| February 06, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
The CME Group has named its slate of nominees for its board of directors to be elected at its annual meeting. Two new directors are joining the board along with two board members, including one that has served since 2004. Dennis H. Chookaszian and Ana Dutra are stepping down from the board, and former Congressman Harold Ford, Jr. and Kathryn Benesh are being slated to replace them. Chookaszian was critical in helping to elevate Terry Duffy to the CEO role, according to sources, and is the former chairman and CEO of CNA Insurance Companies.
Holly A. Bell, professor of business and economics at the University of Alaska Anchorage, has a paper published in Academia.edu titled "Velocity of Information in Efficient Markets: A Theory of Market Value Change." The description of the paper says, "This article argues that market prices in contemporary financial markets are driven by the value of information multiplied by a factor of the information's velocity. These factors combined have the potential to explain several observed market phenomenon, including market volatility during economic crisis or recession, market bubbles, flash crashes, and short-run volatility combined with overreactions and over-corrections."
The London Metal Exchange reported on LInkedIn that "3rd Wednesday volumes on our electronic platform LMEselect hit a record 19,000 lots."
Steven M. Sears has a column in Barron's titled "A Strategy to Reduce Stock Risk and Protect Future Gains."
One can understand Citadel's Ken Griffin's exit from Chicago a little better after reading a story in the Chicago Sun Times titled, "Violence in some Chicago neighborhoods puts young men at greater risk than U.S. troops faced in Iraq, Afghanistan war zones, study finds." The area they examined is the Garfield Park area on the west side of Chicago, not exactly Mr. Griffin's Gold Coast neighborhood, but still it is a brutal story of the impact on young men in these neighborhoods.
One of the reasons I stayed involved in Scouting in Chicago, as opposed to the suburbs, after leaving my unit responsibilities, was to help keep young men away from gangs, guns and drugs. Gangs start recruiting young boys at the same age Scouting does.
There are two different stories about investment bank CEOs, one about Goldman Sachs' David Solomon DJing and the other about Barclays' CEO CS Venkatakrishnan reflecting on "leading the bank while undergoing care for non-Hodgkin lymphoma." Fun and games and life and death.
Purdue's men's number one ranked basketball team was beaten by Walt Lukken's Indiana University Hoosiers on Saturday, but the news Purdue University made that is more significant is that the Purdue trustees endorsed the 12th consecutive tuition freeze. This is something that started during the tenure of former Purdue President Mitch Daniels, who recently stepped down and has forgone a run for the U.S. Senate from Indiana, according to recent reports. The new Purdue President Mung Chiang endorsed the freeze, which is a significant move. The secret to the tuition freeze is the manner in which the university pays for new buildings, getting 90% of the funding for the buildings before starting construction. Prior to the freeze, schools would raise partial amounts for new construction, then need to go to the University for the rest, which caused it to raise tuition to pay for them.
I am listening to "The Quants" by Scott Patterson on Audible by Amazon, today's books on tape, about how a new breed of math whizzes conquered Wall Street and nearly destroyed it. It is a fascinating listen/read, even if I lived through it already, though not as intimately as the characters in the book, some of whom are readers of JLN.
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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Russell 2000® Index Quarterly Chartbook January 2023
The Russell 2000® Index Quarterly Chartbook provides an overview of the performance of US small-cap equities in 12 data exhibits. Drill down to get the intel you value most. Explore now: http://ow.ly/5lBF50MFPhZ
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Pope Francis Reaffirms Calls for Acceptance of Gay People; The pontiff also reiterated his readiness to broker peace between Russia and Ukraine
Francis X. Rocca - The Wall Street Journal
Pope Francis reaffirmed his recent statement against the criminalization of homosexuality and recalled his past calls for greater acceptance of gay people, underscoring a prominent theme of his pontificate. "People with homosexual tendencies are children of God. God loves them. God is walking with them," the pope told reporters accompanying him on his flight to Rome from South Sudan on Sunday. "To condemn someone like this is a sin. To criminalize someone for homosexual tendencies is an injustice."
/jlne.ws/3jFMp3E
***** I call for the acceptance of all people. ~JJL
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US Downs Chinese Balloon, Prompting Protests from Beijing; Biden says he gave order on Wednesday and to wait until safe; No US advance warning to China on plan to shoot down balloon
Christian Hall, Jenny Leonard and Riley Griffin - Bloomberg
The US shot down an alleged Chinese surveillance balloon off the South Carolina coast on Saturday, injecting new tension into relations with Beijing which called the move an overreaction. President Joe Biden said he ordered the Pentagon on Wednesday to down the balloon as soon as possible "without doing damage to anyone on the ground."
/jlne.ws/3DEwolh
******* I was more concerned about the German spy balloon and the risk of it being shot down or punctured and all the beer showering down on the people below.
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Brexit could be reversed - here's how; Opinion is shifting but the public are running ahead of the politicians
Gideon Rachman - Financial Times
At the height of Britain's Brexit debate, passions ran so high that some talked of a "new English civil war". That comparison still intrigues me for one specific reason: the side that won the civil war ultimately lost. King Charles I was executed in 1649. Eleven years later, the English decided they had made a mistake and restored the monarchy. Could a similar reversal happen with Brexit? I think so.
/jlne.ws/3wVsj8O
****** What do you call Brexit regret? Brexregret?~JJL
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Is Bitcoin destroying the planet? And how do cryptocurrencies work? There are now thousands of cryptocurrencies ... Ethereum ... Dogecoin ... there's even one called Cosmos (and no, it's nothing to do with Cosmos Magazine).
Sophie Calabretto , Petra Stock - Cosmos Magazine
How do cryptocurrencies - which don't exist in physical form - have a carbon footprint? Why does Bitcoin use so much electricity? Are there any benefits? As the Australian Government considers regulating, Dr Sophie Calabretto talks to Cosmos Magazine journalist Petra Stock to find out the answers to a few of your cryptocurrency questions.
/jlne.ws/3HCdAVg
***** A rhetorical question to think about.~JJL
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Number of traders suffering mental health issues doubles in 2022, finds survey; New survey from the Buy-side Trading Community found that traders experiencing mental health issues had doubled to nearly 40% since its last survey.
Wesley Bray - The Trade
The Buy-side Trading Community has found that 38% of traders have had mental health issues in the last year, more than doubling from 18% in 2021. This figure comes despite increasingly flexible working locations, which has seen around half of traders operating in a 60-40 work from home and office split.
/jlne.ws/3lb3BhZ
****** Mental health for traders has always been an issue and should not be ignored.~JJL
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Friday's Top Three
Our top story Friday was Cyberattack Sends Derivatives Trading Back to the 1980s from Bloomberg. Second was ION cyber concerns continue - US Treasury steps in from The Trade News. Third was Gedon Hertshten - Open Outcry Traders History Project, Part Two, a video interview from John Lothian News.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | CFTC Chief Plots New Cyber Rules in Wake of ION Trading Hack; Rules would seek more vendor oversight by derivatives dealers; Attack has forced some manual clearing and margin calculations
Lydia Beyoud, Allyson Versprille and Katrina Manson - Bloomberg
The top US derivatives watchdog wants new cybersecurity rules as a recent attack on software company ION Trading UK continues to roil the industry. Rostin Behnam, the chairman of the Commodity Futures Trading Commission, said that recent events have underscored the need for increased regulation. He added that the threats related to information security were "an important and increasingly urgent problem."
/jlne.ws/3I1msFo
Ransomware Gang in Trading Hack Says Ransom Was Paid; Ion Trading representative declines to comment on ransom claim; Hack of ION Trading upended derivatives trading around world
Ryan Gallagher and Margi Murphy - Bloomberg
The hacking group behind the attack on ION Trading UK - the software firm that was struck by a cyberattack earlier this week, upending derivatives trading around the world - says a ransom has been paid. The announcement came a day before the group, called LockBit, threatened to release stolen files from ION unless the extortion payment was made. An ION representative declined to comment.
/jlne.ws/3RHRG7x
Hackers Target Thousands of Computers Days After Ion Attack; Multiple countries affected, including Italy, France, Canada; Ransomware attack exploits vulnerability in specific systems
Tommaso Ebhardt and Daniele Lepido - Bloomberg
Thousands of computer systems worldwide were exposed to a ransomware attack targeting specific types of systems, days after a UK derivatives trading operator was subject to a similar hack. According to cybersecurity agencies in France and Italy, their countries, as well as Canada and the US, were among those affected. Officials in Italy will meet Monday to assess the situation.
/jlne.ws/3lfsUzm
Hack of ION Derivatives System Prompts Caution in Other Markets; Banks are carefully reviewing trades sent through ION systems; ION's Fidessa platform is used by almost every major bank
Jennifer Surane and Katherine Doherty - Bloomberg
A cyberattack in a little-known corner of the derivatives market has Wall Street's biggest trading desks treading carefully in other markets unscathed by the incident, a sign of jitters pulsing through an industry on watch for such attacks. Banks including Citigroup Inc., Bank of America Corp. and Morgan Stanley are carefully reviewing trades sent through systems operated by ION Trading UK, which announced this week that a software business that underpins cleared derivatives markets globally was under attack.
/jlne.ws/3JJJxxE
When Financial Bubbles Are Hard to Pop; In Japan, China and the US, some mindsets persist despite changing policy decisions.
Shuli Ren - Bloomberg
Despite appearing unsustainable, financial bubbles can last a surprisingly long time. Consider three: Japanese government bonds, the US stock market and Chinese real estate. Since September 2016, the Bank of Japan has steadfastly vowed to keep its 10-year government bond yield near zero, even as central banks in the US, EU and UK started raising rates. Bond traders are getting vocal, saying the BOJ will have to raise rates eventually. Consumer price inflation has been above its target for nine months, and with the central bank owning half of Japan's sovereign debt, traders complain that the market isn't functioning properly, according to the bank's latest survey. But the BOJ stood firm. In the first three weeks of January, the bank spent a record $169 billion buying government bonds to maintain its rate policy.
/jlne.ws/3lbx6jV
FTX Inquiry Expands as Prosecutors Reach Out to Former Executives; Federal prosecutors in Manhattan are speaking with lawyers for former officials at the collapsed crypto exchange FTX and scrutinizing the immediate family of its founder, Sam Bankman-Fried.
Matthew Goldstein and David Yaffe-Bellany - The New York Times
Federal prosecutors are scrutinizing a growing array of people tied to Sam Bankman-Fried's collapsed cryptocurrency empire, including his father, his brother and former colleagues, as part of a rapidly expanding investigation into one of the biggest American financial crime cases in more than a decade, according to 13 people with knowledge of the inquiry. The U.S. attorney's office in Manhattan has created a special task force to pursue its investigation into the collapse of FTX, the crypto exchange founded by Mr. Bankman-Fried.
/jlne.ws/3HZVEFi
Italy warns hackers targeting known server vulnerability
Reuters
Thousands of computer servers have been targeted by a global ransomware hacking attack targeting VMware (VMW.N) ESXi servers, Italy's National Cybersecurity Agency (ACN) said on Sunday, warning organisations to take action to protect their systems. The hacking attack sought to exploit a software vulnerability, ACN director general Roberto Baldoni told Reuters, adding it was on a massive scale.
/jlne.ws/40xtXe7
The Rothschilds Are So Done With the Markets; The family is taking its storied boutique bank private. Minority shareholders are on the spot.
Chris Hughes - Bloomberg
What's the point of being listed? Even the bankers are wondering. Rothschild & Co.'s controlling family wants to take it private, arguing investors don't appreciate the storied boutique bank's long-term potential. It's the latest case of private buyers exploiting stock-market indifference.
/jlne.ws/3JJcQjR
Why Crypto Is the New Tulip Bulb Mania
Alexander Green - Liberty Through Wealth
A subscriber recently wrote to say he took my advice and used the down market to selectively buy beaten-down shares of high-quality companies. "Should I buy the crypto dip too?" he asked. Don't even think about it. I've warned readers about cryptomania repeatedly over the past two years, well before it reached its peak.
/jlne.ws/3HZ5pnj
Carlyle Picks Goldman Veteran Harvey Schwartz as Its Next CEO; Hire marks its latest attempt to solve succession challenge; Schwartz was previously co-president and co-COO at Goldman
Dawn Lim - Bloomberg
Carlyle Group Inc. has chosen former Goldman Sachs Group Inc. Co-President Harvey Schwartz to be its next chief executive officer, the private equity firm's latest attempt to resolve a long-running succession challenge. Washington-based Carlyle is planning to announce Schwartz's appointment as soon as this week, said people familiar with the matter. Schwartz, 58, takes over for co-founder Bill Conway, 73, who has been serving as interim CEO since Kewsong Lee resigned in August after a power struggle.
/jlne.ws/3RA9Jwo
Why It's So Hard to Be an ESG Investor; A lot of people want to put their money where their values are. But it isn't so simple.
Michael A. Pollock - The Wall Street Journal
Supporting societal change through investing is one of the most popular themes in the financial world these days. But it is more challenging than many might realize. Trillions of investor dollars are flowing to businesses that, according to themselves and other sources, are following the best so-called environmental, social and corporate-governance practices. This creates a powerful incentive for firms and asset managers that own the stocks of such companies also to make claims about the ESG-worthiness of those shares. Indeed, it would be hard to find a company that doesn't make such claims.
/jlne.ws/3DJ1ZT5
How Sam Bankman-Fried's Psychiatrist Became a Key Player at Crypto Exchange FTX; Hired as a coach at the Bahamas-based company, George Lerner was there for its dramatic downfall
Alexander Osipovich - The Wall Street Journal
Early last year, Sam Bankman-Fried told an FTX all-hands meeting about an addition to the company's staff. It wasn't a head of accounting. It wasn't a risk manager. Instead, it was a psychiatrist who would serve as coach for stressed-out employees at the fast-growing crypto exchange. Dr. George Lerner introduced himself on the video meeting and encouraged workers to consult with him, meeting attendees recalled.
/jlne.ws/3l8QaPE
Tesla's Elon Musk found not liable in trial over 2018 'funding secured' tweets
Jody Godoy and Hyunjoo Jin - Reuters
A U.S. jury on Friday found Tesla Inc (TSLA.O) CEO Elon Musk and his company were not liable for misleading investors when Musk tweeted in 2018 that he had "funding secured" to take the electric car company private. Plaintiffs had claimed billions in damages and the decision also had been seen as important for Musk himself, who often takes to Twitter to air his views. The jury came back with a unanimous verdict roughly two hours after beginning deliberations.
/jlne.ws/3leHyXC
'Major confusion' on buy-side as six-month SEC Mifid II 'no-action' letter deadline looms; Following a similar survey in August, Substantive Research finds the asset management community still largely unprepared for structural changes impacting research from this year.
Annabel Smith - The Trade
There is still 'major confusion' on the buy-side around the anticipated impact of the SEC allowing its Mifid II 'no-action' letter around investment research to expire this year, a survey by Substantive Research has found. Originally published in response to research unbundling requirements under Mifid II in 2018, the no-action letter was designed to temporarily reduce pressure on EU buy-side firms by allowing them to pay US brokers in cash for research. Its expiry means firms will now have to pay through trading commissions like their US counterparts.
/jlne.ws/3I21G8D
G7's new petroleum price caps to degrade Russia's war campaign -Yellen
Timothy Gardner and Andrea Shalal - Reuters
Western economies agreed new price caps on Friday on Russia's exports of oil products that U.S. Treasury Secretary Janet Yellen said would build on the crude oil cap set in December and further limit Russian oil revenues while keeping global energy markets supplied. The coalition imposing the measures, the Group of Seven economies, the EU and Australia, set the new price caps at $100 per barrel on products that trade at a premium to crude, principally diesel, and $45 per barrel for products that trade at a discount, such as fuel oil and naphtha.
/jlne.ws/40xYzwo
US Congress to hold 'crypto crash' hearing on Feb. 14
Turner Wright - CoinTelegraph
In a Feb. 3 announcement, Senate Banking Committee Chair Sherrod Brown said senators would convene on Feb. 14 in a hearing titled "Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets." The hearing will come two months after lawmakers met and discussed the collapse of crypto exchange FTX in a Dec. 14 hearing.
/jlne.ws/3leI08g
A bipolar currency regime will replace the dollar's exorbitant privilege; The greenback is bound sooner or later to feel the effects of intensifying geopolitical rivalry between the US and China
Nouriel Roubini - Financial Times
The US dollar has been the predominant global reserve currency since the design of the Bretton Woods system after the second world war. Even the move from fixed exchange rates in the early 1970s did not challenge the greenback's "exorbitant privilege".
/jlne.ws/3RIuB4D
China balloon over U.S. deflates hopes for diplomatic thaw
Michael Martina, Humeyra Pamuk and David Brunnstrom - Reuters
The political uproar over a suspected Chinese spy balloon drifting over the United States did not just derail a planned visit to Beijing by the top U.S. diplomat, it also threatens to upset attempts by both countries to steady an increasingly rocky relationship. The reaction in the United States to what appears to be an ill-timed spying mission will have lingering consequences for efforts to stabilize ties - already near historic lows. Some U.S. lawmakers are demanding that President Joe Biden, a Democrat, hold China to account for what officials are calling an unacceptable violation of U.S. sovereignty.
/jlne.ws/3wYpoMs
Mountain of cash: Chinese firm piles high US$9 million in banknotes on a stage at year-end party to shower bonuses on staff
Mandy Zuo - The South China Morning Post
A company in central China has stirred controversy by piling up a mountain of 61 million yuan (US$9 million) in banknotes on a stage before handing out the cash in year-end bonuses. According to media reports, a crane manufacturer based in Henan province, posted videos on social media on January 17 showing the stacks of cash piled two metres high at the company's annual party which went viral.
/jlne.ws/3HFcSX8
US companies say EU climate goals are deterring new gas deals; Buyers fear long-term supply contracts will conflict with carbon-neutral targets, according to executives
Justin Jacobs - Financial Times
Talks to send more US natural gas to Europe have stalled as the continent's climate goals deter buyers from making long-term fossil fuel supply commitments, according to two US energy executives. The US has shipped record volumes of liquefied natural gas to Europe over the past year, helping the continent avoid an energy catastrophe after Moscow cut off most of its pipeline supplies as part of the war in Ukraine.
/jlne.ws/3HXWJxw
Who's Equity-Rich? Map of US Housing Shows Big Pandemic Shift; Equity-rich levels nearly doubled at end-2022 vs 3 years ago; Share of equity-rich exceeded 50% in 19 states last quarter
Alexandre Tanzi - Bloomberg
The pandemic housing boom has seen home-equity wealth surge all over the country - but the gains aren't evenly distributed. The share of equity-rich mortgages - those that have a loan-to-value ratio of 50% or lower, meaning the mortgage holder's equity stake is at least 50% - almost doubled in the past three years according to new data released by Attom, a real estate data analytics firm.
/jlne.ws/3lg8OFu
Inside the 19-Hour Meltdown That Junked Adani's Share Sale; Royal Group, IHC's parent, queried offer's rationale amid rout; Group has lost over $110 billion market value in the past week
P R Sanjai, Ben Bartenstein and Saikat Das - Bloomberg
A beaming Gautam Adani stood beside Israeli Prime Minister Benjamin Netanyahu on Tuesday, looking relaxed as hundreds of people gathered for the ceremonial signing at the Haifa Port, which the Indian billionaire is co-developing. The 60-year-old tycoon had reason to be buoyant: last-minute bids had helped the flagship of his ports-to-power empire close a record $2.5 billion share sale despite a searing short seller attack that triggered a stock rout.
/jlne.ws/3jzxjwM
ETF Seizes on ChatGPT Buzz With a Focus on 'Conversational' AI; ETF aims to capture ChatGPT craze but may struggle: Balchunas; Fund aims to invest in companies focused on conversational AI
Isabelle Lee - Bloomberg
Wall Street's $6 trillion ETF machine rarely lets a viral trend pass it by. OpenAI's chatbot is no exception. Enter the Conversational AI, AI and Innovation ETF, which would trade under the ticker CHAT. The actively-managed fund will seek to invest in global stocks that are primarily connected with artificial intelligence, with an emphasis on "conversational" AI and innovation, according to a Securities and Exchange Commission filing Thursday.
/jlne.ws/3DGGXEs
BNP Reaps Reward of $20 Billion ESG Fund Call With New Dominance
Natasha White and Frances Schwartzkopff - Bloomberg
As the dust settles on the wave of ESG fund downgrades that swept through Europe's investment industry, BNP Paribas SA has managed to climb several notches up a controversial ladder. BNP Paribas Asset Management is now the second-biggest provider of the European Union's top environmental, social and governance fund class, known as Article 9.
/jlne.ws/3X8olV0
Watch Out, China Inc. Is Going Global. Again; Chinese companies are raising capital in Europe as they look to expand production bases there. It's an astute move.
Anjani Trivedi - Bloomberg
China Inc. is going global again. This time via Europe, as industrial companies tap into rising pressure across the region to go green. A string of Chinese industrial firms including construction machinery giant Sany Heavy Industry Co. and electric-vehicle parts supplier Zhejiang Sanhua Intelligent Controls Co. have raised billions of dollars on the SIX Swiss Exchange through global depositary receipts since a cross-listing program was launched in July last year.
/jlne.ws/3JFD8n1
China Must Repair Damage From Its Burst Balloon; Their actions caused this diplomatic crisis. Now it's up to Chinese leaders to take the first step to salvage ties with the US.
Minxin Pei - Bloomberg
After US jet fighters took out a Chinese "spy balloon" that had slowly traversed the country last week, the idea of stabilizing relations between the two superpowers might seem naïve and quixotic. Yet the two sides still need to try - and China must take the first step. The bizarre incident has undoubtedly made any rapprochement harder.
/jlne.ws/3HZnstq
'Teflon' Elon Wins Again as Jury Rejects Tweet Fraud Claims; Jury finds Musk didn't mislead public on taking Tesla private; Tesla shareholders had sought billions of dollars in damages
Joel Rosenblatt - Bloomberg
Elon Musk proved once again that he's difficult to beat in court. On Friday, a federal jury in San Francisco took just two hours to clear the Tesla Inc. chief executive officer of claims by investors that he defrauded them when he tweeted 4 1/2 years ago that he was considering taking the company private and had "funding secured" to make the deal happen.
/jlne.ws/3DFggAk
Saudi Arabia's Oil Chief Says He'll Stay Cautious on Output; Prince Abdulaziz said OPEC+'s strategy has been proved right; Minister warns sanctions on energy producers will backfire
Anthony Di Paola, Fahad Abuljadayel and Paul Wallace - Bloomberg
Saudi Arabia's energy minister reiterated that the kingdom will remain cautious about raising oil production, even as several prominent analysts say rising demand will soon cause prices to rise beyond $100 a barrel. "I will believe it when I see it and then take action," Prince Abdulaziz bin Salman said on Saturday in Riyadh.
/jlne.ws/3wYOBGx
Crypto's Monster Rally Overshadows Demise of Zombie Projects; tZero is latest crypto project or related entity to close; Harvey: 'This is not a crypto issue - it a start up issue'
Olga Kharif - Bloomberg
Digital-asset enthusiasts suggesting that the market rally since the start of the year brings an end to "crypto winter" may want to first make a wider assessment before declaring a thaw. Much like the tradition celebrated on Feb. 2 of announcing whether a groundhog sees its shadow when emerging from its burrow to proclaim an early spring, many crypto advocates are pointing to the roughly 40% gains since December as end to the turmoil over the past year that erased as much as $2 trillion in hypothetical market value.
/jlne.ws/3I0zpz1
The curious case of FTX VIPs
Charles Gasparino - NY Post
David Boies is no stranger to quandary or controversy. In fact, over his long legal career he always seems to be courting it. You might recall how the 81-year-old super lawyer argued famously before the Supreme Court in Bush v. Gore in the disputed 2000 election. (As a big-time Dem he repped Gore and lost). Or how he represented the Clinton administration's antitrust department in its famous case against Microsoft. (He won). He also doesn't mind aiming pretty low in pursuit of money and possibly publicity. He worked for convicted sex-fiend Harvey Weinstein for a time and Elizabeth Holmes of Theranos infamy.
/jlne.ws/3HZUN7t
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine Hopes New Bombs From U.S. Will Help It Push Back Russia
Ian Lovett and Daniel Michaels - The Wall Street Journal
Ukraine last summer stunned Russian troops with precision strikes from U.S.-supplied Himars mobile rocket launchers. Now an even more potent rocket system holds the potential to re-energize Kyiv's troops.U.S. officials are expected Friday to say they will give Ukraine new Ground-Launched Small Diameter Bombs, precision-guided, 250-pound explosives that are strapped to rockets and can be fired from a Himars or another launcher.
/jlne.ws/3lcDhEg
There's a sense that another turning point is approaching in Russia's war in Ukraine
Stephen Collinson - CNN
Russia's mass mobilization, looming offensive and missile-borne terror against civilians is triggering fresh calls for even greater Western lethal aid to Ukraine, days after leaders signed off on their latest package that included the first tanks. A building public debate over whether to send F-16 fighter jets is resurfacing a dilemma underlying the entire NATO response: Is the aim of the United States and its allies simply to allow Ukraine to ensure its survival or is it to help it expel Russia from all its territory and to ensure the defeat of Russian President Vladimir Putin?
/jlne.ws/3I0hwQY
Signs of Coming Russian Offensive Mount on Multiple Fronts in Ukraine; Kyiv expects Moscow to launch five lines of attack in the east
Matthew Luxmoore - The Wall Street Journal
Russia is regrouping its forces in eastern Ukraine and launching offensives along five lines of attack, Ukraine's armed forces said on Saturday as officials in Kyiv and Western capitals continue to warn of a major Russian push to gain territory. The main focus of Russia's offensive remains the besieged city of Bakhmut in the Donetsk region, which it is seeking to surround and capture.
/jlne.ws/3Y8DPtt
Russia's Casualties in Ukraine Near 200,000; The estimates come as Moscow's forces push to seize an advantage as the anniversary of the war approaches
Ann M. Simmons and Nancy A. Youssef - The Wall Street Journal
Close to 200,000 Russian troops have been killed or wounded in the war in Ukraine, according to estimates from U.S. and European officials, a toll that is likely to continue to rise as the Kremlin readies a fresh offensive in the coming weeks. The U.S. military, which keeps rough estimates on Russian casualties in Ukraine, puts the figure for wounded and dead at roughly 180,000, though officials stressed such figures aren't precise, a U.S. defense official said.
/jlne.ws/40u3kaa
Putin promised me he would not kill Zelenskiy, says former Israeli PM
Bethan McKernan - The Guardian
The former Israeli prime minister Naftali Bennett has said in an interview that Vladimir Putin told him he would not try to kill Volodymyr Zelenskiy, a promise made during a trip to Moscow shortly after Russia invaded Ukraine last year. Speaking on a podcast with the Israeli journalist Hanoch Daum, published on Sunday, Bennett said he received assurance from Putin that the Ukrainian president's life was not at risk during a secretive visit to the Russian capital last March aimed at mediation during the war's early days.
/jlne.ws/3Y6WUfw
Germany's Scholz: Putin has not threatened me or Germany - Bild
Reuters
Russian President Vladimir Putin in his telephone conversations with German Chancellor Olaf Scholz "has not made any threats against me or Germany," Scholz said in an interview with Sunday newspaper Bild am Sonntag. Former British prime minister Boris Johnson, speaking to the BBC for a documentary early this week, said the Russian leader had threatened him with a missile strike that would "only take a minute." The Kremlin said Johnson was lying.
/jlne.ws/40yzEZg
Russian army officer says he saw Ukrainian POWs tortured; Konstantin Yefremov is trying to seek asylum in the United States.
Patrick Reevell - ABC News
A senior Russian army lieutenant who fled Russia told ABC News he witnessed his country's troops torture prisoners in Ukraine, including beating and threats to rape them. Konstantin Yefremov, the most senior Russian soldier to defect and speak out openly against the war, is now in hiding and spoke to ABC News from Mexico. He is currently seeking to apply for political asylum in the United States.
/jlne.ws/3Ryh6Vc
Ukraine to replace defence minister in first major reshuffle since invasion
Roman Olearchyk - Financial Times
Ukraine defence minister Oleksiy Reznikov is set to be replaced by Kyiv's head of military intelligence, legislators in President Volodymyr Zelenskyy's party said on Sunday. The planned reshuffle was meant to move Reznikov to another senior government position, according to several MPs, but the lawyer-turned-politician said he would reject the shift. Maj Gen Kyrylo Budanov will become minister of defence, lawmakers said.
/jlne.ws/40xtqJ9
Ukraine prepares for renewed Russian offensive
Ben Hall and Roman Olearchyk - Financial Times
Ukrainian forces are bracing for an imminent large-scale attack by Russian troops as the Kremlin seeks to regain the initiative in the war and seize the rest of the Donbas region in eastern Ukraine. Ukrainian officials have multiplied warnings in recent days about a coming Russian offensive, albeit with differing timelines.
/jlne.ws/3YtwDHR
Ukraine warns against complacency in face of Russian threat
Sam Fleming - Financial Times
Volodymyr Zelenskyy has warned Ukrainian citizens against complacency in the face of an expected Russian offensive and called on western allies to speed up their assistance to Kyiv. The Ukrainian president said he saw signs that in some cities, people were letting their guard down despite ongoing hostilities, a "weakness" his country could not afford. Compared to the start of the war, when "the spirit was stronger", Zelenskyy said, "now I see in some cities that they are at rest."
/jlne.ws/3RCmkis
Russia Sends More Oil by Sea, But Kremlin's War Chest Pressured; Russia's crude flows rose to the highest since June, but cash for Moscow's coffers is undermined by deep discounts
Julian Lee - Bloomberg
Flows of Russia's seaborne crude rose for a fourth time last week to the highest level since June, helped by the diversion of volumes that were previously piped directly to Germany and Poland. But the combination of Europe's ban on imports, which was supplemented on Sunday by a similar prohibition on purchases of Russian refined products, and price caps on exports elsewhere has squeezed the Kremlin's earnings from its oil sales.
/jlne.ws/3lgRXCs
Ukraine Crop Deal Misses Target as Russia Slow-Walks Ship Checks; Number of outbound vessels cleared in January hits 5-month low; Delays weigh on farmers' incomes and raise costs for traders
Kateryna Choursina and Aine Quinn - Bloomberg
From his post at the mouth of the Black Sea, Ukrainian ship inspector Ruslan Sakhautdinov has seen his Russian counterparts repeatedly slow the flow of his country's grain abroad - from scrutinizing fuel gauges to crews' personal belongings.
/jlne.ws/3I05GWY
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Hong Kong, Saudi Arabia Exchanges to Cooperate on Cross Listings
Kateryna Kadabashy - Bloomberg
The Hong Kong and Saudi stock exchanges signed a pact to cooperate in areas such as cross listings, a day after the city's Chief Executive Officer John Lee was reportedly said to be working to convince oil giant Aramco to list in the Asian financial hub. The Hong Kong Exchanges & Clearing Ltd. and the Saudi Tadawul Group Holding Co. will also explore cooperation in fintech, ESG and other areas, the Asian exchange said in a statement.
/jlne.ws/3X6RaRF
Saudi and Hong Kong Exchanges agree partnership deal as activity between the Middle East and Asia steps up; The two exchange operators signed an agreement today to explore opportunities in areas including ESG, fintech and cross listings.
Laurie McAughtry - The Trade
The Saudi Tadawul Group, which operates the stock exchange in Saudi Arabia, has signed an MoU with Hong Kong Exchanges and Clearing (HKEX), the Hong Kong exchange operator, to cooperate in a number of areas including fintech, ESG and cross listings as well as "a number of other areas of interest to both exchanges".
/jlne.ws/3lbpgqu
HKEX Signs Cooperation Agreement with Saudi Tadawul Group
Hong Kong Exchanges and Clearing Limited
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce it has signed a Memorandum of Understanding (MOU) with the Saudi Tadawul Group Holding Company (Saudi Tadawul Group), the stock exchange operator in the Kingdom of Saudi Arabia, to explore cooperation in a number of areas that will bring mutual benefit to both organisations' financial markets. Under the MOU, HKEX and Saudi Tadawul Group will explore cooperation opportunities in Fintech, ESG and cross listings, as well as a number of other areas of interest to both exchanges.
/jlne.ws/3DK9CZl
CME Group Inc. Names Slate of Director Nominees
CME Group
CME Group Inc., the world's leading derivatives marketplace, today announced that its Board of Directors has nominated two new director candidates, Harold Ford Jr. and Kathryn Benesh, for election at its 2023 annual meeting to be held Thursday, May 4, 2023.
/jlne.ws/40vbjDI
Cboe Global Markets Reports Trading Volume for January 2023
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported January monthly trading volume statistics across its global business lines. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain January trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
/jlne.ws/3x1ODxE
Deutsche Boerse Photography Foundation presents the exhibition "Foam Talent 2022;" The "Foam Talent 2022" exhibition can be seen from February 17 to May 14, 2023 in The Cube in Eschborn; Visits to the exhibition are part of regular guided tours, on "Open Saturday" on March 25, 2023 and on the occasion of the night of the museums possible on May 13, 2023; The exclusive press preview will take place on February 16, 2023 at 11 a.m.; The Deutsche Boerse Photography Foundation acquires works by Marvel Harris; The exhibition "Foam Talent 2022" in The Cube in Eschborn
Deutsche Boerse
From February 17, the Deutsche Boerse Photography Foundation will be presenting the group exhibition "Foam Talent 2022", which is part of the cooperation with the photography museum Amsterdam Foam. It includes photographic, filmic and installation works by 20 contemporary artists from 14 nations.
/jlne.ws/3I15wyE
Regulation shifts focus to listed FX; Jens Quiram, global co-head of FIC derivatives and repo sales at Eurex, assesses the state of the regulatory landscape in the FX market and outlines how listed markets offer a viable alternative to increasingly costly over the-counter instruments
Jens Quiram, Eurex
With the woes of the Covid-19 pandemic fading into the background, it was regulation that took centre stage for many market participants in 2022. With uncleared margin rules (UMR) phase 6 coming into effect and the standardised approach to counterparty credit risk (SA-CCR) launching in the US, the roll-out of two major regulatory developments was completed last year. The fact the two regulations are affecting FX market participants very differently raises the question: why are buy-side firms and sell-side institutions increasingly relying on FX futures to maintain their bilateral trading relationships?
/jlne.ws/3JJGRjn
ICE Expands ESG Company Data in the Asia-Pacific Region; Increases total coverage to 16,000 companies globally
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced it has expanded its environmental, social and governance (ESG) Company Data in the Asia-Pacific region and now offers global coverage of 16,000 companies across 105 countries. With this expansion, ICE provides high-quality, granular data mapped to approximately 1.4 million corporate equity and fixed income securities.
/jlne.ws/3JJFBfZ
Intercontinental Exchange Reports January 2023 Statistics
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology and market infrastructure, today reported January 2023 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
/jlne.ws/3JFRvYA
ICE SONIA Futures and Options Reach Record Volume as Investors Return to U.K. Markets
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced record volume in SONIA futures and options as investors return to U.K. interest rate futures markets. A record 1.147 million SONIA futures and options traded on February 2, 2023, including a record 979,561 in SONIA futures, a 19% increase on the previous record. Open Interest in SONIA futures and options is up by a third since the start of 2023 at 2.758 million contracts.
/jlne.ws/3JJC7dv
Moscow Exchange expands range of corporate bond indices
MOEX
Starting February 6, 2023, the Moscow Exchange is expanding the range of corporate bond indices, the credit quality of which is assessed using credit ratings assigned by Russian rating agencies.
/jlne.ws/3JRYQ78
Moscow Exchange starts calculating the gold price index
MOEX
On February 6, 2023, the Moscow Exchange starts calculating and publishing a new indicator of the precious metals market - the refined gold index (index code - RUGOLD). The index is calculated daily in Russian rubles on the basis of exchange transactions with gold concluded on the Moscow Exchange from 10:00 to 15:30 (GLDRUB_TOM tool).
/jlne.ws/3DJiI8F
Moscow Exchange expands range of corporate bond indices
MOEX
Starting February 6, 2023, the Moscow Exchange is expanding the range of corporate bond indices, the credit quality of which is assessed using credit ratings assigned by Russian rating agencies.
/jlne.ws/3JRYQ78
Participant Portal - Change In Url
Montreal Exchange
The Regulatory Division wishes to advise Participants that, to comply with the latest browser and security standards, it has enabled and deployed enhanced domains on all its Salesforce websites. This update affects URLs on Experience Cloud websites such as the Participant Portal.
/jlne.ws/3X1BW0g
News about Adani Power Limited
NSE
The media had reports that Bangladesh keen to revise Adani Power deal. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the marketplace so that the interest of the investors is safeguarded, has written to the company. A copy of the clarification is available on the NSE website (http://www.nseindia.com) under (List > Corporate filings > Announcements)
/jlne.ws/3XackON
TMX Group Consolidated Trading Statistics - January 2023; Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange
TMX
TMX Group Limited today announced January 2023 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha) and Montréal Exchange (MX).
/jlne.ws/3YucGAG
MGEX Reports Trading Results for January 2023
MGEX
Minneapolis Grain Exchange (MGEX™), a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), today reported January 2023 trading volume of 165,600 contracts, representing a 40.2% year-over-year (YoY) decrease from the same period in 2022 and a 1.6% increase from December 2022.
/jlne.ws/3HWUHO1
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | ION has reportedly paid the ransom - but could it cause more harm than good? The firm plans to rebuild rather than restore, despite rumours that the ransom has been paid - but could it be liable for a regulatory penalty in response?
Laurie McAughtry - The Trade
According to Russian hacker group Lockbit, which claims responsibility for the cyber-attack on ION Cleared Derivatives (a division of ION Markets) last week, the alleged ransom has been paid and a decryption key provided to the firm - although it declined to give details. However, even with the decryption key, sources close to ION tell The TRADE that the firm plans to build new infrastructure for its derivatives platform rather than risk returning to the hacked systems.
/jlne.ws/3YqexXl
Musk Offers to Share Twitter Ad Revenue With Blue Subscribers
Sarah Frier - Bloomberg
Twitter Inc. will start showing ads in the replies to tweets and sharing some of the revenue with the tweet's writer, according to site owner Elon Musk. The catch: In order to be eligible to receive a share of the revenue, someone has to be a subscriber to the premium version, called Twitter Blue. That costs $8 a month.
/jlne.ws/3ntEa98
Can the pioneer of blockchain gaming survive the crypto winter?
Kadhim Shubber, Jemima Kelly and Chan Ho-him - Financial Times
Yat Siu is no stranger to controversy. Over the years, the serial technology entrepreneur has been kicked off the App Store, delisted from a stock exchange and has clashed with his auditors. But Siu, through his Hong Kong-based Animoca Brands vehicle, has become the pre-eminent investor in the world of blockchain-based gaming, presented by its promoters as the next big thing in the global games industry.
/jlne.ws/3YhYT0e
Paytm Posts Narrower Loss After Growth Push Boosts Sales; India digital payments leader is spending to attract customers; Stock is down 76% since firm's high-profile IPO in late 2021
Saritha Rai - Bloomberg
Paytm, India's leading digital payments brand, posted a narrower third-quarter loss after its drive to add customers boosted revenue. The net loss in the quarter through December shrank to 3.9 billion rupees ($48 million) from 7.8 billion rupees a year earlier, the company said in a statement on Friday. Revenue from operations rose 42% to 20.6 billion rupees, while total costs climbed at a slower pace.
/jlne.ws/3X7vg0s
Decentralized Lending Protocol Centrifuge Accrues $6M Unpaid Debt
Krisztian Sandor - CoinDesk
Some $5.8 million of loans in two lending pools are overdue on the decentralized lending protocol Centrifuge, according to data by blockchain credit analytics platform rwa.xyz. The distressed debt includes consumer loans and invoice and trade receivables financing, per Centrifuge's loan dashboard.
/jlne.ws/3X82tc4
OpenAI Is Drawing Competition From Fleet of Startups; A small army of startups and tech giants is vying to outdo the AI darling of the moment.
Dina Bass and Priya Anand - Bloomberg
OpenAI has stunned the world of techies and investors with its viral artificial intelligence products and its jaw-dropping $10 billion in backing from Microsoft Corp. Now, a growing number of large and small companies are racing to try to overtake the startup in the suddenly hot world of AI services. "There's obviously a whole crew of startups that are trying to chase after them - or leapfrog them," said Guido Appenzeller, a former Intel Corp. AI executive and an Andreessen Horowitz adviser.
/jlne.ws/3wZfbPZ
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| Cybersecurity | | Top stories for cybersecurity | UK Engineering Company Vesuvius Hit by Cyber Attack
Sarah Jacob - Bloomberg
UK engineering company Vesuvius Plc said it's managing a cyber-security incident involving unauthorized access to its systems. The molten metal flow control firm has shut down affected systems and initiated steps to assess the scale of the attack, it said in a statement on Monday. The shares fell as much as 3.1% in early trading in London.
/jlne.ws/3X8fBOs
ION's Woes Far From Over Even If It Paid Ransom, Experts Say; Hackers say ION's ransom was paid; company declined to comment; Decrypting files, cleaning systems can take months after hack
Margi Murphy - Bloomberg
The hackers behind the recent ransomware attack on ION Trading UK, which upended derivatives trading around the world, claim the extortion payment was paid. While ION Trading has declined to comment on the hackers' claim, cybersecurity experts say paying a ransom isn't a magic bullet that automatically restores computer systems. Rather, the recovery drag on for months, they said.
/jlne.ws/3DIspnY
How Tyrants Use Tech to Spy on All of Us; A conversation with the co-authors of Pegasus on how one Israeli company enabled governments around the world to secretly infect mobile phones and why everyone's privacy is still at risk.
Parmy Olson - Bloomberg (opinion)
Parmy Olson: You're the co-authors of a new book, "Pegasus: How a Spy In Your Pocket Threatens the End of Privacy, Dignity, and Democracy," which tells the story of Pegasus, a powerful spyware developed by the Israeli cybersecurity firm NSO Group. In recent years, a range of governments around the world purchased this technology, allowing them to gain remote-control access to people's mobile phones without their knowledge.
/jlne.ws/3jAxuI0
UK's National Cyber Security Center Also Looking Into ION Hack
William Shaw - Bloomberg
The National Cyber Security Center, part of UK intelligence agency Government Communications Headquarters, is part of the growing number of government bodies examining the cyberattack on ION Trading UK. The NCSC joins the Financial Conduct Authority, the Prudential Regulation Authority and the US Federal Bureau of Investigation in seeking information about the incident, according to people familiar with the matter, who aren't authorized to speak publicly.
/jlne.ws/3jymJ95
Italy warns hackers targeting known server vulnerability
Reuters
Thousands of computer servers have been targeted by a global ransomware hacking attack targeting VMware (VMW.N) ESXi servers, Italy's National Cybersecurity Agency (ACN) said on Sunday, warning organisations to take action to protect their systems. The hacking attack sought to exploit a software vulnerability, ACN director general Roberto Baldoni told Reuters, adding it was on a massive scale.
/jlne.ws/40xtXe7
Top Cybersecurity Envoy Says His Twitter Was Hacked; ISN'T IT IRONIC
AJ McDougall - Daily Beast
Nathaniel Fick, the head of the U.S. State Department's Bureau for Cyberspace and Digital Policy, said Saturday that his Twitter had been compromised. "My account has been hacked," he tweeted from his personal account. "Perils of the job..." It was unclear who was behind the alleged hack, or what changes they might have made to Fick's account. Fick is an irregular presence on Twitter, where he maintains an unverified personal account with fewer than 5,000 followers, preferring instead to be represented by the State Department's official Twitter. He was nominated to be the bureau's ambassador-at-large in June 2022, and was confirmed by September.
/jlne.ws/3Yr2Csp
Cyber Apocalypse 2023: Is The World Heading For A "Catastrophic" Event?
Bernard Marr - Forbes
As the 2023 annual meeting of the World Economic Forum wrapped up in Davos, Switzerland, it ended with a disturbing prediction from one of the leading voices. Delivering a presentation on the 2023 Global Cybersecurity Outlook report, forum Managing Director Jeremy Jurgens revealed that 93 percent of those surveyed believe that a "catastrophic" cyber security event is likely in the next two years.
/jlne.ws/3JFVqEJ
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bankman-Fried Entity That Owns Robinhood Stake Goes Bankrupt; US government already seized $590 million Robinhood stake; Shares subject to web of creditor claims after FTX collapse
Jeremy Hill - Bloomberg
Sam Bankman-Fried's Emergent Fidelity Technologies Ltd., an offshore entity that owns 55 million shares of Robinhood Markets Inc., filed for bankruptcy Friday amid a fight over who should get the stock following the collapse of FTX Group. The Robinhood stake, worth more than $590 million at current market prices, has been seized by the US government, but its ultimate fate is unclear. A hodgepodge of parties including the Justice Department, bankrupt crypto lender BlockFi Inc., and Bankman-Fried himself, are trying to take the shares for good.
/jlne.ws/3HCORzT
Silvergate Faces US Fraud Probe Over FTX and Alameda Dealings; Bank hasn't been accused of wrongdoing; probe in early phases; Silvergate shares tumble more than 20% in extended trading
Tom Schoenberg - Bloomberg
US prosecutors in the Justice Department's fraud unit are looking into Silvergate Capital Corp.'s dealings with fallen crypto giants FTX and Alameda Research, according to people familiar with the matter. The criminal investigation is examining Silvergate's hosting of accounts tied to Sam Bankman-Fried's businesses, said the people who asked not to be identified to discuss the confidential probe. The review adds to mounting scrutiny of the La Jolla, California-based bank, which has also drawn the attention of lawmakers.
/jlne.ws/3jwmpI9
Former FTX Executive Harrison Is Getting Ready for His Next Act; Brett Harrison, ex-president of FTX US, starts new crypto firm; Startup follows FTX's market-rattling November implosion
Hannah Miller - Bloomberg
It's been less than three months since FTX collapsed in what US prosecutors called one of the biggest financial frauds in American history - and a former top executive is eager to get it all behind him and move on to his next big thing. Yes, Brett Harrison acknowledges, he led FTX US, the crypto exchange's American arm, and was one of its public faces before stepping down in September.
/jlne.ws/40tXXb0
Bitcoin Resurgence Brings Back Old Phenomenon of Wild Weekends; One theory on big weekend moves is that liquidity is thinner; But the release of data overnight could also impact trading
Vildana Hajric - Bloomberg
Amid this year's rally, Bitcoin has resumed one of its old habits: it's back to posting big moves on weekends, a phenomenon that's become an intriguing characteristic of the cryptocurrency market. Take last Sunday, when it gained 3.4%, a similar amount to what it notched the Saturday on the weekend prior. And the Saturday before that, the coin advanced 5.5%.
/jlne.ws/40qQjOJ
'I would not touch crypto in a million years': Jim Cramer blasts 'dangerous' $4.3B bailout of crypto bank - here's how to prep for a collapse of crypto confidence
Bethan Moorcraft - MoneyWise
Facing a wave of withdrawals from nervous investors, a crypto-friendly bank is staying solvent thanks to an unusual multibillion-dollar loan - a move Jim Cramer says should knock you off your chair. "This is extraordinary," the Mad Money host and crypto skeptic tweeted last week. "A bailout loan from the Federal Home Loan Bank for a crypto bank to stem the run. I wish people knew how dangerous this is all getting. NOT business as usual."
/jlne.ws/3Yu0Dnh
Crypto Crisis: A Timeline of Key Events; The industry's troubles began months before FTX filed for bankruptcy
Candice Choi - The Wall Street Journal
The crisis roiling the crypto industry captured public attention with the remarkable collapse of FTX this past November and the arrest soon after of the exchange's founder, Sam Bankman-Fried. But the industry's troubles began months before-and has continued to spread since. Below is a look at the key dates in the crisis.
/jlne.ws/3Y6BBL5
Potential Buyers Circle Embattled Singapore Crypto Lender Hodlnaut and its Claims Against FTX
Suvashree Ghosh - Bloomberg
Potential buyers are inquiring about purchasing the struggling crypto lender Hodlnaut and its claims against bankrupt digital-asset exchange FTX. "Various parties who are interested in acquiring" Singapore-based Hodlnaut's crypto platform and FTX claims have contacted the interim judicial managers overseeing the company after it sought protection from creditors, according to an affidavit seen by Bloomberg News.
/jlne.ws/3JIdpKA
Time to Upgrade the Ethereum Blockchain (Again) (Podcast); Ethereum has another update planned for March. It's called Shanghai. And this is what it will do.
Sharon Beriro - Bloomberg
Nearly five months ago, the Ethereum blockchain successfully completed what was - at the time - a very complicated and years-in-the-making update. Called The Merge, it allowed the blockchain to move from validating transactions using computers that took a lot of energy to run, to a proof-of-stake model. The switch cut Ethereum's power consumption by more than 99 percent. And the price of ETH rallied shortly after.
/jlne.ws/3JLPIB8
New look CBDCs and cryptomarket to emerge from turmoil, top BIS official says
Marc Jones - Reuters
Cryptomarkets have not been killed off by last year's turmoil, while the new wave of central bank digital currencies will face geopolitical limits, the Bank for International Settlements' new innovation head has predicted. Dubbed the central bank to the world's central bank, the BIS has long been critical of cryptocurrencies, likening bitcoin to both a ponzi scheme and market bubble in the past.
/jlne.ws/3l16Ubp
Bankrupt Crypto Firm Sends 27,403 Mining Machines to Lender NYDIG; The move will eliminate a $38.6 million machine-backed loan; Machine-backed loans were a financing tool during crypto boom
David Pan - Bloomberg
New York Digital Investment Group, one of the largest crypto lenders, is repossessing 27,403 machines from bankrupt miner Core Scientific Inc. as the company seeks to extinguish a loan. The mining company received a court approval to ship those machines to NYDIG in the coming months, eliminating a $38.6 million machine-backed loan. The collateral is worth about $25 million at the current market price, according to a Feb. 2 filing.
/jlne.ws/3YdtjBi
TZero to Sunset tZero Crypto App Amid Regulatory Challenges
Elizabeth Napolitano - CoinDesk
Overstock-owned trading platform tZero will sunset its tZero Crypto app, which combines a digital wallet with exchange services, on March 6, the company tweeted Friday morning. The app's discontinuation comes as the firm struggles to build its business while regulators "clarify the regulatory environment surrounding crypto," according to tZero's tweets.
/jlne.ws/3DIHBl6
Why Crypto Is Not an 'Industry'
Noelle Acheson - CoinDesk
New concepts are complicated enough to talk about without having to struggle with vocabulary. It's not so much the need to occasionally use arcane terms; it's also that long-established words can be inadequate and better ones are not yet in circulation. One painful example is a word I need to use several times a day, knowing it is inaccurate.
/jlne.ws/3I9qaNj
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| Politics | | An overview of politics as it relates to the financial markets | White House draws fire from climate groups over Alaska oil project; ConocoPhillips' Willow venture receives partial recommendation by federal land managers
Myles McCormick and Aime Williams - Financial Times
A controversial Alaska oil project has edged a step closer to approval after the Biden administration indicated support for a slimmed down version of the drilling venture, sparking the ire of environmental groups. The Bureau of Land Management released a final environmental study for the $8bn Willow project on Wednesday that recommended cutting the scope to three drilling sites from the five initially proposed by its developer, the oil company ConocoPhillips.
/jlne.ws/3YawVE6
FTX Wants Politicians, PACs to Return Donations-And May Sue to Recover Funds
Andre Beganski - Decrypt
FTX told the political world Sunday the bankrupt crypto exchange wants its money back, after millions of dollars flowed into the hands of candidates and action committees under the direction of founder and former CEO Sam Bankman-Fried or others in his regime.
/jlne.ws/40uurlt
New proposal sets limits on sugar in US school meals for first time
Associated Press - The Guardian
US agriculture officials on Friday proposed new nutrition standards for school meals, including the first limits on added sugars, with a focus on limiting sweetened foods such as cereals, yogurt, flavored milk and breakfast pastries. The plan announced by the agriculture secretary, Tom Vilsack, also seeks to significantly decrease sodium, making for less salty meals served to the nation's school kids by 2029, while making the rules for foods made with whole grains more flexible.
/jlne.ws/3YjesoA
The White House Is Concerned About Crypto
Nikhilesh De - CoinDesk
The White House published a statement warning about the risks of cryptocurrencies, pointing to last year's various collapses. I spoke to an administration official about the statement and what it means. Last week, the White House published a "roadmap to mitigate cryptocurrencies' risks," signed by (outgoing) National Economic Council Director Brian Deese, White House Office of Science and Technology Policy Director Arati Prabhakar, Council of Economic Advisors Chair Cecilia Rouse and National Security Advisor Jake Sullivan.
/jlne.ws/3XmjaRz
FTX Wants Politicians, PACs to Return Donations-And May Sue to Recover Funds
Andre Beganski - Decrypt
FTX told the political world Sunday the bankrupt crypto exchange wants its money back, after millions of dollars flowed into the hands of candidates and action committees under the direction of founder and former CEO Sam Bankman-Fried or others in his regime. FTX's newly-appointed CEO John John Jay Ray III, who was installed to oversee the exchange's Chapter 11 bankruptcy after it collapsed in November, had previously said that donations linked to the exchange should be returned.
/jlne.ws/40uurlt
British Gas Ordered by Regulator to Halt Pre-Payment Warrants; Some 4.5 million households use prepayment meters to pay bills; Energy watchdog probing forced pre-payment meter installations
Victoria Cavaliere - Bloomberg
The UK's energy regulator issued a legal order demanding that British Gas stop using court warrants to force the installation of pre-payment meters in people's homes. The country's biggest household energy supplier must stop all warrant activities until "it can demonstrate compliance with our standards and requirements," an Ofgem spokesperson said in a statement released Sunday.
/jlne.ws/3HZdpol
Brexit Is Making Inflation Worse for the UK, BOE Official Says; Catherine Mann says UK has worst features of US and EU slumps; Remarks may anger Conservatives critical of BOE's pessemism
Lucy White - Bloomberg
Bank of England policy maker Catherine Mann waded into the Brexit debate, blaming UK's departure from the European Union for adding to inflation. Mann, a US economist who sits on the rate-setting Monetary Policy Committee, said there were signs that the cost-of-living crunch was beginning to turn a corner in the US and the EU - but not yet in the UK.
/jlne.ws/3YJI12P
EU deforestation law triggers ire of its trading partners
Mercedes Ruehl, Alice Hancock and Emiko Terazono - Financial Times
The world's two largest palm oil producers, Indonesia and Malaysia, are leading international criticism of a planned EU deforestation law they say is protectionist and discriminatory. The legislation, preliminarily agreed between MEPs and EU and set to be approved by the European parliament at a plenary vote in late March, is the first in the world to ban imports of products linked to deforestation, including cattle, cocoa, coffee, palm oil, soya, wood and rubber.
/jlne.ws/3I03j6z
EU agrees price caps on Russian oil products; Ambassadors to impose a $100-a-barrel cap on diesel and a $45 cap on low-end products
Henry Foy, Alice Hancock, David Sheppard and Derek Brower - Financial Times
EU member states have agreed on the level of price caps to be imposed on shipments of Russian refined oil products, which will come into effect on Sunday as part of a G7 effort to cut Moscow's export revenues. Ambassadors of the 27 EU states agreed at a meeting on Friday to limit the price of premium products such as diesel at $100 a barrel and that of low-end products including fuel oil at $45 a barrel.
/jlne.ws/3Yoi2O3
MP tells Australia's parliament AI could be used for 'mass destruction' in speech part-written by ChatGPT; Julian Hill has called for an inquiry or white paper to look into the risks and benefits of artificial intelligence
Paul Karp - The Guardian
The federal Labor MP Julian Hill has used what is believed to be the first Australian parliamentary speech part-written by ChatGPT to warn that artificial intelligence could be harnessed for "mass destruction".
/jlne.ws/3HZPS6v
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| Regulation & Enforcement | | Stories about regulation and the law. | Keynote Address of Chairman Rostin Behnam at the ABA Business Law Section Derivatives & Futures Law Committee Winter Meeting
CFTC
Good afternoon. I am delighted to join you today in person and alongside so many of my CFTC colleagues. Thank you to Katie Trkla and the Committee Vice-Chairs and Conference Chairs for bringing us all together again.I would like to jump right in and talk about the Super Bowl, which is right around the corner.
/jlne.ws/3Y63Ppn
US CFTC Chief Promises More 'Precedent-Setting' Crypto Enforcement Cases
Jesse Hamilton - CoinDesk
One of the U.S. agencies trying to bolster oversight of cryptocurrency trading, the Commodity Futures Trading Commission (CFTC), is looking toward a big year of crypto enforcement actions, according to Chairman Rostin Behnam. His agency is "working towards another strong year of precedent-setting cases," Behnam said in remarks prepared for delivery Friday at an American Bar Association event. He said budget increases at the CFTC will help support "growing our enforcement and surveillance teams."
/jlne.ws/3JF9zlz
SEC WhatsApp Probe Expands to Phones of Hedge Fund Employees; Point72 and Citadel among industry recipients of request; Officials seeking evidence of business on unofficial platforms
Tom Schoenberg, Lydia Beyoud, Austin Weinstein and Katherine Burton - Bloomberg
Major hedge funds have been asked by US regulators to review certain employees' personal mobile phones as part of a mushrooming probe into Wall Street's use of unofficial messaging platforms like WhatsApp to conduct business.
/jlne.ws/3kVUnGc
Activision to Pay $35 Million to SEC After 'Frat Boy Culture' Complaints
Cecilia D'Anastasio - Bloomberg
Activision Blizzard Inc., the video game maker Microsoft Corp. is proposing to buy for $69 billion, settled federal allegations that it failed to put in place controls to properly handle workplace misconduct complaints and disclose them. The Securities and Exchange Commission also alleged that Activision Blizzard violated a whistleblower-protection rule by requiring former employees to provide notice to the company if they were contacted by the SEC's staff for information.
/jlne.ws/3YlvmTg
Activision Blizzard to Pay $35 Million for Failing to Maintain Disclosure Controls Related to Complaints of Workplace Misconduct and Violating Whistleblower Protection Rule
SEC
The Securities and Exchange Commission today announced that Activision Blizzard Inc., a video game development and publishing company, agreed to pay $35 million to settle charges that it failed to maintain disclosure controls and procedures to ensure that the company could assess whether its disclosures pertaining to its workforce were adequate. The company also settled charges that it violated an SEC whistleblower protection rule.
/jlne.ws/3DN9f0b
The SEC Levels Up: Statement on In re Activision Blizzard
Commissioner Hester M. Peirce - SEC
Today, the Commission announced a $35 million settlement with Activision Blizzard Inc. ("Activision Blizzard").[1] The Commission alleges no fraud, misrepresentations, omissions, or investor harm. The settled enforcement action comes in the wake of public reports of rampant workplace misconduct at Activision Blizzard, which the Commission believes was not adequately tracked and reported to the people within the company responsible for SEC disclosures. The Commission also charged Activision Blizzard with "undermin[ing] the purpose of Section 21F and Rule 21F-17(a) to 'encourag[e] individuals to report to the Commission.'" I dissent because the Order does not articulate any securities law violations.
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Statement of Renee Jones on her Tenure as Director of the Division of Corporation Finance
Renee Jones - SEC
On my final day as Division Director, I would like to extend my appreciation to the extraordinary staff of the Division of Corporation Finance for their hard work and steadfast dedication to the agency's mission of protecting investors, promoting capital formation, and maintaining the fair, orderly, and efficient functioning of the capital markets.
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SEC Files Charges in Fine Wine Investment Fraud Scheme
SEC
The Securities and Exchange Commission filed fraud charges today against Windsor Jones LLC and its United Kingdom-based principal Anthony Collins for allegedly raising at least $4 million through the fraudulent and unregistered offer and sale of purported fine wine investments to at least 12 investors.
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SEC Obtains Final Judgment in Microcap Fraud Litigation
SEC
On January 31, 2023, the U.S. District Court for the Southern District of New York entered a final judgment against Annetta Budhu obtaining injunctive relief, a penny stock bar, disgorgement, and a civil penalty.
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Wilsons Advisory and Stockbroking Ltd ACN 010 529 665 pays $548,328 infringement notice
ASIC
Wilsons Advisory and Stockbroking Ltd ACN 010 529 665 (Wilsons) has paid a penalty of $548,328 to comply with an infringement notice given by the Markets Disciplinary Panel (MDP).
/jlne.ws/3JDJKlL
Former Perth adviser sentenced for making unauthorised client transactions
ASIC
On 31 January 2023, former financial adviser John Wertheimer was convicted and sentenced in the Perth District Court for one count of providing a financial service on behalf of a person who carries on a financial services business while unauthorised to do so and one count of engaging in dishonest conduct in relation to a financial service.
/jlne.ws/3l8ANqx
FCA May Offer Arm Ltd. Waiver on Rules to Secure IPO
Bloomberg
UK's Financial Conduct Authority told Arm Ltd. it would be prepared to consider granting the chip designer a waiver on rules related to related-party transactions to secure its initial public offering, The Times of London reported, citing unidentified people. In recent meetings with ministers and regulators, Arm expressed concerns that the regulations would require the company to report on any dealings with its owner SoftBank Group Corp. and its many investments, the newspaper said.
/jlne.ws/3HZmP2V
Cryptoasset firms marketing to UK consumers must get ready for financial promotions regime
UK FCA
All cryptoasset firms marketing to UK consumers, including firms based overseas, will soon need to comply with the new UK financial promotions regime. Firms must start preparing now for this regime. We will take robust action against firms breaching these requirements.
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How we can help consumers cope during the cost of living squeeze; The FCA is working hard to make sure firms treat customers fairly during the cost of living pressures.
Sheldon Mills - UK FCA
The days may be getting lighter, but the nights are still far too long and sleepless for many as they contemplate the heavy burden of the cost of living. Rising bills mean many households have already cut back on non-essential spending. Many feel they have little left to cut. Families that would once have described themselves as comfortable are bracing themselves as they face higher mortgage or rental costs.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Market Tanked, but Americans Kept Piling Money Into Their 401(k)s
Anne Tergesen - The Wall Street Journal
Americans largely stifled the urge to reduce their savings rates and sell stocks in their retirement accounts last year, even as the market declined and inflation soared. About 90% of investors in the 401(k)-style retirement plans administered by Vanguard Group maintained or increased their savings rate in 2022. And trading activity fell to a two-decade low among participants who manage their own investments, according to data from the Malvern, Pa.-based company.
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The Future Looks Messy for Passive Investors; The winners of tomorrow are not the winners of yesterday. So why hold a fund that mostly tracks the latter?
Merryn Somerset Webb - Bloomberg
Last week, Marie Kondo announced she had given up on tidiness. It turns out that she found it easy to be immaculate because she had no kids. Now she has three. What next you might wonder. Will social media influencers discover they found it easy to be thin and beautiful mostly because they were young? Will tech investors learn it was easy to get rich because interest rates were too low for too long? Will the managers of passive investment funds find they were successful only because market momentum was on their side?
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A New Feng Shui Cycle Starts Soon and Distressed Financial Traders Are All In
Elaine Yu - The Wall Street Journal
Banking is full of number crunchers-but Tsoi Sze Long is a little different. Mr. Tsoi, a feng shui expert in Hong Kong, uses elaborate formulas to help clients decide what objects to keep around them, what sort of lighting they should use, and even where they should sit in an office. He said he is increasingly winning business from people who work in finance.
/jlne.ws/3YhSVfQ
GTS to Partner With Jukebox to Bring Music Royalties as an Investable Asset Class to the Masses
GTS Securities LLC - Business Wire
GTS Securities LLC, a leading electronic market maker across global financial instruments, and JKBX ("Jukebox"), the first platform that will offer fans, retail investors and music lovers the opportunity to invest in music royalties at scale, today announced the companies have signed a Memorandum of Understanding ("MOU") that creates a strategic partnership between the two. The agreement brings together the music industry expertise of JKBX and the financial markets, trading and technology expertise of GTS.
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The Retreat of the Amateur Investors; A pandemic boom attracted scores of Americans seeking gains. Now that some are backing away, the markets risk losing a key support
Gunjan Banerji - The Wall Street Journal
Amateur trader Omar Ghias says he amassed roughly $1.5 million as stocks surged during the early part of the pandemic, gripped by a speculative fervor that cascaded across all markets. As his gains swelled, so did his spending on everything from sports betting and bars to luxury cars. He says he also borrowed heavily to amplify his positions.
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Here's What Keeps Morgan Stanley's Jim Caron Up at Night; Powell 'not done tightening by any stretch of the imagination'; And fresh inflation resurgence is a core risk, Caron says
Vildana Hajric and Michael P. Regan - Bloomberg
Inflation readings have, mercifully, been coming down, and investors are betting the Federal Reserve is getting close to the end of its rate-hiking cycle. But any potential re-spiral higher in prices could complicate things significantly down the line, according to Morgan Stanley Investment Management's Jim Caron, who says he's been fretting over that possibility.
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FOMO is Gripping Credit Markets, Making Bond Premiums Vanish; Rampant demand for bond deals wipes out new issue premium; Also, Japan's CLO Whale Norinchukin plots return to market
Shannon D Harrington - Bloomberg
It's been some time since companies could raise cash in debt markets and come away feeling like they got the better end of the deal. For most of 2022, borrowing was a delicate game of dodging rate hikes and negative inflation data and showering bond investors with extra yield in order to ensure they bought your debt.
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Lone Star Agrees to Buy Titan from Carlyle, Stellex Capital; Titan's customers include Boeing, Lockheed, US agencies; Terms undisclosed for what was expected to be $2 billion deal
Kiel Porter and Xinyi Luo - Bloomberg
Closely held investment group Lone Star Funds has agreed to buy industrial shipping repair and fabrication firm Titan Acquisition Holdings from peers Carlyle Group Inc. and Stellex Capital Management. While terms for the deal weren't disclosed in a statement Friday, Bloomberg News previously reported a deal could value Titan at about $2 billion. The deal is expected to close this year upon satisfaction of customary conditions, including certain governmental approvals.
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AMC's Meme Stock Antics Open the Door for 'Home Run' Arbitrage; Steep price gap between AMC common shares, APE preferred units ; Arbs bullish on share conversion, see risk in shorting AMC
Yiqin Shen and Bailey Lipschultz - Bloomberg
Meme-stock posterchild AMC Entertainment Holdings Inc.'s strategy to raise cash has placed it in the crosshairs of arbitrage traders who see a golden opportunity to profit from a shake-up in its share structure. The movie-theater operator, which became a favorite of retail traders during the pandemic, is expected to get investor approval to convert preferred shares - ticker APE - into AMC common stock next month. The one-for-one exchange is part of a broader strategy to raise cash and keep the lights on.
/jlne.ws/40x9PZJ
Two Wall Street Powerhouses Hit by the Fall of Billionaire Adani's Empire
Luc Olinga - TheStreet
Indian billionaire Gautam Adani saw his net worth melt by tens of billions of dollars in a matter of days. This disappearance of his fortune is happening at a speed comparable to his rise in the ghotta of the planet's billionaires. Last September, Adani became by far the richest man in Asia and the second richest man in the world behind Elon Musk with a fortune estimated at $150 billion.
/jlne.ws/3RxpeFn
Trader Bags $12 Million in Bold Trade Right Before Jobs Data
Edward Bolingbroke - Bloomberg
Just minutes before the monthly jobs report was published on Friday, a trader placed a risky bet in federal funds futures that ended up paying off in a big way. Profits on the position, a sale of the January 2024 contract betting on higher interest rates, were north of $12 million by 3 p.m. in New York, following the publication earlier in the day of strong jobs numbers and another report from the Institute for Supply Management that suggested services activity in the US re-accelerated last month. Both releases led investors to price in additional expected tightening from the Federal Reserve this year.
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Indian watchdog tells investors markets stable despite Adani rout
Reuters
India's market regulator moved to calm investor concerns on Saturday, saying that its financial markets remain stable and continue to function in a transparent and efficient manner, despite recent dramatic stock falls in Adani Group companies.
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Investors Can Fight the Fed All They Want. Don't Fight the Tape
Jessica Menton - Bloomberg
Ignoring the Federal Reserve's determination to keep raising rates and hold them there is a wildly profitable trade on Wall Street right now. It's trying to swim against the rising market that carries risks. "Fighting the Fed" has actually been a winning stock-market strategy for months. The S&P 500 Index is up 15% since the start of the fourth quarter and 16% from its October low, putting it within striking distance of the 20% threshold many investors define as the start of a bull market.
/jlne.ws/3lgTQyE
Adani's Bonds Are a Soft Target With Hard Assets
Andy Mukherjee - Bloomberg
The journey of Gautam Adani, a small-time importer of plastics granules into India in the 1980s, had begun along the coast of Gujarat - in a swamp he would go on to turn into the country's largest trading outpost. And now, with his fortune back home under attack from a New York-based short seller, the tycoon posed for cameras with Benjamin Netanyahu in the Haifa Port, which he had come to buy for $1.2 billion.
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The Fed Is All That Matters to Stock Analysts Ignoring Earnings; Analysts slash earnings estimates, raise stock price targets; Disconnect shows how much markets are focused on Fed policy
Elena Popina and Peyton Forte - Bloomberg
The profit outlook for companies in the S&P 500 Index is rapidly deteriorating - yet analysts can't raise their stock-price targets fast enough. Consider it the stock-market disconnect of 2023. The two seemingly incompatible trends reflect how much equity prices are being driven by speculation that the Federal Reserve is nearing the end of its most aggressive rate-hiking cycle in decades.
/jlne.ws/3Y7CW4m
AI-Fueled Stock Rally Ignites Debate on Who's Winning and Losing; UBS says industry could be worth more than a trillion dollars; Microsoft, Alphabet, other tech giants compete to be leaders
Bailey Lipschultz - Bloomberg
Stock rallies tied to the latest market craze may be a good investment or fears of missing out. That debate, which hits on the theme of several boom-to-bust cycles in some corners of the market, has been reignited after artificial intelligence-linked companies saw their shares pop as tech giants like Microsoft Corp. announced big investments in the industry.
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I Bond Sales Topped $4.2 Billion for Best January on Record; Investors are still flooding the Treasury Direct website despite the recent rebound for stocks.
Claire Ballentine - Bloomberg
The new year brought another surge of cash into Series I savings bonds. Americans bought $4.26 billion worth of the securities last month for the best January on record, according to the US Treasury Department. That compares to $3.29 billion in January 2022 and just $106 million in the first month of 2021. Designed to protect investors from inflation, I bonds were a rare bright spot last year as both stocks and bonds slumped.
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The sheikh's empire driving Abu Dhabi's meteoric stock market rise
Andrew England, Simeon Kerr, Adam Samson and Max Harlow - Financial Times
Abu Dhabi's stock market was long viewed as a minor Gulf exchange, garnering little attention outside the region - a reflection of the relatively small private sector in the oil-rich emirate that has long been dominated by the state. But in less than four years its market capitalisation has almost quintupled to more than $650bn, a surge largely driven by the extraordinary rise of one stock - International Holding Company.
/jlne.ws/3ldNIHL
Some Investors Are Missing Out on Higher Yields-and Don't Know It; With 'cash sweeps,' brokerage firms automatically put uninvested client assets into a low-yielding bank-deposit program
Randall Smith - The Wall Street Journal
Stocks and bonds both fell sharply last year. But one bright spot in financial markets was the rising interest rates on money-market funds, which in December topped 4% on average for the first time in 15 years. Money-fund rates have stayed high so far this year, now averaging 4.18%, according to Crane Data LLC. That's a big increase from just a few months ago, and investors who aren't aware of the climb in rates-or who don't act on it-could be missing out on an opportunity for much higher returns than they're getting now on the cash in their brokerage accounts.
/jlne.ws/3HXqazJ
Newmont Proposes $17 Billion Takeover of Australia's Newcrest Mining; U.S. gold producer makes second offer after Newcrest rejected an earlier proposal as too low
Rhiannon Hoyle - The Wall Street Journal
Newmont Corp. has made a roughly $17 billion offer to acquire Australia's Newcrest Mining Ltd., aiming to seal one of the biggest deals for a global gold miner as the industry struggles to make large new discoveries of the precious metal.
/jlne.ws/3DJ7OQe
Whatever Keynes Said, Let's Follow His Advice; If you're not rethinking the economic outlook, you should be after the new facts in the US employment report. Meanwhile, Japan hints at continunity.
John Authers - Bloomberg
The Facts Change
John Maynard Keynes was one of the most influential and also divisive economists who ever lived, but almost everyone cites one of his quotations with approval. "When the facts change, I change my mind. What do you do sir?" As Jason Zweig of the Wall Street Journal has revealed, it's not at all clear that the great man ever said this, but we can all agree with the sentiment. However clear our ideas, we need to be ready to admit that they were wrong if factual evidence shows up to disprove them.
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Collateral Scarcity Fears Resurface in Europe With ECB Waiver Set to End; ECB's 0% remuneration cap on government deposits may return; SocGen, Commerzbank say traders are pricing in scarcity risk
Libby Cherry - Bloomberg
There are early indications traders are gearing up for another period of bond scarcity in Europe that risks blunting the impact of monetary tightening. Concern is mounting the European Central Bank won't extend a waiver on a 0% remuneration cap for government deposits that expires on April 30. That could drive some of the EUR390 billion of cash held by national Treasuries into higher-yielding money markets, where safe securities such as government bonds are used as collateral, pushing down rates.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Exclusive: Huge chunk of plants, animals in U.S. at risk of extinction
Brad Brooks - Reuters
A leading conservation research group found that 40% of animals and 34% of plants in the United States are at risk of extinction, while 41% of ecosystems are facing collapse. Everything from crayfish and cacti to freshwater mussels and iconic American species such as the Venus flytrap are in danger of disappearing, a report released on Monday found. NatureServe, which analyses data from its network of over 1,000 scientists across the United States and Canada, said the report was its most comprehensive yet, synthesizing five decades' worth of its own information on the health of animals, plants and ecosystems.
/jlne.ws/3lemZe8
SEC Considers Easing Climate-Disclosure Rules After Investor Pushback; Wall Street regulator is revisiting how proposals would affect financial reporting
Jean Eaglesham and Paul Kiernan - The Wall Street Journal
The Securities and Exchange Commission is considering a softening of planned rules requiring companies to disclose the effects of extreme weather and other costs related to global warming when the regulator completes its climate-change proposals, people close to the agency said. The Wall Street regulator is looking again at the financial reporting aspect of the climate-disclosure plan it issued last year, following pushback from investors, companies and lawmakers, the people said.
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My exclusive interview with ChatGPT about AI, climate tech and sustainability; Can artificial intelligence conduct an informed conversation about the broad and complex technologies under the climate tech umbrella? Let's let it speak for itself.
Joel Makower - GreenBiz
If we're going to co-exist with our technology overlords, we ought to know them a bit better. Case in point: ChatGPT, the scary-smart artificial intelligence engine capable of answering a breathtakingly broad array of questions, which seems to be the tech world's bright, shiny object of 2023.
/jlne.ws/40umTyZ
2023 Proxy Season Preview: Compromise and Conflict Ahead
The Conference Board
Executive Summary; Something rather unexpected happened in the 2022 proxy season. Amid a growing focus on environmental, social & governance (ESG) issues,[1] and following a 2021 proxy season with record support for shareholder proposals on environmental and social (E&S) topics,[2] average support for E&S shareholder proposals declined compared with 2021. At the same time, opposition to directors and negative votes on say-on-pay proposals increased. This signals a trend that is expected to continue into 2023: more friction between companies and investors in traditional areas of corporate governance and executive compensation than in E&S areas. Investors will continue to use their votes on director elections and say-on-pay to express their concerns about governance and problematic pay packages, but will likely seek common ground on many E&S issues.
/jlne.ws/3wXjr2n
Leaked video footage of ocean pollution shines light on deep-sea mining; Company rebuts claims by scientists that 'uncontrolled and unscientific' practices highlight dangers of going ahead with seabed mining
Leyland Cecco - The Guardian
Video footage from a deep-sea mining test, showing sediment discharging into the ocean, has raised fresh questions about the largely untested nature of the industry, and the possible harms it could do to ecosystems as companies push to begin full-scale exploration of the ocean floor as early as this year. The Metals Company (TMC), a Canadian mining firm that is one of the leading industry players, spent September to November of last year testing its underwater extraction vehicle in the Clarion Clipperton Fracture Zone, a section of the Pacific Ocean between Mexico and Hawaii.
/jlne.ws/3jzD8KB
Here's a glimpse of the EU response to the Inflation Reduction Act; After almost 6 months of discussions and debate in the European Union, the trading bloc's response to the Inflation Reduction Act is finally taking shape.
Tom Howarth - GreenBiz
Ever since President Joe Biden signed the Inflation Reduction Act into law Aug. 6, it's been ruffling feathers across the Atlantic in the European Union. While many may be pleased to see the U.S. taking leading action in the fight against climate change, the bill has sparked debate between EU officials, including those in the EU parliament, over how the trading bloc should respond to what some see as discriminatory elements of the IRA, designed to benefit U.S.-based climate tech manufacturers.
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Female Gains on S&P 500 Boards Are Slowing; Board seats held by women rose 5% in 2022, off 8% pace in 2021; Women still capped year at a record 32% of S&P 500 board seats
Jeff Green - Bloomberg
The pace of women gaining seats on S&P 500 boards slowed precipitously last year, signaling the elusive parity with their male counterparts may still be almost a decade away. The 5% increase for women on S&P 500 boards in 2022 was roughly half as much as the pace of the previous two years, according to data compiled by Bloomberg. At the present rate, parity with men won't come until 2032, at least two years later than what would have been achieved if the gains hadn't slowed from the near 8% growth rate of 2020 and 2021.
/jlne.ws/3HAo3R6
A New Feng Shui Cycle Starts Soon and Distressed Financial Traders Are All In
Elaine Yu - The Wall Street Journal
Banking is full of number crunchers-but Tsoi Sze Long is a little different. Mr. Tsoi, a feng shui expert in Hong Kong, uses elaborate formulas to help clients decide what objects to keep around them, what sort of lighting they should use, and even where they should sit in an office. He said he is increasingly winning business from people who work in finance.
/jlne.ws/3YhSVfQ
France and Germany set to push back against US green tech poaching
Sarah White and Guy Chazan - Financial Times
France and Germany's economy ministers will ask the US to lay off making "aggressive" overtures to European companies in a bid to lure their green investments across the Atlantic, French officials said ahead of a visit to Washington this week. France's Bruno Le Maire and Germany's Robert Habeck are due to hold talks with White House officials on Tuesday to underscore EU concerns about President Joe Biden's landmark climate legislation, the Inflation Reduction Act, and push for better co-operation.
/jlne.ws/40JxUgf
Current FMI Rules "Sufficiently Robust" to Tackle Climate-related Risks
Regulation Asia - ESG Investor
The Depository Trust and Clearing Corporation (DTCC) has published its first-ever analysis examining how climate-related financial risk may directly impact financial market infrastructures (FMIs). The paper said that FMIs' business continuity programmes have proven to be sufficiently robust in mitigating direct exposure to climate-related physical risk, despite them being more exposed than other financial services institutions. In relation to transition risk, the paper notes that FMIs' exposures are "indirect" via their exposures to financial institutions that have more direct transition risk exposure through financing activities of specific carbon-intensive companies.
/jlne.ws/3X8PC9V
100,000 Green Jobs Announced Since US Adopted Climate Law, Study Finds; Since the Inflation Reduction Act became law, companies have said they'll create jobs in wind and solar energy, EV manufacturing and other clean energy sectors, according to the group Climate Power.
Carly Wanna - Bloomberg
Between last August, when President Joe Biden's landmark climate bill became law, and the end of January, companies have announced more than 100,000 clean energy jobs in the US, according to an analysis released Monday by the nonprofit advocacy group Climate Power. The group monitored press clippings and company announcements to estimate private-sector jobs across a range of sectors that aim to reduce greenhouse gas emissions - including electric vehicle and battery manufacturing, wind and solar energy and home energy efficiency. The group says its figure is likely a low-ball estimate because it relied on public reports.
/jlne.ws/3XcHftM
Investors Are All for ESG. Except, That Is, When Times Are Tough; A study finds that the appetite for ESG investing goes down when there is an economic shock such as Covid-19 lockdowns
Suzanne McGee - Bloomberg
Quick, where's the nearest exit? That, a recently published academic study finds, was the response of individual investors in ESG funds when the Covid-19 pandemic and lockdowns blindsided financial markets in early 2020. Individual-investor demand for socially responsible investing "is highly sensitive to income shocks" and economic stress, concluded the study's authors, Robin Döttling, an assistant professor of finance in the Rotterdam School of Management at Erasmus University in the Netherlands, and Sehoon Kim, assistant professor at the University of Florida's Warrington College of Business.
/jlne.ws/3RCAMaz
NGFS seeks public feedback on climate scenarios; Publicly accessible online survey on climate scenarios open until 27 February 2023; All users and interested stakeholders are encouraged to participate and submit their feedback on the NGFS scenarios; Key results will guide the NGFS scenario development work plan and ensure that the NGFS scenarios remain relevant and comprehensive for a continuously growing user base
Central Banks and Supervisors Network for Greening the Financial System (NGFS)
The NGFS is launching its first user feedback survey on climate scenarios today, following the publication of the third vintage of the NGFS scenarios in September 2022. As part of its ongoing effort to develop state-of-the-art climate scenarios that can support a large community of users, the NGFS seeks to learn from user experiences and welcomes suggestions for improvement. Therefore, scenario users and interested stakeholders from all sectors are encouraged to participate in the online survey accessible on the NGFS website over the next three weeks, until 27 February 2023. The NGFS will publish the key findings of the survey in Spring. This will serve as important input for the scenario development work plan.
/jlne.ws/3RAaa9W
PG&E Will Pay Sunrun Battery Owners for Power to Avoid Blackouts; PG&E and Sunrun announce partnership to enlist home solar and battery systems that can shore up grid when demand spikes during hot weather.
Mark Chediak - Bloomberg
PG&E Corp. and Sunrun Inc. have formed a partnership to pay homeowners with solar and battery systems to provide power to the California grid and help prevent blackouts when demand spikes in hot weather. Under the agreement, Sunrun will enroll up to 7,500 new and existing home solar and battery customers in PG&E's service area to create a so-called virtual power plant. The systems would be able to provide enough electricity to power 22,000 homes during summer evenings when energy supplies can run short. The idea is to tap into renewable energy produced by rooftop panels that can be stored in home batteries and used after the sun has set, displacing some fossil-fuel produced power.
/jlne.ws/3I0Acjt
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Rothschild family plans to take investment bank private; Family holding company Concordia in talks to finance offer that values Paris-listed group at EUR3.7bn
Harriet Agnew, Oliver Ralph and Ivan Levingston - Financial Times
The Rothschild family is planning to take its investment bank, Rothschild & Co, private in a move that values one of the most renowned names in global finance at EUR3.7bn. Concordia, the Rothschild's family holding company that owns 38.9 per cent of the shares and 47.5 per cent of the voting rights, said on Monday it was in talks with banks and investors to finance an offer for the Paris-listed group.
/jlne.ws/3RA73Pg
Banks Borrow Unsecured Cash at Record Clip While Deposits Flee
Eric Wallerstein - The Wall Street Journal
Banks were chasing away deposits during the depths of the pandemic. Now, some are paying higher rates to shore up cash. Borrowing in the federal-funds market hit $120 billion on Jan. 27, the highest one-day total in Federal Reserve data going back to 2016. Activity in fed funds-used by banks and government-backed lenders to exchange cash reserves parked at the Fed-surged throughout the past year when the central bank raised interest rates at the fastest pace in decades.
/jlne.ws/3XmjpMt
The World's Richest Person is Trying to Head Off a Succession Battle
Angelina Rascouet and Tara Patel - Bloomberg
Bernard Arnault is aware of how succession can make a company vulnerable and how divisions can prove fatal. He has exploited weakness in other family-run businesses including rival Hermes International to try and gain an upper hand in takeover battles in the past. Now the 73-year-old LVMH founder is using that knowledge in a bid to cement his family's control over the world's largest luxury goods company and prevent sibling infighting. The exercise is fraught, as fights within other famous billionaire clans from the Murdochs to the Kochs and Ambanis can attest.
/jlne.ws/3JFrU1O
Bank of America CEO Moynihan Pay Fell to $30 Million for 2022
Katherine Doherty - Bloomberrg
Bank of America Corp. Chief Executive Officer Brian Moynihan's total compensation declined 6.3% to $30 million for his work in 2022, a year in which profit tumbled and the shares sank. The board granted Moynihan $1.5 million in salary and $28.5 million in stock-based incentive awards, the Charlotte, North Carolina-based lender said Friday in a filing. A year ago, Moynihan's compensation was boosted 31% to $32 million as the firm set a record for profitability.
/jlne.ws/3DDUsF9
Carlyle hires ex-Goldman executive Harvey Schwartz as CEO
Antoine Gara - Financial Times
Carlyle Group is set to announce it has hired former Goldman Sachs executive Harvey Schwartz to be the private equity group's next chief executive, completing its search for a new leader after Kewsong Lee's abrupt resignation in August. Schwartz, a two-decade veteran of Goldman who left the Wall Street bank in 2018, has been offered Carlyle's top job and accepted, said sources briefed on the matter.
/jlne.ws/3wUQuUS
How Goldman can regain its swagger; The investment bank should consider buying a commercial bank such as Bank of New York Mellon
William Cohan - Financial Times
Goldman Sachs has lost its swagger. The market value of the venerable 154-year-old investment bank, at $121bn, is now $42bn less than its longtime arch-rival Morgan Stanley. It used to be that Goldman was the more valuable bank for many years. Likewise, it used to be that the pay of Goldman's chief executive was the gold standard on Wall Street. But in 2022, Morgan Stanley's chief executive, James Gorman, was paid $31.5mn for his work, down 10 per cent from the year before, while Goldman's CEO, David Solomon, received $25mn, down 29 per cent.
/jlne.ws/3YlVPQw
FTSE 100 Hits a Record as British Stocks Finally Stage Comeback; UK blue chips benefited from commodities rally, weaker pound; In dollars, index still trails global benchmarks since Brexit
Joe Easton - Bloomberg
For the first time since 2018, Britain's blue-chip stocks have closed at an all-time high. The FTSE 100 Index climbed 1% on Friday to a record of 7901.80 as the pound slumped after the US dollar rallied on stronger-than-expected jobs data. Having managed to avoid a selloff last year on the sterling's weakness, the FTSE 100 Index has joined a global equities rally in 2023 with a 6% gain, helping the British large-cap benchmark scale an all-time high.
/jlne.ws/3YlhBE3
The Man Behind Pimco's Great Debt Bet Closes In on His Next Big Trade; CIO sees Fed hikes fueling opportunities in company debt; Eyes 'scenario of multi-year disappointments' in credit market
Michael Mackenzie and Ye Xie - Bloomberg
Daniel Ivascyn rode one big trade all the way to the top of the bond-market universe: speculative mortgage debt that he scooped up on the cheap in the wake of the great financial crisis. It made a fortune and, in turn, made everyone forget about the messy departure of his predecessor atop Pacific Investment Management Co., Bill Gross.
/jlne.ws/3jCSzlh
Barclays Equities Trading Co-Heads Leech, Sandoz to Depart
Jennifer Surane - Bloomberg
Barclays Plc's Paul Leech and Todd Sandoz, who have led the firm's equities trading business since 2020, are leaving the British bank. Stephen Dainton, co-head of the firm's broader global markets business, will run the unit on an interim basis, according to a memo to staff seen by Bloomberg News. Dainton, who previously ran the equities business, is not planning to change the unit's strategy or client proposition as part of the changes, the memo said.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Let me mansplain: studies reveal impact of condescension
Linda Geddes - The Guardian
Let me explain this to you slowly, to make sure you understand. Mansplaining is a made-up word, that combines the words man and explaining to describe when a person - usually a man - provides a condescending explanation of something to someone who already understands it. Just because I am a woman doesn't mean I can't be guilty of something akin to it, but female recipients are more likely to respond negatively to male mansplainers doing it and to feel like their competence is being questioned, data suggests
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As technology becomes increasingly integrated into our lives, it is critical that the FBI stays at the forefront of technological expertise to remain ahead of the threat.
Federal Bureau of Investigation
Our technology careers are the backbone of many key functions relating to security, system capabilities, and the investigative work at the FBI. Technology professionals keep the nation's computer networks and systems safe, defeat malware attacks, investigate major computer intrusions, and root out international espionage. They apply their knowledge of computer technology, cyber security, electronic surveillance, encryption, and forensic science to safeguard information across the globe.
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The Baby Boomer Retirement Crisis Is Here. Why the Richest Generation Is Struggling.
Reshma Kapadia - Barron's
Elizabeth Boatwright planned to be retired by now. After all, she and her husband Frank saved diligently for decades, and seemed on track to hit their financial goals. But the couple's plan didn't include Frank, a former social worker, developing dementia two years ago, or budget for his caregiving bills of $5,000 to $6,000 a month.
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Google Invests Almost $400 Million in ChatGPT Rival Anthropic
Davey Alba and Dina Bass - Bloomberg
Alphabet Inc.'s Google has invested almost $400 million in artificial intelligence startup Anthropic, which is testing a rival to OpenAI's ChatGPT, according to a person familiar with the deal. Google and Anthropic declined to comment on the investment, but separately announced a partnership in which Anthropic will use Google's cloud computing services. The deal marks the latest alliance between a tech giant and an AI startup as the field of generative AI - technology that can generate text and art in seconds - heats up.
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ChatGPT Will Replace Some Jobs, But Traders Say Not Theirs; Most economists and traders aren't using AI, and they don't see it as a threat anytime soon, survey shows.
Nate Lanxon - Bloomberg
Advanced artificial intelligence systems stand to threaten jobs primarily in the financial, legal and technology sectors, according to the latest MLIV Pulse survey. What's more striking about the results: More than two-thirds of 292 respondents went on to say they didn't view their own jobs as being at risk anytime soon, even as they work predominantly in the financial sector.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Barclays chief: the life lessons I have discovered during cancer treatment; CS Venkatakrishnan gives his personal account of leading the bank while undergoing care for non-Hodgkin lymphoma
CS Venkatakrishnan - Financial Times
I was diagnosed with non-Hodgkin lymphoma, a blood cancer, in November 2022, around the time of my first anniversary as the chief executive of Barclays, the global bank. My first reaction was to understand the diagnosis, prognosis and treatment, worry about the new burdens on my family and arrange my medical care. Then, as a chief executive, I had to consider public disclosure and managing my job through treatment.
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Bird flu outbreak is spilling over into mammals. What does that mean for humans?
Adrianna Rodriguez - USA Today
One of the world's largest outbreaks of bird flu, which led to the slaughter of millions of chickens to limit its spread, appears to be spilling over into mammals. The U.S. Department of Agriculture said the avian influenza A virus has been detected in mammals such as skunks, bears, a raccoon and a red fox. Though most cases were detected in Oregon, positive tests in mammals were confirmed in the following states, according to the USDA's Animal and Plant Health Inspection Services.
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This winter's U.S. COVID surge is fading fast, likely thanks to a 'wall' of immunity
Rob Stein - NPR
This winter's COVID-19 surge in the U.S. appears to be fading without hitting nearly as hard as many had feared. "I think the worst of the winter resurgence is over," says Dr. David Rubin, who's been tracking the pandemic at the PolicyLab at Children's Hospital of Philadelphia. No one expected this winter's surge to be as bad as the last two. But both the flu and RSV came roaring back really early this fall.
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Violence in some Chicago neighborhoods puts young men at greater risk than U.S. troops faced in Iraq, Afghanistan war zones, study finds
Frank Main - Chicago Sun Times
For more than a decade, some people have used the term "Chiraq" - a mashup of Chicago and Iraq - to describe a city whose violence makes some neighborhoods feel like battle zones. Now, researchers say they've found that some parts of Chicago are even deadlier for military-aged young men than what U.S. soldiers faced in war zones in Iraq and Afghanistan.
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Warning Stroke: What It Is And Symptoms To Look For; Many people who experience a transient ischemic attack will go on to have a stroke within 90 days. Here are the red flags.
Jillian Wilson - Huffpost
Strokes are a leading cause of death in the U.S., with nearly 800,000 people experiencing one every year. On average, a stroke occurs every 40 seconds in the country. These numbers are jarring and scary, especially for folks who have a family history of stroke or who have risk factors like high blood pressure and certain heart conditions.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Baseball Fans Join Activists to Save 1,000 Trees in Heart of Tokyo; Just about everyone opposes a project that plans to build two skyscrapers in one of central Tokyo's few areas of greenery.
Isabel Reynolds - Bloomberg
A massive redevelopment project that is threatening to destroy a beloved avenue of trees and important sports grounds in central Tokyo has prompted an unlikely coalition of environmentalists, conservative lawmakers and baseball fans to campaign for a halt to the plans. The neighborhood of Jingu Gaien, or "outer-shrine garden," is best known for its rows of ginkgo trees that draw hordes of locals and tourists alike, particularly in the fall.
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Now That Zero-Covid Is Over, China Needs to Show Investors the Money; Chinese shares have rallied, but to keep heading skyward, firms need to demonstrate real earnings growth
Jacky Wong - The Wall Street Journal
Chinese stocks have staged an impressive turnaround in the past few months as Beijing rolled back a plethora of policies that had been tanking the market. Now that the obvious impediments to growth have been removed, the question remains: What sort of earnings can Chinese firms generate under these new conditions?
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Europe's big rare earth discovery seen as 'game changer' in bid to address China's dominance
Kandy Wong - South China Morning Post
The discovery this month of Europe's largest-known deposit of rare earth oxides - estimated at more than 1 million tonnes - in Sweden's far north has raised hopes of reducing reliance on China for critical raw materials. China accounts for 60 per cent of the world's mined rare earths, and its market dominance is "most importantly" about refinery, according to Alicia Garcia-Herrero, chief economist for Asia-Pacific at Natixis.
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Ghana to Securitize $3.3 Billion in Central Bank Loans; The country owes about 40 billion cedis to its central bank; IMF asked central bank to halt state lending to access bailout
Ekow Dontoh - Bloomberg
Ghana plans to convert an estimated 40 billion cedis ($3.3 billion) of loans owed to its central bank into bonds, making it the single biggest holder of domestic government securities and exposing it to an ongoing debt restructuring, according to people familiar with the matter. The bonds, due to be issued by the finance ministry, will also cover interest owed to the Bank of Ghana, said the people, who asked not to be named because they're not authorized to speak publicly on the matter.
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London's Power Grid at Risk from Union's Strike Threat
Eamon Akil Farhat - Bloomberg
A power network company covering London and the southeast of England could be hit by strikes next month after a trade union said it would ballot workers in a dispute over pay. Unite said Monday that 1,300 staff at UK Power Networks Holdings Ltd. were unhappy with a raise of 7% for the current financial year, followed by an average of two inflation measures for 2023-24.
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'We're being invaded by pigs': Spain's pork revolution faces backlash
Ashifa Kassam - The Guardian
The village school shut down more than four decades ago. The two-storey stone hotel closed its doors in 2008. Yet the past 15 years have seen a population boom - of sorts - in the Spanish village of Balsa de Ves. "We're being invaded by pigs," says the mayor, Natividad Pérez García, pointing to a cluster of elongated sheds on the outskirts of the village. The buildings are home to 3,900 sows, who produce approximately 100,000 piglets a year. "We're at more than 800 pigs for every resident," says Pérez García.
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Crushed; When Johna Ramirez's son joined a wildly popular circle of tween YouTube influencers, it seemed like he was fulfilling his Hollywood dreams. But in the Squad, fame and fortune came at a cost.
Nile Cappello - The Atavist Magazine
Hollywood is the last place you'd expect to meet Johna Kay Ramirez. She doesn't come across as cutthroat. Thin, with auburn hair and warm eyes, Johna is thoughtful when she speaks and quick to apologize when she goes on a tangent. She's the kind of person who knows that "bless your heart" is often a veiled insult. Hollywood, with all its glitz, glam, and high drama, became part of Johna's story because of her children.
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Florida Has More Jobs Than New York for the First Time; With more Americans moving to low-tax areas, there are now more workers in the Sunshine State.
Paulina Cachero - Bloomberg
Florida isn't just for retirees anymore. For the first time in at least 40 years, there are more jobs in the Sunshine State than there are in New York, part of the trend of Americans fleeing south to lower-cost states.
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The Colorado River Is Disappearing. Here's How to Replenish It; From fixing leaking pipes to paying farmers to grow different crops to expanding desalination, it's possible to protect the vital water source.
Mark Gongloff - Bloomberg
The Colorado River has gone nearly dry the way Mike Campbell in "The Sun Also Rises" went bankrupt: gradually, then suddenly. It took decades, countless mistakes and global warming to bring the river to the brink of disaster. It will take doing countless things right to have any hope of solving the problem as the planet continues to warm. Except now we don't have decades.
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| Miscellaneous | | Stories that don't quite fit under the other sections | The Blurred Lines Between Goldman C.E.O.'s Day Job and His D.J. Gig; David Solomon brushes off D.J.ing as a minor hobby that has little to do with his work at the bank, but his activities may pose potential conflicts of interest.
Emily Flitter and Katherine Rosman - The New York Times
An amateur D.J. meets a highflying music industry executive and lands the rights to remix one of the greatest hits of all time. It could be an inspiring story. Or it could be the story of David Solomon, the chief executive of Goldman Sachs, who was able to remix Whitney Houston's "I Wanna Dance With Somebody (Who Loves Me)," thanks to Larry Mestel, whose music company is a client of the bank and has financial interests in the oeuvres of music legends like Prince, Bob Marley and Ms. Houston.
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