| January 08, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
News broke this morning that Intercontinental Exchange has acquired the American Financial Exchange (AFX), which renews the relationship between ICE President, Fixed Income & Data Services Chris Edmonds and AFX CEO John Shay. The two were colleagues at International Derivatives Clearing Group LLC, where Edmonds was CEO from 2008 to 2009 and Shay was a founder and chief marketing officer from 2007 to 2012. AFX, the exchange founded by Richard Sandor, was owned by 7Ridge, who acquired it from Sandor and other shareholders. This would be the second Sandor-founded exchange that ICE has purchased, after they bought the Climate Exchange plc, operator of the European Climate Exchange (ECX), the Chicago Climate Exchange (CCX) and the Chicago Climate Futures Exchange (CCFE) in 2010.
JLN recently interviewed Shay and this is not the first time a company has been purchased shortly after a positive story about it has been published in JLN.
Tomorrow the U.S. stock markets will be closed for the national day of mourning for the funeral of former President Jimmy Carter. The bond market will be open, but with reduced hours. Consult your exchange website for the specific markets you are trading and its hours of operation for tomorrow. We will publish JLN tomorrow, but not JLN Options, and the staff will have a "Given Day," which means they get the rest of the day off after publishing the newsletter.
President-elect Donald Trump has proposed a sweeping foreign policy shift focused on U.S. territorial expansion, suggesting the annexation of Canada, control of Greenland, and reclaiming the Panama Canal, The Wall Street Journal reported. At a press conference, Trump described using economic and military force to achieve these goals, framing them as vital for U.S. economic security and countering Chinese and Russian influence. While advisers view the rhetoric as a negotiating tactic, critics, including former officials like Chuck Hagel, warn of damaging U.S. alliances and emboldening adversaries. Trump's comments also include provocative ideas, such as renaming the Gulf of Mexico, signaling a potential break from bipartisan foreign policy traditions.
Also, Facebook founder Mark Zuckerburg was killed in a freak clown car accident, it was reported on Facebook, and The Wall Street Journal reported that Meta announced the end of fact-checking on Facebook and Instagram, citing a commitment to restoring free expression and simplifying content policies. Meta will replace fact-checkers with a user-driven Community Notes system, similar to Elon Musk's X platform. The move aligns with efforts to rebuild ties with the incoming Trump administration, including a $1 million donation to Trump's inaugural fund and appointments like Joel Kaplan and UFC President Dana White to key positions. Critics, such as the Anti-Defamation League, argue the change prioritizes profits over responsibility, while advertisers remain supportive due to Meta's strong ROI. Zuckerberg, who is still alive and well, emphasized a cultural shift toward prioritizing speech over censorship.
Ron Filler, an industry veteran and professor of law and director of the Center on Financial Services Law at New York Law School, is the latest contributor to the MarketsWiki Education GoFundMe campaign, giving $1000 yesterday. Thank you, Ron, for your generosity in supporting our efforts to preserve industry history with our various video projects. With Ron's contribution, we have now raised $80,627 from 227 donations on the GoFundMe site.
Here are the headlines from in front of FOW's paywall from some recent stories: ICE targets US regional banks with AFX acquisition, Commodity price shocks to drive central bank policy - BIS, EEX ends 2024 strongly with volumes up 33% in December, Cboe expands dispersion index plans with Metaurus Advisors, ANALYSIS: US Treasury clearing will be delayed under Trump - Greenwich and CFTC chair Behnam latest to resign following Trump victory.
We are down to Paul in the group Peter, Paul and Mary after Peter Yarrow died on Tuesday at the age of 86, The New York Times reported. The only living member of the group is Noel Paul Stookey. Mary Travers died in 2009 at the age of 72. Also surviving the group is Puff the Magic Dragon, who is still living in the land of Honalee.
In the latest entry of The Front Runner, Mike Harris, a newcomer to Chicago, approaches seasoned trader Lena Caldwell outside the CBOT building, impressed by her skill in the trading pit. Despite her initial dismissiveness, Lena allows Mike to walk with her, leading to a spirited exchange filled with banter and laughs as they explore Chicago landmarks, from Millennium Park to the Chicago River. Their connection deepens over dinner, culminating in a kiss and a night together at Lena's upscale apartment.
The following morning, Mike quietly explores Lena's luxurious space, revealing glimpses of her well-traveled and affluent life through photographs and decor. While she sleeps, he reflects by the window overlooking Lake Michigan, signaling the start of a complicated relationship between the ambitious trader and the enigmatic woman he admires. See today's complete entry of Auditions HERE and the complete script to date HERE.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Cboe Global Markets and Metaurus Advisors, LLC Collaborate on New U.S. Equity Index, First of Four in Planned Dispersion Product Suite from Cboe.
- Fidelity to convert $180mn bond index fund into ETF from the Financial Times.
- Currency Options Trading Is Skyrocketing as Politics Upend Bets from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 MEMX CEO Jonathan Kellner Showcases Data-Driven Technology Transforming Market Infrastructure JohnLothianNews.com Jonathan Kellner, CEO of MEMX, highlighted the company's data-centric approach and robust technology infrastructure in an interview with John Lothian News at FIA EXPO. MEMX leverages its architecture to harness data effectively, enhancing market surveillance and ensuring integrity through advanced tools like artificial intelligence, Kellner said. Watch the video »
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Musk asks his followers if the US 'should liberate the people of Britain from their tyrannical government'
Tara Suter - The Hill
Tech billionaire Elon Musk on Monday asked his followers on the social platform X, which he owns, if the U.S. "should liberate the people of Britain from their tyrannical government." "America should liberate the people of Britain from their tyrannical government," Musk captioned a post with a poll on X, as highlighted by Mediaite, with users able to click "Yes" or "No." The U.K.'s prime minister, Keir Starmer, recently condemned the "lies and misinformation" undermining his country's democracy and his record following continued attacks by Musk. The tech billionaire has recently sought to use the power of his social media network to promote far-right movements in the U.K. and Germany. In the past few days, Musk has boosted populist and anti-immigrant figures in the U.K. and Germany, where he has significant business investments. He has pushed for new U.K. elections, gone after Starmer and voiced support for far-right figures in the country such as the anti-immigrant Tommy Robinson.
/jlne.ws/4g5EtjH
***** Musk is going to get us in a war with the UK, while Trump is going to get the U.S. in a war with Denmark, Panama and Canada. Next, both of them will be insulting the Duchy of Grand Fenwick!~JJL
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CFTC Chairman to Step Down When Trump Takes Office; Rostin Behnam has sought a leading role for the CFTC in regulating the cryptocurrency market
Mengqi Sun - The Wall Street Journal
Commodity Futures Trading Commission Chairman Rostin Behnam said he would step down from his position on Jan. 20, as the country's top derivatives markets regulator prepares for a second Trump term. Behnam, a Democrat, has served as the CFTC's chairman since 2022. He previously served as a commissioner between 2017 and 2021 and was named acting chairman in 2021 after his predecessor, Heath Tarbert, resigned when President Biden took office.
/jlne.ws/4acbAkw
***** You knew Chairman Behnam will step down on January 20 already as he told you in the video interview he did with JLN at FIA EXPO in November.~JJL
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Tuesday's Top Three
Our top clicked item Tuesday was Commodity derivatives regulation: Where do we go from here?, an event taking place today at 10:00 a.m. EST in which CFTC Chair Rostin Behnam will discuss his thoughts on the future of commodity derivatives regulation and the regulatory future for cryptocurrencies, from Brookings. Second was Cboe Global Markets Reports Trading Volume for December and Full Year 2024, a Cboe press release. Third was the page for the Go Fund Me Campaign for MarketsWiki Education Video Series and John Lothian News.
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| Lead Stories | ICE Acquires the American Financial Exchange (AFX)
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that it has acquired the American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions. ICE has acquired 100% of AFX from 7RIDGE. The acquisition is not expected to have a material impact on ICE's 2025 financial results or on ICE's deleveraging or capital return plans. "AFX becoming part of ICE marks an extraordinary opportunity for AFX and we are confident that ICE's leadership will amplify AFX's success and its purpose to serve regional and local American banks by creating a transparent, robust and efficient interbank lending ecosystem," said Carsten Kengeter, CEO at 7RIDGE.
/jlne.ws/3PqbyLY
India Considers Lifting Ban on Trade in Some Crop Futures
Shruti Srivastava - Bloomberg
India is considering revoking a three-year ban on futures trading in seven farm commodities, including wheat and unprocessed rice, after studies found the steps were counterproductive, according to a person with knowledge of the matter. A government panel recommended ending the suspension, after the findings showed that restrictions imposed in 2021 to tame costs had instead disrupted market-price discovery, the person said, asking not to be identified as the discussions are private. Local crop rates have also stabilized following fresh harvests, the person said.
/jlne.ws/3BXy5gg
Cocoa Farmers Uproot Their Plants Despite Record Prices; Bad weather, failed government policies and a fast-spreading virus reduce output from the world's top cocoa-growing countries
Alexandra Wexler - The Wall Street Journal
Cocoa was the best-performing commodity in 2024, outpacing even bitcoin, but that hasn't stopped farmers from abandoning the crop. Farmers in the top cocoa-producing region of the world are reseeding their lands because of a mixture of bad weather, failed government policies-many of which were aimed at helping farmers-and a fast-moving virus that has ravaged their plants. The result is higher prices for chocolate lovers and a steep drop in production from Ivory Coast and Ghana, the traditional cocoa behemoths of West Africa.
/jlne.ws/3W9GC6C
Markets Sound Alarm Over Deflationary Spiral in China; Investors are increasingly concerned that China risks sliding into an economic malaise that could last decades.
Joanne Wong and Finbarr Flynn - Bloomberg
Investors in China's $11 trillion government bond market have never been so pessimistic about the world's second-largest economy, with some now piling into bets on a deflationary spiral mirroring Japan's in the 1990s. Yields on Chinese sovereign bonds maturing in 10 years have tumbled in recent weeks to all-time lows, creating an unprecedented 300-basis-point gap with US peers, despite a slew of economic stimulus measures announced by President Xi Jinping's government.
/jlne.ws/4acdZf2
Nippon Steel bets on Trump to salvage $15bn US deal; Japanese company and target US Steel have also sued the Biden administration and rival Cleveland-Cliffs
Amelia Pollard in Los Angeles and James Fontanella-Khan and Taylor Nicole Rogers in New York - Financial Times
Nippon Steel and US Steel are betting Donald Trump can be persuaded to back their $15bn deal, accusing President Joe Biden of blocking the transaction to win union support in last year's presidential election. The two companies, which have battled opposition to the deal for more than a year, are banking that lawsuits they filed this week against Biden will compel his successor to endorse the deal when he returns to the White House this month.
/jlne.ws/3DIBBf5
Live news: Bank of England to relax rules for banks and insurers
Martin Arnold - Financial Times
The Bank of England's top financial supervisor has announced new plans to ease the burden of its rules on banks and insurers, saying this can be done without unleashing "a race to the bottom" on financial regulation. Sam Woods, chief executive of the BoE's Prudential Regulation Authority, told a House of Lords committee that financial resilience and economic competitiveness "go hand in hand" as he outlined new moves to meet government demands for it to support economic growth.
/jlne.ws/40q98nc
Trump mulls national economic emergency declaration to allow for new tariff program, CNN reports
Reuters
U.S. President-elect Donald Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter. The move will allow Trump to build a new tariff program by using the International Economic Emergency Powers Act, which authorizes a president to manage imports during a national emergency, the report said.
/jlne.ws/3PqvWwv
The Billionaire Mining Magnate Who Bet Coal Had a Future-And Won Big; The U.K. closed its last coal-powered plant, but 76-year-old Low Tuck Kwong ignored naysayers and built a fortune from the world's dirtiest fossil fuel
Jon Emont - The Wall Street Journal
Deep in Indonesian Borneo, workers laid asphalt on a new 60-mile road being built to transport coal from mines that have never been busier. At one end of the road, crews built a 40-foot-high conveyor belt that whisks the coal over swampland to a new jetty on the Mahakam River. From there, the coal is funneled onto barges and floated downstream to a private port on the Pacific Ocean. Giant loading machines fill equally massive ships headed for China, India and the Philippines.
/jlne.ws/4h6pJ4C
Why Nvidia Needs to Appeal to a Bigger Crowd; Investors hyper-focused on data centers despite big new efforts in gaming, self-driving cars and robotics
Dan Gallagher - The Wall Street Journal
Jensen Huang pleased the crowd at the CES conference this week-just not the "right" crowd. The Nvidia co-founder and chief executive was in rare form for the annual conference's keynote address, even swapping his typical black leather racing jacket for a glittery one. He used the occasion to introduce products such as new videogaming processors and even an artificial-intelligence supercomputer the size of a large sandwich. He also announced new efforts in humanoid robots and self-driving cars, the latter of which he predicted will be the "first trillion-dollar robotics industry."
/jlne.ws/4fSaLhP
The 'Hidden Force' That Can Bring Mortgage Rates Down; How home buyers could get a little break even if yields stay high
Telis Demos - The Wall Street Journal
Mortgage rates have been moving against home buyers in recent weeks. But there is a sliver of hope on the horizon. Freddie Mac's benchmark national average 30-year, fixed-rate mortgage is nearing 7% once again, a far cry from when it looked like it was heading below 6% back in the early fall. Several things have driven rates back up, including rising long-term Treasury yields, fears about accelerating inflation and a shrinking number of expected Federal Reserve rate cuts. And it is unclear if any of those big factors will change in the near future, especially with swirling uncertainty about policies such as tariffs.
/jlne.ws/4a8AUYl
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine Strikes Oil Depot Near Russian Air Base, Ukrainian Military Says; The attack was the latest effort to inflict pain on Russia even as Kyiv is losing ground on the battlefield at home.
Cassandra Vinograd - The New York Times
Ukraine attacked an oil depot near a critical military airfield in southern Russia on Wednesday, the Ukrainian military said, the latest strike in a campaign to inflict pain deep inside the country even as Kyiv's forces are losing ground at home on the battlefield. The military said it had struck the Kristall oil storage facility in Engels, around 300 miles from the border between the two countries. It said the depot supplied fuel to the Engels airfield, which it has said is a staging ground for Russia's long-running attacks on Ukrainian energy infrastructure, and which hosts some of Russia's long-range nuclear-capable bombers.
/jlne.ws/426EmRA
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | The laws turning Arab-Israelis into 'second-class citizens'; Rules on deportations and taking part in elections seen as deepening systemic inequality of Palestinians in the country
James Shotter in Tamra - Financial Times
Mohammad Shafamer, a civics teacher from the Arab town of Tamra in northern Israel, last year organised a protest against Israel's war with Hamas in Gaza. Shafamer had obtained a permit for the demonstration, and it passed off peacefully. But hours later he was detained and charged with organising an illegal protest and disturbing the peace. He was kept in prison for two nights before finally being released after a judge threw out the charges.
/jlne.ws/424Ui6v
Trump Middle East envoy predicts 'good things' to announce on Gaza hostages before inauguration
Gram Slattery - Reuters
President-elect Donald Trump's Middle East envoy Steve Witkoff said on Tuesday he hopes to have good things to report about hostages held by Hamas in Gaza by the time Trump is sworn in as U.S. president on Jan. 20. "Well, I think we're making a lot of progress, and I don't want to say too much because I think they're doing a really good job back in Doha," Witkoff said at a Trump press conference in Palm Beach, Florida.
/jlne.ws/4a5qCZf
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Aquis and Cboe step away from consolidated tape joint venture; Venture was agreed in October; "We remain committed to supporting regulators and the industry to help deliver a tape that meets users' needs," a Cboe Europe spokesperson tells The TRADE.
Claudia Preece - The Trade
UPDATED: The joint venture by pan-European equity exchanges Aquis Exchange and Cboe Global Markets has been disbanded as the pair confirm their decision to step away. Speaking in an announcement today, Aquis highlighted "economic reasons" as the motivation behind pulling out of the joint venture. Notably, the update follows news that SIX would be acquiring Aquis, as announced 11 November 2024. SIX is one of the 14 exchanges backing EuroCTP (first announced in the third quarter of 2023) as its shareholders.
/jlne.ws/4gHxDSz
Africa Gets New Stock Market as Ethiopia Seeks to Woo Investors; Ethiopia's stock exchange set to begin trading on Friday; Horn of Africa nation is opening up its economy backed by IMF
Fasika Tadesse and Mpho Hlakudi - Bloomberg
Ethiopia is opening a stock exchange after a five-decade gap, in its latest step to lure investors to a nation that's struggling to control regional strife as it recovers from a civil war. Ethiopia Investment Holdings, which controls 40 state-run companies, is selling shares in Ethio Telecom to raise as much as 30 billion birr ($234 million) in an initial public offering. The company's debut, along with the government's plan to list other firms, will herald the start of the new bourse, according to Tilahun Kassahun, chief executive officer of the Ethiopian Securities Exchange, which opens on Friday.
/jlne.ws/3C30Yrp
Cboe Global Markets and Metaurus Advisors, LLC Collaborate on New U.S. Equity Index, First of Four in Planned Dispersion Product Suite
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, and Metaurus Advisors, LLC (Metaurus), an asset management company focusing on financial innovation, today announced their collaboration on the Cboe U.S. Large-Mid Cap 100 Index (CEQX). The CEQX Index, which launched on December 20, 2024, is the first of four indices jointly developed by Cboe and Metaurus.
/jlne.ws/40oDFla
Farmer sentiment drifts lower while producers remain optimistic about the future
CME Group
Farmer sentiment drifted lower in December as the Purdue University/CME Group Ag Economy Barometer dropped 9 points to a reading of 136. The decline was driven by producers' weaker perspective on current conditions in U.S. agriculture and their farms, with the Index of Current Conditions falling 13 points to 100. Although the Current Conditions Index declined this month, it remains 24 points above its low in September and 5 points higher than in October. The Index of Future Expectations also fell 8 points to 153, remaining 59 points above its September low and 29 points higher than the October reading. This month's survey was conducted from Dec. 2-6, 2024.
/jlne.ws/40noAAo
EEX Press Release - EEX Group Monthly Volumes - December 2024
EEX
The EEX Group Global Power markets achieved a monthly traded volume of 994.9 TWh, marking a +28% Year-on-Year growth. This increase was largely driven by the EEX European Power Derivatives volumes, which reached a total of 725.9 TWh (+33% YoY). Record monthly volumes were achieved in Italian (+31% YoY) and Belgian Power Futures (+227% YoY), in addition to monthly records on the EEX Swiss (+72% YoY) and Slovenian (+520%) power derivatives markets.
/jlne.ws/4fN0L9x
Miami International Holdings Reports Trading Results for December and Full-Year 2024; MIAX Exchange Group Sets Multiple Volume and Market Share Records in Options and Equities Markets
MIAX
MIAX Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported December and full-year 2024 trading results for its U.S. exchange subsidiaries - MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire (collectively, the MIAX Exchange Group), and MIAX Futures.
/jlne.ws/3Pt2Rk6
OCC Earns Placement on Built In 'Best Places to Work For' Lists for the Fourth Consecutive Year
OCC
Today, OCC was recognized by Built In - a candidate generation platform for global technology professionals - in its 'Best Places to Work' Awards for the fourth consecutive year. The annual awards program includes companies of all sizes, from startups to enterprises, across the U.S. OCC was recognized on the following lists:
100 Best Places to Work in Dallas
100 Best Places to Work in Washington, D.C.
100 Best Large Places to Work in Chicago
100 Best Large Places to Work in Dallas
100 Best Large Places to Work in Washington, D.C.
/jlne.ws/4j9zQI6
OCC Earns Equality 100 Award in Human Rights Campaign Foundation's 2025 Corporate Equality Index
OCC
OCC is proud to receive a score of 100 on the Human Rights Campaign (HRC) Foundation's 2025 Corporate Equality Index (CEI), the nation's foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality. OCC joins more than 760 U.S. businesses honored with the HRC Foundation's Equality 100 Award as leaders in LGBTQ+ workplace inclusion.
/jlne.ws/3WcKCTT
SIX Partners With Swiss Climate Foundation
SIX
SIX is pleased to announce its partnership with the Swiss Climate Foundation, supporting SMEs in climate-friendly projects and contributing to climate protection efforts in Switzerland and Liechtenstein. With this new partnership, SIX underlines its commitment to shape the transition to a sustainable economy.
/jlne.ws/3Ps76wk
Pace of SGX delistings may not slow down in 2025: analysts; With 20 delistings in 2024, SGX faces ongoing challenges from low market liquidity, increasing regulatory scrutiny, and the growing appeal of private funding
Ranamita Chakraborty - Business Times
Delistings from the Singapore Exchange (SGX) continued to outpace new listings in 2024, but industry watchers are optimistic that strong global market performance and an ongoing revamp of the local equities market could act as potential catalysts for reversing the trend. A total of 20 companies delisted from the Singapore bourse in 2024, with just four new entrants. In comparison, there were 25 privatisations in 2023 and six new initial public offerings.
/jlne.ws/3DDUgIH
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Sam Altman's Sister Accuses OpenAI CEO of Sexually Abusing Her; The tech billionaire said the claims were 'utterly untrue'; Ann Altman filed the lawsuit in federal court in Missouri
Ava Benny-Morrison and Rachel Metz - Bloomberg
The sister of Sam Altman accused the OpenAI chief executive officer of sexually abusing her for almost a decade, in a lawsuit filed in federal court. Ann Altman, 30, alleged that Sam Altman abused and manipulated her while they were growing up in Missouri in the late 1990s to early 2000s. According to the lawsuit filed Monday, the alleged abuse began when she was 3 years old and the last instance allegedly occurred when he was an adult but she was still a minor. Ann Altman has previously claimed on social media that Sam Altman abused her.
/jlne.ws/4fOyYp9
Sam Altman says he's losing money on OpenAI's $200-per-month subscriptions: 'People use it much more than we expected'
Marco Quiroz-Gutierrez - Fortune
Despite raising $20 billion and launching the world's flagship AI chatbot, OpenAI is still not profitable, and its CEO said it's actually losing money on ChatGPT Pro subscriptions. The company grew its weekly active users to 300 million last year. But CEO Sam Altman said in a post Sunday, "insane thing: we are currently losing money on openai pro subscriptions! people use it much more than we expected."
/jlne.ws/3Pt89wg
Exclusive-Blockchain firm Movement Labs targets $3 billion valuation in funding round, source says
Niket Nishant - Reuters
Movement Labs is raising fresh capital in a round that could fetch $100 million and value the blockchain developer at $3 billion, according to a source familiar with the matter. The Series B round is being led by crypto-focused investor CoinFund, with participation from the digital asset arm of London-based investment firm Brevan Howard, the source said.
/jlne.ws/4fQCTC7
Europe can still win in AI despite US dominance, says Skype co-founder; Niklas Zennstrom believes continent can thrive by developing applications on top of artificial intelligence models
Tim Bradshaw in London - Financial Times
Niklas Zennstrom, one of Europe's most successful tech entrepreneurs and investors, believes the continent's start-ups can still succeed in artificial intelligence despite their huge funding gap with US rivals. European start-ups can thrive by developing applications that are built on top of AI platforms run by US-based companies such as OpenAI or Google, Zennström told the Financial Times.
/jlne.ws/40p7zG1
AI Startup Anthropic Raising Funds Valuing It at $60 Billion; Amazon-backed OpenAI rival was valued at $18 billion last year
Berber Jin - The Wall Street Journal
Dario Amodei, chief executive of Anthropic, at an event in Paris last year. Photo: julien de rosa/Agence France-Presse/Getty Images
Anthropic is in advanced talks to raise $2 billion in a deal that would value it at $60 billion, more than triple its valuation from a year ago. The funding round is being led by the venture firm Lightspeed Venture Partners, people familiar with the matter said. The $60 billion valuation includes the money Anthropic plans to raise in the round.
/jlne.ws/4j8RSKs
Amazon Plans to Invest at Least $11 Billion in Cloud and AI Infrastructure in Georgia; Amazon has invested $18.5 billion in the state since 2010
Kimberley Kao - The Wall Street Journal
Amazon.com plans to spend at least $11 billion to expand its cloud and artificial-intelligence infrastructure in Georgia, as global tech companies boost their data-center footprints amid a boom in demand for AI computing. Amazon Web Services, the U.S. tech giant's cloud-computing arm, said Tuesday the investment aims to meet the increased demand for advanced cloud infrastructure and compute power, driven by generative AI.
/jlne.ws/4gMqn7L
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| Cybersecurity | | Top stories for cybersecurity | White House launches cybersecurity label program for consumers
Greg Otto - Cyberscoop
The White House announced Tuesday the official launch of the U.S. Cyber Trust Mark, a cybersecurity labeling initiative aimed at enhancing the security of internet-connected devices. The initiative tackles rising consumer concerns about the security vulnerabilities of "smart" devices essential to modern homes. As households become more dependent on interconnected gadgets - with a 2023 Deloitte study revealing that the average U.S. household has 21 connected devices - the threat of cyberattacks becomes increasingly significant. These threats include hackers gaining unauthorized access to home security systems and illicit recordings through unsecured cameras.
/jlne.ws/3DLUJIV
Farewell to the Fallen: The Cybersecurity Stars We Lost Last Year
The Hacker News
It's time once again to pay our respects to the once-famous cybersecurity solutions whose usefulness died in the past year. The cybercriminal world collectively mourns the loss of these solutions and the easy access they provide to victim organizations. These solutions, though celebrated in their prime, succumbed to the twin forces of time and advancing threats. Much like a tribute to celebrities lost in the past year, this article will look back at a few of cybersecurity's brightest stars that went dark in the past year.
/jlne.ws/40nR3G1
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| Cryptocurrencies | | Top stories for cryptocurrencies | More Companies Are Buying Bitcoin, Betting on Rewards Over Risks; It is a sharp pivot away from the cautious approach of the traditional corporate treasury, normally charged with safeguarding cash rather than chasing higher returns.
David Yaffe-Bellany and Joe Rennison - The New York Times
A couple of weeks after the presidential election, Joe Davy, chief executive of the marketing firm Banzai, sent an email to the company's board of directors: He wanted Banzai to start buying Bitcoin. On the face of it, a plunge into the freewheeling world of cryptocurrencies was a strange move for Banzai, a Nasdaq-listed company known for its corporate webinar product. But the election of Donald J. Trump, who embraced Bitcoin on the campaign trail, had galvanized the crypto industry and sent prices skyrocketing. Mr. Davy argued that the investment would protect the company's finances in case inflation devalued the U.S. dollar, a common but widely contested claim made by crypto enthusiasts.
/jlne.ws/4jm6Lcz
CFTC Chief Who Sought Lead Role for Bitcoin Regulation Quits; Behnam has led US derivatives regulator since January 2022; Agency waged court fight with political derivatives firm Nicola M. White and Lydia Beyoud - Bloomberg
US Commodity Futures Trading Commission Chairman Rostin Behnam plans to resign from the role on Jan. 20. Behnam will leave the commission on Feb. 7, according to a statement Tuesday from the derivative-market regulator."Over the past several years, a multitude of domestic and global events tested the resilience of all financial markets," Behnam said in the statement. "I am proud that the commission consistently made deliberate and intentional decisions to ensure continued strength."
/jlne.ws/3Wbojy1
Bitcoin Investor Ordered to Reveal Access Codes to $124 Million; Frank Richard Ahlgren got two years in prison for tax fraud; US sought codes to secure $1 million in restitution he owes
David Voreacos
An early Bitcoin investor sentenced last month to two years in prison for tax fraud related to cryptocurrency sales has been ordered to disclose his secret pass codes so US officials can unlock digital assets now valued at about $124 million. Frank Richard Ahlgren III, who owes the government about $1 million in restitution from the criminal case, must hand over the pass codes and identify any devices used to store them, along with disclosing all his cryptocurrency accounts, US District Judge Robert Pitman ruled Monday in federal court in Austin, Texas.
/jlne.ws/40mYD3Y
The Great Crypto Crash; Trump will usher in a speculative frenzy.
Annie Lowrey - The Atlantic
"The countdown clock on the next catastrophic crash has already started," Dennis Kelleher, the president of the nonprofit Better Markets, told me. In the past few weeks, I have heard that sentiment or similar from economists, traders, Hill staffers, and government officials. The incoming Trump administration has promised to pass crypto-friendly regulations, and is likely to loosen strictures on Wall Street institutions as well.
/jlne.ws/3PpBDuX
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| Politics | | An overview of politics as it relates to the financial markets | Rising Treasury Yields Risk Crisis Seen Under Truss, Apollo's Slok Says
Alice Atkins and Lisa Abramowicz - Bloomberg
Treasury yields have been rising so fast that there's a risk of bond market turmoil resembling the upheaval that led to the resignation of then British Prime Minister Liz Truss, according to Apollo Global Management's Torsten Slok. With 10-year yields now at 4.6%, the highest since May 2024, there's concern about how the US will manage its ballooning debt burden, especially at a time that incoming President Donald Trump has promised to deliver tax cuts.
/jlne.ws/4a7OYkU
DOJ officials may have tried to sway 2020 election for Trump, watchdog says
Brad Heath and Sarah N. Lynch - Reuters
Three senior U.S. Justice Department officials committed misconduct in the final months of Donald Trump's first presidency by leaking details about a non-public investigation, a move that may have been intended to sway the 2020 election, the department's internal watchdog concluded in a new report. Reuters obtained the December report by Inspector General Michael Horowitz through a public records request. The report found the officials improperly shared details with two media outlets about the department's plans to collect data on COVID-19 deaths in nursing homes located in New York, New Jersey, Pennsylvania and Michigan, four states with Democratic governors who had come under fire for their handling of the pandemic.
/jlne.ws/3W6fMwk
Donald Trump's icebreaker leaves Greenland and Denmark adrift; US president-elect's gambit in the Arctic has unnerved Nuuk and left Copenhagen struggling to respond
Richard Milne - Financial Times (opinion)
The first time Donald Trump offered to buy Greenland in 2019, Danish politicians were apoplectic, branding him and his proposal a joke. This time around, after the US-president elect renewed his interest in controlling the geopolitically crucial Arctic island, the government in Copenhagen has been much more circumspect. Trump's off-the-cuff policymaking has a way of unnerving even the closest allies, particularly when his moves come close to trolling. On Tuesday his son Donald Jr made a "private visit" to Greenland, supposedly to admire the snowy beauty of the vast island of just 56,000 people.
/jlne.ws/409i3HZ
Can Trump Buy Greenland? What to Know Besides 'No'
Sanne Wass - Bloomberg
President-elect Donald Trump is once again talking about the US buying Greenland, the world's biggest island and a self-ruling territory of Denmark. Trump first put forward the idea in 2019, during his first term as president. Both then and now, the response from the other side of the imagined transaction has been a resounding "no." Undeterred, he's now threatening to impose trade tariffs "at a very high level" on Denmark if it doesn't relent.
/jlne.ws/3BOSnbR
EU will defend borders, says French minister in response to Trump's Greenland threats; European leaders also criticise Trump ally Elon Musk over support for far-right movements
Ian Johnston and Adrienne Klasa in Paris and Henry Foy in Brussels - Financial Times
France's foreign minister Jean-Noel Barrot said the EU would not allow any country to "attack its sovereign borders" after Donald Trump threatened Denmark and refused to rule out taking Greenland by force. The French warning came as EU leaders registered their growing concern after Trump set out his designs on both Greenland and the Panama Canal at a press conference this week. Greenland, the world's largest island, is an autonomous Danish territory that is not itself part of the EU.
/jlne.ws/4j9RfQA
Trump's threats to Greenland, Canada and Panama explain everything about America First
Analysis by Stephen Collinson - CNN
Trump doesn't rule out using military to take control of Panama CanalScroll back up to restore default view.
/jlne.ws/4j3wc29
Trump Says NATO Nations Should Spend 5% of GDP on Defense; Allies already boosted spending after earlier Trump pressure; NATO sees need to spend more amid shaky US commitment, Russia
Stephanie Lai - Bloomberg
/jlne.ws/4h5p8jY
Trudeau rejects Trump's idea of forcing Canada to become a US state
Reuters
/jlne.ws/408OOoR
How a handful of X accounts took Elon Musk 'down the rabbit hole' on UK politics; Tech billionaire's posts about grooming gangs scandal have elevated issue
Joe Miller, Hannah Murphy, Lucy Fisher, Peter Andringa, Sam Joiner and Anna Gross - Financial Times
/jlne.ws/4gHfNyQ
EU will defend borders, says French minister in response to Trump's Greenland threats; European leaders also criticise Trump ally Elon Musk over support for far-right movements
Ian Johnston and Adrienne Klasa and Henry Foy - Financial Times
/jlne.ws/3WaaXlC
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| Regulation & Enforcement | | Stories about regulation and the law. | Chairman Rostin Behnam Announces Departure from CFTC
CFTC
After more than seven years at the U.S. Commodity Futures Trading Commission, I will be stepping down from my position as Chairman on January 20th. My final day at the Commission will be Friday, February 7th. Since 2017, it has been an honor and a privilege to serve the American public and the CFTC, first as a commissioner, then as Chairman. This agency presides over financial markets that play a critical role in every facet of the U.S. economy. By supporting economic growth, financial stability, and the predictability of commodity prices, derivatives markets serve a critical public interest.
/jlne.ws/4jatisr
SEC Obtains Final Judgment Against Former Austin, Texas Resident Who Defrauded Investors With Two Websites
SEC
On December 12, 2024, the U.S. District Court for the Western District of Texas entered a final judgment against Leena Jaitley, formerly of Austin, Texas. The SEC's complaint, filed on September 20, 2021, charged Jaitley with operating two fraudulent websites, Managed Options Trading and Options by Pros, and offering to trade options on behalf of investors. To recruit clients, Jaitley falsely claimed that the websites employed experienced traders in New York who used a proprietary trading methodology with a history of success. In reality, Jaitley acted alone from Austin, Texas or with the assistance of her father. The SEC's complaint alleged that Jaitley's misrepresentations led to at least fifteen individuals losing more than $800,000 in principal. On January 3, 2024, the court granted the SEC's motion for summary judgment against Jaitley finding that she violated multiple antifraud provisions of the securities laws.
/jlne.ws/4a5oEIl
SEC Obtains Final Judgment Against Former CEO in $67 Million Offering Fraud
SEC
On January 3, 2025, the Securities and Exchange Commission obtained a final judgment against defendant Christopher S. Kirchner, the co-founder and former CEO of Slync, Inc., a privately-held Texas-based software company, whom the SEC previously charged for fraudulently offering and selling more than $67 million of securities to multiple investors, more than $28 million of which he misappropriated for personal benefit.
/jlne.ws/40lUm0C
Publication of "FSA Analytical Notes (2025.1) vol.1"
FSA
/jlne.ws/424JEwQ
Written reply to Parliamentary Questions on safeguards to prevent misuse of bank customers' personal data given new advisory on the use of full NRIC number
MAS
Question: To ask the Prime Minister and Minister for Finance (a) what safeguards and regulations will MAS be implementing in order to address public concerns about the potential misuse of personal data, including NRIC numbers, under the Personal Data Protection Commission's advisory guidelines to be updated to align with the Government's new policy intent; and (b) what steps will be taken to reassure banking clients that the risk of thefts of identities will be eliminated, particularly in light of increasing cybersecurity threats. Miss Rachel Ong: To ask the Prime Minister and Minister for Finance (a) whether banks and financial institutions will be required to enhance account authentication requirements for access to services and information, beyond requesting for NRIC numbers, phone numbers or full names; and (b) if so, how will the roll-out be timed with the discontinuation of the use of masked NRIC numbers within the Government.
/jlne.ws/3C15yq4
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Why Nvidia rug pull doesn't faze US stock market bulls: Morning Brief
Jared Blikre - Yahoo Finance
Nvidia just made history. Again. On Monday, Nvidia stock closed at a record high, its first since November. Investors piled in ahead of CEO Jensen Huang's highly anticipated CES keynote - perhaps anticipating the big reveals needed to stoke artificial intelligence hype.
Speaking to a packed audience of over 6,000 in Las Vegas, Huang laid down a bold vision for what he called the "era of physical AI." "The ChatGPT moment for general robotics is just around the corner," Huang declared, signaling that AI's potential is only beginning to materialize in physical systems such as its Cosmos platform. He also spotlighted Nvidia's partnership with major automakers like Toyota and Volvo, leveraging its DRIVE Hyperion platform to power next-gen autonomous vehicles.
/jlne.ws/41Z9MsW
Treasury Auction Draws Highest Yield Since 2007 in Bond Selloff
Elizabeth Stanton and Ye Xie - Bloomberg
The US government's monthly auction of 10-year notes drew the highest yield since 2007 after the latest economic data suggested that the Federal Reserve is less likely to cut interest rates again before mid-year. The $39 billion auction was awarded at 4.68%, slightly higher than indicated by its level at 1 p.m. New York time, the bidding deadline. Yields across maturities had risen by several basis points after gauges of service-sector activity and job openings came in stronger than expected.
/jlne.ws/3Ppdx3p
US 30-Year Mortgage Rate Just Shy of 7% Weighs on Home Purchases
Vince Golle - Bloomberg
US mortgage rates edged up to just shy of 7% at the turn of year and a gauge of home-purchase applications tumbled to the lowest level since February, adding to evidence of a struggling housing market. The contract rate on a 30-year mortgage rose 2 basis points to a six-month high of 6.99% in the period ended Jan. 3, according to Mortgage Bankers Association data released Wednesday. Over the last four weeks, home financing costs have increased nearly one third of a percentage point.
/jlne.ws/3DJfmFH
Bond Market Targets 5% US 10-Year Yield as Trump Swear-In Nears
Edward Bolingbroke - Bloomberg
Bond traders who have been mired in a Treasury market slump are bracing for more of the same as Donald Trump's inauguration approaches, with options indicating the potential for a spike in US 10-year yields to 5% - a level not seen since October 2023. Speculation that Trump's policies will spur both quicker inflation and higher deficits as the US economy chugs along has sent yields on 10-year Treasury notes soaring roughly half a point over the past month to near 4.7%. A rush of corporate-bond issuance and $119 billion of US debt auctions this week - with more government borrowing expected in the weeks ahead - has added to upside pressure.
/jlne.ws/406AQ6P
Last Time Bond Yields Surged Like This, Stock Markets Sank; US 10-year Treasury yield near 4.7%, highest since last April; Negative economic news could trigger correction: Goldman
Michael Msika - Bloomberg
There's room for stock markets to fall further as bond yields approach levels that have been painful for equities in recent years. The US 10-year Treasury yield climbed to levels just shy of 4.7%, the highest since April after an almost uninterrupted surge of more than one percentage point since mid-September. The move echoes the ones seen in 2022 and 2023, which were accompanied by sharp drops in global equities. Yet this time, the stock rally has only taken a gentle breather, leaving scope for downside should yields keep surging.
/jlne.ws/40518q5
Best EM Carry Trade Boosted by Turkey's Inflation-Proofed Lira
Tugce Ozsoy - Bloomberg
The Turkish central bank's strategy for managing the lira is laying the ground for traders to enjoy even more of the world's most profitable carry trade. Turkey's economic administration has been pursuing a policy of "real appreciation," meaning that the lira weakens but by less than the rate of inflation. The aim is to minimize price pressures stemming from a weakening currency.
/jlne.ws/4gJxb5X
Why Long and Short Interest Rates Fell Out of Step
Greg Ritchie and Michael Mackenzie - Bloomberg
/jlne.ws/424r6g0
Bond-Yield Breakout Is Much More Than Inflation
John Authers - Bloomberg Opinion
/jlne.ws/4h2Mvuk
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | China's Zijin Plans Lithium Production in Congo From 2026
William Clowes - Bloomberg
China's Zijin Mining Group Co. aims to start producing lithium in the Democratic Republic of Congo early next year from one of the world's largest deposits of the battery metal. Zijin is accelerating activity at a site in southeast Congo that's still claimed by AVZ Minerals Ltd. The Australian firm has initiated arbitration proceedings against the African nation's government as part of its efforts to recover an exploration license.
/jlne.ws/423Day8
Trump Says He Wants No Wind Farms Built During Presidency
Ari Natter and Stephanie Lai - Bloomberg
President-elect Donald Trump said Tuesday he would seek to have a policy of having no wind farms constructed during his second term, threatening billions of dollars in planned wind projects. "We are going to have a policy where no windmills are being built," Trump said during a lengthy tirade against wind power during a press conference at his Mar-a-Lago resort in Florida.
/jlne.ws/407IWwf
Fighting for a Share of a $1 Trillion Market in Borneo's Jungle; Global leaders to Wall Street are betting the struggle toward net-zero targets will reignite the troubled trade in carbon offsets.
Sheryl Tian Tong Lee and Faris Mokhtar - Bloomberg
From a five-storey high wooden watchtower, workers at one of the world's largest carbon offsets projects can see in all directions: across grasslands studded with thick clusters of reeds and toward a towering canopy of tropical forest that's home to one of the last wild orangutan populations.
/jlne.ws/4fRohCq
EU warns of 'serious blow' from Trump on climate change
Kate Abnett and Christian Levaux - Reuters
Global efforts to address climate change will be dealt a severe blow if U.S. President-elect Donald Trump again pulls the country out of the Paris Agreement, the EU's head of climate change policy has warned. Trump's transition team has prepared executive orders to withdraw the United States - currently the world's second-biggest polluter, after China - from the main global treaty on climate change, according to sources in the team.
/jlne.ws/424JYM4
Alaska sues Biden administration over oil and gas leases in Arctic refuge
Ryan Patrick Jones - Reuters
The U.S. state of Alaska has sued the Biden administration for what it calls violations of a Congressional directive to allow oil and gas development in a portion of the federal Arctic National Wildlife Refuge (ANWR). Monday's lawsuit in the U.S. District Court in Alaska challenges the federal government's December 2024 decision to offer oil and gas drilling leases in an area known as the coastal plain with restrictions.
/jlne.ws/40oOIuv
Artificial Intelligence Energy Demand Is Driving Climate Tech Investing; In 2024, energy surpassed transportation to become the leading sector. It comes as AI is booming.
Coco Liu - Bloomberg
Energy startups have overtaken the makers of electric cars and batteries as the top global climate tech investment for the first time since 2020. They've done so as the growing demand for artificial intelligence has driven interest in technologies that can power data centers with less emissions.
/jlne.ws/4j9ZDj2
China's Richest Regions Cut Electricity Prices to Protect Industries; Lower rates to shrink profits from coal and gas, says UBS Chinese coal prices have crashed to near four-year lows
Bloomberg News
/jlne.ws/3DIEht9
Ukraine Switches From Russian To U.S. Gas
Alexander C. Kaufman - Huffpost
/jlne.ws/4fXiBHa
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | TD Securities taps Deutsche Numis for new director of sales trading; New appointment held the same role at Deutsche Numis; previously served as a senior sales trader at Goodbody.
Wesley Bray - The Trade
TD Securities has appointed Rob Fallon as director of sales trading, based in Dublin. Fallon joins the firm from Deutsche Numis, where he spent the last two years, most recently serving as director of sales trading. Institutional broker Numis was acquired by Deutsche Bank in 2023, as part of its Global Hausbank strategy aimed at "unlocking deeper engagement with corporates in the UK".
/jlne.ws/4j8S4ta
Wall Street casts doubt on Citi chief Jane Fraser's bid to hit crucial target; Bank has lagged well behind rivals on important measure of profitability
Stephen Gandel in New York - Financial Times
Wall Street analysts are betting Citigroup will miss a critical long-term target, heaping pressure on chief executive Jane Fraser to prove her sweeping overhaul will succeed in turning around one of America's biggest banks. Analysts expect Citi to reach return on tangible common equity - a closely watched profitability measure - of just over 9 per cent next year, well short of Fraser's goal set in 2022 of hitting 11 per cent to 12 per cent by 2026, FactSet data shows.
/jlne.ws/4gXe5cu
Is Millennium morphing into a fund of funds?
Robin Wigglesworth - Financial Times
One of the more intriguing storylines from hedge fund land last year was that BlackRock is in talks with Izzy Englander to buy a stake in his $72bn hedge fund, Millennium. On the face of it, it seemed weird. Really weird. BlackRock is all about industrial scale, and while Millennium is a giant of the hedge fund industry, it is a midget by BlackRock standards. The fee levels are obviously very different, but BlackRock has a bond ETF that is bigger than all of Millennium.
/jlne.ws/4aareg6
Blackstone Buying Stake in Accounting Firm Citrin Cooperman; New Mountain has agreed to the sale, the first flip of an audit and consulting firm by private-equity investors amid wave of deals
Mark Maurer - The Wall Street Journal
New Mountain Capital is selling its stake in accounting firm Citrin Cooperman to an investor group led by Blackstone, the first flip of an audit firm by a private-equity investor. The deal, which would value Citrin Cooperman at more than $2 billion, is the latest in a series of stakes that private-equity firms are taking in midsize audit and consulting firms in the U.S. Accounting firms have been hungry for more money to pay for technology and talent. Many private-equity funds, meanwhile, consider accounting firms low-risk investments that could net a sizable return based in part on recurring revenue streams.
/jlne.ws/4a5sSjb
Bridgewater Widens China Lead on 40% Asset Jump in Tough Year; Firm's All Weather Plus onshore fund returned more than 35%; Multi-asset strategy helps company in both China, rest of Asia
Bloomberg News
Bridgewater Associates widened its lead over global peers in China last year, after its multi-asset strategy's stable returns attracted more wealthy local clients in a volatile market. The US giant's Shanghai-based private fund management arm boosted assets under management to more than 55 billion yuan ($7.5 billion) as of Dec. 31 thanks to investment returns and new inflows, according to people familiar, who requested not to be named because the matter is private. That compares with less than 40 billion yuan at the start of 2024, suggesting an increase of around 40% year on year.
/jlne.ws/3W9Gqo3
Tiger Cubs Score Second Year of Gains on Soaring Tech Stocks; Equity hedge funds made best returns in 11 years: PivotalPath Performance driven by just a few stocks such as Nvidia, Meta
Katherine Burton, Hema Parmar, and Nishant Kumar - Bloomberg
Hedge funds run by proteges of the late Julian Robertson reported a second consecutive year of double-digit gains as they continued to bounce back from a terrible 2022. Soaring technology stocks helped Tiger Management descendant Lone Pine Capital notch a 36% gain last year, while Tiger Global Management gained 24%, according to people familiar with the matter, who asked not to be identified discussing private information. Coatue Management returned roughly 19%.
/jlne.ws/3Pu0hu8
Robinhood Markets, Inc. To Announce Fourth Quarter And Full Year 2024 Results On February 12, 2025
Mondovisione
/jlne.ws/4aaPWgv
Ackman Chases 1,200% Profit on Trump Trade That's Far From Over; Privatizing Fannie, Freddie would be boon for shareholders;l But experts warn unwinding government stake is not a done deal
Scott Carpenter, Norah Mulinda, and Katherine Burton - Bloomberg
/jlne.ws/4j69KW6
Amundi to shut its original 'multi' smart beta ETF; The fund made returns of nearly 20% last year but has failed to retain sufficient assets to be 'economically efficient'
Alf Wilkinson - Financial Times
/jlne.ws/4fKbn9j
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The fight over robots threatening American jobs; As automation becomes a reality everywhere from retail warehouses to restaurant kitchens, the use of robots is increasingly controversial
Taylor Nicole Rogers in New York - Financial Times
When some 25,000 members of the International Longshoremen's Association went on strike last October, bringing three dozen container ports on the east and Gulf coasts of the US to a halt, there was widespread alarm. Some predictions were that, because these ports handle one-quarter of the country's international trade, the stoppage could cost the American economy up to $4.5bn a day, reignite inflation and initiate ripple effects that would be felt across the world.
/jlne.ws/407PoTN
WPP becomes latest global employer to tighten working from home rules; Advertising group says its 110,000 staff must be in office at least four days a week
Daniel Thomas - Financial Times
WPP, the advertising group, has told its more than 100,000 employees that they will need to return to work in an office at least four days a week, in the latest sign of employers tightening up working from home policies since the end of the pandemic.
/jlne.ws/4h2Cai3
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Massachusetts Enacts New Curbs on Private Equity in Health Care; Law expands financial disclosure requirements for investors; Governor Healey is set to sign the bill on Wednesday
Sri Taylor - Bloomberg
Private equity investors in the health-care industry will face additional oversight in Massachusetts under a new law that Governor Maura Healey plans to sign on Wednesday. The legislation will subject private equity investors, real estate investment trusts and management service organizations to financial reporting requirements under the state's Center for Health Information and Analysis and increases the fines for non-compliance. It will also broaden the authority of the Massachusetts Health Policy Commission and allow the regulator to seek testimony from financial sponsors at its annual cost trends hearing.
/jlne.ws/3WcpkWB
Limit coffee-drinking to this time window to lower early death risk, study suggests
Kristen Rogers - CNN
Drinking coffee has repeatedly been linked with better heart health and prolonged life. But the benefits of coffee consumption could depend on when you drink it, new research has found. Limiting coffee intake to the morning, it turns out, may be best - and that seems to be regardless of the amount consumed and other potentially influential factors, according to a study published Tuesday in the European Heart Journal.
/jlne.ws/3PrYANS
Does French Flour Make Better, Healthier Bread, or Is It Just Hype? Some bakers, and bread-lovers with gluten sensitivity, swear by the more expensive product
Alina Dizik - The Wall Street Journal
U.S. bakers are discovering a new trick for crusty baguettes, flaky croissants and airy loaves of bread: an ingredient produced thousands of miles away. Hobby bakers are skipping their local grocery store and tracking down flour made in France at bakeries and online retailers. Many say the imported flour doesn't trigger their sensitivity to gluten like domestic flour does. Others tout a superior product. Proponents say there's plenty to love about French flour. Justin Ward is a France-based chef and baker who spends time in the U.S. consulting for bakeries and restaurants and hosts cooking classes. He started selling three kinds of French flour in the U.S. this year from Minoterie Girardeau.
/jlne.ws/4gHFhMD
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's Widest-Ever Yield Discount to US Pressures Sluggish Yuan
Betty Hou - Bloomberg
China's yield discount to the US has expanded to a fresh record, aggravating the challenge for a central bank that's already fighting gravity to support the yuan. The combination of a relentless rally in China's government bonds and a selloff in US notes has resulted in an unprecedented 300-basis-point gap between the two countries' sovereign yields. That's set to add even more pressure on the yuan by increasing the risk of capital outflows, just as the currency slid toward a record low in offshore trading this week.
/jlne.ws/3DN6K0M
China Boosts FX Support as Yuan Heads Toward Policy Red Line
Bloomberg
China stepped up its support for the yuan as the managed currency weakened toward a policy no-go area - the edge of its allowed trading range against the dollar. The central bank set a daily reference rate that was stronger than analyst estimates by the most since April on Wednesday, with the currency approaching a record low offshore this week. State-owned banks continued to scale back their yuan lending in Hong Kong, making it costlier for investors to build short positions, traders said.
/jlne.ws/4fQBKuj
An economically dynamic India is Manmohan Singh's greatest legacy; He drove radical reform of an anti-market policy regime that was strangling growth
Martin Wolf - Financial Times (opinion)
The achievements of Manmohan Singh, who died at the age of 92 on December 26 2024, make him one of the most important policymakers of our era. Today's economically dynamic India is his legacy. Almost as significant is the example he gave of intelligent, informed and honourable public service. Singh took ideas seriously, yet was unfailingly courteous and open to the ideas of others. I had the privilege of knowing him from 1974, when I was a senior economist in the World Bank's India Division and he was the government of India's chief economic adviser. He was one of the greatest men I have known.
/jlne.ws/4fOpxWM
Indonesia joins Brics as newest full member, Brazil foreign ministry says
South China Morning Post
Indonesia, Southeast Asia's largest economy and the world's fourth-most populous nation, has become the newest member of Brics, the Brazilian foreign ministry announced on Monday. Brazil serves this year as president of the association comprising major emerging national economies, and a statement from its foreign ministry highlighted Indonesia's significance to the Global South.
/jlne.ws/4gC1MCB
China to subsidise rice cookers and microwaves to boost consumption
Thomas Hale in Shanghai and Joe Leahy in Beijing - Financial Times
China has expanded a programme to subsidise consumers who trade in old appliances such as air conditioners and washing machines as policymakers strive to counter weak consumption in the world's second-largest economy. The policy initiative, which was launched last year to encourage purchases of cars and home appliances, will now also include microwaves, rice cookers, dishwashers and water purifiers as well as smartphones and tablets costing less than Rmb6,000.
/jlne.ws/3DIH45B
Citigroup Sees 10% Gain for Indian Stocks in 2025 on Earnings
Chiranjivi Chakraborty - Bloomberg
/jlne.ws/40t0aFO
Mexico Sells Record $8.5 Billion in Three-Part Bond Offering
VinÃcius Andrade, Michael O'Boyle and Maria Elena Vizcaino - Bloomberg
/jlne.ws/4h8SdLp
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| Auditions | | Explore a space for creative trading stories where you can find and share unique works like screenplays, television scripts, poetry, and more, all inspired by the world of finance and trading. |
After the market close, Mike leans against the wall near the building exit. Lena Caldwell walks out of the exit and looks at Mike and smiles, but keeps walking. Mike catches up to her.
LENA CALDWELL
Whatever you're selling I'm not buying.
MIKE HARRIS
Oh no, I don't want you to get the wrong idea. I saw you in there, that was f*cking incredible! How do you keep track of everything? I bet there's a lot of money on the line. Aren't you worried about making mistakes? Want to grab a coffee?
Lena stops and turns to Mike.
LENA CALDWELL
Well, I keep track by writing everything down. I worry every time I make a trade. That's why I have an error account to cover any bad trades-everyone does. And no, I don't want to have coffee with you.
See today's complete entry of Auditions HERE and the complete script to date HERE.
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