
The National Guard in Nevada is struggling to hire because workers are being lured by attractive pay packages by Amazon, FedEx and Wendy's, Insider reports. Of the latter, the National Guard is getting a frosty reception from potential hires.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories yesterday on JLN Options were:
- Is a Big Stock-Market Crash Coming? Options Traders Say No.
- Buffett's derivatives bonanza doesn't prove that Taleb is wrong
- Options Industry Midyear Review: Index Products Lead Growth ~JB
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Walt Lukken Reflects on FIA IDX 2023 and the Good That FIA and Its Members Do
JohnLothianNews.com
FIA CEO and President Walt Lukken was interviewed by JLN Correspondent Julie Ros at the FIA International Derivatives Week (IDX) in London recently about the conference and related topics.
Watch the video »
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GlobalRisk founder Steve Probst talks with JLN about the evolving nature of risk and technology
JohnLothianNews.com
JLN spoke with Steve Probst, GlobalRisk founder and inventor of the GlobalRisk Platform, at the OIC Conference in Nashville in April. He discussed the risks his customers need to manage, and how GlobalRisk is evolving to meet their needs.
Watch the video »
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Twitter threatens trade secrets lawsuit over Meta's Threads app; Warning to Mark Zuckerberg comes as new users top 30mn on first day of message service
Hannah Murphy - Financial Times
Twitter has threatened to sue Meta alleging it stole the company's trade secrets when creating its rival messaging app Threads, as the new platform attracted tens of millions of users within hours of its debut.
/jlne.ws/44xcqnz
***** Yes, I would threaten to sue too. I would huff and puff and try to blow down Threads.~JJL
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Libor Convict Hayes 'Burst Into Tears' At Chance to Appeal; Ex-UBS trader called the 'ringmaster' at rigging trial; Hayes said he wept when his lawyer called with the news
Katharine Gemmell - Bloomberg
Tom Hayes, the former star trader who became the face of the Libor scandal, has consistently maintained his innocence. Now he is a step closer to overturning his high-profile criminal conviction. The ex-UBS Group AG and Citigroup Inc. trader served five and a half years of an eleven-year sentence in jail for rigging key benchmark rates to boost his own trading positions - prosecutors called him the "ringmaster." But in a rare decision from the agency which probes suspected miscarriages of justice in England, he'll now get a shot to go before appeal judges.
/jlne.ws/3NKhs9P
****** Joy is a wonderful thing.~JJL
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Young Men Are Gaming More. Are They Working Less? The pandemic accelerated a trend that had been blamed for decreasing their labor force participation.
Justin Fox - Bloomberg
During the first decade and a half of this century, young American men devoted a growing amount of time to computer and video games and a shrinking amount to work. In a 2017 paper that received tons of attention, four economists proposed that better games ("improved leisure technology") were luring young men away from the workplace. In a response that received less attention but that I found more convincing, economist Gray Kimbrough argued that the interaction between weak labor demand and "a shift in social norms (that) rendered playing video games more acceptable at later ages" explained the data better.
/jlne.ws/3JN7Z07
****** Gaming more, or preparing for World War III?~JJL
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Thursday's Top Three
Our most read story yesterday was the Press Release (PDF) IOSCO Statement on Alternatives to USD LIBOR. Second was more on the IOSCO statement from Risk.net Iosco deals hammer blow to BSBY, Ameribor. Third was a story about the breakout app Threads which is meant to compete directly with Twitter. I know a few here have signed up. From the Financial Times, Meta says 30mn people have signed up to Twitter competitor Threads.
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MarketsWiki Stats
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| Lead Stories | Biggest Cocoa Trade in More Than a Decade Rattles London Market; Squeeze sent July futures to a 240 pound premium to September; Measure of cocoa supplies has fallen to lowest in four decades
Isis Almeida, Dayanne Sousa and Mumbi Gitau - Bloomberg
The biggest cocoa trade in more than a decade is rattling the London exchange, bringing back memories of when a hedge fund manager known as "Chocfinger" tried to corner the market. Two years of deficits have dramatically reduced stockpiles of the key chocolate ingredient, with a measure of supplies at its lowest in four decades. That's left traders vulnerable to a squeeze - when they're unable to find enough supplies to deliver to buyers as contracts expire, and are forced to buy back futures.
/jlne.ws/3pCIeZC
String of Global Heat Records Raises Alarm on Climate Change; Average temperature broke records on Monday, Tuesday and Thursday as extreme heat puts millions at risk.
Aaron Clark - Bloomberg
Global temperatures have hit records for three days this week, raising concerns over the impact of extreme heat and the rapid pace of climate change. The average worldwide temperature reached 17.23C (63F) on Thursday, exceeding records hit on Monday and Tuesday, data from the National Centers for Environmental Prediction showed.
/jlne.ws/43h8bM7
Binance Executives Exit as the Regulatory Heat on the Largest Crypto Exchange Intensifies; Chief strategy officer, compliance executive, counsel depart; Crypto firm faces web of probes including SEC, CFTC lawsuits
Olga Kharif and Muyao Shen - Bloomberg
The billionaire founder of crypto's biggest exchange Binance Holdings Ltd. sought to defend the platform following the exits of executives who had been helping the company navigate a widening regulatory crisis. Changpeng 'CZ' Zhao said "we continue to BUILD, and continue to hire" in a tweet on Friday after Binance's chief strategy officer, general counsel and a compliance official departed, stirring fresh questions about the outlook for an exchange that's facing probes in the US, Europe and Asia Pacific.
/jlne.ws/3O3SZxl
UK Plans to Reverse MiFID Ban on Free Research for Clients; Hunt due to accept findings of lawyer-led review into rules; Chancellor to discuss plans in Mansion House speech on Monday
Joe Mayes and Katherine Griffiths - Bloomberg
Chancellor of the Exchequer Jeremy Hunt is planning to roll back a piece of European Union legislation that forced financial firms to separate the cost of investment research from trading expenses, part of his efforts to boost the attractiveness of the UK's financial services sector. The move is a key recommendation of a review into rules around investment research conducted by lawyer Rachel Kent, and Hunt is set to announce the plan in his Mansion House speech on Monday, according to two people familiar with Kent's review who asked not to be named discussing non-public information. He is also due to reveal a pledge by insurers to invest billions of pounds into startups and infrastructure projects.
/jlne.ws/46ACkc7
Crypto Trading Volume Dropped in Second Quarter to Lowest Since 2019; Binance loses share for fourth consecutive month, CCData says; Coinbase accounts for 61% of Bitcoin trading on US bourses
Olga Kharif - Bloomberg
Trading volume on cryptocurrency exchanges in the three months ended in June was the lowest since the final quarter of 2019 despite a jump in activity during the final weeks of last month. Volume on so-called centralized exchanges rose 16.4% to $575 billion in June, the first increase in three months, according to a report from researcher CCData. Overall, trading volume fell 40% to $1.7 trillion from the first quarter, and was down 62% compared with the year-earlier period, the researcher said.
/jlne.ws/3D0pczk
Kraken Co-Founder Jesse Powell Under Federal Investigation on Claims of Hacking, Cyberstalking Non-Profit; FBI agents searched Powell's Los Angeles home as it probes whether he interfered with computer accounts of Verge Center for the Arts. A lawyer for Powell said he's done "nothing wrong" and unrelated to "his conduct in the cryptocurrency arena."
James Rubin - CoinDesk
Crypto exchange Kraken co-founder Jesse Powell is being investigated by Federal law enforcement on claims that he hacked and cyberstalked a non-profit that he founded, a lawyer for Powell confirmed after a report by The New York Times on Thursday. The criminal probe is looking into Verge Center for the Arts' allegations that Powell hindered its computer accounts, obstructing access to emails and other messages, The Times reported, citing three unnamed sources.
/jlne.ws/46FHBim
Investment banks squabble over carbon footprint of underwriting deals; Working group votes on whether to exclude portion of underwriting deals from net zero targets, but critics see 'double standards'
Kenza Bryan - Financial Times
Some of the world's largest investment banks have been lobbying to exclude chunks of their underwriting activity from net zero targets, in a debate that threatens to slow their progress on decarbonisation.
/jlne.ws/3O56Tj1
Chinese regulator takes aim at market-moving 'little essays' on social media; Unverified leaks and predictions shared on WeChat have boosted stocks and commodities
Cheng Leng and Thomas Hale - Financial Times
China's securities regulator is struggling to get to grips with a social media phenomenon that is driving share prices as stricter government control over information has forced traders and investors to turn to alternative sources. Xiaozuowen - meaning "little essay" in Chinese - is typically a small item of unverified news, shared as an image in WeChat messaging groups or other social media apps in order to avoid the text-based censorship those platforms impose.
/jlne.ws/3D1RCZJ
China's Ant Group Slapped With Nearly $1 Billion Fine; Financial regulators said the fintech giant violated many laws and regulations
Rebecca Feng and Dave Sebastian - The Wall Street Journal
Ant Group, the financial-technology company associated with billionaire Jack Ma, was fined close to $1 billion by China's financial regulators, taking the company closer to the end of its long-running business overhaul.
/jlne.ws/44qiMFs
Digital Pound Could Verify Age for Alcohol and Citizenship in UK; BOE digital currency work offers glimpse of possible features; Nuggets contracted by BOE to help beef up currency's privacy
Tom Rees - Bloomberg
A digital version of the British pound may feature a way to verify the holder's age and citizenship status, potentially smoothing the purchase of alcohol and tobacco and transactions with government agencies. The Bank of England has hired digital payments platform Nuggets to develop the digital currency's privacy and identity features as policy makers step up preparations for the currency dubbed "Britcoin."
/jlne.ws/3rfoYBQ
China Stock Delistings Set to Beat Record as Weak Firms Culled; Number of delistings, those at risk, is already near 2022 high; Number of IPOs still exceeds delistings by about four to one
Bloomberg News
China is on course to see a record number of stocks being delisted from its exchanges this year as new rules introduced to improve the quality of listed companies snare an ever greater number of victims. A total of 21 firms have already lost their listed status on the Shanghai and Shenzhen bourses since the start of January, while another 22 have said they are at imminent risk of being culled, according to data compiled by Bloomberg. The potential total almost matches the all-time high of 44 set in 2022, even though the current year is only half way through.
/jlne.ws/43ntMmc
Consumers to Face New Limits on Private Short-Term Health Insurance; Biden administration's proposed rule would restrict plans to a few months in effort to protect Obamacare
Stephanie Armour - The Wall Street Journal
The Biden administration plans to limit short-term health policies that are typically less comprehensive than Affordable Care Act plans, in part because of concerns the products undercut the Obama-era health law.
/jlne.ws/3rhgf20
America's Retirees Are Investing More Like 30-Year-Olds; At Vanguard, one-fifth of taxable brokerage account investors aged 85 or older have nearly all their money in stocks
Anne Tergesen - The Wall Street Journal
Older Americans keep rolling the dice in the stock market, ignoring the conventional wisdom to protect their nest eggs by shifting more of their investments to bonds.
/jlne.ws/3rhfLJe
China's Brain Drain Threatens Its Future; Chinese citizens, including many of the wealthy, are increasingly eyeing the exits in a new era of slower growth
Nathaniel Taplin - The Wall Street Journal
Is China reopening to the world or turning inward again? Many would argue the latter, but in one important way, the country is still going global: Residents appear to be leaving at a faster clip than they have in years, including a significant number of the wealthy and well-educated the nation needs to keep modernizing and investing.
/jlne.ws/46CS9io
$59 Billion Hedge Fund Citadel Bulks Up Equities Team With Three New Traders
Nishant Kumar - Yahoo Finance
Citadel has hired three money managers for its equities trading business Ashler Capital as the multi-strategy investment firm builds up its teams in a competitive market. James Thetford, who previously worked at Point72 Asset Management, and Spencer Schwartz, formerly at Samlyn Capital, joined the $59 billion hedge fund firm in June, according to a spokesman. Mack Ewing, who was at Sculptor Capital, will start at Citadel in October, he added.
/jlne.ws/3pwIhGr
Wall Street Spots Blockchain Opportunities as Crypto Stumbles
Anna Irrera and Michael P. Regan - Bloomberg
Traditional financial firms like Goldman Sachs, BlackRock and JPMorgan have taken only baby steps into the realm of digital assets. But the pace of their strides is picking up. The old tech mantra of "move fast and break things" had long been one of the guiding principles of the cryptocurrency movement. The only problem: Too many things broke, leaving a string of high-profile bankruptcies and criminal prosecutions in its wake.
/jlne.ws/3PIuyXt
Small Financial Transaction Taxes Create Big Economic Impacts
Phil Mackintosh - Nasdaq
This U.S. stock market has significantly outperformed global markets in the past decade. It remains a leading venue for IPOs and capital formation. That's been great for U.S. investors and pensions. It helps that the U.S. market is also the most liquid (Chart 1) and least expensive market in the world. In fact, looking at turnover, U.S. stocks are more than twice as liquid as stocks in other regions.
/jlne.ws/3pD5AOJ
OceanGate suspends all exploration and commercial operations after Titan implosion
Meredith Deliso, Sam Sweeney and Amanda Maile - Yahoo News
OceanGate said it is suspending all exploration and commercial operations after five people were killed, including the company's CEO, during its expedition to the Titanic wreckage last month. The Everett, Washington-based company announced the development in a banner on its websites.
/jlne.ws/3PM1GxD
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Prigozhin's fate remains unclear and it signals more trouble in Russia
Jill Dougherty - CNN
The bizarre tale of Yevgeny Prigozhin, Russian President Vladimir Putin's former pal-turned-mutineer, just got a whole lot weirder. The foul-mouthed former head of the Wagner private military company -- who ran a business empire that included a troll farm, a multi-million dollar catering company, and a media group -- had the temerity to launch a mutiny on June 23 against Putin's top military brass.
/jlne.ws/44ymih3
Deepening Poverty Grips Ukraine, Spurs Resilience; Russia's invasion has brought about the most severe economic hardship since the end of the Soviet Union
Oksana Grytsenko - The Wall Street Journal
Lines snake outside churches and aid stations that hand out bread and secondhand clothing. Several restaurants in Kyiv offer free meals for the elderly, whose meager pensions have been squashed by surging inflation. A group on social-media platform Telegram offers free toys, medicine, books and even underwear to people uprooted by the war.
/jlne.ws/3XIUK6c
Russia Is Disregarding IAEA Advice to Power Down Ukraine Reactor; IAEA's Grossi chides both sides for creating public panic; Grossi spoke in Japan after presenting Fukushima waste plan
Shoko Oda and Jonathan Tirone - Bloomberg
Russian operators at an occupied nuclear plant in southern Ukraine continue to ignore requests from safety regulators to bring the last partly-operational reactor under their supervision into a state of full shutdown. Ukraine nuclear-safety officials have repeatedly called in recent days on operators at the Zaporizhzhia nuclear plant to stop producing heat and steam at the sole reactor that hasn't entered so-called cold shutdown. Water supplies needed for cooling have become increasingly tenuous following the June destruction of a hydropower dam that held water in a neighboring reservoir.
/jlne.ws/44fWmXR
As Ukraine Grain Deadline Approaches, Pact Is Already Broken; UN-brokered deal has been hamstrung by slow vessel inspections; Advocates say lapse could raise costs for Ukrainian exporters
Megan Durisin and Aine Quinn - Bloomberg
Global leaders are racing to salvage an international deal to allow Ukraine's grain shipments by sea before it expires in less than two weeks. They face a key problem: the pact, already extended three times, is nearly defunct. The nation's Black Sea ports, bustling with ships last autumn, are almost empty as the joint center tasked with approving them buckles in dysfunction. The few vessels left are being inspected at a trickle. Russian officials continue to rail against the pact's extension, while Kyiv accuses Moscow of trying to sabotage it.
/jlne.ws/3NDhZu5
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe Global Markets Reports Trading Volume for June 2023
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported June monthly trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the second quarter of 2023.
/jlne.ws/3JM52ge
Cboe Global Markets Promotes Jill Griebenow to Chief Financial Officer
Cboe Global Markets
Jill Griebenow, Senior Vice President, Chief Accounting Officer, appointed to serve as Executive Vice President, CFO, Treasurer and Chief Accounting Officer effective; Current CFO Brian Schell departing company to pursue new opportunity. Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced the promotion of Jill Griebenow to Executive Vice President, Chief Financial Officer and Treasurer, replacing Brian Schell who will be departing the company to pursue a new professional opportunity outside of the exchange industry. Griebenow will assume the new role beginning July 10, 2023, after working alongside Schell for the past 12 years.
/jlne.ws/3O5PsPj
Deutsche Boerse announces extension of the offer period for public takeover of SimCorp
Deutsche Boerse
Deutsche Boerse AG has decided to extend the offer period for its public offer for the shares of SimCorp A/S until 3 August 2023. The extension is in accordance with the offer document dated 25 May 2023 and based on pending regulatory approvals.
/jlne.ws/46EKDn9
Euronext announces volumes for June 2023
Euronext
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris - 6 July 2023 - Euronext, the leading pan-European market infrastructure, today announced trading volumes for June 2023. Monthly and historical volume tables are available at this address.
/jlne.ws/46FCChW
ICE Sees Strong Demand for Global Soft Commodity Markets as Markets React to Changing Weather Patterns
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, and home to the largest soft commodity futures and options markets in the world, today announced strong first half volumes and open interest across soft commodities as customers respond to changing weather patterns and its impact on commodity supplies.
/jlne.ws/3XE8VcY
JPX Monthly Headlines - June 2023
JPX group
JPX group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users.
Every month, we showcase the highlights of these efforts in short and concise summaries just for you.
/jlne.ws/3XJn5tu
NSE Academy Limited collaborates with The Institute of Cost Accountants of India, for Certification Courses to its Members and Non-Members
NSE
NSE Academy Limited, a wholly owned subsidiary of National Stock Exchange, has inked Memorandum of Understanding (MOU) with The Institute of Cost Accountants of India, for various certification courses for the members and non-members of the institute. Under this collaboration, NSE Academy shall be offering short term certification courses. The members and non-members of the institute across India have the flexibility of opting for the courses of their interest.
/jlne.ws/44bERYw
TMX Group Consolidated Trading Statistics - June 2023
TMX Group
TMX Group Limited today announced June 2023 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange.
/jlne.ws/3XItwNg
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Mark Zuckerberg Hard-Launched Threads, and It Worked; There was nothing quiet about the arrival of Instagram's "Twitter Killer," which now boasts over 30 million users.
Jessica Karl - Bloomberg
The second season of FX's The Bear is many things, but perhaps the best word to describe it is chaos. And that's probably the point - every episode hinges on the execution of a "thoughtful" fine dining experience conceived around a "chaos menu." The chefs combine ingredients that typically wouldn't appear together - a cannoli stuffed with mortadella mousse, for instance - into a dish that tastes delicious all the same.
/jlne.ws/3D0TnXh
Finequities Chooses ViewTrade as Technology Partner for New AI-Powered Social Trading Platform
Cision
ViewTrade, the force that powers fintech, and Finequities, an innovative social trading technology firm, today announced that Finequities has chosen ViewTrade as the technology partner for its AI-powered social trading platform. Finequities will use ViewTrade's cutting-edge trading solutions to help investors put their investment decisions into action.
/jlne.ws/46F3Gh6
How to Train Generative AI Using Your Company's Data
Tom Davenport and Maryam Alavi - Harvard Business Review
Many companies are experimenting with ChatGPT and other large language or image models. They have generally found them to be astounding in terms of their ability to express complex ideas in articulate language. However, most users realize that these systems are primarily trained on internet-based information and can't respond to prompts or questions regarding proprietary content or knowledge.
/jlne.ws/3XOdnpx
Meta's European Party Is Hanging by a Thread; Zuckerberg may be forced to give Europeans more choice on how their data is used. That could hit earnings.
Parmy Olson - Bloomberg
There are two ways of looking at Meta Platforms Inc.'s release of a Twitter competitor called Threads on Thursday. It's beautifully timed to capitalize on growing unease over the way Elon Musk has run Twitter. And it's also horribly timed, coinciding with the imminent launch of a new European Union law that strikes at the heart of the way Meta makes money. That undermines its plans to turn Threads into another outlet for data harvesting. For now Chief Executive Officer Mark Zuckerberg is taking what he can get. He has rolled out Threads in dozens of countries, racking up more than 10 million users in the first seven hours -- just not in the EU.
/jlne.ws/3NKnkzN
Archax Launches Crypto OTC Desk, Expanding Services for Institutional Investors; Facilitates large-scale over-the-counter trades for institutional clients
Archax
Archax, the global, regulated digital asset exchange, brokerage, and custodian, proudly announces the launch of its highly anticipated Crypto OTC Desk. This new service offering further strengthens Archax's position as a credible bridge between the blockchain-centric crypto community and the traditional investment space.
/jlne.ws/3PMSZTM
BMLL wins 'Best Quant Investment Research / Data' at the European Markets Choice Awards 2023
BMLL
We are delighted to announce that BMLL Technologies has won the "Best Quant Investment Research / Data" award at the European Markets Choice Awards 2023. The award recognises excellence in institutional trading and technology, including buy-side traders, sell-side execution desks, exchanges and trading platforms, incumbent technology providers, and emerging fintech firms.
/jlne.ws/43nzV1K
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| Cybersecurity | | Top stories for cybersecurity | China Warns its Tech Giants to Rein in Cyberbullying; Decree comes after a reported suicide over online harassment; Companies to be suspended from updating content for violation
Bloomberg News
China plans to require online platforms to clamp down on cyberbullying on social media and in live broadcasts, after a public outcry erupted over reports of a harassment incident that led to a woman killing herself.
/jlne.ws/44DkEuF
Companies Play Catch-up as Cybersecurity Attacks Rise in Digital India; Breaches, ransomware attacks rising as companies go digital; Firms may have neglected cybersecurity amid fast growth
Alex Gabriel Simon - Bloomberg
A rise in cyberattacks poses a vital risk to India's economic ambitions, with industries from manufacturing to pharmaceuticals becoming more vulnerable as they digitize operations, according to a Google subsidiary. Attacks have spiked significantly in the past six months, said Amit Pradhan, India consulting leader for the cybersecurity firm Mandiant, which is owned by Alphabet Inc.'s Google Cloud. A breach at Suzuki Motorcycle India forced the company to halt production in May, and India's largest drugmaker said in March a ransomware attack will have an impact on revenue.
/jlne.ws/3O2svw9
Mitsubishi Heavy to Buy US Firm to Expand Data Center Business
Shoko Oda and Tsuyoshi Inajima - Bloomberg
Japanese manufacturing giant Mitsubishi Heavy Industries Ltd. agreed to acquire a US-based data-center service provider, as part of its plan to expand its business and help decarbonize electricity-guzzling facilities. MHI will buy Texas-based Concentric LLC from OnPoint Group, according to a statement Friday, which didn't disclose terms of the acquisition. Concentric provides power systems and maintenance for industrial facilities and data centers.
/jlne.ws/43ecVSC
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| Cryptocurrencies | | Top stories for cryptocurrencies | Mystery $120 Million Outflow Hits Crypto Bridge Multichain Whose CEO Is Missing; Multichain bridge says assets moved to unknown wallets; Service in late May said it had lost contact with its CEO
Sidhartha Shukla - Bloomberg
A crypto service used to move tokens between blockchains suffered an unexplained outflow of assets worth more than $120 million, according to digital-asset security specialist BlockSec. The Multichain protocol tweeted on Friday that "lockup assets" have been "moved to an unknown address abnormally," and added that "the team is not sure what happened and is currently investigating."
/jlne.ws/3JLStSa
Binance Refers Dutch Users to Rival Coinmerce as It Exits Netherlands
Yahoo Finance
Binance is referring Dutch customers to rival crypto exchange Coinmerce as it ceases business in the Netherlands, according to a Thursday statement by Coinmerce. Dutch residents can no longer use Binance's service after the world's biggest crypto exchange failed to secure recognition as a virtual asset provider, but has offered its customers a free transfer to its rival, which has been registered by the central bank to offer crypto exchange and wallet services since 2020.
/jlne.ws/3PPfRC3
Justin Bieber Lost $1.2M on Bored Ape NFT. Is Now the Time for a Digital Euro?
Jessica Karl - Bloomberg
For a while now, central bankers have treated crypto like a glorified game of The Sims. Instead of using cheat codes to create fake families and erect McMansions out of thin air (motherlode, anyone?), they've been "pumping out jargon-filled white papers" with dreamt-up digital tokens and ledgers that may or may not protect us against "the next Bitcoin," Lionel Laurent writes. But there's trouble in playing too much make-believe: Just as building flourishing virtual neighborhoods with boatloads of simoleons is absolutely not the same thing as purchasing an actual house with real money, cooking up plans for a digital euro is far "easier and cheaper than doing it for real," Lionel argues.
/jlne.ws/3NzCvvy
Crypto Exchange Bitfinex's 2016 Hack Sees $315,000 Recovery
Emily Nicolle - Bloomberg
Crypto exchange Bitfinex said it worked with authorities to recover about $315,000 in cash and cryptocurrencies stolen in a 2016 attack on its platform.
/jlne.ws/44wf6C0
Cryptofinance: BlackRock takes on SEC in bitcoin ETF battle; Plus, the Winklevoss twins' war of words with DCG and bitcoin's thin rally
Nikou Asgari - Financial Times
Hello and welcome to the latest edition of the FT Cryptofinance newsletter. Scott's away this week so you've got me, and I'm taking a look at the recent flurry of spot bitcoin ETF applications. Who would have thought the dry business of filing for an exchange traded fund with the US securities regulator could elicit so much excitement?
/jlne.ws/44k2s9x
Some Bad Bored Apes Won't Undermine the NFT Market; The core idea of people paying for membership in a community with cool badges is economically sound.
Aaron Brown - Bloomberg
/jlne.ws/3XIWpZu
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| Politics | | An overview of politics as it relates to the financial markets | Trump, Johnson Sparked a Conservative Identity Crisis. Can It Be Saved?
Adrian Wooldridge - Bloomberg
In the 1980s, Margaret Thatcher and Ronald Reagan marched arm-in-arm to global triumph. The leaders of the UK and the US shaped an activist yet efficient type of conservatism that unleashed business at home and stood up to tyranny abroad. It managed to draw on the time-honored instincts of the doctrine while also addressing pressing contemporary problems. Their successors - not just John Major and George H.W. Bush, who replaced them in office, but also Tony Blair and Bill Clinton, who came after - tweaked a few details while preserving the ideological synthesis. For three decades, as the Iron Curtain melted away, privatization and deregulation spread around the world.
/jlne.ws/3O0QwDQ
Which Corporate Diversity Efforts Are Now Illegal?
Noah Feldman - Bloomberg
The Supreme Court's landmark affirmative action ruling ending race-conscious college admissions has sparked a new debate: Does it curtail companies that want to consider racial diversity in their hiring?
/jlne.ws/44B5QMU
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| Regulation & Enforcement | | Stories about regulation and the law. | Chinese regulators hit Ant Group with $1bn fine
Ryan McMorrow and Cheng Leng - Financial Times
Chinese financial regulators have hit Ant Group with an Rmb7.1bn ($1bn) fine for financial violations, wrapping up a regulatory revamp of Jack Ma's fintech group almost three years after its $37bn initial public offering was called off. China's central bank and securities regulator said in a statement on Friday that Ant had corrected most of its significant issues and was now entering a period of "normalised regulation".
/jlne.ws/44tnGkQ
FCA tells UK banks to make faster progress improving rates for savers; High-level meeting with lenders' CEOs and senior management comes amid accusations of profiteering
Emma Dunkley, Siddharth Venkataramakrishnan and Laura Noonan - Finanical Times
The UK's financial watchdog has told Britain's largest banks that it wants to see faster progress on improving savings rates for customers, as lenders come under fire for profiteering. The Financial Conduct Authority said after a meeting with senior bankers on Thursday that "those in the room recognised that they needed to do more to help their consumers access the best rates".
/jlne.ws/46FqjCk
Tom Hayes wins right to appeal Libor conviction for a second time; Criminal Cases Review Conviction said there is a 'real possibility' that Court of Appeal could overturn verdict
Alistair Gray - Financial Times
Tom Hayes, the former trader jailed for conspiring to rig the benchmark Libor interest rate, is to be given another chance to appeal against his conviction after a review by the body that investigates potential miscarriages of justice.
/jlne.ws/3XEZQR2
SEC to Vote on New Money-Market Mutual Funds Rules
Alex Harris - Bloomberg
The US Securities and Exchange Commission is set to impose a slate of new rules on money-market mutual funds, setting up a potential clash with titans in the $5.5 trillion industry. Wall Street's main regulator plans to hold a meeting on July 12 to finalize the changes, which are meant to prevent the kind of outflows that occurred in March 2020 when the onset of the pandemic roiled markets. That turmoil prompted the Federal Reserve to intervene and rescue money-market funds for the second time in 12 years, spurring calls for the SEC to impose tougher regulations.
/jlne.ws/3JIHBob
CFTC Charges Unregistered Michigan Commodity Pool Operator and its President with $13 Million Fraud
CFTC
The Commodity Futures Trading Commission filed a civil enforcement action in the U.S. District Court for the Eastern District of Michigan against Dwight A. Foster (Foster) and his firm K.E.L. Enterprises, Inc. (KEL), both based in the West Bloomfield, Michigan area. The complaint charges Foster and KEL with fraud, registration, and books and records violations relating to a multimillion-dollar fraudulent scheme that solicited and accepted approximately $13.2 million from customers in the U.S.
/jlne.ws/3pLqDi1
CFTC Charges Alleged Bitcoin Seller and Former Attorney with Multi-Million Dollar Bitcoin Fraud, Imposes Over $5 Million in Restitution
CFTC
The Commodity Futures Trading Commission today issued two orders simultaneously filing and settling charges against Randy Craig Levine, formerly of Coral Gables, Florida, and Philip Reichenthal of Homestead, Florida, for perpetrating a multi-million dollar bitcoin fraud.
/jlne.ws/44eHdWI
Statement of Commissioner Kristin N. Johnson Supporting Enforcement Action Against Bitcoin Fraud
CFTC
Today, the Commodity Futures Trading Commission (CFTC or Commission) instituted a settled public administrative proceeding against Phillip J. Reichenthal (Reichenthal) and Randy Craig Levine (Levine), for engaging in digital asset fraud.
/jlne.ws/46GIQy7
Statement Regarding Amicus Brief Filing in Murray v. UBS Securities, LLC
Hester Peirce; Commissioner Hester M. Peirce; Commissioner Mark T. Uyeda
SEC
On May 1, 2023, the Supreme Court of the United States granted certiorari in Murray v. UBS Securities, LLC.[1] Yesterday, the Commission joined an amicus brief filed by the Solicitor General in the Supreme Court, which supports the petitioner in that case.[2] We dissent from the decision to join the amicus brief for the reasons set forth below.
/jlne.ws/3JJIYms
SEC Obtains Final Judgments Against Operators of Fake Trading Scheme Known as "EmpiresX"
SEC
Litigation Release No. 25769 / July 6, 2023; Securities and Exchange Commission v. Empires Consulting Corp., et al., No. 22-cv-21995-CMA (S.D. Fla. filed June 30, 2022). The Securities and Exchange Commission has obtained final judgments against Empires Consulting Corp. ("EmpiresX"), and its founders Emerson Sousa Pires and Flavio Mendes Goncalves, whom the agency charged with a fake trading scheme.
/jlne.ws/44k2xdl
Liquidator disciplinary committee cancels registration of Richard Ernst Auricht
Australian Securities & Investments Commission
On 28 June 2023, a liquidator disciplinary committee (the Committee) decided that Richard Ernst Auricht's registration as a liquidator should be cancelled.
/jlne.ws/44zsbKY
Restaurateur banned for four years
Australian Securities & Investments Commission
ASIC has disqualified Edoardo Perlo of Fortitude Valley, Queensland, from managing corporations for four years, after his involvement in three failed companies.
/jlne.ws/44BhirN
ASIC disqualifies Queensland director for maximum five years after engaging in illegal phoenix activity
Australian Securities & Investments Commission
ASIC has disqualified Gene Robert Farrelly from managing corporations for five years due to his involvement in the failure of five companies.
/jlne.ws/3rjc71y
Written reply to Parliamentary Questions on contributions and jobs created by family offices
Monetary Authority of Singapore
Questions: Mr Gan Thiam Poh, Ang Mo Kio GRC: To ask the Prime Minister (a) whether the Ministry has data on the number of jobs that have been created for Singaporeans and permanent residents as a result of the setting up of family offices in Singapore since the scheme was first launched; (b) if so, what is the number; and (c) how many of such Singaporeans and permanent residents earn (i) less than $2,000 monthly (ii) more than $2,000 but less than $5,000 monthly and (iii) more than $5,000 monthly, respectively.
/jlne.ws/3D4YANQ
New speech by Julia Leung: Speech at HKSI Institute Regulatory Luncheon
Securities and Future Commission of Hong Kong
A speech titled "Sustainable and Healthy Ecosystem for the Small-cap Stock Segment of Hong Kong Market" delivered by Ms Julia Leung at the HKSI Institute Regulatory Luncheon was posted on the SFC website.
/jlne.ws/3NGoexc
NPL Ratio for Domestic Banks as of the End of May 2023
Financial Supervisory Commission of China
The total outstanding loans extended by the current 38 domestic banks increased by NT$123.1billion (US$4billion) as compared to the figure of previous month and amounted to NT$37.29trillion (US$1,212billion) at the end of May 2023. Meanwhile, the NPLs of these banks totaled at NT$59.91billion (US$1.95billion) which increased by NT$416million (US$13.52million) from NT$59.5billion (US$1.93billion) as of the end of the previous month. The average NPL ratio of the 38 banks remained at 0.16% compared to the previous month and the same month last year.
/jlne.ws/3PP6H8C
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Your Cup of Coffee May Only Get Cheaper Next Year, Roaster Says; Fall in wholesale arabica bean prices to kick in after a lag; Coffee roasters are struggling with signs of faltering demand
Mumbi Gitau - Bloomberg
Consumers should expect to get a cheaper cup of coffee starting next year, one of the world's leading roasters said. The cost of wholesale arabica beans has plunged in recent months after reaching the highest level in over a decade last year, but consumers are still facing elevated prices to get their fix. That's because companies are working through stocks of beans bought in 2022, as well as adapting to higher packaging and energy costs. Next year, the lag between the decline in market prices and what consumer ultimately pay should start to dissipate, according to Italian coffee manufacturer Luigi Lavazza SpA.
/jlne.ws/3JKxDCw
Why Food Is Where Energy Was a Decade Ago; Just like with fossil fuels, PGIM's Taimur Hyat warns the way the world feeds itself is "not fit for purpose" and must be disrupted before it's too late.
Michael P. Regan and Vildana Hajric - Bloomberg
Global shifts in incomes and populations, geopolitics and the climate crisis are combining to drastically alter the outlook for the world's food supply. Taimur Hyat, chief operating officer for asset manager PGIM, joined the What Goes Up podcast to discuss his research into the changing world of food and what opportunities and risks it all presents to investors.
/jlne.ws/46GFpaH
More Ways for Investors to Crack the World of Private Equity; A decade ago, it was almost impossible for private investors to play with the professionals. On this episode of Merryn Talks Money, see how that's changing.
Sommer Saadi and Merryn Somerset Webb - Bloomberg
A decade ago, it was almost impossible for private investors to buy into private equity with the professionals. Most PE funds require huge minimum investments and long-term commitments. Good managers also don't come cheap. Now, however, there are more ways for private investors to get into the unlisted sector. There are funds and trusts that buy individual private companies alongside listed ones, but there are also a few dedicated listed PE trusts.
/jlne.ws/44e4zf7
AI Seen Fueling Microsoft to $3 Trillion Value in Morgan Stanley Model
Subrat Patnaik - Bloomberg
Artificial intelligence-driven gains can propel Microsoft Corp. to join Apple Inc. in the elite category of stocks with a market capitalization of more than $3 trillion. That's according to analysts at Morgan Stanley, whose new $415 price target for the software giant implies a valuation of around $3.1 trillion. The analysts, led by Keith Weiss, named Microsoft their top pick among large cap software companies, and said that it is the best placed in the sector to benefit from the growth of AI.
/jlne.ws/44xZkXh
Private Equity Firm GTCR Buys Majority Stake Valuing Worldpay at $18.5 Billion
Jennifer Surane - Bloomberg
Private equity firm GTCR LLC agreed to buy a majority stake in Worldpay, the Fidelity National Information Services Inc. unit that handles card payments for businesses all over the world, in a deal valuing the target at $18.5 billion.
/jlne.ws/3JLVvpw
Why private credit still needs public markets; The relationship between these funding options is much more symbiotic than zero sum
Chris Sheldon - Financial Times
/jlne.ws/3XIn3BL
Read the Ingredients Before Buying This $25 Billion ETF; Microsoft, Amazon and Netflix ended up as large holdings in a popular value-investing index created by S&P, an example of Wall Street tripping over itself
James Mackintosh - The Wall Street Journal
/jlne.ws/43h7ouC
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Danish Pension Fund to Invest $1 Billion in Greening Port; Investment targets wind energy, carbon capture expansion; Esbjerg port is key to Denmark's renewable production plans
Sanne Wass - Bloomberg
PensionDanmark will invest as much as 7 billion kroner ($1 billion) into the Danish port of Esbjerg to increase its capacity for handling renewable energy. Denmark's largest labor market pension fund, which has total assets of $45 billion, agreed to invest in the Port of Esbjerg's green transition plan to expand facilities within offshore wind, new technology and other development initiatives, according to a statement Friday.
/jlne.ws/3JRqNeD
Chinese Scientists Are Trying to Shield Melting Glaciers From the Sun; The experiment in the Tibetan Plateau could help preserve thousands of jobs, though it's a temporary solution as global temperatures continue to rise.
Sharon Chen with Luz Ding - Bloomberg
The air was thin as a group of scientists trudged through snow near the peak of the Dagu Glacier in southwestern China on a gloomy June morning. It was quiet up there, 3 miles above sea level, except for the sound of running water - a constant reminder of the ice melting right beneath their feet.
/jlne.ws/3DmezqZ
Study says drinking water from nearly half of US faucets contains potentially harmful chemicals
John Flesher - Associated Press
Drinking water from nearly half of U.S. faucets likely contains "forever chemicals" that may cause cancer and other health problems, according to a government study released Wednesday.
/jlne.ws/44AWbGq
Mining Giant Looks to Tiny Microbes to Cut Stubborn Steel Emissions; BHP is partnering with Boston-based startup Allonnia to test a unique solution to enrich its iron ore and clean up steel.
James Fernyhough - Bloomberg
The world's biggest miner is trying to figure out if tiny rock-eating microbes can help it solve a notoriously difficult climate puzzle - how to cut emissions from steelmaking.
/jlne.ws/3O47n91
Malawi Government Orders Review of Carbon Credit Programs; Minister says deals concluded previous must be revisited; African nations need more benefit from the offsets, Usi says
Ray Ndlovu and Antony Sguazzin - Bloomberg
Michael Usi, a Malawian cabinet minister with responsibility for the environment, said he has ordered a review of all carbon credit projects in the country. Usi's comments come after Malawian President Lazarus Chakwera on June 23 announced the creation of a government agency to oversee the trade and marketing of the offsets in the country. "Those projects which started a long time ago must be revisited," Usi said at a conference in Victoria Falls, Zimbabwe, on Friday.
/jlne.ws/3rjPGJF
Philippines Cancels $1 Billion in Farmers' Debt to Lift Output
Ditas B Lopez - Bloomberg
/jlne.ws/46E1wOH
A RHINO IS WORTH MORE DEAD THAN ALIVE; When a horn goes for $40,000 on the black market in China, poachers in Africa are not going to relent. Can legalizing the horn trade change these grisly economics and save the rhino?
Jonathan Franklin - Bloomberg
/jlne.ws/46ASfHk
Canada's Record Wildfire Season Set to Worsen as Heat Builds; With hot, dry conditions expected to continue, above-average fire activity is likely to stretch into August, the government says.
Danielle Bochove - Bloomberg
/jlne.ws/3pCLsfG
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Credit Suisse Sued in Japan Over Sale of Greensill-Linked Bonds; Plaintiffs seek $49 million compensation in Tokyo lawsuit; Suit underscores ripple impact from the 2021 scandal
Takashi Nakamichi and Rie Morita - Bloomberg
Credit Suisse was sued in Japan over bonds linked to a fund that the bank ran with now-bankrupt Greensill Capital, underscoring the legal challenges that remain for the lender and its new owner UBS Group AG. Yamazaki Marunouchi Law Office filed a suit against Credit Suisse Securities (Japan) Ltd. on Friday with the Tokyo District Court, on behalf of a Japanese company and its founder seeking about 7 billion yen ($49 million) in compensation.
/jlne.ws/3rcJrah
Goldman Targeted by China State Media for Bearish Bank View; Securities Times says negative premises misinterpret facts; Rebuke comes after bank stocks led selloff in Hong Kong
John Cheng - Bloomberg
A state-owned Chinese newspaper issued a rare rebuttal of Goldman Sachs Group Inc. research after the securities firm's analysts recommended selling shares of local banks, the latest sign of official attempts to counter negative sentiment in markets as the economy slows.
/jlne.ws/3rhOd6u
Lazard Dismissed Snellenbarger for Alleged Misconduct at Party; The off-site event was a personal party attended by co-workers; Restructuring expert had joined the company in April
Sonali Basak and Dinesh Nair - Bloomberg
Reid Snellenbarger, Lazard Ltd.'s co-head of restructuring in North America, was fired just months after he joined the firm because of allegedly inappropriate behavior at a party last weekend, people with knowledge of the matter said.
/jlne.ws/3pAd6tN
Small Banks Don't Like High Rates; Also rates traders, Celsius investigations, Tom Brady's interest in crypto and streaming slot machines.
Matt Levine - Bloomberg
My basic model of banking is that it is a socially beneficial trick. People deposit money in the bank, thinking that it is perfectly safe. The bank uses that money to make loans, which are risky. It is good for society, and for economic growth, if people can get money to take risks, but the people who have the money often do not want to take risks with it. The bank is a magic trick that allows risk-averse savers to fund risky projects. Like any magic trick, it requires a certain suspension of disbelief: You can't just tell people "the way it works is that we take risks with your money, but we tell you it's safe." There are some genuine tools (capital, diversification, deposit insurance) to transform the risky loans into safe deposits, but there is also some residue of pure belief, and if people lose that belief then it stops working.
/jlne.ws/3NKnB5N
UBS overhauls leadership at wealth management division
Reuters
UBS's flagship global wealth management business on Thursday announced a raft of management changes triggered by the Swiss bank's takeover of Credit Suisse. Several former Credit Suisse managers have got jobs in the changes which affect roughly 180 executives and mainly take effect from July 17.
/jlne.ws/3r8ecNB
'Star' fund managers jump into ETF space; Investment houses are unleashing their 'brightest and best' to capitalise on rising demand for active ETF strategies
Steve Johnson - Financial Times
/jlne.ws/46xofw5
Fireside Friday with... Clear Street's Andy Volz; The TRADE speaks to Andy Volz, chief operating officer and head of sales at Clear Street, about shifting prime brokerage demands, challenges associated with multi-asset platforms and how best to tackle legacy infrastructure.
Wesley Bray - The Trade
How are client demands of prime brokers shifting? For hedge funds, access to capital and the ability to shift directions with agility - to create, employ, and scale new strategies - is critical. That edge often comes from a fund's partners like prime brokers, who can facilitate lending and trading strategy implementation, and offer tools for pulling real insights from the troves of data that are a byproduct of proper market engagement. Partners that see risk in the same way hedge funds do are becoming rarer. With the right alignment and access to technology, many hedge funds will see the coming landscape changes as alpha drivers. Firms that continue to make these investments and leverage the best technologies available will have the edge in 2023 and beyond.
/jlne.ws/44DqVqd
Generali set to become one of Europe's biggest asset managers through US-based Conning acquisition; Acquisition will increase Generali's total assets under management (AUM) to $845 billion; will see Generali develop a long-term relationship with former Conning owner Cathay Life.
Annabel Smith - The Trade
Generali has entered a definitive agreement to acquire US-based Conning from Cathay Life in a deal that will see it become one of the largest asset management firms in Europe. The transaction is expected to be completed in the first half of next year subject to relevant approvals.
/jlne.ws/46FrLVi
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Six more women say Crispin Odey harassed or assaulted them; New accounts reveal alleged pattern of abuse since 1985 and raise further questions about City financier's impunity
Antonia Cundy and Madison Marriage - Financial Times
Six more women have alleged that financier Crispin Odey sexually assaulted or harassed them, expanding the timeline of his abuse across five decades and raising further questions as to the extent his behaviour was tolerated by senior colleagues.
/jlne.ws/3XIvTj3
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Nutrition, sleep and mental health advice offered to tech founders at risk of burnout; VC firm Balderton will launch wellness packages as stress takes toll on entrepreneurs
Tim Bradshaw - Financial Times
When Etsy paid $1.6bn to buy Depop in 2021, it was more than just a big payday for the London-based fashion app's founder, Simon Beckerman. It also marked the culmination of a decade of stress, sleep deprivation and, at times, physical pain, he recalls. As the nine-month sale process reached its conclusion, "I went through a week where randomly during the day, every couple of hours I would start crying," Beckerman says.
/jlne.ws/43jOB1A
Cannabis Is Linked to Mental Illness; A major new study shows that people who abuse the drug are more likely to be diagnosed with depression and bipolar disorder.
Susan Pinker - The Wall Street Journal
There was a new smell to New York City on my first visit since the pandemic. The New York I remember from 2018 was scented with subway fumes, car exhaust and pretzels. Now the air was a heady blend of forest fire, car exhaust and cannabis. Recreational marijuana was legalized in the state of New York in 2021. But even if cannabis is easy and legal to buy in 23 states and all of Canada, the risks of chronic use aren't talked about much.
/jlne.ws/46E2Pgz
How hot is too hot for survival? Researchers cranked up the temperature on volunteers to find out; A new study suggests that once temperatures hit 104 to 122 degrees, our bodies may stop working optimally.
Aria Bendix - NBC News
As a deadly heat wave continues to ravage the U.S., new evidence suggests the human body may stop functioning optimally when outside temperatures climb to 104 to 122 degrees Fahrenheit. Research presented Thursday at the annual Society for Experimental Biology conference in Edinburgh, Scotland, suggests that temperatures in that range raise a person's resting metabolic rate - the amount of energy needed to function at rest.
/jlne.ws/3PKBuU0
Aspartame and Other Artificial Sweeteners May Cause Cancer. Should You Worry?
F.D. Flam - Bloomberg
There were good reasons to avoid products with the artificial sweetener aspartame even before the World Health Organization classified it as a "possible carcinogen" last week. But now diet soda drinkers might really want to put down the can.
/jlne.ws/3razXMK
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Corporate Scandals Spark Crisis of Confidence in Thai Market; Benchmark SET down 11% this year, Asia's worst stocks gauge; Political uncertainty adding to anxiety for investors on edge
Anuchit Nguyen - Bloomberg
The near implosion of a $2 billion company in Thailand is fueling calls from investors for tighter oversight of the country's capital markets. In recent months, Thailand's financial markets have been convulsed by a spate of scandals involving some mid-sized listed companies, a tainted crypto exchange and unexplained gyrations in share prices. Now, a sudden default by wire maker Stark Corp. is leaving holders of about 39 billion baht ($1.1 billion) worth of liabilities facing imminent losses after the company disclosed accounting irregularities that also left its shares almost worthless.
/jlne.ws/3D5WLjD
Prominent China Influencer Says Buy Mainland Stocks, Not Homes; Former tabloid chief editor Hu opened stock account last week; China stock market clearly has room for expansion, Hu says
Bloomberg News
A prominent Chinese influencer has called on his fellow citizens to invest in the country's stocks as property woes persist, at a time when the world's No. 2 economy is mired in a deepening crisis of confidence. "Given low expectations for a further massive expansion in the housing market, many folks don't know where to put their money, except for bank deposits," Hu Xijin, former editor-in-chief of the hardline tabloid Global Times, wrote in a post on his Weibo social media account Friday. "The stock market should be a key destination for funds."
/jlne.ws/46FGcIC
China's Brain Drain Threatens Its Future; Chinese citizens, including many of the wealthy, are increasingly eyeing the exits in a new era of slower growth
Nathaniel Taplin - The Wall Street Journal
Is China reopening to the world or turning inward again? Many would argue the latter, but in one important way, the country is still going global: Residents appear to be leaving at a faster clip than they have in years, including a significant number of the wealthy and well-educated the nation needs to keep modernizing and investing.
/jlne.ws/46CS9io
Oil is Hard to Quit, Even in Norway Where Electric Cars Rule the Road; The Nordic country has blazed a trail that may eventually be followed by the rest of the world
Kari Lundgren and Stephen Treloar - Bloomberg
At a Circle K service station outside of Kongsberg, Norway, electric car charging stands outnumber gasoline pumps. It's a scene that is steadily being replicated all over the Nordic country, offering a glimpse of what may be in store for drivers the world over in the years ahead.
/jlne.ws/3NHwaOP
As Downtowns Struggle, Businesses Learn to Love Bike Lanes; From Manhattan to San Francisco, the need to rethink the urban core is encouraging business improvement districts to change their tune on prioritizing cars.
John Surico - Bloomberg
In early March, New York City Mayor Eric Adams stood on a stretch of Broadway just above West 25th Street to present Broadway Vision, his administration's plan to transform the famous corridor with bike lanes, low-traffic shared streets and plazas closed to cars.
/jlne.ws/3NKkTNF
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