| July 11, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
I recently had the privilege of interviewing Jahmal Cole, the founder of My Block My Hood My City and Will Hobert, the founder of WH Trading and the mentor of Cole. The story was titled "WH Trading Spawned a Social Justice Phenomenon in My Hood, My Block, My City." One of the events Cole mentioned in the interview done by M3, as the organization is known, is a massive downtown Chicago meetup. That event was last Saturday, where 1000 young people came downtown to explore the city. Each young person received a $50 prepaid VISA card they could spend as they chose, to either get food, go to the movies or tour some of Downtown's signature attractions like Navy Pier or the Field Museum, Block Club Chicago reported.
We have heard lots of stories about groups of teens creating havoc in downtown. This was the opposite. This was a success story of 1000 teens learning about the City of Chicago beyond their hood, their block and seeing their city.
Back on July 7, former SEC Chairman Jay Clayton and former CFTC Chairman Timothy Massad wrote an opinion piece in The Wall Street Journal titled "A Path Forward for Regulating Crypto Markets; Two former top regulators argue that litigation by the SEC is only part of the solution."
Threads continues to grow, hitting 100 million users, and it is having a negative impact on Twitter's traffic. The Wall Street Journal reports at least two estimates by third-parties suggest Twitter traffic has been falling in tandem with Threads' launch and growth, indicating Threads users are leaving Twitter for Threads rather than attempting to juggle both. The timing of Tucker Carlson moving his show may have been poor, as the number of viewers on his new show on Twitter have dropped 86% since its launch, Insider reported.
Cboe Global Markets shared on LinkedIn that "Options on Cboe iBoxx iShares High Yield Corporate Bond Index futures (futures ticker: #IBHY) and Cboe iBoxx iShares Investment Grade Corporate Bond Index futures (futures ticker: #IBIG) are now available to trade."
GBBC Digital Finance announced the launch of a the Global Cryptoasset Standards, a code of conduct for financial institutions engaging in intermediation activities such as brokerage, custody, and settlement of cryptoassets like bitcoin and Ethereum.
The Ezra Klein Show podcast in The New York Times is titled "A.I. Could Solve Some of Humanity's Hardest Problems. It Already Has."
Having an electric vehicle in extreme heat can be a problem, Bloomberg reports.
I knew when Alex Teng graduated from the University of Illinois at Chicago that John Lothian News would lose him, I just did not think we would lose him to Elon Musk. That is a first for JLN. Alex shared on LinkedIn he is starting a new position as analyst - sales finance/business operations at Tesla. Congratulations Alex and best of luck with Tesla and Elon!
My two former troops of Scouts BSA that I served as Scoutmaster of, Troop 117B and 117G, are at summer camp in northern Wisconsin. They are at a camp I have never been to as the camp our troops attended, that our council owned, was sold as part of the Boy Scouts of America bankruptcy case. My unit days are behind me, but I am still working with the Pathway to Adventure Council and we are working on LaSalle Street fundraiser for the fall.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories yesterday on JLN Options were:
Stock investors are on notice after Wall Street's fear gauge jumps
Swaps Predict Inflation When All Else Comes Up Short
Analysis: Bonds back in a tailspin as 'higher for longer' narrative hits ~JB
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Tom Hutchinson - Open Outcry Traders History Project - John Lothian News - Part Two
JohnLothianNews.com
In part two of the JLN Open Outcry Traders History Project interview with Belvedere Trading Founder Tom Hutchinson, he tells the stories of his best trading days and his worst trading days.
Watch the video »
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The Trillion-Dollar Grift: Inside the Greatest Scam of All Time
Sean Woods - Rolling Stone
In late March 2020, Haywood Talcove, a CEO at LexisNexis Risk Solutions, was packing up his office, having sent his employees home. He was worrying about laying off his staff, his family's health, and how he was going to manage two young kids at home during the pandemic. But when President Trump announced an initial $2.2 trillion relief package to bail out the millions of Americans desperate for cash during the national lockdown, his concern turned away from the coronavirus.
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****** What is the acceptable level of grift to go along with the successful saving of the economy?~JJL
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U.S. Senator Tuberville Asks DOJ, SEC to Investigate Crypto Broker Prometheum
Nikhilesh De - CoinDesk
U.S. Senator Thomas Tuberville (R-Ala.) wrote an open letter on Monday to Attorney General Merrick Garland and Securities and Exchange Commission (SEC) Chair Gary Gensler asking them to investigate Prometheum, a special-purpose broker that recently secured federal permissions to offer crypto trading services. Prometheum "may have provided false testimony to Congress or violated U.S. securities laws," the open letter began. The lawmaker said Prometheum CEO Aaron Kaplan told Congress that it developed its own blockchain platform independently starting in December 2019. However, in SEC filings filed through 2021, Prometheum said it depended on Shanghai Wanxiang Blockchain, Inc., a Chinese firm Tuberville alleged had ties to the Chinese Communist Party.
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***** Touchdown Tommy is fronting for someone? Who is it?
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Sex, Drugs and Spreadsheets: Dr. Glazer Treats Wall Street's Addiction Surge
Matt Wirz - WSJ
When titans of finance get addicted to drugs and alcohol, they sometimes end up on the couch of Dr. Sam Glazer. Dr. Glazer, a psychiatrist, treats the Wall Street set for substance abuse and other mental illnesses. Demand for services like his has ballooned since the pandemic. Glazer recently added two therapists to his now six-member practice, which treats about 200 patients at a time. Most are traders, fund managers, investment bankers and corporate lawyers. Almost all are men who are afraid to tell their employers about their ailments, much less ask for medical leaves.
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****** Seeing a therapist can be very good for you, in ways you never imagined. I had to see one before getting a neurostimulator implanted in my back due to chronic pain. I continued to see her to talk about the psychological aspects of pain, which is a very interesting topic for someone who has chronic pain. That led to me reading a book she recommended about obesity, which led me to an appointment with my urologist to discuss a treatment option for BPH. That led to my being diagnosed with prostate cancer. So I wonder, had I not had the sessions with a therapist, when would I have caught the prostate cancer? Did seeing a therapist save my life? Maybe. ~JJL
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Sam Bankman-Fried and the Crypto Grift; Skepticism can be a virtue.
Timothy L. O'Brien - Bloomberg
Every generation produces a financier or businessperson who personifies how easy it can be to part fools from their money, part smart people from their senses and part the media from skepticism. There's a long list of exhibits in that genre, from Charles Ponzi to Bernie Madoff. Does Sam Bankman-Fried belong in that pantheon? There's lots of evidence suggesting he does. He - and the cryptocurrency empire he built - are the subjects of sprawling fraud and money-laundering probes. His company, FTX, is bankrupt, and federal prosecutors in New York have indicted the 31-year-old former billionaire for a range of financial crimes.
/jlne.ws/44Bt8lZ
***** SBF, welcome to the club. It is not one you want to be a member of.~JJL
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Monday's Top Three
Today's top three stories saw a Wall Street Journal trifecta. First was The Wall Street Journal story, How to Leave Grandkids Your Retirement Savings-and Not a Huge Tax Bill. Second was The Wall Street Journal's Five Books to Make You Smarter About Money. And third, The Wall Street Journal's Getting Locked Out of Your Digital Life Is Bad. Here's How to Avoid It.
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MarketsWiki Stats
27,368 pages; 245,626 edits
MarketsWiki Statistics
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| Lead Stories | Deutsche Bank, Commerzbank, ING Data Breached in MOVEit Hack
Steven Arons - Bloomberg
Deutsche Bank AG, Commerzbank AG and ING Groep NV are among dozens of companies worldwide whose client data were compromised when a criminal hacking group exploited a security flaw in a file transfer tool. The attackers obtained access to data of thousands clients whose requests to change accounts had been transferred to an external data provider, which the banks in emails to Bloomberg identified as Majorel. The data seen by hackers included clients' names and their account numbers, ING said in its statement. The software flaw has since been patched, the banks said.
/jlne.ws/46UFmYW
Gensler Asserts SEC Authority Over Crypto as Opponents Waver
Allyson Versprille - Bloomberg
Gary Gensler's Securities and Exchange Commission is filling the crypto regulatory void, and the industry and its backers on Capitol Hill have so far been unable to check him. The tide was supposed to turn when Republicans gained control over the House last November. Finally, the thinking went, there would be restraints on the SEC chief.
/jlne.ws/3O7YlaN
AI Trading Is Playing a Growing Role in Europe's Power Bills; Complex power markets open the door for specialists to cash in; Traders process millions of data points to get pricing edge
Lars Paulsson and Todd Gillespie - Bloomberg
A Danish energy trader crunches about 30 million data points every day in an effort to predict how cloud cover in Spain and surging temperatures in Germany might ripple across to impact the price of power in France and elsewhere in Europe. In the region's EUR1.3 trillion electricity market, MFT Energy A/S and more than a dozen other trading houses are increasingly embracing artificial intelligence and machine learning to make money - and in the process help set prices ultimately paid by households and businesses.
/jlne.ws/44HKvSf
The chef and the sandwich shop owner at the heart of Trafigura's fraud case; Commodity trader's scant knowledge of some of its counterparties raises questions over due diligence
Cynthia O'Murchu and Kaye Wiggins - Financial Times
Nestled in an alley near Hong Kong's bustling Tsim Sha Tsui shopping district, Sandwich Hub sports a logo modelled on that of adult entertainment site Pornhub, along with the tagline: "Sandwich that'll make you come".
/jlne.ws/44EKU7W
Higher investment in critical minerals boosts chances of meeting climate targets; Supply of resources could hit demand from clean energy transition but China dominates spending, says IEA
Harry Dempsey - Financial Times
Investment in critical minerals is catching up with the world's clean energy ambitions, according to the International Energy Agency, even as it warned that efforts to diversify sources of supply have faltered for metals such as lithium, nickel and cobalt.
/jlne.ws/44Gn7UW
America's Biggest Banks Are Going to Need More Capital
Andrew Ackerman - The Wall Street Journal
The Federal Reserve's regulatory chief outlined steps to strengthen the financial cushions for larger banks, which he said would help boost the resilience of the system after a spate of midsize bank failures this year. "Events over the past few months have only reinforced the need for humility and skepticism, and for an approach that makes banks resilient to both familiar and unanticipated risks," Michael Barr, the Fed's vice chair for supervision, said in a speech Monday.
/jlne.ws/3rpX85Z
UK watchdog shuts more illegal cryptocurrency 'machines'
Reuters
Britain's Financial Conduct Authority said on Tuesday it has stopped 26 machines across the country for illegally offering cryptocurrencies, warning consumers they could lose all of their money. A member of the public paid in a thousand pounds into a crypto ATM in Sheffield, northern England, in an attempt to buy cryptocurrencies, but no cryptocurrency or funds were returned, the FCA said.
/jlne.ws/3NTMCM2
Merrill Lynch's New Co-Chiefs Discuss Growth Opportunities and the Value of Teamwork
Andrew Welsch - Barron's
It's a new era at Merrill Lynch. After longtime leader Andy Sieg left the Bank of America -owned wealth manager earlier this year, the company elevated Lindsay Hans and Eric Schimpf to succeed him as co-heads and presidents of Merrill Wealth Management. It's the first time the business has been led by two people.
/jlne.ws/46FqYDz
Business Insurance Roiled by Climate, Inflation; Though insurers have pulled back in some catastrophe-prone regions, some say the pain could be temporary
Richard Vanderford - The Wall Street Journal
Business insurance has been roiled by severe weather and inflation, the same forces disrupting home insurance markets in catastrophe-prone areas of the U.S., with companies facing tougher conditions as they try to insure their properties against disaster. The problem of how-or even if-properties can be insured in areas at risk of wildfires, hurricanes and other damaging weather has come to the fore as several insurance companies have in recent weeks stopped writing new home insurance policies in California and elsewhere. The U.S. Treasury Department last month warned that climate risk poses a major challenge to the insurance industry. Insurers face similar headwinds in trying to cover businesses in those areas, and companies are facing mounting costs and more onerous questions at policy renewal time. Kilroy Realty, a developer, has had to turn to about 40 separate insurers to try to cobble together sufficient coverage for its portfolio of office buildings, said Scott Ritto, a vice president at the company.
/jlne.ws/3NNCxjv
A Healthy Financial Industry Is Good for America
Barney Frank - The Wall Street Journal (opinion)
The Wall Street Journal doubtless surprised its readers with a March editorial headlined "Barney Frank Was Right About Signature Bank." The editorial board affirmed my belief that federal regulators had taken over only the cash deposits of the bank-on whose board I sat-"to send a message to get people away from crypto." I return the acknowledgment with interest, believing that we can arrive at a solution on how to fix the problems that caused the failures of Silicon Valley Bank, First Republic and Signature.
/jlne.ws/44k3VwG
'Downtown Day' gives kids a chance to explore Chicago's attractions, with some cash to spend
Kaitlin Washburn - Chicago Sun-Times
Young people from the South and West sides will have a chance to explore all that downtown has to offer this weekend with some money in their pockets. My Block, My Hood, My City, a nonprofit community organization focused on providing a wide variety of opportunities to the city's youth, will bring about 1,000 young people ages 13 to 22 downtown on Saturday and give them $50 to spend on activities and food.
/jlne.ws/46CU0UB
BlackRock Sees Model-Portfolio Investing Growing to $10 Trillion by 2028; Model portfolios have been growing corner of money management; It's going to be massive, says Ramji, global head of iShares
Vildana Hajric and Katherine Greifeld - Bloomberg
BlackRock Inc. expects the model-portfolio realm of money management to grow to a $10-trillion business over the next five years. The strategy, by which asset managers and investment platforms compile ready-made packages that are then sold to financial advisers, is set to grow from around $4.2 trillion currently, according to Salim Ramji, global head of iShares and index investments at the asset manager.
/jlne.ws/3D8o9NO
Short Seller Andrew Left Is Living in Fear of the Feds
Tom Schoenberg - Bloomberg
Andrew Left is behind the wheel of a dark gray Range Rover cruising through Beverly Hills with the windows down on a cool morning. Though he's sworn off smoking, he's looking to buy a pack of Marlboro Lights. Two years after FBI agents showed up at his California home to seize computers and phones, the short seller who terrorized more than 100 companies and riled an army of meme-stock traders is describing what it's like to feel hunted. His pioneering firm, Citron Research, no longer has investors. He's all but stopped pitching ideas publicly. He even wiped his once-feared Twitter account.
/jlne.ws/3rn2HSC
Instagram Threads Growth Is a Huge 'Surprise' Inside Meta and Twitter
Kali Hays - Business Insider
Meta employees had relatively low expectations for Threads, the text-based Instagram offshoot that was released Wednesday evening to compete with Twitter. Even Twitter employees were not particularly worried about yet another competitor showing up.
That changed quickly. By Monday, just five days after Threads launched, Meta CEO Mark Zuckerberg said that more than 100 million people had already signed up for the app and that its growth had been "mostly organic demand." It makes Threads the fastest-growing platform ever.
/jlne.ws/3JRD56X
Grayscale says new development strengthens its spot bitcoin ETF case
Kathie O'Donnell - Pensions & Investments
Grayscale Investments Monday notified the court overseeing its case against the SEC that the agency recently allowed a leveraged bitcoin futures ETF to begin trading, a development Grayscale says bolsters its already strong argument that the SEC treats spot bitcoin ETFs unfairly. "The fact that the Commission has allowed a leveraged bitcoin futures (exchange-traded product) to begin trading demonstrates that the Commission continues to arbitrarily treat spot bitcoin ETPs differently than bitcoin futures ETPs," Grayscale Senior Legal Strategist Donald B. Verrilli Jr., a partner at Munger, Tolles & Olson, said in a Monday letter to the U.S. Court of Appeals for the District of Columbia Circuit.
/jlne.ws/44Att8s
Crypto's `One-Click Endorphin Loop' Needs to End; Regulating fintech's excesses gets a little inspiration from the gambling world.
Lionel Laurent - Bloomberg
The driving force of fintech and our increasingly cashless society has been making payments easier, faster, everywhere. Startup founders will frequently say their ambition is to make sending money as easy as sending an e-mail - wrapped in the language of "democratizing" finance.
/jlne.ws/3PUdwps
An ESG Loophole Helps Drive Billions into Gulf Fossil Fuel Giants; Bonds linked to the world's biggest oil company have ended up in ESG funds, highlighting a major flaw in how the sector is regulated.
Greg Ritchie - Bloomberg
Saudi Aramco, the world's largest oil company, has become an unlikely beneficiary of funds earmarked for sustainable investments thanks to a complex web of financial structures it used to raise money from its pipelines.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | To mark 500th day since Russia's invasion of Ukraine, Chicagoans gather in protest
Emmanuel Camarillo - Chicago Sun Times
Hundreds of protesters gathered in the Loop on Sunday to demand that Russia be held responsible for what they said were war crimes being committed against the people of Ukraine. The group of more than 200 held a rally at the historic Water Tower on Michigan Avenue, where they staged an art piece that symbolized their message. The blindfolded protesters wore white. They stood next to an oversized scale and a scroll listing Russia's crimes.
/jlne.ws/3XKGVUY
Ukraine to be offered 'Nato-lite' protection; Major powers commit to 'Israel-style' security guarantees for Kyiv, but stop short of timetable for full alliance membership
Joe Barnes, Roland Oliphant and Tony Diver - The Telegraph
Ukraine is set to be offered "Israel-style" security guarantees by its most powerful Western military allies. The UK, United States, France and Germany will commit to a long-term plan to arm Kyiv to defend itself from Russian aggression. Talks over the assurances were ongoing on Monday as Nato's 31 nations prepared for their annual summit in Vilnius, the Lithuanian capital.
/jlne.ws/3pyYtqI
Ukraine: The Latest - Ukrainian forces 'advancing on Bakhmut' as Nato summit beckons
David Knowles, Francis Dearnley and Dominic Nicholls - The Telegraph
Today on Ukraine: The Latest, we bring you updates from the front lines as Ukraine advances on Bakhmut, American President Joe Biden visits London, and western allies of Ukraine disagree over the supply of cluster munitions. First, Associate Editor of Defence, Dom Nicholls, discusses recent news around Bakhmut
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Why the Ukraine Counteroffensive Is Such Slow Going
Ian Lovett and Daniel Michaels - The Wall Street Journal
On a hilltop near the occupied southern Ukrainian town of Polohy, Russian forces set up an observation point that can spot Ukrainian soldiers more than 6 miles away. Four times, Ukrainian forces destroyed the Murom-M surveillance system, said Lt. Col. Oleksiy Telehin, of Ukraine's 108th Territorial Defense brigade. Four times, the Russians promptly installed a new one.
/jlne.ws/3O7LmpJ
America Is Running Out of Ammo; Biden admits the problem, but then why not do something about it?
The Wall Street Journal (opinion)
President Biden is taking flak for sending cluster bombs to Ukraine, and over the weekend he blurted out the truth that both Kyiv and the U.S. are running low on firepower. So why doesn't the Commander in Chief unveil a new national effort to expand U.S. weapons production and stocks? "The Ukrainians are running out of ammunition," Mr. Biden told CNN.
/jlne.ws/3JQX1qm
BAE Systems secures UK order to boost output of battlefield munitions
Sylvia Pfeifer and Anna Gross - Financial Times
/jlne.ws/44CYzMD
How many Russians have died in Ukraine? Data shows what Moscow hides
Eriika Kinetz - Associated Press
/jlne.ws/44mVeSc
Russia Squeezes Blood From Stone in Ukraine; An attack on Lviv underscores the fragility of the country's cultural legacy - and how revenge has a very long afterlife.
Howard Chua-Eoan - Bloomberg
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | AFX IOSCO Holding Statement
AFX
On July 3, 2023, the Madrid, Spain based Board of the International Organization of Securities Commissions (IOSCO) announced the results of its Review of Alternatives to USD LIBOR. In its review of two credit-sensitive rates (CSRs) -one of which was AMERIBOR-and two Term SOFR rates, IOSCO determined (based on administrator's self-assessments) that all four rates had some deficiencies in meeting all nineteen of IOSCO Principles for Financial Benchmarks. IOSCO also stated in the release that: "IOSCO notes that some market participants (primarily in the US markets) have referenced CSRs in contracts, particularly in certain lending products, and that CSRs may continue to be offered and used going forward, despite the conclusions of this Review."
/jlne.ws/2VWhP6T
Pre Market Environment reaches 25 partners after the incorporation of Uría Menendez
BME
BME's acceleration programme to boost companies' access to financial markets now includes 24 companies. Since its launch, six companies have made the leap from EpM to BME Growth
The Pre Market Environment (EpM), BME's acceleration programme for the process of incorporating companies into the financial markets, has grown with the incorporation today of Uría Menendez as partner. There are now 25 partners and 24 companies in the programme.
/jlne.ws/3Oa9g3K
Unrivalled Connectivity, Unlimited Possibilities, Written By, Nicolas Aguzin, HKEX Chief Executive Officer
HKEX
The last time I sat down to write a blog, I wrote about the exciting new developments in our Connect Story; the next chapter in our journey and one full of enhancements, innovations and new initiatives to come. Now, nine months later, post-pandemic Hong Kong is getting back to its bustling, dynamic self, welcoming a total of 7.3 million visitors from around the world so far this year. And that vibrancy and hum of activity is certainly being reflected in this new Connect Chapter.
/jlne.ws/3NO0IhD
LSEG to provide IndusInd Bank with data and workflow solutions
London Stock Exchange Group
LSEG (London Stock Exchange Group), today announced a long-term agreement with IndusInd Bank, one of India's largest private sector banks, to support the bank's digital transformation strategy. As part of the agreement, IndusInd Bank will gain extensive access to LSEG's comprehensive data offerings and workflow solutions. This will enable financial professionals at the Bank to collaborate effectively and provide actionable insights utilising LSEG's real-time news, data, and robust analytics. Moreover, the integration of LSEG's Electronic Trading solutions will digitise the trading workflow, providing scalability, flexibility, and seamless integration capabilities; enhancing operational efficiency and streamlining the trading process.
/jlne.ws/3JPNYWA
Nasdaq June 2023 Volumes And 2Q23 Statistics
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for June 2023, as well as quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ended June 30, 2023 on its investor relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.
/jlne.ws/43Ae733
SGX Group welcomes CLSA Singapore Pte Ltd as Derivatives Trading Member
Singapore Exchange
Singapore Exchange (SGX Group) is pleased to welcome CLSA Singapore Pte Ltd to its derivatives market as a trading member. CLSA Singapore is currently a trading and clearing member in SGX's securities market. As a group, CLSA provides corporate finance and capital markets advisory, asset management, wealth management and securities services to global corporate and institutional clients.
/jlne.ws/3pC9x6q
TMX Group Equity Financing Statistics - June 2023
Toronto Stock Exchange
TMX Group today announced its financing activity on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for June 2023. TSX welcomed eight new issuers in June 2023, compared with 17 in the previous month and five in June 2022. The new listings were five exchange traded funds, one mining company, one life sciences company and one oil & gas company. Total financings raised in June 2023 increased 180% compared to the previous month, and were up 65% compared to June 2022. The total number of financings in June 2023 was 32, compared with 42 the previous month and 45 in June 2022.
/jlne.ws/3JT7vFA
Shenzhen Stock Exchange: Deepen Industry Technology Innovation To Empower High Quality Development
Mondovisione
On July 6th, the Securities and Futures Financial Technology Research and Development Center (Shenzhen) ("the Financial Technology Center"), built and operated by Shenzhen Stock Exchange ("SZSE"), successfully held its 2022 Project Conclusion and 2023 Project Proposal Seminar. More than 2000 people including the relevant officials of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission ("the Technology Bureau") and SZSE and the technical experts from industry institutions attended the seminar via online and offline means.
/jlne.ws/3JRRLmw
Moscow Exchange launches CNY fixed-rate cross-currency interest rate swap
MOEX
On July 10, 2023, fixed-rate currency interest rate swaps in Chinese yuan for terms from three days to five years became available to participants in the standardized derivative financial instruments (SPFI) market of the Moscow Exchange.
/jlne.ws/3NLebH9
Moscow Exchange starts trading perpetual futures for gold
MOEX
On July 11, 2023, trading on a new instrument will begin on the derivatives market of the Moscow Exchange - perpetual settlement futures for gold . The contract code is GLDRUBF.
/jlne.ws/3Q95E3N
The first issue of green bonds of Moscow for the population was sold ahead of schedule at Financial Services
MOEX
The issue of green bonds of Moscow for the population in the amount of 2 billion rubles, the placement of which began on May 30, was completely sold out in five weeks instead of the planned placement period of six months. Two-year bonds with a quarterly coupon of 8.5% per annum and a face value of 1,000 rubles were exclusively placed on the financial platform of the Moscow Exchange Finuslugi.
/jlne.ws/3pLcVMf
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | OpenAI & Microsoft have created an 'AI arms race': Lawyer suing the companies
Yahoo Finance
OpenAI and Microsoft are facing a class action lawsuit over alleged privacy and copyright law violations. Ryan Clarkson, Clarkson Founder and Managing Partner, tells Yahoo Finance Live about his suit against the tech companies.
/jlne.ws/3rkFPmO
Meta and OpenAI face lawsuits from comedian Sarah Silverman and authors after their content was allegedly used to train A.I. models
Eleanor Pringle - Fortune
Mark Zuckerberg's Meta and Sam Altman-led OpenAI have a new headache on their hands this week-lawsuits. A handful of writers-including comedian Sarah Silverman-have brought class-action complaints against the two companies for "remixing the copywrited works of thousands of book authors-and many others-without consent, compensation, or credit."
/jlne.ws/44X2QLh
The fall and fall of Peter Thiel-backed right-wing fintech app GloriFi
Ananya Bhattacharya - Quartz
GloriFi's failure is proof that ethos does not supplant business prowess. The "anti-woke" fintech startup backed by Peter Thiel was meant to give conservative customers who had tired of what they perceived to be Wall Street's liberal drift an option to open accounts, get credit and debit cards, and eventually insurance and mortgages. But it was a bag of blunders from the start. Poor leadership and struggles to raise funds have cut its lifeline incredibly short-just two months after its September launch.
/jlne.ws/44ENafj
Propellant.Digital Secures Strategic Investment Led By Volta Ventures To Improve Transparency In Fixed Income Markets
Press Release
Propellant.digital ("Propellant"), the analytics FinTech which captures and analyses global trading activity to drive business decisions, has secured a strategic investment led by Volta Ventures, the seed and early-stage venture capital firm focused on software startups. Since Propellant was launched in mid 2021 its analytics platform has attracted over 27 clients, including 8 of the world's top 10 Fixed Income trading banks, 2 Asset Managers, 2 Hedge Funds and 4 trading venues.
/jlne.ws/3PQte4Q
BNP Paribas securities services data lead takes up product role at Finbourne; Appointment brings 25 years' experience in data strategy from the likes of Citi, EY and IBM.
Chris Lemmon - The Trade
BNP Paribas securities services' global head of investment analytics and data services, Neil Ryan, has left the bank to become head of product marketing and solution positioning at Finbourne Technology. Ryan brings more than 25 years of global experience in data strategy, product development, business intelligence, data governance and data architecture.
/jlne.ws/3PTvHMc
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| Cybersecurity | | Top stories for cybersecurity | Crypto Startup Arkham Has Apparently Been Doxxing Users for Months
Danny Nelson - CoinDesk
Crypto data firm Arkham Intelligence stirred controversy Monday by announcing a new service aimed at unmasking the owners of digital wallets, angering privacy-focused crypto advocates. It turns out Arkham has already been leaking its own customers' private information, a revelation that also seems to have emerged Monday, putting a spotlight on Arkham's own approach to user privacy just as it was rolling out a service meant to unmask crypto wallet owners on a massive scale.
/jlne.ws/44CXoNd
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| Cryptocurrencies | | Top stories for cryptocurrencies | DOJ accuses 25-year-old OpenSea spoofer of stealing $450,000 worth of NFTs and crypto
Marco Quiroz-Gutierrez - Fortune
The Department of Justice has charged a Moroccan man with creating a spoof of popular marketplace OpenSea and selling off dozens of illicitly obtained NFTs. Soufiane Oulahyane, 25, allegedly paid for advertisements that placed his look-alike OpenSea website first on search engine results for "OpenSea" and then lured people to hand over the keys to their private crypto wallets, according to a DOJ statement.
/jlne.ws/3JNJ78j
BlackRock wants to launch a bitcoin ETF. Why now?
George Glover - Business Insider
BlackRock is trying to become the first asset manager to launch a fund tracking the price of bitcoin. Last month, the asset management giant filed an application to launch its exchange-traded fund, which many crypto execs believe could become the first spot bitcoin vehicle to be approved by the US markets watchdog, the Securities and Exchange Commission.
/jlne.ws/3OaV9vn
Crypto Can't Be Used as Money Due to 'Inherent Flaws,' BIS Tells G20
Jack Schickler - CoinDesk
Crypto's "inherent structural flaws" make it unsuitable as a monetary tool, the Bank for International Settlements said in a report sent to finance ministers of the world's twenty largest economies. The report from BIS, a grouping of the world's major central banks, cited issues of instability, inefficiency and accountability that outweigh potential innovative benefits such as automated payments.
/jlne.ws/43mrOT5
Crypto Investors Don't Always Prioritize Key Metrics, New Broadridge Study Finds
Press Release
Despite a persistent interest in crypto assets, a majority of investors don't prioritize the metrics experienced crypto traders tout when assessing the viability and attractiveness of crypto assets, according to a new Digital Disclosure Survey from global Fintech leader, Broadridge Financial Solutions (NYSE: BR). The Broadridge study, which was conducted in conjunction with Dr. Chris Brummer, the Agnes Williams Sesquicentennial Professor of Financial Technology at Georgetown Law, surveyed 2,000 crypto market participants in the United States, UK and Canada and polled respondents on what performance metrics they look at when making an investment decision and where they find that information.
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Hong Kong's crypto grey zones lure Chinese visitors; The city has tightened online regulation but physical stores have less oversight
William Langley and Chan Ho-him - Financial Times
Almost every month, Zhang travels from the Futian district of Shenzhen to a mall populated with fast-food joints and some empty shops in Hong Kong's business district to purchase crypto. On a trip in June, the 27-year-old - whose daily work includes "a bit of whatever makes money" - exchanged cash for about Rmb10,000-Rmb20,000 ($1,380-2,760) worth of USDT, a stablecoin pegged to the US dollar.
/jlne.ws/3NESqJ2
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| Politics | | An overview of politics as it relates to the financial markets | Robert F. Kennedy Jr. said he 'was not an investor' in Bitcoin. Financial disclosure form reveals he holds north of $100,000 in the cryptocurrency
Ben Weiss - Fortune
Robert F. Kennedy Jr.-Democratic candidate for president, scion of the Kennedy family, and noted vaccine skeptic-Bitcoin his family trust owns is relatively minuscule compared to his and his family's string of assets, which include hundreds of thousands of dollars in cash, properties worth millions, and a suite of stocks, bonds, and money-market holdings.
/jlne.ws/43mhZV8
U.S. crypto lobbyists court Democrats in fresh legislative push
Michelle Price - Reuters
Embattled by a U.S. Securities and Exchange Commission (SEC) crackdown, crypto companies are making a renewed push on Capitol Hill to drum up support for legislation they hope will rein in the agency and provide regulatory clarity for the industry. The Blockchain Association, Chamber of Digital Commerce, Crypto Council for Innovation, and Coinbase Global are among the groups knocking on doors in Congress to build bipartisan support for a draft bill ahead of a key vote in coming weeks, said half a dozen executives and lobbyists.
/jlne.ws/43jV6Sb
New anti-ESG rule in Missouri offers US Republicans another path away from 'wokeness'
Ross Kerber - Reuters
A new Missouri securities rule offers a template for Republican U.S. state officials who want to advance an "anti-woke" business agenda even as such ideas struggle for legislative backing. Missouri's Republican secretary of state, John "Jay" Ashcroft, issued a rule on June 1 that requires broker-dealers to obtain consent from customers to purchase or sell an investment product based on social or other nonfinancial objectives, such as combating climate change.
/jlne.ws/46CSim9
What we might be misunderstanding about a 'good' or 'bad' economy
Celeste Headlee and Kate Raworth - Wbur
Treasury Secretary Janet Yellen says a recession is "not completely off the table." She appeared Sunday on CBS's "Face the Nation" after economic talks in China and addressed the latest jobs report, which showed the smallest uptick in job growth since December 2020. The ups and downs of the job market can be one sign of economic health. But how can you tell how the economy is doing, really? Who decides if it's good or bad - and how?
/jlne.ws/3rrocBG
GOP isn't interested in Gen Z. Republican Party has abandoned young conservatives like me.
Rodge Reschini - USA Today
I vividly remember watching every single 2016 Republican presidential debate. I was 13 years old, new to politics and transfixed by the Titanic force that washed over the country seven years ago. My only previous experience with politics was watching a map slowly fill with red and blue (more blue) in 2012. Now, Donald Trump stood center stage. To his left came a statement that could have been uttered by any of the men on the debate stage. "We're on the verge," said the TV set, "of being the first generation of Americans that leave our children worse off than ourselves."
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Trump's Niece Stresses On 'Basic Human Decency' Amid Missouri's Anti-ESG Rule That Fuel GOP's Battle Against 'Wokeness'
Shanthi Rexaline - Benzinga
/jlne.ws/46KBoSA
Republican's 'Whistleblower' Charged as Unregistered Foreign Agent
Nikki McCann Ramirez - Rolling Stone
/jlne.ws/3O65FUy
GOP rage tamed for House 'ESG month'
Zachary Warmbrodt - Politico
/jlne.ws/44icRCM
Mathew Lawrence on why privatisation has been a costly failure in Britain
Mathew Lawrence - The Economist
/jlne.ws/44EKoGV
Explainer-Credit Suisse crash investigated by Swiss lawmakers
John Revill and Tomasz Janowski - Reuters
/jlne.ws/43lPczO
China to lay down AI rules with emphasis on content control
Qianer Liu - Financial Times
/jlne.ws/46Gotkx
China Warns Its Citizens on 'Entrapment' by US Law Enforcement; Unusual warning follows tensions over fentanyl trade; China has been accused of operating own police stations abroad
Jacob Gu - Bloomberg
/jlne.ws/3JTrRi3
Taiwan plans massive safety drill to practise for possible China attack; Exercise to take place in districts that are home to 3mn people as Taipei strengthens civil defence preparations
Kathrin Hille - Financial Times
/jlne.ws/43Ae0Vb
Cash is no longer king in Japan as use of coins drops sharply; Turnround suggests nation's long love affair with piggy banks is coming to an end
Leo Lewis - Financial Times
/jlne.ws/3O4dfPr
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC to Vote on Money Market Changes Aiming at Stopping Runs
Bill Alpert - Barron's
At a Wednesday meeting, the U.S. Securities and Exchange Commission will vote on rules aimed at preventing money-market funds from running short of cash in times of crisis-such as the 2008 financial crisis or the 2020 Covid-19 outbreak.
/jlne.ws/3rneYGO
DOJ Charges Moroccan Man With Stealing $450K in OpenSea Spoofing Scam
Elizabeth Napolitano - CoinDesk
U.S. authorities have indicted a man accused of stealing $450,000 worth of cryptocurrencies and non-fungible tokens (NFTs), the U.S. Attorney's Office said in a statement Monday. The indictment, issued by the United States Attorney for the Southern District of New York, alleges Soufiane Oulahyane, a Moroccan national, operated a look-alike website of popular NFT marketplace OpenSea to obtain unauthorized access to digital assets and NFTs in a cybercrime technique known as "spoofing."
/jlne.ws/3NPylzR
Paradigm Files Amicus Brief in SEC's Lawsuit Against Bittrex
Andrew Asmakov - Decrypt
Paradigm, a prominent crypto investment firm, has filed an amicus brief in the U.S. Securities and Exchange Commission's (SEC) case against the U.S.-based cryptocurrency exchange Bittrex, saying it rejects the regulator's "unsupported attempt to expand its jurisdiction over crypto secondary markets."
/jlne.ws/43qzCCZ
SEC: Coinbase Aware of Securities Law Violation
Hope C - CoinMarketCap
The US Securities and Exchange Commission (SEC) has responded to Coinbase's claims that the regulator lacks jurisdiction to prosecute the crypto exchange. The SEC said that Coinbase openly informed its shareholders about the possibility of assets exchanged on its platform being categorized as securities, showing that it was aware of the likelihood that federal securities regulations would apply to its operations.Additionally, the SEC charged Coinbase of disregarding more than 75 years of precedent-setting Howey case law in an effort "to construct its own test for what constitutes an investment contract."
/jlne.ws/44HHamb
UK watchdog shuts more illegal cryptocurrency 'machines'
Reuters
Britain's Financial Conduct Authority said on Tuesday it has stopped 26 machines across the country for illegally offering cryptocurrencies, warning consumers they could lose all of their money. A member of the public paid in a thousand pounds into a crypto ATM in Sheffield, northern England, in an attempt to buy cryptocurrencies, but no cryptocurrency or funds were returned, the FCA said.
/jlne.ws/44gTdXC
SIFMA Statement On US Implementation Of The Basel III Endgame
Press Release
SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on U.S. implementation of the Basel III Endgame, following a speech today from Federal Reserve Vice Chair for Supervision Michael Barr:
/jlne.ws/3pQAoeR
Statement of Commissioner Christy Goldsmith Romero: Being Nimble in Monitoring Emerging Market Risks; Opening Statement to the Market Risk Advisory Committee
Commodity Futures Trading Commission
Good morning. I'm pleased to be here today to welcome the members of the Market Risk Advisory Committee ("MRAC"). I want to thank Commissioner Johnson for her sponsorship of MRAC and the staff for their work in organizing this meeting. Market risk is never static. The only thing that can be truly known is that there will be risk. Where that risk arises is an area that must be closely monitored. This includes both traditional areas of risk and emerging areas.
/jlne.ws/3DcMkuo
Opening Statement of Commissioner Caroline D. Pham before the Market Risk Advisory Committee
CFTC
Thank you Commissioner Johnson, Marilee Dahlman, and everyone else who helped arrange today's meeting. I would also like to extend my thanks to the Members and Subcommittee Members of the Market Risk Advisory Committee (MRAC), along with the presenters, for your time and dedication to advising the Commission and sharing your expertise. Your service makes all of this possible.
/jlne.ws/43nwWpT
Statement of Commissioner Caroline D. Pham Regarding the TW SEF MAT Determinations of USD SOFR and GBP SONIA Overnight Index Swaps
CFTC
Last Friday's announcement marks an important step in the transition away from LIBOR as the Commission deems approval of made-available-to-trade (MAT) determinations for certain U.S. Dollar (USD) Secured Overnight Financing Rate (SOFR) overnight index swaps and Pound Sterling (GBP) Sterling Overnight Index Average (SONIA) overnight index swaps.[1] These SOFR and SONIA overnight index swaps will become subject to the mandatory trade execution requirement under the Commodity Exchange Act on August 5, and market participants must be prepared to comply.
/jlne.ws/3Ob5Pdr
Opening Statement of Commissioner Kristin N. Johnson before the Market Risk Advisory Committee
Commodity Futures Trading Commission
Good morning and welcome. Earlier this summer, I had the privilege of delivering a keynote address at the Salzburg Global Finance Forum. As I noted in my remarks, it was thirteen years ago that I participated in my first Commodity Futures Trading Commission (CFTC or Commission) convening-a Joint Securities and Exchange Commission (SEC) and CFTC Staff Roundtable on clearing o credit default swaps inspired by the Commissions' effort to work in collaboration to implement harmonized regulation anticipated by the Dodd-Frank Wall Street Reform and Consumer Protection Act adopted by Congress in July of 2010.
/jlne.ws/3pIvZuw
FinCEN updates its list of FATF-identified jurisdictions with AML/CFT deficiencies
NFA
On June 29, 2023, the Financial Crimes Enforcement Network (FinCEN) issued a news release informing U.S. financial institutions of the Financial Action Task Force's (FATF) recent public statement. The statement reiterates that all jurisdictions should be vigilant of current and emerging risks from the circumvention of measures taken against the Russian Federation in order to protect the international financial system.
/jlne.ws/3PKPcq6
UK Financial Conduct Authority Continues Crackdown On Unregistered Crypto ATMs In The UK
Press Release
Since the start of 2023, the Financial Conduct Authority (FCA) has visited and inspected 34 locations across the UK suspected of hosting crypto ATMs. These visits have been part of a coordinated operation with other law enforcement agencies to crackdown on this illicit sector and have disrupted 26 machines operating unlawfully across the country.
/jlne.ws/43k4Z28
FCA eyes first half of 2024 for revisions to UK research rules after Mansion House announcement; Rule changes as suggested by the investment research review could be made as early as the first half of next year, subject to FCA board approval.
Claudia Preece - The Trade
In response to the UK Government's reforms announced last night, the Financial Conduct Authority (FCA) has said that it will 'carefully consider' the changes proposed, working closely with the Treasury.
/jlne.ws/43n3LTI
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Japanese Firms That Chose Stock Splits Are Outperforming the Market
Aya Wagatsuma and Momoka Yokoyama - Bloomberg
Japanese companies that conducted stock splits recently have seen their shares outperform the market, showing one reason why investors can't get enough of those equities. More than 80 Japanese firms including chip device maker Rohm Co. and Shin-Etsu Chemical Co. have announced stock splits so far in 2023, almost double the pace of a year earlier and the most for the period in five years, according to data compiled by Bloomberg.
/jlne.ws/3pBMtES
Big Tech's Dominance in Stock Market Hits Breakpoint for Nasdaq 100; Exchange plans special rebalance to curb 'overconcentration'; The six largest members saw their weights rise above 50%
Lu Wang - Bloomberg
America's biggest tech companies have become too large even for the stock index tracking America's biggest tech companies. Now the benchmark's overseer is taking action to pare back their influence. The seemingly unstoppable growth of megacaps like Apple Inc. and Microsoft Corp. mean they have breached an upper limit imposed on stocks in the Nasdaq 100. As a result, Nasdaq Inc. has announced a "special rebalance" - the first ever of its kind - will be carried out to redistribute the weight of the index's members.
/jlne.ws/3ro5Gu8
The Corporate Bankruptcy Wave Will Get Even Uglier; Business distress is only just beginning.
Chris Bryant - Bloomberg
Business bankruptcies are surging around the world, in some countries reaching volumes not seen since the aftermath of the 2008 financial crisis. It's likely just the start of a wave of corporate defaults: A decade of cheap money instilled a false sense of invincibility in business executives and private equity managers who forgot that bust normally follows boom. Now, a combination of weakening demand, surging inflation, over-indebted balance sheets and much higher borrowing costs will prove too much for weaker borrowers.
/jlne.ws/3rj8Gb7
Turkish Hailing App Defies SPAC Slump as Shares List in New York; Marti completed a merger with Galata Acquisition on Monday; Deal was completed despite challenging environment for SPACs
Ercan Ersoy - Bloomberg
Shares in Marti Technologies Inc., the first Turkish entity to list in New York via a merger with a blank-check company, will start trading on Tuesday, testing the appetite for deals involving special purpose acquisition companies.
/jlne.ws/3D9xHbC
Demand for European bond ETFs hits record high in first half; Fixed income bonanza comes as global exchange traded fund assets reach $10.3tn and surpass prior peak
Steve Johnson - Financial Times
Demand for European fixed income exchange traded funds hit record levels in the first six months of 2023, as the assets of the global ETF industry hit an all-time high. Investors poured a net $36bn into bond funds listed in the Europe, Middle East and Africa region in the first half of the year, according to data from BlackRock, surpassing the previous record of $33.8bn set in the first half of 2019.
/jlne.ws/3D6EwKH
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | A Showdown in Jamaica Is Deciding the Fate of the Deep Ocean; A United Nations regulatory body faces tough choices as resistance to mining the seabed for battery metals grows.
Todd Woody - Bloomberg
In June, the United Nations approved a landmark treaty to preserve ocean biodiversity, seeming to augur a transformation in how countries and corporations do business on the high seas. But as the UN-affiliated International Seabed Authority (ISA) meets in Kingston, Jamaica, this week, it will be writing rules for deep sea mining that threatens the very ecosystems in need of preservation.
/jlne.ws/3rdlT59
An ESG Loophole Helps Drive Billions into Gulf Fossil Fuel Giants; Bonds linked to the world's biggest oil company have ended up in ESG funds, highlighting a major flaw in how the sector is regulated.
Greg Ritchie - Bloomberg
Saudi Aramco, the world's largest oil company, has become an unlikely beneficiary of funds earmarked for sustainable investments thanks to a complex web of financial structures it used to raise money from its pipelines. Aramco doesn't appear to have set out to tap cash originally intended for environmental, social and good governance goals when it started a process to raise $28 billion in 2021. But the fact that ESG investors ended up playing a role in the capital raise of a fossil-fuel behemoth raises questions about a playbook that's increasingly being used in the Gulf.
/jlne.ws/3rpZXnG
Heat Stress Deaths Show Europe Isn't Ready for Climate Change; More than 60,000 people across Europe died from heat stress last year, a study found, suggesting the continent's response to past summers is not enough.
Olivia Rudgard - Bloomberg
More than 60,000 people died as a result of record-breaking temperatures in Europe last summer, a study has found, raising concerns about multiple countries' lack of preparation for extreme heat fueled by climate change. Between May 30 and Sept. 4 of last year, there were 61,672 deaths caused by hot weather across 35 European countries, according to the study by researchers at the Barcelona Institute for Global Health and the French National Institute of Health, published in the journal Nature Medicine. Last year's was the warmest summer ever recorded on the continent, breaking a record set just one year earlier. Temperatures were more than 2C above the recent average for countries that included France, Switzerland and Spain.
/jlne.ws/3O6UsSD
Floods in US Northeast Forecast to Bring $5 Billion in Damages; Heavy rain killed at least one and snarled transportation; Vermont hard hit by slow-moving storm that should taper off
Brian K Sullivan - Bloomberg
The flooding across the Northeast that left one woman dead in New York, closed rail lines and devastated Vermont could bring as much as $5 billion in losses, according to one estimate.
/jlne.ws/43A9eHf
Rising 'Anti-ESG' Sentiment in US Is Impacting Funds, HSBC Says
David Caleb Mutua - Bloomberg
The backlash against investing strategies that factor in environmental, social and governance issues is rising in the US and is impacting the way managers are thinking about integrating such considerations into their funds, according to a survey by HSBC Holdings Plc. The London-based lender polled 310 professionals across the globe in roles related to ESG decision making from May 31, 2023 to June 24, 2023.
/jlne.ws/3PQUvo3
UAE Sets Stricter Emission Target With 40% Reduction by 2030; Earlier plan was for a 31% reduction, according to a statement; Country set to host COP28 climate conference later this year
Leen Al-Rashdan - Bloomberg
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Embracing ESG: Why The Office Of Finance Needs To Adapt For The Future
Joe Fitzgerald - Forbes Finance Council
/jlne.ws/3JSZX5I
Major business group slams disclosure rules as House Republicans probe ESG investing
Emily Wilkins - CNBC
/jlne.ws/3Oa5mI8
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | A Goldman Sachs partner explains his struggles and rise as a gay man in the 'loud, masculine' Wall Street culture
Emmalyse Brownstein - Insider
Michael Broadbery received a phone call in November that most Wall Street financiers can only dream of: the Goldman Sachs CEO, David Solomon, personally telling him that he had been promoted to partner. That same day, Broadbery achieved a different, but equally momentous, milestone in his Wall Street career. As he raised a glass of Champagne with his colleagues at the firm's New York headquarters, he was overwhelmed with emotion to see who had arrived to witness the occasion.
/jlne.ws/3PR6IsF
Top US bank watchdog outlines tougher rules for larger lenders; Michael Barr calls for banks to stow away additional capital to absorb any losses
Colby Smith and Joshua Franklin - Financial Times
A top US banking regulator has announced tougher capital rules for a broader range of lenders in a bid to shore up a financial system rattled by the failure of several regional banks earlier this year. Michael Barr, vice-chair for supervision at the Federal Reserve, on Monday unveiled regulatory changes for institutions with $100bn or more in assets, proposing harsher capital standards that will require banks to stow away additional capital that can be used to absorb any losses.
/jlne.ws/44kGVgP
Central banks move gold back home after freeze on Russian assets
Arjun Neil Alim and Harry Dempsey - Financial Times
A growing number of countries are bringing their physical gold reserves back home to avoid Russian-style sanctions on their foreign assets, while increasing their purchases of the precious metal as a hedge against high levels of inflation. Central banks globally made record purchases of gold in 2022 and into the first quarter of this year, as they hunted for safe havens from high inflation and volatile bond prices, according to a survey of sovereign investors by asset manager Invesco. China and Turkey together accounted for almost one-fifth of these purchases.
/jlne.ws/46LzukH
US banking giants to report higher profits even as dealmaking drags
Nupur Anand, Niket Nishant and Saeed Azhar - Reuters
Wall Street banks are expected to report higher profits for the second quarter as rising interest payments offset a downturn in dealmaking. For universal banks such as JPMorgan and Wells Fargo that serve retail consumers as well as corporations, earnings per share (EPS) are expected to jump more than 40%, according to analyst estimates from Refinitiv I/B/E/S as of late Monday. Bank of America's EPS will likely climb more than 7%. Citigroup is expected to lag its peers with a 43% drop in EPS.
/jlne.ws/43mr0xx
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | What is woke capitalism?
Stephen Conmy - Corporate Governance Institute
In the article, Douthat says there is hypocrisy at play in many big corporations. He argues that U.S. companies will often jump on the bandwagon to support a 'socially-conscious' movement while doing little to advance worker rights in their firms and supply chains. "In a rich society, people may prefer that their #brands prove [they love them] by identifying with favoured social causes rather than through the old-fashioned expedient of paying their workers a little bit more money," he wrote.
/jlne.ws/46CbKzn
Does Having a Bad Boss Make You More Likely to Be One Yourself?
Shannon G. Taylor, Robert Folger, Abhijeet K. Vadera, Matthew D. Griffith, and Chaim R. Letwin - Harvard Business Review
Toxic bosses harm employees in countless ways - for instance, by lowering morale, diminishing well-being, and increasing work-family conflict. Estimates suggest abusive supervision costs organizations millions in lost productivity, employee turnover, and litigation each year. Although prior research has found that leader behaviors can "trickle down" to affect the actions of employees at lower organizational levels, surely not all abused supervisors abuse their own subordinates. So when do supervisors perpetuate abuse in organizations, when don't they, and why?
/jlne.ws/3XPvfAj
6 Ways to Become a More Collaborative Leader
Luis Velasquez and Kristin Gleitsman - Harvard Business Review
When "Kathy," a former client of Luis's, got hired as a VP at a fintech company, she wanted to have an impact. She saw things that could be better, had ideas about how to change them, and was hungry to get down to the business of making those changes. She approached change-making like a crusader, driven by her passion for what she believed in.
/jlne.ws/3NK1XhT
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | UK Chancellor Jeremy Hunt's Mansion House Speech
Press Release
My Lord Mayor, Governor, Ladies and Gentlemen - it is an honour to be with you at the Mansion House tonight. While some may be distracted by events in Windsor, we all know that Walbrook is the place to be this evening. Thank you to the City of London Corporation for hosting us so generously. It is a privilege to follow the Lord Mayor's excellent address and to give my first Mansion House speech as Chancellor. Tonight, I want to talk about long term reforms to our competitiveness, but let me start with the immediate challenge of tackling inflation.
/jlne.ws/3rmLKb3
UK Investment Research Review Recommends Rebundling Transparently
Press Release
Mike Carrodus, CEO of Substantive Research, the research discovery and research spend analytics provider for the buy side, provides the following views and quotes regarding the Chancellor of the Exchequer's speech at the Mansion House yesterday.
/jlne.ws/3Oa7Q9q
Russian Oil Flows Show First Signs of Drop Months After Cuts Vow; Four-week average shipments fall below February average with lower volumes from western ports
Julian Lee - Bloomberg
Flows of Russian crude are starting to show signs of falling, more than four months after the country was due to slash production. Crude shipments through Russia's western ports in the four weeks to July 9 dropped substantially below their average February level for the first time, after volumes surged during the intervening months, according to vessel tracking data monitored by Bloomberg and corroborated by other data sources.
/jlne.ws/3O9g3Lc
A new dangerous long-lasting heat wave could set dozens of heat records, even in notoriously hot places
Jennifer Gray - CNN
Phoenix is supposed to be hot, but the severity of the upcoming heat wave will bring a level of heat that will test even heat-hardy places and do so for longer durations than have ever been observed before. The heat is hitting South Texas, South Florida and the Southwest US the hardest now and through the workweek, but by the weekend, the hottest temperatures will arrive in the Southwest, making brutally hot cities like Phoenix even hotter.
/jlne.ws/44CVMD9
Deadly Flash Floods, Storms Wreak Havoc on New York, Vermont; States of emergency are declared in several counties
Jon Kamp, Gareth Vipers, Alyssa Lukpat and Erin Ailworth - The Wall Street Journal
Heavy rains and thunderstorms overwhelmed New York's Hudson Valley and barreled into Vermont, leaving at least one person dead and flooding homes and roads, officials said Monday. A summer storm that began Sunday in upstate New York caused tens of millions of dollars in damage, said Steve Neuhaus, the county executive of Orange County, about 30 miles outside of New York City.
/jlne.ws/3NNfGVf
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| Miscellaneous | | Stories that don't quite fit under the other sections | Twitter wins big name backer against Threads - but it's the Taliban
Tom Acres - Sky News
A leader of the hardline Islamist group, which seized power in Afghanistan in summer 2021, said Elon Musk's platform was a tolerant place that allowed freedom of speech to thrive. Anas Haqqani offered his endorsement in a tweet on Monday, as it emerged that Meta's new Twitter-like platform had amassed more than 100 million users in less than a week.
/jlne.ws/43fukKN
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