| December 04, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
It has been a very good year for principal traders, but DRW's Don Wilson seems to be having an exceptional year. Besides being named to the FIA Futures Hall of Fame alongside such luminaries as ICE's Jeff Sprecher and CME Group's Terry Duffy, Don has just been given the Risk Awards 2025 Lifetime Achievement Award. Risk.net has a nice write up about Don and his life story.
I want to give a shout out to CNBC's Bob Pisani for an excellent story about the late Art Cashin and a video to go along with it. Bob and Art were good friends and Bob gave his friend a fitting tribute of a story titled "Art Cashin, New York Stock Exchange fixture for decades, dies at age 83."
I have a rant to get off my chest this morning. When I arrived in Florida in October, the internet at my home there was not working, so I called the provider, Frontier, to set up a service call. I inquired about improving the internet speed and dropping an unneeded phone line. I was told they had just such a package for my DSL service, as fiber was not yet available in my area. They could give me faster DSL service and drop the phone and reduce my cost, which was all good.
I had another service call scheduled for two weeks later, on October 15. Frontier's technician never showed. I had to reschedule it, which they said they would expedite, and it ended up again being two weeks. Given that there had been a hurricane, I was understanding, but again the technician did not show, despite that both times I received messages that they were on the way. So again I rescheduled the appointment to upgrade and fix my service.
Now, I was told I needed to have a technician come out to upgrade the service, it was not something I could do myself. Today, the service technician finally showed up, but only to fix my service, he knew nothing about the upgrade. I called Frontier and they told me I was already receiving the highest speed available on DSL and I did not need any new router. They have been charging me since October, supposedly for a higher speed that I was not receiving because my service was not working, but also there was no higher speed than the one I originally had.
This is a great example of the lack of competition and the power it has to make companies better. Frontier would be better if I had a choice in internet providers at my home in Sarasota, but I don't. Unfortunately, I am stuck with them until there is a competitor, or until they improve their services. The good news is that they are installing fiber in neighborhoods in Sarasota, so maybe someday ours will be next in line.
The London Metal Exchange is offering its "Introduction to the LME and Hedging" course December 9 to 13, 2024. This online modular course promises to enhance your knowledge of the LME, our products and role in global metals markets.
Cboe Global Markets announced via LinkedIn the closure of its Cboe Digital LinkedIn account effective at the end of the year, encouraging followers of crypto-related news to connect with its main Cboe Global Markets LinkedIn account for future updates.
Here are the headlines from in front of FOW's paywall from some recent stories: Clear Street gains LME membership approval in boost to Ring, One Trading slams French plans to tax unrealised Bitcoin gains, CME hits annual volume record in eleven months of 2024, ANALYSIS: Deutsche Boerse wants to be world's largest power market, ANALYSIS: US migration to T+1 is template for other markets - DTCC and Britannia hires former TP ICAP executive as chief operating officer.
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:
- US equity options on track for record year after November boost - Cboe from FOW.
- Euronext expands its European derivatives offering with the introduction of Total Return Futures on the FTSE MIB Index from Euronext.
- ANALYSIS: Electronic trading driving adoption of listed FX options - CME from FOW. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Eventus CEO Travis Schwab Highlights Data Governance and AI as Key Trends in Trade Surveillance
JohnLothianNews.com
Trade surveillance firms are grappling with two major trends: data governance and artificial intelligence adoption, according to Travis Schwab, CEO of Eventus, a leading trade surveillance firm. In a video interview with John Lothian News at FIA's EXPO 2024 in Chicago last week, Schwab emphasized the critical importance of complete data sets in surveillance systems, noting that regulators have imposed severe penalties for deficiencies.
Watch »
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Lifetime achievement award: Don Wilson; Risk Awards 2025: DRW founder has created a firm in his own image - one that defies definition
Risk.net
Don Wilson was trading before he was a trader. During his teenage years in Zurich, when Wilson walked along Bahnhofstrasse - the bustling home to many of the city's banks - he had a habit of checking the foreign exchange rates each was advertising, looking for arbitrage opportunities. It was a purely theoretical exercise, he points out - the bid-offer spreads were too wide to take advantage of the discrepancies he spotted. Later, as a junior member of the Zürcher Yacht Club, he completed his first sort-of trade when sailing around the Mediterranean. On this particular day - sometime in 1986, he estimates - there had been a big move in the Italian lira, which was known to Wilson when he set off from Genoa, but had not been reflected in the FX rates available when he reached Corsica. He borrowed some Swiss francs from the owner of the boat in order to - as he laughingly puts it - "pick up some arbitrage profits".
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******* Congratulations Don, it is very deserving.~JJL
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Jealousy List 2024; The stories we admired most this year.
Bloomberg
In Catholicism, envy is one of the seven deadly sins. In professional journalism, it's a virtue, albeit too seldomly expressed. Which is why every year, Bloomberg Businessweek commits this cardinal act for all to witness, with our annual Jealousy List. Below, we've asked our editors and contributors to identify that one story in 2024 that filled them with the kind of indescribable resentment that theologians once thought was a dangerous gateway to other sins. In this case, however, we simply hope to create a handy guide to some of the best business journalism of the year. And if rival publications are jealous of the Businessweek Jealousy List - so much the better. -The Editors
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****** Oh goodness, it is starting, the end of the year story lists. ~JJL
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Energy CEO Who Drank Fracking Fluid Is Now Trump's Oil Evangelist; Chris Wright has championed fossil fuels as a moral good and characterized climate change as modest
Ari Natter, David Wethe, and Kevin Crowley - Bloomberg
Standing shoulder to shoulder with his employees, Chris Wright, chief executive officer of oilfield services company Liberty Energy Inc., held up his glass in a toast. "To your health and the longer lives and healthier lives of billions of people around the world from oil and gas," Wright said. Then he gulped down a shot of fracking fluid. By quaffing the chemical cocktail of water, bleach, soap and other substances in a 2019 Facebook video, Wright, Donald Trump's nominee for energy secretary, sought to refute fracking opponents who argued it would poison aquifers. Five years later, the stunt suggests how he might carry out US energy policy: with a flair for showmanship and an appetite for confrontation.
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***** I have found that if I stand on my head, the world does not seem so upside down after all. ~JJL
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Tuesday's Top Three
Our top story Tuesday was Basarri leaves role as FIA compliance officer, from BBC Sport. (That's the other FIA, the Federation Internationale de l'Automobile.) Second was FIA seeks rule changes after president allegations, also from BBC Sport, also about the Federation Internationale de l'Automobile. Third was Art Cashin, Wall Street veteran and CNBC regular, dies at age 83, from Reuters.
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| Lead Stories | Fintech Firm Clear Street Joins LME as Floor-Dealing Broker; Clear Street sets up UK arm in global expansion drive; Move boosts the LME floor's prospects after several departures
Mark Burton - Bloomberg
Financial technology firm Clear Street has joined the London Metal Exchange as a dealer on its famous open-outcry trading floor. The New York-based company has obtained regulatory approvals to set up a UK trading operation, and is joining the LME as part of a broader expansion drive across Europe, the Middle East and Asia, it said in a statement on Wednesday. Bloomberg reported in September that the firm was seeking to join the LME, bolstering the prospects of the iconic "Ring" after a decline in volumes and a slew of departures in recent years.
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Saudi Arabia Is Losing Its Iron Grip on Global Oil Markets; Rising U.S. production and internal OPEC+ pressure limit the kingdom's sway over prices. Trump is a new wild card.
Summer Said, David Uberti and Benoit Faucon - The Wall Street Journal
Saudi Arabia's sway over the Organization of the Petroleum Exporting Countries long meant unquestioned dominance of the global oil market. Those days are over, at least for now. The kingdom is struggling to execute its plan to keep prices elevated. Higher prices would help pay for Saudi's infrastructure-spending spree, including $1 trillion of projects designed to rapidly pivot the economy away from oil. It would also pinch drivers at the pump and contribute to risks that inflation could stage a global comeback.
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London Stock Market Shrinks at Fastest Pace in Over a Decade; Private equity firms hunt for bargains among UK mid-caps; Starwood Capital, EQT, Thoma Bravo have recently closed deals
Ben Scent, Swetha Gopinath, and Michael Msika - Bloomberg
Takeovers of London-listed companies are shrinking the UK stock market at the fastest pace in more than a decade. About 45 companies have delisted from the London market this year due to mergers and acquisitions, up 10% from the tally for all of last year, according to data compiled by Bloomberg. That's the highest number of firms to leave the market since 2010, and comes as the volume of deals targeting UK companies jumps 81% this year to more than $160 billion. Foreign private equity firms have been particularly active, with US-based Starwood Capital Group closing its 674 million British Pounds ($852 million) acquisition of London-listed Balanced Commercial Property Trust Ltd. last month. Sweden's EQT AB also completed its £2.1 billion takeover of videogame services company Keywords Studios Plc in recent weeks, while Thoma Bravo finished its $5.3 billion purchase of cybersecurity software provider Darktrace Plc.
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Top US Consumer Watchdog Has a Plan to Fight Predatory Data Brokers; A new proposal by the Consumer Financial Protection Bureau would use a 54-year-old privacy law to impose new oversight of the data broker industry. But first, the agency must survive Elon Musk.
Dell Cameron and Andrew Couts - Wired
The United States government's leading consumer protection watchdog announced Tuesday the first steps in a plan to crack down on predatory data broker practices that the agency says help fuel scams, violence, and threats to US national security. The Consumer Financial Protection Bureau is proposing a rule that would allow regulators to police data brokers under the Fair Credit Reporting Act (FCRA), a landmark privacy law enacted more than a half century ago. Under the proposal, data brokers would be limited in their ability to sell certain sensitive personal information, including financial data and credit scores, phone numbers, Social Security numbers, and addresses.
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Billion dollar squirrel: Trump effect fuels crypto's 'memecoin' boom; Tokens based on online viral moments outpace bitcoin over past month but critics say they reflect market froth
Nikou Asgari - Financial Times
Cryptocurrencies representing a euthanised grey squirrel, a Thai pygmy hippopotamus and a cartoon dog have exploded in value since last month's US presidential election, as Donald Trump's victory triggers a surge in speculation in so-called memecoins. The market for tokens representing online viral moments has expanded rapidly since early November as traders bet that Trump's administration will usher in more crypto-friendly attitudes and regulation in Washington.
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Celsius founder Alex Mashinsky pleads guilty in fraud case; Cryptocurrency lender's former chief reaches agreement with prosecutors in criminal case
Christian Berthelsen - Financial Times
Alex Mashinsky, the founder of collapsed cryptocurrency lender Celsius Network, pleaded guilty on Tuesday in a criminal case alleging that he misled investors about the company's financial condition and used customer funds to manipulate the value of a digital token it issued. "I know what I did was wrong and I want to do what I can to make it right," Mashinsky, 59, told Judge John Koeltl during the hour-long hearing in Manhattan federal court. "I accept full responsibility for my actions."
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'Bitcoin Jesus' Lawyers Say His Tax Case Violates Constitution
David Voreacos - Bloomberg
Lawyers for Roger Ver, the cryptocurrency advocate known as Bitcoin Jesus, urged a US judge to dismiss his tax evasion indictment in their first court filing since his April arrest in Spain. US prosecutors charged Ver, 45, with evading more than $48 million in taxes for selling $240 million in tokens and with filing a false "exit tax" return after he renounced his US citizenship in 2014. The legal salvo came as Ver awaits a Spanish judge's decision on whether he must be extradited to face the most prominent US tax case dealing only with crypto assets.
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Short-Squeeze Risk Rises for French Stocks as Barnier Faces Vote; Edmond de Rothchild warns against bounce in beaten-down CAC 40; Barclays strategists says traders should look to hedge upside
Julien Ponthus and Michael Msika - Bloomberg
Investors should beware a potential short squeeze in French stocks as the beaten-down market has already priced most of the potential political stress. Benjamin Melman, global chief investment officer at Edmond de Rothschild Asset Management, said French blue chips have already priced in most of the stress from the possible fall of Prime Minister Michel Barnier's government. "The situation in France remains worrying but beware a short squeeze," said Melman, referring to a situation when investors who were betting on the fall of an asset need to urgently buy back their positions when the market goes against them. That could fuel further gains in the securities they're selling.
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How the ECB Can Safely Store Its Crisis Toolkit; Central banker Christine Lagarde needs to point to a steady unwinding of restrictive interest rates.
Marcus Ashworth - Bloomberg
Next week's European Central Bank meeting is more important than it might first appear. President Christine Lagarde needs to set the template for 2025, and the clarity of her message is paramount: Forward guidance that the restrictive monetary policy period is over and avoiding recession is the priority. The Governing Council is widely expected on Dec. 12 to deliver a 25 basis point cut, resisting a more aggressive 50 basis point move. It's just not the ECB's style to surprise - it's a committee representing 20 nations after all - and the euro money markets aren't expecting it. There's also the fragile state of the euro which is hovering precariously above parity to the dollar.
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Treasury Intensifies Pressure on Iranian Shadow Fleet
U.S. Department of the Treasury
Today, the United States is imposing sanctions on 35 entities and vessels that play a critical role in transporting illicit Iranian petroleum to foreign markets. This action imposes additional costs on Iran's petroleum sector following Iran's attack against Israel on October 1, 2024, as well as Iran's announced nuclear escalations, building upon the sanctions issued on October 11. Petroleum revenues provide the Iranian regime with the resources to fund its nuclear program, develop advanced drones and missiles, and provide ongoing financial and material support for the terrorist activities of its regional proxies.
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Chicago Wants to Build the Silicon Valley of Quantum Computing
Steven Rosenbush - The Wall Street Journal
For decades, the labs of Illinois and surrounding states have nurtured breakthroughs in nanotechnology, the life sciences and the internet itself. Time and again, the researchers behind those developments have gone elsewhere to commercialize their ideas. But business and political leaders in the region are determined to break that pattern by putting a bear hug around the next likely technological leap: quantum computing that leaves contemporary computers in the dust.
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Prudential Promotes Andy Sullivan to CEO, Succeeding Lowrey
Alexandre Rajbhandari - Bloomberg
Prudential Financial Inc. promoted Andy Sullivan to succeed Charlie Lowrey as chief executive officer amid a broader shakeup of the insurer's top management ranks. Sullivan, 54, who held leadership positions in all of Prudential's businesses since he joined in 2011, will take the helm at the end of March, the company said Tuesday in an emailed statement. Lowrey, 66, will remain as executive chairman for 18 months after that.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Britain 'considering sending troops to Ukraine under ceasefire deal'
Kieran Kelly - The Telegraph
Britain and France are considering deploying troops to Ukraine to monitor a ceasefire should Kyiv and Moscow begin peace talks, according to an anonymous senior Nato official. Paris and London are preparing options for a variety of situations that could unfold in Ukraine, the official told Radio Free Europe. One option would involve sending a task force of troops to the contact line to enforce an armistice.
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Zelenskiy calls for reinforcement of eastern front against Russian advances
Reuters
President Volodymyr Zelenskiy called on Tuesday for major reinforcement of sectors in eastern Ukraine of the 1,000-km (600-mile) front line, where Russian forces have made consistent gains in recent months. Zelenskiy issued his appeal as Russia's Defence Ministry said its troops had captured two new front-line villages -- one in Donetsk region, the main focus of the 33-month-old war, the other further south in Zaporizhzhia region.
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Cease-Fire Between Israel, Hezbollah Teeters as Sides Exchange Fire; Flare-up in fighting highlights ambiguities within the deal over how cease-fire should be enforced
Jared Malsin and Dov Lieber - The Wall Street Journal
Less than a week after a cease-fire went into effect between Israel and Hezbollah in Lebanon, fighting between both sides has reignited, with each accusing the other of violating the fragile truce-testing its durability. Israel has launched airstrikes and other attacks since the cease-fire began on Nov. 27, in what it says was an effort to thwart threats from the militant group and enforce the agreement. Hezbollah hit back for the first time, launching two projectiles at a disputed territory on the Israel-Lebanon border on Monday night.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | New BME Growth Incorporation Document of SANTA ANA
BME-X
It is the fifth company to register a BME Document of Incorporation on this market in 2024.
The Market Coordination and Incorporations Committee considers that SANTA ANA will meet the requirements for incorporation into BME Growth. The Board of Directors of the company has taken as a reference for the commencement of trading of the shares a price of 13.50 euros per share, which represents a total value of the company of 88 million euros.
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ClarkeModet and Lets Group join the BME Pre-Market Environment as partners
BME-X
Entorno Pre Mercado (EpM), BME's training programme that helps companies familiarise themselves with the securities markets, welcomes two new partners: ClarkeModet and Lets Group. With them, there are now 29 direct collaborators who currently form part of this BME initiative, which also has 20 companies that are preparing to become listed companies. Nine companies have already made the leap to the financial markets from the Pre-Market Environment.
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Cboe Global Markets to Present at the Goldman Sachs 2024 U.S. Financial Services Conference on December 11
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, announced today that Jill Griebenow, Executive Vice President and Chief Financial Officer, and David Howson, Executive Vice President and Global President, will present at the Goldman Sachs 2024 U.S. Financial Services Conference in New York City on Wednesday, December 11 at 1:00 p.m. ET.
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CME Group Announces CME Term EURSTR Reference Rates
CME Group
CME Group, the world's leading derivatives marketplace, today announced it will provide CME Term EURSTR Reference Rates to meet client demand for a term rate anchored in EURSTR markets. Published in beta today, the rates are based on CME Group's liquid EURSTR futures and OTC swap market data. They are published in 1-month, 3-month, 6-month and 12-month tenors.
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CME Group to introduce EURSTR term rates; The rates will be published in tenors of one, three, six, and 12 months, confirmed the firm.
Claudia Preece - The Trade
CME Group is set to introduce CME Term EURSTR reference rates in response to client demand. Across the market, participants are keen for a term rate anchored in EURSTR markets, said the firm. The rates will be published in tenors of one, three, six, and 12 months and are based on CME Group's liquid EURSTR futures and OTC swap market data.
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LME welcomes Clear Street as Category 1 member
LME
The London Metal Exchange (LME) is pleased to announce that Clear Street UK has today been approved as a Category 1, Ring-dealing member. Clear Street UK is a subsidiary of Clear Street, a US financial technology and services group. Matthew Chamberlain, LME CEO, said: "We are delighted to welcome Clear Street to the LME. The arrival of a new member of the calibre of Clear Street demonstrates the LME's ability to provide a dynamic marketplace for industrial metals and our place at the centre of global metals trading."
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Trading Charity At The Frankfurt Stock Exchange On 6 December; Trading fees on 6 December will go to charitable organisations; Donation check will be handed over on 11 December
Mondovisione
Deutsche Borse and the nine securities trading banks (specialists) on the Frankfurt trading floor will donate all transaction and trading fees from 6 December 2024, to charitable organisations. Anyone trading stocks, funds, ETFs, ETCs, or ETNs at the trading venue Borse Frankfurt on this Friday from 8:00 AM to 10:00 PM (bonds: 8:00 AM to 5:30 PM) will support all organisations equally. With the "Trading Charity - Trading and Helping" initiative, the stock exchange operator, specialists, and market participants support the following charitable organisations: Frankfurter Stiftung fur krebskranke Kinder, Stiftung Leben mit Krebs, Fußballgruppe "Zuruck ins Leben" by FC Germania Okriftel. The donation check will be handed over on 11 December with a Bell Ringing event at the Frankfurt Stock Exchange.
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Geopolitical and Cyber Risks Remain Top Threats to the Financial Services Sector in 2025; New DTCC Survey highlights that 55% of respondents believe there is a high or very high chance of a high-impact systemic event in 2025
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today issued its annual Systemic Risk Barometer Survey results, identifying Geopolitical Risks, Cyber Risk, U.S. Political Uncertainty and U.S. Presidential Election Outcome, Inflation and U.S. Economic Slowdown as the top five threats to the financial services industry in the upcoming year. In addition, 55% of respondents indicated they believe there is high or very high chance that a high-impact systemic event will affect the global financial services industry in 2025.
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Intercontinental Exchange Reports November 2024 Statistics
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today reported November 2024 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
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Satrix Launches Industry-First Global Balanced ETF on the JSE
JSE
The fund is designed to cater to those looking to hedge against rand weakness and participate in offshore markets through a well-diversified, long-term strategy. Balanced funds offer investors diversified exposure to different asset classes in an optimal blend. Satrix is now using their portfolio design skills and index tracking capabilities to introduce a global balanced fund in a low-cost ETF vehicle, a first for the local market.
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FTSE China Index Series Quarterly Review - Q4 2024
LSEG
FTSE Russell, a leading global index provider, has today announced the results of the FTSE China Index Series quarterly review for December 2024.
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Moscow Exchange Trading Volumes in November 2024
MOEX
In November 2024, total trading volumes across Moscow Exchange's markets was RUB 124.8 trln. Equities Market Trading volume in shares, DRs and investment fund units was RUB 3.2 trln. ADTV was RUB 154.7 bln.
/jlne.ws/4giTw9Q
Miami International Holdings Reports Trading Results for November 2024; Multi-listed Options; Market Share Up 9.3% with Record Volume across Multiple Options and Equities Exchanges
MIAX
Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported November 2024 trading results for its U.S. exchange subsidiaries - MIAX, MIAX Pearl, MIAX Emerald and MIAX SapphireTM (collectively, the MIAX Exchange Group), and MIAX FuturesTM.
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OCC November 2024 Monthly Volume Data
OCC
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | TNS Launches Market Data Monitoring Solution for Banks and Hedge Funds Together with TNS Market Data as a Service
TNS
Transaction Network Services (TNS) today announced the launch of a powerful new data usage optimization product, designed to help buy side and sell side firms streamline market data costs. Called Data Usage Optimizer (DUO), this solution generates actionable market data usage reports that identify where subscription fees can be reduced by pinpointing unused data feeds. DUO marries TNS' innovative market data monitoring services with its extensive network infrastructure capabilities. The solution allows institutions to see which employees have not used specific data feeds recently, providing the opportunity to reduce unnecessary subscription costs by turning off access for these individuals.
/jlne.ws/4fTOwZC
Europe's Newest Startup Trend: Making AI-Powered Weapons; A crop of defense newcomers wants European militaries to modernize - and dole out contracts
Mark Bergen - Bloomberg
Pivot to weapons
Donald Trump's imminent return to the US presidency is forcing European governments to confront a bleak possibility: they may have to defend Ukraine - and maybe themselves - without US support. For some startups, it's a ripe opportunity. A crop of defense newcomers is calling for Europe to apply the tech sector's latest advances to war. Some of those companies that started off selling observational drones, or just military software, are now making full-fledged weapons. Their bet is that European governments will increase defense budgets and buy more autonomous drones and AI systems, not only jets and tanks. "They absolutely have no choice," said Lorenz Meier, chief executive officer of Auterion, a software provider for drones. "Defense spending is increasing and it's pivoting toward unmanned."
/jlne.ws/3Blbl9u
AI Revolution Set to Triple Southeast Asia's Data Center Capacity by 2030
Fintech Singapore
By 2030, data center capacity in Southeast Asia is expected to triple to reach between 5.2 gigawatts (GW) and 6.5 GW, a surge which will be fueled by a remarkable tenfold increase in demand for artificial intelligence (AI) computing.
/jlne.ws/3BckAJb
Amazon is giving its data centers a facelift for the generative AI age
Daniel Howley - Yahoo Finance
Amazon (AMZN) is giving its massive Amazon Web Services (AWS) data centers a facelift. The company announced it's improving the efficiency, availability, and design of its enormous computing facilities to keep them up and running for its customers and provide them with the kind of processing power they need to run new generative AI applications.
/jlne.ws/3OFeeFb
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| Cybersecurity | | Top stories for cybersecurity | Why Hackers Want Your Health Information; Health records contain personal information that can leave patients exposed to financial and medical risks
Heidi Mitchell - The Wall Street Journal
Data breaches at healthcare organizations have become common in recent years. But what do hackers want with your health information, anyway? Usually, hackers break into providers' networks looking for a ransom, doing things like locking the provider out of its own computer systems or threatening to release its data online. But they are also looking for patient data.
/jlne.ws/41gQPl2
California Teen Suspected of Being a Member of Scattered Spider Hacking Gang
Margi Murphy - Bloomberg
An accused teenage hacker who was arrested last month in California is suspected of being a member of the notorious cybercrime group Scattered Spider, according to several people familiar with the matter. US prosecutors charged Remington Ogletree on Oct. 30 with wire fraud in relation to alleged crimes conducted from October 2023 through May 2024.
/jlne.ws/3ZBwUvO
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| Cryptocurrencies | | Top stories for cryptocurrencies | Founder of failed crypto lending platform Celsius pleads guilty to fraud charges; Alexander Mashinsky, 58, could face up to 30 years in prison
Associated Press via MarketWatch
The founder and former CEO of the failed cryptocurrency lending platform Celsius Network could face decades in prison after pleading guilty Tuesday to federal fraud charges, admitting that he misled customers about the business. Alexander Mashinsky, 58, of Manhattan, entered the plea in New York federal court to commodities and securities fraud.
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Polymarket Bettors Skeptical Over Potential Microsoft Bitcoin Purchase
Sam Reynolds - CoinDesk
Michael Saylor's pitch to Microsoft's (MSFT) board on whether the software giant should add bitcoin to its balance sheet is unlikely to get shareholder approval, with Polymarket bettors only giving an 11% chance of it being approved.
/jlne.ws/3ZAPIv8
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| Politics | | An overview of politics as it relates to the financial markets | What Trump's Views on Too-Big-to-Fail Mean for Your Bank Account; The president-elect disapproved of federal bailout for Silicon Valley Bank customers. That should be a warning for uninsured depositors at most banks.
Jonathan Weil - The Wall Street Journal
The S&P regional banks index has gained 12% since Nov. 5, which is understandable. The industry is anticipating looser regulation and a relaxation of the requirements for how much capital banks must hold as a cushion against unexpected losses. Those developments may help earnings in the coming years. Investors so far have been willing to look past the possible trade-offs. The aggressive tariff hikes floated by President-elect Donald Trump would be inflationary and could lead to higher interest rates and bond yields. For banks holding large amounts of long-dated, fixed-rate assets, such as Treasurys and government-sponsored mortgage bonds, that could mean greater unrealized losses as bond values decline, weakening their balance sheets.
/jlne.ws/3VnRayq
Trump Vows to 'Impound' Money Congress Appropriates. Can He Do It?
Steven T. Dennis - Bloomberg
President-elect Donald Trump says he has plenty of ways to shrink the federal government: get rid of the Department of Education; empower two wealthy allies to start an unofficial Department of Government Efficiency; and slash the bureaucracy that regulates government. And one other idea: don't spend all the money Congress tells him to spend.
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President-elect Donald Trump's lawyers urge judge to toss his hush money conviction
Michael R. Sisak and Jake Offenhartz - AP
President-elect Donald Trump's lawyers formally asked a judge Monday to throw out his hush money criminal conviction, arguing that continuing the case would present unconstitutional "disruptions to the institution of the Presidency." In a filing made public Tuesday, Trump's lawyers told Manhattan Judge Juan M. Merchan that anything short of immediate dismissal would undermine the transition of power, as well as the "overwhelming national mandate" granted to Trump by voters last month. They also cited President Joe Biden's recent pardon of his son, Hunter Biden, who had been convicted of tax and gun charges.
/jlne.ws/3VpqZaN
Trump Threats Will Fail to Derail Canadian Stock Gains, AGF Says; Toronto-based firm sees 'solid runway' as economy improves; Communications is the only S&P/TSX sector falling in 2024
Geoffrey Morgan - Bloomberg
Looser regulation in the US is poised to outweigh the threat of hefty tariffs when it comes to the outlook for Canadian equities next year, according to AGF Investments Inc. The Toronto-based firm says the macro picture in Canada improved this year and may brighten further in 2025. The S&P/TSX Composite Index has risen 22% so far in 2024, setting more than 40 all-time highs, and is on pace for its best year since 2009. The Canadian stocks gauge also outstripped the S&P 500 Index in every month from July onward after trailing the US benchmark in the first half.
/jlne.ws/41lY6jx
UK Fiscal Stance Unsustainable Without More Tax Rises, OECD Says
Philip Aldrick - Bloomberg
British Chancellor Rachel Reeves will need to raise taxes further to get the public finances on a sustainable footing, the OECD said as it upgraded its growth forecasts for the UK. In its first health check on the UK economy since the chancellor sharply increased both taxes and borrowing in her October budget, the global institution called for "prudent" fiscal policy to build a larger buffer against potential shocks like another increase in energy prices or rising trade tensions and protectionism.
/jlne.ws/4fSbFf0
British Steel nationalisation is one rescue option, government admits; Public ownership for lossmaking business least preferred route as deal sought over future with Chinese owner
Jim Pickard and Sylvia Pfeifer - Financial Times
The UK government has admitted nationalising British Steel is one option open to it if its efforts to rescue the Chinese-owned company fail in the coming months. But officials insist that taking the business into public ownership - whether as a permanent or temporary move - was ministers' least preferred route as they try to strike a deal with owner Jingye to keep it going. Nationalisation "is one of several options we have considered", said one government figure. "But it is not being progressed at this stage."
/jlne.ws/4ghGD02
French Government Set to Be Toppled in No-Confidence Vote; National Rally's Bardella said his party will approve motion; Socialist Leader in National Assembly will also approve vote
Ania Nussbaum and Samy Adghirni - Bloomberg
/jlne.ws/3ZCcWRI
South Korean Parties Further Isolate Yoon With Impeachment
Soo-Hyang Choi - Bloomberg
/jlne.ws/3CXYWc5
What's Behind South Korea's Martial Law Chaos and Why It Matters
Jon Herskovitz - Bloomberg
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| Regulation & Enforcement | | Stories about regulation and the law. | Deutsche Bank chief calls for relief on regulation and 'rethink' on tax;Call comes amid discontent with Germany's ruling coalition ahead of snap election in February
Simon Foy - Financial Times
Deutsche Bank chief executive Christian Sewing has said that German businesses need relief on regulation and a more competitive corporate tax regime to reboot growth in the country's flagging economy. "We clearly need certain structural reforms," Sewing told the Financial Times global banking summit in London on Wednesday. "We need to have absolutely some relief on the regulation and red tape. That is important."
/jlne.ws/4geFtSO
'Mr. Non Compliant' Believed He Was Part of Trafigura 'Family,' Court Hears
Hugo Miller and Jack Farchy - Bloomberg
A consultant dubbed "Mr. Non Compliant," because he allegedly controlled the flow of bribes at the heart of Trafigura's trial, believed he was "one of the family," according to a document shared with the court. Describing how he was persuaded to take on a role he initially refused, the man wrote in a memo ahead of a meeting with Trafigura founder Claude Dauphin that "you said I would be doing the company a big service to take the role" and would later be able to return as an employee.
/jlne.ws/3B3u1L4
SEC Investor Advisory Committee to Examine Mandatory Arbitration Clauses in Adviser Agreements and Alternative Assets and Retail Investors at December 10 Meeting
SEC
The Securities and Exchange Commission's Investor Advisory Committee will hold a virtual public meeting on Dec. 10, 2024, at 10 a.m. ET. The meeting will be webcast on the SEC website.
/jlne.ws/3OGvutG
SEC Charges Kiromic BioPharma and Two Former C-Suite Executives with Misleading Investors about Status of FDA Reviews; SEC declines to impose civil penalties against company due to its self-reporting, remediation, and cooperation.
SEC
The Securities and Exchange Commission today filed settled charges against Houston-based biotherapeutics company Kiromic BioPharma, Inc., its former CEO, Maurizio Chiriva-Internati, and its former chief financial officer, Tony Tontat, for failing to disclose material information about Kiromic's two cancer fighting drug candidates before, during, and after a July 2021 follow-on public offering that raised $40 million. Kiromic and Tontat have agreed to settle the SEC's charges in separate administrative proceedings and Chiriva has agreed to settle the charges in federal district court. Kiromic was not ordered to pay a civil penalty in light of its self-reporting, cooperation, and remediation, and Chiriva and Tontat agreed to pay civil penalties of $125,000 and $20,000, respectively, to settle the SEC's charges.
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SEC Obtains Final Judgments Against California Investment Adviser and its Owner for Undisclosed Conflicts of Interest Related to Real Estate Ponzi Scheme
SEC
On November 25, 2024, the U.S. District Court for the Northern District of California entered final consent judgments against Dow Rockwell LLC, a formerly California-registered investment adviser, and its sole proprietor, Richard Dow Rockwell. The entry of the consent judgments resolves all claims arising out of the SEC's March 31, 2022 complaint, which alleged that Rockwell and Dow Rockwell LLC failed to disclose compensation they received in connection with soliciting and recommending investments in the securities of Professional Financial Investors, Inc. ("PFI"), a Marin County, California real estate investment and management company that defrauded investors. As alleged, PFI operated as a Ponzi scheme, where a substantial portion of investor funds was used to pay back previous investors, and more than $35 million in investor funds was misappropriated by PFI's executives. The complaint also alleged that Rockwell and Dow Rockwell LLC did not disclose the past criminal conviction of PFI's founder to their clients and that, during the time Rockwell and Dow Rockwell LLC offered and sold PFI securities, neither was registered as a broker-dealer with the SEC or associated with a registered broker-dealer.
/jlne.ws/4f0r7Vk
SEC Charges Ken Leech, Former Co-Chief Investment Officer of Western Asset Management Co., with Fraud
SEC
On November 25, 2024, the Securities and Exchange Commission charged Stephen Kenneth ("Ken") Leech, the former co-chief investment officer (CIO) of registered investment adviser Western Asset Management Company LLC or WAMCO, for engaging in a multi-year scheme to allocate favorable trades to certain portfolios, while allocating unfavorable trades to other portfolios, a practice known as cherry-picking.
/jlne.ws/41BqhLJ
SEC Charges Former CEO of Biotherapeutics Company with Misleading Investors about Status of FDA Reviews
SEC
The Securities and Exchange Commission today filed settled charges against Maurizio Chiriva-Internati, the former CEO of Houston-based biotherapeutics company, Kiromic BioPharma, Inc., for failing to disclose material information about Kiromic's two cancer fighting drug candidates before, during, and after a July 2, 2021 follow-on public offering that raised $40 million.
/jlne.ws/41frIir
ASIC signals ongoing work to maximise benefits of the reportable situations regime
ASIC
The reportable situations regime is a key component of the financial services and credit regulatory frameworks. ASIC expects all licensees, regardless of size, to have robust systems and processes in place to ensure timely detection and reporting of non-compliance. These expectations were highlighted in recent legal proceedings filed by ASIC against United Super Pty Ltd (United Super), the trustee of Cbus, for systemic claims handling failures and for failing to lodge a reportable situation within the required 30 days (24-251MR).
/jlne.ws/4fYQrfs
ASIC suspends Edisons Global's AFS licence following repeated compliance failures
ASIC
ASIC has suspended the Australian financial services (AFS) licence of fund manager Edisons Global Pty Ltd (Edisons) for six months, from 31 October 2024 to 30 May 2025. ASIC suspended the licence after Edisons failed to comply with certain obligations required of AFS licensees. Since its AFS licence was granted in 2021, Edisons failed to lodge its industry funding metrics or its annual financial statement, auditor report and audit opinion by the due date for the financial years, ending 30 June 2022 and 30 June 2023.
/jlne.ws/41hvTdy
Reportable situations: Findings of ASIC's review and how licensees can improve compliance with the regime
ASIC
Australian financial services and credit licensees have an obligation to report breaches to ASIC under the reportable situations regime. ASIC uses this information to identify and address emerging trends of non-compliance and take regulatory action where appropriate. Reforms to the reportable situations regime in 2021 expanded what was reportable and pushed for more timely and consistent reporting. However, a recent ASIC surveillance shows that there is still more work to do.
/jlne.ws/4eYN3jr
Climate-related Disclosures: Insights from our reviews; This report provides key insights from our reviews of 70 climate statements prepared for reporting periods ended 31 December 2023, 31 January 2024 and 31 March 2024.
FMA
The FMA is responsible for the independent monitoring and enforcement of the climate-related disclosures regime. The purpose of this report is to provide useful feedback for climate reporting entities to improve the disclosures in their climate statements. This report is primarily intended for climate reporting entities, their directors and other interested parties, such as assurance practitioners and advisers. While not directly intended for primary users of climate statements, they may also find this report useful.
/jlne.ws/3D8xybj
FMA encouraged by first climate statements
FMA
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko - has today published its Climate-Related Disclosures insights report from the first set of entities that were required to file climate statements. The FMA reviewed 70 climate statements that were prepared by climate reporting entities (CREs) for reporting periods ended between December 2023 and March 2024. The FMA's review looked at compliance with the disclosure requirements in the External Reporting Board's Aotearoa New Zealand Climate Standards and the legislative requirements under the Financial Markets Conduct Act 2013. The purpose of the report is to provide timely and useful feedback for climate reporting entities to improve disclosure in the future.
/jlne.ws/4giMzpg
The FCA sets out next steps for establishing a bond consolidated tape
FCA
The FCA is establishing a bond consolidated tape (CT) to ensure that data is accessible in a cost-effective way. A bond CT collates data on transactions, such as prices and volumes, bringing together data on trades executed on trading venues as well as those arranged over-the-counter.
/jlne.ws/49lH5YG
MAS Renews its Successful Partnership with NUS on Term Professorship Programme; Visitor programme for senior academics and industry practitioners in economics and finance to be extended for another five years
MAS
The Monetary Authority of Singapore (MAS) has reaffirmed its partnership with the National University of Singapore (NUS) by extending the MAS Term Professorship in Economics and Finance at the University for another five years. With this renewal, the MAS Term Professorship has been broadened beyond its focus on eminent academics in economics and finance to include industry practitioners as well as rising academic stars.
/jlne.ws/3D0QXLy
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | OPEC+ Dilemma and Trump Uncertainty Keep Oil Volatility Sliding
Alex Longley - Bloomberg
With OPEC+ set to make a pivotal decision on production policy, oil prices remain resolutely rangebound, even with a second Trump presidency imminent and risks remaining in the Middle East and Ukraine. A gauge of US crude market volatility fell to its lowest level since August in recent days. That comes with prices trading in a band of about $6 a barrel since the middle of October, as benchmark West Texas Intermediate bounces around $70 a barrel.
/jlne.ws/3CVKMIx
Gamble Gone Bad Upends Trader Perception of Korea and Beyond; Asian assets are already under pressure on US tariff outlook; This has 'huge implications' for Korea, rest of Asia: Mizuho
Ruth Carson and Sangmi Cha - Bloomberg
South Korea's martial law decree was short-lived but the implications for global investors in the region may roll on for some time. The shock imposition of the measures late Tuesday and their just as sudden removal risk further denting sentiment toward Asian assets already threatened by higher US tariffs. The events raise concerns about the country's sovereign-debt rating and the won faces elevated-volatility if the fallout results in a lengthy period of political gridlock.
/jlne.ws/3VlFRad
Mitsubishi Corp Loses $90 Million in Suspected Copper Fraud; Japanese company has dismissed a Shanghai copper trader; Shares fell more than 2% on the news, before paring losses
Alfred Cang and Koh Yoshida - Bloomberg
Mitsubishi Corp. said it had suffered a loss of more than $90 million in China after uncovering suspected fraud by one of its copper traders. The loss is the latest in a string of recent cases of alleged wrongdoing to hit major commodity trading houses, highlighting the risk that individual traders who handle billions of dollars in commodities may seek to enrich themselves at the expense of their own companies.
/jlne.ws/4iiE3Zq
All Gold Maker Tiger Brands Turns the Page After Listeriosis Tragedy; CEO Tjaart Kruger helmed the turnaround of the company; Shares jump to highest since May 2019 after full-year results
Janice Kew - Bloomberg
Tiger Brands Ltd. shares climbed to their highest levels in five and a half years, signaling growing investor confidence in the leadership of Chief Executive Officer Tjaart Kruger, who took the helm 13 months ago to turn around South Africa's largest food producer. The stock rose 3.5% by 2:19 p.m. in Johannesburg, hitting the highest level since May 15, 2019. The rally follows the company's announcement of a full-year dividend per share that exceeded analyst expectations - a key milestone under Kruger's leadership.
/jlne.ws/3Da90yH
Trade associations emphasise need for credit ratings to bolster EU corporate bond transparency regime
Wesley Bray - The Trade
As ESMA's review of European Union's post-trade transparency regime enters its final stage, European trade associations have stressed the importance of credit ratings in underpinning the success of the EU post-trade transparency framework for corporate bonds. The trade associations - namely, the Association for Financial Markets in Europe (AFME), BVI (German Investment Funds Association), Bundesverband der Wertpapierfirmen (bwf), the European Fund and Asset Management Association (EFAMA) and the International Capital Markets Association (ICMA) - have released a joint statement on behalf of their members active in the EU bond markets, including the sell-side, buy-side, and financial market infrastructures.
/jlne.ws/3Vok4i7
Nobody wants to be short this market: "equity repo" edition; Cozzie livs? More like cozzie levs
Alexandra Scaggs - Financial Times
The cost of living has been on everybody's mind. But won't anyone spare a thought for the cost of leverage?It's going up, says Société Générale (with our emphasis): The cost of funding synthetic (i.e. leveraged) exposure to large cap equities has risen to all-time highs (exemplified by the US, but also seen across Europe and other equity markets). While regulation-led constraints on balance sheet usage have been a persistent feature since 2013 (post Basel III implementation) and continue to impose constraints to this day, most of this rise in funding cost can be explained by the imbalance between this limited supply and growing demand rising from the spectacular rise in equities over the past two years. End-of-year effects have likely worsened the problem.
/jlne.ws/3ZnCqRq
Political turmoil proves investors right on the 'Korea Discount'
Ankur Banerjee and Vidya Ranganathan - Reuters
/jlne.ws/3B24Qsl
Why 2024 Could Be the Biggest Year for Stock Buybacks
Sarah Holder, David Gura, Julia Press, and Alexander Sugiura - Bloomberg
/jlne.ws/3ODzcEw
Yen Carry Trade That Rattled Markets Shows Signs of a Comeback
Mia Glass and Masaki Kondo - Bloomberg
/jlne.ws/3D21aav
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | TotalEnergies to Buy Renewables Firm VSB for 1.57 Billion Euros; Firm also sells 50% stake in Texas solar, battery assets; TotalEnergies is expanding in clean energy as peers pull back
Francois De Beaupuy, Eyk Henning, and Dinesh Nair - Bloomberg
TotalEnergies SE agreed to buy German renewable project developer VSB Group from private equity firm Partners Group Holding AG for 1.57 billion Euros ($1.6 billion). At the same time, TotalEnergies announced that it reached a deal to sell a 50% stake in a 2 gigawatt portfolio of solar and battery power projects in Texas to funds managed by Apollo Global Management Inc. for $800 million in cash. The deal is part of a policy to reduce its interests in renewable projects to boost the return on capital employed.
/jlne.ws/3ZD9vue
Cuba's Power Grid Collapses Again, Leaving Entire Island in Dark
Stephen Wicary - Bloomberg
Cuba is without power again after a failure at a key plant near the capital brought down the national electrical grid. The lights went out across the entire island of about 11 million people shortly after 2 a.m. on Wednesday when an automatic switch was tripped at the 330-megawatt capacity CTE Antonio Guiteras, Cuba's ministry of energy and mines said on social media.
/jlne.ws/4iiibgO
South African Court Says State Can't Order New Coal Plants; Judge says decision on new plants violates right to health; South Africa has the most carbon-intensive economy of the G-20
Antony Sguazzin - Bloomberg
South Africa's High Court upheld a legal challenge to the government's plan to procure 1,500 megawatts of new coal-fired power, ruling that it was unlawful because of the potential impact on public health. Plans for more electricity from the dirtiest fossil fuel in South Africa, which has the most carbon-intensive economy among the Group of 20 nations, violate the constitutional right to health, Judge C.J. van der Westhuizen wrote in a ruling released on Wednesday.
/jlne.ws/3Bpuya2
Who Will Clean Up Shell's Mess in Nigeria? The energy giant says it remedies spills it's responsible for. Critics say a proposed sale of a subsidiary could help it avoid paying for countless leaks.
Paul Tullis, Samuel Ajala, Abdulwaheed Sofiullahi, and Marcello Rossi - Bloomberg
In better times, Wir-Le Agbaalor worked his family's small farm every day-weeding, watering or harvesting his cassava. But for more than a year now, he's had little to show for his efforts because his fields have been covered in a thick, sticky coat of black crude oil. A section of the Trans-Niger pipeline lies hidden in a copse about 100 feet from his land in the Niger River Delta. Built by Royal Dutch Shell Group in 1965, the link can transport 180,000 barrels a day and has been the source of countless spills over the years.
/jlne.ws/3OFyqXG
Saudi Aramco Signs Up Partners for Carbon Capture Project; Linde, SLB join in shareholders' agreement for Jubail CCS plan; Aramco to hold 60% in project to hold 9 million tons emissions Anthony Di Paola - Bloomberg
Saudi Aramco is moving closer to building a giant carbon capture and storage project at its main refining and chemicals hub at Jubail, on the kingdom's Gulf coast. The oil producer signed a shareholders' agreement with partners Linde Plc and SLB to develop the facility, which aims to capture and store 9 million tons of carbon dioxide a year by the end of 2027, according to a statement. Aramco will hold a 60% stake, with the partners owning 20% each of the project.
/jlne.ws/4f0p5nR
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | TNS launches market data monitoring for banks and hedge funds
Rick Steves - Finance Feeds
Transaction Network Services (TNS) has launched called Data Usage Optimizer (DUO), a new data usage optimization product designed to help buy-side and sell-side firms streamline market data costs. DUO generates actionable market data usage reports identifying where subscription fees can be reduced by pinpointing unused data feeds.
/jlne.ws/3ZkM8En
Alana Capital names new head of trading; Individual has previously served at: OTCex, GFI Group, BNP Paribas, Societe Generale, and Greenwich Dealing.
Claudia Preece - The Trade
Germain Carton has been appointed head of trading at Alana Capital following almost six years at Greenwich Dealing. He was most recently head of trading at the firm, having joined as a cross-asset trader in 2018.
/jlne.ws/3VmCdNa
JPMorgan's investment banking chair departs, memo says
Reuters
Wall Street giant JPMorgan Chase's global chair of investment banking Jennifer Nason is set to leave the bank early next year after almost four decades, according to an internal memo seen by Reuters on Monday. Accenture nominated Nason as one of its candidates to be elected to the board, the Dublin-based consultancy firm said earlier on Monday.
/jlne.ws/3OZvZQ1
City's new bonus rules will be better for bankers than banks
Daniel Davies - Financial Times
If there is one thing that bankers like, it's giving themselves titles that make them sound more of a baller than they actually are. So Goldman Sachs has "Partners" who aren't members of any partnership, while every other investment bank has "Managing Directors" who aren't on the board of a company and in many cases don't manage anything. A bank's "Vice Presidents" are considerably further than a heartbeat from the presidency. I once worked for a brokerage where the highest rank was "Board Director", seemingly in order to remind all of us ordinary Directors that we weren't fooling anybody.
/jlne.ws/3BfNgB5
Goldman's unmatched sold credit protection up 15% in Q3; Written notionals not hedged by buying identical protection on riskiest names jumped 85%
Lorenzo Migliorato - Risk.net
The notional gap between credit derivatives written and purchased by Goldman Sachs on the market's riskiest names widened significantly in the third quarter, driven by credit index rebalancing and client repositioning ahead of the US election. By end-September, the bank had sold $12.05 billion in credit derivatives linked to reference entities with credit spreads exceeding 1,000 basis points. Of this, $8.62 billion was hedged through purchased protection on identical names.
/jlne.ws/3ZrPQMy
Ex-Swiss Banker's $4.7 Billion Wealth Firm Targets Miami Riches; Azura plans to add two-dozen staff next year in Florida city; Founder Ali Jamal has recruited from Citi, UBS and JPMorgan
Benjamin Stupples - Bloomberg
Since founding wealth firm Azura five years ago in Monaco, Ali Jamal has rapidly expanded its services to the world's rich, building up offices from Singapore to Geneva to New York. A top priority for the former Julius Baer Group Ltd. executive in 2025: Miami. Azura plans to add about two-dozen employees in Miami next year after opening an office there in June, adding to an existing team of about five staffers focused on attracting Latin American fortunes, Jamal said.
/jlne.ws/3ZD9Gpp
Wells Fargo to Sell San Francisco Headquarters; CEO Charlie Scharf and other key executives are now based in New York
Gina Heeb and Craig Karmin - The Wall Street Journal
Wells Fargo is set to sell its San Francisco headquarters, part of a broader shift in the bank's power base to the East Coast. The office at 420 Montgomery St. in San Francisco's Financial District could be put on the market as soon as this month, people familiar with the matter said. Wells Fargo already has started to engage in informal conversations with potential buyers, one of the people said. Wells Fargo has hired as an adviser the real-estate investment bank Eastdil Secured, which it sold in 2019 and still owns a minority stake in.
/jlne.ws/4in7Sbs
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | It's Taking Longer to Find a New Job in the US
Michael Sasso - Bloomberg
The unemployed are having a harder time finding jobs in the US, a trend that's casting a shadow over other statistics showing a resilient labor market with few outward signs of trouble. More than 40% of the roughly 7 million people looking for work have now been searching unsuccessfully for at least 15 weeks - a number rarely seen in the post-World War Two era until the global financial crisis of 2008.
/jlne.ws/49lcn1P
CEOs Are Getting Tossed Out at Record Pace
Jo Constantz and Jeff Green - Bloomberg
It's only Tuesday, and already this week has brought news of CEO departures at two iconic companies. The resignations of Pat Gelsinger at Intel Corp. and Carlos Tavares at Stellantis NV raise questions not only about the strategic path each of these companies has been on, but whether anyone could design a better one - and stay long enough to see it through.
/jlne.ws/4fXPKDl
BlackRock's New Deals Task Fink With Hanging Onto Key Talent
Silla Brush - Bloomberg
Larry Fink is shelling out about $25 billion in the space of a year to turn BlackRock Inc. into a top-five player in infrastructure and private credit. Now he's focused on enticing the firm's newest rainmakers to stay on board. Across the purchases of private credit firm HPS Investment Partners and Global Infrastructure Partners this year, BlackRock set aside $1.33 billion for retention packages, about $1 million per new employee. Those teams are also keeping a large chunk of the carried interest from their existing strategies.
/jlne.ws/3OFHhJ2
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| Wellness Exchange | | An Exchange of Health and Wellness Information | New Zealand Officials Testing for Bird Flu at Second Egg Farm
Tracy Withers - Bloomberg
New Zealand officials are investigating a second egg farm in the southern region of Otago for potential cases of bird flu. Biosecurity New Zealand "placed a precautionary restricted place notice on a small free-range farm near Dunedin, stopping the movement of material on and off the property," deputy director-general Stuart Anderson said in a statement Wednesday.
/jlne.ws/4g0THXY
Lilly's Zepbound Beats Novo's Wegovy in Head-to-Head Trial
Madison Muller and Naomi Kresge - Bloomberg
Eli Lilly & Co. said its weight-loss drug Zepbound outperformed rival Novo Nordisk A/S's Wegovy in the first head-to-head trial of the two blockbusters. In a study sponsored by Lilly, people treated with Zepbound lost an average of 20% of their body weight - or about 50 pounds - over 72 weeks, while those who got Wegovy shed 14%. The results confirm earlier trials of the two drugs that indicated a stronger impact from Zepbound.
/jlne.ws/3OHFmnb
C.E.O. of UnitedHealthcare Is Fatally Shot in Midtown Manhattan; The executive, Brian Thompson, was shot in the chest in what people briefed on the investigations said appeared to be a targeted attack.
Chelsia Rose Marcius - The New York Times
A manhunt is underway. Here's the latest.
The chief executive of UnitedHealthcare, one of the nation's largest health insurers, was fatally shot in the chest in Midtown Manhattan on Wednesday morning, according to a police report and two people familiar with the matter. The report said that the executive, Brian Thompson, 50, was shot just after 6:45 a.m. at 1335 Sixth Avenue, the address for the New York Hilton Midtown, according to the report. Mr. Thompson was taken to Mount Sinai West in critical condition.
/jlne.ws/3Zo7IHU
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's New Port Has Peru Targeting $30 Billion Farm Exports; Minister says agricultural exports can almost triple by 2040; Peru is already a top shipper of blueberries, grapes, avocados
Marcelo Rochabrun - Bloomberg
Peru is betting that new trade links with China and local tax breaks can take its booming agribusiness industry to the next level, almost tripling exports over the next decade and a half. Agriculture Minister Angel Manero is targeting $30 billion in exports by 2040, primarily fruit shipments, compared with an estimated $12 billion this year. "Most of that growth will come from Asia," he told Bloomberg in an interview.
/jlne.ws/41kwprk
Dubai Billionaire Plans to Build Data Centers Across Asia; Damac-owned Edgnex to invest $3 billion over next five years; Edgnex ties-up with Nvidia cloud partner Siam AI in Thailand
Patpicha Tanakasempipat - Bloomberg
Damac Group, backed by billionaire developer Hussain Sajwani, plans to invest about $3 billion to build data centers across Southeast Asia as the region becomes a hub for AI and cloud services. Edgnex Data Centers, a unit of the Dubai-based conglomerate, envisions spending the capital in Malaysia, Indonesia and Thailand over the next three to five years, said Danish Nayar, senior vice president of investments and acquisitions. The first of three Thai facilities, which will start operating March in Bangkok, will feature Nvidia Corp. chips.
/jlne.ws/4eVwrJq
Canary Wharf bondholders sign off on £610mn refinancing; Docklands landlord faces higher debt costs and a challenging backdrop for office buildings
Joshua Oliver - Financial Times
Canary Wharf has secured bondholder approval for a £610mn refinancing plan, as the east London landlord nears the end of a high-stakes series of financing deals. Canary Wharf Group, which owns and manages large parts of London's docklands financial centre, wants to take £610mn in new bank loans secured against its vast underground shopping centres to refinance two bonds due in 2025 and 2026.
/jlne.ws/4ggoVde
Lloyds boss warns of UK 'investability problem' after motor finance ruling; Sector left reeling after court backs consumer complaints about 'secret commissions' on car loans
Akila Quinio and Ortenca Aliaj - Financial Times
Lloyds Banking Group chief executive Charlie Nunn said the UK faces an "investability problem" after a landmark court ruling in October left the motor finance industry in disarray. The industry has been reeling since the Court of Appeal ruled it was unlawful for car dealers to receive commissions from motor finance providers, unless such payments had been disclosed to the cu
/jlne.ws/4igIiVl
Coffee Hoarding and Heavy Rain Crimp Supply of Vietnamese Beans; Some growers waiting for higher robusta prices, Vicofa says; Vietnam's output may climb to 28 million bags in 2024-25
Nguyen Dieu Tu Uyen - Bloomberg
Vietnam's coffee supply has been squeezed by growers hoarding their beans and a delay to harvesting caused by heavy rain, but the disruption in the world's top producer of robusta is expected to be short-lived. Some farmers are waiting for higher domestic prices before selling, while rain has delayed the harvest by about 15 days, said Nguyen Nam Hai, the chairman of the Vietnam Coffee and Cocoa Association, known as Vicofa. A series of storms hit the region just as the harvest started in October.
/jlne.ws/3VooyoX
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