| August 26, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
LastPass, the world's most popular password manager, said it has been hacked. It said source code and technical information was stolen, but no indication that any passwords were stolen. For all of you who use the word "password" as your password, you are safe for the time being.
A Forbes story today titled "More Than Half Of All Bitcoin Trades Are Fake" features an examination of 157 crypto exchanges and found that 51% of the daily trading volume is likely bogus. This might be the day to buy that Forbes subscription and pay for it with your bitcoin.
Our friends at Barchart have a smile on their faces today as a result of winning the "AgTech Solution of the Year" at the 2022 AgTech Breakthrough Awards with Marketplace Apps.
Former SEC Chairman Jay Clayton has written an opinion piece in The Wall Street Journal, because you know, that is what SEC chairman do, it seems. Anyway, Clayton opined on crypto in a piece with the title "The Peculiar Challenges of Crypto Regulation; Opposing views are dug in, and sometimes they reflect disagreements with other longstanding policies."
The drought in Europe has pushed the harvest in French wine country to the earliest ever, according to an Associated Press report. The harvest that should start in mid-September is happening now, in mid-August, as a result of the drought.
PEAK6's Jennifer Just is profiled in Entrepreneur in a story titled "Meet One of the World's Few Self-Made Women Billionaires. She Wants to Teach You How to Play the Game — Literally. Jenny Just, who began her career as an options trader, is well-versed in finance and strategy. Now, she's revealing how it's done with her latest endeavor: Poker Power."
Have a great weekend and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Otto Nageli - History of Financial Futures Part One: From SOFFEX to Eurex
JohnLothianNews.com
Otto Nageli, a longtime futures and options executive, died on May 5, 2022. JLN interviewed him in May of 2019 for the History of Financial Futures video series.
In Part One, Nageli talked about getting his start at Credit Suisse, where he became the youngest branch manager the company ever had. He later got an offer to become a member of the executive management of the Bank of Tokyo in Zurich. Later he got a call asking him if he wanted to become the CEO of the first-ever fully electronic exchange and clearing house. He said yes, and he took over as the CEO of SOFFEX, which was launched in 1988, a year after the "Black Monday" stock market crash.
Watch the video »
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Otto Nageli - The History of Financial Futures - Part Two: The Battle of the Bund; Burgenstock
JohnLothianNews.com
In Part Two of the late Otto Nageli's interview with JLN for the History of Financial Futures series, Nageli talked about the part DTB, the forerunner of Eurex, played in repatriating the bund contract and the establishment of Eurex.
Nageli said German regulators considered futures and options to be gambling back then. "That was the main issue for the banks," he said. "They had no legal environment that would be fit for creating a derivative market. But they insisted they needed a futures contract on the bund."
Watch the video »
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Look Out, Corn Kid, the Future of Your Favorite Crop Is Far From 'Corntastic'; While the commodity's cachet is growing online, real-world supplies have been hit by war and extreme weather.
Marvin G Perez - Bloomberg
Corn is having a viral moment on the Internet just as commodity traders worry about tight supplies. The online obsession began earlier this month after Julian Shapiro-Barnum — who produces the video series, Recess Therapy — interviewed a young boy who really, really seems to love corn. The original video, in which the boy describes corn as "a big lump with knobs," was picked up by a meme account on TikTok, where it drew 16 million views. A musical remix posted by The Gregory Brothers achieved even wider recognition with more than 33 million views on the social platform. It even inspired spin-off videos from brands like United Airlines and the NFL's Tennessee Titans.
/jlne.ws/3PWJail
***** There is so much you can do with corn, from ethanol to bad humor.~JJL
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Nearly 60,000 Sneakers in $85 Million Ponzi Scheme to Go on Sale; Court-appointed receiver looks to unload shoes from Zadeh Kicks, whose owner is charged with fraud and money laundering.
Misyrlena Egkolfopoulou - Bloomberg
On clearance: 48,339 pairs of Nikes. And 4,746 Yeezys. And 4,626 Adidas. In all, a neatly boxed 59,780 pairs of shoes — nearly enough to shod all of Palo Alto or Pensacola — from a man authorities have portrayed as the Bernie Madoff of sneakers. Almost one month after federal prosecutors accused Michael Malekzadeh of orchestrating a multimillion-dollar Ponzi scheme involving coveted sneakers, a court-appointed receiver is looking to unload a trove of status-y shoes squirreled away in his warehouse.
/jlne.ws/3Kkcaj7
****** Luckily, this is one Ponzi scheme I was not caught up in.~JJL
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The City of London's Hottest Hotel Is Struggling to Bounce Back; Meanwhile, the Ned faces competition from a slew of other new luxury hotels.
Kate Krader - Bloomberg
The Ned, the glamorous hotel and members club in the heart of the city of London, is having a hard time recovering from the fallout of Covid-19 and the pandemic. The 250-room hotel, which houses 10 restaurants, 17 bars and lounges and a members-only spa, posted revenue of a little over £34.2 million ($40.4 million) in 2021. That's less than half what it was in 2019, when the property, part of the Membership Collective Group, saw almost £77.3 million. The average room occupancy for the massive property that was the coolest club in town when it opened in 2017 was only 32%, compared to 85% in 2019. The cost of staying at the hotel went up modestly; the average nightly rate was £324 last year, compared to £301 three years ago.
/jlne.ws/3Q6kPqN
***** London, I will return soon enough.~JJL
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The Vacation Needs a Reset; The hidden costs of taking time off and how to make vacations less stressful for you and your employees.
Rebecca Hinds - Inc.
The American vacation has been around for well over a hundred years. As the Smithsonian Magazine recounts, the word's origin dates back to the 1900s when New York City's upper class would "vacate" their city homes and travel to their lakeside summer retreats. Fast-forward to today and we have a problem. Vacation--with its etymology based on the practice of moving from one location to another--doesn't encapsulate what employees need from their vacation time. Vacations should be about recharging and digitally detoxing, not just vacating one place and retreating to another. In a new world of work, where traveling to different locations is stock-in-trade and working on vacation is the norm, the term "vacation" seems out of date. But the problem, of course, is much deeper.
/jlne.ws/3pMXqj7
***** Vacation. Vacate your home in the city. I love it.~JJL
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Taliban Ban Crypto in Afghanistan, Arrest Dealers of Tokens; Militant group sees digital tokens like Bitcoin as fraudulent; Crackdown focused on Afghanistan's third largest city, Herat
Eltaf Najafizada - Bloomberg
Afghanistan's central bank imposed a nationwide ban on cryptocurrencies this month and the Taliban regime has arrested several dealers who defied orders to stop trading digital tokens, according to a senior police official. The crackdown comes after some Afghans turned to cryptocurrencies to preserve their wealth and keep it out of the Taliban's reach. Crypto has become a popular way of moving money in and out of the country, which is shut off from the global banking system due to sanctions leveled on the militant group.
/jlne.ws/3KpfnOn
***** When the Taliban are banning crypto, you know there is a problem.~JJL
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Thursday's Top Three
Our top story Thursday was Cboe Global Markets Announces Planned Equity Partners for Cboe Digital Business, a Cboe press release. Second was Wall Street Friendship Ends in Betrayal, Insider-Trading Charges, from Bloomberg. Third was our MarketsWiki page for TeraExchange, which just named former Nadex CEO Timothy McDermott its chief executive officer.
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MarketsWiki Stats
26,990 pages; 240,436 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
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| Lead Stories | Hong Kong's Exodus Shrinks Workforce in Threat to Financial-Hub Status
Krystal Chia and Hayley Wong - Bloomberg
Finance executive Sze Tam and her family of four will soon leave Hong Kong, where she has spent her entire life, bound for Melbourne. The senior manager at an international bank plans to look for a job once she gets there by early next year. Tam is hopeful that she will be able to secure employment in the financial sector just as quickly as her friends who moved to the Australian city.
/jlne.ws/3QUMU5w
Crypto's Real Value Was Never $3 Trillion; The true value of the crypto market isn't what its believers suggest, but it's nothing to sneer at, either.
Vildana Hajric - Bloomberg
It was a $2 trillion wipeout, or so they say. The still-unfolding crypto winter, which leveled an entire blockchain's ecosystem, a large hedge fund, a couple of crypto lenders, and an untold number of retail investors, sent crypto's total market capitalization plummeting to about $1 trillion, from roughly $3 trillion at its peak in November. Seeing that number made me wonder if market cap—which is just the number of tokens multiplied by each one's latest price—is a good way to measure the overall size of the industry. Also, given that a vast number of coins have simply vanished and that plenty of projects produced worthless tokens, does market cap really tell us anything about crypto's economic value?
/jlne.ws/3cqLosL
The Crypto World Can't Wait for 'the Merge'; A long-awaited upgrade to Ethereum, the most popular crypto platform, may make the technology more environmentally sustainable. But it comes with risks.
David Yaffe-Bellany - The New York Times
The cryptocurrency industry has endured a terrible year. A devastating crash wiped nearly $1 trillion from the market, draining the savings of thousands of people. Several companies filed for bankruptcy. Now the industry is fixated on a potential saving grace: a long-awaited software upgrade to the most popular cryptocurrency platform, Ethereum, which provides the technological backbone for thousands of crypto projects. The upgrade — known as the Merge — has gained near-mythical status after years of delays that left some insiders questioning whether it would ever happen.
/jlne.ws/3ArSNjC
US, China Reach Preliminary Deal in Push to Avoid Delistings; Deal announced by Chinese and American regulators on Friday; Agreement will allow PCAOB to have access to audit work papers
Lulu Yilun Chen and Lydia Beyoud - Bloomberg
Beijing and Washington have reached a preliminary agreement to allow American officials to review audit documents of Chinese businesses that trade in the US, a first step toward avoiding the delisting of about 200 firms from New York.
/jlne.ws/3pNWOde
SEC Says Beijing to Allow U.S. to Review Audit Documents of China Companies
Karishma Vanjani - Barron's
The U.S. and China have moved one step closer toward Chinese businesses being able to retain their listings in the U.S. following a long running dispute which could have seen some having to delist. U.S. and China signed a Statement of Protocol Friday, a first step toward finding a solution to allow American officials to review audit documents of Chinese businesses to avoid them having to delist.
/jlne.ws/3RaOEqN
More Than Half Of All Bitcoin Trades Are Fake
Javier Paz - Forbes
A new Forbes analysis of 157 crypto exchanges finds that 51% of the daily bitcoin trading volume being reported is likely bogus. Among the emerging and turbulent market for cryptocurrencies, of which there are no fewer than 10,000 tokens, bitcoin, is the great granddaddy, the blue-chip, representing 40% of the $1 trillion trillion in crypto assets outstanding. Bitcoin is crypto's gateway drug. An estimated 46 million adult Americans already own it according to New York Digital Investment Group, and an increasing number of institutional investors and corporations are warming to the nascent alternative asset. But can you trust what your crypto exchange or e-brokerage reports about trading in the most important digital currency?
/jlne.ws/3PVWHH0
SEC Requires Disclosures on Executive Pay Versus Company Performance; Companies must provide a new table linking actual executive pay to shareholder return under new rule
Mark Maurer - The Wall Street Journal
The Securities and Exchange Commission on Thursday voted to require companies to disclose how well top management's pay tracked with corporate performance over several years, the culmination of a long-delayed effort by the U.S. securities regulator. The new rule puts into practice a provision required by the 2010 Dodd-Frank Act to discourage financial fraud and better align executive compensation with corporate results. The SEC initially proposed the rule in 2015 under a previous chair, Mary Jo White. In January, under Chair Gary Gensler, it sought additional public feedback on the proposal.
/jlne.ws/3dXMnky
The World's Rivers, Canals and Reservoirs Are Turning to Dust
Brian K Sullivan - Bloomberg
Rivers across the globe are disappearing. From the US to Italy to China, waters have receded, leaving nothing but barren banks of silt and oozing, muddied sand. Canals are empty. Reservoirs have turned to dust. The world is fully in the grip of accelerating climate change, and it has a profound economic impact. Losing waterways means a serious risk to shipping routes, agriculture, energy supplies — even drinking water.
/jlne.ws/3AwDEh4
French Electricity Price Exceeds 1,000 Euros for First Time; French and German power rose to fresh records Friday; Europe is preparing to live with less energy this winter
Will Mathis - Bloomberg
French electricity for next year soared past 1,000 euros ($1,000) on Friday, the latest record in a rally that's seen the power price gain more than 10 times in the last year. Futures are smashing records on an almost daily basis as Russia constricts the supply of natural gas ahead of the crucial winter heating period. The unprecedented surge in energy costs is fueling inflation and threatening the finances of households and businesses across Europe.
/jlne.ws/3wA24ox
Listening to European Electricity Traders Is Very, Very Scary; Keeping the lights on in Europe this winter may prove more difficult than governments are currently admitting.
Javier Blas - Bloomberg
Every week, the people who trade electricity in the UK get to quiz the managers of the national grid for an hour. The conference call, which anyone can monitor, offers an insight into what the men and women on the front line of the power market are worried about. Listening to them is getting scarier by the week — and suggests keeping the lights on this winter will be a lot more challenging than European governments are admitting. Prices are worrying enough. British households were told on Friday that their power and gas bills will increase from Oct. 1 by 80%. The so-called energy price cap was set at £3,549 ($4,189) per year, up from £1,971 over the past six months and £1,277 during last winter.
/jlne.ws/3pK9nq3
Credit Suisse Warned by China Regulator to Fix Executive Exodus; Bank has lost almost half its senior JV personnel in China; Regulator delays its on-site inspection at the bank's venture
Bloomberg News
China's securities regulator has told Credit Suisse Group AG to fix the high turnover of senior executives at its securities venture before it is allowed to roll out its new business on the mainland. Nearly half the senior personnel at its China securities venture have left in recent months, prompting the regulator to postpone an on-site inspection, Bloomberg News reported last week. That would have been the final step Credit Suisse needed before it's allowed to start building out its wealth management business and expand equities trading services beyond Shenzhen into other cities.
/jlne.ws/3TjS50d
US and China close to deal resolving impasse over audit inspections; Agreement would let Public Company Accounting Oversight Board examine NY-listed Chinese groups
Patrick Temple-West and Tabby Kinder - Financial Times
Washington and Beijing are close to an agreement that would allow US regulators access to audits of Chinese companies that are listed on American exchanges, a potential breakthrough in talks that have languished for more than a decade. Bankers in Hong Kong were informed of a possible deal this week, according to people familiar with the matter. American depository receipts linked to shares in Chinese companies including Baidu, JD.com and Pinduoduo started trading higher on Tuesday, suggesting a resolution was in the works. The US has demanded that Chinese companies and auditors make their financial audits available for inspection every three years by the Public Company Accounting and Oversight Board, an auditor watchdog, or face a ban from Wall Street listings.
/jlne.ws/3e0MgVy
Cboe Is Teaming With Virtu, Jane Street to Build Crypto Business
Katherine Doherty - Bloomberg
Cboe Global Markets Inc. is partnering with financial firms including market makers DRW, Jane Street and Virtu Financial Inc. as it builds out its crypto business. The Chicago-based exchange operator said it's in "advanced discussions" with potential equity partners including B2C2, Hidden Road, Interactive Brokers Group Inc. and Jump Crypto, according to a statement Thursday. Terms of the equity partnership, which is expected to be finalized in coming weeks, weren't disclosed.
/jlne.ws/3ReXMej
Cboe says Robinhood and Virtu among potential equity partners in crypto exchange
John McCrank - Reuters
Cboe Global Markets Inc on Thursday said it is in discussions with several market participants, including retail brokers and market makers, about taking strategic stakes in its recently acquired digital asset exchange, ErisX, which will be renamed Cboe Digital. Cboe said the potential equity partners include Robinhood Markets Inc, Interactive Brokers, Virtu Financial, Jane Street, Jump Crypto, Optiver, DRW, and tastytrade, which is owned by IG Group. Chicago-based Cboe said the "soon to be formalized" equity partners will join planned commercial partner firms in supporting ErisX, including Fidelity Digital Assets, Galaxy Digital, NYDIG and Webull.
/jlne.ws/3AqUWfc
Cboe Global Markets reveals potential equity partners for its digital business; New partners are expected to make up a Digital Advisory Committee which will work with Cboe on client-driven solutions to promote the adoption of digital assets.
Wesley Bray - The Trade
Cboe Global Markets has announced the initial group of firms which intend to become equity investors in its digital business. Among the potential equity partners in Cboe's advanced discussions are a broad range of market participants including retail and institutional intermediaries, liquidity providers and brokers.
/jlne.ws/3KCRZx7
Fireside Friday with... BMO's Joe Wald
Annabel Smith - The Trade
The TRADE is delighted to present a brand new series of Fireside Friday interviews. Coming to you each week, these intimate one-on-one chats will bring you market insights from some of the industry's biggest names and most innovative pioneers. In our first of the series, we're delighted to sit down with Joe Wald, head of electronic trading at BMO, who gives us his unique perspective on the market data and regulatory landscape in the US and Europe following BMO's recent expansion into EMEA.
/jlne.ws/3wyrfIa
Sam Bankman-Fried's FTX and Alameda Merge Their VC Operations; Both companies were founded by the crypto billionaire; Alameda CEO Caroline Ellison outlined the change in interview
Hannah Miller - Bloomberg
Crypto exchange FTX absorbed the venture capital operations of Alameda Research, an effort to consolidate parts of billionaire Sam Bankman-Fried's empire as it copes with a prolonged decline in cryptocurrency prices. Alameda Chief Executive Officer Caroline Ellison outlined the change, which hasn't been previously reported, in an interview with Bloomberg. The move took place before Ellison's co-CEO, Sam Trabucco, said this week that he was stepping down and would move into an advisory role. Brian Lee, formerly a partner at Alameda Research Ventures, now works at FTX Ventures, the startup investment arm of the crypto exchange.
/jlne.ws/3R8AyX2
The newest trade repository in town preps for uphill battle; Ex-head of CME Group's repository services looks to disrupt regtech with his startup, recruiting talent from market structure firms that have scaled back regulatory reporting businesses.
Josephine Gallagher - WatersTechnology
Where some have failed, others hope to succeed. Jonathan Thursby, CEO and founder of startup trade repository and regtech provider Kor Financial, is hoping that he can succeed in an industry where large incumbents have been winding down their businesses.
/jlne.ws/3wUyr1B
Shanghai Data Exchange launches untradeable NFTs
Ningwei Qin - Forkast
The Shanghai Data Exchange has debuted blockchain-based digital assets without allowing secondary trading, a day after the exchange began digital asset trading on Wednesday. The debut occurred despite the Chinese government's consistent warnings against NFT hype, and as Shanghai's local government hoped to use NFT to boost the economy. This batch of digital assets was jointly issued by Shanghai Data Exchange, Chinese footwear maker Warrior, and Bilibili, a video streaming platform popular among Chinese youth. These assets are based on the blockchain, High Energy Chain, developed by Bilibili.
/jlne.ws/3AQqRaC
CEO Rick Redding sits down with Morningstar Indexes' Ron Bundy
Index Industry Association - LinkedIn
IIA CEO Rick Redding sat down with Morningstar's Ron Bundy to discuss the current state of play in the #index industry as well as opportunities in the future. In the video, Ron highlights #ESG and private markets as areas where investors can benefit and discusses the importance of innovation, education, and advocacy.
/jlne.ws/3Ap5sDZ
The Peculiar Challenges of Crypto Regulation; Opposing views are dug in, and sometimes they reflect disagreements with other longstanding policies.
Jay Clayton - The Wall Street Journal
America's financial markets are remarkably successful. The U.S. has less than 5% of the world's population, yet over half of global investment capital is generated in American markets. The U.S. dollar has long been the reserve currency. With all this, one would think that regulating crypto wouldn't be difficult. Yet almost no one is satisfied with the current state of regulation. Efforts by regulators, legislators and market participants have met resistance from one another. Consensus remains elusive—and will remain so until the reasons for the regulatory challenge are understood. Regulators, entrepreneurs and investors alike need to consider five points...
/jlne.ws/3AJfsYX
Wall Street Wonders If Forsaken 20-Year Treasury Bond Is Doomed; Even after supply cuts, demand remains weak for newest tenor; Expected growth in US borrowing may ensure the bond's survival
Elizabeth Stanton - Bloomberg
Is the 20-year Treasury bond headed for the dustbin of history? Increasingly, that's the question being asked in Wall Street's fixed-income circles about the still-unloved US security that was resurrected in May 2020 after a more than 30-year hiatus. Investor demand remains tepid -- despite efforts from the Treasury Department to boost its appeal. After exploring its options for a new maturity to reach more investors, then-Treasury Secretary Steven Mnuchin's agency picked the 20-year over an "ultra long" 50- or 100-year bond, leaving the 30-year as the longest-maturity offering. In October, it became the highest-yielding Treasury bond, making it the government's most expensive form of financing -- a situation that endures today.
/jlne.ws/3PVdAl8
Crypto Exchange Zipmex Appoints Restructuring Firm to Forge Recovery Plan
Oliver Knight - CoinDesk
Singapore-based cryptocurrency exchange Zipmex has appointed a restructuring firm to assist with a recovery plan after it was forced to halt withdrawals and file for protection from creditors in July. Australian firm KordaMentha will work with the exchange's solicitors, Morgan Lewis Stamford, on how best to reorganize the company and preserve assets, the exchange said in a statement on its website.
/jlne.ws/3pPEH6J
Underwhelming Iowa Corn Crop Sets Stage for More Food Inflation; Iowa is critical to output in the US, the world's top producer; Drought was the watchword of Midwest crop tour this week
Tarso Veloso Ribeiro and Kim Chipman - Bloomberg
After drought shriveled US corn plants in the western crop belt, all eyes have been turning to Iowa to help save the national harvest. Instead, the fields in that state have been "underwhelming," "disappointing," and just "not great." That's what scouts found on Thursday as they toured the heart of Iowa, the biggest national corn grower. While there were some bright spots in the northeast corner of the state, heat and dryness dragged down crops in other regions. Most of those fields were in worse shape than they were last summer, and some were even trailing historical averages.
/jlne.ws/3CwHeu7
Midwest Drought Adds to Pain in Grain Markets; Annual crop tour shows many U.S. corn and soybean fields are wilting under extreme heat
Kirk Maltais - The Wall Street Journal
The worst drought in a decade is posing fresh challenges to farmers in the Corn Belt who already are struggling with surging costs, the dark side of a post-Covid commodities boom. Crop damage from South Dakota and Nebraska to Iowa and Illinois was evident this week in surveys by this year's Professional Farmers of America Inc. Midwest Crop Tour, in which farmers, traders and others in agricultural industries evaluated corn and soybeans growing in fields across seven states.
/jlne.ws/3Tgsbuq
UK energy regulator increases price cap by 80%; A typical household gas and electricity bill will rise to £3,549 a year from October
David Sheppard, Jasmine Cameron-Chileshe and Sebastian Payne - Financial Times
The typical UK household gas and electricity bill will rise to £3,549 a year from October from £1,971 at present, the sector's regulator confirmed on Friday, as consumers grapple with a cost of living crisis driven by soaring energy costs.
/jlne.ws/3QRpyNX
Wall Street banks force Gen Z workers to take down TikTok videos: report
Ariel Zilber - NY Post
Wall Street investment giants including Goldman Sachs and Bank of America are forcing junior bankers and interns to remove TikTok videos that violate social media policies, according to a report. One employee of Bank of America posted a "day in the life" video on TikTok describing what it was like to be an investment banking analyst at the firm.
/jlne.ws/3wtBmOk
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Don't Try to Guess Putin's Next Move. Just Listen; Europe isn't paying enough attention to the Kremlin's wartime messaging. There's a real effort to stoke social unrest.
Maria Tadeo - Bloomberg
All indicators are flashing red for Europe. Warnings about a winter recession are growing louder, the single currency is slipping and the energy market is already in crisis mode. But European governments are still running three steps behind — in large part because they spend too much time second-guessing Russia's next moves. Instead, they should be paying closer attention to what Moscow is pushing for: social unrest.
/jlne.ws/3ALsUfY
Putin signs decree to increase size of Russian armed forces
Reuters
Russian President Vladimir Putin signed a decree on Thursday to increase the size of Russia's armed forces from 1.9 million to 2.04 million as the war in Ukraine enters its seventh month. Moscow has not revealed any losses in the conflict since its first weeks, but Western officials and the Kyiv government say they number in the thousands. The increase includes a 137,000 boost in the number of combat personnel to 1.15 million. It comes into effect on Jan 1, according to the decree published on the government's legislative portal.
/jlne.ws/3QUB8rE
This is what would happen if Russia cuts off the gas supply to Europe entirely, according to Morgan Stanley
Anviksha Patel - MarketWatch
European countries have been trying to increase their gas reserves ahead of the winter, following the reduction of Russian gas supply by around 80% over the last two years. Analysts from Morgan Stanley say while the bulk of the decline in European gas supply from the Nord Stream 1 pipeline has already occurred, the remaining 20% is an "important swing factor in any supply/demand modelling." The forecasting suggests available gas supply is set to drop another 11% in the next gas year — which runs 12 months from October. They highlighted that supply from other regions such as Norway, the U.K. or North Africa is "broadly maxed out" and questioned whether demand can fall quickly enough.
/jlne.ws/3wxGP6S
Vladimir Putin orders Russian troop replenishment in face of Ukraine losses
Inna Varenytsia - Chicago Tribune
Russian President Vladimir Putin ordered a major buildup of his country's military forces Thursday in an apparent effort to replenish troops that have suffered heavy losses in six months of bloody warfare and prepare for a long, grinding fight ahead in Ukraine. The move to increase the number of troops by 137,000, or 13%, to 1.15 million by the end of the year came amid chilling developments on the ground in Ukraine: — Fueling fears of a nuclear catastrophe, the Zaporizhzhia nuclear power plant in the middle of the fighting in southern Ukraine was cut off from the electrical grid after fires damaged the last working transmission line, causing a blackout across the region, according to Ukrainian authorities. The plant was later reconnected to the grid, a local Russian-installed official said. — The death toll from a Russian rocket attack on a train station and the surrounding area on Ukraine's Independence Day climbed to 25, Ukrainian authorities said. Russia said it targeted a military train and claimed to have killed more than 200 Ukrainian reservists in the attack Wednesday.
/jlne.ws/3QTod9y
Russia is burning $10 million a day of natural gas usually destined for Germany before Moscow choked off supply: report
George Glover - Business Insider
Russia is burning off huge amounts of natural gas that would otherwise have gone to Germany before the Ukraine war upended European energy markets, according to a BBC News report. A plant near St Petersburg is torching off an estimated $10 million of gas each day, the BBC said Friday, citing analysis from Rystad Energy.
/jlne.ws/3QUnt3N
Russian Oil Producers Feel the Heat: Elements by Julian Lee; US price cap raises pressure on companies to offer discounted crude.
Julian Lee - Bloomberg
The US administration is pushing ahead with a plan to limit the Kremlin's revenues from oil exports by imposing a price cap on Russia's overseas shipments. The idea is far from garnering support from Moscow's biggest customers in Asia, but it is focusing minds in the oil companies whose sales are at risk.
/jlne.ws/3Rfppnc
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Coinbase Adds Nano Ether Futures to Derivatives Platform for Retail Traders
Michael Bellusci - CoinDesk
Crypto exchange Coinbase (COIN) is adding what it calls nano ether futures contracts to its derivatives platform on Monday. "While still in its early stages, we believe that product innovation and an accessible entry point for the retail market have contributed to its success," Boris Ilyevsky, head of Coinbase's derivatives exchange, said in a blog post Thursday. The addition of nano ether (ETH) futures comes just two months after Coinbase began offering nano bitcoin (BTC) futures to its retail clientele. "At 1/100th of bitcoin, our nano bitcoin futures contract requires less upfront capital, allowing participants to easily go long or short the price of bitcoin and manage risk in volatile markets," he added.
/jlne.ws/3chUvMw
ICE Co-Ordinates Sustainable Finance
Shanny Basar - MarketsMedia
At the beginning of this year Elizabeth King added the newly created role of president, sustainable finance at ICE to her position as chief regulatory officer to enable more collaboration across climate, data, markets and index teams. The new role is part of ICE's initiative to bring together its sustainable finance products and services to better serve the needs of clients and enable them to meet their own sustainable finance goals according to King.
/jlne.ws/3Ra5aYe
TMX Group CEO John McKenzie to present at the 23rd Annual Scotiabank Financials Summit and the Barclays Global Financial Services Conference.
TMX
TMX Group Chief Executive Officer John McKenzie will present at the 23rd Annual Scotiabank Financials Summit and the Barclays Global Financial Services Conference. Scotiabank Financials Summit: Barclays Global Financial Services Conference. DATE: Thursday, September 8, 2022. Monday, September 12, 2022; TIME: 11:40 a.m. - 12:10 p.m. EDT 11:15 - 11:55 a.m. EDT. A link to the webcasts will be available and archived in TMX's shareholder events section.
/bit.ly/3pNCY1I
The LME School Improvement Fund - enabling quality education to help reduce worst forms of child labour in the DRC's cobalt mining communities.
Nicole Hanson - LinkedIn
In early 2021, the LME announced its financial support of two charitable projects designed to address the worst forms of child labor in mineral supply chains. Earlier this year we provided an update on the work we were doing with Pact in Zambia, and this blogpost updates on our second project - the LME School Improvement Fund in partnership with The Impact Facility (TIF). TIF is a charitable organisation from the UK with offices in the Democratic Republic Congo (DRC) and across East Africa dedicated to ensuring that mining communities benefit from regional mineral wealth. The LME-financed School Improvement Fund focuses on supporting cobalt mining communities in the DRC, expanding on TIF's work under the umbrella of the Fair Cobalt Alliance.
/jlne.ws/3cnQQww
Initial Listing of Event Contracts on Certain CME Group Futures Contracts
CME
Effective Sunday, September 18, 2022, for trade date Monday, September 19, 2022, and pending all relevant CFTC regulatory review periods, Chicago Mercantile Exchange Inc. ("CME"), The Board of Trade of the City of Chicago, Inc. ("CBOT"), New York Mercantile Exchange, Inc. ("NYMEX") and Commodity Exchange, Inc. ("COMEX") (collectively the "Exchanges") will list Event Contracts ("Event Contracts") on certain CME Group futures contracts as listed in Table 1. for trading on the CME Globex electronic trading platform ("CME Globex").
/bit.ly/3QWtaOQ
Industry Survey Regarding Potential Amendments to the Protein Level Contract Specification of the Soybean Meal Futures Contract
CME
The Board of Trade of the City of Chicago, Inc. ("CBOT" or "Exchange") is soliciting feedback from market participants regarding the protein level contract specification of the Soybean Meal Futures contract (the "Contract") (CME Globex: ZM; CME ClearPort: 06; Clearing: 06; Rulebook Chapter: CBOT 13) via an industry survey. Market participants interested in providing the Exchange with feedback regarding protein level contract specifications of the Contract may follow the instructions in the link provided below. The deadline for the Exchange to receive such feedback is Friday, September 9, 2022.
/bit.ly/3KmE7qm
CTBC Investments Selects ICE FactSet Selected Financials and Data Industry Index for New ETF
ICE
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that CTBC Investments Co., Ltd. ("CTBC Investments") has selected the ICE FactSet® Selected Financials and Data Industry Index for its newly launched CTBC Selected Financials and Data Industry ETF. The ICE FactSet Selected Financials and Data Industry Index (ICFSFDI) is a rules-based, modified float-adjusted market capitalization-weighted equity benchmark designed to track the performance of leading exchanges, asset managers, banks and broker-dealers, and financial data and analytics companies that provide products and services in the global financial system. The CTBC Selected Financials and Data Industry ETF (Ticker: 00917) will use ICE's index as its benchmark and is expected to list on the Taiwan Stock Exchange on August 26, 2022.
/jlne.ws/3QVTh8A
Launch Date of Nikkei 225 micro Futures and Nikkei 225 mini Options
JPX
Osaka Exchange, Inc. (OSE) announced that OSE was aiming to launch Nikkei 225 micro Futures and Nikkei 225 mini Options in the second quarter of 2023 in response to strong investor demand. We today announce that the implementation date has now been set to May 29, 2023 (Mon.).
/bit.ly/3clBDMn
Tick Size Table for newly listing ETF : NEXT FUNDS EURO STOXX 50 (Yen-Hedged) Exchange Traded Fund (Code: 2859) and 1 other
JPX
The tick size table of Handling of Trading on the Initial Listing Date of 2 ETFs, including NEXT FUNDS EURO STOXX 50 (Yen-Hedged) Exchange Traded Fund (Code: 2859) and 1 other, which are scheduled for initial listing on September 2, is as below.
"TOPIX 100 tick size table" refers to tick sizes applied to TOPIX 100 constituents, and "non-TOPIX 100 tick size table" refers to tick sizes applied to other than TOPIX 100 constituents.
/bit.ly/3wx725E
List Of Deliverable Canadian Government Bond Issues for the LGB, CGB, CGF and CGZ Futures Contracts
TMX
For your information, please find enclosed the list of deliverable Canadian Government Bond issues with respect to the LGB, CGB, CGF and CGZ futures contracts delivery months. This list is produced in accordance with the Rules of Bourse de Montréal Inc. and Canadian Derivatives Clearing Corporation (CDCC) relating to delivery standards. This list replaces the one that was distributed on August 5, 2022 (circular no. 099-22).
/bit.ly/3pOrBXq
NSE in association with SES launches sector specific integrated guides to the BRSR
NSE
As per the amended SEBI (Listing Obligations and Disclosure Requirements) Regulations, the existing Business Responsibility Report (BRR) is proposed to be replaced by a more detailed and comprehensive Business Responsibility & Sustainability Report (BRSR) in two phases, a voluntary phase effective from FY 21-22 and a mandatory phase for the top 1000 companies effective from FY-22-23 as per the prescribed format specified by SEBI.
/bit.ly/3pckN5S
SGX-ST Listings Disciplinary Committee reprimands Aspen (Group) Holdings Limited, its Group CEO, Dato' Murly Manokharan, and its Executive Directors, Dato' Seri Nazir Ariff Bin Mushir Ariff and Ir. Anilarasu Amaranazan
SGX
Public Reprimand: Breaches of Listing Rules
1. The SGX-ST Listings Disciplinary Committee (the "LDC") reprimands Aspen (Group) Holdings Limited (the "Company") for breaching Mainboard Rules 703 and 719(1) by: (a) releasing an announcement on SGXNET, disclosing that one of the Group's subsidiaries had entered into an Master Supply Agreement ("MSA") with Honeywell International Inc ("Honeywell"), which was non-factual, false and misleading; (b) failing to promptly disclose (i) the non-consummation of the MSA by Honeywell, and (ii) that negotiations with Honeywell on the MSA had been officially terminated, material information known to the Company which was necessary to avoid the establishment of a false market in the Company's securities; and (c) failing to have in place adequate and effective systems of internal controls and risk management systems.
/bit.ly/3KlTdfQ
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Digital Assets and the Blockchain Will Force Sales Tax to Evolve
Charles Maniace - Bloomberg Tax
With the rising popularity of NFTs and potential implementation of sales taxes on blockchain transactions, lawmakers should embrace the challenge of providing clear and comprehensive guidance that aids compliance, says Charles Maniace of Sovos. The sales tax challenge facing state legislators and regulators regarding the application of sales tax to digital assets transacted on the blockchain is new, but it's by no means unprecedented. There have been many occasions where sales tax regulators have been asked to rise to the challenge of understanding evolving technologies. It's fair to say that sales tax rules recently have been one step behind technology.
/jlne.ws/3pKxRiD
Barchart Wins AgTech Solution of the Year at 2022 AgTech Breakthrough Awards with Marketplace Apps
Colleen Sheeren - Barchart
Barchart is proud to announce their Marketplace Apps, a cutting-edge solution within its AgTech platform that digitizes the workflows of agribusinesses like grain elevators and co-ops across North America, have been named the Overall AgTech Solution of the Year at the 2022 AgTech Breakthrough Awards. Barchart recently announced a significant 2.0 update to their Marketplace Apps, which connects producers directly into grain merchandiser workflows by linking producer-facing apps to cmdtyView, which sits on merchandiser desktops. This latest release gives Barchart's Ag platform a major upgrade, allowing agribusinesses to easily originate, contract, sign, and hedge grain in a completely digital environment.
/jlne.ws/3ww2a0e
Davy Selects Torstone's Platform To Further Enhance Post-Trade Capabilities
Mondo Visione
Torstone Technology, a leading global SaaS platform provider for post-trade securities, derivatives processing, announced today that Davy Capital Markets, Ireland's leading capital markets firm and a member of the Bank of Ireland Group, has entered into an agreement to utilise the Torstone Platform for its post-trade processing. The Torstone Platform is a multi-asset, multi-entity, cloud-based solution, covering electronic trade capture, allocation, confirmation, settlement, accounting, corporate actions, reconciliation and regulatory reporting. The platform provides a comprehensive, flexible user experience for middle- and back-office staff, increasing automated straight-through processing (STP) and achieving greater operational efficiency for clients reducing manual effort.
/jlne.ws/3dYXBp5
Data centres stockpile generator fuel in case of power blackouts; Sites across Europe buy extra diesel to safeguard against winter energy shortages
Anna Gross and Harry Dempsey - Financial Times
The world's two biggest data centre operators are stockpiling generator fuel as the energy crisis sparked by Russia's invasion of Ukraine threatens winter power blackouts across Europe. Equinix, the global market leader with a market capitalisation of $64bn, and its $38bn rival Digital Realty Trust said they were buying extra shipments of diesel to provide back-up power to ensure continuous operation at their European sites.
/jlne.ws/3ALyqiB
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| Cybersecurity | | Top stories for cybersecurity | World's Most Popular Password Manager Says It Was Hacked; LastPass says that source code and technical info was stolen; No indication that passwords were stolen, investigation finds
Margi Murphy - Bloomberg
LastPass, a password manager used by more than 33 million people around the world, said a hacker recently stole source code and proprietary information after breaking into its systems. The company doesn't believe any passwords were taken as part of the breach and users shouldn't have to take action to secure their accounts, according to a blog post on Thursday. An investigation determined that an "unauthorized party" cracked into its developer environment, which is the software that employees use to build and maintain LastPass's product. The perpetrators were able to gain access through a single compromised developer's account, the company said.
/jlne.ws/3AQNPOU
LastPass Hacked: Password Manager With 25 Million Users Confirms Breach
Davey Winder - Forbes
LastPass has confirmed hackers stole partial source code SOPA IMAGES/LIGHTROCKET VIA GETTY IMAGES
One of the world's biggest password managers with 25 million users, LastPass, has confirmed that it has been hacked. In an advisory published on August 25, Karim Toubba, the LastPass CEO, said that an unauthorized party had stolen "portions of source code and some proprietary LastPass technical information."
/jlne.ws/3Rg4wIW
Crypto firms say US sanctions limit use of privacy software
Fatima Hussein - Associated Press
The Treasury Department is facing pushback from the cryptocurrency industry over sanctions imposed on a firm accused of helping to launder billions of dollars — with some funds going to North Korean hackers. Earlier this month, the Treasury Department imposed sanctions on the virtual currency mixing firm, Tornado Cash, which allegedly helped to launder more than $7 billion worth of virtual currency since its creation in 2019.
/jlne.ws/3wxnjay
Three Unhelpful Quotes From 'Cybersecurity Lemmings'
Jeff Williams - Forbes
I need to get one disclaimer out of the way before I begin: I am aware that real lemmings—the small rodents that live in tundra ecosystems in places like Scandinavia—do not actually run off high cliffs together. However, they do travel in herds—and so do many cybersecurity professionals.
/jlne.ws/3PLJpgk
Investing in Cybersecurity: Long-Term
Vijay Chandar - Morgan Stanley
The number and sophistication of cyberattacks have been growing for years, spurred by the rise of big data, cloud computing and remote work. With more data being accessed from more places than ever before, the complexity of securing digital systems has increased exponentially. The result: strong and growing demand for security services that could boost cybersecurity-related stocks for years to come.
/jlne.ws/3KrmhTo
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| Cryptocurrencies | | Top stories for cryptocurrencies | Zipmex Seeks Meeting of Potential Investors With Regulators
Suvashree Ghosh - Bloomberg
Zipmex, the operator of Asian crypto exchange that has sought protection from creditors, plans to bring together potential investors and regulators before it seals a fund-raising plan. Zipmex has asked for meetings with the Securities Exchange Commission in Thailand, where it runs a licensed-exchange, and government agencies to present a recovery plan, it said in a statement. Potential investors will attend the meetings too, it said. Zipmex ran into a liquidity crunch after its exposure to embattled Babel Finance soured, forcing it to halt withdrawals. Since then it has partially eased some of the token withdrawals.
/jlne.ws/3TiuI7r
Binance, FTX Among Crypto Players in Hunt to Buy Voyager Digital Assets as Coinbase Backs Out: Sources
Ian Allison - CoinDesk
Voyager Digital, the lender whose collapse into bankruptcy worsened this year's crypto market crisis, is attracting takeover interest from some of the biggest players in the space including exchanges Binance and FTX, according to people familiar with the matter. U.S.-based exchange Coinbase (COIN) evaluated a deal but withdrew, one person said. Bids for Voyager assets are due Sept. 6 in a sale process taking place through its bankruptcy case. An auction, if needed to pick a winner, would follow on Sept. 29. Voyager Digital's native coin voyager (VGX) surged more than 40% after CoinDesk reported the story, according to CoinMarketCap. According to a presentation from the company's lawyers earlier this month, at least 22 investors had gone through due diligence and indicated their interest in bidding for Voyager's assets, so Binance, FTX and Coinbase are likely not the only suitors.
/jlne.ws/3RgRzyx
Blockchain Means So Much More Than Crypto
Christopher Robbins - CoinDesk
Use the word "blockchain" in a conversation and the topic will likely gravitate to one of a handful of topics prominent in the news, like cryptocurrencies, the metaverse and Web3. Theoretical, next-generation technology trends tend to dominate technology discussions. Blockchains have spawned entirely new asset classes for investors in cryptocurrencies and non-fungible tokens (NFT), and they will power a new generation of innovations built on nebulous concepts like metaverse and Web3. But the real power of blockchain will first be felt in more conventional areas, according to Kieran James-Lubin, CEO of BlockApps. BlockApps is a blockchain technology firm focused on real-world implementations of the technology to help businesses run more efficient and secure processes.
/jlne.ws/3ww3xMq
Crypto Takes Leading Role in Illegal South Korea Currency Trades; Crypto linked to nearly 75% of suspected illicit forex deals; That covers cases this year involving about $1.1 billion
Hooyeon Kim - Bloomberg
Illicit foreign-exchange transactions in South Korea are increasingly dominated by cryptocurrency-linked deals, according to government data. Four crypto-related cases this year involving 1.5 trillion won ($1.1 billion) that violated local foreign-exchange transaction rules have been sent to the prosecutor's office, according to a customs office report submitted to lawmaker Min Byoung Dug. That's nearly double the 827 billion won reported for the whole of last year and a more than 70-fold jump from 2020, according to the report. Nearly 75% of transactions violating foreign-exchange rules are crypto-linked, up from 61% last year, the data show.
/jlne.ws/3TmN6vN
Asset managers to offer fund tokens despite crypto turmoil
Carolyn Cohn - Reuters
Investors in crypto have endured wild moves in recent months, but this has not fazed asset managers who are preparing to use the blockchain technology behind cryptocurrencies to break funds into bite-sized units, or tokens, to sell to small savers.
/jlne.ws/3dMPN9F
BTC miner Whinstone countersues Japan's GMO Internet for US$15 mln
Danny Park - Forkast
Riot Blockchain (RIOT)'s Bitcoin mining facility Whinstone is seeking at least US$15 million in damages from Japanese tech company GMO Internet in a four-year-long dispute over usage of mining equipment, according to a document filed in the U.S. District Court for the Southern District of New York on Monday.
/jlne.ws/3KoD7SK
Crypto Developer Platform Thirdweb Gets Katie Haun's Backing at $160M Valuation
Brandy Betz - CoinDesk
Thirdweb, a platform for Web3 app developers, raised $24 million in a Series A round at a $160 million valuation. The funding was led by Haun Ventures, the investment firm launched earlier this year by former Andreessen Horowitz (a16z) partner Katie Haun.
/jlne.ws/3AQT1Sw
India financial crime-fighters search CoinSwitch crypto exchange
Pradipta Mukherjee - Forkast
India's Enforcement Directorate (ED) has searched five premises connected with cryptocurrency company CoinSwitch on alleged money laundering charges, according to a media report.
/jlne.ws/3KmF5Tw
Catching Up With the Crypto Editors; What's grabbing the attention of the Bloomberg Crypto team this week (spoiler: there's mayonnaise talk)
Victoria Vergolina - Bloomberg
The day-to-day pace of crypto can be unrelenting, and no two days are alike. To help distill the latest developments in the world of digital assets, stacy-marie is joined by Bloomberg senior editors Anna Irrera and Philip Lagerkranser, for the latest edition of Friday in the Editor's Room.
/jlne.ws/3pLb5XV
'The smoke is clearing': how the NFT bubble bursting may be great news for artists
Rhys Thomas - The Telegraph
In February 2021, Christie's auctioned a work by the digital artist known professionally as Beeple. The piece was called EVERYDAYS: THE FIRST 5000 DAYS. It stitches together the first 5,000 individual artworks from Beeple, which mainly take the form of vectors and gifs. In its essay for the auction, Christie's refers to the work as "one of the most unique bodies of work to emerge in the history of digital art".
/jlne.ws/3KoBGUb
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| Politics | | An overview of politics as it relates to the financial markets | Texas leading oil regulator joins war against ESG
Saul Elbein - The Hill
Texas's leading oil and gas regulator on Thursday cheered the state government's push against environmental, social and governance investing (ESG) "extremists" like BlackRock and UBS. "I'm thrilled to see my conservative colleagues join the defense against 'woke' Wall Street bankers," Texas Railroad Commission Chairman Wayne Christian said in the statement. "Rally the troops: Here in Texas is where we will draw the line against ESG's detrimental impact on oil and gas," he added.
/bit.ly/3R5w180
GOP Fury Over ESG Triggers Backlash With US Pensions at Risk; Politicians from Florida and Texas go on the attack against investment firms that weigh risks tied to climate change and other societal issues.
Frances Schwartzkopff - Bloomberg
Investment professionals are warning that a Republican campaign seeking to wipe ESG off the financial map puts at risk the savings of ordinary Americans caught in the political crossfire. Environmental, social and governance investing is now under attack in the world's largest economy. Florida Governor Ron DeSantis this week banned state pension funds from screening for ESG risks. Texas is seeking to isolate financial firms it says are hostile toward the fossil-fuel industry. And in Arizona, Republican Senate nominee Blake Masters has characterized ESG scores as an existential threat to America. The development represents a rapid escalation of aggression toward an investing form that few people even knew existed five years ago. But the finance industry, which has embraced ever more ESG products promising to address issues like climate change and inequality, is starting to strike back, arguing that Republican policies put the financial security of US savers in serious jeopardy.
/bloom.bg/3AN0jXI
Behold, labour's coming victory over capital (?); A new "macro supercycle" may soon be upon us, says TS Lombard
George Steer - Financial Times
It might not feel like it to striking workers, but for the first time in decades the (im)balance of power between labour and capital is apparently tilting back in their favour. A new "macro supercycle" approaches, writes TS Lombard's optimistic head of global macro Dario Perkins, and there's nothing anyone can do to stop it. Perkins is far from the first to have called time on the era of near-zero interest rates and relative price stability. For example, JPMorgan analysts spoke of "regime change" in June when they predicted US inflation could average between 3 and 4 per cent over the next decade, and Zoltan Pozsar at Credit Suisse has written on the inflationary implications of a "crisis of commodities" that could weaken the dollar's stranglehold on the global financial system.
/jlne.ws/3pP38RL
EU's chief diplomat opposes blanket ban on visas for Russians; Josep Borrell's call for a 'more selective' approach echoed by US ahead of meeting of bloc's foreign ministers
Henry Foy, Raphael Minder and Felicia Schwartz - Financial Times
The EU's chief diplomat has said he opposes a blanket ban on EU visas for Russians ahead of talks between the bloc's officials next week after demands from some countries to restrict travel permits. Finland, Estonia and the Czech Republic are among the countries that have called for Brussels to implement an EU-wide ban on new tourist visas for Russians to enter the Schengen free travel area as punishment for Moscow's war against Ukraine, echoing calls by Ukraine's president Volodymyr Zelenskyy.
/jlne.ws/3PZVG0U
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Adopts Pay Versus Performance Disclosure Rules
SEC.gov
The Securities and Exchange Commission today adopted amendments to its rules to require registrants to disclose information reflecting the relationship between executive compensation actually paid by a registrant and the registrant's financial performance. The rules implement a requirement mandated by the Dodd-Frank Act. The Commission proposed pay versus performance disclosure rules in 2015 and reopened the comment period on the proposal in January of this year.
/jlne.ws/3Rez916
SEC Charges Infrastructure Company Granite Construction and Former Executive with Financial Reporting Fraud
SEC.gov
The Securities and Exchange Commission today charged Granite Construction, Incorporated and its former Senior Vice President, Dale Swanberg, with fraud for inflating the financial performance of the major subdivision Swanberg managed. In 2021, Granite restated its financial statements from 2017 through 2019 to correct revenue and profit margin errors allegedly caused by Swanberg's misconduct. The company agreed to pay $12 million to settle the SEC's charges.
/jlne.ws/3cuZHwi
Statement on Final Rule Regarding Pay Versus Performance
Chair Gary Gensler - SEC.gov
Today, the Commission voted to adopt a rule requiring certain public companies to disclose information regarding their executives' compensation and how such compensation relates to the company's financial performance. I was pleased to support this rule—so-called "pay versus performance"—because it will strengthen the transparency and quality of executive compensation disclosure to investors.
/jlne.ws/3e2bfre
Statement on Agreement Governing Inspections and Investigations of Audit Firms Based in China and Hong Kong
Chair Gary Gensler - SEC.gov
Today, the Public Company Accounting Oversight Board (PCAOB) signed a Statement of Protocol with the China Securities Regulatory Commission (CSRC) and the Ministry of Finance of the People's Republic of China governing inspections and investigations of audit firms based in China and Hong Kong.
/jlne.ws/3Rg4UHo
Statement on the Final Rule Related to Pay Versus Performance
Commissioner Mark T. Uyeda - SEC.gov
Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") requires the Commission to issue a rule requiring disclosure of information reflecting the relationship between executive compensation actually paid by a company and the company's financial performance.[1] Although this provision lacks a statutory deadline, it is unacceptable for more than twelve years to elapse before fulfilling a Congressional mandate.
/jlne.ws/3wxgR3t
Late Summer Sunshine: Statement on the Adoption of Pay Versus Performance
Commissioner Caroline A. Crenshaw - SEC.gov
Today the Commission adopted a rule that provides investors with information about how corporate executives are paid. That is, quite simply, it. This rule does not regulate the way companies incentivize their executives, but rather the disclosures that companies are required to make about such compensation. More specifically, Pay Versus Performance disclosures give investors insight into how performance measures impact executive compensation, in order to allow investors to better understand how boards pay their company executives.
/jlne.ws/3CHyUrg
Statement on Pay versus Performance:
Commissioner Jaime Lizárraga - SEC.gov
Today, the Commission adopted a rulemaking implementing key Dodd-Frank Act transparency provisions that give shareholders the ability to assess whether executive compensation is tied to corporate performance. I commend SEC Chair Gary Gensler for advancing this important priority that makes executive pay more accountable to shareholders.
/jlne.ws/3cjkOBX
Neither Pay nor Performance
Commissioner Hester M. Peirce - SEC.gov
Section 953(a) of the Dodd-Frank Act[1] requires the Commission to adopt rules mandating public companies to describe clearly the relationship between compensation the company actually paid to its executives and the company's financial performance.[2] Today's rulemaking will elicit costly, complicated, disclosure of questionable utility. Accordingly, I am unable to support this rule.
/jlne.ws/3AQibRo
SEC Obtains Final Judgment Against Recidivist Barred Investment Adviser and His Firm
SEC
The Securities and Exchange Commission announced today the entry of final judgments against Swapnil J. Rege and his company SwapStar Capital, LLC for engaging in a scheme to misappropriate assets from clients they advised.
/jlne.ws/3RbtxVA
SEC Charges Texas-Based Technology Company and Its CEO with Fraud for False Statements and Misappropriation of Investor Funds
SEC
On August 23, 2022, the Securities and Exchange Commission filed charges against Aether Innovative Technology, Inc. ("Aether"), a company that planned to collect, process, and sell cellular transmission data, and its CEO John C. Wilson II ("Wilson"), for allegedly making materially false and misleading statements to investors and misappropriating investor funds for Wilson's personal use.
/jlne.ws/3AnmbHO
SEC Charges Industrial Gas Companies and Former Executives with Fraud
SEC
The Securities and Exchange Commission today announced fraud charges against Taronis Technologies, Inc. (now known as BBHC, Inc., "Taronis Tech") and its former subsidiary, Taronis Fuels, Inc. ("Taronis Fuels"), Arizona-based distributors of industrial gas and water products, and their former chief executive and chief financial officers.
/jlne.ws/3pKmrf1
SEC Obtains Court Order to Enforce Investigative Subpoenas for Production of Documents by Gp Capital Group, Inc. and Its President, Shannon W. IIIingworth
SEC
On August 12, 2022, the Hon. Ronnie Abrams, United States District Judge for the Southern District of New York, granted the Securities and Exchange Commission's application to enforce subpoenas for production of documents issued to GP Capital Group, Inc., a Wyoming corporation headquartered in Corona, California, and its President, Shannon W. Illingworth.
/jlne.ws/3PRWnJm
Former director Mark McCabe charged with fraud
ASIC - Australian Securities and Investments Commission
Mr Mark Francis McCabe, of Roseville, New South Wales was arrested on 24 August 2022 by the New South Wales Police Force on an arrest warrant obtained by ASIC. He was charged with one count of dishonestly obtaining property by deception under s192E of the Crimes Act (NSW) and bailed to appear in court on 13 September 2022.
/jlne.ws/3KuPGvN
Advance Notice on the Draft Amendment to Article 2 of the "Regulations Governing the Conduct of Discretionary Investment Business by Securities Investment Trust Enterprises and Securities Investment Consulting Enterprises"-Financial Supervisory Commission
Financial Supervisory Commission, R.O.C.
In order to reasonably expand the room for trust enterprises' entrusted management and application of assets of the general public, the FSC plans to amend Article 2 of the "Regulations Governing the Conduct of Discretionary Investment Business by Securities Investment Trust Enterprises and Securities Investment Consulting Enterprises" with reference to the domestic economic and financial development, while taking into account the impact on the discretionary investment business of securities investment trust enterprises and securities investment consulting enterprises and will raise the threshold for trust enterprises' compulsory concurrent discretionary investment business from NT$10 million to NT$15 million. The draft amendment will be announced in the near future in accordance with the provisions of the Administrative Procedure Act to solicit opinions from all parties.
/jlne.ws/36sTj5s
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Big Money Managers Fear the Revenge of the Fed on Jackson Hole Eve; Financial conditions are easier than eve of March rate liftoff; Powell's silence on rebound would 'speak volumes': LH Meyer
Katherine Greifeld and Liz McCormick - Bloomberg
Stock and bond investors who've spent months sneering at the Federal Reserve are starting to worry about a comeuppance. On the eve of a landmark gathering in Jackson Hole, Wyoming, a concern repeatedly voiced in interviews with big money managers is that market confidence itself is something the Jerome Powell-led bank is bent on doing away with. Financial conditions -- going by measures of strain across asset classes -- are at easier levels than before the Fed kicked off its most aggressive tightening campaign in decades back in March, according to a Bloomberg gauge. By Powell's own admission, that's a problem for policy makers, who are monitoring whether these drivers and strictures on the real economy are "appropriately tight" as they battle to cool inflation.
/jlne.ws/3ctoe4V
Wall Street Fear Index Makes a Good Hedge Ahead of Jackson Hole; Risk-reward for VIX ahead of Jackson Hole looks attractive; VIX call options areman efficient way of expressing higher vol
Simon White - Bloomberg
The VIX's modest bounce recently may have further to run given the uncertainty around Federal Reserve Chairman Powell's Jackson Hole speech on Friday. Stocks and bonds have been falling this week in anticipation of a renewal of the Fed's hawkish vows on Friday. Credible cases can be made for a continuation of these moves, or a reversal. The band of uncertainty is wide, making trading around the event difficult. Equity vol, though, continues to look more biased to rising, especially if there are any upsets, while the downside looks limited.
/jlne.ws/3QQIJrr
Some Iowa Corn Yields, Soy Counts Seen Above Year Ago
Tarso Veloso Ribeiro - Bloomberg
Yields in Iowa, the biggest corn and second-biggest soybean producer in the US, seen above previous year in preliminary data from the Pro Farmer crop tour.
/jlne.ws/3PPQxrZ
US Elections May Be the Next Big Bet for Wall Street; Kalshi wants to list contracts on congressional elections; Regulator may make decision before November mid-term voting
Lydia Beyoud - Bloomberg
American political junkies may get to bet tens of thousands of dollars legally on the outcome of November's US congressional elections. After years of refusing to approve derivatives for betting on elections, Washington regulators are privately weighing a plan that could let people place as much as $25,000 on which political party will control the US Congress. The Commodity Futures Trading Commission may begin taking public feedback on the proposal from prediction-market operator Kalshi Inc. as soon as this month, according to people with knowledge the deliberations.
/jlne.ws/3PWJnC9
Traders Cancel Happy Hour, Brace for Powell in Late-Night Watch; Jittery Asia traders staying up to monitor Powell speech; Jackson Hole 'trumps all Fed events': City Index's Sycamore
Ruth Carson and Jaehyun Eom - Bloomberg
From canceling Friday night trips to the pub to pushing back soccer practice, global investors are pulling out all the stops to ensure they're ready for the most important gathering of central bankers this year. Min Gyeong-won is taking no chances as the countdown begins to the Federal Reserve's landmark Jackson Hole event, where Chair Jerome Powell is expected to restate his resolve to fight inflation and push back against bets he will take his foot off the pedal next year.
/jlne.ws/3wwLHca
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | BlackRock labels Texas 'anti-competitive' over ESG blacklisting; Asset manager describes decision to single it out as hostile to fossil fuels as' opportunistic'
Brooke Masters and Patrick Temple-West - Financial Times
BlackRock has come out fighting against Texas's decision to single it out as hostile to fossil fuels, calling the state's targeting of it "opportunistic", "anti-competitive" and "bad for business". The world's biggest asset manager was the only US company included by Glenn Hegar, Texas comptroller, on a list of 10 financial institutions that "boycott" fossil fuels. The groups face possible divestment by state pension funds. "Trying to stop a US company from doing business in its own backyard is bad for business," said Mark McCombe, the head of BlackRock's US business, who made multiple trips to Texas to lobby state officials while the list was being drawn up. "It looks opportunistic in this climate."
/jlne.ws/3ArW4ze
Coleman Research Releases Study On ESG Impact On M&A And Corporate Strategy - Findings From Experts Around The World Show The Increasing Influence Of ESG Across Sectors
Mondo Visione
Coleman Research, a leading expert network, has released a new study to determine the impact of ESG on M&A activity and corporate strategy today and in the future. The study surveyed over 500 experts across all sectors of the economy, all of whom have been involved in recent M&A decisions and ESG activities in their organizations. All respondents are part of Coleman's extensive expert network, which features nearly ½ million senior-level experts around the world. Insights from 500+ experts on the impact of ESG on Corporate Strategy and M&A. ESG is increasingly driving M&A decisions and corporate strategy 42% of experts believe ESG currently plays an important role in their organization's M&A activity. However, 68% believe it will become even more important over the next two years. This theme also applies more broadly to corporate strategy overall. 56% of experts feel ESG plays a significant role in their organization's corporate strategy currently, and 77% believe that ESG will be a significant a driver of corporate strategy in the next two years.
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China Cracks Down on Rising Solar Prices Amid Disruptions; Polysilicon prices have surged to highest in a decade; Government agencies target price gouging and hoarding
Bloomberg
China stepped up efforts to crack down on surging prices of solar materials as high costs threaten to slow installations as the country accelerates its clean power build-out. Three central government agencies asked local authorities to "rigorously crack down" on illegal actions in the solar industry such as price gouging and monopolistic behavior, according to a notice jointly issued by the Ministry of Industry and Information Technology, State Administration for Market Regulation, and National Energy Administration.
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How to get your firm started with ESG
Accountancy Age
Stephen Heathcote, CEO of PrimeGlobal, highlights five essential steps all firms should take to be ESG ready. As temperatures rise, the urgency to address climate change increases. Environmental, social and governance (ESG) legislation has largely focused on larger entities. However, this will change with 99% of economic activity driven by small to medium sized entities (SMEs). To achieve the government's net zero goal, it is essential that SMEs reduce carbon emissions. SMEs need help to address these demands. As their trusted advisor, SMEs should be able to turn to their accounting firms - but are accounting firms ready?
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China Deploys Rain-Seeding Drones to End Drought in Sichuan
Bloomberg News
China is using two massive drones to seed rainclouds in Sichuan province to try to end a devastating drought that has choked power output and disrupted supply chains of global giants like Apple Inc. and Tesla Inc.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BlackRock Warns Texas Decision Is 'Bad for the Business Climate'
Silla Brush - Bloomberg
A senior BlackRock Inc. executive blasted a finding by Texas officials that the firm boycotts the fossil-fuel sector, saying the decision risks damaging the state's reputation in the business community. The world's largest asset manager was the sole US-based firm included on a list of 10 companies this week that allegedly shun oil and gas, a designation that could wind up costing BlackRock deals within the Lone Star State. BlackRock quickly disputed the declaration, and in an interview Thursday, the head of its US business said the review was faulty and "bad for the business climate."
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Loan ETFs Suffer Record Outflows in June
Bloomberg
Investors pulled more money than ever before from US-listed ETFs investing in bank loans in June. With recessionary fears growing and traders seeking the highest quality debt, exchange-traded funds holding loans posted outflows of $2.3 billion in the month, according to data compiled by Bloomberg. That means the cohort has now erased all inflows for the year. At the same time, broad corporate bond ETFs also posted record exits in June with $8.1 billion withdrawn. Elsewhere, aggregate debt funds saw the weakest inflows since Covid hit in 2020 as just $90 million was added. Cash-like, ultra-short duration products attracted $6.9 billion in an 18th straight month of inflows.
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Blackstone Single-Family Landlord to Halt Home Purchases in 38 Cities; Home Partners of America to press pause beginning Sept. 1; Company cites home price growth, market demand, regulations
Patrick Clark and Dawn Lim - Bloomberg
Home Partners of America, the single-family landlord owned by Blackstone Inc., will stop buying homes in 38 US cities, becoming the latest institutional investor to back away from an overheated housing market. The company, acquired by Blackstone in June 2021 for $6 billion, told customers that as of Sept. 1, it is pausing applications and property submissions in Boise, Idaho; Fresno, California; Memphis, Tennessee, and 25 other areas. It will go on hiatus in 10 additional cities on Oct. 1.
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JPMorgan Eyes Return to Texas Munis After Escaping GOP's ESG Ire; Cloud lifts after firm not included on energy-boycotter list; First step would be to file a standing letter with Texas AG
Glenn Hegar - Bloomberg
JPMorgan Chase & Co., which has mostly been absent from the business of underwriting Texas municipal bonds for the past year, plans to revive its work with the state and its local governments soon.
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Hedge Fund Sculptor Calls Founder's Lawsuit 'Full of Falsehoods'
Hema Parmar - Bloomberg
Sculptor Capital Management Inc. said a lawsuit by founder Dan Och and other former executives seeking documents related to Chief Executive Officer Jimmy Levin's compensation is "misleading and full of falsehoods." The complaint, filed Wednesday in Delaware Chancery Court, presents "a grossly distorted view of board governance at the company," Sculptor said in a statement Thursday. "We look forward to setting the record straight through the legal process."
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Moderna sues Pfizer/BioNTech for patent infringement over COVID vaccine
Daniel Trotta - Reuters
Moderna is suing Pfizer and its German partner BioNTech for patent infringement in the development of the first COVID-19 vaccine approved in the United States, alleging they copied technology that Moderna developed years before the pandemic.
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Covid Test Expired? You May Still Have Time to Use It; FDA has extended the shelf lives of some Covid testing products
Martine Paris - Bloomberg
People who bought Covid tests during the omicron surge or got them free from the federal government earlier this year may now be finding that those products are close to expiration. But don't throw them away just yet. The Food and Drug Administration has extended the shelf lives on many brands.
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Hong Kong Renews Limited Curbs as Covid Outbreak Gains Pace; City to expand testing, but holds off on full-scale closures; Shorter hotel quarantine hasn't fueled increase in infections
Jinshan Hong and Linda Lew - Bloomberg
Hong Kong imposed a select set of measures to try to protect its most vulnerable from a surging Covid-19 outbreak that is putting the city's health care system under pressure, and forcing the government to take action. The Asian financial hub will expand testing across the city, while holding off on the full-scale closures and tighter mitigation measures it's used in the past, and which are still frequently deployed in mainland China now. The aim is to balance the health of its people with the city's economic needs, officials said.
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When Private Equity Takes Over a Nursing Home; After an investment firm bought St. Joseph's Home for the Aged, in Richmond, Virginia, the company reduced staff, removed amenities, and set the stage for a deadly outbreak of COVID-19.
Yasmin Rafiei - The New Yorker
When St. Joseph's Home for the Aged, a brown-brick nursing home in Richmond, Virginia, was put up for sale, in October, 2019, the waiting list for a room was three years long. "People were literally dying to get in there," Debbie Davidson, the nursing home's administrator, said. The owners, the Little Sisters of the Poor, were the reason. For a hundred and forty-seven years, the nuns had lived at St. Joseph's with their residents, embodying a philosophy that defined their service: treat older people as family, in facilities that feel like a home.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Fragile Nations Burn Through Their IMF Lifelines to Plug Gaps; Rechanneling SDRs yet to deliver, progressive think tank says; CEPR sees growing effort for SDR issuance beyond $650 billion
Ana Monteiro and Eric Martin - Bloomberg
The world's most financially fragile countries have burned through the extra International Monetary Fund reserves they got last year, raising calls for a fresh injection to help them weather higher interest rates, food and fuel costs. The IMF's record $650 billion issuance of reserve assets known as special drawing rights, or SDRs, last August "was badly needed," and has been almost exclusively used by low- and middle-income countries, the Washington-based Center for Economic and Policy Research, a progressive think tank, said in a report Wednesday.
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Diageo Halts Some Whiskey Sales in India to Force Price Hikes; Company halts whiskey sales in a bid to force price hikes; Nagarajan pivots Diageo's Indian arm toward premium market
Chris Kay - Bloomberg
One of Hina Nagarajan's first moves at the helm of liquor giant Diageo Plc's Indian arm is a standoff with government officials over price caps that have already cost the company almost $9 million in sales, and some say might backfire. United Spirits Ltd. has halted whiskey sales in a number of states yet to budge on price caps despite rising inflation. The move to stop sales rather than see margins continue to erode is a risky bet, analysts at Mumbai-based Dolat Capital wrote last month, that could complicate the firm's pivot to premium products. It also means a mounting loss of revenue across its portfolio while costs rise at a double-digit pace.
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Do Hedge Funds Have the Chops to Win in China?; Taking control of a company without possession of the official stamp, as IsZo has learned, can amount to a hostage negotiation with the previous management.
Matthew Brooker - Bloomberg
They've been around for thousands of years but they're still tripping up foreign investors in China. Company chops are the carved seals that, when used with a red inkpad to stamp documents, confer legitimacy on corporate actions. Investors accustomed to the norms of Western business may think they control the company when they hold a majority of the shares. Nuh-uh. The chops are the keys to the kingdom. He or she who possesses them is the master. The latest exhibit in a catalog of corporate misadventures featuring company chops is Nam Tai Property Inc. New York-based hedge fund IsZo Capital Management LP succeeded late last year in rallying foreign shareholders to wrest control of Nam Tai's board from another Chinese developer, Kaisa Group Holdings Ltd., which it had accused of mismanaging the Shenzhen-based and US-listed company.
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A Surprise Winner as Emerging Markets Crumble; President Joko Widodo wants Indonesia to be more than a source of commodities, and investors are buying it.
Shuli Ren - Bloomberg
Call it a taper tantrum, times 10. Developing nations are reeling from the double whammy of Federal Reserve interest-rate hikes and China's economic slowdown. They are burning through foreign reserves at the fastest pace since the 2008, to defend their currencies and cover higher import bills for food and fuel. Foreign investors are heading for the exits, while frontier economies such as Sri Lanka and Bangladesh have sought bailouts from the International Monetary Fund. The picture is not pretty.
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India Set to Curb Some Rice Exports in Risk to Global Supply; The government may restrict outbound shipments of broken rice; Rice planting has shrunk due to a lack of rains in some areas
Pratik Parija - Bloomberg
India, the world's biggest rice shipper, will likely restrict some exports as domestic supply is under threat, according to people with knowledge of the matter, a move that risks adding to the chaos in global food markets.
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Explainer: The power crunch in China's Sichuan and why it matters
Reuters
The southwestern province of Sichuan, China's biggest hydropower producer, has seen its supply capability slump due to a long drought across the Yangtze basin, stoking fears the country could suffer another devastating power shortage.
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China's worst heat wave on record is crippling power supplies. How it reacts will impact us all
Nectar Gan - CNN
For weeks now, a power crunch caused by a record heat wave and accompanying drought has wreaked havoc across Sichuan, a province home to 80 million people in southwestern China.
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Speeding Up Net-Zero Goal Could Add 7% to India GDP, Report Says; India needs $13.5 trillion to accelerate net zero goal to 2050 Speeding up the timeline could help save $165 billion
Archana Chaudhary - Bloomberg
India could add as much as 7.3% to its gross domestic product and create 20 million jobs by 2032 if it moves up the timeline to achieve net zero emissions two decades ahead of its stated target of 2070, according to a new report.
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Europe's Widening Fertilizer Crisis Threatens Food Supplies; Norway's Yara to cut ammonia capacity after gas prices soared; Half of Europe's ammonia capacity is now out: CRU Group
Agnieszka de Sousa, Samuel Gebre, and Stephen Treloar - Bloomberg
Europe's fertilizer crunch tightened after Yara International ASA cut output in the face of soaring gas prices, putting more pressure on food supplies as a cost-of-living crisis intensifies. The Norwegian producer said it's further cutting its ammonia capacity to about a third, adding to a flurry of European fertilizer curbs and shutdowns announced this week. Industry researcher CRU Group estimates that Europe has now lost about half its ammonia capacity and 33% of its nitrogen fertilizer operations.
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Hungary Boosts Russia Energy Links With Nuclear Plant Permit; Nuclear authority issues key permit to build two new reactors; Russia's Rosatom is leading the construction in the EU nation
Veronika Gulyas - Bloomberg
Hungary issued a key permit for the Russian-led expansion of its sole nuclear power plant, bolstering the nation's energy links with Moscow even as European Union peers seek to distance themselves over the invasion of Ukraine.
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Yachts, Whiskey, Bull Semen Land on Argentina's Import Blacklist; Thirty-one items, from tiny to huge, were placed on the list; Hard currency shortage is becoming dire for the government
Ignacio Olivera Doll - Bloomberg
What do yachts, whiskey, waffles, hammers and bull semen have in common? They all made a list of items that now need approval from bureaucrats in Buenos Aires each time a company wants to import them. The restrictions, unveiled Thursday, form part of the government's frantic attempt to stabilize the currency and curb inflation that has soared over 70%. There are 31 items on the list in all, and it's hard to understand -- at least at first blush -- what connects them and how they made the list (and not the thousands of other products that are imported into Argentina each year). There are highlighter pens and crypto mining machines; loudspeakers and hangers.
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Venezuelan Bolivar's Crash Breaks Rare Stretch of Stability; Currency has lost a third of its value against USD this month; Central bank sales to the exchange market have been falling
Nicolle Yapur and Fabiola Zerpa - Bloomberg
The bolivar is plummeting, breaking a rare stretch of stability for Venezuela's battered currency. It has lost a third of its value so far this month, hitting 9.33 bolivars per US dollar on the parallel exchange market Thursday, according to data compiled by Bloomberg. That's the steepest monthly decline since January 2021. President Nicolas Maduro said the depreciation was "fictional" and blamed an unspecified "unscrupulous group" for manipulating it. "Let no one come to harm the economic recovery," he said during a TV address on Thursday. Controlling the exchange rate has been a key ingredient of President Nicolas Maduro's strategy to halt a four-year hyperinflation bout, which ended in December. The currency, which had consistently lost nearly all of its value over the years, was relatively stable since a redenomination in October as the central bank poured hundreds of millions of dollars into the exchange market to keep it in check.
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Drought threatens coal plant operations — and electricity — across the West
Julia Simon - NPR
Driving through the Wyoming sagebrush west of Cheyenne, the clouds of dust rising from the road give way to giant plumes of steam shooting into the warming sky. This is the Jim Bridger power plant, one of the largest coal-fired power sources in the nation and an enormous emitter of carbon dioxide pollution. At the plant's edge there's a reservoir, lined with rocks and clumps of drying grass. The plant sucks up about 16 million barrels of water each day, using it to power more than million homes across six western states, all the way to Oregon.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Bill Ackman Is Helping Tennis Players Earn More Money Off the Court; Billionaire is helping athletes profit from their own brand; Licensing for video games, trading cards among group's plans
Gillian Tan - Bloomberg
Billionaire Bill Ackman's Pershing Square Foundation and investment firm Prysm Capital led a $26 million investment in a new organization designed to help professional tennis players pursue business opportunities off the court. Winners Alliance, a for-profit affiliate of the Professional Tennis Players Association, appointed Ackman as chairman of the board. Among its first initiatives, the organization plans to set up a licensing program for players to get paid for their likeness being used in video games, trading cards and related areas.
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The Nation That Gave the World Avocado Toast Now Has Too Many Avocados; A glut has Australia rethinking ways to serve the green fruit: Grilled, pickled and in parfaits, smoothies, chocolate cupcakes, spaghetti
Mike Cherney and Allison Prang - The Wall Street Journal
Suzanne James has big dreams for one of her favorite fruits. Avocado smoothies. Avocado cake. Avocado chocolate mousse. She tried the avocado pickle recipe—vinegar, chili, sugar—but her family didn't love it. Australia, credited with spreading avocado on toast around the world, is creaking under a mountain of the green, pear-shaped fruit. Farmers in past years had planted thousands of avocado trees to keep up with demand, which, turns out, hasn't grown nearly as fast as supply. Prices in Australia are at rock bottom. Some of the fruit is left to rot. Yet the tough times for avocado farmers have yielded a bounty for avocado lovers.
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When Your Boss Is Crying, but You're the One Being Laid Off; Executives are racing to let employees know that they're not just empty suits. They're humans, with emotions, which they're now sharing more broadly.
Emma Goldberg - The New York Times
If you had told Ryan Caldbeck, in his first-ever job, that he would one day be crying to a room full of his employees, he might have simply told you — with the bluster characteristic of any corporate striver — that you were wrong. But somewhere in between tumultuous markets and shifting national conversations on mental health, Mr. Caldbeck's perspective changed. In 2016, he laid off roughly 15 percent of his 45-person team at the financial technology company CircleUp, and broke down in tears. Now, he said, he shares his feelings with colleagues more openly. He also sometimes wrestles to find the line between buttoned-up executive reticence and oversharing. "There was a time when I went into work, and in a meeting we were going around the room saying how was your weekend, and I said, 'Oh, I got in a difficult fight with my wife,'" said Mr. Caldbeck, 43, who was previously CircleUp's chief executive. "Everyone's mouth dropped. I realized I went too far. That wasn't appropriate. That's not how to show vulnerability at work."
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UK Bank Says Four-Day Week Is The 'Future of Working Life'
Evelyn Yu - Bloomberg
Six months after switching to a four-day working week, the UK's Atom Bank said it's seen benefits from talent retention to improved productivity. There was a 49% increase in job applications at the bank in January 2022 compared to a year ago, while staff retention rates have also risen, according to a press release Wednesday. Days lost to sickness fell over the period and customer service ratings also improved.
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Drought Forces Earliest Harvest Ever in French Wine Country
Sylvie Corbet - Associated Press
The landscape in the prestigious vineyards of Bordeaux looks the same as ever, with healthy, ripe grapes hanging heavy off rows of green vines. But this year something is starkly different in one of France's most celebrated wine regions and other parts of Europe. The harvest that once started in mid-September is now happening earlier than ever — in mid-August — as a result of severe drought and the wine industry's adaptation to the unpredictable effects of climate change.
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