| August 16, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Coinbase announced that the National Futures Association approved its application to operate a futures commission merchant (FCM), giving its customers the ability to trade spot crypto and futures on the same platform. And interestingly, some of those futures contracts will be listed on the Coinbase Derivatives Exchange, formerly FairX
In one sense this is all good news, a new FCM (cheers!), but in another case it is the worst-case scenario futures-only brokers have always worried about - the exchange getting into their space and directly handling the customers.
The fears of brokers are not laws or rules and we have already seen an exchange buy an FCM when MIAX bought Dorman Trading amid the FTX disintermediation proposals that have since gone up in smoke. Coinbase has followed the rules to get its FCM approved. Now it needs to operate it safely and efficiently, all while dealing with the sometimes toxic crypto markets.
Another thing Coinbase now has to navigate is the curse of the publicly traded FCM. Not many FCMs who have become public companies have survived this curse. I wish them good luck and great risk management and compliance.
Here are two quotes from Coinbase executives about the approval:
"This is a significant milestone for bringing federal regulatory oversight over the crypto markets. Under the supervision of the CFTC and NFA, Coinbase will be able to offer regulated futures in a manner that protects consumers and helps ensure that the US remains a center for digital innovation. Coinbase looks forward to meeting the CFTC and NFA's high standards and providing Americans with more financial options" ~Faryar Shirzad, Chief Policy Officer
"We're pleased to confirm that Coinbase Financial Markets, Inc. has secured regulatory approval from the National Futures Association (NFA) to offer US customers access to crypto futures from our platforms. Offering US investors access to secure and regulated crypto futures is key to unlocking growth and enabling broader participation in the cryptoeconomy. As the first crypto-native leader to offer traditional spot trading alongside regulated futures, US investors will soon be able to use derivatives to manage risk on their underlying crypto assets through the safest, most trusted name in crypto." ~Andrew Sears, CEO, Coinbase Financial Markets
Jonathan Hoenig, managing member of Capitalistpig Hedge Fund LLC, produced a documentary film with the name "PIT TRADING 101" and recently posted it to his personal YouTube channel. For those of you who never had the chance to be a trader on the CME trading floor, here is your chance to see the training offered by Mickey Hoffman, formerly of the University of Trading. The description of the film includes these opening paragraphs:
Imagine a job that required you to stand on your feet for seven straight hours, frantically screaming and yelling, while making bets worth $10,000, $50,000 or even $100,000. But this isn't Las Vegas - it's a trading pit.
At the peak of the mid-90's market frenzy, over 10,000 traders worked on the floors of Chicago's four major exchanges. Trillions of dollars' worth of commodities were exchanged with just a flick of a wrist or motion of the hand. While an outsider might see this environment as complete chaos, it was actually quite the opposite. Open outcry, a style of communication relying on specific gestures and vocal cues was a sort of secret language unique to traders; one that has never been replicated elsewhere.
Aspiring traders often got their foot in through apprenticeships or connections; but others attended the University of Trading, a weekend course offered at the CME, where they learned how to communicate orders with their hands and practiced making trades with brokers in the pit.
A documentary film crew was given rare access to tape this particular class, which happened to include a young trader named Jonathan Hoenig. The resulting footage was never used and sat, untouched, for 17 years. During that time, the entire industry disappeared. This film is a look back at a job, an industry and a world that no longer exists. Have you heard the story about the raid by the chief of police and the entire police force in Marion, KS of the offices of the Marion Record, the local newspaper? The police not only raided the newspaper, but also the home of the 98-year-old publisher, who died a day later, allegedly from a lack of sleep and stress from the raid. Allegedly the raid was about a DUI of a local restaurant owner, but reports also say the paper was investigating anonymous tips it received about the police chief.
There are clear constitutional issues raised by this raid, but one thing is sure, small-town newspapers can be overwhelmed by legal costs fighting for their and our constitutional rights. One way to support the Marion Record is to buy an online subscription to the paper. That is what I did yesterday for $34.99.
Gabriella (Gabby) Kusz has left the CEO role at the Global Digital Asset & Cryptocurrency Association to join The Digital Dollar Project as a senior director of operations. Kusz had been with the GDACA for four years, starting as a freelance advisor, moving to freelance non-executive director and finally taking the CEO job in 2022. Congratulations to Gabriella.
On a related note, Christina Sciotto has been appointed interim executive director of the Global Digital Asset & Cryptocurrency Association.
The Financial Times has identified a very eye opening problem that has startling implications for all of us in a story titled, "Have we reached peak coffee?" with the subheading "Whether the world can produce enough beans to fulfill growing demand is in doubt." Coffee consumption is growing and the ground it is growing on is shrinking due to warming temperatures, with yields decreasing because of climate change.
In a move that surely pissed off some hedge fund clients of X, formerly Twitter, Elon Musk's social media site slowed down access to some rival sites, The New York Times reported. Slowing down the data means these funds, who scrape the data from the feed, are getting lagging data. The slowdown has reportedly been reversed.
According to The Trade, former ED&F Man Capital Markets executive Chris Smith has been named the CEO of Clear Street's futures clearing business. Smith was an executive with Man Financial that I had the unfortunate experience of having to work with, which is not really correct as it seemed like he worked against me most of the time. I was a pioneer and he was the chief risk officer who always seemed to say NO.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Climate Week NYC takes place September 17-24, 2023. The event is hosted by the global nonprofit Climate Group and coordinated by the United Nations and the City of New York. Some 400 events and activities across the City of New York - in person, hybrid and online - bring together business leaders, political change makers, local decision makers and civil society representatives of all ages and backgrounds, from all over the world. Finance is a major focus of Climate Week NYC, and this year's event will explore in detail how the Inflation Reduction Act is being used to build sustainable infrastructure and create green jobs, accelerating progress in the US. Learn more and register for virtual events here. ~SAED
Our most read stories yesterday on JLN Options were:
The Rise of Zero-Day Contracts Options Trading: Understanding its Impact on the S&P 500
Intercontinental Exchange cancels US bitcoin futures contract
Cboe Global Markets Appoints Mandy Xu as Vice President and Head of Derivatives Market Intelligence ~JB
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China Is Hiding More and More Data From the Rest of the World; Bureau stops publishing youth jobless rate, which hit a record; Government has sought to manage narrative about weaker economy
Bloomberg News
China's abrupt decision to pause releasing data on its soaring youth jobless rate this week was the latest sign the Asian giant is increasingly restricting sensitive information - especially when it's unflattering to the nation's faltering economy. The unemployment rate of people aged 16-24 fell into that prickly category, after hitting a record of 21.3% in June. One fifth of young people being out of work is a troubling statistic for a ruling Communist Party obsessed with maintaining social stability.
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****** Transparency, Integrity and Fairness. It all starts there. If you fail those three things, you fail. And China is failing. H/T to BD. ~JJL
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Goldman CEO's Most Loyal Deputy Is Tested by Mutinous Partners; Executives frustrated with David Solomon's leadership are turning attention to the bank's No. 2, John Waldron: Will he be tempted to break with his longtime mentor?
Sridhar Natarajan and Sonali Basak - Bloomberg
The smell of seared red meat - $180 porterhouse, to be precise - hung in the air as bankers and traders from Goldman Sachs bluntly sized up their CEO. In a once-unthinkable public display, a boisterous crew of senior managers gathered at an upscale Manhattan steakhouse last month and soon veered off their anodyne agenda. The conversation turned to the company's failings and, in particular, those of its leader, David Solomon.
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***** The knives are out for the Goldman CEO/DJ-in-chief.~JJL
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Bankman-Fried in a Brooklyn Jail Is Ultimate Crypto Cautionary Tale
Michael P. Regan - Bloomberg
Hollywood's writers are still on strike, but when they return it's hard to imagine any of them writing a tale of downfall more dramatic than Sam Bankman-Fried's. Less than a year ago, he was living large in a $40 million beachside penthouse in the Bahamas. Today, that tropical paradise is a distant memory: The former billionaire co-founder of FTX is a resident of one of the most notorious and "disgusting" jails in the US after his bail was revoked due to accusations he tried to tamper with witnesses in his federal fraud trial.
/jlne.ws/3OD9T5d
****** Actions have consequences. Think before you act.~JJL
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Tuesday's Top Three
Our top story Tuesday was CoinDesk's The Secular Investment Case for Bitcoin and Crypto Adoption Remains Intact: Coinbase. Second was Bloomberg's Why Argentina's Trump-Like Candidate Is Disturbing Markets. Third was HuffPost's The Nine Passwords Experts Warn You Should Never Use.
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| Lead Stories | Coinbase Financial Markets, Inc. secures approval to bring federally regulated crypto futures trading to eligible US customers
Coinbase
Coinbase Financial Markets, Inc. has secured regulatory approval from the National Futures Association (NFA), a CFTC-designated self-regulatory organization, to operate a Futures Commission Merchant (FCM) and offer eligible US customers access to crypto futures from our platforms. This is a critical milestone that reaffirms our commitment to operate a regulated and compliant business and be the most trusted and secure crypto-native platform for our customers. Coinbase will now be the first crypto-native leader to directly offer traditional spot crypto trading alongside regulated and leveraged crypto futures, on an integrated trading solution for our verified customers.
/jlne.ws/3YyM4jz
Cboe Global Markets Appoints Mandy Xu as Vice President and Head of Derivatives Market Intelligence
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced Mandy Xu has joined the company as Vice President and Head of Derivatives Market Intelligence. In this role, Xu is planning to produce high-level insights and analysis on derivatives market themes and flows, with a focus on furthering client education on Cboe's markets and its leading suite of derivatives products.
/jlne.ws/445drTq
China Asks Some Funds to Avoid Net Equity Sales as Markets Sink; Deepening slowdown, property sector crisis have been a drag; Previous similar guidance did little to shore up stock market
Bloomberg News
Chinese authorities asked some investment funds this week to avoid being net sellers of equities, as a rout in the nation's financial markets deepened, people familiar with the matter said. Stock exchanges issued the so-called window guidance to several large mutual fund houses, telling them to refrain for a day from selling more onshore shares than they purchased, according to the people who asked not to be identified discussing private information. The instructions were relayed to fund managers through investment executives at the firms, they added.
/jlne.ws/45t9Wr4
Trading Technologies hires in ex-Bloomberg expert as EMEA director; Incoming individual previously spent two decades at Bloomberg and has also held senior positions at BGC Partners (Algomi) and Salomon Smith Barney.
Claudia Preece - The Trade
Trading Technologies International (TT) has appointed Gavin Miller its new director of EMEA sales - TT Fixed Income, his move follows almost five years at fixed income aggregation and surveillance technology business, Algomi. Algomi was acquired by BGC partners in 2020 - integrated with BGC's electronic trading and software division Fenics - after which Miller became managing director - institutional sales responsible for the Lucera LUME Alfa product.
/jlne.ws/3qyq5fX
Coinbase wins approval to offer crypto futures trading in US
Reuters
Coinbase Global said on Wednesday it had secured approval to offer cryptocurrency futures to U.S. retail customers, scoring a major regulatory win even as the crypto exchange battles a lawsuit from the Securities and Exchange Commission (SEC). Shares of the company climbed 5.5% to $83.52 in premarket trading. The approval was granted by the National Futures Association (NFA), a self-regulatory organization designated by the Commodity Futures Trading Commission (CFTC).
/jlne.ws/3DXZ5cN
Coinbase Gets NFA Approval to Offer Crypto Futures
Vicky Ge Huang - The Wall Street Journal
Coinbase Global has earned approval from the National Futures Association to offer eligible U.S. customers crypto futures, the company said Wednesday. The largest crypto exchange in the U.S. in September 2021 filed an application with the NFA, a self-regulatory organization overseen by the CFTC, to register as a futures commission merchant, which is essentially a brokerage that would allow investors to buy and sell futures on Coinbase's platform.
/jlne.ws/3OCRIfN
Coinbase Wins Approval to Sell Crypto Futures in US
Olga Kharif - Bloomberg
Coinbase Global Inc. has gained approval to sell cryptocurrency derivatives directly to retail consumers in the US. Coinbase Financial Markets Inc., a subsidiary of the US's biggest crypto exchange, has secured approval from the National Futures Association to operate a Futures Commission Merchant and offer access to crypto futures. The offering will launch within weeks, according to a company spokesperson.
/jlne.ws/45wTczg
Hong Kong exchange posts 31% rise in H1 profit despite IPO malaise
AFP
Hong Kong's stock exchange operator reported a "strong" first-half net profit of HK$6.31 billion ($807 million) on Wednesday, up 31 percent from the same period last year despite IPO activity being impacted by "global market fragility". It was a "good half year for HKEX, despite continued global macro uncertainty", bourse chief executive Nicolas Aguzin said in the earnings report.
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When tackling crypto, the SEC should be wary of overreach; Despite laudable investor protection aims, there are risks to its aggressive approach
Brooke Masters - Financial Times
For more than a century now, US watchdogs have policed the financial landscape, seeking to protect investors from potential fraud and the consequences of their own blind optimism. Most of their efforts to ensure that investors get accurate information about what is happening to their money are focused on familiar products, such as stocks and bonds. But every so often an explosion of interest in new investments forces a debate about the regulatory perimeter and whether to expand it. This is one of those moments.
/jlne.ws/45wGMqK
Egypt Stocks Near Record as Locals Hunt for Inflation Hedge; Locals rush to stocks as inflation hedge to protect savings; Egyptians represent majority of EGX shares traded this year
Farah Elbahrawy - Bloomberg
Egypt's stock market is approaching an all-time high as local investors rush to protect their savings from rampant inflation. It's a pattern that's played out across the developing world this year in countries that face an economic crisis and a weak currency. The benchmark EGX 30 Index has jumped more than 70% in local currency terms since October, and it's now roughly 2% away from surpassing the 2018 peak.
/jlne.ws/44bpMVZ
China Digs Deeper Into Toolbag in Grapple With Investor Gloom; Yuan is on brink of falling to weakest level since late 2007; PBOC adds most cash with reverse repos since February
Bloomberg News
Chinese policymakers moved to improve fragile market sentiment Wednesday with a step up in its recent support for the yuan and an injection of cash to the financial system.
/jlne.ws/3KJYjEe
China Sprints Ahead in Race to Modernize Global Money Flows; The digital yuan challenge to US dollar dominance in $7 trillion of daily FX flows is dashing ahead thanks to blockchain-enabled mBridge project
Bastian Benrath, Alessandro Speciale, and Christopher Condon - Bloomberg
A new platform to expand the reach of China's digital yuan and other central bank digital currencies is moving closer to reality, raising eyebrows among some defenders of a system long dominated by the dollar.
/jlne.ws/3DWdJ4i
What Sparks US Wildfires: Power Lines, Burning Trash and Lightning; Once vegetation dries out, it can easily ignite and burn acres; Maui blaze that tore through Lahaina is under investigation
Brian K Sullivan - Bloomberg
The fast-moving fire that ripped through Maui's historic town of Lahaina killed more than 90 people, making it the deadliest US wildfire in more than a century. The cause of the blaze is still under investigation, but power equipment in the area is coming under increasing scrutiny.
/jlne.ws/3OFJbcd
Caroline Ellison caught on secret recording blaming Sam Bankman-Fried for FTX collapse: prosecutors
Ariel Zilber - NY Post
Caroline Ellison, the former girlfriend of disgraced FTX founder Sam Bankman-Fried, was secretly recorded as she blamed her ex for a fateful decision to use customer funds to plug financial holes in the crypto giant's failed hedge fund, according to court documents. The recording of Ellison, the former CEO of Alameda Research, the hedge fund through which Bankman-Fried allegedly used FTX customer funds to make risky bets, was made by an Alameda employee during an all-hands meeting on Nov. 9.
/jlne.ws/458iNib
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | The Hidden Trauma of Ukraine's Soldiers
Nicole Tung - The New York Times
Night brings little sleep and terrifying dreams. Day brings panic attacks and flashbacks. All are exhausted and some think of suicide. They fear their own thoughts, and what those thoughts might drive them to do.
/jlne.ws/45dKvtU
Carlsberg 'shocked' at seizure of Russian subsidiary; Brewer says Baltika Breweries disposal 'probable' but conditions now 'very uncertain' as it announces strong first-half sales
Madeleine Speed - Financial Times
Carlsberg chief executive Cees 't Hart said the brewer was "shocked" at the seizure of its Russian subsidiary, Baltika Breweries, by the Kremlin last month, but was still hoping to achieve a disposal of the business.
/jlne.ws/44cAU5b
US asks Iran to stop selling drones to Russia; Washington raises issue in indirect talks aiming to de-escalate nuclear crisis
Andrew England and Felicia Schwartz - Financial Times
The US is pushing Iran to stop selling armed drones to Russia as part of discussions on a broader "unwritten understanding" between Washington and Tehran to de-escalate tensions and contain a long-simmering nuclear crisis. The Biden administration has raised the issue with the Islamic regime at indirect talks in Qatar and Oman this year, according to people briefed on the matter.
/jlne.ws/45OmIAH
Russian Attack on Ukrainian Port on Danube Sends Wheat Higher
Keira Wright, Megan Durisin, and Irina Vilcu - Bloomberg
Russian drones reportedly hit a key Danube River grain port, sending wheat prices higher, in the latest attack aimed at Ukraine's crop-export infrastructure.
/jlne.ws/44bpH4D
The rouble crash is Putin's moment of truth; Russia now faces a currency slide and drastic monetary tightening at the same time
Ambrose Evans-Pritchard - The Telegraph
The curse of August has struck again in Russia. The long-awaited currency crisis has finally hit as a collapse in usable energy revenues bleeds the Kremlin dry, and the slow damage of G7 sanctions eats away at the country's economic foundations. The rouble has fallen by 40pc since November, when it became clear what Russia was up against: an unbroken Ukraine able to pack a military punch; a West that was refusing to fracture; and an oil price cap that the Kremlin never thought would happen.
/jlne.ws/47yrBPI
Russia's Central Bank Can't Stop Ruble Trouble; Currency derives value from trade flows more than financial ones, so higher rates do little to help
Jon Sindreu - The Wall Street Journal
Russia's currency crisis might not follow the classic emerging-market template: Rather than a sharp depreciation stemmed by painful interest-rate rises, we are more likely to see a slow but inexorable decline.
/jlne.ws/3OXUqhb
Vital Natural Gas Is Being Stashed in Caverns Beneath War-Torn Ukraine; Commodity merchants are pumping natural gas into Ukrainian reservoirs, hoping the war doesn't disrupt potential profits
Joe Wallace - The Wall Street Journal
A daredevil trade is in vogue among commodity merchants: stashing natural gas in caverns beneath the surface of war-torn Ukraine.
/jlne.ws/3OGCHto
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Accelerating and digitalising ESG with Bursa Malaysia's Centralised Sustainability Intelligence Platform
TheEdgeMalaysia.com
Globally, the emphasis on and recognition of ESG (environmental, social and governance) factors have grown significantly in recent years, leading to increased demand for transparency on ESG by companies. In response to the growing demand by investors and buyers, enhanced sustainability reporting requirements for Main Market-listed companies will be implemented in phases, starting with the disclosure of common sustainability matters for financial year ending on or after Dec 31, 2023. There is also a need to facilitate comprehensive ESG disclosures by companies including their supply chains, to boost their overall competitiveness and investability.
/jlne.ws/3sdPE6y
HKEX's Profit Gain Misses Estimate Amid Sliding Trading; Trading slides 20% in the quarter as China's economy struggles; HKEX CEO says upbeat on IPO revival, pipeline of deals
Ka Ho Cheuk - Bloomberg
Hong Kong's stock exchange missed profit estimates in the second quarter as a recovery in investment income offset sluggish trading and a slow pace of initial public offerings.
/jlne.ws/3KKluy1
2023 Interim Results,Interim Dividend And Closure Of Register Of Members (Incorporated In Hong Kong with limited liability) Stock Codes: 388 (HKD counter) and 80388 (RMB counter) (Financial figures in this announcement are expressed in Hong Kong dollar (HKD) unless otherwise stated)
HKEX
Strategic And Financial Highlights: Nicolas Aguzin, Chief Executive Officer said: A good half year for HKEX, despite continued global macro uncertainty and market fragility. Six-monthly Group revenue and other income was up 18 per cent, core business revenue was up 5 per cent and profit attributable to shareholders was up 31 per cent against the comparable period last year. This strong half-yearly and quarterly financial performance was matched by further significant strategic progress in Q2, including the launch of Swap Connect, the launch of our new Dual Counter Model and the opening of HKEX's first North American office. The Group also continued to benefit from the positive impact of its diversification, strategy, with robust growth in derivatives volumes, a strong performance from Stock Connect and good returns from a burgeoning ETF market.
/jlne.ws/45uNOwp
Condensed Consolidated Financial Statements For the six months ended 30 June 2023 (Unaudited)
HKEX
As at 16 August 2023, the Board of Directors of Hong Kong Exchanges and Clearing Limited (HKEX or the Company) comprises 12 Independent Non-executive Directors, namely Mrs Laura May-Lung CHA (Chairman), Mr Nicholas Charles ALLEN, Mr Apurv BAGRI, Mr CHEAH Cheng Hye, Ms CHEUNG Ming Ming, Anna, Mrs CHOW WOO Mo Fong, Susan, Mr HUNG Pi Cheng, Benjamin, Ms LEUNG Nisa Bernice Wing-Yu, Mr LEUNG Pak Hon, Hugo, Mr Carlson TONG, Mr YAM Chi Kwong, Joseph and Mr ZHANG Yichen, and one Executive Director, Mr Alejandro Nicolas AGUZIN, who is also the Chief Executive of HKEX.
/jlne.ws/3OVNMbk
Category 7 Membership - Ms Gay Huey Evans Cbe
London Metal Exchange
Summary 1. This notice confirms that Ms Gay Huey Evans CBE has been made a Category 7 (Honorary) Member of the LME, in recognition of her service to the London Metal Exchange. Background 2. Gay has worked within the finance and commodity industries for over 30 years, as both an established market practitioner and regulator, giving her expertise across commerce, risk, governance, policy and regulation in capital markets.
/jlne.ws/3vimcfa
Abaxx Provides Corporate Update and Quarterly Development Activities
Press Release
Abaxx
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Appendix 3Z - Final Director's Interest Notice - Peter Marriott
ASX
Attached is the Appendix 3Z Final Director's Interest Notice for Peter Marriott. Release of market announcement authorised by: Johanna O'Rourke Group General Counsel and Company Secretary
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Moscow Exchange expands list of closed-end investment funds for private investors
MOEX
On August 15, 2023, private investors got the opportunity to buy and sell on the Moscow Exchange shares of the closed-end mutual investment fund (ZPIF) "PARUS-Dvintsev" managed by MC PARUS Asset Management. ZPIF "PARUS-Dvintsev" was listed on the Moscow Exchange on July 20 and admitted to trading on July 25, 2023.
/jlne.ws/3YGbTht
The Moscow Exchange has updated the methodology for calculating the Sustainability Indices of the Moscow Exchange - RSPP
MOEX
On August 22, 2023, a new version of the methodology for calculating the Sustainability Indices of the Moscow Exchange - RSPP comes into force. The introduced changes provide for a change in the procedure for accounting for dividends in connection with the transition of the stock market to a single settlement cycle T + 1. When calculating full return share indices, dividends will be taken into account on the trading day, which is the date on which, in accordance with the law, persons entitled to receive dividends are determined. If the register closing date is not a trading day, dividends will be recognized on the day preceding the register closing date which is a trading day.
/jlne.ws/45bQW0l
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Bloomberg's FXGO Expands Pricing Quality Analytics
Bloomberg
Bloomberg today announced the addition of a new suite of FX Pricing Quality tools, available to FXGO clients through Bloomberg's multi-asset reporting tool for electronic trading (MISX). Users can now quickly analyze and dissect pricing quality and performance for any RFQ pricing requests, including batch trades, sent over FXGO, Bloomberg's premier multi-bank FX trading solution. Price makers can now utilize MISX Pricing Quality Analytics to more quickly identify where opportunities to price are being missed and why, such as due to internal counterparty setup, enablement issues, or internal credit rejects.
/jlne.ws/45aP5ci
Digital wallet ClassWallet secures $95m to innovate public fund management
Fintech Global
ClassWallet has disclosed the successful closure of a significant institutional growth capital round totalling $95m. This sizeable fundraise was spearheaded by Guidepost Growth Equity, and saw participation from noteworthy investors such as Education Growth Partners (EGP) and Lazard Family Office Partners. The commitment these investors have shown will undoubtedly bolster ClassWallet's ongoing endeavours to revolutionise how government agencies transact.
/jlne.ws/3QBxQMN
UK FinTech Growth Partners Announces the Launch of its Growth Stage FinTech Fund
Press Release
UK FinTech Growth Partners LLP ("UK FinTech Growth Partners") is pleased to announce that it will launch the FinTech Growth Fund, the first investment fund of its kind focussed on supporting growth stage FinTechs as they scale. With backing for the initiative already secured from industry leaders Barclays, NatWest, Mastercard, London Stock Exchange Group and Peel Hunt, the FinTech Growth Fund will invest in UK FinTechs, predominantly between Series B and pre-IPO, to enable them to scale into world-class global organisations. The first deployment of capital into businesses is scheduled for Q4 2023 with a strong pipeline of opportunities already identified. The fund will look to undertake, on average, four to eight investments per year, with investments between £10 million and £100 million. The fund will make minority investments and all investments will be for equity and equity-linked securities.
/jlne.ws/3Yzq1sV
How AI Is Increasing Fraud Risks Across The Fintech Industry
Colin Luce - Forbes
With the simultaneous arrival of easy-to-access AI tooling and real-time payments in the US, fraudsters are coming out en masse. While death and taxes may be the only two supposed certainties in life, the continued transition from an analog to digital world makes it seem more likely that we will experience fraud and (still) taxes as the consistent, pervasive themes of our everyday lives.
/jlne.ws/45dIaPu
X Slows Down Access to Some Rival Sites; Elon Musk's social media service "throttled" access to sites such as Substack and Facebook, according to an analysis, but began reversing the slow access to news sites.
Kate Conger - The New York Times
/jlne.ws/3OVZGSG
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| Cybersecurity | | Top stories for cybersecurity | Cybersecurity Star Dims Ahead of News Dump
Dan Gallagher - The Wall Street Journal
Palo Alto Networks has long been popular with Wall Street analysts. It will be interesting to see if that sticks after the cybersecurity provider ruins their weekend. Ninety percent of analysts covering Palo Alto Networks rate the stock as a buy-the largest percentage of positive ratings of any cybersecurity company generating more than $1 billion in annual revenue, according to data from FactSet. And that is for good reason, as Palo Alto has been one of the more reliable performers in the highly volatile sector. Annual revenue growth has averaged well over 20% over the past five years, while billings-a measure of business transacted in a given period-has beat analysts' consensus forecast every quarter for the past four years.
/jlne.ws/3OEn6uf
Cybersecurity As A Strategic Investment
Sivan Tehila - Forbes
In the ever-changing landscape of cybersecurity, chief information security officers (CISOs) play a crucial role in safeguarding organizations against evolving threats. One key aspect that holds immense importance for CISOs is a recognizable return on investment (ROI) and how both risk mitigation and measurement of success consistently shape the role today.
/jlne.ws/3sjq2oB
IoT Adoption and Cybersecurity Concerns Drive Demand for
The Globe Newswire
The "Digital Forensics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering. The Global Digital Forensics Market is projected to witness a robust growth rate of 10.97% during the forecast period. The surge in the adoption of Internet of Things (IoT) devices and the increasing frequency of cyber-attacks on enterprises, combined with stringent government regulations, are expected to drive the demand for digital forensics software and services.
/jlne.ws/44aTkmO
SEC cybersecurity rules shape the future of incident management
Help Net Security
The SEC adopted rules requiring registrants to disclose material cybersecurity incidents they experience and to disclose on an annual basis material information regarding their cybersecurity risk management, strategy, and governance. The Commission also adopted rules requiring foreign private issuers to make comparable disclosures.
/jlne.ws/3OKlLm2
When Hackers Descended to Test A.I., They Found Flaws Aplenty; The hackers had the blessing of the White House and leading A.I. companies, which want to learn about vulnerabilities before those with nefarious intentions do.
Sarah Kessler and Tiffany Hsu - The New York Times
Avijit Ghosh wanted the bot to do bad things. He tried to goad the artificial intelligence model, which he knew as Zinc, into producing code that would choose a job candidate based on race. The chatbot demurred: Doing so would be "harmful and unethical," it said.
/jlne.ws/3KKr1EN
AI can steal passwords with 95% accuracy by 'listening' to keystrokes, alarming study finds
Thomas Barrabi - NY Post
Hackers could use artificial intelligence tools to steal user passwords with near-perfect accuracy by "listening" to an unsuspecting person's keystrokes, according to alarming results of a study published earlier this month.
/jlne.ws/3P8zK6B
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| Cryptocurrencies | | Top stories for cryptocurrencies | Small crypto exchanges take advantage of Binance's decline; Companies such as Huobi and KuCoin have increased market share this year
Scott Chipolina - Financial Times
Small cryptocurrency exchanges rated as having higher levels of risk for customers have been the main winners from Binance's hefty decline in market share in the five months since US regulators charged it with violating federal laws.
/jlne.ws/3QGYGD7
BitGo Bucks Crypto Downturn to Raise Funding at $1.75 Billion Valuation; The crypto company raised $100 million from new investors, emphasizing its focus on following rules and regulations.
Hannah Miller - Bloomberg
In a chaotic year for US crypto companies, a few startups are still raising huge chunks of money. On Wednesday, crypto custody firm BitGo Inc. plans to announce that it has raised $100 million at a $1.75 billion valuation.
/jlne.ws/3OFhuQw
Blockstream Is Betting on Bitcoin Comeback as It Hoards Crypto Mining Rigs; Firm will buy machines and sell them around 'halving' event; We think there's a huge price correction coming: Blockstream
David Pan - Bloomberg
Bitcoin developer Blockstream Corp. is betting that the world's most valuable cryptocurrency is poised for a massive rebound, and is buying up Bitcoin mining rigs so that it can sell them for a profit later should the prediction hold.
/jlne.ws/3QH4mwZ
Binance to Shut Down Crypto Payments Service Amid Refocus On Core Products; The service was rolled out in March last year, in an effort to make traditional financial companies "crypto-ready."
Helene Braun - CoinDesk
Crypto exchange Binance to shut down its buy-and-sell service Binance Connect, formerly known as Bifinity, just one year after its launch, the company said in a statement. The service will be disabled on Aug. 16 as the crypto exchange wants to refocus on its main products and long-term goals, according to Binance.
/jlne.ws/3YCaJ6C
FDIC Crypto Warning Underlines U.S. Banking Agencies' Arm's-Length Policy; The Federal Deposit Insurance Corp. formally added crypto to its annual report on risks facing U.S. banks and says it's set for "robust" talks about digital assets with bankers.
Jesse Hamilton - CoinDesk
The U.S. Federal Deposit Insurance Corp. added crypto as one of five broad categories this year in its annual risk report, a snapshot of the dangers the banking regulator considers a top priority at the moment The 2023 Risk Review, which mostly looked back at crypto's turbulent 2022, says the agency is prepared to engage in "robust supervisory discussions" with the depository institutions it oversees.
/jlne.ws/3DZMKVK
Bitcoin's Extreme Volatility Vanishes Amid 'Extreme Apathy and Exhaustion'; 90-day volatility at lowest since 2016, Bloomberg data show; Bitcoin has hovered around $29,000 throughout August
Vildana Hajric - Bloomberg
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| Politics | | An overview of politics as it relates to the financial markets | BlackRock, Fund Managers Brace for Even More Scrutiny Over China; Biden curbed certain investments in Chinese companies; Congress targeting money managers' investments in country
Silla Brush - Bloomberg
BlackRock Inc., MSCI Inc. and other firms are bracing for tighter oversight following a congressional probe over investments in Chinese companies deemed to be national security threats and an executive order curtailing specific investments there.
/jlne.ws/44dzh7k
Congressman Ro Khanna slammed for meeting Hindutva ideologue on India visit; Analysts say Khanna's meeting shows that he doesn't want to alienate his Hindu Indian diaspora vote bank in the US.
Al Jazeera
United States Democratic Congressman Ro Khanna has come under sharp criticism for meeting far-right Hindutva ideologue Abhijeet Iyer-Mitra on his recent trip to India, with many pointing out that his embrace of Hindu nationalists is against the progressive values that he has claimed to espouse. Khanna, who is the co-chair of the Congressional India Caucus, is leading a bipartisan congressional delegation to the country of his parents' birth, where he has met Indian government officials, and business and technology leaders.
/jlne.ws/3qwyW1C
Norway oil fund chief attacks UK backlash against green measures; Chief executive Nicolai Tangen says climate change is an increasing financial risk and should not be a matter of politics
Richard Milne - Financial Times
The head of the world's largest sovereign wealth fund has expressed concern that political resistance to climate and environmental measures is spreading from the US to the UK.
/jlne.ws/47tyBxz
India, China Soften Tone in Border Talks Ahead of BRICS, G-20; Both sides issued a joint statement after 19th round of talks; Modi, Xi could meet in BRICS and G-20 leader summits
Sudhi Ranjan Sen - Bloomberg
Indian and Chinese army commanders agreed to work swiftly toward easing a border dispute, setting the stage for Prime Minister Narendra Modi and President Xi Jinping to potentially meet at key summits in the coming weeks. The nuclear-armed Asian neighbors, who share a 3,488 Km (2,167 miles)-long disputed border, are locked in their worst territory dispute in four decades due to a deadly clash in 2020. Several rounds of talks between the two sides have made little progress to draw back the thousands of soldiers, missiles and fighter jets positioned near the Himalayan border.
/jlne.ws/3OYEV8U
India's Modi faces his biggest test yet as 'alive and kicking' opposition parties unite pre-elections; New opposition alliance INDIA is working to stitch together a seat-sharing pact to challenge Modi's ruling BJP in next year's general elections; Analysts say it could pose 'a bit of a challenge' - as the Indian PM used his Independence Day speech to appeal to voters 'as a statesman and family elder'
Biman Mukherji - South China Morning Post
Less than a week after defeating a no-confidence vote, Narendra Modi outlined his vision of making India a developed nation and urged citizens to remove corruption, dynasty politics and appeasement, in his last Independence Day speech as prime minister before next year's elections. "We can't miss this opportunity. India's rise and development is resulting in renewed global confidence in the country," he said on Tuesday from New Delhi's historic Red Fort.
/jlne.ws/3skpJKf
South Korea Leader Seeks Breakthrough in Deterring Kim Jong Un Yoon, Biden and Kishida to bolster military ties at Camp David; China says it opposes countries forming 'small cliques'
Sangmi Cha and Jon Herskovitz - Bloomberg
/jlne.ws/3qoF8cc
British Muslims Say Banks Ruin Lives With Debanking Policies; Nigel Farage's Coutts fiasco highlights extent of debanking phenomenon, where numerous barriers to banking mean one in 10 Muslims in Britain don't have an account.
Aisha S Gani - Bloomberg
When former postman Iqeel Ahmed told staff at his local Halifax branch he couldn't feed his family because he was locked out of his account, they asked whether he had tried the nearest food bank.
/jlne.ws/3OXmWj3
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| Regulation & Enforcement | | Stories about regulation and the law. | Russian Man Sentenced to Prison in Denmark as $3.5 Billion Central Bank Scam Fails; Russian man gets 3-year prison sentence and will be deported; Fraud attempt failed as central bank quickly became suspicious
Sanne Wass - Bloomberg
A court in Denmark sentenced a Russian citizen to three years in prison and deportation for attempted gross fraud and forgery in a $3.5 billion scam attempt against the Danish central bank. The 53-year-old man falsified documents and pretended to represent an investment company in order to trick the central bank into paying him money, police said in a statement on Wednesday. He was arrested last year after sending multiple emails and even showing up at the Copenhagen-based bank in person.
/jlne.ws/47BxTxY
Speech by Clare Bolingford to the Financial Services Council Conference 2023
Financial Markets Authority
I'm Clare Bolingford and, for those of you who don't know me, I've spent my career in financial services regulation, first in the UK and now in New Zealand - partially thanks to my husband wanting to come home. I'm now the Executive Director for Regulatory Delivery at the FMA with responsibility for our licensing and monitoring functions. I'd like to thank Richard and the FSC for the opportunity to provide this regulatory outlook. As the theme today is building consumer confidence, I'll be talking about the essential role the FMA, as a conduct regulator, plays in building that confidence and how we want to work with industry.
/jlne.ws/3KKjCW5
CFTC Orders Texas Trading Advisor and His Company to Pay Approximately $250,000 for Fraudulent Solicitation and Failure to Register
CFTC
August 15, 2023 Washington, D.C. - The Commodity Futures Trading Commission today issued an order filing and simultaneously settling charges against Peter L. Bryant of Texas and his company, Bryant Capital Trade Management Corporation (Bryant Capital), a registered Texas entity, for committing fraud while acting as an unregistered commodity trading advisor (CTA) and for failing to register as a CTA.
/jlne.ws/47w2pcF
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Today's investors don't understand the impact of geopolitics; Having lived through a period of relative calm, we need to reassess how to generate long-term, sustainable returns
Saker Nusseibeh - Financial Times
There was a time when investors understood that geopolitics had a real impact on financial volatility and economies. During the cold war, international tensions played out via a blend of proxy wars and high-stakes diplomacy. As a young boy in East Jerusalem in the late sixties, I lived through one such proxy war in June 1967. That experience taught me that risk is not the same as volatility - the former carries the possibility of losing everything.
/jlne.ws/3DUzTnH
AI Won't Supercharge the US Economy; The technology will probably provide only a small boost to economic growth, but it could still have a significant impact in the long run.
Tyler Cowen - Bloomberg
It is a radical suggestion, no doubt, but some analysts predict that AI might enable the US economy to achieve an annual growth rate of 30%. Even more dramatic accounts - though you should be wary of biased authors - suggest that AI will, after reaching some critical mass of expertise, bring about a revolutionary utopia.
/jlne.ws/3OFiO5U
World's Top Meat Supplier Sees Tighter US Cattle Stock, Easing Chicken Glut; Smaller herd to cap US beef margin at 'low single-digit' level; Prospects for chicken, pork imporve as oversupply eases
Gerson Freitas Jr - Bloomberg
JBS SA, the world's largest meat supplier, expects profits at its largest unit to remain tight as cattle availability in the US is seen shrinking further through next year. Profit margins at JBS's North American beef operation will remain at "low single-digit" levels, with ranchers expected to withhold females as part of the efforts to replenish the herd, Wesley Batista Filho, the unit's head, said Tuesday in an earnings call with analysts.
/jlne.ws/3KF54He
Quant-Momentum ETF Is Getting Crushed Even as Stocks Shoot Up; MTUM ETF is trailing the S&P 500 by most ever on annual basis; Fund has tech, but also holds health care, which has lagged
Vildana Hajric - Bloomberg
The largest exchange-traded fund focused on high-flying stocks has been losing its edge. The $9 billion iShares MSCI USA Momentum Factor ETF (ticker MTUM) is trailing the S&P 500 by the most ever on an annual basis, according to data compiled by Bloomberg. The fund, which seeks exposure to shares exhibiting higher-price trends and at its height commanded more than $18 billion in assets, hasn't seen a full week of inflows since January. After a $2.9 billion exodus, it's on pace for the worst year of outflows since its 2013 inception.
/jlne.ws/3KKjAxr
Corporate and Municipal CUSIP Request Volumes Fall in July; CD Volumes Start to Sputter
CUSIP Global Services
CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for July 2023. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a monthly decrease in request volume for new corporate and municipal identifiers.
/jlne.ws/3YCce4K
Post-SVB Freeze of Preferred Shares Thawed by High-Profile Deals; Apollo, lenders offer first preferred shares deals since March; New issue market had been stagnant since regional banking woes
Tasos Vossos and Josyana Joshua - Bloomberg
The market for new preferred shares in the US is reopening after a near half-year freeze, raising hopes that this crucial source of capital - especially for the nation's major lenders - is returning to normal.
/jlne.ws/3OXnaGV
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | A Year Into Biden's Climate Agenda, the Price Tag Remains Mysterious; The uncapped incentives of the Inflation Reduction Act mean spending sparked by the historic US climate law could triple initial estimates and push past $1 trillion.
Leslie Kaufman - Bloomberg
It's been exactly one year since President Joe Biden signed the Inflation Reduction Act, securing a core part of his domestic agenda with what's by far the most significant climate law in US history. There's been no shortage of numbers attesting to the rapid transformation of the American economy: $86 billion in private investment, 51 new or expanded plants for producing solar panels, 10 new factories for making batteries, more than 100,000 clean-energy jobs. One number has remained much harder to pin down over the past year: precisely how much will be spent as a result of the IRA. Cost estimates have continued to shift upward and now span a range of more than half a trillion dollars.
/jlne.ws/458z9Hj
Shipping's Greener Fuel Quest Runs Into Climate Complications; The industry's global regulator slashed ship fuel's sulfur content in a bid to cut emissions, but the environmental rule comes with its own climate impact.
Jack Wittels - Bloomberg
What does going "green" actually mean? For the global shipping industry, it's a potentially fraught question. Three-and-a-half years ago, shipping - which carries more than 80% of world trade - underwent a seismic change: the cheap, dirty marine fuel it had long relied on was banned and less-polluting alternatives hit the market. The new rule would slash ships' sulfur emissions, curbing acid rain and preventing hundreds of thousands of premature deaths thanks to cleaner air.
/jlne.ws/45c9CNq
Oregon Cities Post Record Heat for Mid-August: Weather Watch; High temperatures in the Pacific Northwest are on Bloomberg Green's radar today.
Brian K Sullivan - Bloomberg
Cities across northwestern parts of the US are breaking temperature records for this time of year as a large ridge of high pressure has locked in heat within the region.Portland, Oregon hit 103 degrees Fahrenheit on Tuesday, a new record for the date. Nearby Redmond, Oregon hit 105, which was also a record for Aug. 15. Olympia, Washington also set a high for the date at 100 degrees, as did Spokane with a recording of 102 and Lewiston, Idaho with 109. More records are expected on Wednesday, the US National Weather Service said.
/jlne.ws/45aVbsW
Inside the $220bn American cleantech project boom; One year after the IRA and Chips Act became law, FT research shows who is winning the investment race
Amanda Chu and Oliver Roeder and Alex Irwin-Hunt - Financial Times
A year ago, President Joe Biden launched a new era of US industrial policy, signing into law the Inflation Reduction Act and the Chips and Science Act. Passed within days of each other last August, the two laws offered more than $400bn in tax credits, loans and subsidies, all designed to spark development of a domestic cleantech and semiconductor supply chain.
/jlne.ws/458zKJ3
The Key to the G: ESG Currents
Bloomberg podcast
Welcome to ESG Currents, hosted by Bloomberg Intelligence Analysts, Rob Du Boff, Senior ESG Analyst and Christopher Ratti, Senior ESG Credit Analyst, as they discuss the 'G' in ESG and why its critical for all stakeholders to understand governance practices, whether its avoiding run of the mill corporate wrongdoing or keeping a company on track to meeting environmental or social goals. Recorded as of 7/14/2023.
/jlne.ws/44eKjJr
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citadel Acquires Yellow Debt Owned by Apollo, Other Lenders; Apollo, other lenders sell about $485 million of Yellow debt; Trucking firm is working to finalize liquidation financing
Jonathan Randles - Bloomberg
An affiliate of Ken Griffin's Citadel has acquired roughly $485 million in Yellow Corp. debt previously owned by Apollo Global Management Inc. and other senior lenders to the bankrupt trucking firm, according to a person familiar with the matter.
/jlne.ws/3EhT9vD
Marc Becker, Co-Head of Impact Investing at Apollo, Dies at 51
Allison McNeely and Sonali Basak - Bloomberg
Marc Becker, a 27-year veteran of Apollo Global Management Inc. and co-head of impact investing at the private equity firm, died Monday. He was 51. The cause was pancreatic cancer, according to an email from Park Avenue Synagogue in Manhattan, where he was recently chairman of the board.
/jlne.ws/45w7MHe
Steve Schwarzman Is Pushing Buzzy Blackstone Division to Get Its Act Together; BXG has written down some bets and reduced fundraising goals; Blackstone said it 'preserved' capital in challenging market
Dawn Lim, Heather Perlberg, and Sridhar Natarajan - Bloomberg
Steve Schwarzman had a tough message for the Blackstone Inc. executives gathered earlier this year in New York: Get your act together. The object of the billionaire co-founder's displeasure? Blackstone Growth, known as BXG and led by Jon Korngold. The division, which raised $4.5 billion for its debut fund, was supposed to mint Silicon Valley-esque fortunes and plug the rest of Blackstone into fast-growing companies.
/jlne.ws/3E3m9GY
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The Radical Promise of Truly Flexible Work; Organizations designed to support neurodivergent and disabled employees demonstrate how work can "fit" people - not the other way around.
Ludmila N. Praslova - Harvard Business Review
Nearly four years after the Covid-19 pandemic upended the norms of work around the world, most of us are still struggling to find a new normal. Employers are grappling with a host of conflicting demands. On the one hand, they need to boost productivity and contain costs in the face of inflationary trends and slow economic growth, and shareholders are laser-focused on the bottom line. On the other, organizations must solve what Microsoft's chief people officer, Kathleen Hogan, has called a "human energy crisis." Many workers are burned out and disengaged, still trying to adjust to remote or hybrid work or stressed by return-to-office requirements. Some are also managing health issues - including long Covid symptoms - and caregiving roles. They're also coping with drastically increased costs of living. According to one survey, 42% of employees say their employers don't care about them.
/jlne.ws/3QBwIJ3
San Francisco staff told to work from home as crime wave makes office unsafe; Government official advice comes as murder, robbery and vehicle theft rates continue to rise
Tony Diver, US Editor - Telegraph.co.uk
rampant crime has made it too unsafe to go to the office. The Department of Health and Human Services told employees at the Nancy Pelosi Federal Building to "maximise the use of telework for the foreseeable future" due to "conditions" outside the building.
/jlne.ws/45pBfCk
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Japan can teach the world a better way to age
Bina Venkataraman - Washington Post (opinion)
If you want a glimpse of the future, go to Japan. Forget the Shinkansen, the high-speed bullet trains that have been around since 1964. And don't get distracted by the cat cafes or the caregiving robots - solutions to loneliness and labor shortages, respectively, that could have far easier remedies if people were willing to, say, rescue stray animals or open the borders to immigrants.
/jlne.ws/45pUqg5
'Forever Chemicals' Are Everywhere. What Are They Doing to Us?; PFAS lurk in so much of what we eat, drink and use. Scientists are only beginning to understand how they're impacting our health - and what to do about them.
Kim Tingley - The New York Times
The Faroe Islands, an incongruous speckling of green in the North Atlantic, are about as far away as you can hope to get on Earth from a toxic-waste dump, time zones distant from the nearest population centers (Norway to the east, Iceland to the west). Pál Weihe was born in the Faroes and has lived there for most of his life. He is a public-health authority for the nation, population around 53,000; chairman of the Faroese Medical Association and chief physician of the Department of Occupational Medicine and Public Health in the Faroese hospital system. He is also vice chairman of the Faroe Islands Art Society; a widower; a grandfather.
/jlne.ws/3OWjbKU
Forget the Office Gym. Welcome to the Gym Office; Working out or just working? More gyms are encouraging remote-working members to stay all day and do both
Anne Marie Chaker - The Wall Street Journal
Jessica DiGiovanna starts her Mondays at 6:30 a.m. with squats, dead lifts and lunges at her local Life Time gym. Afterward, she showers, gets dressed-and stays, working on her laptop and phone until about 6 p.m. Her new office is the gym, on the fourth floor, in a co-working space scented with notes of bergamot and stocked with a basket of fruit and energy bars.
/jlne.ws/3YJ2VAg
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Over 7,200 Japan firms employing foreign trainees broke law
Kyodo News
Illegal practices were uncovered at 7,247 workplaces in Japan that employed foreign trainees last year, the government said recently, apparently substantiating criticism of companies participating in the controversial, decades-old program for their alleged human rights infringements.
/jlne.ws/44emilA
Retail investors complain to Chinese regulator about Zhongzhi; Missed payments by financial conglomerate spur anxiety over liquidity crisis
Cheng Leng, Ryan McMorrow and Thomas Hale - Financial Times
Retail investors with exposure to Chinese conglomerate Zhongzhi sought to lodge formal complaints with authorities in Beijing on Wednesday in a sign of growing alarm over a liquidity crisis across the group's many businesses. Zhongzhi, a sprawling financial enterprise with an estimated Rmb1tn ($137bn) under management, is at the centre of fears that a property and wider economic slowdown in China is now feeding through into the country's vast and highly opaque savings industry.
/jlne.ws/3YDB5Fh
Tycoon's Fortune Soars $39 Billion on Eyebrow-Raising SPAC; Pham Nhat Vuong is now worth $44.3 billion after VinFast debut; Automaker more than triples after blank-check company merger
Anders Melin - Bloomberg
Its electric cars have been dogged by poor reviews and it's on pace to make fewer sales this year than General Motors Co. does in a week. Yet that hasn't stopped VinFast Auto Ltd. from becoming the latest beneficiary of speculative fervor around newly minted SPAC deals - many of which end up tumbling over the long-term.
/jlne.ws/45u1J5J
Yen Option Traders Unfazed by Risk of Intervention From Japan; Japan's Finance Minister watching FX with sense of urgency; Dollar-yen's option implied volatility remains near 2023 low
David Finnerty - Bloomberg
The yen may have slumped to within a whisker of levels that saw Japan intervene in the currency market last year, but options traders see little need to prepare for a jolt from authorities in Tokyo.
/jlne.ws/47x9N7H
China Shadow Bank Crisis Sparks Protest by Angry Investors; Protesters ask Zhongrong why the company won't repay them; Beijing police have unusually strong presence around offices
Bloomberg News
Chinese investors protested outside the office of one of the country's biggest shadow banks, in a rare show of public outrage after the firm skipped payments on dozens of investment products.
/jlne.ws/3OZXJV6
LNG Strike Risks Drag On in Australia as New Talks Eyed; Woodside said to hold more negotiations next Wednesday; Chevron also facing threat of stoppages at key operations
David Stringer - Bloomberg
/jlne.ws/3OB2Z0k
Can Sweden's Visionary Wood City Outrun Its Real Estate Crisis? Developers are planning a vast Stockholm eco-district even with the property sector in turmoil, saying the bigger risk would be dialing back on sustainability.
Martin Gelin - Bloomberg
/jlne.ws/3OZMYCz
Dubai Leapfrogs Lisbon as Best Destination for Globetrotting Executives; UAE city is the best destination for hybrid work, Savills says; Quick internet, slower rental growth puts Dubai above the rest
Damian Shepherd - Bloomberg
/jlne.ws/3KI7dlI
A looming ESG crackdown; Argentina's markets recoil after shock primary election results
Sonja Hutson, Patrick Temple-West and Kathrin Hille - Financial Times (podcast)
/jlne.ws/45wHxA6
Ethanol Is Piling Up in Brazil With Drivers Embracing Cheaper Gasoline; Raizen is latest producer to see slowdown in biofuel business; Ethanol demand has weakened with gasoline becoming cheaper
Dayanne Sousa - Bloomberg
/jlne.ws/45svYdt
Canada's Northwest Territories declares emergency due to wildfires
Nia Williams and Ismail Shakil - Reuters
/jlne.ws/3QFbgCO
Bitcoin-Touting Bukele's Bond Rally Draws JPMorgan, Eaton Vancel El Salvador global bonds have returned over 70% this year; President has signaled willingness to pay sovereign debt
Zijia Song - Bloomberg
El Salvador President Nayib Bukele scared off many on Wall Street by embracing Bitcoin. Two years later, the bond rally he's overseeing is proving too lucrative to resist.
/jlne.ws/3qzT7vI
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