| August 15, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
We are in the dog days of summer. Families are getting those last days of vacation before school starts in the coming days or weeks. College kids are headed to school soon.
On Friday I attended another Eagle Court of Honor for a girl who was an inaugural member of the Exploring Club I started and then was an original member of Troop 117G, which launched when girls were allowed into Boy Scouts as the rebranded Scouts BSA. Morgan Czarnceki was 15 when girls were allowed in, which meant she had only three years to reach the rank of Eagle, whereas boys normally had eight. Besides the severe time constraints for her path to the Eagle rank, she had to overcome the Covid shutdown of activities. She overcame it all and earned the rank of Eagle and is headed to Montana State University where she can continue to enjoy outdoor activities and adventures. She also honored me with a mentor pin, as well as giving one to her current Scoutmaster.
Today I am headed to the hospital for a long awaited MRI to see what is wrong with my left hip, which is causing me great pain and limited mobility. I failed to complete a previous MRI as I was in too much pain and had to be pulled from the machine. This time they are knocking me out.
I could be in line for another hip replacement. I had my right hip replaced previously. One way or another, I need to get this hip issue resolved to be able to resume more active industry participation.
Citadel's Ken Griffin is not the only one in the family making real estate news these days. His ex-wife, Anne Dias, sold the Lincoln Park mansion that had been her home for $10 million, the Chicago Tribune reported.
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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Exchange Analytics is offering a Zoom webinar called "Survival Kit: Helping You Prepare for Today's Cybersecurity Threats" on Sept. 16, 2022 at 10:00 a.m. Eastern Time.
The webinar will show firms how to be better prepared to reduce risk to themselves and their clients amid increasingly complex cybersecurity challenges. It is led by Robert Bigman, cybersecurity expert and former chief information security officer for the U.S. Central Intelligence Agency. You can go here to register. ~SR
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Registration is open for FIA Expo taking place this 14-15 November at a new location - the Sheraton Grand Riverwalk Chicago. Experience compelling panels that build your knowledge, product demos that deliver innovative solutions, and networking opportunities that celebrate human connections. Whether you're a trader chasing the latest trends affecting the markets, a back office manager seeking ways to increase operational efficiency or a business strategist looking for what's next, you'll find it at Expo. This year, FIA is offering full conference, single day and exhibits plus registration options. Learn more and register by 2 September for the best rates!
Register HERE
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Anshu Jain, Deutsche Bank Chief in a Pivotal Era, Dies at 59; Executive joined Cantor Fitzgerald as president in 2017; Indian-born banker mentored generations of leading traders
Sonali Basak - Bloomberg
Anshu Jain, Cantor Fitzgerald's president who was known for his time leading Deutsche Bank traders into the lender's investment banking heights, died five years after being diagnosed with duodenal cancer. He was 59. "We are deeply saddened that our beloved husband, son, and father, Anshu Jain, passed away overnight," his family said in a statement Saturday. He had been president of Cantor Fitzgerald since 2017, and before that was co-chief executive of Deutsche Bank AG.
/jlne.ws/3QHsYm2
***** A sad day. Condolences to the family and friends of Mr. Jain.~JJL
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Citadel's Ken Griffin advice to interns: Hustle during your 20s and be aggressive when wanting a promotion.
Alyson Velati - Insider
In a conference room overlooking Lexington Avenue in Manhattan on Thursday morning, a conference room filled with 150 rising college seniors decked out in swag like polos and fleece vests embossed with the Citadel logo were anxiously waiting for the star speaker, Ken Griffin, founder and chief executive of the firm, to arrive. It was close to 10 in the morning. The interns were asked to arrive early, so they wouldn't miss out on the billionaire's fireside chat on his career path and advice.
/jlne.ws/3dyN9V7
****** Digital natives not only know how to hustle, they know how to click fast.~JJL
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Where Money Meets Feelings: Financial Therapy Finds Its Footing; Planners weren't equipped to address the emotional roots of how clients dealt with money. Therapists couldn't guide finances. Now, there's a bridge.
Charlotte Cowles - The New York Times
In the early days of the pandemic, Nora Herting decided to try financial therapy. "I didn't even know what it was, exactly," she said. "I heard about it and thought, 'That sounds like something I need right now.'" A small-business owner whose revenue had been decimated by lockdowns, she faced agonizing choices between her own financial security and that of her company, including her 14 employees.
/jlne.ws/3JYMFn9
****** I don't know how I feel about money. I must need therapy.~JJL
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Winemakers in Southern Europe Grapple With Extreme Weather; Drought and heat waves cause anxiety among French, Italian and Spanish vineyard owners
Sara Ruberg - WSJ
Lucio Salamini has witnessed the weather patterns around his family's vineyard in northern Italy change dramatically over the past 30 years. But he says he has never seen anything like this summer before. After scorching hot days, the heat doesn't let up at night, causing stress on his vines. And almost every month this year has seen less rainfall than average, with the nearby Po River—a key freshwater source for surrounding farms and vineyards—seeing record low water levels in recent weeks.
/jlne.ws/3QslSCj
****** At least we have Scotch.~JJL
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Friday's Top Three
Our top story Friday was Bloomberg's Extreme Heat Uncovers Lost Villages, Ancient Ruins and Shipwrecks. Second was Reuters' Robinhood must face U.S. market manipulation claims over 'meme stock' rally, judge rules. Third was a tie between the Financial Times' Next financial crisis likely to centre on private markets and Citadel's A Day In the Life of a Citadel Intern, a video posted on LinkedIn.
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MarketsWiki Stats
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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| Lead Stories | How the US Toppled the World's Most Powerful Gold Trader; JPMorgan's former gold boss was convicted last week
Eddie Spence, Joe Deaux, and Tom Schoenberg - Bloomberg
In December 2018, a man in his early 30s was intercepted on arrival at Fort Lauderdale airport and taken to a room where two FBI agents sat waiting. The target was scared and already on high alert — one of his associates had recently admitted to crimes he knew he'd also committed. Christian Trunz wasn't a terrorist or a drug trafficker, but a mid-level trader of precious metals returning from his honeymoon. Crucially: he was also a longstanding employee of JPMorgan Chase & Co., the biggest bullion bank.
/jlne.ws/3SPiSkU
Biden's Regulators Take a Harder Look at Wall Street Deals; FTC questions mergers likely to have gone unchallenged in years past, drawing complaints from dealmakers who say scrutiny is excessive
Dave Michaels, Ryan Tracy - WSJ
The Biden administration's antitrust enforcers are throwing sand in the gears of Wall Street's deal machine. Under Chairwoman Lina Khan, the Federal Trade Commission is questioning mergers that likely would have gone unchallenged in years past—a change Ms. Khan says is needed to prevent companies from building up too much power and stifling competition.
/jlne.ws/3QNp3Eu
At 75, India is finally ready to join the global party; With its entrepreneurial spirit and an increasingly efficient welfare state, the country can thrive in a slowing world
Ruchir Sharma - FT
Today, India marks its 75th birthday, no richer relative to the rest of the world than it was at independence, but very much on the upswing. India started out as the world's sixth-largest economy, fell to 12th by 1990, and has since staged a comeback — to sixth place. Its average income was 18 per cent of the world average at independence, but that figure fell until the early 1990s, before climbing back up — to about 18 per cent.
/jlne.ws/3AkwXzI
Stock Buybacks and Dividends Become a $1.5 Trillion Political Target; Companies have been criticized for the vast sums they are sending investors. Some of that money could be put to better use but for the most part, our columnist says, bring it on.
Jeff Sommer - The New York Times
Despite the rocky stock market and the slowing economy, corporate America is sending more money to shareholders than ever before. The amounts are staggering, which is why these huge sums, sometimes called "windfall profits," have become a political target. The landmark climate and tax legislation that now goes to President Biden for his signature includes a new 1 percent tax on buybacks, for example.
/jlne.ws/3w4xao5
Crypto Reddit Mobilizes After Being Pummeled by Bankruptcies; Creditors of Celsius, Voyager Digital join forces online; Such grassroots legal campaigns seen by some as a rising trend
Olga Kharif - Bloomberg
A few months ago, Celsius Network LLC's nearly 47,000-strong Reddit group was filled with talk about how much everyone was earning by lending their coins through the platform. After the company filed for bankruptcy, members began using the forum, among others, to fight for the return of their funds. Reddit, Telegram and Twitter helped drive the meme-stock craze, and now users on the sites are channeling that same energy into campaigning courtside on several crypto bankruptcy cases, including Celsius and Voyager Digital Ltd. They are tapping into the huge social media communities that already exist for both platforms, urging users to write letters to the judge overseeing Celsius's case, pooling funds for legal representation as well as sharing news and advice.
/jlne.ws/3pl1SWo
Meme-Stock Investors Are Back! Sort of, Anyway; Individual investors are back to scooping up stocks, including meme favorites like Bed Bath & Beyond and AMC. Don't expect the frenzy of 2021, though.
Caitlin McCabe - WSJ
Individual investors have waded back into the stock market after laying low through the worst of this year's selloff. But don't call it a comeback yet. So-called retail investors in the last two weeks have ramped up purchases of stocks and bullish call options, helping send meme stocks, such as Bed Bath & Beyond Inc. and AMC Entertainment Holdings Inc., AMC skyrocketing. So far in August, both stocks have logged gains of at least 68%, putting Bed Bath & Beyond on pace for its best month in history.
/jlne.ws/3ApwGLX
JPMorgan CEO Jamie Dimon rips remote work and Zoom as 'management by Hollywood Squares' and says returning to the office will aid diversity
Nicholas Gordon - Fortune
JPMorgan Chase CEO Jamie Dimon blasted working from home and Zoom as "management by Hollywood Squares," using the dated TV show reference on a call with the bank's wealthy clients last week to reiterate his long-held preference that workers return to the office, Yahoo Finance reports.
/jlne.ws/3w1a3KT
Billionaire Behind Big Nickel Short Plans to Sell Steel Assets; Chinese tycoon's firm to sell stakes in some Indonesia plants
Tsingshan in discussions with China's state-owned Baowu
Alfred Cang - Bloomberg
Tsingshan Holding Group Co., the nickel giant owned by billionaire Xiang Guangda, is in advanced talks to sell some of its stainless-steel assets in Indonesia to China Baowu Steel Group Corp. as part of a strategic review, according to people familiar with the negotiations.
/jlne.ws/3bTMEV7
Hedge Fund Lawsuit Financing Poised for SEC Enforcement Scrutiny
Bloomberg Law
SEC proposed fund reporting on litigation finance exposure; Lawsuit funding has become multi-billion-dollar market
The SEC's enforcement lawyers and examiners are moving closer to gathering data on investments hedge funds make in support of litigation, as the financing arrangements grow in popularity. The US Securities and Exchange Commission Aug. 10 proposed requiring private funds to report confidentially to the agency about their spending on litigation finance . The funding, which litigants and law firms use to cover their costs, has reached billions of dollars.
/jlne.ws/3QAEXBU
Much of the US Will Be an 'Extreme Heat Belt' by the 2050s; Temperatures will hit 125°F (52°C) at least once a year in a band stretching from Texas to Wisconsin, researchers say.
Leslie Kaufman - Bloomberg
So you think it's hot out there now? Consider the summer of 2053. That's what researchers at First Street Foundation, a New York nonprofit that studies climate risk, have done in a report published today. V
/jlne.ws/3pi2CLK
Booming Beef Industry Has Urban Cowboys Lining Up to Buy Cattle in Uruguay; People who know nothing about ranching can become registered owners for as little as $15,000—and get their own brands.
Ken Parks - Bloomberg
Over 23 years, Pablo Carrasco's Uruguayan cattle management company built a $100 million herd. Along the way, he's turned a generation of city slickers into profitable ranchers. Carrasco's company, Conexión Ganadera, manages about 120,000 cows on behalf of some 1,400 individual investors, most of them Uruguayan urbanites. Now he faces an enviable problem: He has a $30 million waiting list to buy cows, but no land for them to graze on. So his company is pitching pastures to prospective investors. "Our problem isn't investors," says co-founder Carrasco in an interview at his Montevideo office, adorned with cowhide rugs. "It's finding places to put the cattle."
/jlne.ws/3PoYrZ6
To Tackle Hunger, We Need to Fix Food Subsidies; Governments' own spending is exacerbating the problem, with billions of dollars wasted on people in wealthy countries who are the least at risk of malnutrition.
David Fickling - Bloomberg
If you want an image of subsidized food in the world, you might think of Egypt, where the price of flatbread is fixed and more than half the population lives on loaves costing just 0.05 Egyptian pounds (0.25 cents) thanks to heavy government support.
/jlne.ws/3dyRjwd
China Stocks With US Listings Slump as NYSE Exit Gathers Pace; China's state-owned firms among biggest decliners in Hong Kong; Analysts expect negative sentiment impact, but no material hit
Jeanny Yu - Bloomberg
China's state-owned enterprises that plan to delist from US stock exchanges slid on Monday, as investors expected more firms to follow suit amid an auditing spat between the two nations. PetroChina Co. dropped 3.4% in Hong Kong, while China Life Insurance Co. and China Petroleum & Chemical Corp. lost more than 2% each. Sinopec Shanghai Petrochemical Co Ltd. and Aluminum Corp of China Ltd. also fell. The moves follow a drop in their American Depositary Receipts on Friday.
/jlne.ws/3Qr1K3r
Saudi Aramco's Profit Jumps 90 Percent on High Oil Prices; The giant oil producer said it earned nearly $50 billion last quarter, the latest energy company to record outsize profits after the surge in crude prices since Russia's invasion of Ukraine in February.
Kevin Granville - The New York Times
Saudi Aramco, the giant oil producer, said on Sunday that its second-quarter profit jumped 90 percent over the same period a year ago, reaching $48.2 billion. It is the latest energy producer to report bumper earnings on the back of a surge in the price of oil.
/jlne.ws/3AkyvK2
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Wall Street banks return to Russian bond trading; Players including JP Morgan, Bank of America and Citigroup have started dealing in Russian bonds again after new Treasury guidelines gave the go-ahead, according to Reuters.
Laurie McAughtry - The Trade
American dollar and Russian ruble
At least six banks have started cautiously returning to the Russian bond market, reported Reuters today. JP Morgan, Bank of America, Citigroup, Deutsche Bank, Barclays and Jefferies are all reported to have started once again facilitating trades in Russian government and corporate bonds for their clients.
/jlne.ws/3JT0cwH
Saudi Billionaire Made $500 Million Russia Bet at War Onset; Prince Alwaleed's firm invested in Gazprom, Rosneft, Lukoil; Kingdom Holding has invested $3.4 billion globally since 2020
Matthew Martin - Bloomberg
Saudi billionaire Prince Alwaleed Bin Talal invested more than $500 million in Russian firms around the time of Moscow's invasion of Ukraine, in a sign of the careful political position the Gulf state has maintained with its OPEC+ partner. Prince Alwaleed's investment firm, Kingdom Holding Co., acquired depositary receipts issued by Gazprom PSJC, Lukoil PJSC and Rosneft PJSC in February, according to a stock exchange filing. Russia invaded Ukraine on Feb. 24.
/jlne.ws/3bYMagf
Russia Cranks Up Bootleg Economy and Offers Rare Tally of Import; Parallel imports may be $16 billion this year, Manturov says; Russia allowed gray market sales to offset shortage of imports
Bloomberg News
Russian efforts to keep up the flow of unauthorized imports are having only limited success, judging by a forecast from the industry minister, as the country tries to cope with international sanctions that have caused an exodus of foreign companies and occasional shortages since the invasion of Ukraine. Gray market sales, also known as parallel imports, reached nearly $6.5 billion since the government allowed companies in May to bring in goods for the domestic market without gaining agreement from their manufacturers, Deputy Prime Minister Denis Manturov said in an interview with the Interfax news service published Monday.
/jlne.ws/3JYNs7Q
Russia's Gas Transit Payment Goes Through After Oil Glitch
Bloomberg News
Russia's payment to Ukraine for natural gas transit this month has gone through without problems, even after a glitch with a similar oil transaction, according to people familiar with the situation. State-run Gazprom PJSC sent its regular monthly payment to Ukraine's NJSC Naftogaz Ukrainy last week and it has been accepted, according to people on both sides, who asked not to be named as the information isn't public.
/jlne.ws/3PnMzXu
Russia's Oil Resilience Faces Bigger Test as EU Ban Looms; Europe set to introduce embargo on crude imports in December; Asia is already taking almost all it can: BCS Global Markets
Bloomberg News
Russia defied expectations of a collapse in oil production following its invasion of Ukraine. But Moscow will have to redouble its efforts to find new buyers if it's to keep output from shrinking in the coming months.
/jlne.ws/3pnlYPH
Russia Unplugs Foes, Rewards Friends in Latest Market Reboot; Investors from nations that didn't impose sanctions win access; Isolated since invasion, Russia rebuilds its financial system
Bloomberg News
Nearly six months after Russia was evicted from much of global finance over the invasion of Ukraine, it's going it alone by devising a two-tier system severed from adversaries. The plan emerging from central bank proposals and a gradual unwinding of local restrictions will focus on mobilizing capital at home while catering to jurisdictions it considers friendly.
/jlne.ws/3dw08Xz
First ship carrying Ukraine wheat under U.N. deal docks in Turkey
Reuters
The first ship carrying Ukrainian wheat to be exported under a U.N.-brokered deal arrived in Istanbul on Sunday, the Joint Coordination Centre based in the Turkish city, said.
/jlne.ws/3QIQ6R5
Ukraine targets Russian soldiers accused of threatening nuclear plant
Natalia Zinets, Andrea Shalal - Reuters
Ukrainian President Volodymyr Zelenskiy has warned Russian soldiers who shoot at Europe's largest nuclear power station or use it as a base to shoot from that they will become a "special target" for Ukrainian forces.
/jlne.ws/3bXKFiy
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Bursa Malaysia To Launch Voluntary Carbon Market Exchange By Year-End; Inaugural Transaction Via Auction
Bursa Malaysia
Bursa Malaysia Berhad ("Bursa Malaysia" or the "Exchange"} will be launching the Voluntary Carbon Market ("VCM") exchange later this year. A voluntary carbon market exchange enables companies to purchase voluntary carbon credits from climate friendly projects and solutions. In line with the growing awareness of climate action, voluntary carbon markets will play an important role to support financing for projects and solutions that reduce, remove or avoid greenhouse gas emissions ("GHG"). Participation in the voluntary carbon market will allow companies to offset their carbon emission footprint and meet their voluntary climate goals. Through Bursa Malaysia's VCM exchange, both buyers and suppliers will be able to transact high-quality carbon credits at transparent prices.
/bit.ly/3w5wfDH
Institutional Investors Are Increasingly Using Crypto Options Trading to Hedge Their Bets in Bear Market
Michael Bellusci - Coindesk via Yahoo
In the current bear market, crypto options trading has been a rare bright spot, building momentum even as crypto prices have plunged. A number of crypto exchanges have noted rising trading volume after reaching lows earlier this year. Options strategies have figured prominently among institutional investors and even miners as they try to weather crypto's usual volatility and a downturn that could last for months, or longer, despite recent hopeful macroeconomic signs. More recently, traders have been using the crypto options market to bet on ether (ETH) and hedge positions as the Ethereum blockchain's hotly anticipated Merge approaches. Panama-based derivatives platform Deribit, which is among the world's largest exchanges for crypto options trading volume, told CoinDesk demand is surging ahead of the Merge.
/yhoo.it/3SOFwtD
SBI Group to offer OTC derivatives trading in US after CFTC approval
Wahid Pessarlay - Coingeek
Japanese financial giant SBI Group has announced plans to expand its trading partners and services in the U.S. digital assets market. The megabank is eyeing an entry into digital assets derivatives trading in the U.S. The bank stated this in a notice revealing that Clear Markets North America Inc., the U.S. subsidiary of Clear Markets (CM) in which it has a 12% stake, has gotten approval from the Commodity Futures Trading Commission (CFTC) to offer physically settled over-the-counter (OTC) digital assets derivatives. The approval is the first of its kind given under the CFTC Swap Execution Facility (SEF) regulations, SBI noted.
/bit.ly/3JT7ikP
Notice Of Disciplinary Action
CME Group
Non-Member: Jeffrey Hauschild
Cme Rule Violation: Rule 534 Wash Trades Prohibited
/bit.ly/3dlejhW
Notice Of Disciplinary Action
CME Group
Non-Member: Richard Grzan Jr.
Cbot Rule Violations: Rule 575. Disruptive Practices Prohibited (in part)
/bit.ly/3phVGyj
Notice Of Disciplinary Action
CME Group
Non-Member: George Haseotes
Cme Rule Violations: Rule 433. Strict Liability For The Acts Of Agents
/bit.ly/3zUEEeA
Expobank clients can trade in gold and silver on the Moscow Exchange
MOEX
Expobank clients got the opportunity to buy and sell precious metals on the Moscow Exchange. In the precious metals market of the Moscow Exchange, private investors can invest in physical gold and silver with minimal costs and buy and sell spreads, thus obtaining additional opportunities for portfolio diversification.
/bit.ly/3SSXOKs
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Blockchain Marketplace Opens Up Home Equity Asset Class
Shanny Basar - Markets Media
A blockchain-based real estate marketplace has been launched by QuantmRE and Texture Capital which shows the benefit of distributed ledger technology in unlocking previously illiquid asset classes. Richard Johnson, chief executive of Texture Capital, told Markets Media there is tremendous potential in putting alternative assets on a blockchain, so they can be traded. Texture Capital is one of the few digital asset securities broker-dealers that operates an alternative trading system that has been registered with the US Securities and Exchange Commission, and provides tools for issuance, tokenization and secondary market trading.
/jlne.ws/3zZ6lTf
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| Cybersecurity | | Top stories for cybersecurity | The 10 Hottest Cybersecurity Products At Black Hat 2022
Jay Fitzgerald - CRN
Needless to say, it was hot at Black Hat USA 2022 in Las Vegas this week, both in terms of the weather and the caliber of new products and updates unveiled during the cybersecurity conference. Thousands of vendors, channel players and other cybersecurity folks descended on the gambling mecca for the 25th Black Hat conference held at the Mandalay Bay Hotel and Casino in Las Vegas.
/jlne.ws/3AoOnv8
CISA, FBI shared a joint advisory to warn of Zeppelin ransomwareSecurity Affairs
Pierluigi Paganini - Security Affairs
The US Cybersecurity and Infrastructure Security Agency (CISA) and the Federal Bureau of Investigation (FBI) have published a joint advisory to warn of Zeppelin ransomware attacks.
The Zeppelin ransomware first appeared on the threat landscape in November 2019 when experts from BlackBerry Cylance found a new variant of the Vega RaaS, dubbed Zeppelin.
/jlne.ws/3w5E0tu
Black Hat USA 2022: Burnout, a significant issue
Tony Anscombe - WeLiveSecurity
Discussion of the resourcing issues within the cybersecurity sector is not a new phenomenon; according to a recent article in Fortune Education, the number of unfilled cybersecurity positions worldwide grew 350% between 2013 and 2021, from 1 million to 3.5 million. The article breaks this number down further, estimating that there are 1 million cybersecurity workers in the US and as of November 2021 around 715,000 additional, unfilled positions. These numbers tell the story of a resourcing issue; they also tell the story of an industry that is currently running on about two-thirds of the resource it needs.
/jlne.ws/3SPqzri
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| Cryptocurrencies | | Top stories for cryptocurrencies | FTX and Paradigm partner to launch futures spreads trading; Launch will allow Paradigm users to trade the spread between spot, perpetuals and futures instruments, with guaranteed atomic execution and clearing of both legs on FTX.
Wesley Bray - The Trade
Paradigm has launched spreads trading in partnership with regulated cryptocurrency exchange FTX. FTX becomes the third exchange to partner with Paradigm on futures spreads. The pair claim it will help with the development of a liquid interest rate curve in crypto.
/jlne.ws/3zUp5U5
Crypto Says Institutions Are Back, Though Retail Has Cold Feet; Sector champions tout a renewal of institutional interest; Retail investors appear to be anchored to the sidelines
Vildana Hajric and Immanual John Milton - Bloomberg
An old adage is making the rounds again in the crypto sphere: Institutional investors are back. BlackRock Inc.'s partnership with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin was followed by another announcement that the asset manager is offering its first-ever investment product directly in the token. Meanwhile, hedge-fund firm Brevan Howard raised more than $1 billion for a crypto fund.
/jlne.ws/3QsRN5m
Bitcoin Miners Are in Distress; Strains on the power grid and stagnant crypto prices after this year's drop have miners concerned about what lies ahead for the industry.
Victoria Vergolina - Bloomberg
In late spring of 2021, China banned all Bitcoin mining as part of a crackdown on crypto in the country. In response, many Chinese miners packed their bags and headed to Texas. The Lone Star state offered a relaxed approach to regulation, a unique power grid and attractive energy prices — all things that seemed ideal for miners looking for a new home. Until 2022.
/jlne.ws/3AmwLje
Crypto Rules Crackdown Looms for $150 Billion Stablecoin Market
Emily Nicolle - Bloomberg
As crypto's most traded tokens, stablecoins have ballooned in circulation under a relatively light-touch regulatory regime. That's about to change. Lawmakers in the US, the EU, the UK, Japan and others are considering rules that would overhaul the $150 billion sector. Several of these proposed restrictions are intended to bring issuers of the tokens -- which are cryptoassets designed to keep a one-to-one peg with a less volatile currency like the US dollar -- under the same financial regimes as payment providers.
/jlne.ws/3pkz0NK
Investors In Crypto Exchange Zipmex Seek CEO Lim's Resignation; At least one shareholder wrote to Lim, asking him to step down; Zipmex is in talks with potential investors on fundraising
Suvashree Ghosh - Bloomberg
Some shareholders and potential investors in Asian crypto exchange Zipmex Pte are urging Chief Executive Officer Marcus Lim to step down over management decisions they argue led to a severe cash crunch, people familiar with the matter said. Zipmex, which capped withdrawals last month after exposure to troubled crypto lender Babel Finance hurt its finances, on Monday was granted more than three months of protection from creditors by Singapore's High Court. The reprieve will give the firm additional breathing room to come up with a funding plan.
/jlne.ws/3AjIYW2
Singapore Court Grants Zipmex Three-Month Creditor Protection
Suvashree Ghosh and Joanna Ossinger - Bloomberg
Asia cryptocurrency exchange Zipmex Pte was granted more than three months of protection from creditors by Singapore's High Court, giving the troubled firm breathing room to come up with a funding plan.
/jlne.ws/3dx3UzW
'Pharma Bro' Martin Shkreli's Crypto Token Plunges After Massive Sale; Infamous investor recently launched a digital currency that saw its value plummet on Friday.
Misyrlena Egkolfopoulou and Emily Nicolle - Bloomberg
Martin Shkreli's new crypto token appears to have been dumped. Martin Shkreli Inu, a token worth fractions of a penny that was launched by the notorious "Pharma Bro" last month, plunged more than 90% at one point Friday, Binance data shows. The drop came after an unidentified wallet that appears to belong to Shkreli sold a massive stake in the coin.
/jlne.ws/3CnEz63
Crypto Is Taking a Few Small Banks on a Wild Ride; Silvergate, Signature and Customers Bancorp gobbled up deposits from crypto companies shunned by bigger banks
David Benoi, Rachel Louise Ensign - WSJ
When big banks steered clear of cryptocurrency companies, a handful of small lenders eagerly courted the booming businesses. Now, they are dealing with the bust. Silvergate Capital Corp., Signature Bank and Customers Bancorp Inc. have snapped up billions of dollars in deposits from crypto businesses—the exchanges, investment firms and stablecoin issuers that grew rapidly alongside the market for digital currencies.
/jlne.ws/3SSRYIK
Crypto Evangelist Mark Cuban Is in Trouble; The billionaire and crypto investor was in business with Voyager Digital which went bankrupt early July.
Luc Olinga - The Street
Mark Cuban should have expected it. Since crypto lender Voyager Digital filed for Chapter 11 bankruptcy, criticism of the billionaire and owner of the NBA Dallas Mavericks team has been raining down on social media. These critics accuse him of promoting the platform and therefore hold him responsible for the losses they say they suffered as we wrote on July 8. These reproaches now result in a class action lawsuit against the successful entrepreneur.
/jlne.ws/3Ao5VHN
Why NFTs Are So Misunderstood (And Why That's An Issue)
Phoenix Angell - Screenrant
When people think about NFTs, they usually think of expensive JPEG images that bizarrely sell for millions of dollars, and that's a problem. This is akin to believing the internet is nothing more than a place to share memes and dismissing it as "probably nothing." Now that NFT collectible prices have crashed, real innovation can happen, and this stigma can be broken as better uses of NFTs are explored.
/jlne.ws/3QsgFdz
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| Politics | | An overview of politics as it relates to the financial markets | The Inflation Reduction Act Is a Climate Bill. Just Don't Call It One.; Why the biggest climate legislation in American history is packaged as something else.
Eric Roston and Brian Eckhouse - Bloomberg
Anyone would be forgiven for asking why a soon-to-be law called the "Inflation Reduction Act" is being heralded (and cursed) as the most significant US climate legislation ever. Yes, the bill is expected to reduce the deficit and enables Medicare to negotiate drug prices, which could lower their costs. But shouldn't something with that name have more to do with price controls and less with solar panels? "It does seem kind of wacky and counterintuitive for the most consequential climate legislation ever to be called the 'Inflation Reduction Act,'" says Angela Bradbery, a professor of public interest communications at the University of Florida's journalism school. "For the public, it's probably more confusing than anything."
/bloom.bg/3plVVII
America's biggest financial threat isn't government spending. It's the cost of climate change; Republicans claim that the Inflation Reduction Act, Biden's climate bill, represents reckless government spending. Guess what's way more reckless? Ignoring the costs of climate change.
Steven Bingler, Martin C. Pedersen - Fast Company
The passage of the Biden Administration's climate change package, the so-called "Inflation Reduction Act," has predictably split along partisan lines, with Republicans characterizing the bill as an act of reckless government spending, certain to raise taxes and fuel further inflation. But does this act really represent reckless spending? The legislation authorizes $430 billion in spending, the bulk of which—more than $300 billion—is earmarked for tax credits; other spending and initiatives aimed at stimulating the clean energy economy; and reducing carbon emissions. (The bill also allows Medicare to negotiate prices with drug companies for certain expensive drugs.) The bill is funded in part by a 15% minimum tax on large corporations and an excise tax on companies that repurchase shares of their own stock. Given the scope of the problem, and the escalating future costs of climate inaction, this legislation is an exceedingly modest, but very necessary, first step.
/jlne.ws/3zXbUBV
The Middle Class Won't Escape the New IRS Audit Wave; A CBO analysis belies a White House claim about new funding for federal tax collectors.
The Editorial Board
Democrats spent last week swearing that only high earners would be squeezed under their plan to beef up the Internal Revenue Service. It took only a few days for the Congressional Budget Office to put that narrative to rest. A quick analysis from the budget scorer confirms that the audit expansion will ensnare the middle class.
/jlne.ws/3PjxQN6
How Frustration Over TikTok Has Mounted in Washington; National security concerns over the Chinese-owned viral video app remain unresolved. Lawmakers and regulators are increasingly pushing for action.
David McCabe - The New York Times
Early last year, Senator Marco Rubio, a Florida Republican, and Jake Sullivan, President Biden's national security adviser, met to discuss China and industrial policy. During their conversation, Mr. Rubio raised his worries about Beijing's influence over TikTok, the Chinese-owned viral video app.
/jlne.ws/3C7fnAC
On TikTok, Election Misinformation Thrives Ahead of Midterms; The fast-growing platform's poor track record during recent voting abroad does not bode well for elections in the U.S., researchers said.
Tiffany Hsu - The New York Times
In Germany, TikTok accounts impersonated prominent political figures during the country's last national election. In Colombia, misleading TikTok posts falsely attributed a quotation from one candidate to a cartoon villain and allowed a woman to masquerade as another candidate's daughter. In the Philippines, TikTok videos amplified sugarcoated myths about the country's former dictator and helped his son prevail in the country's presidential race. Now, similar problems have arrived in the United States.
/jlne.ws/3C3y5ch
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| Regulation & Enforcement | | Stories about regulation and the law. | CFTC Issues Final Rule Modifying the Swap Clearing Requirement In Support of the Transition from LIBOR and Other Interbank Offered Rates to Alternative Reference Rates
CFTC
The Commodity Futures Trading Commission today announced that it issued a final rule modifying the Commission's interest rate swap clearing requirement under part 50 of the CFTC's regulations. The final rule removes the requirement to clear interest rate swaps referencing the London Interbank Offered Rate (LIBOR) and certain other interbank offered rates and replaces them with requirements to clear interest rate swaps referencing overnight, nearly risk-free reference rates. The final rule updates the swaps required to be submitted for clearing to a derivatives clearing organization (DCO) or an exempt DCO and the compliance dates for such swaps.
/jlne.ws/3Aoaxh5
CFTC Charges Ohio Man and His Companies with Fraudulently Solicitating Over $12 Million and Misappropriation in a Digital Asset Trading Scheme
CFTC
The Commodity Futures Trading Commission today announced it has filed a civil enforcement action in the U.S. District Court for the Southern District of Ohio against Rathnakishore Giri of New Albany, Ohio and his Ohio-based companies NBD Eidetic Capital, LLC and SR Private Equity, LLC. The complaint alleges that Giri and his companies fraudulently solicited over $12 million and at least 10 bitcoins from more than 150 customers and that Giri and his companies misappropriated customer funds intended for digital asset trading.
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Statement of Commissioner Kristin N. Johnson Regarding the Final Rule to Modify Interest Rate Swap Clearing Requirements for the Transition from LIBOR and Other IBORs to Alternative Reference Rates
CFTC
In the fall of 2008, global financial markets reeled as evidence emerged indicating that market participants failed to effectively manage risks in the then-unregulated $400 trillion (notional) swaps market. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) directed the Commodity Futures Trading Commission (Commission) to develop and implement formal rules, and bring the swaps market under the ambit of the Commission's authority.[1] The Commission introduced clearing requirements, a vital regulatory tool that has increased transparency and promoted market integrity.
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Statement of Commissioner Christy Goldsmith Romero Regarding the Clearing Requirement for Swaps Referencing Rates Less Susceptible to Manipulation Than LIBOR
CFTC
I support the Commission's amended clearing requirement for swaps referencing rates less susceptible to manipulation than the London Interbank Offered Rate ("LIBOR") because it promotes market integrity and supports the risk-mitigating benefits of central clearing. I thank the CFTC staff for their work on this and other efforts to support the transition away from LIBOR.
/jlne.ws/3QoRFEc
Concurring Statement of Commissioner Caroline D. Pham Regarding LIBOR Transition Clearing Requirement Determination for Certain Interest Rate Swaps
CFTC
I respectfully concur with the final rule updating the CFTC's interest rate swap clearing requirement regulations. Pursuant to the Commodity Exchange Act (CEA) and the Commission's regulations, subject to Commission determination, certain interest rate swaps are required to be submitted for clearing to a derivatives clearing organization (DCO) registered under the CEA or a DCO exempted from registration under the CEA.[1] The final rule updates this set of interest rate swaps required to be cleared in light of the global transition from reliance on certain interbank offered rates (IBORs) such as the London Interbank Offered Rate (LIBOR), to alternative reference rates, which are predominantly overnight, nearly risk-free reference rates (RFRs). This rulemaking is an essential part of that transition. I commend the CFTC staff for their work here, as well as for their leadership in a historic global effort by the CFTC alongside other regulators, international bodies such as IOSCO and FSB, cross-jurisdictional working groups, financial market infrastructures, swap dealers, other market participants, and more, to reform the global interest rate swap market and benchmarks.
/jlne.ws/3dygvCL
Lori H. Price Named Director of Office of Credit Ratings
CFTC
The Securities and Exchange Commission today announced that Lori H. Price has been named Director of the Office of Credit Ratings (OCR), effective Aug. 14, 2022. She has served as Acting Director since February 2022 and has more than 30 years of experience in various roles at the SEC. "I am pleased that Lori, building upon her decades of service to the SEC, has agreed to serve as Director of the Office of Credit Ratings," said SEC Chair Gary Gensler. "The oversight of credit rating agencies is critical to the SEC's mission to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation."
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Statement on PCAOB Amendments to Strengthen Auditing Standards for Audits Involving Multiple Firms
Chair Gary Gensler - SEC
Today, the Commission approved the Public Company Accounting Oversight Board's (PCAOB) updated standards for audits that involve multiple auditing firms. I was pleased to support the amended standards because they will strengthen the requirements for lead auditors who supervise other auditors in an audit, helping to enhance audit quality and protect investors.
/jlne.ws/3QGfHuB
Statement on Amendments to Auditing Standards Governing the Planning and Supervision of Audits Involving Other Auditors and Dividing Responsibility for the Audit with Another Accounting Firm
Commissioner Mark T. Uyeda - SEC
Today's amendments to the auditing standards on the supervision of audits involving other auditors demonstrate a thoughtful and thoroughly considered approach to rulemaking. These amendments culminate a multi-year effort to ensure that stakeholders had opportunities to provide feedback to the Public Company Accounting Oversight Board as it considered and refined the amendments before finalization.
/jlne.ws/3w6J3K2
ASIC bans West Australian financial services director for six years
ASIC
ASIC has banned Sharree Grace Hutchinson, Perth-based director of Funds United Pty Ltd, from providing financial services for six years, after she demonstrated a lack of professionalism and judgement required of a participant in the financial services industry.
/jlne.ws/3JT829v
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | American ranchers blame drought for higher meat prices at grocery stores
Chris Oberholtz - FOX Weather
Cattle farmers have been experiencing some of the worst drought conditions ever. The ground is tough for grazing, and many ranchers have had to cull their herd because it's more economical than feeding them. Fewer cows mean fewer calves and ultimately less meat in the years to follow. The USDA expects beef production next year to drop by 1.9 billion pounds - a 7% decline. And consumers shopping at grocery stores have probably noticed their steaks and burgers are more expensive. It's a domino effect and experts say that trend could get worse in the years to come.
/jlne.ws/3QsNWoU
Saxo Markets Appoints Christine Kiener As New Head Of Institutional Sales
Mondovisione
Saxo Bank, the leading fintech specialist focused on multi-asset trading and investment, today announces that Christine Kiener has been appointed as the new Head of Sales for the institutional business at its UK subsidiary, Saxo Markets UK.
/jlne.ws/3pgBUmO
Inflation Widens Married Couples' Money Lead Over Their Single Friends; Rapidly rising prices and more than two years of living in a pandemic increase the financial stress on those without pooled assets
Julia Carpenter - WSJ
It is better, financially, to be married than single, as has almost always been the case. But the money gap between young married couples and singles has widened, thanks to inflation and rising home prices. The median net worth of married couples 25 to 34 years old was nearly nine times as much as the median net worth of single households in 2019, according to the most recent data from the Federal Reserve Bank of St. Louis. In 2016, married households' median net worth was four times as much. And now, after a spell of rapid inflation and more than two years of pandemic living, single people are getting left further behind, say economists at the Fed and elsewhere.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Why scientists have pumped a potent greenhouse gas into streams on public lands
Nell Greenfieldboyce - NPR
A massive ecological study that's happening across the United States, and which is designed to track the impact of long-term changes like a warming climate, is deliberately releasing a highly potent and persistent greenhouse gas in national parks and forests. The gas, sulfur hexafluoride, is "the most potent greenhouse gas known to date," according to the Environmental Protection Agency. It's 22,800 times more effective at trapping heat than carbon dioxide, and lasts in the atmosphere for thousands of years.
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These maps show how many 'dangerous' heat days your neighborhood may have by midcentury; And where you might want to move to avoid the worst of the hot weather.
Adele Peters - Fast Company
Right now, there are only a few pockets of the U.S. where it's possible that the heat index might rise above 125 degrees Fahrenheit—a particularly dangerous threshold for human health. But by the middle of the century, a much larger area is at risk, sprawling from the Gulf Coast across a swath of the middle of the country, and reaching as far north as southern Wisconsin.
/jlne.ws/3C3nQog
How wireless technologies can help farmers save water; The Agricultural Internet of Things can help farmers track conditions on their land in real time, and apply water more strategically.
Abdul Salam - Fast Company
Water is the most essential resource for life, for both humans and the crops we consume. Around the world, agriculture accounts for 70% of all freshwater use. I study computers and information technology in the Purdue Polytechnic Institute and direct Purdue's Environmental Networking Technology (ENT) Laboratory, where we tackle sustainability and environmental challenges with interdisciplinary research into the Agricultural Internet of Things, or Ag-IoT.
/jlne.ws/3dl3ooq
Fuel Is Not Energy. Investors Should Know the Difference.
Fred Horch - Barron's
Fuel is not energy. Fuel is a valuable material. Energy is an abstract concept ("the ability to do work") until it is combined with time. Then energy becomes valuable power. It is possible to generate power by burning fuel, but it's becoming more affordable to generate power from sunlight, wind, water and other renewable energy flows. Investors who miss these distinctions may find themselves putting their money in the wrong places.
/jlne.ws/3SQE3mJ
Rainwater is now unsafe to drink worldwide because of 'forever chemicals,' study suggests
Wyatte Grantham-Philips - USA TODAY
It's now unsafe to drink rainwater around the world because of the growing presence of "forever chemicals," a new study suggests. In the study, published Aug. 2 in the peer-reviewed journal Environmental Science & Technology, researchers point to the dangers of per- and polyfluoroalkyl substances, or PFAS.
/jlne.ws/3A0oDnc
California governor announces aggressive $8 billion plan to boost water supply
Simon Singh - CBS News
California Gov. Gavin Newsom this week announced an aggressive new plan to tackle the state's water shortage. The $8 billion strategy, detailed in a 16-page document, aims to reinforce California's dwindling water supply. As the burdens of global warming and historic drought conditions show no sign of slowing down, Newsom is looking to expand the state's water supply. "The science and the data leads us to now understand that we will lose 10% of our water supply by 2040," Newson said Thursday during a visit to a desalination plant. "As a consequence of that deeper understanding, we have a renewed sense of urgency to address this issue head on."
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Taps have run dry in a major Mexico city for months. A similar water crisis looms in the US too, experts say; Drought is sapping the water from huge swaths of North America and making it increasingly hard for humans to count on running water.
Maria Aguilar - USA TODAY
About 300 miles southwest of San Antonio, water taps have run dry in a major Mexico city.
/jlne.ws/3piLbur
Schools 'considering three day week' due to soaring energy bills and rising teacher salaries; Trust leader reportedly says shorter school days 'will become reality'
Zoe Tidman - Independent
Schools are reportedly considering three or four-day weeks to manage soaring energy bills and teacher pay rises. Headteachers and academy trust leaders are having to think of ways to save costs as budgets come under increased pressure. Schools are grappling with rocketing inflation and budget increases failing to keep up with soaring rates, which could surpass 15 per cent next year.
/jlne.ws/3JT3QGT
ESG critics could be leaving money on the table - and missing an opportunity to make a real impact
Jonathan Rose - Fortune
In recent years, several converging forces have led businesses to take on a greater share of the responsibility to address key challenges across environmental sustainability, social justice, and corporate governance - the field termed "ESG. Investors, recognizing the impact of their decisions on these issues, have dramatically increased their appetite for ESG investments. As the demand for valid ESG investments outstripped the supply, asset managers began to sell ESG products that didn't really qualify, giving rise to several greenwashing scandals.
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Viewpoint: Definition conundrum not a reason to ditch ESG
Will-Jan Jacobs and Martin van Rossum - Investments and Pensions Europe
The Economist recently suggested ditching the S and the G from ESG, and to concentrate on CO2 emissions instead. This is, the magazine says, because only emissions can be measured in an objective way. We do not believe focusing on CO2 emissions alone is the holy grail. ESG comes with several problems. First, over the years it has become an all-encompassing structure that is being used for a variety of purposes, including legislation, voluntary initiatives and benchmarks. This has made it difficult for companies and investors to make up their mind about ESG: they do not anymore see the forest for the trees.https://bit.ly/3QCSMjq
Devil in the data: Pressure is on for ESG investors to enhance disclosures; As scrutiny of the ESG sector intensifies, how can green funds provide the kind of data that the regulators are starting to demand?
Edith Hancock - Euromoney
When Allison Lee asked Kristina Wyatt to join her team at the Securities and Exchange Commission (SEC) last year as a senior counsel on environmental, social and governance (ESG) matters, it took Wyatt all of three seconds to say yes. She had been director of sustainability at law firm Latham & Watkins and was inspired by commissioner Lee and her desire to bring climate change into the spotlight in the corporate world. She spent the next 13 months hashing out a set of proposals to help put a stop to listed companies' greenwashing. Her contract ended in February and instead of moving back to a major law firm, she jumped into the climate tech sector.
/bit.ly/3dwAulw
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Wells Fargo Plans Major Retreat From Mortgage Business It Long Dominated; Scandals spur a debate among new leaders at bank that once set records
Hannah Levitt - Bloomberg
Wells Fargo & Co. plans to shrink its vast mortgage empire, which once churned out one of every three home loans in the US and for a time made the bank the most valuable in the nation. No longer committed to ranking No. 1 in the business, Wells Fargo's leadership is preparing a retreat that will probably start with the bank's ties to outside mortgage firms that generated roughly a third of its $205 billion in new home loans last year, according to people with knowledge of the decision. The strategy shift follows changes in the executive ranks and years of struggles to avoid costly regulatory probes and hits to the bank's reputation.
/jlne.ws/3JU00x0
Nomura Considers Hedges to Curb American Century Losses; Short trade on asset management index one option, analyst says; Japan's largest broker hit by $280 million markdowns on stake
Takashi Nakamichi - Bloomberg
Nomura Holdings Inc. may use hedges to limit further hits from its ownership of a stake in a US mutual fund manager after booking losses on the investment for two straight quarters.
/jlne.ws/3C2DC2J
Robinhood Learns to Nab Interest Income; While trading languishes, Robinhood is showing some momentum on other sources of revenue, such as from rising interest rates
Telis Demos - WSJ
Robinhood Markets Inc. hasn't stolen back its momentum, but it might be getting there. Some notable things happened in Robinhood's results in the second quarter, announced in early August. No, it wasn't a jump in trading. But average revenue per user ticked higher for the first time since the start of the meme-stock frenzy in the first quarter of 2021, from $53 the prior quarter to $56. Notably, that was helped by a big increase in non-transaction revenue: Net interest income grew by more than a third from the first to second quarter, to $74 million, even as transaction-based revenues dipped from $218 million to $202 million.
/jlne.ws/3Qs7d9Y
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| Wellness Exchange | | An Exchange of Health and Wellness Information | 'Left to rot': The lonely plight of long Covid sufferers; Some studies suggest long Covid could affect as much as 30 percent of people who are infected.
Daniel Payne - Politico
Thousands of long Covid patients across the globe are urging their governments to provide more help for the growing number of people facing lingering symptoms after infection. At least 90 long Covid groups exist around the world in 34 countries. Most are pushing for more research, improved clinical treatments and increased access to disability benefits, while others offer support and advice.
/jlne.ws/3bXKSCm
Covid warning over symptom of new strain that affects sufferers at night; 'Isn't that strange?' scientist says as he shares different disease caused by BA.5
Zoe Tidman - Independent
An immunologist has warned the new strain of Covid-19 could be causing different symptoms - including one that emerges during the night. Omicron BA.5 is a highly-contagious subvariant prompting concern as it contributes to a fresh wave of infections across the globe, including the UK.
/jlne.ws/3Aj5OwV
China Removes Three Tibet Health Officials From Posts Over Covid
Bloomberg News
China removed three health officials in Tibet from their posts for failing to prevent the spread of the recent Covid outbreak. The sacked officials include the party secretary and director of the municipal health commission of Lhasa, the capital of Tibet, as well as the party secretary of the city's center for disease control and prevention, according to a statement published by the local government Sunday.
/jlne.ws/3AnmiEr
Hong Kong Reports 5,308 New Covid Cases, Highest in Four Months
Linda Lew - Bloomberg
Hong Kong reported 5,308 new Covid-19 cases on Saturday, the highest daily number in more than four months. The city recorded 5,148 local infections and 160 imported cases, health authorities said at a presser. There were three new virus-related deaths. Eight Covid patients remained in critical condition, including a five-year-old girl, and eight were serious, according to the officials.
/jlne.ws/3w6HKe6
U.K. Approves Moderna's Covid-19 Vaccine Targeted at Omicron; Country is first to approve the so-called bivalent shot that targets the original strain of the virus as well the BA.1 variant
Denise Roland - WSj
The U.K. became the first country to approve Moderna Inc.'s Omicron-targeting Covid-19 vaccine as a booster shot, ahead of a planned fall vaccination campaign to shore up immune defenses against the virus. The so-called bivalent vaccine is directed against both the original strain of SARS-CoV-2, the virus that causes Covid-19, and the first Omicron variant, also known as BA.1, which drove large waves of infection over the winter.
/jlne.ws/3QspO63
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | PBOC Surprise Suggests China's Outlook Is Truly Dire; The central bank had fretted about inflation. A surprise rate reductions tells you where its priorities lie.
Daniel Moss - Bloomberg
China's faltering economy requires a lifeline from the central bank, regardless of admonitions that inflation is creeping higher and needs to be contained. With growth struggling and demand for credit cratering, the People's Bank of China has made clear that it's the recovery first. Price increases might be worrying, but are a second order problem — for now. Beijing must consider the outlook dire.
/jlne.ws/3C31K5
Rakesh Jhunjhunwala: Tributes for India's 'stock market king' who died at 62
NPR
Tributes have poured in for Indian billionaire Rakesh Jhunjhunwala, who has died at the age of 62. Jhunjhunwala, who made a fortune from the stock market, died on Sunday at a hospital in Mumbai city. The hospital said that the cause of death was a "sudden cardiac arrest".
/jlne.ws/3T1Ug8O
Hong Kong Regulator Widens Probe Into China Evergrande; Accounting watchdog says developer's revelation about how $2 billion was seized from subsidiary raises questions about past financial reporting, audits
Cao Li - WSJ
Hong Kong's accounting regulator is expanding a probe into China Evergrande Group's financial reporting, following the troubled property developer's recent disclosure of borrowing arrangements that led to banks seizing $2 billion from a key subsidiary earlier this year.
/jlne.ws/3pkGQqE
Turkey Downgraded by Moody's Amid Balance-of-Payments Risk; Nation's rating cut to B3 from B2 on Friday; outlook to stable; Moody's cites inflation, lira devaluation, unorthodox policy
Sydney Maki - Bloomberg
Turkey's rating was cut deeper into junk by Moody's Investors Service as balance-of-payments risks mount and authorities struggle to stabilize the lira and restore foreign-reserve buffers.
/jlne.ws/3QIHRo7
German Refinery Reliant on Russia Is Now Using Oil From the US
Rachel Graham - Bloomberg
Germany's Schwedt oil refinery has started processing US crude blended with Russian Urals, according to a person familiar with the matter. US crude brought in from Rostock on Germany's Baltic coast currently accounts for about 20% of what the refinery is processing, the person said. The port recently took delivery of its first cargo of US oil in at least half a decade. Operator PCK couldn't immediately be reached by phone for comment.
/jlne.ws/3plMSYg
Just How Bad Will the Energy Crisis Be in Europe This Winter? It's one thing if prices are high. It's another thing if people can't get power.
Tracy Alloway and Joe Weisenthal - Bloomberg
As everyone knows, electricity prices in Europe have soared, due to a combination of factors, most prominently Russia's war in Ukraine and the curtailing of natural gas supplies. But how bad is it going to get this winter? Will Germany have enough energy to power homes and factories? Or will industrial operations have to shut down. On this episode, we speak with two guests: Bloomberg Opinion Columnist Javier Blas as well as Singapore-based hedge fund manager Alex Turnbull. They walk through how to think through both the European and global energy situation as the weather gets cold.
/jlne.ws/3C1jAFQ
Saudi Oil Windfall Tops $65 Billion Even Without Dividend Hike
Matthew Martin and Anthony Di Paola - Bloomberg
The Saudi government's oil income almost doubled in the second quarter even as state-controlled producer Aramco held dividends unchanged.
/jlne.ws/3JTliLg
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