| September 08, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Monday is September 11, and as is tradition, exchanges and communities around the U.S. will hold moments of silence and commemorations of the attacks on the U.S. in 2001.
Our apologies for JLN being late to your inbox yesterday. Our email list vendor, Constant Contact, had an issue in the morning that delayed the newsletter from being sent out. The issue was quickly resolved, but there was a backlog of emails to be sent by all the customers of Constant Contact, which delayed the newsletter some more. As a reminder, we also post JLN to JohnLothianNews.com, so you can always find it there. And if you want to listen to the top stories and the hit and take and first read sections, you can listen to our daily update podcast. The podcast is normally posted to the website sometime later in the day.
Congrats to Cboe Global Markets Senior Vice President of data and analytics Eileen Smith and CME Group Chief Operating Officer Julie Holzrichter for being named among the 2023 Notable Women in STEM by Crain's Chicago Business.
CME Group today announced that trading in its suite of WTI weekly options reached record average daily volume in August of 12,291 contracts. The WTI weekly options are the exchange group's fastest growing energy product.
If you have been exposed to global warming this summer, you are not special. According to a Reuters story, nearly all the world's population was exposed to global warming from June to August. The hottest summer in the northern hemisphere since records were kept has caused "prolonged heatwaves in North America and southern Europe causing catastrophic wildfires and spikes in mortality rates."
And weather continues to impact Hong Kong, which closed its stock market for a full day for the second time this month as a severe rainstorm brought the city to a standstill, South China Morning Post reported. The local observatory in Hong Kong issued a "Black Rainstorm" warning, its signal for the most severe weather conditions, the Post said.
Do you have an iPhone or iPad? Well, the Israel NSO Group may have injected its Pegasus spyware onto your device without you knowing it. The Financial Times has the story, titled "Apple issues emergency patch after Pegasus spyware breach" with the subheading "Tech company warned that iPhones and iPads were open to being targeted by state-level clients of Israeli group NSO." Apple issued an emergency software update that you should do. I have.
The Financial Times "Unhedged podcast" featuring US Financial Editor Brooke Masters and podcast regular Rob Armstrong today is titled "Big win for Big Crypto," with the subheading "Is the SEC ready to regulate crypto ETFs?"
HKEX announced today that Chris Roberts has joined the group as managing director and head of EMEA issuer services. Roberts will oversee all marketing and promotional activities for Hong Kong's IPO and primary markets across Europe, Middle East and Africa.
The OCC would like you to "Get to Know OCC's Government Relations Team."
Eventus published its first Japanese microsite and translated a number of useful regulatory documents regarding both DeFi and TradFi compliance issues. You can find the site at https://info.eventus.com/japan.
The London Metal Exchange reported on LinkedIn that "yesterday saw the 5,000,000th tonne of LME Steel Scrap CFR Turkey (Platts) traded in 2023! It's only September but this passes the previous record of 4.89m set five years ago."
Baruch College's Zicklin School of Business and the Robert A. Schwartz Center for Trading and Financial Markets Research are holding a conference on Friday, October 20, 2023 titled "Trading, Liquidity and Market Structure." The conference will be held at 151 East 25th Street, Wasserman Trading Floor, Subotnick Center, New York, NY. Jim Toes of the STA is giving the keynote address. The cost is $275. To register, click HERE.
I am not sure what is different. Bloomberg is reporting that TikTok's new Amazon copycat is full of cheap Chinese goods.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The Intercontinental Exchange has published the report, "Impact Bond Analysis: Global green bond issuance booms." The report found that a record $314 billion of global green bonds were issued in the first half of 2023. Of that, most sales were for renewable energy projects. Learn more by downloading the full report here. ~SAED
Our most read stories yesterday on JLN Options were:
- Some Traders Bet Wall Street's Fear Gauge Is Due for 1100% Jump
- Entrepreneurship and Brokerages in the Options Industry; Scott Sheridan, CEO of Tastytrade, Discusses These Topics and More in This Options Discovery Full Interview
- Options Discovery Episode 19: Intro to Entrepreneurship and Brokerages in the Options Industry ~JB
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The Nine Most Important Styles of Pizza in America Right Now; Buzzed about Grandma squares, fried montanara, good old Neapolitan? They're all on the menu.
Kat Odell - Bloomberg
In the late 1800s, pizza arrived in the US, swept in by a wave of southern Italian immigrants who were escaping poverty in their home country. Since those hardscrabble beginnings, it's become inarguably the most popular food in the country, not to mention one of the most popular in the world. Its infinite incarnations range from flat-out classics to shapes almost unrecognizable as pizza, served everywhere from corner slice shops to Michelin-recognized dining rooms.
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***** I did not know there were nine styles of pizza. I know thin crust, deep dish and crummy. What are the others?~JJL
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Boss of Failed Crypto Exchange Gets 11,000-Year Sentence
Taylan Bilgic - Bloomberg
Faruk Fatih Ozer, who ran crypto exchange Thodex until it imploded in 2021, was sentenced to 11,196 years in prison by a Turkish court for crimes including fraud. Delivering its verdict late Thursday, the court in Istanbul sentenced Ozer and his two siblings to similar-length jail terms, finding them guilty of aggravated fraud, leading a criminal organization and money laundering.
/jlne.ws/3LgEzIn
****** The cost of supporting a prisoner for 11,196 years makes you wonder why they don't just lop off his head. The sentence is more or less sending that message to the prison.~JJL
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Vivek Ramaswamy Is a LinkedIn Post Come to Life
Farhad Manjoo - The New York Times
Last year, for a column I was writing about the power that large asset managers like BlackRock and Vanguard exert over the global economy, I called up Vivek Ramaswamy. He was delighted to hear from me. I don't mean this as self-aggrandizement. Ramaswamy was set to start Strive, an asset management company he hoped would take on the BlackRocks and Vanguards of the world, and was about to publish his second book, so he had good reason to court media attention. Still, I found his enthusiasm noteworthy; as a journalist who covers Silicon Valley, I'm used to chatting up smooth-operator entrepreneurs eager for coverage, but Ramaswamy's media hustle was of a different order.
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****** Vivek Ramaswamy has put $100 million of his own money into his presidential campaign, but he may yet profit from the increased name recognition and the connections he gains from the effort. He has learned a few lessons from the 45th president.~JJL
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Thursday's Top Three
Our top story Thursday was Bloomberg's The Fintech Owner Accused of Laundering Drug Money in Huge Bitcoin Scheme. Second was The Wall Street Journal's Florida Car Dealership Owner Pays $76 Million for Aspen's Most Expensive Home. Third was the Financial Times' Banks and investors step up opposition to EU derivatives plans.
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| Lead Stories | 'Dumb Money' Lampoons Wall Street Titans With a Knowing Eye; The film tells the story about the stock market frenzy over the video game retailer GameStop. It was financed and produced by the son of a Wall Street superpower.
Brooks Barnes - The New York Times
"Dumb Money" is the kind of midbudget, formula-busting, thinking-person's movie that isn't supposed to get made anymore, much less receive a wide, studio-backed release in theaters. It tells the bizarre true story of small investors - a nurse, college students, a YouTube personality known as Roaring Kitty - who created a Wall Street frenzy over the troubled video game retailer GameStop during the pandemic. Determined to teach professional investors a lesson, and hopefully get rich in the process, they pushed GameStop shares to a stratospheric level in early 2021, for a time putting the squeeze on sophisticated hedge funds that had bet that GameStop shares would fall.
/jlne.ws/3Es3k0F
JPMorgan Is Exploring Blockchain-Based Deposit Token for Payments, Settlements; If approved by regulators, token could speed up transactions; Effort would mark expansion of JPMorgan's blockchain push
Olga Kharif - Bloomberg
JPMorgan Chase & Co. is in the early stages of exploring a blockchain-based digital deposit token for speeding up cross-border payments and settlement, according to a person familiar with the work. The US's biggest bank by assets has developed most of the underlying infrastructure needed to run the new form of payment, but wouldn't create the token unless the project is approved by US regulators, according to the person, who asked not to be named because the matter is private.
/jlne.ws/3ZbrlCL
Russia Seeks China, Saudi Help to Head Off New Financial Limits; Internal plans show Kremlin push to mobilize friends; Ukraine, allies seeking to boost Moscow's financial isolation
Alberto Nardelli - Bloomberg
Russia is preparing a diplomatic offensive with countries it considers sympathetic, including China and Saudi Arabia, to fend off a push by Ukraine and its allies to further isolate Moscow from the global financial system. Documents seen by Bloomberg and accounts by officials in NATO countries familiar with Moscow's planning give an inside look at how Russia's diplomatic machinery operates and the way the Kremlin views relations with some of its closest partners.
/jlne.ws/44NIKlU
Goldman Sachs plans new job cull for bankers deemed underperformers; Cuts under annual 'strategic resource assessment' scheme expected to be at lower end of range
Joshua Franklin and Arash Massoudi and Harriet Agnew - Financial Times
Goldman Sachs is preparing to impose another round of job cuts for employees deemed to be bottom performers, which could come as early as next month, said people familiar with the matter. The planned move is part of an annual exercise that typically results in between 1 per cent and 5 per cent of company-wide employees losing their jobs. Goldman is targeting a number at the lower end of that range at parts of its core investment banking and trading businesses and aims to begin the process as early as late October, the people said.
/jlne.ws/487xmnL
Ex-Fortis Banker Says Bosses Pressured Him to Pursue Controversial Tax Trades; Bank's leadership focused on profitable tax dividend deals; Accused says Fortis accidentally invented Cum-Ex process
Karin Matussek - Bloomberg
An ex-Fortis banker accused in Germany of siphoning off EUR51.5 million ($55 million) through Cum-Ex tax dividend deals said the bank's leadership pressured traders to continue the controversial strategy because of the huge profits it generated. In a two-hour confession on the first day of a Frankfurt trial, the German who can only be identified as Frank H., said during the years running the scheme he experienced an "inner deadening," compounded by the fact that virtually all market participants did it and corporate law firms advised that the tactic was legal.
/jlne.ws/3Laxauo
Regulatory sheriffs await Robinhood's latest UK foray; Meme stock platform faces hurdles to trading method behind US growth
Rafe Uddin and Jennifer Hughes - Financial Times
When US share-trading app Robinhood made its first attempt at launching in the UK in 2020, it generated considerable excitement - and a waiting list of 250,000 would-be users. But a two-day failure of the company's US platform in March that year and the subsequent coronavirus pandemic forced the company to abandon plans.
/jlne.ws/489I8de
High Frequency Trading's most unconventional exercise club
Alex McMurray - Efinancialcareers.com
The intense competitive worlds of exercise and finance often go hand in hand. Sometimes it's bikers competing on Strava, other times it's the inverse; overworked employees using yoga to relax. But how do they do it in the unique world of high-frequency trading (HFT)?
/jlne.ws/47YS8pE
Ex-FTX Executive Salame Pleads Guilty to Criminal Charges; Ryan Salame pleaded to two counts in federal court on Thursday; Salame's plea comes a month before trial of Sam Bankman-Fried
Ava Benny-Morrison and Chris Dolmetsch - Bloomberg
Former FTX executive Ryan Salame pleaded guilty to criminal charges stemming from the collapse of the cryptocurrency exchange. Salame, who was the co-chief executive of FTX's Bahamas subsidiary before the exchange imploded last November, appeared in Manhattan federal court on Thursday afternoon. Flanked by lawyers and wearing a blue suit and Bitcoin socks, Salame pleaded guilty to one campaign finance violation and one charge of operating an illegal money-transmitting business.
/jlne.ws/3EwnsP8
Top global ports may be unusable by 2050 without more climate action
Jonathan Saul - Reuters
Some of the world's largest ports may be unusable by 2050 as rising sea levels hit operations, and efforts to speed up decarbonisation of the maritime sector and bring in new technology are vital, a study showed on Friday. Weather-related disruptions are already impacting ports across the globe. These include a drought which is hampering operations in the Panama Canal, a top waterway.
/jlne.ws/44FMFkJ
US Eases Air-Pollution Limits in Texas as Power Grid Is Tested; Energy Department declaration comes amid record power demand; Grid operator says needed 'to preserve reliability' of grid
Ari Natter - Bloomberg
The Biden administration declared a power emergency in Texas amid soaring electricity demand sparked by a brutal heat wave. The order issued by the Energy Department on Thursday allows the state's grid operator to waive some air- pollution limits so generators can produce more power. It is in effect until 9 pm local time Friday.
/jlne.ws/3r4A0Kw
Texas Power Emergency Hinged on Stranded Wind-Farm Supplies
Naureen S Malik and Joe Carroll - Bloomberg
Texas' worst power crisis in more than two years was triggered when officials were forced to halt deliveries on a long-distance transmission system, stranding electricity supplies hundreds of miles from major population centers. As record heat spurred demand for power to run air conditioners across Texas on Wednesday, a key transmission line supplying the Dallas area showed signs of an imminent overload. That prompted the Electric Reliability Council of Texas to issue a so-called transmission watch alert at 6:34 pm local time, suspending some power shipments, likely from wind farms, in South Texas.
/jlne.ws/3P91tmm
Texas narrowly skirted a statewide power emergency this week. Grid operators are already gearing up for an eclipse that will impact the state's solar power supply on Oct. 14.
Naureen S Malik - Bloomberg
Texas quickly spiraled into a power emergency on Wednesday night when record September demand and a drop in supply prompted appeals to consumers to conserve electricity to avoid blackouts. Hot, humid weather put the squeeze on the grid, but another challenge looms next month: a solar eclipse that could slash output and create an unprecedented test for the embattled grid.
/jlne.ws/3Pu8z65
Prop trading firms turn to Middle East as they consider leaving Europe in the wake of IFPR; The most recent Acuiti report suggests that IFPR requirements are set to reach "potentially ruinous levels".
Claudia Preece - The Trade
Following a previous report which found a noteworthy percentage of firms were debating a potential move out of Europe due to a need to mitigate the impact of Mifid, a recent Acuiti report has found that the UAE comes out on top for firms considering alternatives. In May, the quarterly Acuiti Avelacom survey found that around 50% of prop trading firms were considering moving operations out of European markets due to complexity around the Investment Firms Prudential Regime (IFRD). In addition, in the same findings, a quarter of the firms were reportedly looking at potentially giving up their Mifid II licenses and exiting European markets altogether.
/jlne.ws/462icOZ
Private Credit's $10 Billion Win Is Bad News for Wall Street; Some $10 billion of leveraged loans have been refinanced; Direct lenders look for more business amid light LBO volume
Paula Seligson - Bloomberg
Private credit is muscling in on another market traditionally dominated by banks: debt refinancing. Companies with leveraged loans and junk bonds coming due soon are increasingly turning to private credit lenders to refinance their obligations, with around $10 billion of the loans having been replaced in recent weeks. Thoma Bravo-owned Hyland Software Inc. is turning to a group led by Golub Capital to refinance about $3.2 billion of maturing debt.
/jlne.ws/3qVkukc
Hong Kong, Shenzhen deluged by heaviest rain on record, 83 hurt
Tyrone Siu and Farah Master - Reuters
The Asian financial hub of Hong Kong was drenched on Friday by the heaviest rain since records began 140 years ago, with 83 people hurt, three seriously, as unusually wet weather caused by typhoons brought more disruption to southern China. Videos showed cascades of water surging down steep hillsides in the former British colony, flooding waist-deep in narrow streets, and inundating malls, metro stations and tunnels.
/jlne.ws/3sQn0IM
Three new additions for CLS' cross currency swaps service; The service forms part of CLSSettlement which has seen a 38% year on year increase in cross currency swaps for the first half of 2023.
Claudia Preece - The Trade
Market infrastructure business, CLS, today confirmed the addition of three new settlement members, including Barclays Bank and Danske Bank. The companies have specifically enrolled in its crosscurrency swaps (CCS) settlement service. CCS is an extension of the payment-versus-payment (PvP) settlement service, CLSSettlement, to which the members can now send their cross-currency swaps.
/jlne.ws/3ZbfhkJ
Fireside Friday with... Unigestion's Eric Champenois and Stephane Marie-Francoise; The TRADE sits down with Unigestion's head of trading, Eric Champenois and senior vice president, multi-asset trader, Stephane Marie-Francoise, to discuss the evolving multi-asset trading landscape, tech innovations facilitating this shift and how to navigate multi-asset challenges.
Wesley Bray - The Trade
What are the key drivers behind asset managers' move towards multi-asset trading and what benefit can this provide?
Marie-Francoise: Everything starts with the desire from the investment team to develop a multi-asset class strategy offering. From that point, you can decide if you want to build an infrastructure and a scalable trading platform across the business line - harmonising the workflow and automation - or to externalise. If you think that you will have the volume and the capability to trade across the multi-asset class internally, you will take this road and will choose to build the infrastructure
/jlne.ws/463kKfO
Leaders in Trading 2023: EMS Awards shortlists revealed; Winners of this year's Execution Management Systems Awards across five categories will be announced during The TRADE's Leaders in Trading awards night at The Savoy Hotel on 8 November.
Editors - The Trade
The TRADE is thrilled to reveal the shortlisted nominees for this year's EMS Awards, based upon performance in the Execution Management Systems Survey 2023, conducted earlier in the year. Ratings for EMS vendors across key functional criteria were submitted by nearly 350 buy-side respondents this year, with top performers now recognised in the awards shortlist.
/jlne.ws/3P26FrS
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine could break through rest of Russia's defensive lines by end of the year
Joe Barnes - The Telegraph
Ukrainian forces could break through the rest of Russia's defensive lines by the end of the year, a top US intelligence analyst has said. Kyiv's troops have a "realistic possibility" of driving through the third and final trench system, Trent Maul, director of analysis for Washington's Defence Intelligence Agency told the Economist.
/jlne.ws/3P3WIKG
Russia Plans to Cut Sea Diesel Flow by Quarter This Month; Flows from nation's western ports planned at 1.87 million tons; Drop comes amid refinery maintenance, domestic fuel shortage
Bloomberg News
Russia plans to reduce diesel exports from its key western ports by a quarter this month amid seasonal refinery maintenance and government efforts to keep more fuel at home to ease growth in domestic prices. Diesel loadings from Russian ports on the Black and Baltic Seas, including some batches from Belarus, are set at 1.874 million tons this month, down almost 25% from August's plan, according to industry data seen by Bloomberg. That's equivalent to 466,000 barrels a day, down from about 600,000 barrels a day from last month's schedule, Bloomberg calculations show.
/jlne.ws/3Pvq8CU
Negotiations between Russia and Ukraine would be a moral defeat; Any deal that erodes Kyiv's sovereignty will enable Moscow to harvest the fruits of its aggression
Andreas Umland - Financial Times
Many western countries are equivocal about Ukraine's territorial integrity and political sovereignty. Unlike Kyiv, they do not worry much about the stability of a possible ceasefire or peace agreement between Ukraine and Russia. Many, wary of committing resources to a long-term stalemate, might urge President Volodymyr Zelenskyy to accept a questionable deal today rather than pursuing principle in a bloody and open-ended campaign. Although mostly not allied to Russia, numerous right and leftwing groups in the west, as well as states from Hungary to Brazil, have urged, either implicitly or explicitly, Kyiv to make concessions to Moscow to achieve peace.
/jlne.ws/3qXgbEZ
Justice Department's Oligarch Hunters Widen Scope to Include Facilitators; A year and a half into its existence, Task Force KleptoCapture is looking beyond flashy assets such as yachts and planes as it seeks to shut down the network of facilitators that oligarchs rely on to move money
Dylan Tokar - The Wall Street Journal
Prosecutors tasked with investigating Russia's oligarchs and their assets have a new target: lawyers, accountants and other facilitators that make it possible for the Kremlin and its allies to evade U.S. sanctions. After storming out of the gate with key arrests and indictments and the seizure of yachts belonging to Suleiman Kerimov and Viktor Vekselberg, the Justice Department's Task Force KleptoCapture is increasingly turning its gaze on the professional services providers who support Russian oligarchs, said Andrew Adams, the team's inaugural director.
/jlne.ws/3Z8sqLm
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq Announces First Exchange AI Powered Order Type Approved By the SEC; As part of Nasdaq's commitment to modernizing the markets, the company continues to leverage emerging technologies, including AI, to enhance the efficiency and performance of our exchange
Nasdaq
Nasdaq (Nasdaq: NDAQ) today announced it has received SEC approval to launch Dynamic Midpoint Extended Life Order (M-ELO), the first exchange Artificial Intelligence (AI) powered order type. Nasdaq's M-ELO matches like-minded counterparties with longer-term investing horizons on a broker-neutral SEC-regulated Exchange by requiring each party to a trade to wait a short period of time before trading. Dynamic M-ELO will leverage Artificial Intelligence to provide real-time changes to holding periods for M-ELO participants, which is set to improve fill rates and reduce market impact. The order type applies an AI model with over 140 factors and offers an average combined volume-weighted improvement of over 30% in testing. Dynamic M-ELO simultaneously enhances both liquidity and execution quality improvement outcomes, usually considered mutually exclusive, by adjusting dynamically to real-time market conditions.
/jlne.ws/44LsaTZ
Regulator's Column: Developing and executing a credible climate transition plan
SGX Group
Rising expectations on transition plans. The urgent need for climate action has come to the forefront of public consciousness. Globally, governments, companies and organisations are stepping up in response. More than 100 governments representing at least 90% of global GDP have committed to net-zero decarbonisation targets [1]. Singapore has likewise committed to net-zero emissions by 2050. Policy and regulatory changes, such as the implementation of carbon taxes, have followed these commitments. For companies, the incoming impact of public policy and of climate change itself means they will need to transition their business activities towards a low-carbon economy.
/jlne.ws/3r6fk4M
Regulators approve BME's new digital assets derivatives segment; Under the EU regulatory framework, BME Clearing can now clear Bitcoin and Ethereum futures.
Claudia Preece - The Trade News
Bolsas y Mercados Espanoles (BME) has been given approval by Spanish regulator, Comision Nacional del Mercado de Valores (CNMV), for a new digital assets derivatives segment. Under the EU regulatory framework, BME Clearing can now clear Bitcoin and Ethereum futures denominated in US dollars. According to an announcement from SIX, the new digital asset derivatives segment has been introduced in response to market demand. It will focus on "introducing digital assets to a secure and highly regulated environment, that will upgrade the trading, clearing and cash settlement of digital asset futures," said the company.
/jlne.ws/3Eww2NR
HKEX names new head of EMEA Issuer Services
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Friday) that Chris Roberts has joined the Group as Managing Director and Head of EMEA Issuer Services. In this new London-based role, Mr Roberts will oversee all marketing and promotional activities for Hong Kong's IPO and primary markets, across Europe, Middle East and Africa. He will also have responsibility for ancillary and other post-IPO services in the region, working with international issuers and the European listing community. He will report to HKEX Co-Head of Sales and Marketing, Christina Bao.
/jlne.ws/3PaknJp
Moment Of Silence On Monday, September 11, 2023
MIAX Exchange Group
Please be advised the MIAX Exchanges will observe one minute of silence at 9:20 A.M. Eastern on Monday, September 11, 2023 to honor 9/11 victims, survivors, and their families.
/jlne.ws/3r8OSrd
INSTINET Europe limited becomes new member of Spanish CCP & CSD
BME
Instinet Europe Limited has reached an agreement to become a new general clearing member of the Spanish CCP BME Clearing, and a direct member of the Spanish CSD Iberclear. Instinet will now have direct access to the BME's Spanish CCP & CSD for post trade services for their primary execution business in Spain as of August.
/jlne.ws/3PuBR4v
Euronext announces September 2023 quarterly review results of the MIB ESG
Euronext
Euronext today announced the results of the quarterly review for the MIB ESG index, which will be implemented after markets close on Friday 15 September 2023 and will be effective from Monday 18 September 2023.
/jlne.ws/484KbPT
Euronext announces September 2023 annual review results of the CAC SBT 1.5°
Euronext
Euronext today announced the results of the annual review for the CAC SBT 1.5°, which will take place after markets close on Friday 15 September 2023 and be effective from Monday 18 September 2023.
/jlne.ws/3Etpfof
TSE Cash Markets; Listed companies with the fewest number of policy shares, Hitachi and others accelerate reductions to improve capital efficiency
Nikkei
Listed companies such as Hitachi, Ltd. and Nippon Steel have further reduced their cross-shareholdings. It totaled 53,500 issues at the end of the fiscal year ended March 2023, down 6% from the previous year-end and the lowest since disclosure began. The Tokyo Stock Exchange (TSE) calls for improved capital efficiency to eliminate PBR (price-book value ratio) below 1x, and institutional investors oppose the appointment of a director by the leader of a company that continues to hold policy shares. Companies are using the proceeds from the sale to invest in growth.
/jlne.ws/3LfQxSH
Disciplinary Decision - Settlement Agreement Wedbush Securities Inc.
Bourse de Montreal
Bourse de Montreal Inc. (the "Bourse") filed the following complaint against Wedbush Securities Inc. ("Wedbush"), a foreign approved participant of the Bourse:
/jlne.ws/3Ewwdc4
Miami International Holdings Reports August 2023 Trading Results; MIAX Pearl Equities Hits Record 2.17% Daily Market Share with Options Volume Surging 26.5% to Record YTD Level
MIAX
Miami International Holdings, Inc. today reported August 2023 trading results for its U.S. exchange subsidiaries - MIAX, MIAX Pearl and MIAX Emerald (together, the MIAX Exchange Group), and Minneapolis Grain Exchange (MGEX). August 2023 and Year-to-Date Trading Volume Highlights. Total multi-listed monthly options volume for the MIAX Exchange Group reached 138.0 million contracts, a 27.7% increase year-over-year (YoY) and representing a monthly market share of 14.85%, a 16.1% increase YoY. Total year-to-date (YTD) volume reached a record 1.1 billion contracts, a 26.5% increase YoY.
/jlne.ws/44Ek8w0
MGEX Reports Trading Results for August 2023
MGEX
Minneapolis Grain Exchange (MGEXâ„¢), a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), today reported August 2023 trading volume of 329,483 contracts, representing a 12.5% year-over-year (YoY) decrease from the same period in 2022 and a 34.4% increase from July 2023.
/jlne.ws/489nPMY
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Shut Out of Banking? Blame the Machines; People are losing access to financial services after running afoul of rules designed to thwart corruption.
Paul J. Davies - Bloomberg
The arrest and unfortunate death of innocent cobbler Archibald Buttle instead of suspected terrorist Archibald Tuttle in the satirical 1985 movie Brazil is a perfect picture of the blind brutality of industrialized bureaucracy. British finance has a similar problem. People are losing access to banking and other services after running afoul of the machinery of rules and restrictions linked to anti-money-laundering and terrorist financing law.
/jlne.ws/44J2vLq
Microsoft pledges legal protection for AI-generated copyright breaches; US tech giant will assume customers' liability for material created by AI assistants in Word and coding tools
Cristina Criddle - Financial Times
Microsoft has pledged to assume legal responsibility for any copyright infringement over material generated by the artificial intelligence software it offers to businesses in Word, PowerPoint and its coding tools, as concerns mount over potential clashes with content owners. The US tech giant on Thursday committed itself to paying any legal costs for commercial customers who are sued for using tools or any output generated by AI.
/jlne.ws/3Z9ygMA
5 lessons from a fintech CEO's early days as a bar owner; Moments of adversity, no matter the industry, can help you improve as an entrepreneur.
Gil Mandelzis - Fast Company
I have always been fascinated with entrepreneurship. The sliver of an idea, a willingness to take risks, and an ability to see a solution through the fog have driven me throughout my career. It led to the creation of Traiana in 2000, which I sold for $247 million seven years later. It kept me going in 2017 when I founded Capitolis, which has since been valued at $1.6 billion following a Series D funding round last year and is ranked as Fast Company's second most innovative company in finance. It brought me to join the board of Fireblocks in the early days, which was valued at $8 billion in our last round of funding.
/jlne.ws/3qWUFAh
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| Cybersecurity | | Top stories for cybersecurity | New flaw in Apple devices led to spyware infection, researchers say
Christopher Bing and Zeba Siddiqui - Reuters
Researchers at digital watchdog group Citizen Lab said on Thursday they found spyware they linked to Israeli firm NSO that exploited a newly discovered flaw in Apple (AAPL.O) devices. While inspecting the Apple device of an employee of a Washington-based civil society group last week, Citizen Lab said it found the flaw had been used to infect the device with NSO's Pegasus spyware, it said in a statement.
/jlne.ws/44IipG6
North Korean Hackers Exploit Zero-Day Bug to Target Cybersecurity Researchers
The Hacker News
Threat actors associated with North Korea are continuing to target the cybersecurity community using a zero-day bug in unspecified software over the past several weeks to infiltrate their machines. The findings come from Google's Threat Analysis Group (TAG), which found the adversary setting up fake accounts on social media platforms like X (formerly Twitter) and Mastodon to forge relationships with potential targets and build trust.
/jlne.ws/48kaVfx
Tenable Buying Israeli Cybersecurity Vendor Ermetic
Edward Gately - Channel Futures
Tenable is acquiring Israeli cybersecurity vendor Ermetic in a deal worth $265 million.
Ermetic offers a cloud-native application protection platform (CNAPP). It also provides cloud infrastructure entitlement management (CIEM). Tenable plans to integrate these capabilities into its Tenable One exposure management platform to deliver contextual risk visibility, prioritization and remediation across infrastructure and identities, both on-premises and in the cloud.
/jlne.ws/3r6O0mV
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| Cryptocurrencies | | Top stories for cryptocurrencies | Ex-FTX Executive Salame Pleads Guilty to Criminal Charges; Ryan Salame pleaded to two counts in federal court on Thursday; Salame's plea comes a month before trial of Sam Bankman-Fried
Ava Benny-Morrison and Chris Dolmetsch - Bloomberg
Former FTX executive Ryan Salame pleaded guilty to criminal charges stemming from the collapse of the cryptocurrency exchange. Salame, who was the co-chief executive of FTX's Bahamas subsidiary before the exchange imploded last November, appeared in Manhattan federal court on Thursday afternoon. Flanked by lawyers and wearing a blue suit and Bitcoin socks, Salame pleaded guilty to one campaign finance violation and one charge of operating an illegal money-transmitting business.
/jlne.ws/4643Cqm
Winklevoss Claims Fuel US Investigation of Barry Silbert's DCG Crypto Empire; Prosecutors spoke to Cameron Winklevoss about claims: sources; Silbert has denied fraud allegations by Gemini co-founder
Allyson Versprille and Ava Benny-Morrison - Bloomberg
A bitter feud between crypto tycoons has piqued the interest of US investigators who were already looking into the finances of one of the industry's best-known empires. For months, Digital Currency Group Inc. and its chief executive officer Barry Silbert have been facing fraud accusations from Cameron Winklevoss, the co-founder of crypto trading platform Gemini Trust Co.
/jlne.ws/3LeBUil
IMF and regulators set out roadmap to contain crypto risks
Huw Jones - Reuters
Global financial regulators and the International Monetary Fund on Thursday set out a roadmap to coordinate measures that stop cryptoassets from undermining macroeconomic and financial stability. Such risks are exacerbated by noncompliance with existing laws in some instances, the G20's risk watchdog, the Financial Stability Board, and the IMF said in a paper.
/jlne.ws/3sNF3iX
Crypto Trading Volume Slumped to Lowest Level of the Year in August; Total monthly spot and derivatives trading volume fell 11.5%; CCData tracked trading volumes on centralized crypto exchanges
Olga Kharif - Bloomberg
Cryptocurrency trading volume declined in August to the lowest level of the year, another sign of waning investor interest since the collapse of digital asset prices from all-time highs in late 2021. The combined monthly volume of so-called spot and derivatives trading fell 11.5% to $2.09 trillion, and was the second-lowest monthly total since October 2020, according to data compiled by CCData.
/jlne.ws/3PuzSNJ
Big win for Big Crypto; Is the SEC ready to regulate crypto ETFs?
Ethan Wu and Katie Martin - Financial Times
Grayscale Investments manages funds of digital assets - cryptocurrency - for investors. They just won a case against the US Securities and Exchange Commission, which could eventually let it, or another manager, offer an ETF that holds bitcoin. US Financial Editor Brooke Masters and podcast regular Rob Armstrong talk with Ethan about what a world of crypto for regular investors might look like. Also we go long the US Treasury, and short the administrative state.
/jlne.ws/48i2T6O
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| Politics | | An overview of politics as it relates to the financial markets | G-20 Sees Risks to Long-Term Growth From 'Cascading Crises'
Jorge Valero - Bloomberg
Leaders of Group of 20 nations plan to warn that "cascading crises" pose challenges to long-term economic growth while calling for coordinated macroeconomic policies, according to a person familiar with a draft of the final communique. The group, which is meeting in India this weekend, plans to say that uncertainty on the economic outlook remains high and the balance of risks is tilted to the downside, the person said. They see global economic growth as uneven and below the long-term average, the person said, adding to the need for well-coordinated fiscal and monetary policies to support growth.
/jlne.ws/3Eui4Mf
G-20 Haggles Over Russia's War as Block on Climate Action Eases; Rishi Sunak earlier singled out China as opposing measures; Joint statement from summit is now within reach, officials say
Jorge Valero, Samy Adghirni, Selcan Hacaoglu, and Michael Nienaber - Bloomberg
The Group of 20 nations are nearing an agreement on a joint statement after resistance to concrete action on climate change faded, leaving Russia's war on Ukraine as the sole topic still to be resolved.
/jlne.ws/3r5y3gR
2 Senators Propose Bipartisan Framework for A.I. Laws; The effort by Senators Richard Blumenthal and Josh Hawley is the latest move by lawmakers to catch up with the rapidly evolving technology.
Cecilia Kang - The New York Times
Senator Richard Blumenthal, Democrat of Connecticut, and Senator Josh Hawley, Republican of Missouri, plan to announce a sweeping framework to regulate artificial intelligence, in the latest effort by Congress to catch up with the technology.
/jlne.ws/3sMtsRn
Saudi Arabia's push for $100-a-barrel oil poses new problem for Joe Biden; Rising energy prices come as US president puts economic record at heart of re-election bid
David Sheppard, Myles McCormick and Colby Smith - Financial Times
A renewed effort by Saudi Arabia and Russia to push the price of oil towards $100 a barrel threatens to become another problem for President Joe Biden as he puts his record on the US economy - and thwarting inflation - at the centre of his re-election bid.
/jlne.ws/3Z68lW9
China's Credit Wreck Exposes Governance Failings to the World; As the nation's property companies reel, weak disclosure standards and conflicting communications are angering global bond buyers - putting them off China long-term.
Wei Zhou and Pearl Liu - Bloomberg
For Dhiraj Bajaj, the sudden twists and turns were unlike any he'd ever seen in his two decade investing career. First, Dalian Wanda Group Co. indicated to bondholders -- including Bajaj -- that everything was fine. The $400 million it owed them would be paid in full. Days later, some creditors were warned that the company was, in fact, $200 million short, a bombshell that triggered a frantic sell-off in the debt.
/jlne.ws/3EtWM1h
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| Regulation & Enforcement | | Stories about regulation and the law. | Investment transfer market needs a regulatory crackdown; It is unacceptable for platforms to take months to move savings
Moira O'Neill - Financial Times
Will transferring investments to a new provider ever happen at the push of a button? It's far from it at present: some investors are forced to wait months to see the transfer of investments. In fact, many are put off transferring their Isas, pensions and general investment accounts between investment platforms just by the thought of the administration involved. Others worry about spending time out of the stock market while their investments are moved, meaning they miss opportunities to buy cheaply or stay invested through a market rally.
/jlne.ws/3Lf0zTX
Federal Court Orders South African Company to Pay Over $1.7 Billion in Restitution for Forex Fraud; This Action Resolves the CFTC's Largest Fraud Scheme Case Involving Bitcoin
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today announced Judge David A. Ezra of the U.S. District Court for the Western District of Texas entered a consent order against Mirror Trading International Proprietary Limited (MTI) on September 6, finding it liable for fraud in connection with retail foreign currency (forex) transactions, fraud by a commodity pool operator (CPO), registration violations, and failure to comply with CPO regulations.
/jlne.ws/45X08Wg
CFTC Charges Texas Firm and Head Trader with Spoofing and Engaging in a Manipulative and Deceptive Scheme and Violating a Prior CFTC Order
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today filed a civil complaint in the U.S. District Court for the Northern District of Illinois against Logista Advisors LLC and Andrew Serotta, charging them with spoofing, engaging in a manipulative and deceptive scheme, failing to supervise, and for violating a prior CFTC order.
/jlne.ws/45IYk3z
Federal Court Orders South African Company to Pay Over $1.7 Billion in Restitution for Forex Fraud; This Action Resolves the CFTC's Largest Fraud Scheme Case Involving Bitcoin
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today announced Judge David A. Ezra of the U.S. District Court for the Western District of Texas entered a consent order against Mirror Trading International Proprietary Limited (MTI) on September 6, finding it liable for fraud in connection with retail foreign currency (forex) transactions, fraud by a commodity pool operator (CPO), registration violations, and failure to comply with CPO regulations.
/jlne.ws/3Zc32og
CFTC Commissioner Pitches Pilot Program for U.S. Crypto Regulation
Jesse Hamilton - CoinDesk
The U.S. watchdog for derivatives markets should create a limited pilot program for regulating cryptocurrencies, said Caroline Pham, one of the members of the Commodity Futures Trading Commission (CFTC). "I'm recommending a time-limited CFTC pilot program to support the development of compliant digital asset markets and tokenization," said Caroline Pham, who holds one of the Republican seats on the five-person commission, in remarks prepared for a Cato Institute event on Thursday.
/jlne.ws/3EywX0h
CFTC Issues Orders Against Operators of Three DeFi Protocols for Offering Illegal Digital Asset Derivatives Trading
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today continued its enforcement focus in the digital asset decentralized finance (DeFi) space, by issuing orders simultaneously filing and settling charges against Opyn, Inc., a Delaware-registered company based in California; ZeroEx, Inc., a Delaware company based in California; and Deridex, Inc., a Delaware company based in North Carolina.
/jlne.ws/45KRRFm
Linus Financial Agrees to Settle SEC Charges of Unregistered Offer and Sale of Securities
U.S. Securities and Exchange Commission
The Securities and Exchange Commission today announced settled charges against Linus Financial, Inc. for failing to register the offers and sales of its retail crypto lending product, the Linus Interest Accounts. The SEC determined not to impose civil penalties against Linus Financial because of the Nashville-based company's cooperation and prompt remedial actions.
/jlne.ws/3sMqJY5
SEC Probes Ryan Cohen's Bed Bath & Beyond Trades; Billionaire took $120 million position in housewares retailer, then abruptly sold it
Dave Michaels and Lauren Thomas - The Wall Street Journal
The Securities and Exchange Commission is investigating billionaire Ryan Cohen's ownership-and surprise sale-of Bed Bath & Beyond triangle shares at a time when such so-called meme stocks were all the rage with investors. Cohen took a $120 million stake in Bed Bath & Beyond and pushed for changes to the housewares retailer's sales strategy, but abruptly sold his 11.8% interest in August 2022, just days after tweeting positively about the company. The five-month investment netted him a profit of nearly $60 million.
/jlne.ws/3PuE2Fe
SEC Charges China-Based Big Data Analytics Company with Failure to Disclose Related Party Payments, including more than $5 million that benefited the CEO's Family
SEC
The SEC today filed a complaint against Gridsum Holding, Inc. (formerly Nasdaq: GSUM) and its CEO Guosheng Qi charging them with misuse and unreported use of funds raised in a 2016 U.S. initial public offering (IPO) as well as failure to disclose millions of dollars in related-party transactions that benefitted Defendant Qi's family members. According to the complaint, from September 2016 to June 2020, Gridsum, and Qi directed a series of undisclosed payments to Qi's wife and mother-in-law for supposed consulting contracts between Gridsum and a company controlled by Qi's mother-in-law. The complaint alleges that the total value of these related party transactions equaled $7.1 million, and Qi and his family directly or indirectly received at least $5.2 million.
/jlne.ws/3Lf2fwJ
FCA sets expectations ahead of incoming crypto marketing rules
FCA
Tough new rules designed to make the marketing of cryptoasset products clearer and more accurate, and that ban incentives like 'refer a friend' bonuses, will come into force on 8 October.
/jlne.ws/3PuRJ73
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Investors Yank $800 Million From I Bonds as Inflation Slows Down; Once the hottest place to store cash, the savings securities have fallen out of favor now that the yield has dipped.
Diana Li and Claire Ballentine - Bloomberg
Farewell to the I bond frenzy. Since the yield on Series I savings bonds dropped in May, investors have redeemed about $800 million worth of the securities, more than in all of 2021. That's a big change from last year, when Americans piled into I bonds to shield their savings from inflation. I bonds were designed to help Americans do just that. The yield is set twice a year on the first day of May and November.
/jlne.ws/3QuXIKb
Vulnerabilities in the Treasuries market aren't going away; Unease is rising - as are the extreme positions taken by hedge funds
Gillian Tett - Financial Times
Three years ago, investors learnt that the mighty US Treasuries market is not always as mighty as it seems. When the Covid-19 shock hit in March 2020, US interest rates gyrated in a way that created massive losses for hedge funds that had taken hidden, highly leveraged bets on Treasuries, via derivatives and repurchase agreements ("repos") that swap bonds for cash.
/jlne.ws/3Rgb25s
British Investors Lack Faith in Their Own Economy, Liberum Says; UK funds have moved $13 billion into US stocks over 12 months; Liberum strategists cite 'lack of faith' in Britain's economy
Joe Easton - Bloomberg
British investors lack confidence in the economy and have been dumping stocks from their home market - even as US investors have been buying UK stocks, according to Liberum Capital Ltd. UK equity funds moved $13 billion into US stocks in the year through June, while Americans bought London-listed stocks worth $21.8 billion in the same period, strategists Joachim Klement and Susana Cruz said in a note to clients.
/jlne.ws/3r7oZrW
Food Prices Resume Decline Despite Lingering Supply Threats; United Nations' food-price index has fallen 8% this year; Gauge is at a two-year low, but food security risks remain
Agnieszka de Sousa - Bloomberg
Global food prices resumed declines to the lowest in more than two years amid ample supplies of cooking oils and dairy, even as worries persist over flows of key staples from some regions.
/jlne.ws/488E1OM
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Private Equity Giant KKR Is Funding Environmental Racism, New Report Finds; The climate impacts of the private equity industry create significant harm to BIPOC communities in Texas, Louisiana and British Columbia, Canada, it found.
Keerti Gopal- Inside Climate News
From the Gulf South to Canada, frontline communities are getting hit hard by fossil fuel projects supported by a powerful firm in a notoriously opaque sector of the financial industry. One of the largest private equity firms in the world, Kohlberg Kravis Roberts & Co. (KKR) publicly said in a 2022 sustainability report that it is committed to environmentally responsible investing and supporting decarbonization. But a report published Thursday as part of the Private Equity Climate Risks project-an initiative investigating private equity's impact on the climate crisis-calls the firm out for empty promises and continued harm to marginalized communities.
/jlne.ws/3PhHHoS
'NOCs' Knock Investors off Net Zero Track
Emmy Hawker- ESG Investor
Engaging with state-owned firms is challenging and potentially less effective, Carbon Tracker warns. Investors that have set net zero targets for their portfolios have been cautioned to carefully evaluate their positions in majority state-owned oil and gas laggards.The latest annual edition of the 'Absolute Impact' report, published by financial think tank Carbon Tracker, has assessed and ranked the emissions reduction targets set by 25 of the world's largest oil and gas companies against its 'Hallmarks of Paris Aligned Emissions Targets' criteria.
/jlne.ws/3LgnpKS
America's Wind-Farm Revolution Is Broken; Even with generous green subsidies, offshore wind projects are being called off as developers struggle to make a profit
Carol Ryan - The Wall Street Journal
Offshore wind farms should be one of the best solutions to the climate crisis but are turning out to be a lousy business. Getting the struggling industry back on its feet will require a new approach from companies and politicians alike. The public face of the dilemma is Oersted, a former oil and gas producer that became the world's largest offshore wind-farm developer. The Danish company's stock has lost more than $10 billion, or a third of its market value, since warning last week that it may take impairments of up to $2.3 billion on its U.S. projects. On Tuesday, ratings provider Moody's downgraded the stock, a further challenge for a company that, like a property developer, needs debt to fund its plans.
/jlne.ws/3EwNlhM
Leadership Doubts Threaten Fortescue Founder's Green Mission; Three executives depart Andrew Forrest's group in one week; The miner is the world's fourth-largest producer of iron ore
Jason Scott and Sybilla Gross - Bloomberg
Three years after he first embarked on a mission to transform an iron ore giant into a clean-energy powerhouse, Fortescue Metals Group Ltd. founder Andrew Forrest is facing a governance storm that may yet imperil his green ambitions.
/jlne.ws/3ExAk7M
Germany Onshore Wind Auction Dip Casts Doubt on Renewable Goals; Just 1.4 gigawatts of capacity was awarded in latest auction; Country needs to triple wind capacity by 2030 to reach targets
Petra Sorge - Bloomberg
Germany's latest onshore wind auction generated less interest than the previous sale, raising doubts about government targets for the expansion of renewable energy. Companies offered to develop about 1.4 gigawatts of capacity in the Aug. 1 auction, down from 1.6 gigawatts in the May round, according to data from the country's regulator Bundesnetzagentur. While the regulator says onshore awards have increased this year from 2022, Germany needs to triple its capacity to meet its goal of generating 80% of its power from renewables by 2030.
/jlne.ws/3LaAgi0
Corporate Nature Restoration Results Murky at Best, Greenwashed at Worst; A new study shows that many businesses are not transparently reporting the results of their nature restoration efforts.
Bob Berwyn - Inside Climate News
/jlne.ws/3sQpsiq
Climate change adds workplace costs and hazards
Mark John - Reuters
/jlne.ws/3RgyX4K
Heat and Hurricanes: What Keeps the N.Y.C. Climate Chief Up at Night; "We are in a climate change emergency," said Rohit T. Aggarwala. "And two things are unhelpful in an emergency: Panic and despair."
Hilary Howard - The New York Times
/jlne.ws/3sMrlNi
Rich countries sink billions into oil and gas despite Cop26 pledge; The US, Germany and Italy have been accused of backsliding on a Glasgow promise to end public subsidies to fossil fuel projects overseas
Matteo Civillini - Climate Change News
/jlne.ws/3Ew4jg8
Companies call for more action on carbon, subsidies at COP28
Simon Jessop, Tommy Wilkes and Emma Rumney - Reuters
/jlne.ws/3radeAM
Big Farms and Flawless Fries Are Gulping Water in the Land of 10,000 Lakes; When Minnesota farmers cranked up their wells in a drought, they blew through state limits. Thirsty crops included corn, soybeans and perfect, fry-friendly potatoes.
The New York Times
/jlne.ws/3Lhl6Y2
Offshore wind anger, draft Global Plastics Treaty unveiled, and Labour reshuffle: BusinessGreen's most read stories of the week.
BusinessGreen
BusinessGreen rounds up the most widely read stories on the site this week.
/jlne.ws/3RjcN21
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | FDIC Says Bank Profit Up Year Over Year, Deposits Down Slightly; Banks' profit increased year-over-year but fell sequentially; Deposits fell for fifth straight quarter, though only slightly
Katanga Johnson - Bloomberg
A top US banking regulator painted a mixed but more stable picture of the industry at midyear following 2023's early turmoil, while flagging potential risks from rising interest rates, tighter credit and a shaky office real estate market. The Federal Deposit Insurance Corp.'s watch list of the weakest lenders stayed unchanged in the second quarter at 43, the agency said Thursday in its Quarterly Banking Profile of the 4,645 firms it insures.
/jlne.ws/3Pwshym
Beware of the Credit-Line Increases Banks Are Doling Out; Americans got bigger limits. Then they racked up $1 trillion.
Imani Moise - The Wall Street Journal
Sheldon Louis has never requested a credit-line increase, and yet the spending limit on his favorite credit card has gone up from $6,000 to $20,000 since 2017. "I try to not abuse it and get too crazy," said the 32-year-old marketing professional. Every once in a while, especially when he is on vacation, Louis said he gets carried away and spends more than he can pay off in a month.
/jlne.ws/3Pcdzeg
Tiny Bank Called Republic First Faces Test of Depositors' Faith; Unlike First Republic, Republic First's customers have stayed loyal despite battered balance sheet
Jonathan Weil - The Wall Street Journal
First Republic Bank's collapse this spring was a watershed moment. Now a much smaller lender called Republic First FRBK 0.03%increase; green up pointing triangle Bank is in financial purgatory, a case that may test regulators and turn the idea of too-big-to-fail upside down. Republic First, a Philadelphia lender with $6 billion of assets, shares many of the problems that sank San Francisco-based First Republic. Those include heavy paper losses that don't get counted on its balance sheet under the accounting rules and would wipe out its equity, or net worth, if they did. Both banks tried and failed to raise capital.
/jlne.ws/3PuUUMb
Goldman Sachs CEO David Solomon hits back at critics: 'I don't recognize the caricature'
Reuters
Goldman Sachs CEO David Solomon on Thursday responded to a string of critical comments in news reports in recent weeks, saying it was "not fun" but that he was focused on running the firm in a live interview on CNBC. "I don't recognize the caricature that is painted of me, and when I talk to colleagues and I talk to clients, they don't recognize it either," he said. "But that doesn't stop me from reflecting on anything that's said, and I always try to think about how I can do better."
/jlne.ws/3sQME00
Goldman Sachs CEO David Solomon lures back Russell Horwitz to put happy spin on woes
Lydia Moynihan - NY Post
Is Goldman Sachs CEO David Solomon now taking a kinder, gentler approach to running the bank? Some insiders are raising their hopes with the return of a well-liked executive. Russell Horwitz, a former top Goldman partner who left for Ken Griffin's hedge fund Citadel in 2020, returned to Goldman this week as the firm's chief of staff - and some bankers are celebrating because of Horwitz's rep for being an all-around nice guy.
/jlne.ws/44Zv5sl
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Remote work has made Americans more productive - just not in the way you think; Telecommuting allows caregivers to manage a workload that is, if anything, way too big.
Stephanie H. Murray - The Atlantic
Carolyn Vigil has spent most of her career in Big Tech. She is also the primary caregiver for her 23-year-old autistic son, Jax. Managing these two roles has never been easy, and at various times over the years, Vigil has had to step back from her job for the sake of her kid. It is somewhat remarkable that when schools shut down during the pandemic and Vigil became not only her son's carer but also his teacher, she didn't quit her job.
/jlne.ws/45ZCOr4
KPMG halves pay for US partners on gardening leave amid poaching war; Move sets accounting firm apart from Big Four rivals as competition for talent intensifies
Stephen Foley - Financial Times
KPMG's US partners have been told that they will be put on 50 per cent pay during six months of gardening leave if they quit to join a rival, marking an escalation in efforts by the Big Four accounting firms to stop staff poaching.
/jlne.ws/3LhpCWx
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| Wellness Exchange | | An Exchange of Health and Wellness Information | CPAP Maker Reaches $479 Million Settlement on Breathing Device Defects
Christina Jewett - The New York Times
Philips Respironics has agreed to a $479 million partial settlement on claims over flaws in the company's breathing machines that spewed gases and flecks of foam into the airways of consumers and that spawned recalls involving millions of the devices, lawyers for plaintiffs in the lawsuit announced on Thursday.
/jlne.ws/48i0mtk
I Tried to Live a Perfect Day. Here's What I Learned; Is it possible to follow all the expert health advice about eating, sleeping and exercising? I put myself to the test.
Alex Janin - The Wall Street Journal
When people learn that I'm a personal health reporter, the first question is usually some version of: "Do you have the healthiest life ever?" It's a fair question. I spend hours each day talking with the world's health experts. I've adopted some of their advice, like doing more moderate-intensity exercise. There's also plenty I've ignored. I drink coffee far later in the day than sleep experts suggest and I'm a chronic bedtime procrastinator.
/jlne.ws/3PdGPkS
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Bonds Roiled by One-Two Punch on Liquidity, Rate Outlook; Dwindling liquidity has fueled a jump in short-end bond yields; PBOC may refrain from lowering rates given yuan's weakness
Bloomberg News
China's short-end government bonds are closing in on their biggest weekly drop this year, caught in a downdraft that's swept up virtually all of the nation's assets. The yield on one-year yuan securities has jumped 13 basis points since Sept. 1, with analysts blaming the increase on dwindling liquidity and waning bets for broad-based easing. Interbank funding costs have shot up, reflecting the tightening cash conditions.
/jlne.ws/44IWkHl
Pakistan Cracks Down on Illegal Dollar Trade After Rupee Weakens
Ismail Dilawar and Karl Lester M Yap - Bloomberg
Pakistan is cracking down on illegal dollar trade after the rupee set a new record low this month and the stern measures are showing signs of initial success. "The crackdown against people engaged in illegal dollar trade, smuggling is ongoing," Information Minister Murtaza Solangi said in a mobile-phone message on Friday. Illegal trades include buying or selling dollars without any record and remittances through informal channels.
/jlne.ws/45FuHAn
Hundreds Halt Work at Energy Plants in Australia; The labor action at liquefied natural gas plants, responsible for about 6 percent of the world's supply of the fuel, came as talks over pay and work conditions stalled.
Yan Zhuang and Stanley Reed - The New York Times
Hundreds of people at Chevron's liquefied natural gas plants in Western Australia halted work on Friday, an industrial action affecting two giant projects that account for about 6 percent of the world's supply of the essential fuel, prompting prices to move higher.
/jlne.ws/3P8DTpG
Saudi Arabia Sets Its Sights on a Less Glamourous Source of Wealth
Matthew Martin, Fahad Abuljadayel and Thomas Biesheuvel - Bloomberg
gIn scorching summer heat, Renier Swiegers marches through the desert toward a drilling rig. He's not looking for oil, the dynamo of Saudi Arabia's economy the past 80 years, though. It's another potential source of wealth and influence the kingdom now has its eye on.
/jlne.ws/3Zg9R8g
Triple Threat to Texas Power Grid Will Keep It Vulnerable; A population surge, climate change and the energy transition will keep the state's electricity supply under pressure on hot summer evenings.
Liam Denning - Bloomberg Opinion
One way to think about the near miss Texas' power grid had on Wednesday evening is as a form of growing pains. The state's population increased by almost 800,000 between 2020 and 2022, the equivalent of adding an entire North Dakota or about 45% of the growth in the overall US population. Meanwhile, Texas' manufacturing and the all-important oil and gas industry have rebounded from the pandemic.
/jlne.ws/3Pte8Su
School of Quant: At $29,000, a Public NYC College Outclasses Princeton
Heather Perlberg - Bloomberg
/jlne.ws/3HP2MVq
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