| May 17, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Tom Price texted me this morning with the news that Fred Uhlmann has passed away at the age of 93. Fred was partners with Tom at one time in the firm Uhlmann Price Securities. Fred worked just down the hall from where I ran the Electronic Trading Division of The Price Futures Group. Fred and his wife Ginger were married for 70 years, Tom told me.
Fred was a former chairman of the Chicago Board of Trade and an inaugural member of the FIA Futures Hall of Fame. His father was the president of the CBOT back in the 1940s and created the Uhlmann Prize for the best academic paper about the futures markets. It would be awarded at an annual symposium at the CBOT. That academic work was the underpinning of today's futures markets.
Fred Uhlmann was a tremendous gentleman, industry executive and human being and will be greatly missed. His contributions and his family's contributions to the futures and options industry are considerable and consequential.
Congratulations to Stephane Boujnah on the extension of his tenure until 2027 as Euronext CEO. Euronext has made a very wise and strategic decision to retain Boujnah, who has overseen Euronext since 2015. Boujnah is one of my favorite exchange CEOs, not only for his vision and execution skills, but for his charm and grace.
Paul Tudor Jones was thrown to the ground by a wrestler known as "Impoverisher" before wrestler/actor John Cena came to the rescue and saved the day and Jones at the annual Robin Hood fundraiser in New York. Glad to see Jones being such a good sport in the name of charity. The Robin Hood event raised $61 million.
Movies have done a good job preparing or scaring Americans about the future as a Reuters/Ipsos poll shows 61% of Americans say AI threatens humanity's future, Reuters reported. I think it was Will Smith and "I Robot" that did it for me. According to the SEC's Gary Gensler in a Wall Street Journal story, the Next Financial Crisis Could Come From AI. So maybe the public has it right this time.
The Swiss government wants to block the potential growth of digital currencies by enshrining cash in the constitution, Bloomberg reports. Cash is an emotional issue for the Swiss. The average Swiss inhabitant holds $11,824 in cash.
A man in a black frock with frilly lace at the end of his sleeves and a lace bib, along with a remarkable necklace, said the City of London must embrace risk taking to succeed, Bloomberg reported, though I added the color commentary. The dude is actually the City of London Lord Mayor and he was talking amid the City losing prominence because of Brexit.
How much money do you have to have to be in the 1% for various countries? Bloomberg has the story. You need $12.4 million in Monaco, but only $5.4 million in the U.S to make the cut. In the Philippines you only need $57,000.
If you are planning to go to FIA's IDX in London this year, the early bird rate to sign up ends on Friday. FIA's International Derivatives Expo is taking place at the Park Plaza Westminster Bridge on June 19 to 21. John Lothian News will be represented by veteran journalist Julie Ros and supported by the JLN video team of Robby Lothian and Nichole Price. Nichole is a JLN employee who works on the daily newsletter.
And actually, there will be TWO Robby Lothians working for JLN at IDX. The second Robby Lothian is from London and is the son of my third cousin, twice removed, Stuart Lothian. The UK Robby is a 17-year-old student focusing on film and video in school and we are giving him a work experience opportunity during IDX.
I recently connected with Stuart after he came across my mother's obituary on the JohnLothianNews.com website while he was doing some ancestry.com work.
Thank you to FIA for allowing me to send two Robby Lothians to IDX. I hope they can keep them straight.
May 22 is the last day to submit comments to the SEC on its proposals related to cybersecurity risk management and modernizing submission of certain forms, filings and materials. You can submit comments in various ways. Check out the How to Submit Comments page.
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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Options Discovery Episode 17: Intro to Different Asset Classes for Options; the Chief Commercial Officer of Deribit, Luuk Strijers, Discusses Options for Digital Assets and More With JLN's Alex Teng
JohnLothianNews.com
In this episode of Options Discovery, Alex Teng introduces the different asset classes that options can be derived from. This includes assets such as fixed income, commodities, equities, indices, and currency. Alex then sits down with Luuk Strijers, chief commercial officer of Deribit, to discuss the emerging market of digital currency options and the Deribit exchange. Alex and Luuk discuss a variety of topics from growing options volume to regulatory concerns. Feel free to learn more about Deribit here: https://www.deribit.com/
Watch the video »
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The CME's Terry Duffy on the Big Risks He's Seeing Now
Odd Lots - Bloomberg Podcasts
Terry Duffy is the chairman and CEO of CME Group, the world's biggest derivatives exchange and a trading behemoth whose name is synonymous with Chicago's financial industry. In this wide-ranging interview, Duffy talks about the big risks in the market he's seeing right now and how the CME is preparing for them.
/jlne.ws/41I3kCW
****** If you are not subscribed to the Odd Lots podcast, you should be.~JJL
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Nodal Exchange and IncubEx Collaborate to Expand the Largest Suite of Environmental Futures and Options with New REC and California Compliance Offset Contracts
Nodal Exchange - Business Wire
Nodal Exchange and IncubEx announced today the pending launch of two new renewable energy certificates (REC) futures related to the PJM REC markets and a new California Compliance Offset futures contract. These first-of-their-kind contracts further expand the world's largest exchange-listed suite of environmental products on Nodal Exchange, which tops more than 100 environmental futures and options contracts
/jlne.ws/3o6CyWW
******* And the winner for the highest number of environmental futures and options contracts is? Nodal Exchange!~JJL
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Paul Tudor Jones Tangles With John Cena at Robin Hood Benefit; John Cena comes to rescue at $61 million fundraiser in NYC; Bill Ackman advocates for policy change over philanthropy
Amanda L Gordon - Bloomberg
Paul Tudor Jones sounded sentimental when he took the stage Monday night at the Robin Hood Foundation's annual benefit. There were sprouts and blooming flowers on the giant screens as he talked about a baby the organization had supported in its early days, who's now a father and teacher. Poverty takes generational change, Jones, 68, mused about a mission he started 35 years ago with a few others following the stock market crash of 1987. Robin Hood has since become a national leader in the fight against poverty, spending more than $3 billion to assist hundreds of nonprofits in New York City, seed new ideas and measure impact.
/jlne.ws/45aPbRq
******* Paul Tudor Jones is 68 years old and is willing to be thrown down to the mat for charity? He must be in pretty darn good shape.~JJL
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Tuesday's Top Three
We had a trio of Chicago-centric stories on Tuesday as our most-read items. Our top story was Chicago's Empty Office Towers Threaten Its Future as a Major Financial Hub, from Bloomberg. Second was CME Group CEO Duffy says exchange is prepared to leave Chicago 'if we had to', from Crain's Chicago Business. And third was Jump Trading Did Secret Deal to Prop Up TerraUSD Stablecoin, SEC Says, from The Wall Street Journal.
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MarketsWiki Stats
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| Lead Stories | Euronext extends chief executive Stephane Boujnah's tenure until 2027; Former M&A banker calls on EU officials to improve supervision of bloc's financial services
Nikou Asgari - Financial Times
Stephane Boujnah has been reappointed as head of Euronext for a further four years, with the former M&A banker promising further deals to bolster its position as Europe's largest exchanges operator. Boujnah, 59, will stay at Euronext until 2027, extending an eight-year tenure.
/jlne.ws/3Byhf3D
Wall Street's Dependence on London Clearing Worries EU Watchdog; EU sees risk if every bank shifts at once, ESMA's Lober says; Bloc wants more trades to be cleared inside its borders
William Shaw and Lyubov Pronina - Bloomberg
Wall Street banks have made "no significant moves" away from London's dominant clearing service since Brexit, raising concerns of a risky dash into the European Union as it continues to push for more of the business to move into the bloc. Klaus Lober, the first chair of the clearing counterparties supervisory committee at the European Securities and Markets Authority, said banks need to act to avoid "uncontrollable, unmitigated systemic risk."
/jlne.ws/3W98qXz
It's the G-7 Versus China and Russia in the Struggle for Global Influence; G-7 leaders meeting in Japan are set to make a priority of countering Beijing and Moscow with action plans tailored to key partner countries. But theirs is not the only offer in town.
Bloomberg News
The tussle for global influence is about to intensify, as China, Russia, the US and its allies step up efforts to win over governments in a deepening competition for hearts and minds in strategic third countries.
/jlne.ws/3BwGJi3
Scathing Report Targets Investment Bankers' Emissions Math; ShareAction is worried banks will settle on a model that will be significantly weaker than originally expected.
Frances Schwartzkopff - Bloomberg
Investment bankers are being singled out in a new report by nonprofit ShareAction that targets a planned framework for calculating the carbon footprint of capital markets. If the industry is allowed to go ahead with what ShareAction characterizes as a watered-down version of the plan, the climate cost will be severe, according to authors of the report.
/jlne.ws/3WdLUNb
Wall Street's Biggest Banks Face a Harsh Reality Check in China; Plans to compete for a larger share of the No. 2 economy's $60 trillion financial market face challenges from a souring business climate.
Cathy Chan - Bloomberg
More than three years after China's grand financial opening, it's becoming clear to Wall Street giants that their dreams of windfall profits from the $60 trillion market are more elusive than ever.
/jlne.ws/3MBdl0q
Brew Another Pot, Robinhood's 24-Hour Stock Trading Is Here; As the company launches a new nighttime buying and selling feature, one Reddit poster asks: "Why would anyone want this?"
Michael P. Regan - Bloomberg
Money never sleeps on Wall Street. Or at least that's what Michael Douglas's character Gordon Gekko tells us in the Hollywood version of Wall Street. And now the amateur traders on all the other streets will get the opportunity for their own stock-market-induced insomnia: Robinhood has introduced 24-hour trading in 43 of the most active US exchange-traded funds and individual companies such as Tesla, Amazon and Apple. Orders now can be placed and executed anytime from 8 p.m. New York time on Sunday to 8 p.m. on Friday. Robinhood joins Interactive Brokers Group, which recently introduced overnight trading of 79 stocks and ETFs, and other brokerages offering round-the-clock trading only of popular ETFs.
/jlne.ws/3W8kjgx
Crypto Trading Should Be Regulated Like Gambling, UK Panel Says; MPs at odds with UK proposal to regulate crypto like finance; Treasury Select Committee warns of possible 'halo' effect
Emily Nicolle - Bloomberg
Retail investing in unbacked cryptoassets like Bitcoin should be regulated like gambling because they are highly volatile and have "no intrinsic value," an influential panel of UK lawmakers said. The Treasury Select Committee, a cross-party group of members of Parliament, "strongly recommended" such treatment for trading of digital tokens in a report published Wednesday.
/jlne.ws/3o3rF8u
Decoupling Is the Ultimate Missed Expectation; Whatever proponents of breaking links in the globalized economy may say, the reality tends to be very different.
John Authers - Bloomberg
This week, Bloomberg's weekly MLIV Pulse survey focuses on emerging markets. The core question is whether emerging economies can do well even if the US slips into a recession. It also asks whether the outcome of the elections in Turkey, with President Recep Tayyip Erdogan performing far stronger than polls had predicted and apparently en route to yet another term, will have any impact on the broader asset group and digs for opinions on which region will provide the best returns. Click here to share your views on a fascinating topic of the moment.
/jlne.ws/3W9a9fv
Share buybacks need less hate and more scrutiny; These popular programmes are no substitute for thoughtful investment in growth - and decent pay for staff
Brooke Masters - Financial Times
Share buybacks, once an American oddity, are taking over the world. Company repurchases of their own stock hit a global record last year of $1.3tn, triple the level of 10 years ago, according to research by Janus Henderson. While US companies remain the biggest buyers, the transactions have gained favour rapidly in continental Europe and the UK since the start of the pandemic.
/jlne.ws/3pMFjgy
Goldman Strategists See Potential Profit Boom From AI
Ksenia Galouchko - Bloomberg
Artificial intelligence offers the biggest potential long-term support for US profit margins, according to Goldman Sachs Group Inc. strategists, who add that there's high uncertainty around AI's impact.
/jlne.ws/430wPAO
Taylor Swift showed her financial savvy when she avoided a FTX deal. She puts her money in a niche type of fund, an elite investor says.
Zinya Salfiti - Business Insider
Taylor Swift showcased her financial acumen when she avoided a $100 million sponsorship deal with FTX, the now-bankrupt crypto exchange. The pop superstar puts her money in a niche type of mutual fund, an elite investor has revealed. Hedge fund manager Boaz Weinstein attended a Swift concert with his daughters in Philadelphia last weekend, and joked the singer's investment smarts are one reason for her immense appeal.
/jlne.ws/3obqhk7
Where's Shaq? Lawyers for FTX Investors Struggle to Serve Him Papers; The brouhaha includes a squabble over whether legal documents tossed at the basketball legend's SUV mean he was properly served
Joseph De Avila - The Wall Street Journal
Shaquille O'Neal, the 7-foot-1-inch NBA Hall of Famer turned actor, sports analyst and entertainer, is all over TV and has millions of social-media followers. He is one of the most recognizable people on the planet.
/jlne.ws/3o9SmYZ
How Hedge Fund Ideas Fared in 2022 as Sohn HK Returns in Person; Event will be held on site for the first time since 2019; Vietnam was in focus last year in absence of China pitches
Bei Hu, David Ramli and Suvashree Ghosh - Bloomberg
The Sohn Hong Kong Investment Leaders Conference will take place in person on Wednesday for the first time since 2019, after the city exited three years of stringent Covid restrictions. Much has changed in that time. China stocks that had been staples at the annual event before 2019 were nowhere to be seen last year, following a domestic crackdown on freewheeling technology and consumer companies, mounting geopolitical tensions and rising interest rates that made investors less willing to put money into highly valued, cash-burning growth companies.
/jlne.ws/3pMeOYD
The Oil Market's Real Weakness Is Supply, Not Demand; Sanctioned producers are finding ways to get their crude to market.
Javier Blas - Bloomberg
Purveyors of conventional wisdom would have you believe that the 25% drop in oil prices since late last year was due to softening demand in slowing economies. They - and you - would be wrong. The real problem is too much supply. Paradoxically, almost all the unanticipated production is coming from OPEC+ countries that are under Western sanctions: Russia, Iran and, to a lesser extent, Venezuela. Put simply, the black market for oil is booming. If one has the appetite - and the stomach - to buy crude from Moscow, Caracas or Tehran, the barrels are there. Better yet, they're available at a discount.
/jlne.ws/3pPOKfh
Financial transaction tax proposal raises concerns for Chicago firms
Wendell Hutson - Chicago Business Journal
Proposed state legislation by Chicago Mayor Brandon Johnson could lead to downtown trading firms relocating to another state.
/jlne.ws/3pLkJx6
Deutsche Bank Seeks 40% Cut to Frankfurt Offices on Remote Work
Steven Arons - Bloomberg
Deutsche Bank AG is seeking to cut office space by 40% at its key base as a rising number of employees work from home. Germany's largest lender expects to achieve reductions across Frankfurt and neighboring Eschborn by the end of 2024, it said in a response to an investor question at its annual general meeting Wednesday. Almost two thirds of employees have registered for a hybrid work model introduced three years ago that allows up to three days of home office per week.
/jlne.ws/3pIQQ0p
Russia's economic war with the west moves to a new frontline; European companies are at risk of losing assets with little or no compensation as the Kremlin retaliates against sanctions
Alexandra Prokopenko - Financial Times
Russia's economic confrontation with the west following the Kremlin's invasion of Ukraine is entering a dangerous new stage. Until now, Moscow had mostly focused its retaliatory measures on squeezing European energy markets. But after a string of court decisions in Europe freezing Russian assets there, the Kremlin has begun escalation and created a legal framework for the temporary nationalisation of foreign assets in the country.
/jlne.ws/455Ox7V
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Estonian PM pleads with companies to resist 'ghost trade' with Russia; Kaja Kallas calls out local businesses over their 'hidden' support for Moscow
Chris Cook - Financial Times
The Estonian prime minister said she had to "plead" with local companies to find a "moral compass" and decline deals that may result in Moscow accessing sanctioned goods.
/jlne.ws/42PZNE0
In Ukraine, Technology Only Thickens the Fog of War; The deluge of satellite imagery, drone footage, social media and smart phones has generated enough information to support any story you want to tell about what's happening on the ground.
Leonid Bershidsky - Bloomberg
The "first Tik Tok war," as the Russian invasion of Ukraine has been called, could have been expected to become the most transparent military conflict in history, given the wealth of satellite images and social media posts from the front lines. Yet the overall picture of the fighting is as murky as ever - it may be unclear for weeks if a belligerent party has gone on the offensive or not.
/jlne.ws/42K3jzt
Russian Refineries Send Record Fuel-Oil Flows to China in May
Bloomberg News
Russia's fuel-oil suppliers are on track for record exports to China this month as smaller refineries in the Asian nation increase the amount they use for blending.
/jlne.ws/41MWlIN
Germany Sees End in Sight for Putin's "Imperialism" in Russia; German leader's comments fall short of call for regime change; Chancellor speaks at Council of Europe summit in Reykjavik
Michael Nienaber and Ragnhildur Sigurdardottir - Bloomberg
German Chancellor Olaf Scholz hinted that the days of President Vladimir Putin's "imperialism" are numbered in a show of support for Ukraine ahead of a much-anticipated push to repel Russian invaders. "At some point Russia's war against Ukraine will end," Scholz said in a speech at a rare summit of the Council of Europe in Reykjavik. The German leader was speaking days after his government announced a record package of military aid for the government in Kyiv worth nearly $3 billion.
/jlne.ws/458W6uj
Ukraine Grain Deal Set to Be Extended, Turkish Officials Say; Pact would keep open major trade route through Black Sea; Dysfunction in talks recently has blunted pact's effectiveness
Selcan Hacaoglu, Aine Quinn and Megan Durisin - Bloomberg
A deal allowing Ukraine to export crops from key ports via the Black Sea is set to be extended, with Russia agreeing to stay in the beleaguered pact for now, according to Turkish officials.
/jlne.ws/3IhlLr7
Hungary to Block Further EU Aid to Ukraine, Minister Says
Zoltan Simon - Bloomberg
/jlne.ws/3pRDSxC
Russia Steals Oil Market Share in Asia From Energy Allies; Shipments from Middle Eastern producers to India tumble; West African flows to China have plunged since early 2022
Sharon Cho, Rakesh Sharma and Prejula Prem - Bloomberg
/jlne.ws/3pD3mOT
Russia's VTB Bank Opens in Iran as Anti-Sanctions Alliance Grows
Patrick Sykes - Bloomberg
/jlne.ws/41KO4Vy
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Euronext to launch dark trading and expanded retail trading services amid second best quarterly results in its history
Annabel Smith - The Trade
Euronext has announced plans to launch a new dark trading service and an expanded retail trading service as part of its quarterly results. The new services come off the back of one of the exchange's strongest quarters in its history, reporting adjusted net income of EUR147 million despite an overall reduction in trading revenues from EUR151 million to EUR129 million.
/jlne.ws/3MeEvIL
Iraq Stock Exchange: The Best Exchange in Terms of Highest Daily Trading Volume
Iraq Stock Exchange
Iraq Stock Exchange achieved the first place as the best exchange of daily trading for the number of traded shares (average daily trading volume) of 2022 according to the international standards used by the Arab Federation of Capital Markets AFCM in the annual meeting that was organized by Muscat Stock Exchange - Sultanate of Oman on 8-10 May 2023.
/jlne.ws/3IgDLlr
Stephane Boujnah reappointed as CEO and Chairman of the Managing Board of Euronext
Euronext
Euronext today announced that the Annual General Meeting ("AGM") has approved the reappointment of Stephane Boujnah as member of the Managing Board. Stephane Boujnah was also reappointed as CEO and Chairman of Euronext's Managing Board for a four-year mandate. The resolution was approved by 98.21% of votes casted, demonstrating strong support and trust from Euronext's shareholders. Stephane Boujnah joined Euronext in November 2015 as CEO and Chairman of the Managing Board. Since then he has significantly increased the operating performance and diversification of the Group.
/jlne.ws/3Bxh20z
EEX Press Release - Signing in Vilnius: Gas exchange GET Baltic becomes part of EEX Group
EEX
With a formal signing, Lithuania's gas transmission system operator Amber Grid and the European Energy Exchange (EEX) today sealed the acquisition under which EEX will take 66% of the shares in the regional gas exchange GET Baltic. As a result, the gas exchange operating in the three Baltic countries and Finland will become part of EEX Group.
/jlne.ws/41ICNoQ
LME making 'incremental progress' in reviving investor confidence after last year's nickel fiasco, CEO Chamberlain says
Chad Bray and Pearl Liu - South China Morning Post
The CEO of London Metal Exchange (LME) said the 146-year-old metal trading bourse is making incremental progress in reviving investors' confidence after last year's chaos, hoping to gain a stronger presence in Asia. "I don't think restoring confidence is something that just happens overnight," Matthew Chamberlain told the Post on the sidelines of the LME Asia Metals Seminar in Hong Kong on Tuesday.
/jlne.ws/3o5odtZ
John McMahon appointed NZX Board Chair
NZX
The NZX Board today announced that NZX director John McMahon has been appointed NZX Board Chair, effective immediately. He replaces James Miller who is standing down from the NZX Board after serving nearly 13 years as a director and Chair. Mr McMahon is honoured by the appointment saying it was a privilege to be following in Mr Miller's footsteps. "As Chair of NZX I look forward to working with the NZX Board, management and investment community in helping strengthen and deepen New Zealand's capital markets, building on James's legacy," Mr McMahon says.
/jlne.ws/3pMcscf
Nodal Exchange and IncubEx Collaborate to Expand the Largest Suite of Environmental Futures and Options with New REC and California Compliance Offset Contracts
Nodal Exchange
Nodal Exchange and IncubEx announced today the pending launch of two new renewable energy certificates (REC) futures related to the PJM REC markets and a new California Compliance Offset futures contract. These first-of-their-kind contracts further expand the world's largest exchange-listed suite of environmental products on Nodal Exchange, which tops more than 100 environmental futures and options contracts.
/jlne.ws/435BykC
Shenzhen Stock Exchange And China Electronics Corporation Signs A Strategic Cooperation Agreement To Jointly Serve The Formation Of A New Pattern Of Development And Support High-Quality Development
Mondovisione
On May 15, SZSE signed a new strategic cooperation agreement with China Electronics Corporation (hereinafter referred to as "CEC") on the basis of the deepening of strategic cooperation in all respects in 2015. SZSE's Party Secretary and Chairman Chen Huaping and CEC's Leading Party Group Secretary and Chairman Zeng Yi witnessed the
/jlne.ws/3IkXgsZ
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montreal Exchange Closed for Victoria Day
TMX
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montreal Exchange will be closed on Monday, May 22, 2023 for the Victoria Day holiday. The Exchanges will re-open for regular trading on Tuesday, May 23, 2023.
/jlne.ws/3M7aV8a
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Corporate and Municipal CUSIP Request Volumes Decline in April; Short-Term CD Volumes Slow for First Time Since December '21
CUSIP Global Services
CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for April 2023. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a monthly decrease in request volume for new corporate and municipal identifiers.
/jlne.ws/42GtSpe
US Pursues Criminal Charges in Push to Combat Russia, China Tech Theft; US alleges ex-Apple engineer stole code for self-driving cars; Charges are first under new Disruptive Technology Strike Force
Chris Strohm, Bob Van Voris and Eric Martin - Bloomberg
The US announced five criminal cases, including one against a former Apple Inc. software engineer, in a sweep to stop strategic adversaries such as Russia and China from acquiring sensitive technologies. The cases include claims about the use of procurement networks to help Russia acquire military technology, the theft of code from US companies including Apple for self-driving cars, and a Chinese national trying to sell technology used to procure weapons of mass destruction for Iran, Assistant Attorney General for National Security Matthew G. Olsen said at a press conference Tuesday.
/jlne.ws/432HIC3
Ripple's XRP Bucks Crypto Gloom After Latest Court Twist Sparks 8% Jump; Ripple, SEC in prolonged spat over whether XRP is a security; Latest court ruling viewed by markets as a boost for Ripple
Suvashree Ghosh - Bloomberg
XRP, the native token of Ripple Labs Inc.'s blockchain ecosystem, jumped the most in about seven weeks after investors interpreted a court ruling as favorable for the crypto payments company. The coin rose as much as 8.6% and was trading at about 46 US cents at 12:45 p.m. in Singapore on Wednesday. Wider crypto markets were subdued, with Bitcoin and a gauge of the top 100 digital assets both little changed.
/jlne.ws/41GHTlv
Pioneering the digitalisation of trade finance for our clients
Global Trade Review
Imagine the time it takes to process the paperwork for exporting a container load of furniture travelling from the factories of Guangzhou to customers in Paris. At present, handling all the various trade finance documents might take as long as three weeks. Yet if the paperchain were digitised it could take as little as five days.
/jlne.ws/451q8jT
It's a fight for the future of money in the US, says Christopher Giancarlo
Forkast
According to Giancarlo, who is the also the co-founder of the U.S.-based Digital Dollar Foundation, a non-profit that advocates for research and public discussions on the advantages and challenges of a central bank digital currency, claims that CBDC is the future of money and nations that resist innovation risk losing relevance in the global financial landscape.
/jlne.ws/3M6rX6m
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| Cybersecurity | | Top stories for cybersecurity | Serial Phishing Scammer Uses a Mix of Laundering Techniques, Including Coin Swaps and a Mysterious OTC
Anna Baydakova - CoinDesk
Scammers have stolen millions in crypto pretending to be HitBTC, a little known crypto exchange founded in 2013, the team of MistTrack crypto compliance platform said in a tweet Monday morning. MistTrack belongs to the SlowMist company, which is focused on cybersecurity in crypto. According to the researchers, someone has set up the website hitbt2c.lol, mimicking the authentic website of HitBTC, hitbtc.com, and enticed crypto traders to connect their wallets or deposit crypto as onto a real exchange.
/jlne.ws/3MAuQho
Posing as Islamists, Russian Hackers Take Aim at Sweden; A series of coordinated cyberattacks intended to jeopardize the Nordic country's chances of joining NATO have been disrupting its biggest companies
Jordan Robertson and Niclas Rolander - Bloomberg
Since February, a mysterious hacker group calling itself Anonymous Sudan has targeted dozens of Swedish airports, hospitals and banks with distributed denial-of-service attacks, ostensibly in response to the burning of a Koran in front of the Turkish embassy in Stockholm earlier this year.
/jlne.ws/3ByevTV
Alleged Russian Hacker Charged in $200 Million Ransomware Spree; Russian accused of targeting hospitals, schools and police; Man was affiliated with three notorious gangs, DOJ says
William Turton - Bloomberg
A Russian man was charged by US authorities in connection with his alleged role with multiple ransomware gangs that attacked hospitals, schools and police departments. Mikhail Pavlovich Matveev, who was known online as Wazawaka, was an active member of three ransomware gangs that collectively demanded $400 million from victims and received nearly $200 million in ransom payments, according to the Department of Justice.
/jlne.ws/3OAfWcr
Cyber experts say controversial U.S. spying powers should stay - but with some revisions
Tim Starks - The Washington Post
Biden administration security officials have been touting how some expiring surveillance powers have helped counter cyberattacks, even as others say the surveillance violates Americans' civil liberties. It's up to Congress to decide by the end of the year whether to let those powers expire, renew them as-is or make changes to them and preserve them.
/jlne.ws/45aJgvC
Cybersecurity Leaders Suffer Burnout as Pressures of the Job Intensify
Catherine Stupp - The Washington Post
Relentless cyberattacks and pressure to fix security gaps despite budget constraints are raising the stress levels of corporate cyber leaders and their worries about personal liability, a growing concern since the criminal case against Uber Technologies ' former security chief. Hacks on companies' IT systems often come with business disruptions, reputational damage, regulatory investigations and lawsuits. Chief information security officers must manage cybersecurity risks and, at the same time, educate C-suite colleagues and the board. Three in four CISOs in the U.S. report feeling burned out, according to one survey, putting them at risk of quitting.
/jlne.ws/3Oij8ch
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| Cryptocurrencies | | Top stories for cryptocurrencies | Fund groups race to launch first US ether futures ETF; Direxion, Roundhill Investments, Bitwise and Valkyrie file for launch immediately after Grayscale
Brian Ponte - Financial Times
Five ETF issuers filed to launch ether futures ETFs last week, in what could become a "winner-take-most" scenario, analysts say. Grayscale was the first issuer to act, filing on May 9 to launch the Grayscale Ethereum Futures ETF, based on the world's second-largest cryptocurrency, behind bitcoin.
/jlne.ws/42L2k1Y
Masters: Bullish on Blockchain, Bearish on Crypto
David Rubenstein - Bloomberg Wealth
Blythe Masters, founding partner at fintech-focused private equity firm Motive Partners and former head of enterprise blockchain shop Digital Asset Holdings, separates her skepticism of cryptocurrencies from her confidence in blockchain's digital ledger technology. This episode of "Bloomberg Wealth with David Rubenstein" was recorded April 19 in New York.
/jlne.ws/3MeGCMK
Coinbase's SEC Risk Makes MicroStrategy a Better Bet, Berenberg Says; Berenberg analyst initiates with hold rating on Coinbase; SEC could file enforcement action against crypto platform
Breanna Bradham - Bloomberg
MicroStrategy Inc., a software maker that's better-known for being the largest public holder of Bitcoin, looks like a stronger bet for investors to make when compared to cryptocurrency-trading platform Coinbase Global Inc.
/jlne.ws/3MehXb7
The promise of crypto has not lived up to its initial excitement; A crypto-finance revolution looks further off than ever
The Economist
Two years ago everyone wanted to be us. Now everyone hates us," laments a 24-year-old crypto founder at a gathering in New York. After once seeming as if it might threaten to remake the entire financial system, crypto has gone through a spectacular decline. The market value of all cryptocurrencies ballooned from $250bn at the start of 2020 to $3trn by late 2021. But it has since fallen back to just $1.3trn.
/jlne.ws/3OhGmPW
Leak Reveals Secret Democratic Plan For A Game-Changing U.S. Crypto Crackdown That Could Hit The Price Of Bitcoin And Ethereum
Billy Bambrough - Forbes
Bitcoin, ethereum and other major cryptocurrencies have been grappling this year with a U.S. crypto crackdown that some think could "destroy all value of bitcoin." The bitcoin price has climbed over the first few months of 2023 but remains far from its late 2021 all-time highs, with traders hailing a "new market regime."
/jlne.ws/3OiQZSu
Europe's MiCA offers crypto utopia for Americans in a banking crisis. But it's not that simple
Joanna Wright - DL News
/jlne.ws/3IhVWHp
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| Politics | | An overview of politics as it relates to the financial markets | MPs call on UK ministers to regulate crypto like gambling; Plans for Financial Conduct Authority to oversee industry should be abandoned, says Treasury committee
Laura Noonan and Scott Chipolina - Financial Times
A powerful cross-party group of MPs has called on the UK government to abandon plans to regulate crypto as a financial service and instead treat it as gambling. The Treasury select committee said in a report that proposals for the Financial Conduct Authority to regulate the crypto industry could create "a 'halo' effect" that gives the impression crypto is "safer than it is" and might tempt people to put money into a speculative market they should avoid.
/jlne.ws/41JayGA
At Japan's G7 summit, the big elephants are China and Russia
Trevor Hunnicutt and John Irish - Reuters
The longest shadows at the Group of Seven (G7) leaders' summit this week will be cast by two countries that weren't even invited to the Hiroshima gathering: China and Russia.
/jlne.ws/3McNnyT
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| Regulation & Enforcement | | Stories about regulation and the law. | Unpicking the US deposit insurance debate; Change incentives rather than fiddle around with limit levels
Todd Baker - Financial Times
US banking has always been a risky business. The financial panics of 1819, 1837, 1873, 1907 and 1931-32 all sparked banking crises, recessions or full-scale depressions. Depositors lost everything every time a bank failed. But the Great Depression was the trigger for a seismic change.
/jlne.ws/3pMFsAC
2023 Annual Conference Welcome Remarks
Robert W. Cook - FINRA.org
First, as Kayte mentioned, this event would not have been possible without the tireless work of many on the FINRA team who put together not just a very substantive program, but also lots of opportunities for us to reconnect with old friends and to make new ones. But Kayte forgot to mention someone who has been essential to pulling all this together: Kayte herself. So, please join me in thanking Kayte, and the rest of the team for pulling this event together. Now, when I look out on this room, I see a lot of familiar faces. I look forward to the opportunity to connect with as many of you as possible in the days ahead, and I hope you too will take the many opportunities available to you with your fellow conference attendees as well. When I look out on this room, I also think about the theme for this year's event, Future Focused, and I think about something else, as well, which is that this event is a terrific reminder of the essential role that FINRA plays in our regulatory structure, especially when we convene and engage with you with a view to promoting stronger and more vibrant capital markets that are better prepared for the challenges of the future.
/jlne.ws/3pRCNpy
SEC Can't Seal Docs Tied to Hinman's Ether Speech, Judge in Ripple Suit Rules
Nikhilesh De - CoinDesk
A federal judge ruled that the U.S. Securities and Exchange Commission cannot seal documents tied to former official William Hinman's 2018 speech on crypto and securities to Ripple in the regulator's ongoing lawsuit against the company closely associated with the XRP cryptocurrency. District Judge Analisa Torres, of the U.S. District Court for the Southern District of New York, ruled that the documents tied to that speech, in which the former SEC Director of Corporation Finance stated that in his view, ether was not a security, cannot be sealed in a court order.
/jlne.ws/3pH1ZPb
Cybersecurity: Protecting Investors Remarks before the Digital Directors Network 2023 Conference
SEC
Good morning. Thank you, Bob [Zukis]. It is a pleasure to be here today, and I thank the Digital Directors Network for hosting this discussion about cybersecurity. This topic is so essential for the safety and resiliency of our capital markets. My special thanks to former Commissioner Luis Aguilar for initially inviting me to speak to you today. Commissioner Aguilar had a distinguished career in public service. As the eighth longest-serving Commissioner in SEC history, he was one of only three Commissioners to have been nominated by two U.S. Presidents from different parties. A remarkable accomplishment.
/jlne.ws/3OemIEt
Commissioner Uyeda Remarks at MFA Global Summit
SEC
Thank you for the introduction, Jillien [Flores]. It is a privilege to start off the first Global Summit for the Managed Funds Association ("MFA") in the European Union. The sub-header describes the Summit as "The Intersection of Capital Markets and Global Policy," which is quite appropriate and timely. From my perspective in Washington, D.C., the U.S. Securities and Exchange Commission ("SEC") is possibly charting a new course in how foreign financial regulatory regimes are treated. Should the SEC continue on this course, foreign entities may no longer receive deference or recognition in the United States for their home country regulatory regimes. Hence, query whether such a change in approach, moving away from concepts of equivalence and convergence, will ultimately help, or hurt, global investors. This morning, I would like to share remarks that reflect my views as an individual Commissioner of the SEC and do not necessarily reflect the views of the full Commission or my fellow Commissioners.
/jlne.ws/41PHBbX
How to change in response to changing threats
UK FCA
Speech by Sarah Pritchard, Executive Director of Markets, and Executive Director of International, at XLOD Global New York - The Future of Non-Financial Risk & Control across the 3 Lines of Defence.
/jlne.ws/3WfBdtt
Help is available for those who need it, says FCA
UK FCA
The Financial Conduct Authority (FCA) has reminded borrowers they can get help from their lenders if they are struggling to keep up with payments, as it found the number of people struggling to meet bills and credit repayments has risen by 3.1m since May 2022 (10.9m, compared to 7.8m in May 2022).
/jlne.ws/41LED8D
ESMA appoints a new member and reappoints two members to its Management Board
ESMA
/jlne.ws/3Mxel5E
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | A ban on short selling is a bad idea; Studies show that a similar move in 2008 was counter-productive and stoked market volatility
Jim Overdahl - Financial Times
Following weeks of declining prices for US regional bank stocks, short selling of equity shares is once again coming under scrutiny with calls for more regulatory oversight of the practice. In a letter to clients this past week, a major Wall Street law firm argued that the Securities and Exchange Commission should impose a 15-trading day prohibition on short sales of the stock of financial institutions.
/jlne.ws/3IbCpIy
Aluminum Trader's Huge LME Position Ignites Battle for Stock
Jack Farchy, Mark Burton and Archie Hunter - Bloomberg News
One of the world's biggest metals traders has built up a dominant position in one part of the London Metal Exchange aluminum market, creating a squeeze on exchange stocks and putting focus on the availability of non-Russian metal. IXM, owned by China's CMOC Group Ltd., has built up an unusually large position in the LME's aluminum contract for delivery tomorrow, which as the third Wednesday of the month is a key focal point for liquidity, according to people familiar with the matter who asked not to be identified discussing private information.
/jlne.ws/3o73khR
Japan stock index hits 33-year high as investors warm to Tokyo story; Interest spurred by corporate governance reforms and search for alternative to China
Leo Lewis in Tokyo and Katie Martin - Financial Times
Japan's stocks reached their highest level in 33 years on Tuesday, propelled by growing hopes of higher governance standards and more serious regard for shareholders after decades of lacklustre returns.
/jlne.ws/3MJmvrP
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Overhauling Energy Permitting Is a Heavy Lift in Debt-Ceiling Talks; Some lawmakers say they would rather discuss environmental reviews separately
David Harrison - The Wall Street Journal
The bipartisan debt-ceiling talks have raised the prospect that an agreement could include a provision to ease the federal permitting process, potentially resolving one of Capitol Hill's thorniest policy problems and speeding the construction of energy projects. Participants in the talks said Tuesday that permitting is one of the topics under consideration, along with spending caps, clawing back unspent Covid-19 requirements and additional work requirements for benefits programs.
/jlne.ws/3Wi8dl2
Burning Man Becomes Latest Adversary in Geothermal Feud; Festival organizers are trying to block plans to build a clean energy plant in the Nevada desert, highlighting the struggle to combat climate change and the cost of clean power.
Arielle Paul - The New York Times
One of the darkest towns in America lies roughly 100 miles north of Reno, where the lights are few and rarely lit until one week each summer when pyrotechnics and LEDs set the sky and mountains aglow.
/jlne.ws/42I5WC5
TheCityUK: Global Carbon Pricing Mechanisms And Their Interaction With Carbon Markets
MondoVisione
Today TheCityUK launched its new economic research report: ' Global carbon pricing mechanisms and their interaction with carbon markets', in partnership with ICE. It explains the underlying principles of carbon pricing, offers an overview of carbon markets, and quantifies these markets' scale and growth in recent years. The report also explains how, as the use of carbon markets become more widespread, the UK has an opportunity to build on its strength as an international financial centre and the home to leading energy markets to play a leading role in carbon markets' ongoing development.
/jlne.ws/3pCRFrt
'Halt button' hit on drilling in US oil and gas slowdown; New rigs auctioned at bargain prices as demand sags in the shale patch
Myles McCormick - Financial Times
Next week Texas auctioneer Kruse Asset Management will put two unused, top-of-the-line drilling rigs under the hammer. The towering structures designed to bore oil and gas wells are on offer for fire sale prices. Valued at $40mn and $30mn when built in 2019, their respective starting bids will be $12.9mn and $2.3mn.
/jlne.ws/42IaGHT
Cutthroat Oil Competition Threatens US Quest to Refill Strategic Reserves; Demand for sour crude rises on OPEC+ cuts, refining capacity; US to buy 3 million barrels of oil for reserve in August
Devika Krishna Kumar and Lucia Kassai - Bloomberg
Stiff global competition for sour crude oil is threatening to complicate the Biden administration's plan to buy up to 3 million barrels to refill the depleted US Strategic Petroleum Reserve.
/jlne.ws/3MxfCcW
The Green Energy Transition Has a Chilean Copper Problem; Codelco is struggling to lift output amid the worldwide push toward electrification.
James Attwood and Valentina Fuentes - Bloomberg
/jlne.ws/3BDzlBa
Low-Carbon Concrete Could Bring a 'Radical Change' to the Industry; CarbonBuilt has begun producing low-carbon concrete in Alabama; Customer C&C Masonry will buy the concrete masonry blocks
Michelle Ma - Bloomberg
/jlne.ws/3o9dyhS
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BNP Paribas strengthens equities unit in London with hire of Credit Suisse risk arbitrage team; The appointments are part of the diaspora from the Swiss bank following its forced merger with rival UBS Group.
Will Canny - The Trade
BNP Paribas is bolstering its equities team in London with the hire of Credit Suisse's event driven team, according to two people familiar with the matter. Susan Stryker Marinello, event driven specialist sales for the EMEA region at the Swiss bank, and Andy Martin and Simon Scott, both risk arbitrage traders, are joining the French lender, according to the people who spoke on condition of anonymity as the matter is private. The team previously worked together at Wall Street giant Citi prior to joining Credit Suisse.
/jlne.ws/41Khp2B
The promise of crypto has not lived up to its initial excitement; A crypto-finance revolution looks further off than ever
Economist
Two years ago everyone wanted to be us. Now everyone hates us," laments a 24-year-old crypto founder at a gathering in New York. After once seeming as if it might threaten to remake the entire financial system, crypto has gone through a spectacular decline. The market value of all cryptocurrencies ballooned from $250bn at the start of 2020 to $3trn by late 2021. But it has since fallen back to just $1.3trn.
/jlne.ws/3OhGmPW
Bosses of failed US banks refuse to hand back millions of dollars in pay
Joshua Franklin, Stephen Gandel and Colby Smith - Financial Times
Top executives from Silicon Valley Bank and Signature Bank refused to commit to voluntarily handing back the millions of dollars they were paid before the collapse of their banks triggered a US regional banking crisis. In their first public appearances since the two lenders were shut down by regulators in March, former SVB former chief executive Greg Becker, alongside ex-Signature executives Scott Shay and Eric Howell, were quizzed by members of the Senate banking committee over their roles in the recent failures.
/jlne.ws/3W9ro0i
UBS Prepares for $4 Billion Legal Hit From Credit Suisse Deal; Bank releases new details about likely impact of merger on its balance sheet
Weilun Soon and Matthew Thomas - The Wall Street Journal
Swiss bank UBS said that it has set aside $4 billion to cover potential legal and regulatory costs from its acquisition of Credit Suisse, and that it is expecting to record other asset write-downs.
/jlne.ws/3pME018
Goldman's SVB client-or-counterparty conundrum; Chinese walls or holistic remedies?
Craig Coben - Financial Times
Craig Coben is a former global head of equity capital markets at Bank of America and now a managing director at Seda Experts, an expert witness firm specialising in financial services. Just over two months ago Silicon Valley Bank embarked on a plan to save itself from a potentially fatal ratings downgrade.
/jlne.ws/3o90o4s
Goldman Banker Wins Promotion, Then Leaves for Rival Two Weeks Later; Goldman's M&A COO jumps to boutique firm Perella Weinberg; Broderick had been at Goldman since 2010, worked on big deals
Sridhar Natarajan and Liana Baker - Bloomberg
/jlne.ws/45714Yu
BlackRock calls employees back to the office four days a week; New York-based $9tn asset manager cites 'teaching moments' and 'market-moving moments'
Madison Darbyshire - Financial Times
/jlne.ws/3WjDzHR
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | BlackRock Pushes Employees Back to Office Four Days a Week
Silla Brush - Bloomberg
BlackRock Inc. is calling employees back to offices at least four days a week, telling staff that the firm has found benefits from working together in person after the pandemic. The new policy will take effect Sept. 11, with flexibility to work from home one day a week, Chief Operating Officer Rob Goldstein and Caroline Heller, global head of human resources, said Tuesday in a memo to staff.
/jlne.ws/430HVpx
OpenAI CEO Sam Altman testifies before the Senate: 4 key takeaways; The ChatGPT creator and others spoke to the Senate Judiciary Committee about the future of artificial intelligence.
Alexander Nazaryan - Yahoo! News
If the burgeoning artificial intelligence industry has a spokesman, then it is Sam Altman, the CEO of OpenAI and creator of ChatGPT. On Tuesday, Altman testified before the Senate Judiciary Committee in what turned out to be a wide-ranging, big-picture conversation about the future of artificial intelligence.
/jlne.ws/3OcOb9u
CNET Journalists Seek to Unionize, Saying AI 'Threatens Our Jobs and Reputations'; Bargaining unit aims to represent a staff of about 100; Employees ask management to voluntarily accept decision
Josh Eidelson - Bloomberg
CNET journalists are pushing to unionize, seeking a formal say on issues including the use of artificial intelligence at the technology-news company. Pro-union employees, who are organizing with the Writers Guild of America East, said they've signed up the vast majority of their coworkers. The union seeks to represent about 100 writers, editors, video producers and other content creators.
/jlne.ws/41MdMJk
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Men who put on weight in their twenties raise prostate cancer risk; Putting on two pounds a year could increase likelihood of getting aggressive form of the disease, study shows
Laura Donnelly - The Telegraph
Men who put on two pounds a year in their late teens and twenties could be raising their risk of prostate cancer by more than a quarter, research has found. The Swedish study of more than 250,000 men found that steady weight gain between the ages of 17 and 30 was associated with a higher risk of the disease - and of it proving deadly.
/jlne.ws/3Ii6C8Y
The loneliness epidemic threatens our health as well as our happiness; Our craving for human company causes psychological stress, which induces physiological effects
Anjana Ahuja - Financial Times
There is a sense of deep shame attached to being lonely. Nobody wants to be thought of as unpopular or unlikeable. One consequence of that stigma, according to the US surgeon general Vivek Murthy, is a silent epidemic of loneliness. Murthy, now on his second stint as the nation's physician, recently admitted to feeling profoundly lonely after being dropped from the job first time around. Research suggests loneliness rivals smoking and excessive drinking in terms of damaging health and shortening lives. This is not a trivial, touchy-feely issue: an ageing population may also mean it is a growing epidemic.
/jlne.ws/3Mxe5T5
Quick blood tests to spot cancer: will they help or harm patients? Investors are pouring billions into companies claiming they can analyse DNA to find the disease early. But some scientists question if they really work
Jamie Smyth - The Wall Street Journal
Valerie Caro is perhaps unusual in that she considers herself fortunate to have been diagnosed with cancer. The real estate broker from Flagstaff, Arizona, spent $950 last year on an experimental blood test called Galleri which detected gallbladder cancer at an early stage. Following scans to verify the diagnosis, Caro had surgery to remove a tumour and underwent chemotherapy. She is now in recovery.
/jlne.ws/3OeI9VV
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Cutting Deposit Rates Has Become Mission Critical for Chinese Banks; Cheap lending has hit banks' interest margins, which could weaken their capital positions
Cao Li - The Wall Street Journal
Banks across China are slashing deposit rates, after a year that saw their profits being squeezed by lower lending rates and record-high savings levels. Around a dozen lenders this week lowered the maximum interest rates they pay on certain types of corporate and individual deposit accounts, according to statements from the banks and Chinese state media. Many more are expected to do the same.
/jlne.ws/3MBTbU4
Conflict Brings Sudan's Lucrative Official Gold Trade to a Halt; Processing equipment damaged and company offices looted; Official gold exports worth $2 billion annually have stopped
Simon Marks - Bloomberg
Sudan's official gold industry, the country's largest revenue earner, has totally collapsed due to a spiraling month-old conflict in the North African nation, the head of the state-run mining company said. Mubarak Ardol, general director of the Sudanese Mineral Resources Limited Co., said exports have ground to a halt, processing equipment has been damaged and the headquarters of several gold companies have been looted in the capital, Khartoum. Sudan officially exported 34.5 tons of gold worth over $2 billion last year.
/jlne.ws/3OgP1C4
Argentina's Problem Is Economic Malpractice, Not the Peso; Dollarization won't bring much-needed stability to South America's second-largest economy.
Juan Pablo Spinetto - Bloomberg
Javier Milei, the libertarian candidate for president who has become a political sensation in Argentina, has a characteristically radical proposal for addressing the country's runaway inflation, which reached almost 110% last month: Argentina should ditch its ever-shrinking peso and replace it with the US dollar.
/jlne.ws/3MyDFbd
Calgary air quality deteriorates as wildfires rage in Western Canada
Rod Nickel and Ismail Shakil - Reuters
The Western Canadian city of Calgary received a special weather alert on Tuesday, warning residents of poor air quality and reduced visibility as tinder-dry weather and shifting winds elevated the risk of spreading wildfires in the oil-producing province of Alberta. Some 90 wildfires are active in Alberta, with 23 out of control, according to the provincial government, forcing about 20,000 people out of their homes. At one point the fires forced oil and gas producers to shut in at least 319,000 barrels of oil equivalent per day, or 3.7% of national production.
/jlne.ws/41K1Jfy
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| Miscellaneous | | Stories that don't quite fit under the other sections | The TRADE names Claudia Preece as its new senior reporter; New addition joins from Delinian where she held the role of European M&A reporter at IJGlobal; follows promotion of Annabel Smith to editor of The TRADE.
Editors - The Trade
The TRADE is delighted to announce that experienced journalist Claudia Preece has joined the publication as its new senior reporter.
/jlne.ws/45b70ji
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