| July 08, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
The long-awaited class action lawsuit between CME/CBOT Class B members and the CME Group is set to begin today, following the selection of a jury yesterday, a source shared with me. You can watch the trial via Zoom. Observers must keep their cameras and audio off throughout the proceedings. The Zoom meeting ID is 994 2739 7392, and the password is 2007.
This morning is also the official opening of the Chicago Board of Trade Building Museum in the lobby of the CBOT Building. The front hallway is set with white folding chairs and a podium, and Brandon Johnson, Mayor of the City of Chicago, is expected to attend the opening ceremony.
John Lothian News contributed some audio to the museum from The Open Outcry Traders History Project. There is a telephone that you can pick up and hear the voices of some of the Chicago Board of Trade traders I have interviewed over the years as they discuss their experiences on the trading floor.
You will want to make a trip to the CBOT Building this summer to check out this museum. It will be something that, if you were part of the CBOT experience over the years, you would have to recommend to your friends who want to learn more about what it was like.
I also facilitated the donation from the Cashman family of a trading jacket and yellow badge of Thomas J. Cashman, my mentor and a member of the FIA Hall of Fame. Years ago, Tom's uncle, Gene Cashman, one of the most successful traders at the CBOT before the 1980s, had been memorialized by a street sign near the CBOT, Gene Cashman Way.
After nearly two decades of requiring travelers to remove their shoes at airport security checkpoints-a rule introduced in response to the 2001 "shoe bomber" incident-the Transportation Security Administration (TSA) is preparing to let passengers keep their shoes on during standard screenings, The Wall Street Journal reported. While not yet formally announced, the change is expected to streamline the security process and address a longstanding traveler complaint. The shoe removal policy, fully implemented in 2006 due to ongoing security concerns, has been unpopular for causing delays and discomfort, with many joining TSA PreCheck to avoid it. Exceptions have already existed for children under 12 and adults over 75. The move follows recent public feedback and reflects TSA's ongoing efforts to enhance the passenger experience while maintaining security. The agency, part of the Department of Homeland Security, has stated that any official updates will be shared through its channels.
Why do I think this is not going to help with church attendance problems? The Internal Revenue Service announced in a court filing that churches and other houses of worship may now endorse political candidates to their congregations, creating an exemption to the longstanding ban on political activity by tax-exempt nonprofits, The New York Times reported. This decision, intended to settle a lawsuit from two Texas churches and a Christian broadcasters' association, means the IRS will treat endorsements made during religious services as private matters, not campaign activity, likening them to "a family discussion concerning candidates." While the plaintiffs had sought a broader exemption for all nonprofits, the IRS's move is limited to religious organizations and formalizes what many experts believe was already an unspoken policy. Critics, including the National Council of Nonprofits, warn that this could open the door for political operatives to use churches for campaign purposes while benefiting from tax breaks, potentially blurring the line between religion and politics and prompting new debates about the reach and enforcement of the Johnson Amendment, the 1954 law that bars political campaigning by tax-exempt groups.
Here are the headlines from in front of FOW's paywall from some recent stories: CEDX reports June spike in options activity as momentum builds, ANALYSIS: Euronext eyes repo, futures deliveries after first milestone and Investor loss rate falls 2% despite Indian options crackdown - SEBI.
The 500 best pubs story from The Telegraph was the number three most-read story yesterday. Somehow, I knew it would find some traction with this readership, especially given that water may start to be limited in London.
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 from our previous edition of JLN Options were:
- Why Jane Street Was a Target in India's Option Trading Crackdown from Bloomberg.
- The details of Jane Street's alleged 'sinister scheme' in India from the Financial Times.
- Jane Street's Indian Options Trade Was Too Good from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 Trading Technologies Sees Renewed Institutional Crypto Demand, Expands US Equity Options Access, Green Says JohnLothianNews.com LONDON, UK-(JLN)-July 3, 2025-Trading Technologies (TT) is seeing a surge in institutional interest in crypto trading and continued strong demand for advanced risk management and cross-asset trading tools, according to Alun Green, executive vice president and managing director of futures & options, in an interview with John Lothian News at FIA IDX in London. Watch the Alun Green Video »
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CME lawsuit
Susan Carey, Highland Park - Letter to the Chicago Tribune
Regarding the April editorial about the CME class-action lawsuit, it's a well-executed and fully researched piece. The Tribune Editorial Board has all the legal facts and details, but it is missing the real story. I was stunned to read the closing sentence: "However this gets resolved, our hope is there's no collateral damage to Chicago." There has indeed already been an immense amount of collateral damage done. When the CME closed the physical trading floor, many businesses, mostly supported for decades by the daily influx of traders and financiers, shuttered. The Loop is a ghost town. Livelihoods are gone, and small business and daily commerce have become nonexistent because the pits closed. That's collateral damage.
/jlne.ws/3TrY6tm
***** I don't know Susan Carey, but I know women like her, full of spirit.~JJL
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'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions; Author services company PageTurner used promises of mainstream success and Netflix deals to prey on more than 800 aspiring authors, according to DOJ.
Brent Crane - Bloomberg
Kevin Dettler knows he shouldn't have taken the call. But he was flattered. Dettler, 71, is a successful farmer in Doland, South Dakota (pop. 189), where he grows corn and soybeans. Until 2014 he also owned a restaurant called Trophy's Steakhouse in Maricopa County, Arizona, where he and his wife spend winters. A passionate hunter, Dettler had adorned the restaurant with a bevy of taxidermied prizes: elk, bison, bears. By his 60s, he came to believe he had a book's worth of great yarns to share. "Whenever I told my hunting stories, people always commented that I should write a book," he says. In 2012 he self-published one about his quest for the North American Super Slam, an elite big-game award, and sold it at Trophy's. He called it Hunting: You've Got to Be Kidding!
/jlne.ws/4lL4RlX
***** Don't pick fights with people who buy ink by the barrel, and today's writers don't even need to buy the ink.~JJL
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University of Notre Dame Loses Endowment Tax Shield in GOP Bill
Elizabeth Rembert - Bloomberg
It looked like the University of Notre Dame would be safe from a Republican proposal to raise taxes on college endowments. But a loophole for religious schools was removed from the final tax bill, leaving the South Bend, Indiana-based school to pay a higher levy on its $20 billion endowment. Under the "One Big Beautiful Bill Act" that President Donald Trump signed last week, wealthy private schools with at least 3,000 students will face a higher tax rate on the net investment income from their endowments. Religious colleges had been exempted from the expanded levy in previous proposals.
/jlne.ws/4ezSff2
****** Don't mess with Notre Dame. They have been known to have a direct line to the Almighty.~JJL
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Monday's Top Three
Our top clicked item Monday was the link to the Looking Forward: Shifting Priorities at the CFTC and SEC FIA L&C Division Webinar to take place July 10, 2025 from 10:00 AM - 11:00 AM ET. Second was Old-School Floor Traders Finally Get Their Day in Court Against CME, from The Wall Street Journal. Third was The 500 best pubs in England, from The Telegraph.
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| Lead Stories | Editorial: Chicago's 'open outcry' traders finally get their day in court against CME Group
The Editorial Board - Chicago Tribune
On Monday, jury selection began in a trial that few would have predicted ever would come to pass 11 years ago when longtime Chicago traders sued CME Group, alleging they were cheated when the old Chicago Board of Trade and Mercantile Exchange combined and went public. It's rare indeed when a major corporation rolls the dice on a jury verdict with potentially billions at stake. Juries tend to sympathize with individuals who have a story to tell about how they were swindled by a big, highly profitable company.
/jlne.ws/409A0Hv
China's weaponisation of rare earths is a new kind of trade war; The country's latest sanctions are proving far more effective than prior efforts
Chris Miller - Financial Times
Shortly after Beijing announced new restrictions on exporting rare earth minerals and the specialised magnets they make, the world's auto industry warned of shortages that could force factory closures. China's skilful deployment of rare earth sanctions this spring was probably the key factor in forcing Washington to reverse its tariff rises on the country. They represent a new era of Chinese economic statecraft - evidence of a sanctions policy capable of pressuring not only small neighbours but also the world's largest economy.
/jlne.ws/4nycC0t
Jane Street's Indian Options Trade Was Too Good
Matt Levine - Bloomberg
Indian options
Last year, Jane Street Group sued Millennium Management for allegedly stealing its secret trade ideas. Jane Street had employed a couple of traders who discovered a trading strategy in the [redacted] market. Jane Street did some initial testing and found results that were "counterintuitive, unexpected, and initially met with significant skepticism and incredulity internally at Jane Street": It made so much money that everyone thought it was a mistake. Jane Street started running the strategy in the [redacted] market and made a lot of money. Eventually the traders left for Millennium, and then Millennium allegedly started running the same strategy, eating into Jane Street's incredible profits.
/jlne.ws/3U5fFPT
FTX's Chinese Customers in Limbo Over Local Crypto Crackdown; Defunct exchange says holders of 5% of all crypto claims are in China or other areas where crypto transactions are restricted
Becky Yerak - The Wall Street Journal
Hundreds of millions of dollars of FTX customer claims are at risk of being held up or potentially not being paid because the account holders live in China, Afghanistan or 47 other areas that restrict cryptocurrency activity. A creditor trust set up by the defunct crypto exchange said last week that it shouldn't make distributions to customers in those "potentially restricted" markets until it determines that it can do so without breaking foreign laws.
/jlne.ws/4065lL4
Indian Gift City Exchange Set for First Foreign-Currency Listing
Subhadip Sircar and Saikat Das - Bloomberg
India's NSE International Exchange is aiming to attract its first equity listing in a foreign currency this quarter, a milestone it says will demonstrate a new fundraising avenue for firms. The NSE IX exchange, situated in the financial hub of Gujarat International Finance Tec-City, or GIFT City, is initially targeting unlisted companies for the debut, chief executive officer V. Balasubramaniam said in an interview. These may be Indian firms with foreign holdings or even Silicon Valley or Delaware-based entities, he said, without providing any names.
/jlne.ws/3TqfgYj
Shenzhen Bourse Nudges China Firms to Speed Up IPO Applications
Bloomberg News
China's Shenzhen Stock Exchange has urged brokers to speed up applications for companies to list on the ChiNext board as officials seek to boost private enterprise and reignite the economy under threat from rising tariffs. The exchange, China's second largest after Shanghai, called in a dozen investment banks to a meeting last month to get them to quicken the pace of applications for companies seeking to sell shares on the tech board, according to people familiar with the matter.
/jlne.ws/4kpjRVu
Wall Street Builds S&P 500 'No Dividend' Fund in New Tax Dodge
Vildana Hajric - Bloomberg
Wall Street's latest tax dodge doesn't hide in the Cayman Islands or rely on complex derivatives. It's engineered to turn a publicly traded fund into a tax-minimizing machine that hums quietly on autopilot. While dividends have long been a defining feature of stock investing - a sign of corporate discipline and investor reward - Roundhill Investments plans to launch the S&P 500 No Dividend Target exchange-traded fund on July 10 with the ticker XDIV. Its ambition is simple but strategic: track the performance of the famous benchmark while dodging its payouts. The fund will sell holdings just before their dividend dates - steering income away from ETF shareholders and, in the process, away from their tax bills.
/jlne.ws/4le6qZD
Jane Street Shows Dangers of Finance as Shampoo; The regulator's probe should help India's retail traders understand why cheap, near-expiry, equity options were always meant to sting.
Andy Mukherjee - Bloomberg
Indian consumer businesses have long understood that the key to making poor people buy more shampoo is to put a little bit in small, affordably priced plastic sachets. In the past few years, high-frequency traders have used the same formula - risk packaged for as little as 12 cents - to reap billions of dollars in profits from unsuspecting masses. The whole experiment succeeded beyond anyone's imagination, and India became the world's largest options market by volume. Then all hell broke loose Friday.
/jlne.ws/4kvrN7V
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| Trade War and Tariffs | | A roundup of today's trade war and tariff news and the global economic ripple effects shaping markets, industries, and investment strategies. | 'Tariff Man' Is Back for More 'Liberation'; Trump cranks up tariffs again, with 25% on Japan and South Korea.
The Editorial Board - The Wall Street Journal
President Trump sure knows how to spoil an economic mood. Three days after he signed the GOP's big budget bill, saving the economy from a scheduled $4.5 trillion tax increase, Mr. Trump was back playing the role of Tariff Man. On Monday he announced 25% tariffs on Japan and South Korea, while adding to renewed will-he-or-won't-he uncertainty for the U.S. economy and trading partners.
/jlne.ws/45ZfHAb
Trump's trade war promises no real endgame
Gabriel Rubin - Reuters Breakingviews
The reward for negotiators from South Africa to Malaysia working to reach a deal with the White House: three more weeks in the pressure cooker. On Monday, President Donald Trump again extended his deadline to seal country-by-country trade agreements, this time until August 1. The announcement came posed as a threat, with letters sent to a group of world leaders declaring that their exports would be subject to levies ranging from 25% to 40% next month. Effectively a reminder of Trump's "Liberation Day" tariff threats, his whack-a-mole demands portend ill for any deals that are struck.
/jlne.ws/3TY4M2i
New trade war deadline prolongs instability, UN trade agency says
Reuters
The Trump administration's decision to extend a negotiating deadline for tariff rates is prolonging uncertainty and instability for countries, the executive director of the United Nations trade agency said on Tuesday. U.S. President Donald Trump on Monday ramped up his trade war, telling 14 nations, from powerhouse suppliers such as Japan and South Korea to minor trade players, that they now face sharply higher tariffs from a new deadline of August 1.
/jlne.ws/3IylyCH
Lula tells Trump world does not want 'emperor' after US threatens BRICS tariff
Reuters
Developing nations at the BRICS summit on Monday brushed away an accusation from President Donald Trump that they are "anti-American," with Brazil's president saying the world does not need an emperor after the U.S. leader threatened extra tariffs on the bloc.
Trump's threat on Sunday night came as the U.S. government prepared to finalize dozens of trade deals with a range of countries before his July 9 deadline for the imposition of significant "retaliatory tariffs."
/jlne.ws/3GA910X
Germany warns EU ready to retaliate unless US reaches 'fair' trade deal
Maxine Kelly, Philip Stafford and Philip Georgiadis and Peter Wells - Financial Times
Global stock markets were steady on Tuesday as investors awaited the next moves from Donald Trump, after the president announced tariff rates for more than a dozen of the US's trading partners. As countries raced to respond to Trump's renewed threats, the EU said it hoped to sign a temporary deal with the US this week that would keep tariffs at 10 per cent.
/jlne.ws/46ukGZM
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Europe must act now to seize Russia's frozen assets; Using Moscow's immobilised holdings in Belgium to bolster Ukraine's economy and defence is both legal and necessary
J French Hill - Financial Times
The recent European Council meeting in Brussels failed to force Russia to finally pay for its aggression against Ukraine. This critical meeting was an opportunity to change course and greatly increase the pressure on President Vladimir Putin to end his illegal war. Yet, it's not too late for Europe to act - at no cost to taxpayers anywhere. The council should agree to seize the roughly EUR258bn in frozen Russian sovereign assets in Europe as a down payment of Russian compensation for the damage it has unjustly inflicted on Ukraine. Alternatively, some portion of those assets could strengthen Ukraine's military defences and enhance its negotiating position before any serious peace discussions begin.
/jlne.ws/4klSfAB
How Old-School Tech Is Rewiring Drone Warfare in Ukraine; Fiber-optic drones are impervious to electronic warfare and can strike Russian troops in well-concealed positions
Matthew Luxmoore and Nikita Nikolaienko - The Wall Street Journal
The drone slipped under a bridge and edged toward a human-shaped object resting on a platform inside one of its cement supports. Through its camera, the Ukrainian pilot saw a sleeping Russian soldier wrapped in a red blanket, apparently oblivious to the deadly machine buzzing beside him. The ambush that killed the Russian last month was only possible because the drone was guided by a fiber-optic cable that allowed the pilot to maintain a direct connection behind the tons of concrete.
/jlne.ws/4lkSjC2
Kremlin says it will take time to clarify what weapons US will send to Ukraine after Trump remarks
Reuters
The Kremlin said on Tuesday that it would take time to clarify what weapons the United States is supplying and will supply to Ukraine after President Donald Trump said Washington would have to send more arms to Kyiv. Trump said on Monday that the United States would send more weapons to Ukraine, primarily defensive ones, to help the war-torn country defend itself against intensifying Russian advances.
/jlne.ws/3TszTmE
Trump Promises More Weapons for Ukraine and Criticizes Putin
Stephanie Lai, Akayla Gardner, and Josh Wingrove - Bloomberg
President Donald Trump said he'd ship more weapons to Ukraine, marking an apparent reversal after the Pentagon halted flows of some air-defense missiles and artillery shells to the country. "We're going to send some more weapons," Trump told reporters at the start of a dinner with Prime Minister Benjamin Netanyahu at the White House on Monday evening. "We have to. They have to be able to defend themselves. They're getting hit very hard now."
/jlne.ws/44Qlsix
Middle East Conflict
Save the Children suspends BCG partnership over Gaza work; Charity's chief 'appalled and deeply disturbed' by FT reporting on consultancy's involvement
Ellesheva Kissin - Financial Times
Save the Children has halted a decades-long partnership with BCG over its work on Gaza, after the consultancy helped develop a contentious aid scheme and modelled the costs of relocating Palestinians out of the strip. Save the Children International chief executive Inger Ashing wrote to staff on Monday to say the charity was "appalled and deeply disturbed" by the Financial Times' coverage of BCG's work in Gaza.
/jlne.ws/45Yr8Z1
Other Conflicts
Exclusive: Why China's ultimatum to Myanmar rebels threatens global supply of heavy rare earths
Naw Betty Han, Devjyot Ghoshal, Shoon Naing and Poppy Mcpherson - Reuters
The global supply of heavy rare earths hinges in part on the outcome of a months-long battle between a rebel army and the Chinese-backed military junta in the hills of northern Myanmar. The Kachin Independence Army since December has been battling the junta over the town of Bhamo, less than 100 km (62 miles) from the Chinese border, as part of the civil war that erupted after the military's 2021 coup.
/jlne.ws/407X5Kz
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Asic probe piles pressure on ASX to deliver Chess replacement
Luke Clancy - Risk.net
Market participants are concerned that the Australian Securities Exchange will encounter further setbacks rolling out a replacement for its equities settlement system, following the launch of a new investigation by the Australian Securities and Investments Commission (Asic).
/jlne.ws/3Ia9rvI
Commencement of Trading for AEGEAN's Corporate Bond
ATHEX Group
The Athens Stock Exchange today welcomed representatives of AEGEAN's management, executives, and partners to mark the commencement of trading for the company's new bond on the Main Market. Mr. Michalis Kouveliotis, Deputy CEO and Chief Financial Officer of the company, rang the opening bell to launch today's trading session.
/jlne.ws/44N32iJ
Euronext launches the first phase of its strategic multi-year Repo Expansion Initiative
Euronext
Euronext today announced the launch of the Repo Foundation, the first phase of a bold, multi-year strategy to expand access, improve margin efficiency, and challenge legacy models in Europe's secured financing markets. As a cornerstone of Euronext's strategic plan announced in November 2024, Innovate for Growth 2027, the Repo Expansion Initiative sets in motion Euronext's vision to build a fully integrated, pan-European post-trade infrastructure. Building on over 25 years as a leading CCP for repos on Italian government bonds, this expansion marks the beginning of a phased rollout that will extend access to international participants and introduce new clearing benefits across Europe's sovereign debt markets.
/jlne.ws/4lhCpbB
Xetra-Gold in Strong Demand in the First Half of the Year
Deutsche Borse Commodities
The gold holdings of the Xetra-Gold exchange-traded bearer bond (ISIN: DE000A0S9GB0) grew considerably in the first half of 2025. Assets under custody increased by 7.3 tons between January and June, reaching 173.8 tons by June 30. The gold price has reached new highs during this period and was at EUR90.015 per gram as of June 30. Xetra-Gold's assets under custody have thus risen by around 16.4 percent in the last six months, to EUR15.6 billion.
/jlne.ws/45ZQTrY
LME Clear Haircut Circular July 2025
LME
LME Clear Members are advised that new margin collateral haircuts have been set.
/jlne.ws/45YNwBn
MCX Strengthens Commodities Portfolio with Launch of Electricity Futures
MCX
The Multi Commodity Exchange of India Ltd. (MCX), India's leading Commodity Derivatives Exchange and the largest Commodity Options Exchange globally (FIA, 2024), had received SEBIs approval for launch of electricity derivatives in June 2025, and is pleased to announce the launch of the Electricity Futures Contract, effective from Thursday, July 10, 2025, marking a significant milestone in the development of the country's energy derivatives market.
/jlne.ws/4lkVdH1
MEMX Appoints Ishaan Acharya as Chief Financial Officer
MEMX
MEMX, a technology-driven exchange operator founded by members to benefit all investors, today announced the appointment of Ishaan Acharya as Chief Financial Officer. Acharya is based in New York and will be responsible for MEMX's financial activities including accounting, budgeting, forecasting and strategic planning. Prior to joining MEMX, Acharya spent seven years at Hudson River Trading LLC, most recently serving as Head of Financial Strategy where he built and led the firm's financial strategy and global treasury function. His deep experience across financial services-including investment banking at J.P. Morgan, where he advised financial institutions on M&A and capital markets transactions, and investment management at Goldman Sachs-positions him well to help MEMX build on its strong financial foundation as it scales its U.S. equities and options trading platforms.
/jlne.ws/4lIAa0P
The Network Forum 2025: FMIs - Providing Much Needed Stability During Turbulence
SIX
Settlement compression, regulatory change, and operational resilience were recurrent themes at The Network Forum's (TNF) Annual Meeting, which this year took place in a scorching Madrid between June 17-18. SIX takes a closer look at what was discussed.
/jlne.ws/4nIxToi
SGX Group to report FY2025 results on 8 August 2025
SGX
Singapore Exchange (SGX Group) is reporting its full-year results for Financial Year 2025 (FY2025) before the market opens on 8 August 2025.
/jlne.ws/44Q7PzT
Tradeweb Reports June 2025 Total Trading Volume of $52.0 Trillion and Average Daily Volume of $2.4 Trillion
Tradeweb
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of June 2025 of $52.0 trillion (tn)[1]. Average daily volume (ADV) for the month was $2.4tn, an increase of 25.9 percent (%) year-over-year (YoY). For the second quarter of 2025, total trading volume was a record $165.3tn and ADV was a record $2.6tn, an increase of 32.7% YoY, with preliminary average variable fees per million dollars of volume traded of $2.30 and total preliminary fixed fees for rates, credit, equities and money markets of $93.8 million (mm)[2]. Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of June was up 13.0% YoY.
/jlne.ws/4eDcitd
Product Modification Summary: Delist Options on Block Cheese Futures - Effective July 07, 2025
CME Group
Delist Options on Block Cheese Futures.
/jlne.ws/4ksqgPI
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Artificial Intelligence
Europe's AI Law Needs a Smart Pause, Not a Full Stop; Tech firms calling for a delay are right about one section of the law, but not the part about high-risk AI systems.
Parmy Olson - Bloomberg Opinion
There's a common tool in the arsenal for anyone trying to change the course of artificial intelligence: the pause. Two years ago, Elon Musk and other tech leaders published an open letter calling on tech companies to delay their AI development for six months to better protect humanity. Now the target has shifted. Amid a growing fear of getting left behind in a race to build computers smarter than humans, a group of European corporate leaders are pointing the "pause" gun at the European Union, the world's self-styled AI cop.
/jlne.ws/3GCcWKJ
Microprocessors
IBM rolls out new chips and servers, aims for simplified AI
Stephen Nellis - Reuters
International Business Machines (IBM) on Tuesday announced a new line of data center chips and servers that it says will be more power-efficient than rivals and will simplify the process of rolling out artificial intelligence in business operations. IBM introduced its new Power11 chips on Tuesday, marking its first major update to its "Power" line of chips since 2020.
/jlne.ws/44x44Ow
Tokenization
Robinhood CEO: Tokenization Solves Liquidity Problem
Bloomberg
Robinhood CEO Vlad Tenev said tokenization could solve the issue of liquidity "by tapping into a global network of hundreds of millions of crypto market participants." Robinhood is launching their own crypto tokens, including tokens linked to OpenAI and SpaceX, hoping to give retail investors more access to private companies. Tenev says he's welcoming scrutiny by European regulators. He speaks with Bloomberg's Francine Lacqua in London.
/jlne.ws/46v4pnq
Crypto Exchange Mercado Bitcoin to Tokenize $200M in Real-World Assets on XRP Ledger
Ian Allison - CoinDesk
Latin American cryptocurrency exchange Mercado Bitcoin plans to tokenize over $200 million in real world financial assets (RWAs), including fixed income and equity instruments, on the XRP Ledger (XRPL). The move marks one of the largest tokenization efforts by a Latin American institution on XRPL, according to a press release.
/jlne.ws/3IbH28B
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| Cybersecurity | | Top stories for cybersecurity | Trump donor scammed out of $250k in crypto after someone pretending to be Steve Witkoff allegedly sent an eerily convincing email
Ashley Lutz - Fortune
A scammer pretending to be Steve Witkoff allegedly stole crypto from a Trump donor.
U.S. Attorney Jeanine Pirro's office has filed a civil forfeiture complaint to recover $40,300 in cryptocurrency allegedly stolen during a scheme targeting a donor to the Trump-Vance Inaugural Committee. According to the complaint, the scam began when the victim received an email on Christmas Eve, 2024, purporting to be from Steve Witkoff, co-chair of the Trump-Vance Inaugural Committee. All told, the intended donor sent $250,300 worth of crypto, authorities said.
/jlne.ws/4l9KyyG
M&S turned to FBI 'muscle' after cyber attack; Chair tells parliamentarians retailer believes Dragon Force was criminal gang behind attack
Laura Onita - Financial Times
Marks and Spencer enlisted the help of the US FBI agency after a sustained cyber attack, the British retailer's chair told a parliamentary select committee. Archie Norman told the cross-party business committee on Tuesday that the retail chain "had an exchange with the FBI, who were very supportive" as they are "more muscled up in the zone". The retailer has also been working with the UK's National Crime Agency and the National Cyber Security Centre (NCSC) since the attack.
/jlne.ws/4ktlIbQ
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| Cryptocurrencies | | Top stories for cryptocurrencies | BridgePort Raises $3.2M to Scale its Middleware for Off-Exchange Settlement; Former CME Executives Secure Funding to Solve Crypto's Prefunding and Capital Inefficiency Challenges with Institutional Coordination Layer
BridgePort
BridgePort today announced it has raised $3.2M in total funding to accelerate platform development and expand the team to meet increasing institutional demand for efficient off-exchange settlement market structure. The seed round was led by Further Ventures and is also backed by industry leaders in Virtu, XBTO, Blockchain Founders Fund, Fun Fair Ventures, and Humla Ventures. BridgePort provides a secure, agnostic middleware to connect exchanges, custodians, and trading firms for streamlined capital allocation and post-trade processes. The platform helps eliminate the need for prefunding and addresses credit and settlement risk through real-time messaging and coordinated collateral management. BridgePort's setup enhances capital efficiency for trading firms while also providing interoperability across the institutional crypto market.
/jlne.ws/46getRp
Coinbase Recovers to Listing Day Valuation. What Next for COIN?
Omkar Godbole - CoinDesk
Shares in cryptocurrency exchange Coinbase recently rose to $380, reclaiming valuations last seen on its Nasdaq debut on April 15, 2021, according to data source TradingView. The round trip, encompassing a recovery from the 2022 low of $31.55, has triggered an inverse head-and-shoulders (H&S) breakout on the weekly chart, indicating a prolonged uptrend potentially to levels above $600.
/jlne.ws/4eXguEp
One Of Germany's Largest Banking Groups Set To Launch Crypto Trading For 50 Million Users
David Okoya - Benzinga
One of Germany's largest banking groups is changing its stance on cryptocurrencies. The Sparkassen, also known as the Savings Banks Finance Group, is preparing to launch cryptocurrency trading services for its customers, according to a Bloomberg report released on Monday. "The Savings Banks Finance Group will provide reliable access to a regulated crypto offering," the group reportedly said.
/jlne.ws/4lB2iTo
Qubealgo Partners with Quadra to Provide Sophisticated Algorithmic Execution for Digital Assets Clients; Digital asset initiative providing clients access to unprecedented tier-one institutional algorithmic execution capabilities
London, UK, July 8, 2025 - Qubealgo, which offers institutional-grade algorithmic execution and quantitative electronic trading software for clients across different asset classes, has partnered with Quadra to develop best-in class algorithmic execution for their digital asset platform. Quadra is a leading institutional platform for digital assets, providing firms with comprehensive infrastructure for execution, and post-trade workflows.
(NO LINK)
Bitcoin
Hotelier turned bitcoin hoarder Metaplanet plots acquisition spree; Boss of Japanese group plans to borrow against its growing stash of cryptocurrency
David Keohane and Philip Stafford - Financial Times
Metaplanet, the Japanese hotelier turned bitcoin purchaser, has said it is in a race with rivals to snap up as much of the cryptocurrency as possible so it can leverage its holdings to buy cash-generating businesses. Simon Gerovich, chief executive, told the Financial Times his company was in "a bitcoin gold rush" that could provide the launch pad to expand into areas such as digital financial services.
/jlne.ws/4nDNUeO
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| Politics | | An overview of politics as it relates to the financial markets | U.S. Administration
Fed succession: will Trump stick to the script?; The race to succeed Jerome Powell as head of the world's most powerful central bank has already begun
Daniel Blackburn - Risk.net
The ageing patriarch is concerned. The person he selected to lead a key organisation has proven a disappointment; he wants to find the ideal candidate to take his place - and perhaps only he himself has what it takes. Meanwhile, some of those who believe they are in the running attempt to curry favour in the hope that they might be anointed the successor. Viewers of the fictional TV series Succession will be familiar with the quandary faced by Logan Roy, as he looked to cede control of his
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'Trump Effect' website takes credit for US investment made under Biden
Jarrett Renshaw - Reuters
Within hours of taking office in January, President Donald Trump boasted about attracting $3 trillion in new corporate investments to the United States. Since then, Trump has said the investments have swelled to $14 trillion, or roughly half of the nation's annual gross domestic product. The White House calls it "The Trump Effect" and features a rolling list on its website of more than 70 projects it says Trump's economic policies spurred, from a new bakery plant in Texas to a LEGO facility in Virginia and a microchip plant in Arizona.
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Netanyahu Says He Nominated Trump for Nobel Peace Prize
Kate Sullivan and Stephanie Lai - Bloomberg
Israeli Prime Minister Benjamin Netanyahu told President Donald Trump he nominated him for the Nobel Peace Prize, using a visit to the White House to further cement the pair's relationship as the US presses for a ceasefire in Gaza. "He's forging peace as we speak," Netanyahu told reporters at the start of a dinner with Trump and other top officials on Monday. "I want to present to you, Mr. President, the letter I sent to the Nobel Prize Committee." "Coming from you in particular, this is very meaningful," Trump said.
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Trump's tech bros: The enigma of Peter Thiel; What does Peter Thiel really want from President Trump?
FT Podcast
Peter Thiel is unlike any other Trump tech bro. As well as a wildly successful investor, he's seen as a thinker - the philosopher king of Silicon Valley. Thiel's acolytes in the tech world and Washington include vice-president JD Vance but his relationship with the Trump camp is complicated. And there are still questions about what, if anything, he wants with the president.
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U.S. Congress
Congress Is Addicted to Megabills - Despite Their Risks; Both parties have forgotten, or rejected, the advice of Thomas Jefferson, who wrote in 1808 "that great innovations should not be forced on a slender majority."
Ronald Brownstein - Bloomberg
Extraordinarily narrow and unstable House and Senate majorities have become routine in modern American politics. The frantic, final maneuvering last week before Congress approved President Donald Trump's One Big Beautiful Bill Act shows why that's likely to persist for some time. And that means business, local governments, non-profits and ordinary Americans need to buckle up for more hairpin turns in national policy that make it almost impossible to plan for the long term. Political parity has become a defining feature of our times. Neither party has won a House majority greater than ten seats in each of the past three congressional sessions. That hasn't happened since the formation of the modern party system in 1828. Likewise, one or the other party has reached 55 or more Senate seats in only three of the 13 congressional sessions since 2000, compared to 17 of the final 20 sessions of the 20th century.
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Other U.S. Politics
Lawrence Summers: This Law Made Me Ashamed of My Country
Lawrence H. Summers - The New York Times
Last week, Robert Rubin and I warned of the many macroeconomic risks created by the domestic policy bill President Trump signed into law on Friday. I stand by our judgment that it will most likely slow growth, risk a financial crisis, exacerbate trade deficits and undermine national security by exhausting the government's borrowing capacity. This is more than ample reason to regret its passage. I want to return to the topic after conversations with health professionals, including my daughters, who practice medicine and social work in rural New Hampshire. They made me realize that a focus on macroeconomics, while valid, misses the human brutality that I now see as the most problematic aspect of the legislation. I don't remember on any past Fourth of July being so ashamed of an action my country had just taken.
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United Kingdom
Rishi Sunak joins Goldman Sachs as senior adviser; Former UK prime minister returns to bank he worked at before entering politics
Ortenca Aliaj and Jim Pickard - Financial Times
Former UK prime minister Rishi Sunak is set to join Goldman Sachs as a senior adviser, in his first major role since he resigned as Conservative party leader last year following Labour's landslide general election victory. The job marks a return to the Wall Street investment bank for Sunak who spent the first few years of his career there from 2001 to 2004, first as a summer intern then a junior analyst.
/jlne.ws/4lLaIYA
European Union
Europe's Crackdown on Speech Goes Far and Wide; Loosely defined hate-speech laws and the rise of social media have led to zealous policing
Natasha Dangoor, Bertrand Benoit and Max Colchester - The Wall Street Journal
Lucy Connolly, a 41-year-old nanny in central England, has been in jail now for more than 330 days because of a message she posted on X. Last July, Connolly was at her home, where she runs a small daycare, when news broke that three girls in the town of Southport-aged 6, 7 and 9-were murdered by a knife-wielding man at a dance workshop. False rumors soon spread online that the perpetrator was a Muslim asylum seeker-he had been born in the U.K. to Christian immigrants from Rwanda.
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EU Increasingly Trades With Autocrats and Dictators, ECB Research Shows
Jana Randow - Bloomberg
Europe's trading partners have become less democratic over the past quarter century, contrary to a commitment by governments to pay attention to political, human and social rights, according to research published by the European Central Bank. Increased trade with China, which ranks low in democracy rankings yet accounts for about one-fifth of all imports into the European Union, is partly to blame, but doesn't fully explain the deterioration in standards since the late 1990s, Claudia Marchini and Alexander Popov wrote in a blog post published Tuesday on the ECB's website.
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| Regulation & Enforcement | | Stories about regulation and the law. | NFA orders California firm Revankar Consultancy LLC and its principal not to reapply for NFA membership
NFA
NFA has ordered Revankar Consultancy LLC (Revankar Consultancy), a former NFA Member commodity pool operator and commodity trading advisor located in San Diego, Calif., not to reapply for NFA membership or act or be listed as a principal of an NFA Member. NFA has also ordered Shailendra Revankar (Revankar), the former sole associated person and principal of Revankar Consultancy, not to apply for NFA membership, reapply for NFA associate membership, or act or be listed as a principal of an NFA Member.
SEC Small Business Advisory Committee to Discuss Regulatory Framework for Finders and Continue Exploring Regulation A
SEC
The Securities and Exchange Commission's Small Business Capital Formation Advisory Committee announced that it will hold a meeting at the SEC Headquarters in Washington D.C on Tuesday, July 22, 2025 at 10 a.m. E.T. The meeting will be open to the public, in-person, as well as webcast on the SEC website, and will explore Regulation A and the topic of "finders," persons who assist companies with limited capital-raising activities in private markets.
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ASIC bans former Crown Wealth Group director Andrew Moore for failing to report fees for no service
ASIC
ASIC has banned former Sydney based director, Andrew Moore, from performing any function involved in the carrying on of a financial services business, and from controlling an entity that carries on a financial services business for 3 years. Mr Moore was a director, responsible manager and head of compliance at Crown Wealth Group. ASIC found that Mr Moore failed to recognize the seriousness of the fees for no service (FFNS) conduct engaged in by one of Crown Wealth Group's representatives, Lighthouse Partners, when he became aware of it. As a result, the FFNS conduct was not investigated, and the affected clients were not fully remediated. Lighthouse Partners failed to refund fees totalling $81,652.71 plus interest to affected clients.
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Ziglu Limited enters special administration
FCA
Ziglu Limited entered special administration on 7 July 2025. David Shambrook and Damian Webb of RSM Restructuring Advisory LLP were appointed as special administrators.
/jlne.ws/4nI4GK4
FCA fines Monzo £21m for failings in financial crime controls
FCA
The FCA has fined Monzo Bank Ltd £21,091,300 for its inadequate anti-financial crime systems and controls between October 2018 and August 2020.
/jlne.ws/4kvvSsL
"Cold Calling" - Investors Alert
FSA
"Cold-calling" is a fraudulent practice where by an entity disguises itself as a brokerage firm or an asset management firm and approaches potential investors via non face-to-face channels, such as by phone, fax, and emails, in order to solicit investment in securities or financial products.
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New speech by Julia Leung: Keynote address at Bond Connect Anniversary Summit 2025
SFC
A speech titled "Three-Pronged Strategy to Develop Hong Kong as an Offshore Renminbi Hub" (Chinese version only) delivered by Ms Julia Leung today at the Bond Connect Anniversary Summit 2025 is now posted on the SFC website.
/jlne.ws/3Tsa5XG
Comparative study of growth in trading in Equity Derivatives Segment(EDS) vis-a-vis Cash Market after recent measures
SEBI
1.After the introduction of recent measures to strengthen the equity index derivatives framework vide circular dated October 01, 2024, there have been certain media reports highlighting the impact of the measures. In order to present the factual impact of these measures, the trading activity of both (i) all investors and (ii) individual investors, for the period December 2024 to May 2025, has been analyzed.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Kepler Unigestion Begins Rollout to Deliver AI-Driven Equity Strategies
Anna Lyudvig - Traders Magazine
Kepler Cheuvreux and Unigestion have secured all necessary regulatory approvals ahead of the launch of Kepler Unigestion, a new partnership focused on quantitative strategies for listed equities. According to Alexei Jourovski, CEO of Kepler Unigestion, the venture was created to address the evolving needs of sophisticated institutional investors navigating a highly complex market environment.
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What If This Time Really Is Different for Investors? The nature of risk is changing, and markets are changing along with it.
Allison Schrager - Bloomberg
They have been called "the four most costly words in the annals of investing," and surely that's true: This time is different. Still - hear me out! - there are reasons to entertain the possibility that, well, this time really is different. The nature of risk is changing, and markets are changing along with it. The investing era of the past decade and a half, when just about everyone made money, has passed. That could bring more upside for investors - but also more risk. Investing will require more attention and skill, and risk management will matter again.
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Glencore to Sell Copper Smelter to Philippines' Villar Family
Thomas Biesheuvel, Jack Farchy, and Julian Luk - Bloomberg
Glencore Plc has agreed to sell its struggling copper refinery in the Philippines to the family of the country's richest man as the smelting industry reels from the lowest processing fees on record. The commodities trading giant is selling Philippine Associated Smelting and Refining Corp., or Pasar, to the Villar family, headed by real estate billionaire Manny Villar Jr., according to people familiar with the matter, who asked not to be identified as the sale has not been made public yet.
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What Me Worry? Markets Face a Rendezvous With Reality; Investors have so far shrugged off the administration's shambolic tariff wars, profligate fiscal policies and assaults on the central bank. Good luck with that.
Clive Crook - Bloomberg
Devotees of MAGA economics and old-school Washington Consensus types seem to agree on one thing: President Donald Trump is driving the most ambitious and far-reaching shift in economic policy for decades. Yet investors, up to now, have greeted these efforts with a collective shrug. Are financial markets merely hedging their bets - splitting the difference between "A golden age is dawning" and "We're doomed" - or do they think the current economic-policy upheaval is mere sound and fury signifying nothing?
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Susquehanna Affiliate Buys $1 Billion IonQ Stake at 25% Premium
Anthony Hughes - Bloomberg
IonQ Inc. raised $1 billion in a sale of stock and warrants to an affiliate of Susquehanna International Group, in a deal priced at a 25% premium to the quantum computing company's closing price on Thursday. Heights Capital Management Inc., which directly invests trading and technology firm Susquehanna's capital in growth companies, bought 18 million common shares and pre-funded warrants in the quantum computing company at $55.49 each, above Thursday's closing price of $44.39, IonQ said in a statement Monday.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | There's More Information Than Ever on ESG Investing, but It Isn't Helping; If extra information adds nothing new, it is simply a costly distraction
James Mackintosh - The Wall Street Journal
Defenders of environmental, social and governance investing have mostly given up their strongest claim, that of doing well by doing good: that you can beat the market while helping improve the world. A new study finds that even their weaker financial claims don't stand up to scrutiny. The fallback position for defenders of environmental, social and governance investing in the face of political and legislative challenges in the U.S. is typically that ESG should be considered in their stock picking as financially material information, that it can help make a portfolio more stable and that anyway it is better to have more information than less.
/jlne.ws/40CXQvi
What Anti-Woke Funds and ESG Have in Common; Conservative investment vehicles can fall into the same traps that befell socially conscious investments
Gunjan Banerji - The Wall Street Journal
Investors hoping to abandon so-called woke principles might be looking in the wrong place. Some of them have turned to exchange-traded funds that promise an antidote to the liberal culture that has rankled many Americans. The American Conservative Values ETF, for example, says it lets investors align portfolios with political beliefs and boycotts companies that are viewed as hostile to its values. It singles out "big tech and banking elites" such as JPMorgan Chase, the New York Times and Meta Platforms, saying they silence conservative voices. "We believe conservatives either unwittingly or begrudgingly support the woke liberal agenda with their current investments," its website states.
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Nuclear plant deal sets stage for AI billionaires like Mark Zuckerberg to reshape Illinois energy policy
John Lippert - Chicago Tribune
As Facebook founder Mark Zuckerberg expands his ravenous data centers, he's agreed to take over subsidies that Illinois ratepayers have been providing to a nuclear power station in central Illinois since 2017. The move could be the first step in a Silicon Valley bailout of nuclear power stations that supply half the electricity generated in Illinois. Last month, Zuckerberg announced a 20-year stipend for a Constellation Energy nuclear plant in Clinton, a rural community 25 miles south of Bloomington. He's helping to plan a second and perhaps even a third reactor for the site and may help foot the bill. Constellation views its agreement with Zuckerberg as a potential template for four other Illinois nuclear plants where ratepayer subsidies are also set to expire in 2027, said Mason Emnett, Constellation's senior vice president for public policy.
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India Reports First Decline in Power Demand Since Pandemic
Rajesh Kumar Singh - Bloomberg
India's electricity demand in the quarter through June declined almost 1.5% from a year earlier, following a cooler summer that reduced the use of energy-intensive air conditioners. Demand fell to 445.8 billion kilowatt hours in the period, according to data from the government's Central Electricity Authority. That's the first contraction since 2020, when the pandemic brought the economy to a halt, according to Bloomberg News calculations.
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Dangote Refinery Expects to Process 100% Nigerian Crude by Year End
Nduka Orjinmo and Peter Martin - Bloomberg
Dangote Industries Ltd. expects Africa's biggest refinery to rely totally on Nigerian crude by the end of the year, a move that would replace hundreds of thousands of barrels a day of imported oil. The plant owned by Aliko Dangote, the continent's richest person, received about half of its crude in June from local producers who will be able to sell more to the facility as their foreign supply obligations end, according to Devakumar Edwin, vice president at Dangote Industries, who oversees the 650,000 barrel-a-day plant outside Lagos.
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The Texas Flood Green Herrings; Blame cruel nature, not DOGE, or weathermen, or climate change.
The Editorial Board - The Wall Street Journal
The Fourth of July flash floods in Texas that killed at least 89 including dozens of children at summer camp are a horrific tragedy. This being 2025, the tragedy will be exploited by partisans. But the real culprit is cruel and fickle Mother Nature. The floods that swamped the Texas Hill Country over the long weekend weren't entirely unexpected or unusual. The region has long been dubbed "flash flood alley" because its topography turbo-charges the effect from storms. Its dusty hills and limestone don't easily absorb precipitation, so runoff can rapidly rush into creeks and streams.
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Why Extreme Rainfall Is Becoming More Frequent, and Deadlier
Lou Del Bello - Bloomberg
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Misinformation on Cloud Seeding Swirls After Deadly Texas Floods; While all meteorological evidence shows the technology didn't cause the extreme rainfall, conspiracy theorists have spread the debunked idea.
Mary Hui - Bloomberg
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How a Flash Flood Turned Camp Mystic Into a Disaster Zone
Joshua Chaffin, Scott Calvert, Jim Carlton and Patience Haggin - The Wall Street Journal
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Londoners Could Soon Face Water Limits Due to Dry Weather
Eamon Farhat and Priscila Azevedo Rocha - Bloomberg
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Trump Wants to Kill a Chemical Safety Board. Chemical Makers Object; The White House is planning to eliminate the board, a small agency that investigates chemical disasters to understand what went wrong.
Hiroko Tabuchi - The New York Times
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BlackRock Prefers European Government Bonds Over US Treasuries
David Finnerty - Bloomberg
BlackRock Investment Institute shifted its view on European government bonds to neutral from slightly underweight, citing the attractiveness of their yields versus Treasuries. "We prefer euro area government bonds and credit over the US," strategists including Jean Boivin and Wei Li wrote in a weekly note. "Yields are attractive, and term premium has risen closer to our expectations relative to US Treasuries."
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Australian Asset Managers Platinum and L1 Capital to Merge
Chris Bourke - Bloomberg
Australian investment firms Platinum Asset Management Ltd. and L1 Capital have agreed to a merger, adding to a flurry of recent deal activity involving money managers in the country. Under the proposal, Platinum will acquire 100% of L1's share capital and issue new Platinum stock to existing L1 shareholders, according to a statement Tuesday. Following the merger, L1 shareholders will hold 74% of the merged group, with existing Platinum shareholders holding the rest.
/jlne.ws/3Ts7bCg
Morgan Stanley, Goldman to benefit most from TLAC and LTD reform; Fed's eSLR overhaul slashes requirements for large US banks, ushering in lighter capital demands
Joshua Walker - Risk.net
Regulatory requirements for total loss-absorbing capacity (TLAC) and long-term debt (LTD) at US global systemically important banks (G-Sibs) would fall by $87.4 billion and $131.8 billion respectively under proposed changes to the supplementary leverage ratio (SLR) unveiled on June 25, Risk Quantum analysis shows.
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JPMorgan to Open Bigger Office in Amsterdam After Desk Shortage
Sarah Jacob and Pamela Barbaglia - Bloomberg
JPMorgan Chase & Co. will soon open a new office in Amsterdam after the bank's stricter return-to-office mandate coupled with an expansion in the region left the biggest Wall Street lender short of desks in the Netherlands. The move into a larger space in Amsterdam's World Trade Center became "necessary" after JPMorgan's push to bring employees back into the office five days a week, said Wendy Hohmann, the newly appointed head of the bank's Dutch business and one of the few female investment banking leaders in Europe.
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UK's Schroder Family Facing Defining Moment for City Dynasty; A once-unimaginable sale or breakup of the clan's 221-year-old City of London firm is seeming more and more feasible to onlookers.
Leonard Kehnscherper - Bloomberg
Bruno Schroder may have conceded defeat to the barons of Wall Street when he sold his family's investment bank back in 2000. But he was always adamant he'd never do the same for its cherished asset manager. Now, as the next generation of relatives holds sway over the famous old City of London institution that still bears his name, what was previously unthinkable is looking ever more feasible to onlookers: the family selling or breaking up the company.
/jlne.ws/44GBCtP
Hedge Funds
Chris Rokos' Hedge Fund Gains 12% in First Half After June Bump
Nishant Kumar and Liza Tetley - Bloomberg
Billionaire Chris Rokos' macro hedge fund extended gains in June to cap the first half of the year with double-digit returns. Rokos Capital Management gained almost 2.6% in June, according to a person familiar with the matter. That boosted the macro hedge fund's returns for the first six months to 12.3%, the person said, asking not to be identified because the details are private.
/jlne.ws/3IijDCa
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Which Workers Will A.I. Hurt Most: The Young or the Experienced?; Amid layoffs at Microsoft and other large tech companies, experts are debating whose jobs are most likely to be spared.
Noam Scheiber - The New York Times
When Amazon's chief executive, Andy Jassy, wrote last month that he expected the company's use of artificial intelligence to "reduce our total work force" over the next few years, it confirmed the fear among many workers that A.I. would replace them. The fear was reinforced two weeks later when Microsoft said it was laying off about 9,000 people, roughly 4 percent of its work force. That artificial intelligence is poised to displace white-collar workers is indisputable. But what kind of workers, exactly? Mr. Jassy's announcement landed in the middle of a debate over just this question.
/jlne.ws/4lHnpDG
Work Advice: His bosses loved his work - until they didn't; After giving him kudos for managing a major project, this worker's supervisors now say he's not meeting expectations.
Karla L. Miller - The Washington Post
Reader: I'm writing on behalf of my husband, who's currently on hour 13 of another 15-hour workday. He was hired about two and a half years ago to manage a huge project at a medium-sized global company. He delivered the project successfully, on time and on budget. About a week later, he had his annual review with his boss, which was sterling - he was recognized as a hard worker, collaborative and smart, who delivered results. He received a small raise and a generous bonus. After all the hard work, he should be tying up loose ends, maintaining the system and fixing any bugs. Instead, the next week, the temperature dropped dramatically. After hitting hiccups typical of new launches, he gathered the team and resources to fix the issues. But his boss and the boss's boss started criticizing him for emergencies that weren't his fault, assigning him daily tasks in addition to putting out fires, and putting "not meeting expectations" into emails.
/jlne.ws/4leIZ2p
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Illinois-based American Academy of Pediatrics sues Robert F. Kennedy Jr. over vaccine changes
Lisa Schencker - Chicago Tribune
The Illinois-based American Academy of Pediatrics and five other prominent medical groups are suing Robert F. Kennedy Jr., over changes made to COVID-19 vaccine recommendations for children and pregnant women. The lawsuit, filed Monday in U.S. District Court for the District of Massachusetts, alleges that a decision in May to remove COVID-19 vaccines from the federal list of recommended vaccines for healthy children and pregnant women was unlawful and "endangering the lives of patients."
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The health of U.S. kids has declined significantly since 2007, a new study finds
Maria Godoy - NPR
When Dr. Christopher Forrest began his career in pediatrics some 25 years ago, he says it was pretty uncommon to see children come in with chronic conditions. But that's changed. Nowadays, he says anecdotally, more children come into the hospital and even primary care practices with chronic disease. "They just seem to be sicker. And it turns out they are," says Forrest, a professor of pediatrics at Children's Hospital of Philadelphia. In a new study in the journal JAMA, Forrest and his colleagues report that the health of America's children has significantly worsened across several key indicators since 2007.
/jlne.ws/3U1VzpK
Europe's biggest port readies for potential war with Russia; Rotterdam has started reserving space for Nato supply ships and planning military exercises
Andy Bounds - Financial Times
Europe's largest port is gearing up for a potential conflict with Russia by reserving space for ships carrying military supplies and planning where to divert cargo if war breaks out. Boudewijn Siemons, chief executive of the Port of Rotterdam Authority, said it was coordinating with neighbour Antwerp on how to manage if British, US and Canadian vehicles and supplies arrived.
/jlne.ws/44B5B6m
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