| August 14, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
The onetime boy genius Sam Bankman-Fried, who made more money under thirty than anyone since Mark Zuckerberg, is now Sam Jailhouse-Notfreed after a federal judge ordered him to jail for trying to influence witnesses, The New York Times reported. Bankman-Fried should take a page out of Zuckerberg's book and work on his MMA fighting skills, because Sammy may be spending an extended stay in the graybar hotel.
New York Magazine has a story about Goldman Sachs CEO David Solomon that asks the question "Is David Solomon Too Big a Jerk to Run Goldman Sachs?" with the subheading "Inside a banking mutiny." My first response was, "Is that even a thing at Goldman, being TOO big of a jerk?" I thought it might even be a qualification for the job.
The DTCC today is kicking off its testing program for T+1, and Val Wotton, DTCC Managing Director and General Manager, Institutional Trade Processing, issued the following statement:
"Today marks a pivotal moment as DTCC's T+1 testing program kicks off in preparation for the U.S. move to T+1. Due to the number and magnitude of changes that will be required to achieve a T+1 settlement cycle, it is critical that firms conduct a comprehensive and well-coordinated industry test to ensure readiness and a successful implementation. This includes end-to-end testing from trade execution to trade settlement, involving Institutional Trade Processing (ITP), National Securities Clearing Corporation (NSCC) and Depository Trust Company (DTC) as well as other relevant market infrastructures. DTCC's T+1 testing program will run August 14 through May 31, 2024, leveraging 21 bi-weekly testing cycles.
At DTCC, helping to ensure a seamless transition for our members and the wider industry remains a top priority, and we urge firms to take full advantage of our robust testing opportunities. For those firms who may still leverage manual post-trade processes, it is critical that they maximize automation to achieve timely settlement. The SEC has emphasized that institutional trades must be allocated, confirmed, and affirmed as soon as is technologically possible and no later than trade-date, referred to as Same Day affirmation (SDA). This can be best achieved through automation.
As we venture into this new era, DTCC's Consulting Services team can provide comprehensive advice to market participants who wish to test, assess and optimize their post-trade process in advance of T+1."
Much photographed NYSE member Peter Tuchman (@EinsteinoWallSt) shared on X (formerly Twitter) that his wife and love Lise Zumwalt Tuchman has passed away. She was a "formidable documentary film maker ... great Mom wonderful life partner and extraordinary human being," Tuchmann posted. Our condolences to Tuchman and his family on the passing of his wife.
The headline of the day comes from NPR with "The future of crypto hinges on a fight between the SEC and a former burger flipper." The hamburger flipper is the founder and CEO of the world's largest cryptocurrency exchange, Changpeng Zhao.
Zimbabwe regulations compel miners to pay half of their royalties using commodities, and so far the Reserve Bank of Zimbabwe has stockpiled 300,000 carats of diamonds, Bloomberg reported.
For you yachting tech enthusiasts, whose yachts are at least 120 feet long, the latest must-have is a submarine, The New York Times reports. The story is titled, "The Latest Trend on Yachts? Submersibles" with the subheading "Only boats at least 120 feet long can hold a sub, which typically costs between $2 million to $7 million. Manufacturers of the deep-sea vessels say many of their clients are wealthy enthusiasts."
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 last Friday on JLN Options were:
The Short-Volatility Trade Is Back With ETFs Sucking In Billions
Index-Tracking ETFs Were All the Rage, Until Now
Investors brace for turbulence as Fed balance sheet shrinks by $1tn~JB
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Eris Innovations And CME Group Talk Eris SOFR Products Success
JohnLothianNews.com
John Lothian News interviewed Michael Riddle, CEO of Eris Innovations, and Agha Mirza, managing director and global head of rates and OTC products for the CME Group about the success of the Eris SOFR products trading on the CME.
LIsten to the podcast»
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Can San Francisco Save Itself From the Doom Loop? The city is racing to come up with solutions for its downtown, hollowed out by a tech exodus and struggling with homelessness and street crime
Jim Carlton and Katherine Bindley - The Wall Street Journal
Local leaders are trying anything they can to keep San Francisco's struggling downtown core afloat, including paying retired, unarmed police to keep an eye out for trouble. One is Mike Browne, who spent 30 years as a San Francisco cop and now patrols downtown as part of a squadron of "community ambassadors," recognizable in blue shirts, who aim to help commuters and shoppers feel safer in and around San Francisco's downtown commercial and shopping district. Homelessness, drug use, and nonviolent crimes like shoplifting and car thefts are commonplace in many parts of the neighborhood.
/jlne.ws/45paJZP
****** I wonder if Chicago has a Doom Loop the Loop.~JJL
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Letter to a Young Crypto Enthusiast (or the Merely Curious); An ever-growing number of young people, males in particular, have bought cryptocurrencies. Here's some advice, without the finger-wagging.
Ron Lieber - The New York Times
You were right. It's not a passing fad. For all of the legal trouble that entrepreneurs like Sam Bankman-Fried are in and the regulatory mess that companies like Binance find themselves in, people keep buying cryptocurrency. Even as the price of Bitcoin fell precipitously in 2022, the percentage of people in the United States owning crypto grew to 11 percent from 3 percent in just a year. It's at 12 percent this year, according to a National Bureau of Economic Research working paper, and Bitcoin's price has risen more than 75 percent from its 2022 low.
/jlne.ws/45odquO
***** There is an interesting racial component to bitcoin ownership too.~JJL
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Friday's Top Three
Our top story Friday was The Wall Street Journal's Here's What a $5 Million Retirement Looks Like in America. Second was Michelle Obama could be America's next President, an opinion piece from The Telegraph. Third was How China cornered the market for clean tech, from the Financial Times.
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| Lead Stories | Inside the wild ride of Will Vicars' Caledonia; Three decades since Caledonia, Australia's largest and most private hedge fund, was created, it still follows its bigger bets with an almost religious fervour.
Primrose Riordan and Jonathan Shapiro - Financial Review
In one telling of the Caledonia origin story, Will Vicars is floating off the coast of Queensland in his yacht while negotiating better terms for a $US11.9 billion deal to merge the Chicago Board of Trade, where the fund is a major shareholder, with the Chicago Mercantile Exchange. Vicars had been introduced to CBOT via a dinner Caledonia founder Mark Nelson had with John Murray, according to the Sydney stockbroker, in Italy in 2002. Murray had bought a membership - a sought-after position that allowed holders to trade at reduced fees - and wondered if the recent digitisation of the ASX, which had resulted in an explosion of activity, could be applied in Chicago.
/jlne.ws/47trMvL
ICE's $12bn mortgage tech deal builds heft in US home loans; Some lenders are anxious after FTC drops fight against exchange group's takeover of Black Knight
Jennifer Hughes and Nikou Asgari - Financial Times
Intercontinental Exchange got a step closer to realising seven-year-old dreams of transforming the US home loan market this week, after a US regulator dropped opposition to its $12bn takeover of mortgage software specialist Black Knight. For others in the mortgage market, however, the move has failed to allay anxieties about the control ICE will have over technology that could become the backbone of a fragmented $12tn industry.
/jlne.ws/3KzGDes
Bankman-Fried in Custody After Bail Is Revoked Over Leaks; Bankman-Fried immediately handcuffed and placed in custody; Bankman-Fried to be held at the Metropolitan Detention Center
Chris Dolmetsch and Ava Benny-Morrison - Bloomberg
FTX co-founder Sam Bankman-Fried is in custody after a federal judge said that the embattled crypto mogul likely tried to tamper with two witnesses while on bail. US District Judge Lewis A. Kaplan revoked the 31-year-old's bail following a hearing in Manhattan on Friday. Bankman-Fried took off his jacket, tie and shoelaces, and was immediately placed in handcuffs as marshals escorted him out of the courtroom. His mother cried in the public gallery and was comforted by Bankman-Fried's father.
/jlne.ws/3sfr7he
US airlines ally with farmers to seek subsidies for corn as jet fuel; Aviation regarded as new market for refiners as electric vehicles endanger demand
Claire Bushey - Financial Times
Jets cross the sky 30,000 feet above millions of acres of corn blanketing the US heartland. As airlines face pressure to cut emissions, they have joined forces with farmers to lobby in Washington so that corn helps power those planes. Their push has encountered resistance from environmental groups that say refining corn into biofuels has minimal benefits for earth's climate. New tax rules that could make or break corn ethanol's prospects as a so-called sustainable aviation fuel may be released as soon as next month.
/jlne.ws/3s9BMu1
David Solomon Scrutiny Spreads From Goldman to Alma Mater; College students lash out at CEO comments at March event; Solomon was at event as chair of school's board of trustees
Sridhar Natarajan - Bloomberg
David Solomon has faced plenty of heat in his role leading Goldman Sachs Group Inc. this year. But an interaction with college students as part of his other chairman role is now attracting further scrutiny. A group of seniors preparing to graduate from his alma mater, upstate New York's Hamilton College, wrote a letter accusing the Goldman Sachs chairman and chief executive officer of "blatant ignorance and disrespect" as they spoke with him about the school's investments in fossil fuels at a trustee networking event.
/jlne.ws/47wQ9Zt
Credit Suisse retail investors plan lawsuit challenging UBS takeover; Class action claim includes hundreds of failed bank's former employees
Owen Walker - Financial Times
UBS is facing a further legal challenge to its controversial takeover of Credit Suisse, as hundreds of individual shareholders - including scores of former employees of the failed bank - are due to lodge a claim in Zurich's commercial court on Monday. The Swiss Investor Protection Association (SASV), which represents retail investors, is planning to file the claim on behalf of around 500 Credit Suisse equity investors who suffered steep losses when the bank was rescued by its rival UBS in March.
/jlne.ws/3YwW8JA
Big Banks Are Supposed to Fail Without Causing Panics. Is That Even Possible? Officials consider new debt rules for midsize banks, review Credit Suisse's collapse
Andrew Ackerman - The Wall Street Journal
Global regulators spent more than a decade trying to ensure that a large bank could fail without any government support. Despite this year's bank failures, they are still working on it. Global regulators are reviewing the March failures, including Credit Suisse's collapse and Swiss officials' decision to push UBS to acquire its rival in a deal with billions of public money, people familiar with the probe said. Swiss officials chose to sidestep the postcrisis plan for global megabanks, under which Credit Suisse would have been wound down by regulators or restructured into a new entity.
/jlne.ws/3QE3ol8
A Crypto Mystery: Who Controls This Fast-Growing Stablecoin? Market cap of TrueUSD has more than doubled since March
Vicky Ge Huang and Alexander Osipovich - The Wall Street Journal
A $3 billion mystery is gripping the crypto market. TrueUSD is one of the fastest-growing stablecoins-cryptocurrencies pegged to real-world money such as the U.S. dollar that investors use to trade in and out of the digital-currency market. Its market value has more than doubled to about $3 billion since March, making it the fifth-largest stablecoin, according to CoinGecko data. Its share of stablecoin volume on centralized crypto exchanges has climbed to 20% from less than 1% at the start of the year, according to the data provider Kaiko. No one is sure who controls it.
/jlne.ws/3OC5vn3
SEC's Whistleblower Chief Manages Growing Pains as Program Gains Popularity; In one of her first media interviews, Nicole Creola Kelly says the program treats every tipster equally
Mengqi Sun - The Wall Street Journal
Nicole Creola Kelly has worked at the Securities and Exchange Commission for a quarter-century in a variety of roles. Now, as head of the agency's whistleblower award program, she is facing perhaps her biggest challenge: critics who say the program favors those with connections to the regulator. Established by the 2010 Dodd-Frank Act to encourage the reporting of financial wrongdoing and preventing the types of oversight lapses that led to Bernard Madoff's multibillion-dollar Ponzi scheme, the SEC's award program has given out more than $1 billion in total to whistleblowers as the number of tips it receives has steadily risen.
/jlne.ws/3KFCnd4
Hedge Funds Prepare for Legal Battle With SEC Over Fee Disclosures
Dawn Lim and Lydia Beyoud - Bloomberg
Hedge funds and private equity firms are laying the groundwork for a legal clash with the US Securities and Exchange Commission over its bid to tighten rules on disclosing fees and dealing with investors.
/jlne.ws/45t31hg
Schwab Says TD Ameritrade Deal Spurring Retail, Advisory Attrition
Silla Brush - Bloomberg
Charles Schwab Corp. said it's experiencing temporarily lower net flows of client money as the brokerage sees attrition of some retail and advisory clients' assets while it integrates TD Ameritrade into its business. The company has stepped back from certain custodial relationships that Ameritrade had offered to institutional clients, Charles Schwab Chief Financial Officer Peter Crawford said in a statement Monday. The client attrition is in line with Schwab's expectations for the deal when it was announced in 2019 and will subside in the first half of next year, Crawford said.
/jlne.ws/3sfMkaN
More Bitcoin ETF Decisions Are Already Looming After SEC Declines to Rule
Vildana Hajric - Bloomberg
Bitcoin ETF candidates got another dose of disappointment when US regulators on Friday punted on making a decision on such a product. But the next time they hear from them might be just a few weeks away.
/jlne.ws/3QKmjuq
The Scary Math Behind the World's Safest Assets; Washington has laid the seeds of a crisis that Wall Street can no longer ignore
Spencer Jakab - The Wall Street Journal
"Bizarre" was the word Biden administration officials used to describe the timing of Fitch's downgrade of America's credit rating. Yet we might look back at 2023 as a pivotal year and the agency's move as a wake-up call. The Federal Reserve's fight against inflation has amplified the risk of an unthinkable fiscal crisis made possible by decades of Washington dysfunction. As a result, the investments that stand the best chance of providing shelter from that storm also happen to be unusually attractive right now.
/jlne.ws/3KCtm4J
SEC Delays Decision on ARK 21Shares Bitcoin ETF Filing; Analysts had largely believed the SEC would delay on decision; Bitcoin had originally rallied in wake of BlackRock filing
Vildana Hajric - Bloomberg
The US Securities and Exchange Commission has not yet come to a decision on whether to approve the ARK 21Shares Bitcoin ETF application, delivering another delay for the long-awaited product.
/jlne.ws/3Yx6AAU
Hackers Trick AI With 'Bad Math' to Expose Flaws and Biases; At DEF CON conference, hacker gets model to say 9 + 10 = 21; AI has chance to transform everything from finance to hiring
Katrina Manson - Bloomberg
Kennedy Mays has just tricked a large language model. It took some coaxing, but she managed to convince an algorithm to say 9 + 10 = 21. "It was a back-and-forth conversation," said the 21-year-old student from Savannah, Georgia. At first the model agreed to say it was part of an "inside joke" between them. Several prompts later, it eventually stopped qualifying the errant sum in any way at all.
/jlne.ws/3s3cPAe
Rising Temperatures Are Wreaking Havoc Year-Round; Even small changes in global average temperature are driving environmental and economic consequences.
Zahra Hirji, Rachael Dottle and Denise Lu Green - Bloomberg
The one universal impact of climate change, felt in every corner of the planet, is an uptick in temperatures. Take this summer, which has likely been humanity's hottest. We've just lived through the warmest June and July on record, and 2023 is on track to be the warmest year in recent history. Cities like Baghdad, Beijing and Phoenix, accustomed to hot summers, are experiencing even hotter ones. But sizzling temperatures are also showing up in places like Buenos Aires, where it's currently supposed to be winter. To visualize how climate change drives warming year-round, scientists often use what's called a shifting bell curve.
/jlne.ws/3OSoWJw
The Big Interview: Angela McLean; Senior trader for global markets at Nikko Asset Management, Angela McLean, sits down with Annabel Smith to explore her journey to the trading desk, the importance of adaptability as a multi-asset trader, and the future of straight through processing in fixed income.
Annabel Smith - The Trade
What has your journey to the trading desk been like?
I've always worked in the asset management industry, starting my first job at 18 with Scottish Amicable Investment Management in Glasgow. I joined the banking services team and within that team sat the Treasury function consisting of a money market and FX trader. There was always a real buzz of excitement around the trader, and from those early days I had trading in my sights!
/jlne.ws/3qvlIlO
Regulators to add block trading to mutual market access programme between mainland China and Hong Kong; Implementation details and official launch dates are yet to be announced by the respective stock exchanges as they move to enhance connections between China and the rest of the world.
Claudia Preece - The Trade
The Securities and Futures Commission (SFC) and the China Securities Regulatory Commission (CSRC) jointly proposed to introduce block trading through the China-Hong Kong Stock Connect scheme in a bid to create a mutual market access programme between the two jurisdictions.
/jlne.ws/3OSetO6
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russian warship fires warning shots at cargo ship in Black Sea
Guy Faulconbridge - Reuters
A Russian warship on Sunday fired warning shots at a cargo ship in the southwestern Black Sea as it made its way northwards, the first time Russia has fired on merchant shipping beyond Ukraine since exiting a landmark UN-brokered grain deal last month.
/jlne.ws/3QD84b8
Ukraine border guards remind Russia Snake Island is again theirs
Reuters
Ukrainian border guards placed a new sign on Snake Island this weekend, recalling the early hours of Russia's invasion when a comrade on the strategic Black Sea outcrop used a choice phrase to refuse to surrender to a warship. "The next border sign will be installed in our Ukrainian Crimea after its liberation by the defence forces of Ukraine," a uniformed man said, standing before a post painted blue and yellow like the country's flag, in a video shared on Facebook late on Saturday by the head of the border service, Serhiy Deineko.
/jlne.ws/45i8eZs
Ukraine Steps Up Campaign to Isolate Russian-Occupied Crimea; Kyiv aims to constrict the flow of Russian supplies from the peninsula to the front line as Ukraine's counteroffensive makes slow progress
Anastasiia Malenko and Isabel Coles - The Wall Street Journal
Ukraine targeted the only bridge linking Crimea to the Russian mainland on Saturday, stepping up a campaign to isolate the peninsula that was annexed by Moscow in 2014. Sergei Aksyonov, the Russian-installed head of Crimea, said two Ukrainian missiles were shot down over the Kerch Strait early on Saturday. Hours later, he said another missile had been intercepted in the area. Russia's Defense Ministry said Ukrainian forces had attempted to strike the bridge with a modified surface-to-air missile.
/jlne.ws/3OAgOMb
Ukraine fires missiles at Kerch Bridge connecting Crimea to Russia; Kyiv takes war to Russia with multiple strikes on Crimean peninsula targets, many of which were shot down
Daniel Boffey - The Guardian
Ukrainian forces fired three missiles at the bridge connecting occupied Crimea to Russia, forcing Russian authorities to cover the structure in white smoke to deter further attacks and prompting a furious threat of retaliation. In the latest example of Kyiv taking the war to Russia, multiple guided S-200 rockets were fired at Kerch Bridge but they were seemingly shot down by local air defences.
/jlne.ws/47sRBMx
Rouble hits 16-month low as military spending rises and exports fall; Central bank says it may raise interest rate as Russian currency weakens to 101 against dollar
Mary McDougall and Daria Mosolova and Anastasia Stognei and Max Seddon - Financial Times
The rouble has fallen to a 16-month low against the dollar as a surge in Russian military spending and a collapse in export revenues add pressure to a currency suffering under western sanctions and an escalation of capital outflows.
/jlne.ws/3qtXatu
Russia sets Odesa ablaze in overnight air strikes on Ukraine; Barrage on grain-exporting port city comes as Kyiv condemns targeting of a commercial vessel
Roman Olearchyk - Financial Times
Russian air strikes caused a series of explosions and fires in the Black Sea port city of Odesa, marking the latest bombardment in a weeks-long campaign aimed at choking Ukraine's grain exports to global markets.
/jlne.ws/449nHtG
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | HKEX eyes options contracts on MSCI A-shares index; Warrant issuers could benefit from roll-out of additional hedging instruments
Jiefei Liu - Risk.net
The Hong Kong Exchange is looking to launch options on the MSCI China A50 index, in a move that could round out its derivatives offering on the index and help boost its warrants product. "The market would certainly like to see a vega product or options," Kevin Rideout, co-head of sales and marketing at HKEX, tells Risk.net. "We've heard that and we will continue to discuss that with our partners in China and with our regulators."
/jlne.ws/45dwpc0
TISE announces Blue Diamond as first private market client
The International Stock Exchange
The International Stock Exchange (TISE) today announces that Blue Diamond Limited, the leading garden centre group based in the UK and Channel Islands, has joined its new private market service, TISE Private Markets.
/jlne.ws/3OrilnW
LME Clear Market Liquidity Limits Update
London Metal Exchange
LME Clear Members are advised that new market liquidity limits have been set, as marked on the website located here: https://www.lme.com/Clearing/Collateral-management/Acceptable-collateral. Document is contained within the secure section.
The changes will be made effective at close of business 18th August 2023 and will be reflected in the systems on the morning of 21st August 2023.
/jlne.ws/3vimcfa
Nasdaq Announces End of Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date July 31, 2023
Nasdaq
At the end of the settlement date of July 31, 2023, short interest in 3,275 Nasdaq Global MarketSM securities totaled 10,124,012,140 shares compared with 10,433,832,264 shares in 3,291 Global Market issues reported for the prior settlement date of July 14, 2023. The end of July short interest represent 2.70 days average daily Nasdaq Global Market share volume for the reporting period, compared with 3.26 days for the prior reporting period.
/jlne.ws/3s59wZj
Caution for Investors
NSE
It has been brought to the notice of the Exchange that person named "Rawat Singh" operating through mobile number "9303723698" is providing assured returns on investment & unauthorized Portfolio Management Services in stock market and is also offering to handle trading accounts of investors by asking investors to share their credentials. The investors are cautioned and advised not to subscribe to any such scheme/product offered by any person offering indicative/assured/guaranteed returns in the stock market as the same is prohibited by law. Further, investors are advised not to share their trading credentials such as user id/password with anyone.
/jlne.ws/44YuK9X
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | This Was Supposed to be the Antidote for TikTok Brain. It's Just as Bad; YouTube Shorts adds 'short bursts of thrills' to kids' digital diets, making it harder to pull away
Julie Jargon - The Wall Street Journal
TikTok's surging popularity has led to copycats from YouTube and others, spreading the rapid-fire video format across teens' smartphones. It also has fueled the attention-robbing problems that come with such clips. YouTube used to be the place where teens and preteens watched lengthy toy unboxings and videogame tutorials. Many parents who banned their kids from watching TikTok considered YouTube to be a safer alternative.
/jlne.ws/3qCEcke
DriveWealth Announces Michael Blaugund as Chief Executive Officer
Rick Steves - Finance Feeds
"Michael is the best possible leader to take DriveWealth to the next stage and build on our foundation. Everyone who has worked with Michael knows he is not only knowledgeable and capable, but a strong and committed leader. I can't wait for this new chapter and look forward to working with him to support our mission of democratizing investing around the world."
/jlne.ws/3KDfIya
Multinationals turn to generative AI to manage supply chains; Geopolitical tensions and new laws requiring companies to monitor environmental and human rights abuses in their supply networks drive interest
Oliver Telling - Financial Times
Some of the world's biggest companies are turning to artificial intelligence to navigate increasingly complex supply chains as they face the impact of geopolitical tensions and pressure to eliminate links to environmental and human rights abuses.
/jlne.ws/3YzZb3J
'Cracks to be revealed' as T+1 testing begins today; Key phase of preparation for T+1 begins today as experts say testing will reveal the cracks; meanwhile DTCC has highlighted the need for a comprehensive and well-coordinated industry test to confirm readiness and ensure a successful implementation.
Jonathan Watkins - The Trade
Testing for T+1 will commence from today and run until the implementation date at the end of May 2024. The period is seen as critical for an industry still struggling to comprehend the far-reaching changes which will occur once the settlement cycle is shortened for US equities.
/jlne.ws/3DTeSJN
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| Cybersecurity | | Top stories for cybersecurity | For U.S. officials, the world's largest hacking conference isn't all fun and games; The DEF CON hacking conference presents some very real risks, say current and former U.S. cybersecurity officials and conference regulars.
John Ssakellaradis and Joseph Gedeio - Politico
The easiest way to embarrass yourself at DEF CON, the annual Las Vegas confab of the world's largest collection of hackers: ending up on the Wall of Sheep.The live, interactive display board lists the username and password of every attendee who's just committed the worst sin imaginable at a hacking conference - getting hacked.
/jlne.ws/3KDKNlu
At This Show, AI Hackers Are Welcomed; Thousands are trying to break some of the world's most advanced AI systems
Robert McMillan - The Wall Street Journal
Wall StChatbots beware. This weekend an expected 3,000 hackers will be kicking the tires on some of the crown jewels of generative AI, including software built by Google, Meta and OpenAI. In a giant conference hall just off the Las Vegas Strip, they will be trying to find previously undiscovered bugs in the AI technologies behind those products, which have garnered buzz for their humanlike conversation.
/jlne.ws/47uGoLm
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| Cryptocurrencies | | Top stories for cryptocurrencies | More Bitcoin ETF Decisions Are Already Looming After SEC Declines to Rule; Decisions expected in September, Bloomberg Intelligence says; Bitwise's application is slated for consideration by Sept. 1
Vildana Hajric - Bloomberg
Bitcoin ETF candidates got another dose of disappointment when US regulators on Friday punted on making a decision on such a product. But the next time they hear from them might be just a few weeks away.
/jlne.ws/47Hh2ds
Bitcoin Spot ETF Approval Could Help Power up a New Crypto Cycle: Bernstein; New capital will enter the market from fresh stablecoin supply, tokenization of traditional assets, native crypto infrastructure tokenization and ETFs, the report said.
Will Canny - coinDesk
Crypto exchange-traded-funds (ETFs) add capital to the market not just by creating demand in the spot market, but the market signal of regulatory approval of these products produces a growth flywheel for retail and other institutional flows that are seeking legitimacy, broker Bernstein said in a report Monday.
/jlne.ws/3QB8hve
Donald Trump, Long Skeptical of Crypto, Holds Up to $500,000 In Ethereum; The former president and 2024 Republican frontrunner has been dismissive about the value of cryptocurrency in the past.
Nicholas Morgan - Decrypt
Donald Trump holds up to half a million in cryptocurrency, according to a recently released financial disclosure form submitted to a federal ethics agency. A filing submitted to the Office of Government Ethics included a listing of assets and other sources of income belonging to the former president. In one line on the second to last entry of the 82-page form, it lists a "cryptocurrency wallet (Ethereum)" with a value between $250,000 and $500,000.
/jlne.ws/3YCxvLF
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| Politics | | An overview of politics as it relates to the financial markets | The US now accepts national and economic security can't be separated; Outbound capital to China is the target of a White House executive order
Rana Foroohar - Financial Times
Tech decoupling between the US and China is about many things, but chief among them is the notion that western technology should not feed Chinese military modernisation and expansion. From an American standpoint, this seems pretty obvious. Why should US money, products and expertise aid the military strength of its chief strategic adversary?
/jlne.ws/3s0R4RB
Poilievre's Conservative Party embracing language of mainstream conspiracy theories; Tory leader's summer stump speeches include ramped-up rhetoric about the World Economic Forum
The Canadian Press
Conservative Leader Pierre Poilievre has been hitting the summer barbecue circuit with ramped-up rhetoric around debunked claims that the World Economic Forum is attempting to impose its agenda on sovereign governments. It is, some experts suggest, another sign that some conspiracy theories are moving from the fringes of the internet to mainstream thinking, as people's distrust of government grows.
/jlne.ws/45iBAa6
Government has no timetable for returning asylum seekers to the Bibby Stockholm barge - UK politics live; Downing Street says it hopes to return people to the boat 'as soon as possible' but declines to give timeframe
The Guardian
Government has no timetable for returning people to the Bibby Stockholm, but says 'soon as possible.''Downing Street declined to say when asylum seekers might be returned to the Bibby Stockholm barge, after traces of legionella bacteria were found. PA Media reports the prime minister's official spokesperson said: We're not putting a timeline on that. We do expect them to be back onto the boat as soon as possible. The Home Office is awaiting the results of further tests. Once those have been completed, obviously the intention is to return people.
/jlne.ws/3QBBwxU
EU climate chief Timmermans set to lead left-wing alliance into Dutch elections; The Netherlands heads to general elections on November 22 after Mark Rutte's coalition collapsed.
Eddy Wax - Politico
EU climate chief Frans Timmermans is within touching distance of leading an alliance of social democrats and greens into Dutch elections in November after the two parties on Friday nominated him as the sole candidate to be their leader. Senior politicians from both parties have rallied behind the European commissioner, a former Dutch foreign minister, with no other candidates daring to challenge his shot at becoming prime minister.
/jlne.ws/45jtnmc
Prominent Hong Kong democracy activists partially win bid to quash convictions over 2019 protest
Kanis Leung - Associate Press
Seven of Hong Kong's most prominent pro-democracy advocates had part of their convictions quashed Monday over their roles in one of the biggest pro-democracy protests in 2019. Jimmy Lai, founder of the now-defunct Apple Daily newspaper; Martin Lee, the founding chairman of the city's Democratic Party; and five former pro-democracy lawmakers, including barrister Margaret Ng, had been found guilty of organizing and participating an unauthorized assembly.
/jlne.ws/3DVFo5t
China has fallen into a psycho-political funk; Fragile consumer confidence is just one sign of a malaise that is not merely economic
James Kynge - Financial Times
Sly, Soviet-style jokes are enjoying a subtle revival on Chinese social media platforms. Their art resides in being too obscure for censors to understand yet clear enough for cynics to chuckle at their mockery. Some are so esoteric that their satire is confirmed only by the censors' decision to delete them - echoing the cat-and-mouse dynamic that distinguished dissident humour in the former Soviet Union. One joke this week monitored by the China Digital Times, a US-based site that covers Chinese affairs, belonged to this genre.
/jlne.ws/45abDKi
Japan to set up cyberdefense network that includes Pacific islands; Information-sharing to be used to fend off attacks with eye on Russia and China
Rieko Miki - Nikkei Asia
The Japanese government plans to build an information network spanning the Indo-Pacific region to counter cyberattacks from such places as Russia and China, with a focus on providing support to Pacific island countries that have weak countermeasures, Nikkei has learned. Signs of attacks and their methods would be shared on the network. Japan envisions being a bridge between the U.S., Australia, and other advanced regional countries on one side and emerging and developing countries on the other.
/jlne.ws/3qA8rbx
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Rebuked for Failing to Explain Why It Declined to Regulate a Financial Product; The SEC's loss highlights a bigger problem with legislation that calls for sharing jurisdiction with the CFTC over financial products.
Jones Day
On July 28, 2023, a three-judge panel of the United States Court of Appeals for the District of Columbia granted a petition from a registered futures exchange challenging a 2020 Securities and Exchange Commission ("SEC") order treating SPIKES index futures ("SPIKES") as futures rather than as security futures ("Order"). The court vacated the Order on Administrative Procedure Act grounds, concluding that the SEC did not adequately explain why SPIKES must be regulated as futures, rather than as security futures, to promote competition with VIX futures. VIX futures are listed on the petitioner's exchange. The court provided a three-month grace period for market participants to close out their existing SPIKES before the vacatur takes effect.
/jlne.ws/3KG4Csa
Three Arrows Co-Founder Avoids Big Fine for Snubbing Subpoena Sent Over Twitter; Kyle Davies wasn't a US citizen at time subpoena was issued; Judge said he lacked jurisdiction to issue subpoena on Twitter
Jonathan Randles - Bloomberg
A co-founder of bankrupt crypto hedge fund Three Arrows Capital dodged having to pay a potentially hefty fine for not responding to a subpoena sent to him over social media by liquidators attempting to recover money for creditors.
/jlne.ws/3s9qXrO
SEC's Gensler Has Thwarted Growth of Crypto: Novogratz
Bloomberg video
Galaxy Digital Founder & CEO Mike Novogratz talks about the politics behind cryptocurrencies and outlines the difference between Republican and Democratic stances on the crypto industry. This episode of "Bloomberg Wealth with David Rubenstein" was recorded July 26th in New York.
/jlne.ws/3OTLZn4
CFTC Charges Residents of Florida, Louisiana, and Arkansas in Ongoing Cryptocurrency and Precious Metals Fraud; Court Issues Restraining Order Instituting Asset Freeze
CFTC
The Commodity Futures Trading Commission today announced it has filed a complaint in the U.S. District Court for the Middle District of Florida against Rene Larralde of Melbourne, Florida, Juan Pablo Valcarce of West Melbourne, Florida, Brian Early of New Orleans, Louisiana, Alisha Ann Kingrey of Franklin, Arkansas, and their unincorporated entity, Fundsz. The complaint charges them with fraudulent solicitation from clients to purportedly trade in cryptocurrencies and precious metals.
/jlne.ws/3YyxmsI
ASIC permanently bans financial adviser and cancels licence of Professional Wealth Management Services
ASIC
ASIC has permanently banned Donald James Cuthbertson from providing any financial services, performing any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business. ASIC has also cancelled the Australian financial services (AFS) licence of Mr Cuthbertson's company, Professional Wealth Management Services Pty Ltd (PWMS), with a condition that the external dispute resolution and arrangements for compensating clients remain in place for 12 months.
/jlne.ws/3seYgcS
ESMA seeks first input on detailed rules for crypto markets - Press Release
ESMA
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | US Housing Market Recoups $3 Trillion Lost in Recent Slowdown; Total value of US homes hit a record $47 trillion in June; Redfin's Zhao says shortage of homes is propping up values
Nazmul Ahasan - Bloomberg
The US housing market has regained the nearly $3 trillion in value that was wiped out during the past year's slowdown, according to an estimate from brokerage Redfin Corp. A shortage of listings has pushed up prices, boosting the total value of US homes to a record $47 trillion, the brokerage reported.
/jlne.ws/3OUgxoZ
US Steel Explores Strategic Alternatives After Getting Unsolicited Bids; Iconic steelmaker received 'multiple unsolicited proposals'; Company has been undergoing a major manufacturing transition
Joe Deaux and Susanne Barton - Bloomberg
United States Steel Corp. began a formal review of strategic alternatives after receiving "multiple unsolicited" proposals, an indication that a years-long transition may finally be paying off.
/jlne.ws/3QUksDN
Your Marriage Needs a CFO and a COO; Couples take page out of corporate playbook to split household tasks
Julia Carpenter - The Wall Street Journal
Couples who struggle with dividing household chores are taking a page out of the corporate playbook to better organize their finances and day-to-day operations. Some partners adopt the roles of chief financial officer and chief operating officer to split their household duties. Budgeting for the family, balancing accounts, managing investments-that is the CFO's job. Booking appointments, organizing the calendar and making sure the trains run on time-that is the COO's territory.
/jlne.ws/3sfgGKx
Credit default swaps are so back; It's single-name CDS, too ... the good stuff
Alexandra Scaggs - Financial Times
More companies are defaulting on their debt. So traders at banks and hedge funds are jumping back into the market for individual companies' credit-default swaps, or CDS, to insure against default.
/jlne.ws/3KFpUpR
SpoiledChild Owner Faces Wall Street Review After Hot IPO; Oddity has jumped 50% since its July initial public offering; Success follows splashy debut of restaurant chain Cava Group
Carmen Reinicke - Bloomberg
Investors in Oddity Tech Ltd., the beauty company behind the brands SpoiledChild and Il Makiage, will soon get a look at how Wall Street views the latest consumer company to go public amid a resurgence of US listings.
/jlne.ws/449p23U
Lesser-Known Treasury Yield Is on Brink of Historic Breakthrough; Inflation-protected 30-year yield near 2%, highest since 2011; TIPS auction on Aug. 24 will reveal strength of buyer interest
Michael Mackenzie - Bloomberg
Short-term Treasury yields once again advancing toward 5% hog the spotlight, but there's another drama unfolding in a lesser-known corner of the US government bond market. The yield on 30-year inflation-protected Treasuries is on the cusp of exceeding 2% for the first time in more than a decade. Whether it gets there and where it will stop if it does has bond investors on edge.
/jlne.ws/3sfqXGE
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Bankers Hate Saying 'ESG' But Are Hardwiring It Into Their Work; Survey shows only 18% of respondents view backlash as obstacle; Overwhelming majority want politicians to stop interfering
Alastair Marsh and Lisa Pham - Bloomberg
Bankers, money managers and other financial market participants are starting to loathe the label "ESG" - but they're also sticking with the strategy, according to a Bloomberg survey. About two-thirds of respondents in a survey of roughly 300 Bloomberg terminal users said the anti-ESG movement that started in the US last year will force firms to stop using those three letters in conversations with clients. However, they'll continue to incorporate environmental, social and governance metrics in their business, they also said.
/jlne.ws/3s8r5rJ
How Biden's Regional Carbon Cleanup Hubs Could Spur Innovation; The direct air capture industry will likely be crucial for addressing climate change, and new hubs in Louisiana and Texas could help unlock its potential.
Brian Kahn - Bloomberg
The Biden administration awarded $1.2 billion in support of companies looking to pull carbon from the ambient air on Friday. It did so endorsing a specific strategy: that grouping like-minded companies and researchers in hubs is the most effective way to scale the nascent technology.
/jlne.ws/45nqocg
Carbon-capture gold rush an 'insult' to locals in emissions-hit Louisiana; US government plans to roll out carbon capture rather than phase out fossil fuels prompts outcry in heavily industrial state
Pam Radtke - The Guardian
Millions of dollars of investments in new carbon capture projects in Louisiana - with more announced this week, are unwelcome developments to some environmental activists in the state. "We've been trying to fix the oil and gas damage, while at the same time trying to push the transition away from it," said Monique Hardin, director of law for the Deep South Center for Environmental Justice.
/jlne.ws/47sQaxD
EPA Overrules Texas Plan to Reduce Haze From Air Pollution at National Parks; Critics called the state's plan, which rejected a request to cut sulfur emissions at coal plants, a "do nothing" strategy. The EPA now wants six power plants to slash emissions by 80,000 tons.
Martha Pskowski - Inside Climate News
Reviewing the day's hike over a dinner of chicken tacos earlier this summer, Cristina Ramirez told her fellow campers that she felt a mix of elation and disappointment. That morning, the group of campers had tramped up Guadalupe Peak, the highest point in Texas at 8,751 feet. The strenuous 8.5-mile round-trip hike attracts thousands of visitors to Guadalupe Mountains National Park in West Texas each year. Ramirez, 30, who was visiting from San Antonio, said she savored the opportunity, noting that many of her friends and relatives have never even had the chance to enter a national park.
/jlne.ws/3OBBiEo
Texas' Brazos River, Captive and Contaminated; Dow-Freeport, the largest chemical plant complex in the Western Hemisphere, dominates-and pollutes-the Lower Brazos Watershed.
Delger Erdenesanaa - Texas Observer
One January day in 1971, Sharron Stewart stood with two friends on the banks of the Brazos River in Freeport, near where the 800-mile river empties into the Gulf of Mexico. It was the stretch of the Brazos where Dow, one of the world's biggest chemical companies, releases wastewater from its massive local complex. Stewart and her friends - one a Dow electrician - looked down at the green water flowing by and threw in a log.The group was conducting a citizen science experiment to see where Dow's wastewater traveled after entering the Brazos. The ad hoc investigators followed their log to an inlet of Galveston Bay-a tremendously productive, biodiverse habitat of oyster reefs and marshes that provides a nursery for the Gulf's marine life.
/jlne.ws/3OV3tj6
When a Coke Plant Closed in Pittsburgh, Cardiovascular ER Visits Plunged; A recent study highlights the health benefits of particular plants closing and generally reducing exposure to fossil fuels, researchers say.
Gina Jimenez - Inside Climate News
A week after one of Pittsburgh's most polluting plants closed in 2016, cardiovascular ER visits in the nearby communities dropped by 42 percent and continued to shrink every week for years, according to a recent study published in the journal Environmental Research Health. Cardiovascular and cerebrovascular hospitalizations also decreased.
/jlne.ws/3QDzQEq
TNFD Backs Global Nature-related Public Data Facility
Jack Grogan-Fenn - ESG Investor
/jlne.ws/3qtoGaq
McDonald's removes ESG abbreviation from website
The Star Malaysia
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Credit Suisse AT1 Holders Wiped Out in UBS Deal Are Angry as Backstop Ends; Investors say end of support means bond wipeout unnecessary; UBS ended agreement after Credit Suisse non-core stress-test
Tasos Vossos and Abhinav Ramnarayan - Bloomberg
Credit Suisse additional tier 1 bondholders are furious after UBS Group AG said it won't need state support for its rescue deal, arguing that their wiped out notes should have been spared.
/jlne.ws/3OCoxcK
Wall Street Banks 'Energized' for More M&A, KKR's Thompson Says
Jill R Shah - Bloomberg
The broadly syndicated debt market is ripe for Wall Street banks that are regaining their appetite for underwriting mergers and acquisitions, according to Cade Thompson, head of US debt capital markets at KKR & Co.
/jlne.ws/3L1LDJ5
Trump's Top Bank Watchdog Joins Jeffrey Kaplan's Credit Firm; Joseph Otting takes senior post at Andalusian Private Credit; Otting was Comptroller of the Currency during Trump presidency
Miles Weiss - Bloomberg
After decades running and regulating banks, Joseph Otting has moved on to a booming Wall Street credit sector that's unencumbered by many of the rules that rein in traditional lenders.
/jlne.ws/3QACMkY
Redburn and Atlantic Equities complete merger to form London-headquartered transatlantic broker Redburn Atlantic; Merger will provide clients with broader research coverage, corporate access and research sales alongside agency execution capabilities.
Wesley Bray - The Trade
European agency broker and equities research specialist Redburn and US equity brokerage Atlantic Equities have completed the merger of their operations under Redburn's parent company Rothschild & Co, initially announced on 26 April.
/jlne.ws/3QEe7vV
China Hedge Funds in Crisis After Losses, US Investor Retre20
Bei Hu and Nishant Kumar - Bloomberg
Foreign investors are losing interest in China, and hedge funds that target the world's second-biggest economy are paying the price. The number of active China-focused hedge funds has slipped for the first time since at least 2012, with only five new funds launched this year as of June, according to data from Preqin Ltd. Another 18 funds were liquidated, the data show.
/jlne.ws/45vVmiB
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Why bosses must take time to learn from failure; The temptation to move on quickly can miss the chance to improve resilience
Anjli Raval - Financial Times
It is a common tendency to put a positive spin on mess-ups, from tech founders who laud "failing fast" to the popular podcast How to Fail by author and journalist Elizabeth Day that "celebrates the things that haven't gone right". The theory is that failure provides an opportunity to recalibrate and come back stronger. This type of thinking is important. It stops people from assigning their self-worth to something that didn't work out and enables them to be better, smarter and tougher next time.
/jlne.ws/3YB35t6
Employees in Asia are spending the most time looking busy at work, says Slack report
Goh Chiew Tong - CNBC
Workers in Asia are spending the most time on "performative work" - in other words, focusing on appearing busy more than doing real, productive work. That's according to a new global survey from Salesforce subsidiary Slack and research firm Qualtrics, which pulled data from more than 18,000 desk workers, including executives.
/jlne.ws/457i54C
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| Wellness Exchange | | An Exchange of Health and Wellness Information | A New Omicron Subvariant, Dubbed 'Eris,' Heralds Covid-19's Resurgence; What we know about EG.5, the most common U.S. subvariant
Brianna Abbott, Jon Kamp and Jared S. Hopkins - The Wall Street Journal
Don't count Covid-19 out just yet. Covid-19 infections are rising in the U.S.-ahead of the autumn months when respiratory illnesses typically surge-as another offshoot of the Omicron variant gains momentum. The continued evolution of the virus is a reminder that Covid-19 remains a nuisance for many and a serious risk for some even though the disease is far less disruptive than it once was. A rising tide of virus concentrations in wastewater and infections in hospitals shows that Covid-19 remains unpredictable.
/jlne.ws/3DUjrnf
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China universities waste millions, fail to make real use of research, audit finds in indictment of tech-sufficiency drive; A review by the Guangxi Zhuang autonomous region found that an alarming number of colleges are underproducing, and a professor says it's because China's higher-level research system is flawed; Worrisome findings seen 'reflecting a nationwide trend' at a time when attaining hi-tech self-sufficiency has never been more important for China
Meredith Chen - South China Morning Post
Universities in a southern Chinese region are not doing enough to turn academic research into market applications while maintaining large piles of idle funds, and the findings could raise questions about the nation's ambitious tech self-sufficiency drive.
/jlne.ws/3sbuupH
At Asian Weddings, Cash Is King; Forget registries - in Asia, it is common to give marrying couples envelopes of cash. But unwritten rules on how much to give depend on who you are and which superstitions you believe.
Hahna Yoon - The New York Times
When I received a wedding invitation from my friends Jiyeon Kim and Olof Norlander this year, I knew exactly where I would pick up their wedding present: the bank.
/jlne.ws/3Ywtmci
India Loads Up on Russian Dirty Fuel With Crude Supply Cuts; Russian fuel oil, VGO arrivals in India set to surge in August; Autumn refinery works to cut India's primary refining capacity
Prejula Prem - Bloomberg
India is poised to buy the most amount of dirty fuels from Russia in years, as a slump in crude flows from the key producer and looming refinery maintenance threaten supplies.
/jlne.ws/47oMcWR
Australia's Climate Risks Are Making Home Insurance Unaffordable
Swati Pandey - Bloomberg
Australian home insurance premiums jumped the most in two decades in the past year, driven by weather catastrophes and higher building costs, new research showed. Median home insurance premiums surged 28% to A$1,894 ($1,240) in the year to March 31, according to a report released Monday by the Actuaries Institute. Premiums in the highest-risk properties - such as those in flood or bushfire-prone areas - shot up 50%, it said.
/jlne.ws/47yV7Fh
China Sets Up Task Force After Top Wealth Manager Misses Payment
Bloomberg News China's banking regulator has set up a task force to examine risks at Zhongzhi Enterprise Group Co., one of the nation's top private wealth managers, after a unit missed payments on multiple high-yield investment products.
/jlne.ws/3KGJjGZ
Huge inflows to China ETFs prompt speculation about state buying; Observers say splurge could be sign of 'national team' activity in support of China's economy
Emma Boyde - Financial Times
Huge inflows over the past two weeks to just four exchange traded funds tracking China's blue-chip CSI 300 index have prompted speculation that Beijing's "national team" is at work trying to support the economy. Z-Ben, a Shanghai-based consultancy, noted that in just eight trading days the four ETFs had attracted $4.4bn in inflows, bringing their combined assets to more than $25bn and potentially suggesting involvement by the national team - a term coined in 2015 to describe large state-affiliated institutions that intervened to prop up the stock market.
/jlne.ws/3sbTCN7
Zimbabwe Stockpiles 300,000 Carats of Diamonds: Sunday Mail
Godfrey Marawanyika - Bloomberg
The Reserve Bank of Zimbabwe has stockpiled 300,000 carats of diamonds under new regulations which compel miners to pay half of their royalties using commodities, the state-run Sunday Mail reported.
/jlne.ws/3OTMM7F
'An utter disgrace': 90% of England's most precious river habitats blighted by raw sewage and farming pollution; Observer investigation reveals the shocking state of the country's protected freshwater sites of special scientific interest
Jon Ungoed-Thomas and Maximilian Jenz - The Guardian
More than 90% of freshwater habitats on England's most precious rivers are in unfavourable condition, blighted by farming pollution, raw sewage and water abstraction, an Observer investigation reveals. None of the approximately 40 rivers with protected habitats in England are in overall good health, according to an analysis of government inspection reports. These include the River Avon in Hampshire, the Wensum in Norfolk and the Eden in Cumbria.
/jlne.ws/3OzIy3H
Scholz Sees Green Tech Investment Rousing Germany's Slow Economy; Renewable energy, hydrogen spending to have positive effect; Scholz's coalition under pressure from far-right support
Elisabeth Behrmann - Bloomberg
Chancellor Olaf Scholz sees upcoming green tech investments in Germany helping revive growth in Europe's largest economy. Spending on renewable energy sources, hydrogen production as well as related networks will "have an impact on the entire economy," Scholz said Sunday in an interview with public broadcaster ZDF.
/jlne.ws/3qzfXDy
A Guide to Argentina's Many Exchange Rates; Controls have spawned about a dozen different exchange rates; Argentina holds primaries on Sunday, with devaluation looming
Scott Squires - Bloomberg
Argentina's government has created a tangle of rules about who can access dollars and for what, spawning a dozen exchange rates and making an already vexing system more complicated in a bid to delay a devaluation.
/jlne.ws/3seYjW8
Severe drought in Panama hits global shipping industry; Restrictions triggered by lack of rain are likely to occur 'again and again' as climate change worsens
Christine Murray and Oliver Telling - Financial Times
A severe drought in Panama is leading to unusually long delays and tough restrictions along one of the world's most important trade routes, illustrating the challenge climate change poses to global commerce. High temperatures and one of the driest years on record have led authorities in the Central American country, which is usually one of the world's wettest, to lower the number of crossings and bar ships with heavy loads from using the Panama Canal.
/jlne.ws/3qzgDJ6
New York City has lost 5.3% of its population - about 468,000 people - since the start of the pandemic, and many of them are hunkering down in the South
Vishesh Raisinghani - Moneywise
It's no secret that some of America's largest cities are losing residents. And while New York's losses slowed in 2022, the nation's largest metropolitan area has seen substantial declines since the COVID-19 pandemic reshaped the world's work and leisure habits. So where is everyone headed? To the American South, it turns out.
/jlne.ws/47w6EVz
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