| July 12, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Michael A. Weinberg reported in the Chicago Mercantile Exchange Facebook group that his father, former CME Chairman Michael Weinberg, Jr., has passed away. The elder Weinberg was the second Michael Weinberg to serve the exchange as chairman (the only father-son combo to do so), as his father had held the position in the 1950s. Weinberg, whose badge was MIKE, was a member for 37 years, from 1954 to 1991. He spent most of his time trading pork bellies in the third option month. He also headed the family clearing operation, Weinberg Brothers. His grandfather, Max, was a founding member of the exchange.
I asked CME Group Chairman Emeritus Leo Melamed for a comment about Weinberg and this is what he shared:
Michael Weinberg, Jr. a very bright member of the Merc whose family dates back to the Butter & Egg days. He was hugely knowledgeable and whose father was also once chairman of the CME. Michael was the soul of discretion and truly a huge supporter of my launch of the IMM, offering advice and friendship which I could always count on.
Weinberg succeeded Melamed as chairman of the CME in January of 1972, after Melamed had served for three years.
Here is an interesting fact from a Chicago Tribune obituary of Michael Weinberg's father, published in 1991, about when Weinberg's father became the chairman of the Chicago Mercantile Exchange in 1954. In 1954, Weinberg's father was the youngest person ever elected president of the Butter & Egg Board, which became the Chicago Mercantile Exchange, where he served as chairman from 1955 to 1957.
The CME Group announced that it is amending CME and CBOT Rule 524, which is about things called TAS, BTIC and TACOs. The CME is adding a new acronym to the rule, the TMAC.
TAS stands for Trading at Settlement and BTIC is Basis Trade at Index Close. A TACO is Basis Trade at Cash Open, while the new TMAC is not a famous basketball player (Tracy McGrady), but rather Trade Marker at Close.
I am working to set up an interview with the CME to explain the TMAC better, but it seems like it is designed to help give traders who use European style options greater accuracy for the hedging of any related delta near or at expiration. In the meantime, you can learn more about TMAC from the CME Group's TMAC FAQs.
This is what the CME Group says about TMAC: "Access Equity Index futures close with greater certainty using TMAC, which utilizes the respective index futures fixing at 4:00 p.m. ET daily as the marker against which all trades are priced. TMAC allows market participants a way to trade futures at a spread to this marker and is available on four major equity benchmarks beginning July 31." TMAC is pending regulatory approval.
Here is the most bearish headline for cryptocurrencies I could have written. It is a story from Bloomberg titled "Tech Investors Bet on AI, Leave Crypto Behind" with the subheading "Funding for crypto startups is plunging as VCs embrace artificial intelligence."
Don't forget the STA's 90th Annual Market Structure Conference is just 3 months away. This year's conference is October 11 to 13 at the JW Marriott in Washington, DC.
The latest LinkedIn post from the SEC Historical Society shares that "This week in 1940, the NYSE began enforcing a long-ignored rule prohibiting members from trading listed stocks off the exchange. This touched off years of contention between the SEC, convinced the restrictions imperiled regional exchanges, and the NYSE, which called the practice 'one of the pillars of the exchange.'" You can learn more HERE.
If you have been paying attention, you've noticed that pre-owned watches are a big thing these days. There is even a market for them called Chrono24 GmbH, which is in the news in a Bloomberg story because football star Cristiano Ronaldo has invested in the watch-trading website for luxury timepieces.
Colin Lambert is back with The Full FX podcast in a chat with Sam Horowitz from CMC Markets about the always challenging world of FX data, especially amidst long-term changes in volume patterns.
I have been labeled an "Original Gangster Kilt Wearer" by FIA President and CEO Walt Lukken in a post on LinkedIn thanking Julie Ros and me for the video interview she did with him in London at IDX. I have never been called an OG before. I have never felt this hip since I had my hips replaced.
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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Net Zero: Target Setting Guidance for Exchanges framework, known as The Framework, has been approved by the UN Climate Change High-level Champions overseeing the Race to Zero campaign. The Framework is a roadmap for capital market infrastructure operators to align their operations with the goals of the Paris Agreement and help markets address the climate crisis. A collaboration of 56 industry experts from 28 different organizations, The Framework sets ambitious and credible net zero targets. Signatories include Cboe, Deutsche Boerse, Hong Kong Exchanges and Clearing (HKEX), Johannesburg Stock Exchange (JSE), London Stock Exchange Group (LSEG), Luxembourg Stock Exchange, and SGX. Learn more and view The Framework on the Sustainable Stock Exchanges Initiative website. ~SAED
Our most read stories yesterday on JLN Options were:
Activision Options Bet Pays 246% in an Hour After Merger Cleared
Tom Hutchinson - Open Outcry Traders History Project - John Lothian News - Part Two
Inflation Data Isn't as Anxiety-Inducing for Traders These Days ~JB
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Option Volatility Indicator Developer Guy Cohen Talks to JLN about the OVI, His Career and Building a Hedge Fund
JohnLothianNews.com
Guy Cohen was interviewed by John Lothian of John Lothian News about how he found his way to the markets, about his best selling options books, which are on every trader's shelves, and on the Options Volatility Indicator, a patented tool to help traders make sense of position-building options activity.
Listen to the podcast »
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Tom Hutchinson - Open Outcry Traders History Project - Part Three
JohnLothianNews.com
In part three of the JLN Open Outcry Traders History Project interview with Tom Hutchinson, the founder of Belvedere Trading, Hutchinson spoke about how he worked the brokers in the trading pit to get them to look his way more often.
Watch the video »
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Scientists close to proving Earth has entered man-made Anthropocene era
Martha Muir - Financial Times
Scientists believe they are on the brink of proving the Earth has entered a new era for the first time in 11,700 years with the advent of the Anthropocene epoch, or the point when humanity's influence on the planet's geology became irreversible. A small lake in an area outside Toronto has been identified as the site to provide the formal reference point for the new era, after extensive research by the international Anthropocene Working Group, made up of geologists and historical scientists.
/jlne.ws/3XRgBZA
***** Now I am going to have to learn how to say Anthropocene.~JJL
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There's So Much Milk That US Farmers Are Dumping It in the Sewer; Processing plants in the Midwest have run out of capacity at a time when cows are making more milk than ever before.
Nazmul Ahasan and Michael Hirtzer - Bloomberg
There's more milk than ever in the US but nowhere left to process it, forcing farmers across the Upper Midwest to pour the excess dairy down the drain. The Milwaukee Metropolitan Sewerage District's wastewater treatment system has been handling increased volumes of milk, a spokesperson confirmed, though he couldn't verify how much.
/jlne.ws/3XP7uIz
****** Reminds me of the good old days when the farmers would flood LaSalle Street with milk in front of the CBOT and CME to protest low milk prices.~JJL
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Vermont capital submerged in floodwaters with dam on verge of capacity
Brian Snyder and Rich Mckay
A dam upstream from the Vermont state capital was holding at maximum capacity on Tuesday after "catastrophic" flooding shut down roadways leading out of Montpelier and trapped people in their homes.
/jlne.ws/3PTrjwt
***** Anyone have a gondola?~JJL
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Tuesday's Top Three
Our top story Tuesday was Rolling Stone's The Trillion-Dollar Grift: Inside the Greatest Scam of All Time, about the Paycheck Protection Program (PPP). Second was A Path Forward for Regulating Crypto Markets, by Jay Clayton and Timothy Massad, in the Wall Street Journal. Third was a tie between WH Trading Spawned a Social Justice Phenomenon in My Hood, My Block, My City, a podcast by John Lothian in JLN, and My Block My Hood My City Hosts Massive Youth Meetup Downtown Saturday, from Block Club Chicago.
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MarketsWiki Stats
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| Lead Stories | How a £10 Billion Tax Trade Unraveled for a Commodities House; ED&F Man's short-lived embrace of dividend arbitrage made the company millions - and dragged it into a slew of litigation
Donal Griffin and Jonathan Browning - Bloomberg
When UK regulators fined ED&F Man Holdings for generating billions of pounds of illicit dividend-tax deals, they zeroed in on an individual identified only as "Senior Manager A" who was a "controlling mind" behind the scheme. That matches the description of Mark Whitehead, a former trader at Merrill Lynch & Co. and MF Global Holdings Ltd. who joined ED&F Man in 2012 and oversaw the commodities firm's entry into so-called Cum-Ex trading, according to legal filings and people familiar with the matter who requested anonymity because some details are private. His small team brought in 129 million pounds ($158 million) of revenue in just three years and drove profits at the firm's newly-created Capital Markets unit.
/jlne.ws/3NNpazY
BoE says one of the biggest risks to UK financial stability lurks in the US; The Treasury basis trade is back baby
Robin Wigglesworth - Financial Times
The Bank of England's latest financial stability report landed today, with the main conclusion that UK lenders are in decent shape. But there was a fascinating, more unnerving nugget buried in the report. The UK central bank reckons that one of the bigger vulnerabilities of the global financial system is a US hedge fund trade that is staging a comeback after nearly blowing up the Treasuries market in 2020.
/jlne.ws/3rngmcy
Merrill Lynch to Pay $12 Million for Failing to File Hundreds of Suspicious Activity Reports; Anti-money-laundering rules require broker-dealers to report to regulators on transactions over $5,000, but Merrill's parent used a $25,000 threshold since their tie-up
Mengqi Sun - The Wall Street Journal
Broker-dealer Merrill Lynch has agreed to pay a total of $12 million in fines to regulators for failing to file about 1,500 suspicious activity reports over more than a decade. Under U.S. anti-money-laundering rules, broker-dealers like Merrill Lynch are required to file suspicious activity reports to the Financial Crimes Enforcement Network on transactions above $5,000 when they might signal criminal activities, such as tax evasion, to assist U.S. government agencies in detecting and preventing money laundering.
/jlne.ws/44IoYbS
U.S. Government Emails Hacked in Suspected Chinese Espionage Campaign; Hack is seen as part of a suspected cyber-espionage campaign to access data in sensitive computer networks
Dustin Volz - The Wall Street Journal
Hackers linked to China breached email accounts at more than two dozen organizations including some U.S. government agencies, officials and Microsoft researchers said, part of a suspected cyber-espionage campaign to access data in sensitive computer networks. The new penetration has prompted alarm among some officials and security researchers and is being viewed as part of an espionage campaign that potentially compromised valuable information belonging to the U.S. government, according to people familiar with the matter. Senior Western intelligence officials have grown increasingly worried in recent years about the ability of Chinese hackers to orchestrate especially impressive and stealthy attacks that in some cases have been able to evade detection for years.
/jlne.ws/3DdeWE5
ESMA publishes first consultation on Markets in Crypto-Assets regulation; Developed following an observable lack of uniform rules around the relatively new asset class, ESMA is seeking input on MiCA's proposed rules for crypto-asset service providers.
Wesley Bray - The Trade
The European Securities and Markets Authority (ESMA) has published its first consultation package on the Markets in Crypto-Assets (MiCA) regulation, inviting feedback from stakeholders by 20 September. MiCA will cover crypto-assets that are not regulated by existing financial services legislation and is based on the principle of passporting, requiring operators in the space to obtain a single licence to provide crypto-asset services across member states of the EU.
/jlne.ws/46MGOws
US SEC to finalize money market fund reforms aimed at boosting resilience
John Mccrank - Reuters
The U.S. Securities and Exchange Commission (SEC) is expected on Wednesday to finalize rules aimed at increasing the resilience of the $5.5 trillion money market fund industry after it received government support during the 2020 market turmoil, according to its public agenda. But the agency has scrapped a proposed new pricing model that had been strongly opposed by asset managers and trade groups, Bloomberg reported on Tuesday evening.
/jlne.ws/3O9J3Cr
Greater China investors join global migration to ETFs; The exchange traded fund markets in China, Hong Kong and Taiwan are 'thriving', a consultancy report says
Julienne Raven Lingat and Karen Lai - Financial Times
Investors in the greater China region are joining other global investors moving money out of mutual funds and into exchange traded funds, research from Brown Brothers Harriman shows. Despite widespread mutual fund industry redemptions, the ETF landscape in mainland China, Hong Kong and Taiwan has been "thriving", BBH's latest Greater China ETF investor report said.
/jlne.ws/3rviRJB
Meme Stocks Are Back, Raising a 'Red Flag' for the Broader Market; S&P 500 trades lower when gap between memes and staples widens; 'This often is the tail end of the move,' BTIG's Krinsky says
Bailey Lipschultz - Bloomberg
Investors are fascinated with meme stocks again as they hunt through lower-quality names searching for returns. And in the process they're raising a "red flag" for the S&P 500 Index. When some of the most heavily-shorted stocks in the market rally, like meme shares are doing now, and safe havens like consumer staples slump, investors should prepare for a few days of weakness in the broader market, according to Jonathan Krinsky at BTIG.
/jlne.ws/3NMNIJe
Former Credit Suisse Exec Makes Huge Profit on $52 Million Sale of West Village Condo
Katherine Clarke - The Wall Street Journal
A penthouse at the 150 Charles Street condominium in New York's West Village has sold for $52 million, the latest in a string of major transactions to close in downtown Manhattan. The seller is a company tied to former Credit Suisse executive Robert Shafir, which purchased the condo unit for $29.38 million in 2016, property records show. Shafir declined to comment.
/jlne.ws/44Ids03
Scratch a Tech Bro and You'll Find a Naked Ape; The fitness antics of Silicon Valley titans suggest that 21st-century business leadership is as much about displaying physical dominance as it is about showing foresight.
Adrian Wooldridge - Bloomberg
It was common in the pre-modern world for the champions of rival armies to engage in head-to-head combat - hence the stories of Paris and Menelaus in Homer's Iliad and David and Goliath in the Bible. In 1520, Henry VIII of England and Francis I of France let off steam during peace negotiations at the "Field of Cloth of Gold" by having a wrestling match. (Henry lost despite his superior weight.) In 1593, King Naresuan of Thailand and Crown Prince Mingyi Swa of Burma settled a battle with a duel on their war elephants. (The king won.)
/jlne.ws/3KhCFXN
Barclays goes live as clearing broker for LCH; With this move clients of Barclays and Barclays Ireland are set to benefit from capital gain opportunities.
Claudia Preece - The Trade
LCH - part of the post-trade division of London Stock Exchange Group - has announced that Barclays and Barclays Ireland are now live as clearing brokers at CDSClear.mEurope-based CDSClear allows users to cross-margin European and US products. It became an international service in 2012, following regulatory efforts to enforce the central clearing of certain credit default swaps. Two years later, the European Securities and Markets Authority reauthorised the CCP to clear the products under the European Market Infrastructure Regulation.
/jlne.ws/44FovqT
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | NATO Latest: Zelenskiy Wants Clarity on G-7 Security Commitments
Alberto Nardelli, Natalia Drozdiak and Jennifer Jacobs - Bloomberg
Ukrainian President Volodymyr Zelenskiy said Ukraine needs more clarity on security commitments that Group of Seven nations plan to announce for Kyiv later Wednesday even as he softened his earlier criticism of the alliance's steps toward offering his country a path toward membership.
/jlne.ws/3rk4Q1j
The Ruble's Fall Points to Pain but Not Collapse; Thanks to the ingenuity of finance officials and entrepreneurs, Russia remains economically resilient and can still fund its wartime budget.
Leonid Bershidsky - Bloomberg
When the Russian ruble stabilized soon after Russia invaded Ukraine last year, the currency's immunity to war was often cited as evidence of Russia's economic resilience. Now, the ruble is at its lowest level since March 2022, and it doesn't seem to have anywhere to go but down.
/jlne.ws/3O8wBDa
NATO Digs In on Putin's Border With New Allies, Aid for Kyiv; Kyiv to get fast-track to membership when 'conditions are met'; NATO offers more military aid as Sweden and Finland join bloc
Natalia Drozdiak, Daryna Krasnolutska and Milda Seputyte - Bloomberg
NATO advanced its plans for enlargement in response to Russian aggression, firming up the prospects for Ukraine's future membership and securing a breakthrough deal with Sweden that will complete its expansion northwards.
/jlne.ws/44Gfuhj
Zelensky says World War III fear 'logical' as NATO holds off on admitting Ukraine
Steven Nelson - New York Post
Ukrainian President Volodymyr Zelensky said Wednesday that it was "logical" that some NATO leaders fear sparking World War III by admitting his country while it's at war with Russia - striking a conciliatory tone one day after he blasted the alliance for not offering Ukraine membership.
/jlne.ws/43uSUre
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | What's Behind Nasdaq 100's First-Ever 'Special Rebalance'?; The decision driven 'purely from the regulatory angle': Lilja; First of its kind special rebalance to curb overconcentration
Lu Wang - Bloomberg
Whatever theories are being proffered as to why index overseers chose to cap the influence of technology megacaps in the Nasdaq 100, the real reason is a simple one. The special rebalance, the first ever of its kind, is intended to prevent fund managers linked or benchmarked to the index from violating a Securities and Exchange Commission diversification rule.
/jlne.ws/46F1aaV
SGX Group reports market statistics for June 2023
SGX
FX daily volume achieves record high, rises above US$100 billion for the first time
Commodities volume jumps by a third in first six months of 2023
Singapore Exchange (SGX Group) today released its market statistics for June 2023. Heightened risk-management activity lifted foreign exchange (FX) volume to new records, while commodities volume in the first half of the year surged over the same period in 2022.
/jlne.ws/3JQ7qmj
HKEX Announces Senior Appointments On Mainland China Development; Zhou Jiannan joins as Head of Mainland Development and a member of Management Committee; Zhou succeeds Mao Zhirong, who becomes Strategic Advisor, Greater Bay Area and China Commodities
Hong Kong Exchanges and Clearing
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Wednesday) senior management appointments that will support the Group's continued strategic development. Zhou Jiannan has been named Managing Director and Head of Mainland Development. He becomes a member of the Group's Management Committee and joins HKEX on 18 July 2023.
/jlne.ws/3O8zuE0
NSE Indices launches two new fixed income indices
NSE
NSE's index services subsidiary, NSE Indices Limited today launched two new constant maturity fixed income indices namely Nifty 3 Year SOL Index and Nifty 5 Year SOL Index. Nifty 3 Year SOL Index seeks to measure the performance of a portfolio of State Development Loans (SDLs) with residual maturities between 2.5 to 3.5 years. Nifty 5 Year SOL Index seeks to measure the performance of a portfolio of State Development Loans (SDLs) with residual maturities between 4.25 to 5.75 years.
/jlne.ws/44GOuyo
Amendments To The List Of Fees Of Bourse De Montreal Inc.(Effective August 1st, 2023)
Bourse de Montreal
Bourse de Montreal Inc. hereby announces the following amendments to its List of Fees effective August 1st, 2023. The new List of Fees in blackline and clean version is attached for your information. Amendment to the Eligibility Criteria of the Terms and Conditions of the Proprietary Trader Program (PTP) and the Liquidity Provider Status (LPS):
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Abaxx Provides Quarterly Development Activities and Commercial Update
Abaxx Technologies Inc.
Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) ("Abaxx" or the "Company"), a financial software and market infrastructure company, majority shareholder of the Abaxx Commodity Exchange and Clearinghouse ("Abaxx Singapore"), and producer of the SmarterMarkets™ Podcast, summarizes development activities over the past quarter and the general progress of the Company's business plans.
/jlne.ws/44HZjjQ
Zombie Twitter Has Arrived; Instagram's Threads proves that social media is fated to repeat a cycle of life and death.
Ian Bogost and Charlie Warzel - The Atlantic
Threads is here. It's Twitter, but on Instagram. If that makes sense to you, we're sorry, and also, you are the target audience for Threads: people who like to publish text posts on the internet but say they have ~worries~ (with tildes, just like that) about Elon Musk, the billionaire-king who now owns the bird app. Threads might bring excitement, even hope to those who have benefited from posting short bits of online text to the world-journalists, influencers, white nationalists, #brands, et al. But those feelings may be misguided. Social media cannot become good again, because we will not let it evolve. It can merely live and die over and over, like a zombie.
/jlne.ws/46Lhwyr
Twitter vs. Threads: The Musk-Zuck Cage Match That's Actually Happening; Elon Musk and Twitter's lawyers look ready for a legal fight over Meta's new text-based microblogging app that Mark Zuckerberg said already had 70 million sign-ups by Friday morning.
Caleb Ecarma - Vanity Fair
Elon Musk's Twitter acquisition last fall ushered in a slew of alternative platforms, from Post. to Mastodon to Bluesky Social, a venture involving Twitter's cofounder Jack Dorsey himself. None of these sites seem to have really caught on, until now (well, maybe). Meta's Threads, which launched Wednesday and was reportedly pitched internally as essentially a saner Twitter, is already being called a possible "Twitter killer." An offshoot of Instagram, Meta's text-based app became the most rapidly downloaded app ever shortly after its launch, per The New York Times. As of Friday morning, they were up to 70 million sign-ups, according to Meta CEO Mark Zuckerberg.
/jlne.ws/3JTSlQI
EU set to clear Broadcom's $69bn acquisition of VMware; UK and US remain among holdouts to one of the biggest tech acquisitions as they continue to probe competition concerns
Javier Espinoza and Tim Bradshaw - Financial Times
EU regulators are set to clear Broadcom's $69bn acquisition of cloud software company VMware, leaving competition authorities in the UK and US as holdouts to finalising one of the biggest tech takeovers.
/jlne.ws/44nubpM
Meta Promises Threads Will Be Different. Cue the Skepticism; Critics fear the Twitter knockoff will be just another way for the company to gobble up lucrative data.
Sarah Frier and Aisha Counts - Bloomberg
For years it's seemed as if Meta Platforms Inc.'s viral-growth days are behind it. Its main products are so big, they're adding users at progressively slower rates, and the company, which turns 20 in February, has become a symbol of everything unpopular about modern social media and the US tech industry. Yet its latest venture, Threads, a service best described as a straightforward Twitter knockoff, caught fire immediately. Within four days, 100 million users had signed up.
/jlne.ws/3NVU4pY
Jake Campbell Named S3 Vice President of Sales, Europe
S3
/jlne.ws/46L5nJR
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| Cybersecurity | | Top stories for cybersecurity | Chinese Hackers Breached Government Email Accounts, Microsoft Says
Julian E. Barnes, Maggie Haberman and Jonathan Swan - The New York Times
Chinese hackers intent on collecting intelligence on the United States gained access to government email accounts, Microsoft disclosed on Tuesday night. The attack was targeted, according to a person briefed on the intrusion into the government networks, with the hackers going after specific accounts rather than carrying out a broad-brush intrusion that would suck up enormous amounts of data.
/jlne.ws/3PW3LXQ
Cybersecurity professional accused of stealing $9M in crypto
Lorenzo Franceschi-Bicchierai - TechCrunch
The U.S. government accused a cybersecurity professional of hacking a cryptocurrency exchange and stealing around $9 million in cryptocurrency, in what looks like a case of an ethical hacker turning rogue, then trying to appear ethical again.
/jlne.ws/3PU6ZLw
Hackers exploit gaping Windows loophole to give their malware kernel access; Microsoft blocks a new batch of system drivers, but the loophole empowering them remains.
Dan Goodin - Arstechnica.com
Hackers are using open source software that's popular with video game cheaters to allow their Windows-based malware to bypass restrictions Microsoft put in place to prevent such infections from occurring. The software comes in the form of two software tools that are available on GitHub. Cheaters use them to digitally sign malicious system drivers so they can modify video games in ways that give the player an unfair advantage. The drivers clear the considerable hurdle required for the cheat code to run inside the Windows kernel, the fortified layer of the operating system reserved for the most critical and sensitive functions.
/jlne.ws/3OahGIF
Russian hackers lured embassy workers in Ukraine with ad for a cheap BMW
James Pearson - Reuters
Hackers suspected of working for Russia's foreign intelligence agency targeted dozens of diplomats at embassies in Ukraine with a fake used car advert in a bid to break into their computers, according to a cybersecurity firm report published on Wednesday.
/jlne.ws/3NRBNdh
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| Cryptocurrencies | | Top stories for cryptocurrencies | Temasek Has No Plans to Invest in Crypto Exchanges For Now: CNBC
Low De Wei - Bloomberg
Singapore's state-owned investor Temasek Holdings Pte is currently not looking to invest in crypto exchanges amid regulatory uncertainty in the sector, its Chief Investment Officer Rohit Sipahimalani said.
/jlne.ws/3NR57As
Tech Investors Bet on AI, Leave Crypto Behind; Funding for crypto startups is plunging as VCs embrace artificial intelligence.
Hannah Miller - Bloomberg
Silicon Valley venture capitalists are racing to get into artificial intelligence companies - including investors who once bet big on crypto. In the most recent quarter, VCs spent less on crypto and digital asset companies than at any point since 2020, according to data from the research firm PitchBook. At the same time, the total global value of investments in AI for the April-June period was higher than crypto even at its peak.
/jlne.ws/44lsGbP
Crypto Investors Don't Always Prioritize Key Metrics, New Broadridge Study Finds
Broadridge
Despite a persistent interest in crypto assets, a majority of investors don't prioritize the metrics experienced crypto traders tout when assessing the viability and attractiveness of crypto assets, according to a new Digital Disclosure Survey from global Fintech leader, Broadridge Financial Solutions (NYSE: BR).
/jlne.ws/44JxdEP
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| Politics | | An overview of politics as it relates to the financial markets | Geopolitics Is a Major Risk to Investment: Temasek CIO (Video)
Bloomberg
Rohit Sipahimalani, CIO of Singapore state-owned investor Temasek Holdings Pte, discusses China investments and geopolitical risks.. He speaks with Bloomberg's Haslinda Amin.
/jlne.ws/43r7TSO
Miami Mayor Doubles His Wealth, Buys Boat With Profit From His Side Gigs
Michael Smith - Bloomberg
Miami Mayor Francis Suarez makes $126,000 working for the city, converting it into crypto. Despite last year's market rout, the 45-year-old Republican's net worth more than doubled to $3.5 million. Suarez was able to pay off almost $1.7 million in debt from the end of 2021, according to regulatory filings. He also acquired new real estate properties and a $235,000 boat.
/jlne.ws/44dgVUJ
Former FTX Executive Linked to Campaign-Finance Probe of New York GOP Race
Corinne Ramey and James Fanelli - The Wall Street Journal
Federal prosecutors in Manhattan are investigating former FTX executive Ryan Salame and his girlfriend, ex-congressional candidate Michelle Bond, for possible violations of campaign-finance law, according to people familiar with the matter. The probe is examining whether the couple illegally avoided federal limits on contributions to Bond's 2022 campaign for the Republican primary for New York's First Congressional District, one of the people said.
/jlne.ws/3PPyrdd
The days of the rock star research analyst are long gone; Customers want value for money and rolling back transparency reforms will not change that
Brooke Masters - Financial Times
Back in the late 1990s, equity analysts were rock stars. Traders hung on their every televised prediction of just how high the latest dotcom stock would fly. Today, they are endangered. Two decades of scandals, complaints about overly rosy ratings and regulatory tinkering have taken their toll. Research budgets have shrunk, the number of analysts and their relative experience have fallen sharply and research providers are consolidating to survive. AllianceBernstein's research arm tied up with Société Générale last year and TD Bank recently bought Cowen.
/jlne.ws/3JTwh8M
As Budget Talks Heat Up in Congress, Republicans Ramp Up Attacks on Climate Spending; Congress is once again fighting over cuts to the federal budget, putting the government at risk of a shutdown in October. Many Republican proposals target funds for clean energy and climate change.
Kristoffer Tigue - Inside Climate News
Republicans are doubling down on their attacks on clean energy and climate spending, kicking off their return to Congress this week with a slew of bills and amendments that would block key funding pools established under the Inflation Reduction Act and prohibit the federal government from advancing policies aimed at reducing the nation's greenhouse gas emissions, according to new reports.
/jlne.ws/44p2UUa
ESG Debate Finds a Few US Politicians Open to Frank Discussions; Utah governor strikes more conciliatory tone in Gettysburg; Vermont treasurer calls for breaking through 'political walls'
Saijel Kishan - Bloomberg
In the span of just a year, the acronym ESG has been catapulted from the fringes of Wall Street to the center of US political discord. Utah Governor Spencer Cox was among the first Republican politicians to attack the investing strategy. He's backed efforts by GOP officials, including his Florida counterpart Ron DeSantis, who has lambasted ESG as he vies for the White House.
/jlne.ws/43lkUNU
UK Looks to Reverse EU Rules on Short-Selling of Government Debt; Treasury looks to scrap curbs dating from European debt crisis; Latest UK divergence from EU on financial regulation
Greg Ritchie - Bloomberg
/jlne.ws/43hnZOZ
UK plans to overturn ban on 'naked' short selling in gilt market
Arjun Neil Alim and Costas Mourselas - Financial Times
/jlne.ws/46Y1DVR
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| Regulation & Enforcement | | Stories about regulation and the law. | China Regulator Asked Banks to Respond to Bearish Goldman Report; NAFR communicated with some lenders after Goldman downgrade; Negative market commentary has drawn growing scrutiny in China
Bloomberg News
China's financial regulator asked banks to respond to a bearish research report on the sector by analysts at Goldman Sachs Group Inc., underscoring heightened sensitivity in Beijing toward negative market commentary as the economy slows.
/jlne.ws/3OaPd5m
IRS Probes Puerto Rico Tax Breaks That Lured Crypto Traders, Fund Managers; Incentives have lured crypto traders, fund managers to island; 'The message is the noose is tightening,' lawyer says of probe
David Voreacos and Jim Wyss - Bloomberg
US prosecutors and IRS agents are deploying undercover agents and closely examining records to build criminal and civil cases against wealthy individuals suspected of illegally taking advantage of tax breaks offered by Puerto Rico.
/jlne.ws/44KKkpf
CFTC Staff Extends Temporary No-Action Letter Regarding Certain Financial Reporting Requirements for Bank Swap Dealers
Commodity Futures Trading Commission
The Commodity Futures Trading Commission's Market Participants Division (MPD) today announced it issued a temporary no-action letter extending CFTC Staff Letter No. 21-18 concerning financial reporting obligations for swap dealers (SDs) subject to capital requirements of a prudential regulator (bank SDs) under the CFTC's SD financial reporting rules.
/jlne.ws/3JT5WaO
CFTC Commissioner Christy Goldsmith Romero Announces Scott Lee as Senior Counsel and Policy Advisor
Commodity Futures Trading Commission
Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero announced today that Scott Lee will serve as her Senior Counsel and Policy Advisor. "I'm thrilled to welcome Scott back to the CFTC after his work at the SEC and House Financial Services," said Commissioner Goldsmith Romero. "Scott is a seasoned market regulator with deep expertise in the regulation of financial instruments, financial institutions and intermediaries, and market infrastructure," she added.
/jlne.ws/44xmFse
SEC Obtains Final Judgment Against Microcap Stock Promoter
SEC
On July 11, 2023, the Securities and Exchange Commission obtained a final judgment against defendant David Ferraro for his role in alleged microcap stock promotion schemes that generated more than $140,000 in profits for Ferraro.
/jlne.ws/43sI6tj
SEC Obtains Appointment of a Receiver in Pre-Ipo Stock Fraud Scheme by Unregistered Broker-Dealer
SEC
The Securities and Exchange Commission has obtained an order appointing a receiver over Legend Venture Partners LLC ("Legend") and the five private Legend Funds that Legend managed and advised. On July 7, 2023, the Hon. Lewis A. Kaplan of the U.S. District Court for the Southern District of New York Court appointed retired bankruptcy court judge Melanie L. Cyganowski as receiver over Legend and the Legend Funds. Last year, Judge Kaplan appointed Ms. Cyganowski as the receiver in a similar alleged scheme shut down by the SEC run by StraightPath Venture Partners LLC.
/jlne.ws/3NS44jE
SEC Charges Merrill Lynch and Parent Company for Failing to File Suspicious Activity Reports
SEC
The Securities and Exchange Commission today announced charges against Merrill Lynch, Pierce, Fenner & Smith Incorporated and its parent company BAC North America Holding Co. (BACNAH) for failing to file hundreds of Suspicious Activity Reports (SARs) from 2009 to late 2019. Merrill Lynch agreed to pay a $6 million penalty to settle the SEC charges and, in a parallel action, Merrill Lynch agreed to pay a separate $6 million fine to settle charges brought by the Financial Industry Regulatory Authority (FINRA).
/jlne.ws/3ObqVbB
ESMA seeks first input on detailed rules for crypto markets
ESMA
ESMA seeks first input on detailed rules for crypto markets - Press Release
/jlne.ws/3rk5TON
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Schwab's New High-Yield Bond ETF Is Tied for Cheapest on the Market; SCYB charges just 0.1% annually, matching a State Street fund; For comparison, largest junk ETF carries a 0.49% annual fee
Katherine Greifeld - Bloomberg
Schwab Asset Management is seeking to draw investors to its high-yield bond exchange-traded fund with one of the lowest fees in the industry, even as rising rates and default fears rattle the asset class. The Schwab High Yield Bond ETF, which debuts Tuesday, trades under the ticker SCYB and charges just 10 basis points annually. That matches the fee on the $1.2 billion SPDR Portfolio High Yield Bond ETF (SPHY).
/jlne.ws/46EitsB
The days of the rock star research analyst are long gone; Customers want value for money and rolling back transparency reforms will not change that
Brooke Masters - Financial Times
Back in the late 1990s, equity analysts were rock stars. Traders hung on their every televised prediction of just how high the latest dotcom stock would fly. Today, they are endangered. Two decades of scandals, complaints about overly rosy ratings and regulatory tinkering have taken their toll. Research budgets have shrunk, the number of analysts and their relative experience have fallen sharply and research providers are consolidating to survive. AllianceBernstein's research arm tied up with Société Générale last year and TD Bank recently bought Cowen.
/jlne.ws/3JTwh8M
Investor lessons from taking the temperature of markets; Understanding prevailing investor psychology is key to long-term investment returns
Howard Marks - Financial Times
How can an investor make useful observations regarding the status of the markets? Most of the time, markets are near the middle ground - perhaps a little high or a little low, but not so extreme as to permit dependable conclusions. Investors' records of success with calls in markets such as these are poor. Even if they are right about asset prices being out of line with fundamental valuations, it is very easy for something that is a little overpriced to go on to become demonstrably more so, and then to turn into a raging bubble, and vice versa.
/jlne.ws/3Oc0C58
The extraordinary career of FIA EPTA's Mark Spanbroek
FIA's MarketVoice
Mark Spanbroek has retired after three decades of service to global derivatives markets, including helping to establish the FIA European Principal Traders Association in 2011. At FIA's IDX conference in June, Mark sat down with veteran journalist Jeremy Grant to discuss his achievements and his perspectives on how derivatives markets have evolved over his impressive career.
/jlne.ws/3D9LE9j
Intervention to shore up the yen will not work; Japan's currency is so weak because exporters have lost their competitiveness
Richard Katz - Financial Times
The yen has weakened so much that, once again, Japan's ministry of finance is threatening to intervene in currency markets to shore up its value. If it does so, it is bound to fail, just as it failed last year despite spending a stupendous ¥9.19tn, almost 2 per cent of gross domestic product.
/jlne.ws/44HWC1k
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | An Ohio College Town Wants to Lead on Fighting Climate Change. It Also Has a 1940s-Era, Diesel-Burning Power Plant; Oberlin is implementing a plan to cut emissions by 75 percent by 2030 with a sense of urgency-as well as pragmatism.
Dan Gearino - Inside Climate News
Workers call the diesel power generator "O.P.," like a nickname for an old friend. It's about the size of a train car. O.P., which is a reference to its "opposed piston" design, is a very old friend, installed in this small Ohio city in 1948, and available ever since to provide electricity on summer days when demand is highest.
/jlne.ws/43l82an
The new era of big government: Biden rewrites the rules of economic policy
Forty years after Reaganomics rejected government intervention in the economy, the US is embracing massive subsidies. But will voters notice?
Derek Brower, James Politi and Amanda Chu - Financial Times
A defunct slide projector in an empty office and peeling paint in the employee canteen are among the few signs of the role that an industrial site in Buffalo once played in the rise and then fall of American manufacturing.mThe campus was first built in 1923 for General Motors. A faded poster that reads "diversify, profitably grow and become global" dates from when it was later owned by American Axle & Manufacturing. The car part maker followed its own advice, shifting some production to Asia and later shutting its huge factory in the East Side area of the city in 2008.
/jlne.ws/3rrdhbv
How a Houston Oilman Confounded Climate Activists and Made Billions; Jeffery Hildebrand built an empire by buying castoff wells from big companies under ESG pressure
Benoit Morenne - The Wall Street Journal
Climate activists and Wall Street are making it tougher for Big Oil to stay in the oil business. They've also helped make Jeffery Hildebrand a multibillionaire. Hildebrand, who is little known outside his hometown of Houston, has become one of America's largest independent drillers by buying assets on the cheap, cutting costs and then squeezing out both oil and profit from wells that others left for dead.
/jlne.ws/43lttIq
As an Obscure United Nations Gathering Deliberates the Fate of Deep-Sea Mining, the Tuna Industry Calls for a Halt; New research finds deep-sea mining operations could conflict with the tuna fishery and cause populations to crash as the species moves to escape ocean warming.
Georgina Gustin - Inside Climate News
Major seafood industry and marine conservancy groups are calling for a "precautionary pause" in the global race to mine deep-sea minerals, pointing to new research that suggests excavating the ocean seabed could cause tuna populations to plummet.
/jlne.ws/3rloPg9
Germany to Hook Up Industrial Hubs With Hydrogen Supplies; Grid of 11,200 km to connect steel producers and mining areas; Transmission operators present first preliminary draft
Petra Sorge - Bloomberg
Germany unveiled plans to connect industrial hubs near the Rhine, the south and the east of the country with hydrogen pipelines in an effort to cut carbon emissions from its manufacturing-heavy economy. Hydrogen is set to play a key role in the nation's pivot away from fossil fuels, with the preliminary plans presented Wednesday marking an important "starting signal", the Economy Ministry said. Europe's largest economy aims to slash carbon emissions two thirds by 2030 compared to 1990-levels and reach net zero by 2045.
/jlne.ws/44AG8Ik
IEA says critical minerals supply could pull close to demand by 2030
Eric Onstad - Reuters
/jlne.ws/3NMPXfx
Navigating "Anti-ESG" When Communicating Sustainability/ESG
Ideas On Purpose
/jlne.ws/3JWfDFr
Supreme Court Rules Against University Affirmative Action Policies: Implications For ESG Investing And Engagement
Megan Bisk, Douglas Brayley, Douglas Hallward-Driemeier, Michael Littenberg, Amy Roy and Robert Skinner - Ropes & Gray
/jlne.ws/3Oa8t33
Does ESG have a fiduciary problem?
Rose Mary Petrass - FS Sustainability
/jlne.ws/3DgwDlX
Road to COP28: Urgent calls for climate finance to reach Global South
Laura Miller - ESG Clarity
/jlne.ws/3JU7e5E
Study reveals 'explosion' in climate-related litigation since 2020; Report details increased diversity of climate litigation since the Paris Agreement, leading to indirect impacts on corporate decision-making regardless of courtroom success.
Stuart Stone - GreenBiz
/jlne.ws/3JPhDzu
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Saudi Arabia's PIF Wealth Fund Takes $11 Billion Investment Hit; The fund swung to a loss last year after global markets sank; The PIF has been on a global acquisition spree since 2016
Matthew Martin - Bloomberg
Saudi Arabia's sovereign wealth fund took an $11 billion hit on its investments last year - even as it stepped up a worldwide spending spree - after tumbling global stock and bond prices impacted its holdings. That compares with a profit on investment activities of $19 billion in 2021 as markets rallied in the wake of the coronavirus pandemic.
/jlne.ws/3pIAaq7
Ex-Citadel Manager Vince Aita Launches Hedge Fund With $275 Million; Market-neutral fund will bet on and against health care; Cutter Capital's cash will be leveraged up to $550 million
Hema Parmar - Bloomberg
Former Citadel portfolio manager Vince Aita's new Cutter Capital Management, backed by two institutional investors, has begun trading with $275 million. The cash, invested in the health care-focused hedge fund through separately managed accounts, will be leveraged up to $550 million, according to a letter to prospective investors seen by Bloomberg.
/jlne.ws/43h9Ykg
Russia's Cash Flood Turns to Trickle as Energy Revenues Slide; Current account surplus fell from $76.7 billion in 2Q 2022; Central bank points to decline in exports, lower energy prices
Bloomberg
Russia's current-account surplus slumped in the second quarter from its peak a year earlier, reflecting a rapidly worsening trade situation that's putting the ruble under pressure. The surplus in the current account - roughly the difference between exports and imports - decreased to $5.4 billion in the last quarter, from $76.7 billion in the same period in 2022, according to preliminary central bank data published on Tuesday. It's the smallest surplus since the third quarter of 2020.
/jlne.ws/3JUffaz
BofA to Pay $250 Million Over Extra Fees, Unauthorized Cards; The lender's practices 'undermine customer trust,' CFPB says; Bank says it reduced overdraft fees, eliminated other charges
Paige Smith and Katherine Doherty - Bloomberg
Bank of America Corp. agreed to pay $150 million in fines and $100 million to customers for improperly charging extra fees, withholding rewards and opening unauthorized credit-card accounts, US regulators said. The Consumer Financial Protection Bureau said it fined the bank for "systematically double-dipping on fees imposed on customers with insufficient funds in their account."
/jlne.ws/46Itl8N
Citigroup Names 34-Year Bank Veteran Figueiredo to Run FX Trading; Bank's foreign-exchange business has ranked No. 1 for 10 years; Figueiredo replaces Staley, who left role earlier this year
Jennifer Surane - Bloomberg
Citigroup Inc. named Flavio Figueiredo global head of foreign-exchange trading, making him the third leader in 16 months for one of the bank's biggest businesses by revenue. Figueiredo, 58, was most recently head of corporate sales and solutions, and will continue to support that division while the bank looks for his replacement, according to a memo to staff Tuesday.
/jlne.ws/44Ec8vs
JPMorgan hires dozens of bankers to serve start-ups and capitalise on SVB collapse; Biggest US bank steps in to take advantage of gap in market
Ivan Levingston, Will Louch, Siddharth Venkataramakrishnan and Akila Quinio - Financial Times
/jlne.ws/3pL749D
Deutsche Bank to Cut Senior Roles in Private Bank Reorganization
Steven Arons - Bloomberg
/jlne.ws/3DtydBr
Pimco Looks to Alternatives as Credit Market Nears Boiling Point; Bond giant hopes that its large restructuring team will give it an edge as more borrowers become distressed.
Laura Benitez - Bloomberg
/jlne.ws/44n75Q3
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Bosses Push Back on WFH Die-Hards: 'They Will Need to Show Up'; Managers say team productivity has taken a hit as employees stay remote
Gretchen Tarrant - The Wall Street Journal
Office attendance is slumping again and bosses have a warning: We are a worse company when you stay home. In buildings across 10 major U.S. cities, office occupancy has fallen back below 50% for the past three weeks, according to Kastle Systems, which tracks security swipes into offices. The drop comes despite new return-to-office mandates that affect more than 600,000 workers and counting.
/jlne.ws/3O9TTbJ
The Accountant Shortage Is Showing Up in Financial Statements
Mark Maurer - The Wall Street Journal
The widening shortage of accountants has begun showing up in financial statements. U.S.-listed companies such as car-parts provider Advance Auto Parts, electric-air-taxi firm Joby Aviation and German biotech company Evotec in recent months have disclosed efforts to address material weaknesses due at least in part to a lack of accounting staff.
/jlne.ws/3pCy6A9
Will the Supreme Court's Decision Rejecting Race-Conscious College Admission Programs Impact Corporate DEI Initiatives?
John Birmingham Jr - Foley & Lardner LLP
On June 29, 2023, the U.S. Supreme Court decided that the use of race by Harvard University and the University of North Carolina in their student admissions programs violates the Equal Protection Clause of the 14th Amendment as well as Title VI of the Civil Rights Act of 1964. While the Court's opinion is limited to affirmative action in education, it is certainly worth considering how its approach could affect diversity, equity, and inclusion (DEI) programs in the workplace.
/jlne.ws/3O8mmPe
Words matter - Can your DEI policies be evidence of (reverse) discrimination claims?
Amber M. Rogers and Meredith Gregston - Reuters
DEI (Diversity, Equity and Inclusion) initiatives increased in popularity in workplaces. However, as DEI initiatives became more popular, the same initiatives garnered more scrutiny. As a result, there has been an increase in (reverse) discrimination claims being filed using DEI initiatives and messaging as supporting evidence of the discrimination claims. Importantly, anti-discrimination laws protect all individuals and, thus, poorly created, implemented initiatives coupled with a lack of training can create significant liability for employers.
/jlne.ws/3D8uxEH
Japanese banks accused of 'gender-washing' over women in management; Wage gap persists as inconsistent definitions for senior roles inflate female representation
Kana Inagaki - Financial Times
Japan's financial regulators have warned that regional banks are prone to "gender-washing" in disclosures to investors due to legal ambiguity over leadership roles occupied by women. An average of just 13.7 per cent of managers at regional banks were women, compared with an average 20.8 per cent at the country's three megabanks, according to a survey of 100 regional banks published by the Financial Services Agency last month.
/jlne.ws/44dt5wR
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Wildfire smoke could increase your pneumonia risk, experts say. Here's what you need to know to stay healthy
Erin Prater - Fortune
Pneumonia is a persistent threat, killing around 2.5 million people each year worldwide, and sickening countless others.Can wildfire smoke increase one's chances of contracting it? It's possible, experts tell Fortune. But it's also complicated-and for many researchers, the jury is still out on how exactly one results in the other.
/jlne.ws/3NRuSRr
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Rain toll in North rises to 91, floods worsen in Punjab, UP
The Times of India
Uttarakhand was swamped Tuesday by the twin storms of monsoon and western disturbance that caused heavy rain and widespread destruction as falling boulders and landslides killed eight people, including three Gangotri pilgrims from Madhya Pradesh, in the state. Elsewhere in the rain-battered north, the weather delivered a small measure of relief to Himachal Pradesh, J&K, Punjab, Haryana and Rajasthan, allowing authorities to step up relief, rescue and road restoration efforts.
/jlne.ws/3JWgtlD
Heat Wave Baking Europe Disrupts Energy and Transport Networks; High temperatures hit Germany, putting pressure on Rhine river; Climate change is increasing frequency of extreme weather
Priscila Azevedo Rocha and Elena Mazneva - Bloomberg
Heat is blanketing Europe from Germany to the Balkans, putting pressure on the region's energy and transport systems as rivers such as the Rhine and Rhone are impacted. Germany's national forecaster warned of "extreme heat stress on the Upper Rhine" on Tuesday. A similar alert was issued by the Italian weather service, with the mercury in Sardinia exceeding 40C (104F).
/jlne.ws/3XPZg2Q
London's Canary Wharf Takes Brunt of Real-Estate Pain; Empty offices, remote working and corporate tenants fleeing to buzzier areas hit the 30-year-old business district
Humza Jilani - The Wall Street Journal
Three decades ago, London remade a derelict shipping yard at Canary Wharf into a forest of glass-and-concrete skyscrapers in a bid to mimic U.S. financial hubs. Now the 128-acre banking district east of central London is suffering a problem also plaguing U.S. cities: emptying office buildings. Last month, HSBC Holdings, the U.K.'s largest financial firm, said it was leaving its 1.1-million-square-foot headquarters, known as the HSBC Tower, for a smaller building in central London.
/jlne.ws/43hp5KB
European Lawmakers Back Plan to Restore Natural Habitats; Vote preserves part of the EU's Green Deal climate strategy; Parliament overcomes opposition from European People's Party
John Ainger and Ewa Krukowska - Bloomberg
European Union lawmakers narrowly backed a measure to restore natural habitats, clearing a major political hurdle and preserving a pillar of the bloc's climate and sustainability agenda. The European Parliament voted 336-300 in favor of a plan to set binding targets to revive degraded ecosystems. Thirteen lawmakers abstained.
/jlne.ws/44kO29j
London's Canary Wharf Takes Brunt of Real-Estate Pain; Empty offices, remote working and corporate tenants fleeing to buzzier areas hit the 30-year-old business district
Humza Jilani - The Wall Street Journal
Three decades ago, London remade a derelict shipping yard at Canary Wharf into a forest of glass-and-concrete skyscrapers in a bid to mimic U.S. financial hubs. Now the 128-acre banking district east of central London is suffering a problem also plaguing U.S. cities: emptying office buildings.
/jlne.ws/44I0z6a
This is Canada's worst fire season in modern history - but it's not new
Nathan Rott, Regina G. Barbe, Carly Rubi, Sadie Babits, Rebecca Ramirez - NPR
/jlne.ws/44Dtjx2
US faces deadly floods in north-east and longer heatwaves in south and west; Week of dangerous weather to continue across the US, as July warnings about the climate crisis intensify
Joanna Walters and Richard Luscombe - The Guardian
/jlne.ws/3NLqkff
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| Miscellaneous | | Stories that don't quite fit under the other sections | Why Baby Boomers Love the Kindle - and Millennials Don't
Perri Ormont Blumberg - The Wall Street Journal
My Dad and I agree on most things: Bloody Marys are vastly superior to mimosas. On YouTube, "Yoga with Kassandra" beats "Yoga with Adriene." The Yankees over...is there even a question? (This season, maybe.) But we can't seem to settle one debate: Are e-readers superior to physical books? I, a millennial, can't get enough of hard copies, while my baby boomer dad is enamored with his Kindle Paperwhite (from $140), which uses a unique no-glare lighting system to replicate a traditional reading experience more closely than a phone or tablet.
/jlne.ws/44ArS2g
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