| March 08, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Today's newsletter was delayed because of problems at Constant Contact. Our apologies for the delay.
I find myself in White House, TN, just north of Nashville again on my way to Florida in the same Hampton Inn my wife and I stayed at on our last trip this way. We are headed to Sarasota, FL before heading over to Boca Raton for the FIA Boca International Futures Conference. However, the weather across the U.S. Southeast today is rain, thunderstorms and possible tornadoes. We are headed right into the teeth of the storm, it appears. We may be headed for a day of finding somewhere short of our hoped for destination of Lake City, FL and hunkering down. It will be a day of keeping our eyes on the weather maps, for sure.
The Wall Street Journal reported that U.S. lawmakers are prepared to review legislation concerning TikTok's ownership on Thursday. With over 170 million American users, the app prompted them to contact their House representative about the bill. Through the app, users could easily call their representative, sparking congressional concerns about TikTok's influence. The campaign overwhelmed some congressional offices, leading to hang-ups and questions. This highlighted TikTok's ability to mobilize users and gather data to shape behavior, a concern for lawmakers wary of its Chinese ties. The House Energy and Commerce Committee voted unanimously, 50-0, to advance the bill, which would require TikTok's parent company, ByteDance, to sell the app to an American owner or face a potential ban.
I asked my good friend ChatGPT what it thought about this TikTok controversy and here is what it shared:
TikTok, once owned by China's hand,
Now in Congress, it takes a stand.
A separation they demand,
In a move that's planned and grand.
With hearings held, debates are rife,
Concerns of data, users' life.
From East to West, a growing strife,
As TikTok faces a change of life.
But amidst the legal twist and turn,
Users dance, and videos churn.
On the app, they laugh and learn,
While TikTok's fate, the lawmakers discern.
And if the TikTok thing did not worry you enough about China, another story from the Wall Street Journal added to lawmakers' concerns. The story is titled "Espionage Probe Finds Communications Device on Chinese Cranes at U.S. Ports" and has a subheadline of "Lawmakers' discovery has fueled worries in Washington that the China-built equipment could be a national-security threat at America's ports."
Miami International Holdings, Inc. (MIH) released its February 2024 trading results for MIAX Exchange Group and Minneapolis Grain Exchange (MGEX). MIAX Exchange Group, comprising MIAX, MIAX Pearl, and MIAX Emerald, saw total multi-listed options volume of 145.3 million contracts, up 6.0% year-over-year (YoY). MIAX Options reached 58.3 million contracts, a 6.3% increase YoY. MIAX Emerald Options hit 33.6 million contracts, up 22.7% YoY. MIAX Pearl Equities recorded a monthly volume of 4.1 billion shares, a 48.1% increase YoY. MGEX futures volume surged 30.3% YoY, reaching 329,921 contracts. Overall, YTD options and equities volumes for MIAX Exchange Group were at record levels, with a 4.8% and 73.8% increase, respectively, from 2023. Market share highlights included a 16.34% share for February 2024 for MIAX Exchange Group, and 6.56% for MIAX Options.
More record demand for Bitcoin. BlackRock's Bitcoin ETF (IBIT) shattered records on Tuesday, adding a staggering 12.6K BTC, worth over $778 million, amidst market turmoil, CoinDesk reported. Investors seized the opportunity to buy the dip in the world's largest cryptocurrency. IBIT's trading volumes soared past 107 million shares, exceeding $3.6 billion in price-weighted activity, surpassing the previous week's record of $3.3 billion.
The March issue of the World Federation of Exchanges' Focus magazine presents a diverse lineup of influential women leaders in the financial industry. Among the featured authors are Catherine Adonna-Pena, Global Chief Risk Officer of Nasdaq; Eun Ah Choi, SVP, Global Head of Regulatory Operations at Nasdaq; Hanan Mohammed Alshehri, Chief Executive Officer of Edaa; Dana Amanzholova, Deputy Chairman of the Management Board at Kazakhstan Stock Exchange; Julie Bauer, Chief External Relations Officer of Options Clearing Corporation; Laura Bayley, CEO SIX x-clear at SIX; Lerzy Batista, Commercial Senior Vice President at Bolsa Latinoamericana de Valores; Hima Bindu Vakkalanka, Vice President - Special Projects at NSE; Renata Caffaro Vilela, Managing Director of People at B3; Chiara Caprioli, Head of Business Development & Sustainable Finance Expert at Luxembourg Stock Exchange; Franca Egwuekwe, General Counsel and Company Secretary, NG Clearing; Veronica Del Rosario, General Counsel and Compliance Officer of the Philippine Stock Exchange; Corinne Houmou Ormon, BRVM Country Representative in Cote d'Ivoire; Anja Kiessling, Chief Financial Officer of European Energy Exchange; Sally Kwok, Co-Head of Trading at HKEX; Grace Mok, Executive Director, Head of Member Supervision at SGX; Katherine Ng, Head of Listing at Hong Kong Exchanges and Clearing; Diana Okine, Deputy General Manager, Strategy and International Relations at GSE; Smaragda Rigakou, General Counsel, Head of Legal, Regulatory and Compliance Division at Athens Exchange Group; and Hester Serafini, President of ICE Clear Europe
Micah Green of Steptoe LLP announced on LinkedIn that he is transitioning from partner to senior counselor. He will continue to practice law at Steptoe, but the firm has allowed him to set up his own strategic and public policy advisory firm that offers new clients non-legal advisory and public policy advocacy services. The new firm is named Democracy Solutions LLC, which he says will be committed to assisting clients in solving complex issues and problems they are facing with government policy makers.
Thank you to an anonymous donor who contributed to the JLN MarketsWiki Education GoFundMe campaign. This donor matched the $500 contribution made by Joe Schroeter a couple of days ago. Thank you to all who have given and all who have yet to give to support our efforts to preserve industry history via our various video series.
Exchange Analytics has launched a new Anti-Money Laundering (AML) course specifically tailored for Money Service Businesses to satisfy their FinCEN requirement of providing regular AML training to their employees. For more information, click HERE.
Block Club Chicago reports "8 Chicago Steakhouses Serving Glitz, Glamour And Really Good Steak" that includes news of a new steakhouse opening in Chicago. Divan opened Thursday in River North.
I'm not sure what Divan has to do with steaks. Among its meanings, 'divan' refers to a type of long, low sofa without a back or arms, typically placed against a wall. In some cultures, particularly in the Middle East, 'divan' denotes a council of state or a governmental body. In Persian and Arabic literature, 'divan' refers to a collection of poems or literary works, often by a single author. Additionally, in some European languages, 'divan' is used to describe a type of bookcase with open shelves.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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FIA Tech's Andrew Castello Catches Us Up on What's New With FIA Tech's Data Business, Database Network Services and AI.
JohnLothianNews.com
John Lothian interviewed Andrew Castello, vice president and head of client operations at FIA Tech, in a video for John Lothian News. Castello talked about what's new at FIA Tech's data business, including expanding its network, introducing contract specifications, and bringing in proprietary vendors. They have also been focusing on index futures and single stock futures.
Watch the video »
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Cboe trading pits endure despite takeover of electronic trading
Mark Weinraub - Crain's Chicago Business
The din on Cboe's trading floor is growing louder even as the volume in trading pits around the rest of the world is getting quieter. That's because of the strength of the Chicago-based exchange's massively popular S&P 500 index options contracts, which investors use to mitigate their risk exposure in nearly every asset class and investment vehicle. The hands-on environment works best for large trades, traders say.
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****** Louder than what? A library?~JJL
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| Lead Stories | Hong Kong to Name Ex-KPMG China Head Carlson Tong to Chair Stock Exchange
Bloomberg
The Hong Kong government plans to name Carlson Tong, the former chairman of KPMG China, to preside over the city's stock exchange.Tong is expected to take over as the next chairman of the Hong Kong Exchanges & Clearing Ltd. after April 24, according to people familiar with the matter. The city's leader John Lee will formally make the appointment as mandated by the local securities law, the people said. The government owns about 5.9% of the stock exchange and appoints half of the board, including Tong who has been a director since 2023. Along with new HKEX Chief Executive Officer Bonnie Chan, the duo is expected to revive the exchange after a steep drop in initial public offerings and a slump in stock-trading volumes. Many foreign investors have cut their holdings of Chinese companies with stocks listed in Hong Kong, amid a downturn in China's economy and rising geopolitical tensions. Last month, HKEX reported a 13% decline in fourth-quarter profit to HK$2.6 billion ($332 million).
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S&P index error may have sparked turbulence in Morgan Stanley, Pfizer shares, traders say
Suzanne McGee and Tatiana Bautzer - Reuters
An error by S&P Dow Jones Indices may have contributed to volatility in shares of Morgan Stanley, Pfizer, PNC Financial Services Group and other stocks in recent days, traders said. At issue was a list of pending changes to the Dow Jones U.S. Dividend 100 Index that S&P Dow Jones Indices released late on March 1, naming 10 companies slated for addition to the index and two for deletion. The changes were to take effect on March 18.
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SEC Defers Decision on Spot Bitcoin ETF Options Trading
Emily Graffeo - Bloomberg
The US Securities and Exchange Commission has extended the timeline for which it will make decision on approving the trading of options on exchange-traded funds that invest directly in Bitcoin. The US securities regulator deferred on a filing from Cboe Exchange Inc. to offer options tied to ETFs holding Bitcoin, according to documents posted on the agency's website Wednesday. The SEC also delayed a decision on a filing from Nasdaq ISE to list and trade options on BlackRock's iShares Bitcoin Trust.
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EU mistake opens 18-month window for unlimited dark trading; Brussels rushes to update new legislation after oversight in new rules
Nikou Asgari - Financial Times
Brussels is rushing to close a loophole in its new share trading rules after unintentionally leaving an 18-month window for investors to buy and sell unlimited amounts of stock in private trading venues. Policymakers are seeking to update the new legislation, intended to more accurately reflect share trading activity in the EU after Brexit, after the oversight was discovered, according to people familiar with the matter. The misdrafting of the rules potentially allows unlimited trading in business that the EU has sought to limit for the past decade.
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LME Clear appoints Independent Non-Executive Director
LME Clear
LME Clear is pleased to announce the appointment of Claire Chapman as Independent Non-Executive Director of the Board. A highly accomplished legal professional, Claire Chapman is currently General Counsel, Company Secretary and Chief People Officer of Hargreaves Lansdown plc. Prior to this role Claire held a number of General Counsel positions over a 20-year period, including at Capita plc, Daily Mail & General Trust plc, Inchcape plc and Thomson Reuters plc.
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How an Evanston hedge fund caught the Nvidia wave early
John Pletz - Crain's Chicago Business
Just before chipmaker Nvidia crossed the trillion-dollar threshold and became the poster child for the economic power of artificial intelligence, it joined Evanston-based hedge fund Magnetar Capital to invest in a startup called CoreWeave. CoreWeave had assembled data centers full of computer servers loaded with Nvidia's superfast graphics-processing chips for cryptocurrency mining. The company soon discovered that it was even more lucrative to rent those servers for things like making special effects for movies and, later, artificial intelligence.
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US natural gas pipeline accidents pose big, unreported climate threat
Nichola Groom - Reuters
Last October, an Idaho farmer using a backhoe punched a hole into a 22-inch (56-cm) pipeline buried under a field, sending more than 51 million cubic feet of natural gas hissing into the air. While the incident on Williams Companies' (WMB.N), opens new tab Northwest Pipeline was big, it was no anomaly along the roughly 3 million miles (4.8 million km) of natural gas pipelines crisscrossing the U.S. Accidental pipeline leaks - caused by things like punctures, corrosion, severe weather and faulty equipment - happen routinely and are a climate menace that is not currently counted in the official U.S. tally of greenhouse gas emissions, according to a Reuters examination of public data and regulatory documents.
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US Government's 'Problem Bank List' Grew Again Last Quarter
Katanga Johnson - Bloomberg
Washington's "Problem Bank List" rose again last quarter, capping off a year when US lenders struggled to cope with higher interest rates and more overdue loans for commercial buildings and credit cards. The Federal Deposit Insurance Corp. said Thursday that its confidential tally of lenders with with financial, operational or managerial weaknesses had grown by eight banks to 52, representing 1.1% of the institutions it oversees. The total assets held by those firms increased by $12.8 billion last quarter to $66.3 billion.
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A rotten system for sovereign debt restructuring needs fixing; The state of New York is right to push for reform, despite objections from Wall Street
Gillian Tett - Financial Times (opinion)
This spring, Argentina is casting a shadow over global markets. That is partly because of widespread investor fascination with the colourful persona of Javier Milei, the libertarian economist now running the country. However, the other factor is Albany, the chilly New York state capital. Yes, really. Last week, state legislators submitted a bill that seeks to change how the state's law courts handle sovereign debt restructurings. This matters since half of all emerging market bonds, worth an estimated $870bn, have been issued under New York law.
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Enforcers Place Emphasis on Punishing Repeat Corporate Offenders; The Justice Department's Marshall Miller said the best way to avoid being pegged as a recidivist offender is to voluntarily self-disclose illicit conduct
David Smagalla - The Wall Street Journal
The U.S. Justice Department doesn't intend to enter into repeated settlement agreements with companies that are habitual offenders, a top official said. "We shouldn't be in the business of doing successive DPAs [deferred prosecution agreements] or NPAs [nonprosecution agreements] one after the other after the other," said Marshall Miller, principal associate deputy attorney general at the Justice Department, speaking at the American Bar Association's National Institute on White Collar Crime.
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Justice Department to Pay Whistleblowers Who Tip on Corporate Crime; More tipsters will be eligible for payments when they assist prosecutors, Deputy Attorney General Lisa Monaco says
Dave Michaels - The Wall Street Journal
The Justice Department plans to pay whistleblowers who tell prosecutors about corporate crime, adding a new incentive to attract more tipsters to aid the government. The department will begin the effort as a pilot program aimed at cases where whistleblowers aren't already eligible for payments from other government programs, Deputy Attorney General Lisa Monaco told a legal conference on Thursday in San Francisco.
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FIX EMEA 2024: Making European equities great again; Regulatory fatigue a key factor in the underperformance of the European equity market a panel of experts at the FIX EMEA Trading Conference agreed.
Claudia Preece - The Trade
Increased regulatory burdens, costs, the size of the pie, and lack of interoperability are some of the key drivers behind the underachieving equities market, according to experts at this year's FIX EMEA Trading Conference. As one of the speakers on the fixing equities panel - held under Chatham House - put it, "it's time to make Europe great again".
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia Prepares for Long-Term Standoff in Baltic, Lithuania Says
Milda Seputyte - Bloomberg
Russia's military is preparing for a protracted standoff with NATO member states in the Baltic Sea region as the Kremlin expands military capability westward, Lithuania's spy agencies said. President Vladimir Putin's military is increasingly using air, naval and nuclear forces to project Russian potential in the Baltic, according to a joint report by the Baltic nation's military and domestic intelligence agencies. The development is part of a major realignment of Russia's armed forces in its western regions, the report said.
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Sea Corridor for Gaza Tests U.S. Ability to Ease Humanitarian Crisis; The move to facilitate aid deliveries by sea comes after the Biden administration struggled to persuade Israel to let in more by land
Sune Engel Rasmussen and Laurence Norman - The Wall Street Journal
An international plan to facilitate aid deliveries to the Gaza Strip via the Mediterranean Sea will launch this weekend, European officials said, testing the ability of the U.S. and its allies to deliver food and essential supplies to a Palestinian population caught in a growing hunger crisis. Biden in his State of the Union address Thursday said he would direct the U.S. military to erect a floating pier to allow a "massive increase in the amount of humanitarian assistance getting into Gaza every day," while urging Israel to allow more aid into Gaza as well.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Decision on UK trade settlement times stymied by City divisions; Task force's report set to say 2026 timeline for implementation is possible but shies away from hard deadline
Ellesheva Kissin - Financial Times
The UK Treasury and the financial regulator will have to make the final decision on whether a planned shortening of trade settlement times should follow the US or align with the EU after a government-commissioned report found deep divisions within the City of London. The study - which was compiled by a task force headed by Charlie Geffen, a senior adviser at consultancy Flint, and which has not yet been published - is set to shy away from setting a firm date for implementation after an industry dispute could not be resolved, according to three people familiar with its contents.
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Nodal Exchange achieves February trading records as power market grows 30% and environmental market grows 133%
Nodal Exchange
Nodal Exchange today announced it achieved a calendar month trading record for February 2024 with 379.1 million MWh of traded power futures volume in the month, up 30% from the prior year. This represents Nodal Exchange's highest volume month ever, surpassing Nodal's prior monthly record volume of 325.2 million MWh of traded power futures volume in February 2022. Nodal continues to be the market leader in North American power futures having the majority of the open interest with 1.35 billion MWh at the end of February.
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Awards will be Presented for Best Market Makers 2024
Japan Exchange Group
The Tokyo Stock Exchange, in an effort to improve liquidity in the ETF market, introduced a market making scheme in the ETF market and has been operating it while making improvements. Since 2021, the Best Market Makers Award has been given to market makers who have contributed to the improvement of market liquidity through continuous quoting, and the role of market makers in the market has been widely communicated. We are pleased to announce that this year's award winners have been selected.
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SGX-ST Listings Disciplinary Committee reprimands former Group CEO and Executive Director of Eneco Energy Limited, Aditya Wisnuwardana Seky Soeryadjaya
Singapore Exchange Group
Public Reprimand: Breaches of Listing Rules. 1. The SGX-ST Listings Disciplinary Committee ("LDC") reprimands Aditya Wisnuwardana Seky Soeryadjaya ("Aditya") for breaching: a. Mainboard Rule 703(1)(a) in relation to Eneco Energy Limited's (the "Company" and together with its subsidiaries, the "Group") failure to disclose in a timely manner developments surrounding the expiry of a material permit to explore and produce oil and gas assets in the West Jambi Operating Areas (the "Permit"); and b. Mainboard Rule 719(1) in relation to Aditya's circumvention of established internal protocols in the appointment of a vendor, PT Mandiri Pratama Khatulistiwa ("MPK"), and disbursement of funds from the bank account of the Company's subsidiary PT Hexindo Gemilang Jaya ("PT Hexindo") without the knowledge and approval of the Company's board of directors.
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Euronext announces annual review results of the ISEQ Family
Euronext
Euronext today announced the results of the annual review for the ISEQ 20, ISEQ 20® Capped and ISEQ Small which will take place after markets close on Friday 15 March 2024 and be effective from Monday 18 March 2024.
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Euronext announces March 2024 quarterly review results of the CAC 40 ESG
Euronext
Euronext today announced the results of the quarterly review for the CAC 40 ESG, which will take place after markets close on Friday 15 March 2024 and be effective from Monday 18 March 2024.
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Euronext announces March 2024 quarterly review results of the CAC Family
Euronext
Euronext today announced the results of the quarterly review for the CAC family indices, which will take place after markets close on Friday 15 March 2024 and be effective from Monday 18 March 2024.
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Regular Constituents Change in KRX BBIG Indices
Korean Exchange
There will be regular constituents changes in KRX BBIG Indices, effective from March 15, 2024.
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Regular Changes of Constituents In Large/Mid/Small Cap Indices of KOSPI and KOSDAQ Market
Korean Exchange
There will be regular changes of constituents in Large/Mid/Small Cap Indices of KOSPI and KOSDAQ, effective from March 15, 2024.
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Regular Constituents Change in KRX REITs TOP 10 index
Korean Exchange
There will be regular consituents changes in KRX REITs TOP 10 index effective from 15th March 2024.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Instagram overtakes TikTok in app downloads in race for new users; Meta-owned platform's push into short-form video bears fruit while TikTok's explosive growth begins to ease
Eleanor Olcott - Financial Times
Instagram overtook TikTok in new app downloads last year, with the US photo-sharing platform's growth powered by copying its Chinese rival's success with short-form videos. Instagram's total number of app downloads grew 20 per cent in 2023 to 768mn compared with a year earlier, according to market intelligence firm Sensor Tower, making it the most downloaded app in the world.
/jlne.ws/3TqWpNr
Reddit's pre-IPO roadshow to kick off next week; Social media platform's public debut will be closely watched as a gauge of the appetite for tech listings
Hannah Murphy and Nicholas Megaw - Financial Times
The roadshow for Reddit's closely watched public debut on the New York Stock Exchange will start on Monday, as it prepares to begin trading the following week in a tech listing that will set the tone for the market in 2024. The social media platform is trying to secure an anchor investor as it pitches its fast-growing advertising business and the promise of revenues from selling its data. Reddit plans to price its initial public offering on March 20 and start trading the following day, according to two people familiar with the matter.
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Unless You're Nvidia, the AI Chip Business Is Complicated; Broadcom and Marvell shares have surged on AI hype, but other chip segments weigh on results
Dan Gallagher - The Wall Street Journal
Investors have been treating Broadcom like the next Nvidia NVDA 4.47%increase; green up pointing triangle. They forgot about the iPhone. Broadcom's market value has more than doubled over the past year, and its stock has been the third-biggest gainer on the PHLX Semiconductor Index in that time behind Nvidia and Advanced Micro Devices AMD 0.36%increase; green up pointing triangle. Surging demand for systems to power generative artificial intelligence services has driven sales for Broadcom's networking chips, which are used for things like connecting Nvidia's popular GPU chips together in data centers to form what are effectively AI supercomputers.
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Key OpenAI Executive Played a Pivotal Role in Sam Altman's Ouster; Mira Murati, OpenAI's chief technology officer, brought questions about Mr. Altman's management to the board last year before he was briefly ousted from the company, people familiar with the matter said.
Mike Isaac, Tripp Mickle and Cade Metz - The New York Times
More than three months after OpenAI's board of directors briefly ousted Sam Altman, the chief executive of the high-profile artificial intelligence company, questions remain about exactly what led the board to make such a dramatic move. A report from an outside law firm, which is expected in the coming days, could shed more light on the board's decision as well as the chaotic five days before Mr. Altman returned to the company.
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Dozens of Top Scientists Sign Effort to Prevent A.I. Bioweapons; An agreement by more than 90 said, however, that artificial intelligence's benefit to the field of biology would exceed any potential harm.
Cade Metz - The New York Times
Dario Amodei, chief executive of the high-profile A.I. start-up Anthropic, told Congress last year that new A.I. technology could soon help unskilled but malevolent people create large-scale biological attacks, such as the release of viruses or toxic substances that cause widespread disease and death. Senators from both parties were alarmed, while A.I. researchers in industry and academia debated how serious the threat might be.
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The Elite Group of Women Keeping Big Tech in Check; Over the past decade, data enforcement has exploded in prominence. These are the regulators leading the charge.
Stephanie Bodoni - Bloomberg
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| Cybersecurity | | Top stories for cybersecurity | White House panel issues recommendations to bolster US critical infrastructure cybersecurity
SC Media
New recommendations have been issued by the President's National Security Telecommunications Advisory Committee to strengthen the cybersecurity posture of U.S. critical infrastructure, including the creation of financial incentive programs under the Office of the National Cyber Director to advance cybersecurity investments in critical infrastructure organizations, according to CyberScoop.
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Why women should consider cybersecurity to help close the skills gap
Lisa Kilpatrick - Security Magazine
Children are often asked, "What do you want to be when you grow up?" For the majority of individuals, professions such as teacher, nurse, pilot or astronaut were popular responses. However, for generation alpha, these responses have shifted to viral YouTube sensations or TikTok content creators due to today's popularity of social media apps. So what does this mean for low visibility jobs like cybersecurity?
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AI Vs. AI: How To Win The Corporate Cybersecurity Battle
Syed Ahmed - Forbes
As more businesses move online, cybersecurity is an increasingly important concern to protect your company's data and financial assets. Security breaches are all the more rampant because of bots, data leaks and phishing, so AI is a critical tool to harden security.
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| Cryptocurrencies | | Top stories for cryptocurrencies | BlackRock's Bitcoin ETF Added a Record 12.6K BTC in Tuesday's Carnage
Shaurya Malwa - Bloomberg
The BlackRock iShares Bitcoin ETF (IBIT) gobbled up over $778 million worth of bitcoin {{BTC}} on Tuesday as the fund's investors apparently bought the dip in the world's largest crypto. IBIT added 12,600 bitcoin, breaking previous daily highs of around 10,000. Data from Nasdaq show that the fund recorded trading volumes of more than 107 million shares, or over $3.6 billion price-weighted, surpassing the previous record high of $3.3 billion from last week.
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The Middle East is pitching itself as the future of crypto. Will companies follow?
Leo Schwartz - Fortune
As the results from Super Tuesday trickled in last night, crypto fundraising groups seemed to have scored a decisive victory. Rep. Katie Porter, who faced $10 million worth of negative ads from digital asset PACs, lost her bid to become the Democratic Senate candidate for California, while other pro-crypto candidates across the country notched primary victories.
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Pantera Raising Funds to Buy Solana Holding From FTX
Ryan Weeks and Sidhartha Shukla - Bloomberg
Pantera Capital, the $5.2 billion crypto-focused asset manager, is raising money from large investors to buy deeply discounted Solana tokens from the estate of bankrupt digital-asset exchange FTX. Pantera is seeking funds for the Pantera Solana Fund, which has an "opportunity" to buy up to $250 million worth of SOL tokens from the FTX estate, according to marketing materials from February sent to prospective investors and seen by Bloomberg. In return for the option of buying SOL at 39% below a 30-day average price or at $59.95, investors must agree to a vesting period as long as four years.
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Bitcoin is replacing gold in investor portfolios
Filip De Mott - Business Insider
By one measure, bitcoin is already more popular than gold within investor portfolios, boosted by the token's new price highs, JPMorgan said in a note on Thursday. The mainstay cryptocurrency has long drawn comparisons to the yellow metal, considered by some as a digital version of the commodity. At face value, gold should make up a higher percentage of portfolios than bitcoin, given that an estimated $3.3 trillion is held for investment purposes. When comparing the two assets by notional amounts, bitcoin's allocation would appear lower, given a market cap of $1.3 trillion, JPMorgan said.
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Warren Buffett Says He Wouldn't Pay $25 For All The Bitcoin In The World - He Considers Crypto 'Rat Poison' And Warns: 'I Can Say With Almost Certainty That They Will Come To A Bad Ending'
Jeannine Mancini - Benzinga
The cryptocurrency market is a whirlwind of excitement and uncertainty, fueled by a fear of missing out (FOMO) and speculation about its future trajectory. Amid this frenzy, one of the most seasoned voices in investment, Warren Buffett, has consistently made clear his stance on the matter: he wants nothing to do with cryptocurrency. Speaking at Berkshire Hathaway Inc.'s annual shareholder meeting in 2018, Buffett described Bitcoin as "probably rat poison squared," a sentiment reported by CNBC's Becky Quick. Despite the growing acceptance of Bitcoin in the traditional finance sector, Buffett's stance remains unchanged, emphasizing his belief that Bitcoin is not a viable investment.
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Nigeria targets cryptocurrency in bid to end naira freefall
Tonye Bakare - AFP
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Bitcoin Record High Would've Happened Without ETFs, Just Later, Say Experts
Helene Braun - CoinDesk
/jlne.ws/43dhG0f
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| Politics | | An overview of politics as it relates to the financial markets | How Trump's Ex-Treasury Chief Landed 2024's Highest-Profile US Bank Deal
Hannah Levitt and Bre Bradham - Bloomberg
Three years after Steve Mnuchin finished his term as Donald Trump's Treasury secretary and raised cash from overseas investors, the financier and an old ally are dusting off their playbook for mining profits from a struggling US bank. Mnuchin's Liberty Strategic Capital led a group of investors that injected more than $1 billion into New York Community Bancorp while effectively taking control of the ailing lender to apartment landlords. The deal, announced Wednesday, installed former Comptroller of the Currency Joseph Otting as chief executive officer.
/jlne.ws/3Ivud5U
Trump Media SPAC Avoids Legal Roadblock on Way to Merger Vote
Bailey Lipschultz - Bloomberg
The blank-check firm working to take Trump Media & Technology Group public scored a win after a court declined to expedite a lawsuit, opening the door to investor approval of the transaction. Digital World Acquisition Corp., which is scheduled to host an investor vote to approve the Trump Media merger on March 22, said a Delaware judge denied a request from Patrick Orlando's ARC Global Investments II that threatened to delay the deal's completion.
/jlne.ws/4a6kyOD
Biden's Billionaire Tax Would Redefine 'Income' for the Wealthiest
Richard Rubin - The Wall Street Journal
President Biden's claim that billionaires pay an 8.2% tax rate comes from a White House calculation of tax rates that's different from how taxes are typically defined, where income taxes are the numerator and income is the denominator. For the wealthiest Americans, he would redefine income to include unrealized capital gains and then impose minimum taxes on them. The plan didn't get through Congress when Democrats were in charge.
/jlne.ws/3uTKRsL
US lawmakers tune out TikTok lobbying to advance bill to ban app; House committee approves bipartisan legislation after briefing on data risks to American users
Demetri Sevastopulo - Financial Times
A powerful US congressional committee has passed a bill that would remove TikTok from app stores unless its Chinese owner divests the video-sharing platform, brushing off a lobbying campaign that had enlisted thousands of its users. The House energy and commerce committee approved the bipartisan bill 50-0 on Thursday after a classified briefing from officials about the risks the app posed to Americans because of its ownership by the Chinese group ByteDance.
/jlne.ws/3Pc4PWw
Banks, Hedge Funds Need to Stop Using Sexual Harassment NDAs, UK Lawmakers Say; UK lawmakers say misconduct still too prevalent in finance; Lawmakers also say regulators should not demand diversity data
Olivia Konotey-Ahulu - Bloomberg
Banks and financial firms should be banned from using nondisclosure agreements in workplace sexual harassment disputes because they risk silencing victims while protecting perpetrators, British lawmakers have warned. Senior leaders and board members at companies should take responsibility for addressing these issues and changing the culture, a parliamentary report concluded, while also urging men to take a more active role in challenging and reporting sexual harassment by other men.
/jlne.ws/3wEknf6
Sweden Joins NATO to Complete Alliance's Nordic Expansion
Niclas Rolander and Ellen Milligan - Bloomberg
/jlne.ws/3Pc1g2w
Hong Kong unveils its second national security law, aligning city more closely with mainland China
Chris Lau - CNN
/jlne.ws/3Tsglzs
China says U.S. is 'obsessed' with suppressing its rise
Jennifer Jett and Dawn Liu and Rae Wang - NBC News
/jlne.ws/3T9WYcZ
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| Regulation & Enforcement | | Stories about regulation and the law. | Nearly all Americans agree... Basel III Endgame sounds like an especially lame superhero film; "Nothing can prepare you for the end"
Alexandra Scaggs - Financial Times
The US is finalising another round of global bank regulations. That means it's time for the best (and worst!) regulatory-pressure campaigns money can buy. Federal Reserve Chair Jay Powell assured Congress this week there will be "broad and material changes" in proposed bank capital rules - known by the cheesy name "Basel III Endgame" - by the end of this year. This shouldn't be a shocking development, as Powell expressed concern about the potential downsides of the proposal when it was first released. But today Powell denied the Fed was considering withdrawing the rule, which is the way some lobbyists Fed-watchers initially interpreted his comments. Bank of America, for example, highlighted the word "scrapped". That term appears to have been used by a member of the House, not Powell himself.
/jlne.ws/435GZkZ
A cryptocurrency mogul arrested in Montenegro faces extradition to South Korea after a court ruling
Predrag Milic - Associated Press
A Montenegrin court on Thursday ruled that cryptocurrency mogul Do Kwon should be handed over to his native South Korea, the latest twist in the months-long legal procedure that followed the arrest of the Terraform Labs founder in the Balkan nation last year. The High Court handed down the ruling just days after an appeals court overturned its previous decision to extradite Kwon to the United States.
/jlne.ws/3Vgm7p0
FCA discontinues civil proceedings against Konstantinos Papadimitrakopoulos and Dimitris Gryparis
FCA
The FCA previously commenced High Court proceedings pursuant to sections 383 and 382 of the Financial Services and Markets Act 2000 against the former CEO, Mr Konstantinos Papadimitrakopoulos, and former CFO, Mr Dimitris Gryparis of Globo plc for alleged market abuse. The FCA decided to discontinue the proceedings on 6 March 2024, which concludes all civil proceedings in the High Court.
/jlne.ws/3T6qCA8
SEC commissioners criticize unclear crypto enforcement after ShapeShift settlement
CryptoSlam - Forkast
SEC Commissioners Hester Peirce and Mark Uyeda have publicly criticized the U.S. Securities and Exchange Commission's (SEC) enforcement action against cryptocurrency firm ShapeShift, calling it an addition to the "ambiguity" in the industry. The SEC's settlement with ShapeShift, which involved a US$275,000 penalty for allegedly offering unregistered securities, was announced on March 5. The commissioners argued that the SEC's order did not clarify which of the 79 crypto assets offered by the exchange were considered securities.
/jlne.ws/3Pcy8bi
SEC Chair Gensler remains silent on Ethereum's status amid ETF reviews
Forkast
U.S. Securities and Exchange Commission Chairman Gary Gensler did not clarify whether his agency considers Ether a security as the SEC reviews multiple applications for Ethereum spot exchange-traded funds (ETFs). Gensler emphasized the speculative nature of cryptocurrencies and advised investors to exercise caution given the market's volatility, in a recent interview with Bloomberg.
/jlne.ws/3P9jJg4
Nigeria's SEC Updates Guidelines for Crypto Firms in Bid to Stop Criminal Activity: Report
Amitoj Singh - CoinDesk
Nigeria has updated its guidelines for crypto service providers in a bid to stop criminality. The development comes after Nigeria's government took steps to block local access to several crypto platforms. Nigeria's securities watchdog is updating its guidelines for crypto service providers to block "criminals" from engaging with capital markets, Nigerian daily newspaper The Punch reported Thursday.
/jlne.ws/3wCVjoL
CFTC's Global Markets Advisory Committee Advances 3 Recommendations; Commissioner Pham Lauds Recommendations to Support U.S. Treasury Markets Resiliency, T+1 Securities Settlement Transition, and Regulatory Clarity for Digital Assets
March 07, 2024
CFTC The Commodity Futures Trading Commission's Global Markets Advisory Committee (GMAC), sponsored by Commissioner Caroline D. Pham, advanced three new recommendations to promote U.S. Treasury markets resiliency and efficiency, provide resources on the upcoming transition to T+1 securities settlement, and publish a first-ever digital asset taxonomy to support U.S. regulatory clarity and international alignment.
/jlne.ws/4a5JfL8
SEC Charges Skechers with Making Undisclosed Payments to Executives' Family Members; Company also charged with failing to disclose outstanding loans to its executives
SEC
The Securities and Exchange Commission today announced that Skechers U.S.A. Inc., a footwear company based in California, agreed to settle charges for failing to disclose payments for the benefit of its executives and their immediate family members. Skechers agreed to pay a $1.25 million civil penalty to settle the SEC's charges.
/jlne.ws/43bbqGf
Prepared Remarks before the Investor Advisory Committee
Chair Gary Gensler - SEC
I understand today you will discuss equity market structure rules, the definition of materiality, and a recommendation regarding digital engagement practices. First, as it relates to equity markets, we finalized a rule to shorten the settlement cycle to one day for most broker-dealer transactions, including equity trades. In fact, in 2015, when the settlement cycle was still three days, the IAC recommended shortening the settlement cycle to one day.[1] I'm happy to say that in just a few months, after Memorial Day weekend, we will achieve that goal.[2]
/jlne.ws/4a0WDQO
Change: Remarks at Meeting of the SEC Investor Advisory Committee
Commissioner Hester M. Peirce - SEC
I look forward to the panel discussion on the Commission's 2022 equity market structure reform proposals. We adopted the first-and least controversial-of these rules yesterday, and now the question is whether and, if so, when and in what form the Commission will move forward on the remaining proposals to change equity market structure. Each of the remaining rules raises significant questions, including, in connection with at least a couple of them, what problem are we trying to solve? Assessing the improved execution quality information that will come from yesterday's Rule 605 amendments once they are implemented should help us answer those questions. Today's discussion also will be helpful as we think through those questions.
/jlne.ws/4c8RPdQ
House of Commons Treasury Committee's 'Sexism in the City' report
FCA
As the Treasury Select Committee's report sets out, there has been welcome progress on representation within financial services but this has not been fast enough, and there are pockets where no progress is discernible and significant cultural issues remain. In this context, we share the Committee's view that there is an important role for regulators to play, given the link to our statutory objectives and the relevance for financial services' competitiveness. The Committee itself noted that there is clear evidence that diverse firms achieve better results. And we continue to believe that greater diversity and inclusion within the firms we regulate can deliver improved internal governance, decision making and risk management. The Committee therefore shares our view that change is needed, and has called on boards and senior leadership of firms to take greater responsibility for delivering it.
/jlne.ws/43b5dKC
Hong Kong sees surge in investment fund net inflows: SFC Quarterly Report
Securities and Futures Commission
The Securities and Futures Commission (SFC) today published its latest Quarterly Report to provide operational and financial highlights for the quarter ending 31 December 2023. The asset management space fared strongly during the quarter. Net fund inflows into Hong Kong domiciled funds surged 179% quarter-on-quarter to HK$33.5 billion. For full-year 2023, these inflows jumped 92.9% year-on-year (YoY) to HK$87.1 billion. As at 31 December, the assets under management of the 914 Hong Kong-domiciled funds increased 4.9% YoY. In addition, the SFC authorised Asia's first and the world's largest exchange-traded fund investing in Saudi Arabian listed stocks, which listed in November.
/jlne.ws/49FyHTe
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Move over, Nvidia. Investors are obsessed with this AI stock you may never have heard of
Krystal Hur - CNN
Nvidia isn't the only stock capturing the attention of AI enthusiasts these days. Nvidia is undoubtedly the poster child for artificial intelligence. Shares of the American chipmaker have soared roughly 277% over the last 12 months, helping drive a powerful bull market that's led stocks to record highs. Nvidia closed above a $2 trillion market cap on March 1, joining an elite cohort including Apple and Microsoft.
/jlne.ws/3V6M4aE
Chevron's CEO faces challenges of a lifetime with Hess bid
Sabrina Valle - Reuters
Chevron CEO Michael Wirth is facing a head-to-head match with Exxon Mobil with his $53 billion bid for Hess and its stake in oil hotspot Guyana, and could wind up trapped in a dispute between two of South America's biggest energy rivals. On Wednesday, Exxon filed an arbitration claim that could block Hess' proposed merger with Chevron. The sale includes Hess' 30% stake in a consortium that has discovered more than 11 billion barrels of oil in Guyana's Stabroek offshore block, which analysts say has potential recoverable oil at upwards of 20 billion barrels.
/jlne.ws/3Tr8Etc
Nvidia Looks Primed for a Stock Split After $1 Trillion Rally
Carmen Reinicke - Bloomberg
Nvidia Corp's scorching rally has added more than $1 trillion in value this year alone, sending it well above the level where it last split its shares. Some see the AI giant well placed to do so again. The company last announced a four-for-one stock split in May 2021, when it was trading at about $600 per share. Today, the stock is nearing the $1,000 level, extending last year's 240% surge. While bulls argue that its valuation based on future earnings growth is relatively cheap, some potential investors may balk at the price.
/jlne.ws/4a6Yyn5
Should I buy new or existing gilts? Individuals can now buy UK government debt.; FT Money explores how to invest and which products stack up
Mary McDougall - Financial Times
The UK government has announced plans to issue a whopping £265bn of debt in the new financial year. That's on top of the Bank of England selling £100bn of gilts in the second year of its quantitative tightening programme. To help find buyers for these large slugs of debt, Winterflood Securities, a government-appointed dealer, is enabling individual investors to buy government bonds in the primary market through major retail investment platforms.
/jlne.ws/3T0uSRy
Muni Investors Stage Rare Challenge of $1 Billion Bond Deal
Nic Querolo and Amanda Albright - Bloomberg
A group of investors is challenging a $1 billion municipal bond refunding by the Regents of the University of California. The bondholders said there's "no legal basis" to allow the refinancing, according to a copy of a letter seen by Bloomberg News and people with knowledge of the matter. The debt was priced on Tuesday.
/jlne.ws/3IvvmdI
Are structured products to blame for suppressed volatility? It's covered calls wut done it, says BIS
Robin Wigglesworth - Financial Times
/jlne.ws/43cyeFU
Money-Market Assets Hit Fresh Record for Second Week; Total climbed to $6.08 trillion in the week to March 6: ICI; Institutional funds drove outflows from prime segment
Alex Harris - Bloomberg
/jlne.ws/4a3xwNj
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | US Treasury Drops Plan to Collect Insurer Data on Climate Risks; The agency will work with state insurance regulators after its plans to collect its own data faced pushback from the industry and Republicans in Congress.
Leslie Kaufman - Bloomberg
The US government is stepping away from its effort to collect data on home insurance prices and availability at the Zip code level as premiums soar and climate risks to property intensify. Instead, it will join in a collaborative effort with state insurance regulators. When the Treasury Department announced in October 2022 its plans to collect such information through the Federal Insurance Office, it said detailed information on premiums and policy non-renewals and cancellations was needed to understand which geographical areas could be subject to "major disruptions" in insurance coverage due to climate change.
/jlne.ws/3Pd1N4f
'Insure Our Future:' A Global Movement Says the Insurance Industry Could Be the Key to Ending Fossil Fuels
Keerti Gopal - Inside Climate News
Roishetta Ozane would have rather been sitting in a rocking chair at home in Louisiana with her seven-month old grandbaby than standing outside of a multinational insurance company's office in New York City, surrounded by dozens of police officers, speaking to a rally. But she'd traveled to New York City to fight for the future of her new grandchild and six children. "I came here because decisions being made in this building impact my community miles and miles away," Ozane said on Feb. 27, to demonstrators outside of the insurance giant AIG's office in midtown Manhattan.
/jlne.ws/3vcY9QW
The anti-ESG backlash is playing out across the country as pensions and investments become a political football
Carlos Curbelo and Pete Sepp - Fortune (Commentary)
After years of headlines about the growing environmental, social, and governance (ESG) movement in investing, ESG has been met with understandable skepticism from taxpayers, who both underwrite state and local government pension plans and government borrowing. After all, if the managers of these operations take their focus off properly balancing risk and return-pursuing ideological investment goals instead-taxpayers could be on the hook for hundreds of billions in additional liabilities. Yet, that focus must go in both directions. Forcing those managers to reflexively embrace ESG or to reflexively shun it could deprive taxpayers of the market-based innovation, resilience, and long-term value we're counting on to avoid a financial meltdown.
/jlne.ws/3ItvZEr
EU delays stricter rules on imports from deforested areas; Every country to be designated as standard risk to give them more time to adapt to regulation
Andy Bounds, Alice Hancock and Alan Beattie - Financial Times
The EU intends to delay strict policing of imports from areas prone to deforestation after several governments in Asia, Africa and Latin America complained that the rules would be burdensome, unfair and scare off investors. Brussels will put off classification of countries into low, standard or high risk, which was due to be implemented by December, instead designating every country as standard risk to give them more time to adapt to the anti-deforestation regulation, three EU officials told the Financial Times.
/jlne.ws/4a1rD3d
BP's carbon emissions rise for the first time since 2019
Reuters
BP said on Friday its overall carbon emissions climbed in 2023 for the first time since 2019 as the company started up new oil and gas projects and increased its production levels. BP's so-called Scope 3 emissions, caused by the burning of the oil and gas produced by the company, increased to 315 million metric tons last year, from 307 million tons in 2022, due to higher production of those fossil fuels.
/jlne.ws/4c3aFDf
How the SEC's new rule could reveal more about a company's emissions
Nate Hegyi, Wailin Wong, Julia Ritchey and Kate Concannon - NPR
/jlne.ws/4a4hGSx
Can Europe's trains compete with low-cost airlines? Despite huge investments and increasing competition, travelling by rail is still slower and more expensive than flying
Philip Georgiadis and Alice Hancock - Financial Times
/jlne.ws/3IzHWs5
Biggest-Ever Island Mouse Hunt Planned With Seabirds in Peril; Helicopters to be used to drop poison on Marion Island in 2025; Number of mice on the on island has surging as climate warmed
Antony Sguazzin - Bloomberg
/jlne.ws/4c8OJXg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Number of weak US banks jumps as NYCB stabilised on $1bn capital raise Investors including former Treasury secretary Steven Mnuchin stand to make hundreds of millions on bailout
Joshua Franklin, Stephen Gandel and Brooke Masters - Financial Times
The number of problem banks in the US has jumped 18 per cent, regulators warned, as New York Community Bank was stabilised by a $1bn capital raise led by former US Treasury secretary Steven Mnuchin. Twelve months after the failure of Silicon Valley Bank shook the regional banking sector, NYCB's recent struggles have underscored the continuing fragility at some US lenders. The Federal Deposit Insurance Corporation on Thursday said the number of weak US banks had risen by eight to 52 in the final three months of 2023, the biggest jump since the demise of SVB.
/jlne.ws/49YwWRv
Abu Dhabi Said to Tap Citi, HSBC and FAB for Etihad Airways IPO
Nicolas Parasie and Julia Fioretti - Bloomberg
ADQ has picked advisers including Citigroup Inc., HSBC Holdings Plc and First Abu Dhabi Bank for a potential initial public offering of hub carrier Etihad Airways PJSC, according to people familiar with the matter. Rothschild & Co. is acting as an independent financial adviser to the Abu Dhabi wealth fund, the people said, asking not to be identified because the information isn't public. ADQ may add more banks later, the people said.
/jlne.ws/49DRD4O
One year after SVB: we need better banking for smaller businesses
Rana Yared - Financial Times (opinion)
What do we have? Where do we have it? How long does it take to get it back? These three questions are foundational to risk management as I learnt from my first boss at Goldman Sachs. On the morning of the run on Silicon Valley Bank a year ago, my training made it nearly inconceivable to me that any of our portfolio companies would answer "all in one place, and we don't know" to the latter two questions.
/jlne.ws/3PbL4ye
JPMorgan Asset Management Says China Remains 'Irreplaceable'
Lulu Yilun Chen and Yvonne Man - Bloomberg
JPMorgan Chase & Co. will continue hiring in China for its asset management business as it targets growth in the world's second-largest economy. "China's mutual fund industry remains an irreplaceable growth market for global asset managers," Desiree Wang, JPMorgan Asset Management China chief executive officer, said in an interview on Friday. "It offers a great certainty of growth."
/jlne.ws/3TrW6SB
Brevan Howard Builds Abu Dhabi Outpost Into $10 Billion Hub
Nishant Kumar and Adveith Nair - Bloomberg
Brevan Howard Asset Management has turned Abu Dhabi into its biggest risk-taking center, marking one of the most aggressive moves among firms that have set up in the city. The macro-trading investment firm now runs about $10 billion from the emirate's international financial free-zone, according to people with knowledge of the matter. That's just under a third of its total assets and more than it manages from London or New York.
/jlne.ws/49UQOV4
Brevan Howard Fund Racks Up 3% Loss in February on Fed Bets
Donal Griffin and Nishant Kumar - Bloomberg
/jlne.ws/48NHRMn
Marc Rowan Says Apollo Had 'No Blowback' From Mideast Investors for Antisemitism Fight
Mia Gindis - Bloomberg
/jlne.ws/3Vf66A1
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Sexism in the City of London Is Still Going Strong
Margot Patrick - The Wall Street Journal
Women have made little progress in rising to senior roles or staying long-term in finance, largely because of cultural resistance and unpleasant work environments, a U.K. parliamentary committee said Friday. Based on a mix of research, testimony and interviews for a report called Sexism in the City, the Treasury Committee found sexual harassment and bullying remained prevalent, and more common in finance than in many other sectors.
/jlne.ws/3IqWfiK
Who Still Works From Home?
Ben Casselman, Emma Goldberg and Ella Koeze - The New York Times
The American workplace's experiment with remote work happened, effectively, overnight: With the onset of the pandemic in March 2020, more than half of workers began working from home at least part of the time, according to Gallup. But the shift to a permanent hybrid-work reality has been gradual, with periods of tension as workers across white-collar industries pushed against executives' return-to-office orders. Those battles have largely come to an end, and workplaces have reached a new hybrid-work status quo. Roughly one-tenth of workers are cobbling together a combination of work in the office and from home, and a similar portion are working entirely remotely.
/jlne.ws/4a0Y5CK
Celebrating International Women's Day with... Liontrust Asset Management's Maddy Davies; To celebrate International Women's Day (IWD) 2024, The TRADE sits down with trader at Liontrust Asset Management, Maddy Davies, to unpack her journey to the trading desk, core skills for success as a multi-asset trader, and navigating the current liquidity landscape.
Annabel Smith - The Trade
What has your journey to the trading desk involved? What drew you to trading?
I graduated university in 2021 with a degree in modern languages and started on a graduate scheme that gave me a great overview of the various aspects of a trading role. Starting out, especially coming into the industry without a more typical degree in say economics or finance, I didn't necessarily know what role would suit me best. What drew me further into my current role as a trader at Liontrust was the more technical and hands-on nature of the role.
/jlne.ws/48NmbzY
Ex-Goldman Japan Executive Matsui Says 'Womenomics' Needs Work; Japan faces a challenge in boosting women leaders: Matsui; Corporate governance is a key driver for Japan's market rally
Winnie Hsu and Nao Sano - Bloomberg
Kathy Matsui, the former vice chair of Goldman Sachs Group Inc.'s Japan unit, said the realization of "womenomics," the term that she coined about the economic benefits of empowering women, is still a work in progress. "One challenge that Japan faces is whether we can increase the representation of women in leadership positions," Matsui said. While the employment rate for women has increased, it's still difficult for them to move from non-regular jobs to management positions, she said.
/jlne.ws/3TbV2AG
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Child at Pilsen shelter diagnosed with measles CDPH says
Diane Pathieu - ABC News
A young child staying at a Chicago shelter was diagnosed with measles, the Chicago Department of Health said Friday. New safety orders are in effect for people staying at the new arrivals shelter in Pilsen and health officials are warning Chicagoans about who else may have been exposed. ABC7 Chicago is now streaming 24/7. Click here to watch CDPH officials said the young child has recovered and is no longer infectious. But now, an investigation is underway to determine who the child may have come into contact with while infectious.
/jlne.ws/3TaBlcv
Ageism in health care is more common than you might think, and it can harm people
Ashley Milne-Tyte - NPR
A recent study found that older people spend an average of 21 days a year on medical appointments. Kathleen Hayes can believe it. Hayes lives in Chicago and has spent a lot of time lately taking her parents, who are both in their 80s, to doctor's appointments. Her dad has Parkinson's, and her mom has had a difficult recovery from a bad bout of Covid-19. As she's sat in, Hayes has noticed some health care workers talk to her parents at top volume, to the point, she says, "that my father said to one, 'I'm not deaf, you don't have to yell.'"
/jlne.ws/4a4SuLO
The world's mental health is in rough shape - and not getting any better, a new report finds; Guess where the US ranks?
Oshan Jarow - VOX
While running a microfinance company working across rural India in 2014, neuroscientist Tara Thiagarajan had a free Sunday, a portable EEG headset, and a question: What is modernization doing to our brains? In a DIY experiment using herself and colleagues as baselines, they found striking differences in brain activity between their urban brains with lifelong exposure to modernity, and those who've spent their lives in small Indian villages. At the time, a criticism of studies on mental health was that they were mostly based on findings from small samples of Western college students - a poor experimental design to figure out how differential exposure to modernization and technology affects mental well-being across the world.
/jlne.ws/3v12VRG
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Asian stocks draw massive foreign funds on China's reforms, AI surge
Gaurav Dogra - Reuters
Foreign investors poured substantial money into Asian equities in February amid a rebound in Chinese stocks following Beijing's rollout of reform measures and a surge in technology shares, driven by the artificial intelligence (AI) boom. Data from stock exchanges in South Korea, Taiwan, Indonesia, India, the Philippines, Thailand and Vietnam showed foreigners purchased a net $10.82 billion worth of regional equities last month, after selling shares worth nearly $779 million in January.
/jlne.ws/3PadhFu
China has snapped up a huge amount of gold for 16 months in a row
Phil Rosen - Business Insider
China's gold-buying spree has been going strong for 16 consecutive months. The People's Bank of China added roughly 390,000 troy ounces of the key metal in February, according to government data cited by Bloomberg on Thursday. In total, China's central bank holds 72.58 million troy ounces of gold, or roughly 2,257 tons. On Thursday around 10:00 a.m. in New York, the price of gold hovered at a record high of $2,161.90. It's up 5.25% in the last five days, and 18.77% in the last 12 months.
/jlne.ws/3Is6WBx
China Scrutinizes Bond Buying at Smaller Banks as Market Soars
Bloomberg
Chinese regulators are scrutinizing regional banks' bond investments amid concern that they are speculating on the securities rather than lending to boost the economy, according to people familiar with the matter. Policymakers this week requested information from rural lenders including their bond-trading activities over the past three years, their major counterparties and the necessity of the investments, the people said, asking not to be named discussing private matters. The regulators have asked banks to explain how they'll focus on their key business of supporting small companies, the people added.
/jlne.ws/3T4YvRP
Gold surge could dull Indian wedding season demand; China outlook robust
Ashitha Shivaprasad and Rajendra Jadhav - Reuters
A surge in global gold prices to record highs could dampen consumption during the wedding season in India, but top buyer China will see robust safe-haven demand this year, analysts and traders said. China and India together account for more than half of total global gold demand. Benchmark spot prices hit a record high of $2,170.99 an ounce on Friday, driven mostly by bets on U.S. monetary easing, which increases investors' appetite for zero-yield paper gold as opposed to competing assets such as Treasury bonds and the dollar.
/jlne.ws/4amDusX
Hong Kong's dynamism means it will not only survive but thrive; Real drivers of territory's success have always been its business environment and openness to those chasing prosperity
Jonathan Slone - Financial Times (opinion)
Since settling in Hong Kong in the mid-1980s, I have observed its numerous cycles of prosperity and adversity during a time when booms and busts were an expected part of living here. During exogenous shocks such as the Asian and global financial crises, there was an understanding that government response was limited and that Hong Kong's business class would need to get off the floor, wipe their trousers and get back to work.
/jlne.ws/49GdU1Z
India widens inquiry into public debt issue subscriptions, sources say
Jayshree P Upadhyay and Dharamraj Dhutia - Reuters
/jlne.ws/3Ivvzh0
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| Miscellaneous | | Stories that don't quite fit under the other sections | Japan Couples Sue to End Surname Law, This Time With Business Backing; Lobby group Keidanran throws weight behind latest challenge; Archaic law causes serious personal, professional difficulties
Momoka Yokoyama - Bloomberg
Six couples sued the Japanese government over a law that requires married spouses to have the same surname, the latest legal challenge against a century-old custom that many argue perpetuates inequality, as well as personal and practical harm. Ten plaintiffs - including legal and common law couples - filed suit on Friday in a Tokyo district court and one couple in Sapporo, coinciding with International Women's Day to draw attention to the fact that the practice disproportionately affects women. If the Supreme Court rules that the law is unconstitutional it will go on to be reviewed in parliament.
/jlne.ws/3uSDX77
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