| October 11, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Later this morning, JLN will publish our exclusive interview with CQG's Ryan Moroney and Pat Kenny, which we shot at the FIA EXPO last week. Look for the interview on www.johnlothiannews.com and on our social media channels.
Yesterday I shot some video for a client in the CBOT Building that will be used in an AI program to answer questions about the firm and their ETF product. The AI product allows someone to ask questions on the company website and a video will play that will answer that question. If there is a question that is not in the database, the answer is "I don't know" or "I don't know, but please check back again for an answer." The AI tool records the questions so the firm knows what questions customers and prospects are asking and they can record those answers and add them to the program. We will have more on this, with specific details on the AI tool and the company, when the firm launches the video. One of the questions is, "Tell me a joke." I love a good quant joke.
On Monday, I am speaking to a diverse international group of visitors to Chicago from the World Alliance of International Financial Centers. The group is speaking to World Business Chicago, Fintank, CME Group and yours truly. I am going to talk about Chicago's history as a derivatives innovation center, the role of regulation and education in market development and answer their questions. I am starting my Chicago history lesson with a speech given by former CBOT President Richard Uhlmann, the father of former CBOT Chairman Fred Uhlmann, when Richard became CBOT's president during the exchange's centennial year in 1948 after the end of World War II and the price controls on the markets.
The Wall Street Journal's podcast series, The Trial of Crypto's Golden Boy, brings you regular updates on all the twists and turns in the trial of Sam Bankman-Fried. Follow it for your crypto fun of the week.
With all the problems in the world, sometimes a good stiff drink is in order. So Bloomberg has come out with its list of the top 50 bars in the world for you to peruse to get your tot. Bloomberg even shares the next 50 which did not make the list. The story is titled "The Best Places to Drink if You Can't Get Into the World's 50 Best Bars" and has the subheading "The ranking of the 51-100 best bars gives clues to which establishments will make the top half of the list."
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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The International Energy Agency (IEA) forecasts that the transition to net-zero emissions by 2050 will require an additional $126 trillion investment from now until 2050, with almost half needed in the Asia Pacific region. The Global Transition Finance Summit 2023 taking place in Singapore, November 1, will focus on key themes in the role of finance for crafting solutions, products and architecture required for this transition. Presented by the event's founding partners, the Singapore Exchange and OMFIF, an independent think tank for central banking, economic policy and public investment, this event is in person only. View the agenda and register here. ~SAED
Exchange Analytics is offering a course called "Sanctions" that focuses on the U.S. sanctions programs administered by the Treasury Department's Office of Foreign Assets Control. The course is 30-40 minutes long and costs $15. You can go here for more information and to sign up for the course. ~SR
Our most read stories yesterday on JLN Options were:
- A Hot Options Trade Is Muting Wall Street's Famous Fear Gauge from Bloomberg.
- Smoothing the Options Liquidity Cycle from Nasdaq.
- A New Equity Index Options Volatility Cycle? from Seeking Alpha. ~JB
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Elon Musk's vision for free speech on X tested by Israel-Hamas war misinformation; Platform's owner contends with wave of false or misleading content that has alarmed EU officials and advertisers
Hannah Murphy and Daniel Thomas - Financial Times
Misinformation around the Israel-Palestinian conflict sweeping across Elon Musk's X has prompted fresh scrutiny of the social media platform from European regulators and new concern from global advertisers.
/jlne.ws/3rLmxHM
***** Tested and failed.~JJL
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The War in Israel Shows How Social Media's Idealistic Era Has Ended; X and Meta once aspired to be go-to platforms for reliable real-time information. Each company has abandoned that goal in its own way.
Sarah Frier - Bloomberg
A little over a decade ago, a conflict in the Middle East showed the power of social media to keep global audiences informed about crises in real time. The way people used Facebook and Twitter during the uprisings known as the Arab Spring led to a surge of optimism about the important role these services could play for sharing information, organizing communities and even spreading democracy. For their part, tech companies leaned into that purpose, even as it became obvious that their platforms could be manipulated in ways that undermined it. Now another conflict in the Middle East is showing that the social media industry no longer sees that high-minded vision as part of its core mission.
/jlne.ws/3Fwqtj7
***** JLN's Sally Duros addressed this issue of the value of Twitter back in 2011 during the Arab Spring with a piece published in HuffPost titled "Iran: When the Patient is Dying Call Twitter" with the subheading "Social media and Twitter are to democracy like emergency rooms are to life and death. When Iran puts a drill bit through its "democracy" by pulling a fast one, activists at the grass roots level have the buzzer to call an alarm before the patient bleeds to death." ~JJL
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More Bloodshed Will Never Resolve the Israel-Palestine Conflict; There are at least two million people in Gaza - most of them civilians - but the West only sees Hamas.
Ruth Pollard - Bloomberg
There is no justification for violence against civilians - not by militants and not by governments. The surprise attack by Hamas, as its fighters surged across the border with Gaza and into Israelis' homes and neighborhoods, taking hostages and leaving more than 1,000 dead, has shaken the nation to its core, and shocked the world.
/jlne.ws/3PSSW79
***** My question is, what will resolve the Israel-Palestine conflict? We know what won't, but what will?~JJL
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Tuesday's Top Three
Our top clicked item on Tuesday was our MarketsWiki page for Terence J. Duffy, founding partner and president of Advantage Futures. Second was The Wall Street Journal's Charles Feeney, Duty-Free Titan Who Gave Away $8 Billion, Dies. Third was The best books to understand the Israeli-Palestinian conflict, from the Financial Times.
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| Lead Stories | Cboe Global Markets Announces New Leadership Appointments to Support Continued Global Growth; Catherine Clay appointed Global Head of Derivatives, a new global leadership role for the organization; Adam Inzirillo promoted to Global Head of Data and Access Solutions
Cboe Global Markets, Inc.
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced changes and new appointments to its senior leadership to further support the company's global growth strategy. These changes include the appointment of Catherine Clay to Global Head of Derivatives, a new role for the organization, and the promotion of Adam Inzirillo to Global Head of Data and Access Solutions. "Continuing the growth and expansion of our global Derivatives business presents a tremendous opportunity for Cboe and is an area where we intend to continue sharpening our focus," said Fred Tomczyk, Chief Executive Officer of Cboe Global Markets. "Today's leadership appointments enable us to further leverage and expand our global footprint to deliver world-class products and services to our clients."
/jlne.ws/48GkJ3o
Use of weather derivatives surges as extreme climate events rock the globe
Harry Robertson - Reuters
Energy companies, hedge funds and commodity traders are stepping up their use of financial products that let them bet on the weather, as they seek to protect themselves against - or profit from - the increasingly extreme global climate. On the Chicago Mercantile Exchange, average open interest in weather futures and options was four times higher in the January to September period than a year earlier, and 12 times higher versus 2019.
/jlne.ws/491UlkX
Tokyo Stock Exchange starts carbon credit trading to cut emissions; Japan, other Asian countries face EU pressure to embrace carbon pricing
Sayumi Take - Nikkei
The Tokyo Stock Exchange on Wednesday began trading of government-certified carbon emissions credits as more Asian countries employ market mechanisms to meet national climate goals. The TSE has signed up 188 companies, financial institutions and local governments to trade so-called J credits earned through domestic activities that cut emissions, such as using renewable energy or managing forests. Trades, in units that begin with one ton of carbon dioxide, are to be executed twice a day, with results posted on the TSE website every business day.
/jlne.ws/3LRI9t2
Crypto Is Still Wild West Almost Year After FTX Collapse; What's Changed for Crypto After FTX? Not Much; Regulations aren't happening as digital currencies have endangered individual investors-not the whole financial system
Dave Michaels - The Wall Street Journal
The collapse of crypto exchange FTX wiped out millions of its customers' crypto holdings and turned its billionaire founder into a pariah now facing criminal fraud charges in New York. But the fall of Sam Bankman-Fried and his Bahamas-based exchange, which at its peak held more than $10 billion in customer deposits, hasn't fundamentally changed how crypto works or is regulated. The sector is still the Wild West of finance.
/jlne.ws/3QeTshv
Caroline Ellison Says Bankman-Fried Steered FTX Deception; Former deputy-and sometime girlfriend-testifies crypto exchange's founder approved use of customer funds, endorsed risky bets
James Fanelli and Vicky Ge Huang - The Wall Street Journal
Caroline Ellison, a top deputy of Sam Bankman-Fried, testified the FTX founder ordered her and others to commit criminally fraudulent acts that contributed to the collapse of the exchange last year. Ellison, 28 years old, took the witness stand Tuesday just before lunch in the criminal trial of Bankman-Fried, who is charged with an array of fraud and conspiracy offenses and has pleaded not guilty. Dressed in a gray coat and a dark pink dress, Ellison said that she and Bankman-Fried together defrauded FTX customers, investors and lenders.
/jlne.ws/45qIKJ1
Star Witness Caroline Ellison Says Sam Bankman-Fried Directed Her to Commit Fraud; "I sent balance sheets at the direction of Sam [Bankman-Fried] that made Alameda's balances look less risky to investors," Ellison testified.
Danny Nelson, Nikhilesh De, Elizabeth Napolitano, Helene Braun - CoinDesk
Caroline Ellison, former CEO of Alameda Research, testified that she committed fraud at the direction of her ex-boyfriend and former colleague, FTX exchange founder Sam Bankman-Fried. Ellison, 28, is the government's highly anticipated star witness in the six-week trial of Bankman-Fried. She was the CEO of Alameda Research, the hedge fund prosecutors say stole billions of dollars from customers of its sister company, the cryptocurrency exchange FTX.
/jlne.ws/46HJISa
Scandal bares the problems of the Amazon carbon credit market; Opaque rules and complicated land rights mean projects require serious due diligence
Bryan Harris - Financial Times
Brazil is not for amateurs, goes an old bon mot in the country. The sentiment - a nod to Brazil's chaotic complexity at times - is doubly true for doing business in the Amazon rainforest, the lion's share of which sits within the borders of the Latin American country. With the return of Luiz Inácio Lula da Silva to the presidency this year, environmental protection has shot to the forefront of the political agenda - and with it a rush to seize the commercial opportunities accompanying the green transition.
/jlne.ws/46H2UPZ
SEC disclosure changes press activists to reveal big stakes faster; Investors with 'control intent' will have to report holdings over 5 per cent within five days
Stefania Palma - Financial TImes
Hedge funds and other activist investors looking to sway US public companies will have to report large stakes they have built within five days rather than 10, in the first overhaul to disclosure timelines in decades.
/jlne.ws/3LSDFCn
Brutal urban warfare awaits Israel's army in Gaza; Toppling Hamas might not be possible without an occupation
The Economist
In the 18 years since withdrawing from the Gaza Strip, Israel has invaded it twice. The first occasion was Operation Cast Lead, which involved a 15-day ground invasion in January 2009. The second was Operation Protective Edge in 2014, in which the Israel Defence Forces (idf) spent 19 days on the ground. A third ground invasion, in response to the massacre of Israeli civilians by Hamas, the Palestinian militant group that runs Gaza, is imminent. It looks likely to be larger, longer and more violent than anything that came before.
/jlne.ws/3LVsDfJ
As Israel Bombards Gaza, Fears of Humanitarian Disaster Mount; Response to Hamas's massacre comes amid intensifying clashes along Israel's northern border with Lebanon
Jared Malsin and Anas Baba - The Wall Street Journal
More than a quarter-million Gazans fled their homes and some tried to escape the strip for Egypt as Israeli forces launched new rounds of airstrikes in the enclave and exchanged fire with militants in Lebanon. The bombardments following Saturday's devastating attack by Hamas-which killed more than 1,200 Israelis, mostly civilians-raised concerns about an escalating humanitarian crisis in Gaza, while skirmishes along Israel's northern border threaten a regional expansion of the conflict.
/jlne.ws/48OgDGn
Politicians, not public, drive U-turns on green agenda, says UN biodiversity chief; People are ahead of governments, says David Cooper, who blames backtracking on parties seeking 'wedge issues' for electoral gain
Patrick Greenfield - The Guardian
Government backtracking on environmental promises is being driven by politicians and vested interests, not the public, the acting UN biodiversity chief has said, as he called for greater support for those experiencing short-term costs from green policies.
/jlne.ws/3Q8okA1
Rice Market Braces for More Stress as El Nino Starts to Bite; Indonesia sees marginal hit to production, plans more imports; Weather phenomenon to bring hotter, drier conditions to Asia
Ben Sharples and Anuradha Raghu - Bloomberg
El Nino has started to cause some concerns in Asia, and it's a strained rice market that's facing the first test from the weather phenomenon. The market has already been upended by export restrictions from top shipper India and drier weather from the event threatens to cause more chaos. Any loss of production risks tightening global supply, and could prompt a renewed rally in prices which have cooled recently from the highest in almost 15 years.
/jlne.ws/48ZRFUS
Private equity groups face investor scrutiny over tactics for returning capital; LPs worry that use of NAV and margin loans relies on financial engineering rather underlying portfolio performance
Antoine Gara in New York and Will Louch - Financial Times
Investors are stepping up scrutiny of private equity firms' use of debt and complex financial engineering to generate returns from companies they own, demanding disclosure about the costs and risks. Private equity groups have been increasingly using margin loans and net asset value financing - secured against shares in their listed companies or their asset portfolios - to boost returns and fund distributions to investors, after a slowdown in dealmaking reduced their options for selling businesses on.
/jlne.ws/3QcMBF8
Ex-Alameda chief Caroline Ellison says Bankman-Fried 'directed us' to take customer money; Former colleague and ex-girlfriend of FTX founder is a star witness for the government
Joe Miller and Joshua Oliver - Financial Times
Caroline Ellison, the star witness in the trial against Sam Bankman-Fried, said the FTX founder had directed her and her ex-colleagues to steal roughly $10bn of customer deposits from the exchange to fund risky investments and repay loans. The damning testimony from Ellison, the former head of Bankman-Fried's trading firm Alameda Research and his one-time girlfriend, is set to be a pillar of the government's criminal case against the former cryptocurrency tycoon.
/jlne.ws/3Feud8K
Australian journalist Cheng Lei released from Chinese detention; CGTN news anchor is reunited with family after three years as tensions ease between Canberra and Beijing
Edward White - Financial Times
Australian journalist Cheng Lei has returned to Melbourne after more than three years of detention in China, in a diplomatic coup for Prime Minister Anthony Albanese that underscores recent improving ties between Beijing and Canberra.
/jlne.ws/3LXUlbI
The insurance world is flirting with its climate doom loop; Persistent extreme weather patterns demand appropriate pricing of risks and more emphasis on prevention
Helen Thomas - Financial Times
"We have no choice," said Axa's then boss Henri de Castries in 2015, as the French insurer announced plans to shun investments in coal companies. "A 2C world might be insurable, a 4C world certainly would not be." If anything, that looks optimistic. As the world grapples to keep the Paris targets for limiting rises in global temperature in sight, it is already experiencing more extreme weather patterns and more extreme insurance losses.
/jlne.ws/3PSe39P
Europe Dominates Climate Fund Investing; The US has fallen far behind Europe, as well as China, but it may be waking up.
Tim Quinson - Bloomberg
It turns out the market for environmental-related investment funds is really small in the US, relative to Europe and even China.
Roughly $32 billion was allocated to US climate funds as recently as the end of June, compared with about $447 billion in Europe and $44 billion in China, according to data compiled by Morningstar Inc.
/jlne.ws/45mJP4p
Exxon Mobil to buy Pioneer Natural Resources in $59.5 billion all-stock deal
Tomi Kilgore - MarketWatch
Exxon Mobil Corp. confirmed Wednesday an agreement to buy shale driller Pioneer Natural Resources Co. in an all-stock deal valued at $59.5 billion, or $64.5 billion including debt. "Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge," said Exxon Mobil Chief Executive Darren Woods. "The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis."
/jlne.ws/46HMVRN
JPMorgan Debuts Blockchain Collateral Settlement in BlackRock-Barclays Trade; Tech could speed transactions, see more efficient capital use; JPMorgan had tested its Tokenized Collateral Network in May
Anna Irrera - Bloomberg
JPMorgan Chase & Co. has gone live with its first collateral settlement for clients using blockchain, as the largest US bank by assets pushes ahead with commercial applications built on the technology at crypto's core. JPMorgan's Tokenized Collateral Network, or TCN, was used by BlackRock Inc. to turn shares in one of its money market funds into digital tokens, which were then transferred to Barclays Plc as collateral for an over-the-counter derivatives trade between the two institutions, Tyrone Lobban, head of Onyx Digital Assets at JPMorgan, said in an interview.
/jlne.ws/3RUL7k5
Financial Stability in Uncertain Times; At the Reinventing Bretton Woods Committee and Policy Center for the New South Marrakech Economic Festival, Marrakech, Morocco
Governor Michelle W. Bowman - Federal Reserve
It's a pleasure to join you today to discuss the role of central banks and financial regulators in effectively promoting a stable and resilient global financial system.1 Before I begin my remarks, let me first take a moment to express my deepest sympathies to those who have been impacted by last month's earthquake. I especially wish to recognize the Moroccan authorities for their efforts to host this important gathering under such challenging circumstances. We are grateful for your determination and inspired by your resilience and hospitality.
/jlne.ws/3rDWAdj
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Volodymyr Zelenskyy seeks to shore up Ukraine support amid Israel-Hamas war; Ukrainian president takes part in Nato defence ministers' meeting in Brussels
Felicia Schwartz and Henry Foy and Christopher Miller - Financial Times
Volodymyr Zelenskyy urged Ukraine's backers to keep lethal assistance flowing "without any pauses" as US Congressional dysfunction threatens future assistance and allies are preoccupied by Hamas's assault on Israel.
/jlne.ws/3toSuWR
Belgium to Use Tax Revenue From Frozen Russian Cash for Ukraine
Lyubov Pronina - Bloomberg
Belgium will invest EUR1.7 billion next year to assist Ukraine by drawing on its own tax revenue from frozen Russian assets, Prime Minister Alexander De Croo said, as the European Union mulls a broader windfall levy on profits from the sanctioned cash.
/jlne.ws/3RSbwiw
G-7 Price Cap on Russian Oil Tested as India Pays Record Premium; Refiners take Moscow's flows at widest difference after rally; Policymakers including Yellen weigh effectiveness of mechanism
Rakesh Sharma - Bloomberg
Refiners in India are buying cargoes of Russian oil at the widest premium above a G-7 imposed cap since the curb was introduced, highlighting the market's importance to Moscow and a gap that may intensify scrutiny of the controversial mechanism.
/jlne.ws/45nPeIx
Russia loses vote to rejoin UN's top human rights body despite Putin's charm offensive with stolen grain; Experts say fact Russia managed to secure more than 80 votes shows it still has some friends in international arena
Arpan Rai - Independent
Russia's desperate bid to rejoin the UN's top human rights body with a charm offensive involving stolen Ukrainian grain and arms was defeated by a significant majority in a General Assembly vote on Tuesday.
/jlne.ws/3Qa7elo
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Euronext Launches New Sustainable Investment Tools And ESG Initiatives
Sukhvir Basran and Ludovica Veltri - Cadwalader
In September 2023, pan-European stock exchange and market infrastructure provider Euronext announced the imminent launch of a range of ESG tools and initiatives focused on sustainable finance, including its intention to publish the non-financial data of issuers on its website. It is intended that the tools and initiatives will support and implement Euronext's "Fit for 1.5°" commitment, under which it will develop products and services to assist companies and organizations to mitigate temperature increases. The new initiatives will also support the "Growth for Impact 2024" strategy, i.e., the ambition to build the leading market infrastructure in Europe.
/jlne.ws/3Qa1doO
Instituto BME incorporates the TradingView tool in its Professional Trading and Analysis course
BME
Students of the Analysis and Professional Trading (A&Tp) course at BME's training center will have free TradingView Plus licenses thanks to an agreement; Instituto BME, BME's training center, is launching the fourteenth edition of its Analysis and Professional Trading (A&Tp) course. The course, which is designed to teach students to analyze and invest with different products and techniques in the financial markets, will incorporate an important new feature following a collaboration agreement signed with Trading View. This will allow students to have free "Pro" accounts during the course. In this way, an eminently practical course such as this one will gain even more in pragmatic and realistic trading.
/jlne.ws/3PUQzAS
Trading Volume of Carbon Credit Market on the Market Open Day
JPX
Tokyo Stock Exchange, Inc. has opened the carbon credit market today and there were 3,689 t-CO2 in total traded volume in 5 trading categories as below.
/jlne.ws/3ZTIFMY
Financial Services clients have access to identification on the platform via Alfa ID
MOEX
For the convenience of clients, the Financial Services platform has enabled the possibility of full delegated identification of clients using the Alfa ID service. Using Alfa ID, Alfa-Bank clients can confirm their documents in their personal account in a few clicks; the functionality is available both in their personal account on the website and in the Financial Services application. The user only needs to select the "Log in via Alpha ID" option.
/jlne.ws/48M8jah
Regulatory User Group Members List-Update
Montreal Exchange
On January 25, 2023, the Regulatory Division of Bourse de Montreal Inc. (the "Division") published Circular 017-23 announcing the names of members selected to be part of the Regulatory User Group for the 2023-24 term. The Division is pleased to announce the addition of two new members.
/jlne.ws/3LXqeRo
Nasdaq Announces End of Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date September 29, 2023
Nasdaq
At the end of the settlement date of September 29, 2023, short interest in 3,232 Nasdaq Global MarketSM securities totaled 10,707,778,036 shares compared with 10,586,849,412 shares in 3,247 Global Market issues reported for the prior settlement date of September 15, 2023. The end of September short interest represents 2.94 days average daily Nasdaq Global Market share volume for the reporting period, compared with 3.23 days for the prior reporting period.
/jlne.ws/3ZOyUiY
Shenzhen Stock Exchange: Securities Market Herald Has Been Continuously Selected As A Source Journal For Chinese Social Sciences Citation Index
Mondovisione
Recently, according to the latest data from the Chinese Social Sciences Citation Index (CSSCI) database, the academic journal Securities Market Herald, administered and sponsored by SZSE, has been selected as a source journal for CSSCI (2023-2024). The Securities Market Herald was first selected as a CSSCI source journal in 2006 and has continued to be selected ever since.
/jlne.ws/45p4S6E
TMX Group Equity Financing Statistics - September 2023
TMX
TMX Group today announced its financing activity on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for September 2023. TSX welcomed 10 new issuers in September 2023, compared with four in the previous month and 15 in September 2022. The new listings were seven exchange traded funds (ETFs), two mining companies and one life sciences company. Total financings raised in September 2023 increased 1,242% compared to the previous month, and were up 768% compared to September 2022. The total number of financings in September 2023 was 29, compared with 21 the previous month and 38 in September 2022.
/jlne.ws/3PNiKBT
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Danish Fintech Fires CEO Facing Sexual Assault Complaint; Tradeshift dismissed Christian Lanng citing gross misconduct; Company was valued at $2.7 billion in 2021 financing round
Christian Wienberg - Bloomberg
A payment-technology company that had some of the world's biggest banks as its backers has fired its chief executive officer amid allegations of sexual assault and harassment. Tradeshift Holdings Inc. dismissed its co-founder Christian Lanng due to "serious allegations of sexual assault and harassment" and "gross misconduct on multiple grounds," the company, which is based in San Francisco and Copenhagen, said in a statement late Tuesday.
/jlne.ws/48La73p
Delta Capita unveils DLT product suite; Offering includes six new distributed ledger technology solutions; follows Delta Capita's acquisition of SETL's DLT earlier this year.
Claudia Preece - The Trade
Delta Capita has launched a complete product suite of distributed ledger solutions, called MACH, in a bid to enhance the design, implementation and execution of complex transaction processing. Philip Coleman, chief technology officer at Delta Capita, said: "Today's launch of MACH is a clear demonstration of Delta Capita's commitment to reinventing the financial services value chain, and being at the heart of what is an incredibly exciting next chapter for capital markets and technology innovation. We look forward to onboarding both new and existing clients onto our platform and to take their transaction processing to an entirely new level of efficiency."
/jlne.ws/46oernn
Octaura enhances syndicated loan trading platform with the integration of list and RFQ protocols; New development will allow participants to make more informed trading decision alongside improved control of order flow.
Wesley Bray - The Trade
Octaura Holdings has integrated list and request for quote (RFQ) protocols to its existing syndicated loan trading platform. According to the firm, the new protocols will provide clients with faster trade execution and enhanced price transparency with straight-through processing, alongside streamlining trading workflows for dealers and buy-side investors.
/jlne.ws/3QaljiM
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| Cybersecurity | | Top stories for cybersecurity | Many of us are giving up on cybersecurity best practices
Craig Hale - TechRadar
New research from Thales shows how consumers are really slacking when it comes to basic cybersecurity measures, putting individuals and businesses at risk. The study of more than 2,000 UK citizens addresses some of the failings on behalf of both consumers and companies, highlighting some key areas that are in need of attention.
/jlne.ws/3FfHBcF
SecureAuth Wins "Access Management Solution of the Year" Award in 7th Annual CyberSecurity Breakthrough's Awards Program
Yahoo Finance
SecureAuth, a leader in access management and authentication, today announced that SecureAuth Arculix has won the "Access Management Solution of the Year" award for 2023 in the seventh annual CyberSecurity Breakthrough Awards. As a leading independent market intelligence organization, CyberSecurity Breakthrough, recognizes innovation demonstrated by the top companies, technologies, and products in the global information security industry.
/jlne.ws/45x8kff
Beyond the Front Lines: How the Israel-Hamas War Impacts the Cybersecurity Industry
Kevin Townsend - SecurityWeek
While the mainstream media is covering the tragic and heartbreaking events of the war in Israel in detail, SecurityWeek wanted to look at a specific issue - the effect of this war on Israeli cybersecurity firms. These firms are globally important to the cybersecurity ecosphere. Many of the larger firms have moved their business headquarters to the US and in some cases to Europe. Such firms will be less directly affected - but many have maintained their R&D centers in Israel. These centers, and smaller and new companies will undoubtedly be affected.
/jlne.ws/3F9l9BY
I'm a cyber security expert - these are the four words you should never click on online to avoid your bank account being drained; The cyber expert from McAfee urged tech users to develop good online habits
Shannon McGuigan - Dailymail
A cyber security expert has revealed the four words you should never click on in a pop-up window because it could lead to your bank account being drained. Cyber-criminals will regularly use spyware to keep a keen eye on your online habits, and if you've been duped into downloading spyware via a pop-up message, the damage a potential hacker could do is limitless.
/jlne.ws/3LWEcTN
Online phishing scams and what to look out for; The web can be a dangerous place. Make sure you are educated on one of cyber criminal's favourite tools.
Mashable
Internet scams are everywhere. Modern cyberattacks are often presented in the form of elaborate phishing emails and fake web pages. These are carefully crafted to trick you into clicking harmful links by posing as contacts that you trust. From organisations and coworkers, to even friends and family members.
/jlne.ws/3tywMzC
Gen Z hackers created a sophisticated new playbook for cyberattacks; Organizations from Comcast to Clorox have been targeted by the hacking group Scattered Spider, whose members are believed to be between 17 and 22 years old.
Wilfred Chan - Fast Company
/jlne.ws/3RQ6MKn
Bitfinex Crypto Exchange Owner Makes $150 Million Share Buyback Offer to Hack Victims; Hong Kong-based iFinex Inc. values itself at $1.7 billion; Tether executive Devasini permitted to take part in buyback
Emily Nicolle - Bloomberg
/jlne.ws/3Qbm7Up
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| Cryptocurrencies | | Top stories for cryptocurrencies | JPMorgan debuts tokenization platform, BlackRock among key clients: Report; The Tokenized Collateral Network enables the conversion of traditional assets into digital assets and makes way for faster and more secure on-chain settlements.
CoinTelegraph
United States banking giant JPMorgan debuted its in-house blockchain-based tokenization application, the Tokenized Collateral Network (TCN), on Oct. 11, according to Bloomberg. TCN settled its first trade for asset management giant BlackRock.
/jlne.ws/3RUGt5z
Binance's UK marketing push halted by regulator; FCA adds exchange's local partner to list of firms barred from promoting crypto services
Scott Chipolina - Financial Times
UK regulators have blocked Binance's attempts to market itself to British consumers under the latest clampdown on the crypto industry. The world's biggest cryptocurrency exchange, which has frequently clashed with the Financial Conduct Authority, had tried to navigate new industry standards which came into force on Sunday by teaming up with a locally regulated firm.
/jlne.ws/3RP1MFO
Bitstamp's departure from Canada is 'timing issue,' says CEO; Bitstamp's decision to discontinue operations in Canada is "primarily a timing issue" related to the firm's expansion priorities, Bitstamp USA CEO said.
CoinTelegraph
Cryptocurrency exchange Bitstamp hopes to return to Canada after halting operations early next year, according to Bitstamp USA CEO and global chief commercial officer Bobby Zagotta. Bitstamp will officially discontinue its services to customers in Canada starting from Jan. 8, 2024, the exchange confirmed in a statement to Cointelegraph.
/jlne.ws/3FdAkdq
Gold-Backed Digital Currency Is Zimbabwe's Way to Sway Love for Dollars; Central bank started issuing gold-backed digital money Oct. 5; Uptake of the ZiG has been slow, bankers association says
Ray Ndlovu - Bloomberg
Zimbabweans are still not yet sold on the government's latest attempts to get them to ditch their favorite currency: the US dollar. Banks are seeing a slow uptake of gold-backed digital money almost a week after the central bank issued the so-called "ZiG" for use in domestic transactions and as an alternative store of value.
/jlne.ws/48Pgqml
SBF's Bets Used to Work Out; Bet sizing, plea deals, Binance's rescue fund, tax refunds and Ozempic.
Matt Levine - Bloomberg
We talked a couple of times last week about Sam Bankman-Fried's formative time as an intern at Jane Street Capital, where he learned to think in bets but maybe went a bit overboard. Michael Lewis's book about Bankman-Fried, Going Infinite, describes the internship program, in which interns are encouraged to bet with each other but not allowed to lose more than $100 per day.
/jlne.ws/45pGP7t
SBF had a tweet thread prepared for a possible Alameda shutdown in September 2022
Zack Abrams - The Block
/jlne.ws/3ZTIYY8
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| Politics | | An overview of politics as it relates to the financial markets | Janet Yellen warns Iran that nothing is 'off the table' for sanctions; Washington 'constantly' looking at sanctions policy against Tehran, Hamas and Hizbollah, US Treasury secretary says
Colby Smith and Felicia Schwartz - Financial Times
Janet Yellen has warned Iran that nothing is "off the table" if Tehran is linked to this week's militant attacks on Israel, even as the US Treasury secretary stressed that no decisions had been taken on economic sanctions.
/jlne.ws/3tnVwKR
Rep. George Santos faces 10 new federal charges, including allegations of stealing donors' identities, running up fraudulent credit card charges
Gregory Krieg - CNN
Federal prosecutors on Tuesday accused Rep. George Santos of stealing donors' identities and running up thousands of dollars in fraudulent charges on their credit cards. The 10 new charges against Santos also include allegations that the New York Republican embezzled cash from his company and conspired with his former campaign treasurer to falsify donation totals in order to hit fundraising targets set by national Republicans, among other offenses.
/jlne.ws/3rLm9Jg
Trading Group Head Seeks Congressional Seat
Editorial Staff - Traders Magazine
Security Traders Association President and CEO Jim Toes has had the same early-October routine for 13 years now: confirm speakers, finalize panels, add delegates, and otherwise cross t's and dot i's for the STA's annual market structure conference in Washington, DC. This year, once the last ballrooms have been cleared and Ubers whisk away the final STA delegates from the JW Marriott on Oct. 13, Toes has a new to-do list item: running for Congress.
/jlne.ws/46reMWs
US, Venezuela Near Deal on Sanctions Relief for Steps Toward Fair Elections; Some individual sanctions on Maduro's entourage to be lifted; Release of dozens of political prisoners by Venezuela expected
Jennifer Jacobs, Andreina Itriago Acosta, and Eric Martin - Bloomberg
The US and Venezuela are close to reaching an understanding that would bring limited sanctions relief in exchange for steps to ensure fair elections in the Latin American country next year, according to people familiar with the matter.
/jlne.ws/3ZOsf8s
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| Regulation & Enforcement | | Stories about regulation and the law. | SIFMA, SIFMA AMG Express Strong Concerns with SEC Proposed Rules on Predictive Data Analytics
SIFMA
SIFMA and SIFMA AMG today submitted a letter to the Securities and Exchange Commission (SEC) on the proposed rules that would require the elimination or neutralization of the use of predictive data analytics (PDA) and PDA-like technologies by Broker-Dealers and RIAs. SIFMA strongly urges the Commission not to move forward with the proposed framework, and instead consider more appropriate ways to address potential risks related to the use of PDA-like technologies.
/jlne.ws/3tqqWQW
SEC Adopts Amendments to Rules Governing Beneficial Ownership Reporting
SEC
The Securities and Exchange Commission today adopted rule amendments governing beneficial ownership reporting under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934. The amendments update Regulation 13D-G to require market participants to provide more timely information on their positions to meet the needs of investors in today's financial markets.
/jlne.ws/3Qdh1Ht
Statement on Final Rules Regarding Beneficial Ownership
Chair Gary Gensler - SEC
Today, the Commission adopted final rules to shorten the deadlines by which beneficial owners of a company - those who own more than 5 percent of the company - must inform the public of their position. I am pleased to support this adoption because it updates these reporting requirements for modern markets, ensures investors receive material information in a timely way, and reduces information asymmetries.
/jlne.ws/3ZXHbkM
Statement on Modernization of Beneficial Ownership Reporting
Commissioner Mark T. Uyeda - SEC
The Commission has approved amendments to shorten the filing deadlines for initial and amended beneficial ownership reports filed on Schedules 13D and 13G.[1] The final amendments reflect consideration of the concerns raised by commenters in response to the proposal.[2]
/jlne.ws/3tx4828
Appropriating Appropriate Asymmetries: Statement on Modernization of Beneficial Ownership Reporting Rule
Commissioner Hester M. Peirce - SEC
Although better than the proposed rule,[1] the final beneficial ownership reporting rule continues to rest on flawed economics. Accordingly, I cannot support it. The heart of the final rule is a shortening of the filing windows for Schedules 13D and G, which report an investor's holding of large positions in a company's shares. Although the original filing timelines are not necessarily the Platonic ideal, a decision to shorten the timeframes should be well justified. Here, a justification is lacking.
/jlne.ws/3LVxMEm
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | European investors count the cost of US 'meme stock' clean-up; Banks and fund managers face shorter window to finalise deals as US reforms its securities market
Nikou Asgari - Financial Times
European fund managers and banks face a rush to be ready for reforms to the US securities market in the wake of the meme stocks mania, or potentially face problems trading in the world's biggest capital market.
/jlne.ws/3PPSRkS
Cambridge aims to double its number of 'unicorns' by 2035; Universities, local government and industry to announce plan to boost innovation and expand multinationals in the city
Hannah Kuchler - Financial Times
Cambridge will aim to more than double the number of "unicorns" - privately held start-ups with a value of over $1 billion - based in the city by 2035, under a new plan released by a partnership of local universities, government and industry.
/jlne.ws/3PPzfxd
Investment grade ETFs suffer second-highest outflows on record; Investors pulled out $4.1bn in September even as they poured $30.7bn into large-cap US stocks - many of which issued the debt
Emma Boyde - Financial Times
Investment grade corporate bond exchange traded funds suffered their second-highest monthly outflows on record in September, even as investors poured money into the large companies that issued the debt. Analysis from BlackRock shows net outflows of $4.1bn from investment grade credit ETFs - selling that was concentrated in US-listed vehicles although their Europe-listed counterparts also suffered outflows of $0.6bn.
/jlne.ws/3rPUneL
HMRC clashes with young investors over Isa rules; Row over holding fractional shares in tax-free accounts intensifies ahead of Autumn Statement
Rafe Uddin and Claer Barrett - Financial Times
Tens of thousands of young UK investors could be forced to sell their holdings as a dispute between the tax authority and brokerage platforms threatens to undermine the government's shake-up of tax-free Individual Savings Accounts. Many UK trading apps offer investors the ability to hold fractional shares within Isas, enabling them to buy stakes in expensive US stocks such as Apple, Amazon and Tesla from just £1, rather than saving up hundreds of pounds to purchase a single share.
/jlne.ws/3Qdk2aM
Yale's Endowment Stretches Winning Streak to 14 Years With 1.8% Gain; Endowment dodges declines that hit schools such as MIT, Duke; Last two years have seen modest returns after surge in 2021
Janet Lorin - Bloomberg
Yale University's endowment recorded a 1.8% investment gain in the year ended in June, the 14th straight increase for the second-wealthiest private college in the US. The fund posted $759 million in investment gains during the period, Yale said in a statement Tuesday. The endowment's value declined to $40.7 billion after accounting for $1.8 billion in distributions to the university's operating budget.
/jlne.ws/3LTScNW
Municipal Money-Market Funds Lose Out on Record Investor Cash Demand; Muni funds have grown 3.4%, lagging the 18% boom in taxables; Lower yields, consolidation of funds have hampered demand
Tanaz Meghjani - Bloomberg
/jlne.ws/3Mk1F1B
Expansion of US equity options consolidated tape go live delayed
Claudia Preece - The Trade News
/jlne.ws/46sR9Nw
Fed's 'golden path' to lower inflation may have some potholes
Howard Schneider and Ann Saphir - Reuters
/jlne.ws/46rHmXM
Wall Street Isn't Sure It Can Handle All of Washington's Bonds; Investors long shrugged off U.S. deficits, but a torrent of Treasurys is testing the bond market
Wallerstein - The Wall Street Journal
/jlne.ws/3RP7x6o
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Scientists Disagree About Drivers of September's Global Temperature Spike, but It Has Most of Them Worried; The month's shocking surge is likely to make 2023 the hottest year on record and drive extreme impact around the globe. It could also be a harbinger of even higher temperatures next year.
Bob Berwyn - Inside Climate News
September's stunning rise of the average global temperature is all but certain to make 2023 the warmest year on record, and 2024 is likely to be even hotter, edging close to the "red line" of 1.5 degrees Celsius of warming above the pre-industrial level that the 2015 Paris climate agreement is striving to avoid. As of Oct. 10, the daily average Northern Hemisphere temperature had been at a record high for 100 consecutive days. At least 65 countries recorded their warmest Septembers on record, and even after record heat in July and August, the September spike was a shock, said Carlo Buontempo, director of the European Union's Copernicus climate change service.
/jlne.ws/3FdAhyg
AI for good: Google unveils raft of new tech schemes for sustainability
edie
Google has today (10 October) launched new artificial intelligence (AI) solutions to decarbonise the transport and energy sectors. It has also built an AI-powered forecasting system for floods, wildfires and heatwaves. The new initiatives include expansion of Project Green Light to 12 new cities, eco-friendly routing, mode shifting in Google Maps and enhanced electric vehicle (EV) search results. In an effort to curb energy sector emissions, Google has updated its search features to make it easier for consumers to learn about climate-friendly home heating and cooling options. Moreover, the company has integrated a new update into Google Earth enabling planners to optimise solar designs for new and existing buildings.
/jlne.ws/3QavvI6
Climate crisis costing $16m an hour in extreme weather damage, study estimates; Analysis shows at least $2.8tn in damage from 2000 to 2019 through worsened storms, floods and heatwaves
Damian Carrington - The Guardian
The damage caused by the climate crisis through extreme weather has cost $16m (pounds 13m) an hour for the past 20 years, according to a new estimate. Storms, floods, heatwaves and droughts have taken many lives and destroyed swathes of property in recent decades, with global heating making the events more frequent and intense. The study is the first to calculate a global figure for the increased costs directly attributable to human-caused global heating. It found average costs of $140bn (pounds115bn) a year from 2000 to 2019, although the figure varies significantly from year to year. The latest data shows $280bn in costs in 2022.
/jlne.ws/3ttTCbX
DWS Manager Links Real Estate Turmoil to ESG Debt Market; Real estate issuers emerge as huge force in ESG debt market; Dominance comes with a sting as real estate issuers falter
Frances Schwartzkopff - Bloomberg
The turmoil gripping real estate issuers has serious implications for Europe's euro1.7 trillion ($1.8 trillion) market for ESG bonds. Real estate has quietly morphed into a huge force in Europe's ESG debt market, and that's left debt investors targeting environmental, social and good governance goals particularly vulnerable to higher interest rates and sudden droughts in issuance, according to Bernhard Birkhaeuser, a portfolio manager specializing in corporate bonds at DWS Group, the fund unit of Deutsche Bank AG.
/jlne.ws/45rRJcZ
Immediate Methane Cuts Can Prevent Nearly a Million Premature Deaths, IEA Says; Targeted reductions of the potent greenhouse gas from the fossil fuel sector can prevent deaths, crop loss and lost labor by midcentury
Aaron Clark - Bloomberg
Immediate and targeted methane cuts from the fossil fuel industry could prevent nearly 1 million premature deaths due to ozone exposure by midcentury, the International Energy Agency said in a report released Wednesday. The reductions would also avert 90 million metric tons of crop losses and about 85 billion hours of lost labor due to heat exposure, according to the report, which was prepared by the IEA, the United Nations Environment Programme and the Climate and Clean Air Coalition. Avoiding those impacts provides roughly $260 billion in direct economic benefits.
/jlne.ws/45vps58
Fear and Anger Follow the Path of Joe Manchin's Mountain Valley Pipeline; After years of protests and lawsuits, the natural gas pipeline is almost finished. For local residents in West Virginia and Virginia, this is how the project will affect daily life in ways large and small.
Zahra Hirji and Ari Natter - Bloomberg
/jlne.ws/3ZNBDsZ
Kew report: Five key extinction risks facing the world's plants and fungi
CarbonBrief
/jlne.ws/46ODK25
China Wind Joins Clean Tech Sectors Caught in Trade Crosshairs; EU acknowledges it needs more turbines than it can produce; Chinese prices have fallen after onshore subsidies ended
Bloomberg News
/jlne.ws/46OIc0J
Scandal bares the problems of the Amazon carbon credit market; Opaque rules and complicated land rights mean projects require serious due diligence
Bryan Harris - Financial Times
/jlne.ws/3rPgvpF
ESG Claim to Fame: Addressing Fund Names and Safeguarding Investor Expectations Under the SEC's Amended Names Rule
Morrison Foerster
/jlne.ws/46Bge8y
ESG reports will soon require third-party assurance. Here's how to get ready; Coming new regulations will require corporations to get third-party assurance for their climate and ESG-related disclosures.
Nico McCrossan - GreenBiz
/jlne.ws/3rLnkZc
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan Has a Master Plan to Beat Competitors in Silicon Valley; Acquiring First Republic was just the start. A hiring spree and other investments aim to fill void left by SVB, too.
Hannah Levitt - Bloomberg
For years, as JPMorgan Chase & Co. chalked up record profits and built an ever-growing lead as the biggest US bank, it watched a firm a fraction of its size reel in many of the tech world's up-and-comers as clients. And then, in March, that regional lender - Silicon Valley Bank - collapsed.
/jlne.ws/3rDT8zn
Hedge Funds Feast on a French Train Wreck; Alstom's balance sheet isn't fit for purpose.
Chris Bryant - Bloomberg
Around once a decade, Alstom SA suffers an oh-so-very French existential crisis. A train manufacturer prone to such frequent calamities requires a stronger balance sheet. Shares in the French rail giant have cratered by more than one-third since it warned last week of a shocking EUR1.15 billion ($1.21 billion) cash outflow which investors fear puts its investment-grade credit rating at risk. Management says an equity raise is "not on the table," but I think Alstom's capital structure is no longer fit for purpose. A disastrous Canadian acquisition explains why.
/jlne.ws/3LXHM01
BMO Capital Markets CEO Barclay Retiring, Tannenbaum Taking Role; Dan Barclay to leave position after five years on Nov. 1; Tannenbaum 'represents a strong hand-off,' CEO White says
Daniel Taub and Derek Decloet - Bloomberg
Bank of Montreal said Dan Barclay is retiring as chief executive officer of BMO Capital Markets, to be replaced by the head of global investment and corporate banking, Alan Tannenbaum.
/jlne.ws/3FeB8ie
HSBC's China Game Plan Clashes With Rising Political Risks; HSBC agrees to new wealth deal in China with Citi purchase; Simmering US-China tensions put bank under increasing scrutiny
Ambereen Choudhury and Harry Wilson - Bloomberg
HSBC Holdings Plc is distancing itself from its top diplomat at an awkward time. In some ways, the bank has never needed the role more. Public affairs head Sherard Cowper-Coles is expected to leave the position after his unguarded comments about the UK's "weak" handling of relations with Beijing by siding with the US, which triggered fresh scrutiny of HSBC's engagement with China and the West.
/jlne.ws/46Nm7zF
Citi's Mega Metals Trade Shows Global Markets Turning to Glut; Citi has bought up aluminum and zinc in metal-financing play; US bank has become one of the biggest players in metal markets
Alfred Cang, Archie Hunter, and Jack Farchy - Bloomberg
Citigroup Inc. has been buying large volumes of physical aluminum and zinc on the London Metal Exchange, in a bold metal-financing trade that's made it one of the biggest players in the market in recent months.
/jlne.ws/3rJCDlj
Goldman Sachs Breaks Ground on Dallas Campus at NorthEnd; New 800,000 sq. Foot Building to Provide State-of-the-Art Amenities and House 5,000+ Employees; Sustainable, All-Electric Workplace Designed to Achieve LEED and WELL Certifications; Adjacent to Brand-New 1.5 Acre Urban Park; Centrally Located in the City of Dallas, New Building is in Close Proximity to Cultural and Community Attractions, including the Perot Museum, the Katy Trail and American Airlines Center
Goldman Sachs
/jlne.ws/3ZSBwfx
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Here's What We Do and Don't Know About the Effects of Remote Work; Three years into a mass workplace experiment, we are beginning to understand more about how work from home is reshaping workers' lives and the economy.
Emma Goldberg - The New York Times
When workplaces are remade by a tectonic shift - women flooding into the work force, the rise of computing - it typically takes some time for economists, psychologists, sociologists and other scholars to gather data on its effects. So when employers moved suddenly to adopt remote work during the pandemic, with the share of employed Americans working exclusively from home rising to 54 percent in 2020 from 4 percent in 2019, researchers leaped to examine the effects of remote work on employees and the economy at large. Now the early results are emerging. They reveal a mixed economic picture, in which many workers and businesses have made real gains under remote work arrangements, and many have also had to bear costs.
/jlne.ws/3LWLuH1
Why Compassion Is a Better Managerial Tactic than Toughness
Emma Seppala - Harvard Business Review
Stanford University neurosurgeon Dr. James Doty tells the story of performing surgery on a little boy's brain tumor. In the middle of the procedure, the resident who is assisting him gets distracted and accidentally pierces a vein. With blood shedding everywhere, Doty is no longer able to see the delicate brain area he is working on. The boy's life is at stake. Doty is left with no other choice than to blindly reaching into the affected area in the hopes of locating and clamping the vein. Fortunately, he is successful.
/jlne.ws/46rCCBs
Work Shift: Can Work Resorts Lure People Back to the Office?
Irina Anghel - Bloomberg
The Latest RTO Carrot? Work Resorts
Think of office workers as tourists. Check them into a building that they can write home about, mix them with like-minded people and make them feel taken care of, and they'll put up with the commute. At least that's the idea behind "work resorts," or offices that are more like boutique hotels than glass-and-steel skyscrapers. Outdoor gardens, cosy seating areas, co-working spaces and more secluded desks - all with a sleek, hotel-like feel - offer something for every type of worker. Art galleries, restaurants and cafes on the ground floor transform the building into a destination for the wider community beyond office workers.
/jlne.ws/3LSFxen
Boardroom Clashes Most Likely Over Return-to-Office Policies; Office returns also creating inter-team strife, survey shows; RTO policies top AI, layoffs and diversity as critical issue
Matthew Boyle - Bloomberg
Nearly three out of four organizations said return-to-office policies could prompt boardroom battles, according to a new survey of US workplace leaders, showing how senior management doesn't always see eye to eye on the issue.
/jlne.ws/3rJe1sX
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Novo Nordisk Drugs Are Shaking Up Stock Markets Again; Kidney dialysis providers are latest to come under pressure; Food stocks fell last week on worries over impact on demand
Kit Rees - Bloomberg
The disruptive impact on stock markets of Novo Nordisk A/S's diabetes drugs is getting ever wider. The Danish company, now Europe's largest by market value, said late Tuesday it was halting a study which looked at the impact of its blockbuster Ozempic drug on kidney failure after it showed effectiveness surprisingly early.
/jlne.ws/48Lgpjw
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Coal's Coming Decline Has Miners Facing 400,000 Layoffs by 2035; Job cuts due to closure of mines amid energy transition; China and India likely to be hit the hardest by job losses
Sing Yee Ong - Bloomberg
The energy system's transition away from coal will leave miners with the equivalent of 100 job cuts daily through 2035, mostly in China and India. Mine closures will eliminate about 15% of global coal mining jobs by that year, about 400,000 in total, according to a new report published by Global Energy Monitor this week. The figure is likely to rise to nearly 1 million by 2050 as the world turns to cheaper wind and solar power generation.
/jlne.ws/3ZPDFbW
China saves billions of dollars from record sanctioned oil imports
Chen Aizhu and Muyu Xu - Reuters
China has reaped savings this year of nearly $10 billion through record purchases of oil from countries under Western sanctions, according to Reuters' calculations based on data from traders and shiptrackers.
/jlne.ws/3FdCZDW
Finland investigates potential sabotage to Baltic gas pipeline; Helsinki also reports break in undersea data cable connecting it to Estonia
Richard Milne - Financial Times
Helsinki is investigating whether sabotage caused a leak in a Baltic Sea gas pipeline and a break in a data cable between Finland and Estonia. Sauli Niinistö, Finland's president, said the damage to the pipeline and cable was down to "external activity" but that the precise cause "is not yet known". Foreign minister Elina Valtonen later on Tuesday said the two undersea links "have probably been damaged on purpose".
/jlne.ws/46JoyTB
BofA Document Shows Investors' Views on Turkey After Meetings With Finance Minister; Investors worry about longevity of new economic team; Feedback from private investor meetings with Simsek in London
Kerim Karakaya - Bloomberg
Efforts to lure disillusioned investors back to Turkey are making slow progress, according to a leaked Bank of America Corp. document that reveals investor reactions to private meetings with Turkish Finance Minister Mehmet Simsek in London.
/jlne.ws/3LW9IS2
Europe's Palm Oil Fight Is Hazed and Confused; Years of policies to stop Indonesia and Malaysia burning forests for palm oil have failed. There's another way.
David Fickling - Bloomberg
Thick haze blotting out the sun in Singapore and Malaysia is an early warning sign that one of the world's more ambitious attempts to bend commodity markets to political and environmental imperatives is failing.
/jlne.ws/3QbEQiB
How Will the Saudis Play Their Oil Hand Now? MBS can offset Iranian exports while pushing crude toward $100 per barrel.
Javier Blas - Bloomberg
/jlne.ws/3tsRCAw
Egypt Official Says No Plan to Peg Pound to Basket of Currencies
Mirette Magdy - Bloomberg
/jlne.ws/3rJxLg1
Egypt Scoops Up Russian Wheat From State-Backed Trader
Abdel Latif Wahba - Bloomberg
/jlne.ws/3ZSQToq
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| Miscellaneous | | Stories that don't quite fit under the other sections | 'Too dangerous:' Why even Google was afraid to release this technology
Bobby Allyn - National Public Radio
Imagine strolling down a busy city street and snapping a photo of a stranger then uploading it into a search engine that almost instantaneously identifies the person. This isn't a hypothetical. It's possible now, thanks to a website called PimEyes, considered one of the most powerful publicly available facial recognition tools online. On TikTok, PimEyes has become a formidable tool for internet sleuths trying to identify strangers, with videos notching many millions of views showing how a combination of PimEyes, and other search tools, can, for example, figure out the name of a random cameraman at a Taylor Swift concert.
/jlne.ws/3ZP2PHA
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