| January 26, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2024 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
The CFTC issued a customer advisory titled "CFTC Customer Advisory Cautions the Public to Beware of Artificial Intelligence Scams" that warns the public about artificial intelligence (AI) scams that falsely promise significant profits through AI-driven trading bots and algorithms. The advisory highlights that these scams take advantage of AI's growing popularity and are often spread through social media and influencers, whatever those are. Investors are cautioned to be skeptical of claims of guaranteed high returns, as they are likely indicators of fraud. The advisory advises investors to research companies and traders thoroughly before entrusting their funds to AI-powered trading services and emphasizes that AI cannot predict the future. I knew the CFTC was going to say that, but ChatGPT did not.
I asked ChatGPT what it thought about the CFTC request for comments on AI. This is what it replied:
"I don't have personal opinions or thoughts. However, I can provide you with information on the topic. The CFTC's request for comments on the use of artificial intelligence in CFTC-regulated markets reflects the agency's proactive approach to understanding and regulating the impact of AI in the financial industry. By seeking input from industry stakeholders and the public, the CFTC aims to gather valuable insights into the various applications and potential risks of AI, which can inform future regulatory decisions. This initiative aligns with broader efforts to ensure the responsible and secure development of AI technologies in financial markets while promoting innovation and safeguarding against potential risks such as market manipulation and data privacy concerns."
I love the optimistic response from ChatGPT, it is almost like it was programmed by someone who was a Boy Scout, someone ever "cheerful." I thought to myself, who is the most optimistic person or character I know, and Little Orphan Annie came to mind. This is what she would have to say about the CFTC's request for comment about AI:
"Gee whiz, folks! The CFTC's Customer Advisory is ringin' the alarm bells about them Artificial Intelligence (AI) scams! They're sayin' these no-good rascals are trickin' honest folks into believin' that AI can turn their dimes into dollars with fancy-schmancy trading bots and gizmos. But ya gotta watch out, 'cause these scallywags are spreadin' their tall tales on the likes of social media and fancy talkers they call "influencers." Don't be fooled by promises of riches - they're just whistlin' Dixie! The advisory says ya can't trust these wild claims, and ya oughta do your homework 'fore you hand over your hard-earned bucks to them trading bots. Remember, AI can't predict the future, so keep your peepers peeled!"
The issue of AI regulation erupted on X, formerly Twitter, yesterday when "explicit digitally fabricated" images of Taylor Swift flooded the site. It took hours for X, which has gutted its content moderation head count, to remove the fake nude images of the superstar singer, The Wall Street Journal reported. Rolling Stone reported that this incident attracted the attention of Congress (they probably spend too much time on X), and AI regulation may result, buoyed by Swift's popularity.
OCC announced that Massimo Cutuli has been appointed as the incoming chief financial risk officer (CFRO) at OCC, succeeding the retiring CFRO, Dale Michaels.
Congratulations to Elise Fleischaker, who is starting a new position as chief marketing & communications officer at Trading Technologies. Elise previously served as executive vice president of marketing at TT.
The London Metal Exchange has joined the International Chromium Development Association, the LME shared on LinkedIn.
Let's hope the smog is lifting in China and the sun shines through. Bloomberg reports that in 2023, China surpassed all other nations by adding a whopping 216.9 gigawatts of solar power, exceeding its previous record of 87.4 gigawatts in 2022. This achievement has expanded its already substantial lead in renewable energy, with a solar fleet larger than the entire US market, which stands at 175.2 gigawatts.
I had one of my worst medical experiences yesterday, though in the greater scheme of things it was not that bad. I was scheduled for an MRI under sedation since I can't lie on a flat surface without being in pain and am claustrophobic. I was supposed to have two MRIs last week, one on my neck and one on my brain. This is for my neuropathy pain and headaches. I have spinal stenosis of the neck, which causes headaches. However, because I have a neurostimulator in my back to help with back pain, I could not do the back to back MRIs. The wire in my back can only be exposed to the magnets for 30 minutes before they start to heat up. I would have had to stay sedated an extra hour between MRIs, which the doctors thought was a bad idea. However, when they rescheduled me for this week, it created havoc with the Epic software system and for some reason the anesthesiologist's workflow would not come up in the system. It was marked as complete from the previous week's MRI. No matter what they did, for over an hour and a half, they could not figure it out. Finally a more senior person came by, took over and mitigated the situation in five minutes. However, this 90 minute delay was not the worst part. The anesthesia I was given was particularly painful going in, making me shout in pain as it burned on my hand. That was still not the worst part. The worst part was when I woke up as they were trying to intubate me. I could not breathe. They were suctioning my throat, then putting in the tube. It did not feel like it had oxygen coming from it. I could not talk, blink or move. The last thing I remember was them taping the tube over my mouth. I shared my story with the head anesthesiologist afterwards and the case will be looked into. But needless to say, waking up in the middle of a procedure, even just a test, was not a pleasant experience.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Bloomberg reporter Akshat Rathi has an illuminating interview with Gail Whiteman, founder of the Arctic Basecamp on Bloomberg's Zero podcast, "Best of: How climate reached the world's elite in Davos." Since 2017, Whiteman and a group of scientists have pitched and lived in a tent at Davos, the ski resort town in Switzerland where every year billionaires and heads of state attend the meeting of the World Economic Forum. Her mission? To talk science to power. It's a great story about how climate became a part of the conversation at Davos and how in 2024, the urgency of taking action on climate change was underscored by the lack of snow at the posh ski resort town. Listen to the Zero podcast HERE. ~SAED
Sustainable business news provider edie has published its "Sustainability Communications and Disclosure Handbook 2024." The revamped edition provides a snapshot of the key reporting frameworks that businesses can use to disclose, as well as actionable advice on communicating sustainability strategies honestly and transparently. The edie handbook is a free download to those who register on the edie website. Download the handbook HERE. ~SAED
Our most read stories from our previous edition of JLN Options were:
- Bitcoin ETFs Make the Crypto More Like the S&P 500, Analyst Says. Why That's a Bad Thing from Barron's.
- Ether Options Out of Sync With Bullish Sentiment on Street from CoinDesk via Markets Insider.
- Why Activist Short Sellers Stir Up Controversy from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
Saving Your Pennies: The Increasing Influence of Low-Priced Stocks in U.S. Markets; A closer look at how penny stocks are reshaping Wall Street's landscape; A curious trend
John Ramsay, Chief Market Policy Officer - IEX
Something strange has been happening in the U.S. stock market over the last year, and that something is exemplified by the case of Bit Brothers Limited, a Nasdaq issuer with the symbol "BETS". It may surprise you to know BETS was the most actively-traded stock, by share volume, during the last six months of the year. With a trading price of around one cent per share, BETS' volume ramped up especially in December - during the last week of the month, BETS averaged about two billion shares a day, or 19% of all listed stock volume. On December 27, 3.5 billion shares of BETS traded, amounting to 28% of total volume for that day.
/jlne.ws/47QJecL
***** John Ramsay is always worth the read.~JJL
++++
Russian Court Extends Detention of WSJ Reporter Evan Gershkovich; American journalist is set to remain behind bars for at least another two months awaiting trial
Ann M. Simmons - The Wall Street Journal
A court in Moscow ruled to extend by two months the detention of Wall Street Journal reporter Evan Gershkovich, who is deemed by the U.S. to be wrongfully held in Russia. In a closed hearing at Lefortovo District Court, a judge granted the request of investigators from the Federal Security Service, or FSB, that Gershkovich remain behind bars awaiting trial until March 30.
/jlne.ws/48Mt0CJ
****** Mr. Putin seems to think he has an advantage as the U.S. goes through its election process and aid to Ukraine is held up. He continues to use this unfortunate WSJ reporter as a bargaining chip. Free Evan Now! ~JJL
++++
Thursday's Top Three
Due to a technical problem at our email provider Constant Contact, we are not able to access our top three stories this morning, so we are unable to provide that information today. Our apologies.
++++
++++
|
|  | | | |
 | |
| Lead Stories | CFTC Customer Advisory Cautions the Public to Beware of Artificial Intelligence Scams
CFTC
The Commodity Futures Trading Commission's Office of Customer Education and Outreach today issued a customer advisory warning the public about Artificial Intelligence (AI) scams. Customer Advisory: AI Won't Turn Trading Bots into Money Machines explains how the scams use the potential of AI technology to defraud investors with false claims that entice them to hand over their money or other assets to fraudsters who misappropriate the funds and deceive investors. With the growth of the use of AI in everyday life, scammers are making claims that it can generate huge returns using bots, trade signal algorithms, crypto-asset arbitrage algorithms, and other AI-assisted technology. The prevalence of social media platforms and "influencers" makes it even easier for fraudsters to spread false information. The advisory warns investors that claims of high or guaranteed returns are red flags of fraud and that strangers promoting these claims online should be ignored.
/jlne.ws/48Lx5Hi
CFTC Staff Releases Request for Comment on the Use of Artificial Intelligence in CFTC-Regulated Markets
CFTC
The Commodity Futures Trading Commission's Divisions of Market Oversight, Clearing and Risk, Market Participants, and Data and the Office of Technology Innovation today issued a request for comment (RFC) to better inform them on the current and potential uses and risks of artificial intelligence (AI) in the derivatives markets the CFTC regulates.
/jlne.ws/3UeHy9N
Wall Street Unleashes Quants in Race for Private-Market Billions
Justina Lee - Bloomberg
Wall Street is turning to its biggest brains as the battle for supremacy in the world of private assets heats up. Quantitative analysts - more usually found in data-heavy parts of the financial ecosystem such as stocks or derivatives - are being deployed by firms like Ares Management Corp. and BlackRock Inc. as they race for an edge in private equity and credit. These opaque markets have grown fourfold over the past decade to command $10 trillion, according to data from alternative-asset consultancy Preqin. But systematic players typically haven't been heavily involved because private assets lack the reams of numbers where quants can hunt for profitable patterns and dislocations.
/jlne.ws/3SgWWQ6
ADM CEO's legacy clouded by accounting probe at commodity trader; Juan Luciano has led push into nutrition business which is under scrutiny
Susannah Savage - Financial Times
When Juan Luciano took the helm of Archer Daniels Midland in 2015, he joined a company still known in the popular mind for outsized clout in Washington, old adverts touting its role as "supermarket to the world" and grain silos from the Mississippi River to the Black Sea. mLuciano aimed to increase ADM's return on invested capital and to modernise and professionalise the old-school agribusiness. It appeared he had largely succeeded: he poured billions into building a higher-margin nutrition arm to offset the wild volatility of commodity markets, instilling ADM with greater discipline.
/jlne.ws/3Hzpn7a
Markets should be buoyed by increased liquidity in 2024; Conditions are becoming easier in the global economy with an expanding pool of cash and credit
Michael Howell - Financial Times
The gyrations in global liquidity - the pool of cash and credit shifting around financial markets - over the past few years have proved a prescient guide to future investment performance. It is not only interest rates that matter in a world where vast stocks of existing debt have to be regularly refinanced. The balance sheet capacity of the world's credit providers is also critical.
/jlne.ws/3vNFLOO
Italy's central bank boss warns EU against 'weaponising' euro; Fabio Panetta says Europe should use the power of having a global currency wisely
Martin Arnold and Laura Dubois - Financial Times
Italy's central bank governor has sent a thinly veiled warning about EU plans to seize profits from Russian financial assets in Europe, saying that "weaponising" the euro risked harming its attractiveness and boosting rival currencies such as China's renminbi. Fabio Panetta, the new head of the Banca d'Italia, said in a speech on Friday that Russia's invasion of Ukraine was "a stark reminder" of the strategic benefits for Europe of having a global currency like the euro, adding: "This power must be used wisely."
/jlne.ws/3HAKUfw
JPMorgan Shuffles Top Managers as Jamie Dimon Prepares Successors; Piepszak, Rohrbaugh to co-head commercial and investment bank; Lake expands control of consumer and community bank division
Hannah Levitt - Bloomberg
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon moved some of his top lieutenants into new senior roles, positioning them for more experience running the firm's operations as he prepares potential successors. The shuffle, halfway through Dimon's five-year retention package, places Jenn Piepszak and Troy Rohrbaugh atop an expanded commercial and investment bank, according to a statement Thursday. Marianne Lake, who has co-led the consumer and community bank alongside Piepszak since 2021, will get sole control of the segment, overseeing more of its business lines.
/jlne.ws/3vQN34p
Jamie Dimon Shakes Up JPMorgan's Leadership Once Again; Jennifer Piepszak, a CEO contender, moves to leading the corporate and investment bank
David Benoit - The Wall Street Journal
The Jamie Dimon executive shuffle is back on at JPMorgan Chase. mSeveral leading lieutenants were given new jobs on Thursday, a set of changes sure to spark whispers about the race to succeed the famous chief executive whenever he decides to step aside. (Which isn't likely soon.)
/jlne.ws/47NfCwF
JPMorgan Chase Names Co-CEOs of Commercial & Investment Bank
Markets Media
JPMorgan Chase announced new and increased responsibilities for a number of key executives that will build upon the company's successes and continue to position the firm for the future. Jennifer Piepszak, Co-Chief Executive Officer of Consumer and Community Banking (CCB), and Troy Rohrbaugh, Co-head of Markets and Securities Services, will become Co-CEOs of the expanded Commercial & Investment Bank, which will bring together our major wholesale businesses of Global Investment Banking, Commercial Banking, Corporate Banking as well as Markets, Securities Services and Global Payments.
/jlne.ws/47LVMln
SIX head of equity sales Europe joining Scott Bradley to launch new pan-European MTF
Laurie McAughtry - Markets Media Group Best Execution
Adam Sherlock, head of equity sales Europe at Six Swiss Exchange, is to join Scott Bradley at new 'smart market' OneChronos' European MTF venture from April, BEST EXECUTION can confirm. Sherlock, who has been with Six Swiss Exchange as head of equity sales Europe for almost three years, was formerly business development manager at LSEG for cash secondary markets and Turquoise, working with Bradley. Speaking to Best Execution today, he confirmed that he was "very excited" to be joining OneChronos, and will be moving from Zurich to Amsterdam to start his new role on 1 April 2024.
/jlne.ws/42bzmJl
Joe Biden halts permits for LNG projects under climate campaign pressure; White House move freezes progress for 17 proposed terminals while current exports continue
Aime Williams and Myles McCormick - Financial Times
The Biden administration will indefinitely pause approvals for new liquefied natural gas export terminals along the US coastline, dealing a blow to a booming industry and giving a win to climate campaigners. The US is the world's biggest exporter of LNG, with the number of cargoes shipped growing rapidly since the first set sail from Louisiana in 2016. The European energy crisis triggered by Vladimir Putin's full-scale invasion of Ukraine bolstered demand as countries searched to replace gas piped in from Russia.
/jlne.ws/3UfPl6Z
****This story from Bloomberg, from Reuters, from The Wall Street Journal, and from The Guardian.
Reforms to US Disaster Aid Expose Growing Home Insurance Gap; As storms, floods and fires exert a heavy toll, Americans lack adequate insurance and depend on government help to recover.
Leslie Kaufman - Bloomberg
When disaster hits in the US, the federal government gives aid to states and counties, but also to individuals. In 2022, the Federal Emergency Management Agency delivered $3.25 billion to nearly 1.4 million households recovering from damaging floods and fires. The aid money helps cover things as large as home repairs and as small as diapers, drinking water, food and other necessities. This aid regime was created by Congress: The Stafford Act of 1988 threw a lifeline to Americans who were not covered by private insurance, a group assumed to be small. But that can no longer be taken for granted.
/jlne.ws/3OkYRlM
China Stocks' Lost Decade Means an Uphill Battle to Regain Trust; MSCI China Index has lost about 17% since end of 2013; Investor skepticism abounds as authorities mull stimulus
Ishika Mookerjee and Charlotte Yang - Bloomberg
A tumultuous week for Chinese stocks underscores Beijing's challenge in reviving a market that's already suffered a lost decade of equity returns. The MSCI China Index has fallen about 17% since the end of 2013, a period that saw equity gauges in the US and India at least double. It's a disturbing track record for investors who bought into China's economic growth story, only to be hammered by sudden flare-ups of geopolitical tensions, unpredictable regulatory clampdowns and the state's growing control over private enterprises.
/jlne.ws/3vMPUel
|
| | | |
|
| |
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin Sends US Signal on Ukraine Talks, Seeing War Advantage; Russia may be open to talks on Ukraine security, sources say; US officials skeptical, see no sign Putin wants to end the war
Bloomberg News
Vladimir Putin is testing the waters on whether the US is ready to engage in talks for ending Russia's war in Ukraine. He's put out feelers to the US via indirect channels to signal he's open to discussion, including potentially on future security arrangements for Ukraine, according to two people close to the Kremlin.
/jlne.ws/3Oi06lC
|
| | | |
|
| |
| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | World Court Rejects Demand for Gaza Cease-Fire; International Court of Justice orders Israel to ensure that its military not violate the Genocide Convention
Jess Bravin - The Wall Street Journal
The International Court of Justice declined to order Israel to cease military operations in Gaza while it weighs South Africa's claim that the country is committing genocide against Palestinians. In a series of near-unanimous votes, the world court ordered Israel to ensure that its military not violate the Genocide Convention, punish incitement to genocide and report back to The Hague on its compliance. But it stopped short of ordering the fundamental objective South Africa and its allies sought: an end to Israel's military response to the Oct. 7 attacks Hamas launched from Gaza.
/jlne.ws/3SaxX13
World Court orders Israel to take measures to prevent acts of genocide in Gaza
Reuters
The World Court on Friday ordered Israel to take all measures within its power to prevent acts of genocide in Gaza. With the reading ongoing, the court said Israel must ensure its forces do not commit genocide and take measures to improve the humanitarian situation. Israel must report to the court within a month on what it's doing to uphold the order.
/jlne.ws/48KFzyc
ICJ orders Israel to limit harm to Palestinians in Gaza; Top UN court rejects Israeli bid to throw out genocide case
James Shotter - Financial Times
The International Court of Justice has ordered Israel to limit harm to Palestinians in Gaza in a politically explosive case brought by South Africa that alleges the country is committing genocide in the enclave. In a hearing in The Hague on Friday, the 17-strong panel of judges also ruled that Israel should take steps to "prevent and punish" incitement to genocide, as well as to ensure the provision of basic services and humanitarian assistance to Palestinians in Gaza.
/jlne.ws/4b5S21b
'Thank God for the Houthis': why Arab world is backing Yemen rebels; Islamist group wins praise for defending Palestinians, helping it escape scrutiny for increasing repression at home
Raya Jalabi - Financial Times
His wavy hair billowing in the wind, Rashed al-Haddad looked into the camera as his dinghy neared the Israeli-linked cargo vessel that has become an unlikely tourist attraction since it was seized late last year by Houthi rebels. In a video recorded in the shadow of the Galaxy Leader, now languishing off the Yemen coast, the photogenic 19-year-old told his legion of new social media followers that all Yemenis were "with Palestine until victory" and called on them to maintain their support for Gaza.
/jlne.ws/3ScyVcX
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Former LSEG and SIX senior individuals join US equities platform OneChronos as part of European expansion; Bradley joins the alternative trading system as chief executive officer of its London office; former SIX's Adam Sherlock will also join the firm in April to head up its European office.
Annabel Smith - The Trade
Two former London Stock Exchange Group (LSEG) and SIX Swiss Exchange sales specialists have been selected to join US equites alternative trading system (ATS) OneChronos to support its push into Europe. Former LSEG's Scott Bradley has been appointed chief executive officer of OneChronos' London office, effective immediately. Alongside him, former SIX's Adam Sherlock has been appointed chief executive of the European office and head of the firm's new European Amsterdam based MTF, effective from 1 April.
/jlne.ws/4968Lzw
BME receives National Security Scheme certification for its RENADE service
BME
Obtaining this certification in its highest category provides a regulatory control framework to optimise the management of processes and the protection of information. Iberclear has been managing RENADE, the National Registry of Greenhouse Gas Emission Allowances, since 2005. Iberclear, the Spanish central securities depository, has recently received the National Security Scheme (ENS) certification for the National Registry of Greenhouse Gas Emission Allowances (RENADE) service in its highest category. The certification in the new ENS is an added value in terms of information security.
/jlne.ws/3SzqkCO
Performance Bond Requirements: Agriculture, Energy and Equity Margins - Effective January 26, 2024
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on January 26, 2024.
/jlne.ws/48NfC18
Performance Bond Requirements: Interest Rate Margins - Effective January 26, 2024
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on January 26, 2024.
/jlne.ws/42dym7q
New Product Summary: Initial Listing of the Micro Japanese Yen/U.S. Dollar (JPY/USD) Futures Contract - Effective February 26, 2024
CME Group
Initial Listing of the Micro Japanese Yen/U.S. Dollar (JPY/USD) Futures Contract
/jlne.ws/3u6hfru
New report "Repo Trading & Clearing 2023/2024" is out
Eurex
2023 was a year of transformation in the world of finance, triggered primarily by a paradigm shift in monetary policy. This led to a substantial overall growth of 70 per cent in Eurex's repo markets. A report by Eurex Repo's Members of the Management Board, Matthias Graulich, and Frank Gast, summarizes the key drivers behind this development, what factors and events impacted the repo business in 2023 and what this upcoming year will have in store for us.
/jlne.ws/47WgQWl
Updates To LME Group Fees And Charges 2024
LME Group
Summary 1. This Notice sets out updates to the fees and charges for LME and LME Clear (together the "LME Group") that will take effect from 25 January 2024. Defined Terms 2. Capitalised terms not otherwise defined in this Notice shall have the meaning ascribed to them in the LME Rulebook.
/jlne.ws/3vimcfa
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | FlexTrade launches new 'all-in one' issue management system
Alex Pugh - Best Execution
FlexTrade Systems has rolled out a new 'all-in-one' issue management system, FlexNIMS, which allows public equity traders to plan, manage and execute equity offerings. The solution is designed to cut the time and risk involved with the new issue management process for initial public offerings, (IPOs), follow-ons and block trades by managing the process from the deal evaluation phase, internal interest aggregation and approvals, to compliance checking, and customised individual allocations on deal day.
/jlne.ws/47P6QOA
Michael Chin Appointed Ceo Of Data Automation Leader Duco
Duco
Duco, the #1 SaaS provider of AI-powered data automation, today announced that Michael Chin has been appointed CEO effective as of January 23. He succeeds the company's founder Christian Nentwich, who steps down as CEO after over 10 years. The announcement comes on the back of continuous high growth over the years. Duco was acquired by Nordic Capital in 2021 and has since further accelerated its transformative growth and expansion.
/jlne.ws/3SxgzER
Blue Ocean Technologies partners with MEMX to support ATS global trading platform; MEMX will serve as technology partner for the platform, with expected implementation of the technology by the end of this quarter.
Wesley Bray - The Trade
Blue Ocean Technologies (BOT) and Members Exchange (MEMX), have entered a technology partnership in which the latter's market-as-a-service trading system will operate the Blue Ocean ATS global trading platform. The technology is expected to be implemented by the end of Q1 2024. Licensing the same technology powering MEMX's US equity and options exchanges, users will be able to launch new market centres or upgrade their existing technology to MEMX's low latency platform.
/jlne.ws/3SaDpRz
UK neobanks need to show sterling qualities, not just fintech growth; What next for Starling, Monzo and Revolut?
Rupak Ghose - Financial Times
Rupak Ghose is an adviser to fintech companies and a former financials research analyst with Credit Suisse. We're told that the UK needs to celebrate its success stories. As they like to say in the VC community, "pessimists sound smart, optimists make money". So, let's take a look at the UK neobanks.
/jlne.ws/47Ot0kk
Investortools Dealer Network integrates Tradeweb Ai-Price for municipal bonds; Integration will allow users of the network to make better informed trading decisions and unlock new trading workflows.
Wesley Bray - The Trade
Fixed income software solutions provider Investortools has included Tradeweb Automated Intelligent Pricing (Ai-Price) for municipal bonds into the Investortools Dealer Network. The integration of Tradeweb's intraday evaluative bond prices will help better inform users' trading decisions alongside unlocking new trading workflows for users of the Investortools Delear Network.
/jlne.ws/4b9a56z
FTC Launches Probe of Big Tech's AI Investments; Agency says it will look into how roles of Microsoft, OpenAI, Amazon.com, Anthropic and Alphabet affect competition in red-hot field
Dave Michaels - The Wall Street Journal
The Federal Trade Commission said it would investigate the growing arms race among the biggest technology companies to produce and commercialize artificial intelligence. The agency said Thursday it had issued orders seeking information about AI investments to Microsoft, OpenAI, Amazon.com, Anthropic and Google-owner Alphabet. OpenAI is the developer of ChatGPT, the AI chatbot that was released in November 2022 and now has versions tailored for business applications.
/jlne.ws/3OdHtz1
How Microsoft Catapulted to $3 Trillion on the Back of AI; Software giant becomes second company ever to reach the mark, boosted in part by its investment in OpenAI
Tom Dotan and Charley Grant - The Wall Street Journal
Microsoft on Thursday became the second company ever to end the trading day valued at more than $3 trillion, a milestone reflecting investor optimism that one of the oldest tech companies is leading an artificial-intelligence revolution. In the past decade, Microsoft's success has come from smart bets by Chief Executive Satya Nadella. One of his biggest gambles in recent years has been partnering with an untested nonprofit startup-generative AI pioneer OpenAI-and quickly folding its technology into Microsoft's bestselling products. That move made Microsoft a de facto leader in a burgeoning AI field many believe will retool the tech industry.
/jlne.ws/47OoX7C
What if Regulation Makes the AI Monopoly Worse? In an industry already primed for concentration, creative alternatives for safeguarding the public interest are needed.
Bhaskar Chakravorti - ForeignPolicy.com
/jlne.ws/3Synqhq
The Rush to Regulate AI Could Be the Death of Parody
Jennifer Huddleston - National Review
/jlne.ws/3SxRhXm
Elon Musk's AI start-up seeks to raise $6bn from investors to challenge OpenAI; Tesla chief targets $20bn valuation in bid to take on OpenAI
Tabby Kinder and Eleanor Olcott and Kaye Wiggins - Financial Times
/jlne.ws/4b9xC7o
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | Cyber Management Details Emerge Under SEC Rules; Initial filings from Lockheed and others to set direction for security governance disclosures
Kim S. Nash and Catherine Stupp - The Wall Street Journal
Regulatory filings from defense company Lockheed Martin and other large corporations under strict new federal disclosure rules are setting early expectations for how much companies must disclose about their cybersecurity programs.
/jlne.ws/48ME0jb
The SEC Raises the Stakes: New Cybersecurity Rules for Publicly Traded Companies Hit the Books in 2023
Caitlin Smith and Pavel Sternberg - JD Supra
In 2023, the U.S. Securities and Exchange Commission ("SEC") issued its now-fully implemented Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure Rule. The Rule reflects the reality that cybersecurity is now a major operational issue for companies and seeks to standardize the disclosures of cyber incidents and overall cyber risk management for publicly traded companies. It also marks a significant expansion of what information about their cybersecurity posture those companies must make public through their annual disclosures as well as in one-off 8-K disclosures in the event of a data security incident.
/jlne.ws/4baJOos
Top cybersecurity M&A deals for 2024
CSO
The rise of AI as a component of cyber products, increasing concern over an increase in cyberattacks, and more stringent government regulation could spur robust M&A activity in 2024 after a lackluster 2023.
/jlne.ws/3vMr8uZ
The Role of AI in Cybersecurity: Present Uses and Future Possibilities; Leveraging AI's Speed and Precision to Stay Ahead of Cyber Threats
Ryan Craven - Medium
As cybercriminals rapidly accelerate the pace of assaults using increasingly sophisticated techniques, artificial intelligence has clearly emerged as an essential tool for security teams to harden defenses. AI strengthens protections across two critical dimensions - enabling faster threat detection and response while making systems more resilient to future attacks.
/jlne.ws/3vIeJYT
Damage From Cyber Attack on Sweden May Take Weeks to Recover
Niclas Rolander - Bloomberg
Computer systems of Swedish government agencies made inoperable by an attack on a Tietoevry Oyj data center may be down for weeks, the country's civil defense minister said. The ransomware attack carried out during the weekend by a group known as Akira has crippled payroll processing at a large number of institutions, and caused additional problems at hospitals, cinemas and other businesses. At a news conference on Friday, Carl-Oskar Bohlin said 178 reports have been filed on potential personal data breaches since Saturday.
/jlne.ws/3u0xerg
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Is Going Mainstream, Which Means It's Over; With each step Bitcoin takes toward more widespread acceptance, it loses some of what made it appealing in the first place.
Allison Schrager - Bloomberg
Two big things have happened in the crypto world this month: a public validation and a semi-private snub. Both of them bode poorly for its future. The official validation came in the form of the SEC approval of a Bitcoin ETF, which will make it easier for speculators to invest in Bitcoin. The slight came at this year's World Economic Forum, which I attended, and where Bitcoin - or any cryptocurrency, really - was clearly on the outs. Last year crypto was everywhere in Davos. This year, the star of the show was AI. Crypto, like me, didn't even know about all the really good parties, much less get an invitation.
/jlne.ws/42hcaJq
Largest Bitcoin ETF's Slowing Outflows Lift Some Recent Crypto Gloom
Sunil Jagtiani - Bloomberg
Bitcoin rose past $41,000 amid a slowdown in outflows from the $20 billion Grayscale Bitcoin Trust that strategists said may help to stanch a two-week slump in the token. About $4.8 billion has exited the more than decade-old Bitcoin portfolio - the world's largest - since it became an exchange-traded fund on Jan. 11, data compiled by Bloomberg show. Bitcoin had shed around 20% in the same period.
/jlne.ws/3S8FKwe
Spot bitcoin ETFs spawn nascent derivatives ecosystem; Volatility of the cryptocurrency means a host of risk-on/risk-off strategies will join Roundhill Bitcoin Covered Call ETF
Steve Johnson - Financial Times
The first derivative-based strategy piggybacking off US-listed bitcoin exchange traded funds has started trading, as experimentation in the fund industry accelerates at breakneck speed. Roundhill Investments' Bitcoin Covered Call ETF (YBTC) aims to generate a yield from bitcoin and, like other covered call strategies such as JPMorgan's wildly popular Equity Premium Income ETF (JEPI), investors surrender some potential market gains in return.
/jlne.ws/3vTmT0L
After disgraced crypto entrepreneur's 'enjoyable' Singapore prison experience, focus turns to exchange in Hong Kong
Xinmei Shen - South China Morning Post
Su Zhu, co-founder of collapsed cryptocurrency hedge fund Three Arrows Capital, described his prison time as "enjoyable" after being freed last month, as the disgraced entrepreneur moves on to promote a new exchange with links to Hong Kong. Zhu, who was arrested in Singapore last September for failing to cooperate with investigations into the collapse of his crypto hedge fund, commended the prison experience in video clips he shared on Tuesday on X, formerly Twitter.
/jlne.ws/3uiBGl0
ETH ETFs Are Inevitable - But When?
Daniel Kuhn - CoinDesk
It should come as no surprise that the U.S. Securities and Exchange Commission (SEC) is not jumping on the ether (ETH) exchange-traded fund (ETF) bandwagon. Yesterday, the agency punted on BlackRock's ETH ETF proposal, filed initially in November, a few months after the asset manager unexpectedly decided to try to launch a spot bitcoin fund.
/jlne.ws/49aAuyY
US SEC delays decision on Grayscale, BlackRock's spot Ethereum ETFs
Reuters
The U.S. Securities and Exchange Commission (SEC) delayed on Thursday its decision on an application by crypto asset manager Grayscale Investments to convert its Ethereum trust product into a spot exchange-traded fund (ETF). The U.S. markets regulator also on Wednesday delayed its decision on finance industry heavyweight BlackRock's application to launch a similar product, exchange filings showed. A spot crypto ETF tracks the market price of the underlying digital asset, giving investors exposure to the token without having to buy the currency.
/jlne.ws/3OihK8I
Spot Ether ETF Applications Decisions Delayed by SEC
Nikhilesh De - CoinDesk
/jlne.ws/3OFQHoj
Crypto Is Going Mainstream, Which Means It's Over; With each step Bitcoin takes toward more widespread acceptance, it loses some of what made it appealing in the first place.
Allison Schrager - Bloomberg Opinion
/jlne.ws/3ubTChh
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | Lawmakers caution regulators on impact of bank requirements on agriculture, energy
Dave Kovaleski - Financial Regulation News
U.S. Rep. Zach Nunn (R-IA) and U. S. Sen. Jerry Moran (R-KS) are leading an effort to caution federal regulators on how they believe the new proposed capital requirements on banks would impact the agriculture and energy industries. In a letter to officials with the Federal Reserve, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp. (FDIC), the lawmakers cited concerns that the GSIB surcharge proposal and the new capital requirements for large banks will generate disincentives for risk management strategies and drive up the cost of hedging for end-users.
/jlne.ws/48NJZEv
Joe Biden halts permits for LNG projects under climate campaign pressure; White House move freezes progress for 17 proposed terminals while current exports continue
Aime Williams and Myles McCormick - Financial Times
The Biden administration will indefinitely pause approvals for new liquefied natural gas export terminals along the US coastline, dealing a blow to a booming industry and giving a win to climate campaigners. The US is the world's biggest exporter of LNG, with the number of cargoes shipped growing rapidly since the first set sail from Louisiana in 2016. The European energy crisis triggered by Vladimir Putin's full-scale invasion of Ukraine bolstered demand as countries searched to replace gas piped in from Russia.
/jlne.ws/3UfPl6Z
Ban the Far Right? Better to Unmask Its Failings; Credible political alternatives are needed to halt the advance of anti-immigrant parties in Europe
Lionel Laurent- Bloomberg
Five months ahead of European parliamentary elections, the far right's long march into mainstream politics has hit the buffers in Germany. More than 1 million people have taken to the streets to protest against the AfD party - with some even calling for it to be banned - as reported policy ideas including mass deportations and a Brexit-style referendum give voters pause. Die maske faellt: "The mask drops."
/jlne.ws/3Ok3KeR
|
| | | |
|
| |
| Regulation & Enforcement | | Stories about regulation and the law. | SEC's Gensler Urges Europe to Speed Up Stock Settlement Times
Lydia Beyoud - Bloomberg
European countries should consider shortening the time it takes stock trades to settle to match up with the US, according to Gary Gensler. The Securities and Exchange Commission chair reaffirmed on Thursday that the world's biggest stock market will cut in half trade settlement times to a single business day in late May. Mexico and Canada are also preparing to switch to a "T+1" settlement cycle, he said.
/jlne.ws/3Oiiyuy
SEC Fines Aon Over Faulty Pension Return Calculation; The consulting firm's mistake created turmoil at Pennsylvania's retirement system for schoolteachers
Chris Cumming - The Wall Street Journal
Regulators fined consulting firm Aon and a former partner over a calculation error that upset the finances and roiled the leadership of the largest public pension in Pennsylvania. The Securities and Exchange Commission said Thursday that in 2020, Aon made an error calculating investment returns for the Pennsylvania Public School Employees' Retirement System, causing the $72.8 billion pension's managers to inaccurately tally how much money beneficiaries needed to contribute in the coming year.
/jlne.ws/4bc3Izd
Commissioner Kristin N. Johnson Statement on the CFTC RFC on AI: Building a Regulatory Framework for AI in Financial Markets
CFTC
The increasing integration of artificial intelligence (AI) in nearly every sector of our economy and society has spurred a global debate regarding the promise and the peril of the assemblage of technologies described as AI. Registrants and other market participants are increasingly exploring and using AI and related technologies. Today, staff of the Commodity Futures Trading Commission (Commission or CFTC) published a request for comment (RFC), seeking public comment on the use of artificial intelligence (AI) in markets regulated by the Commission.[1]
/jlne.ws/3OmpFBZ
Italy fines first city for privacy breaches in use of AI
Reuters
Italy's privacy watchdog has fined the northern city of Trento for breaking data protection rules in the way it used artificial intelligence (AI) in street surveillance projects.
Trento was fined 50,000 euros ($54,225) and told to delete all data gathered in two European Union-funded projects. It is the first local administration in Italy to be sanctioned by the GPDP watchdog over the use of data from AI tools.
/jlne.ws/4bdCeJO
SEC Charges Northern Star SPAC for Material Misrepresentations in its IPO-Related Disclosures
SEC
The Securities and Exchange Commission today announced that Northern Star Investment Corp. II, a special purpose acquisition company (SPAC), agreed to settle charges that it made misleading statements in forms filed with the SEC as part of its January 2021 initial public offering (IPO).
/jlne.ws/3OFQJMX
SEC Charges Chicago-based Aon Investments and Former Partner with Misleading Pennsylvania Public Employees' Pension Fund
SEC
The Securities and Exchange Commission today announced settled charges against Aon Investments USA Inc., a Chicago-based registered investment adviser, and the firm's former partner, Claire P. Shaughnessy, for misleading their client, the Pennsylvania Public School Employees' Retirement System (PSERS), about the reason for a discrepancy between two different calculations by Aon of PSERS's investment returns for the same period.
/jlne.ws/47RHAY4
"Time is Money. Time is Risk" Prepared Remarks before the European Commission
Chair Gary Gensler - SEC
Three years ago this week, just after President Biden took the oath of office while his senior staff were still unpacking boxes, the GameStop events unfolded. Jen Psaki, the new press secretary, had to address these market events from the White House briefing room.[1] While you might not be surprised that a market issue reached the West Wing, part of this event related to market plumbing.
/jlne.ws/42anRlr
SEC Charges Financial Advisor with Fraud for Stealing from Account Holders to Pay Personal Expenses
SEC
The Securities and Exchange Commission yesterday charged Jesus Rodriguez, a former financial advisor, with fraud for misappropriating more than $3.475 million from ten brokerage account holders and advisory clients.
/jlne.ws/4bf5z6s
FCA statement on judicial review of debt packager measures
FCA
On 12 January 2024, the Administrative Court refused permission for Promethean Finance Limited to bring a judicial review claim to challenge the FCA's rules that ban referral fees for debt packagers. Debt packagers are regulated providers of debt advice, who typically don't provide debt solutions themselves. The FCA introduced rules last year which banned debt packagers from receiving referral fees paid by debt solution providers. The ban removed a strong incentive for debt packagers to offer advice which does not have regard to the best interests of the customer or is not appropriate to the individual circumstances of the customer. The ban is intended to ensure consumers get better advice and help them to access a suitable debt solution where appropriate.
/jlne.ws/3HBXr2t
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Bond Market Braces for Record Auction Sizes for Some Treasuries
Elizabeth Stanton - Bloomberg
When the Treasury Department previews its note and bond auction sizes for the next three months on Jan. 31, some of the projected sizes are likely to be the biggest investors have ever seen. The sizes of the US government's monthly two- and five-year notes are already at peak levels. On Tuesday and Wednesday, $60 billion of two-year notes and $61 billion of five-year notes were sold. Each amount matched the most ever for the tenor. The biggest-ever size for any Treasury note or bond auction was $62 billion, for seven-year notes sold between January and October 2021.
/jlne.ws/49a30ka
The Fed Tells Banks Not to Be Shy About Asking It for Money; Banks worry that tapping the backstop program signals weakness; Regulators are drafting a plan to normalize use of the program
Alex Harris - Bloomberg
When Brookline Bancorp Inc. needs to borrow short-term cash quickly - part of the regular course of business for the Boston-based lender - it has a range of options. One source of cheap money it's loath to turn to, however, is the Federal Reserve for fear of setting off alarm bells. "This is the safety net for the financial system and for individual banks," said co-president and chief financial officer Carl Carlson. "If you have to use the safety net, that means you missed a rung on the swing and means you needed something."
/jlne.ws/48ESQs9
US Extends Lead Over China in Race for World's Biggest Economy
Rich Miller and Enda Curran - Bloomberg
The US has pulled further ahead of China in the race for world's biggest economy, thanks in part to a vibrant American consumer. US gross domestic product rose 6.3% in nominal terms - that is, unadjusted for inflation - last year, outpacing China's 4.6% gain. While some of the outperformance reflected America's elevated price increases, the 2023 outturn underscores a broader point: The US economy is emerging from the pandemic period in a better place than China's.
/jlne.ws/3SexYRF
Demand for Fed Funding Tool Hits Record Before Rate Hike
Carter Johnson and Alexandra Harris - Bloomberg
Borrowing from a Federal Reserve emergency lending program rose to a fresh record, just before the central bank raised the facility's interest rate to stop financial institutions from taking advantage and arbitraging on its attractive terms. Demand for the Bank Term Funding Program rose approximately $6.3 billion in the week through Wednesday, Jan. 24 to an all-time high of $167.8 billion, data from the Fed showed. Borrowing has jumped by more than $50 billion since mid-November after the program's rate increasingly fell below the rate at which institutions could earn money by parking reserves at the Fed.
/jlne.ws/48Phqqb
Well Into Adulthood and Still Getting Money From Their Parents; Nearly 60% of parents provide financial help to their adult kids, a new study finds
Julia Carpenter - The Wall Street Journal
Parents have always supported their children into adulthood, from funding weddings to buying a home. Now the financial umbilical cord extends much later into adulthood. About 59% of parents said they helped their young adult children financially in the past year, according to a report released Thursday by the Pew Research Center that focused on adults under age 35. (This question hadn't been asked in prior surveys.) More young adults are also living with their parents. Among adults under age 25, 57% live with their parents, up from 53% in 1993.
/jlne.ws/3HzqKCB
Can the IRS's New Free Tax-Filing Tool Replace TurboTax? We Tried It Out; Government's Direct File tax-prep software will roll out for some filers this year
Richard Rubin and Ashlea Ebeling - The Wall Street Journal
/jlne.ws/47KyzjC
Sweden's SCA Calls Short-Seller Claims 'Totally Unserious'; Shares in SCA recovered Friday after plunging 9% day earlier; Viceroy, Ningi published comments on forest firm on same day
Lars Paulsson - Bloomberg
/jlne.ws/3UfkFD9
Lessons from a lifetime in investment; Eternal verities in investment and finance are often counterintuitive
John Plender - Financial Times
/jlne.ws/3u70Lzu
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Analysis: New nature-based frameworks keep biodiversity in spotlight at Davos
Mark Hillsdon - Reuters
Names of 320 TNFD early adopters published and report on pilot developing science-based targets for nature. Moves welcomed as 'clear sign' investors and companies recognise risks to nature from business models. Goal to shift global finances away from nature-negative outcomes towards nature-positive ones. Sceptics question need for more data and say only new laws will ultimately prevent biodiversity loss. While events in the Middle East and the Red Sea dominated discussions at this year's World Economic Forum meeting, two major announcements at Davos added momentum to the burgeoning nature and biodiversity agenda.
/jlne.ws/3vXaN6C
Language barrier: Shoppers don't understand common green claims, survey reveals
Sarah George - edie
Nine in ten of those polled said it is important for businesses to talk to the general public about their environmental sustainability work. But the survey, conducted by Fleet Street and Trajectory Partnership, found a disconnect between the language used by businesses and that used by customers. While three-quarters of survey respondents had heard the term 'sustainability' or 'sustainable' in relation to businesses, only a quarter felt they could confidently offer up a definition. Most also said they did not thoroughly understand what a brand meant when it described itself, or a product, as 'green'. 'Eco' and 'conscious' were found to have even lower levels of confidence in understanding.
/jlne.ws/47PQrJN
It Could Soon Get a Whole Lot Easier to Build Solar in the Western US
Wyatt Myskow - Inside Climate News
The Biden administration has outlined how it could dramatically expand the public lands available to streamline solar development in the Western U.S., a major step that could help sustain the surge in solar energy projects across the country. The Bureau of Land Management last week released a proposal to update its 2012 Western Solar Plan detailing multiple programs that could ease the permitting process for utility-scale solar projects. The proposal identifies the land best suited for large solar developments across 11 states, balancing conservation with the needs of the industry.
/jlne.ws/3OksXpj
Companies in Texas Exploit 'Loopholes,' Attribute 1 Million Pounds of Air Pollution to Recent Freezing Weather
Dylan Baddour - Inside Climate News and Alejandra Martinez - Texas Tribune
Frigid weather this month caused industrial facilities across Texas to release unplanned air pollution as machinery froze, power went out and icy conditions blocked service crews. Over four chilly days between Jan. 14 and 17, companies submitted reports to Texas' environmental regulator, the Texas Commission on Environmental Quality, that attributed at least 36 instances of "unintentional" emissions to the freezing temperatures.
/jlne.ws/3Svktye
Power giant NextEra plays down Republican threat to US climate law
Myles McCormick - Financial Times
The biggest US renewable energy developer has expressed confidence that Republicans would not follow through on threats to rip up the Inflation Reduction Act if they win this year's election, as the company reported record orders for 2023. Republicans have vowed to hollow out the IRA, President Joe Biden's landmark climate law, whose extensive tax credits for clean energy projects have made it a flashpoint in the election debate.
/jlne.ws/3SxsbI7
Urbanisation's role in the climate crisis is being overlooked; A global advisory body that joins up science with the management of cities is urgently needed
Michael Keith - Financial Times
/jlne.ws/3ua4goJ
China Added More Solar Panels in 2023 Than US Did In Its Entire History; Nation added 217 gigawatts of solar and 76 of wind last year; China accounted for more than half of global additions: BNEF
Bloomberg News
/jlne.ws/3SctWsL
Forbes' unionized journalists stage first walk-out in magazine's history
Reuters
/jlne.ws/3SgYauG
China Added More Solar Panels in 2023 Than US Did In Its Entire History; Nation added 217 gigawatts of solar and 76 of wind last year; China accounted for more than half of global additions: BNEF
Bloomberg News
/jlne.ws/3vUpess
Bank of America Employees to Share $800 Million Stock Reward; Employees earning as much as $500,000 a year are eligible; Financial firms facing expense pressures seek to keep talent
Katherine Doherty - Bloomberg
/jlne.ws/3Uf57Pu
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Six Bankers Depart Bank of Montreal After Misconduct Probe Into Bullying
Christine Dobby and Jacob Lorinc - Bloomberg
Six people have left Bank of Montreal after an investigation into "completely unacceptable" behavior in its investment banking group. The Toronto-based bank launched a probe after a young male banker raised concerns about harassment and bullying, Canada's Globe and Mail said. The newspaper reported that the person, who worked in the bank's mining and metals group, was subjected to homophobic slurs in person and online.
/jlne.ws/3u3HHlH
JPMorgan shuffles executives as race to succeed CEO Jamie Dimon heats up
David Hollerith - Yahoo Finance
JPMorgan Chase (JPM) announced a management reshuffle Thursday as it prepares for a time when CEO Jamie Dimon is no longer in charge of the nation's largest and most profitable bank. The changes reinforce that there are now roughly a handful of executives with a shot at succeeding the 67-year-old Dimon, the longest-serving CEO of a major national bank.
/jlne.ws/42h8oQg
The Fed Tells Banks Not to Be Shy About Asking It for Money; Banks worry that tapping the backstop program signals weakness; Regulators are drafting a plan to normalize use of the program
Alex Harris - Bloomberg
When Brookline Bancorp Inc. needs to borrow short-term cash quickly - part of the regular course of business for the Boston-based lender - it has a range of options. One source of cheap money it's loath to turn to, however, is the Federal Reserve for fear of setting off alarm bells.
/jlne.ws/47PzFuv
CQS Hedge Fund Chief Hintze to Spin Out With $2 Billion in March
Liza Tetley and Nishant Kumar - Bloomberg
Billionaire Michael Hintze is preparing to re-launch his hedge fund under Deltroit Asset Management in March, relinquishing the CQS brand he built over more than two decades. The veteran hedge fund manager, who agreed to sell most of his CQS fund business to Manulife Investment Management last year, is expected to start trading with about $2 billion at Deltroit, according to people with knowledge of the matter.
/jlne.ws/490lPGQ
H2O to repay EUR70mn to investors with funds trapped in illiquid assets; Investors in asset manager were hit by group's outsized exposure to German financier Lars Windhorst
Robert Smith and Cynthia O'Murchu - Financial Times
H2O Asset Management will make a EUR70mn repayment to investors who have had their funds trapped at the once high-flying asset manager since 2020, as it continues to make limited progress in returning EUR1.6bn it invested in illiquid assets. Once a star of European investment that oversaw more than EUR30bn at its peak, H2O was plunged into crisis in 2019 after the Financial Times revealed it had substantial exposure to illiquid securities tied to the controversial financier Lars Windhorst.
/jlne.ws/42c574Y
|
| | | |
|
| |
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | American Workers Come Out Winners in a Clash Between Economists Over a Curve; Those who argued that US inflation could not be tamed without a sharp increase in joblessness are shifting their stance.
Enda Curran - Bloomberg
What weapon does an economist take to a street fight? A curve, of course. A staple of economic models, curves can also be repurposed as cudgels. Over the past 18 months, two groups of distinguished economists have sparred publicly over the shape of the Beveridge curve, drawing commentary from the sidelines. Named after William Beveridge, the economist who's been dubbed the father of Britain's welfare state, the Beveridge curve maps the level of job vacancies in an economy against the level of employment. The relationship is simple, with the two generally rising or falling in tandem.
/jlne.ws/3u6TXBY
|
| | | |
|
| |
| Wellness Exchange | | An Exchange of Health and Wellness Information | How a Lucky Break Fueled Eli Lilly's $600 Billion Weight-Loss Empire; The company's new obesity shot, Zepbound, is expected to be the bestselling drug of all time.
Madison Muller - Bloomberg
If only Eli Lilly & Co. had listened to Richard DiMarchi, it could have been first to the $80 billion weight-loss drug market. Three decades ago, DiMarchi was working as a scientist at the Indianapolis-based drugmaker, studying a gut hormone called glucagon-like peptide-1. In a small trial, he showed that an infusion of the hormone caused weight loss in humans. The finding was so promising that he and a collaborator filed a patent. All Lilly had to do was create a product using the technology and it'd have exclusive rights to sell it for weight management for at least a decade.
/jlne.ws/3OkspzL
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Tax break on table for beleaguered nickel, lithium miners
Brad Thompson - AFR.com
BHP says a crisis meeting on the collapsing nickel industry was a significant wake-up call for Australia and what role the nation can play in future supply of strategic and critical minerals under current policy settings. Nickel and lithium producers walked away from separate crisis meetings in Perth buoyed by the prospect of the Albanese government introducing a production tax credit for downstream processing of some minerals.
/jlne.ws/3u6Ilie
Yuan Short Sellers Risk Getting Burned on China Stocks Rescue
Iris Ouyang - Bloomberg
The yuan looks set to become a key beneficiary of China's plan to stem a stock-market rout, as the equities rescue package would exacerbate a scarcity of the currency overseas, putting a squeeze on short-sellers. The offshore yuan will extend gains after posting its biggest advance in two weeks on Tuesday, according to Mizuho Bank and Malayan Banking Berhad. The banks expect offshore yuan liquidity to tighten with Beijing said to be considering 2 trillion yuan ($278 billion) of onshore stock purchases mainly from the overseas accounts of state-owned enterprises to stem a selloff.
/jlne.ws/3SAgWPm
Beijing is making moves to restore confidence in its battered stock markets, but there might be another big problem just ahead
Huileng Tan - Business Insider
China authorities have started pulling out moves to shore up confidence in the country's floundering market - but things may not get much better soon. That's because there's another potential headwind ahead: company earnings, which may not be pretty amid China's struggling economy that grew 5.2% last year. While the economic growth was better than the 3% it posted in 2022, it's still one of China's worst showings since 1990.mMore than a year after it started lifting COVID-19 restrictions, China's economy is still trying to stage a convincing recovery. It's facing significant headwinds from a property crisis, deflationary pressure, and a demographic crisis.
/jlne.ws/3OkQhTX
Sweden's SCA Calls Short-Seller Claims 'Totally Unserious'
Svenska Cellulosa AB's Chief Executive Officer Ulf Larsson defended the firm against claims from short sellers, including that his company had overstated its forest assets. Viceroy Research and Ningi Research published separate reports on Thursday, saying they are short the Swedish paper and forestry firm and causing its stock to slump as much as 9%. The shares later pared some of those losses, and are up 2.1% on Friday after the company's earnings report.
/jlne.ws/3vXaOaI
|
| | | |
|
| |
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2024 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
