| July 06, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
IOSCO published a Statement on Alternatives to USD Libor on July 3 that undermines the case for credit sensitive rates such as Ameribor and Bloomberg's offering. IOSCO said, "Most significantly, the review confirmed regulatory authorities' concerns that certain CSRs currently in use exhibit some of the same inherent 'inverted pyramid' weaknesses as LIBOR." Some of the issues included "liquidity risks in the bank-issued commercial paper (CP) and certificates of deposit (CD) market data, they are not sufficiently deep, robust and reliable to underpin alternatives to USD LIBOR." Also, IOSCO said, "Further, gaps in data and volatility related to reliance on a very small number of transactions mean that USD LIBOR alternatives based on these markets are unlikely to sufficiently implement the IOSCO's Principles relating to benchmark design."
IOSCO concluded, "Low transaction volumes, coupled with the use of quotations, could not only cause deviation from rates that might be available to participants in the markets if they chose to transact, but can also increase the risk of benchmark manipulation."
I signed up for Threads yesterday, the new competitor to Twitter from Meta. I was one of 10 million people who signed up for the new service on the first day, Meta said and the Financial Times reported. Meta's Mark Zuckerburg, the first person I followed on Threads, said Threads is a "friendly" alternative to Elon Musk's Twitter, which I believe will be toast within six to twelve months.
I encourage you to sign up for Threads and to follow me there, just as you would on Twitter. My username is "JohnJLothian."
My first post on Threads was to ask the question: what sound does a post to Threads make? After all, on Twitter, one "tweets."
June was hot, especially over at the CME Group, which registered the second highest average daily volume on record of 23.3 million contracts. The ADV for the second quarter of 22.9 million contracts was also the second highest Q2 volume ever, the CME Group said.
ICE's Managing Director of Utility Markets Gordon Bennett and his son Findley are embarking on a joint summer project, Net Zero in 90 seconds, to combine their passion for video editing (Findley) and all things Net Zero (Gordon). Here is the explainer video about what they are doing.
IEX has a new Boxes and Lines podcast with Ronan Ryan and John Ramsay talking to Duncan Higgins, the founder of Sustainable Trading, in an episode titled "Going Green on Wall Street with Duncan Higgins of Sustainable Trading."
The New York Times has a story titled "How Tom Brady's Crypto Ambitions Collided With Reality" that looks at his relationship with FTX as an "ambassador" for the now bankrupt crypto company. Brady was paid $30 million and his now ex-wife was paid $18 million, mostly in now worthless FTX stock. Let's call this one big incomplete pass.
With some of the fluff taken out of the markets with the crypto winter, a banking crisis or two and more, The Economist has a story titled "How far will Wall Street job losses go?"
Bloomberg reports the CFA Level II Success Rate Jumps Above Historic Average to 52%.
Pat Luongo is starting a new position as senior vice president at Jefferies. Luongo was previously director of AES options at Credit Suisse.
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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S&P Global's APPEC 2023, The Energy Trilemma: Affordability, Security and Sustainability, takes place September 4-7, 2023 at the PinRaffles City Convention Centre L4, Singapore. The demand environment and macroeconomic headwinds of global shipping are building over the next six to 18 months. Decarbonization will impact the supply chain costs, investment, profitability, and infrastructure. A one day Shipping and Bunker Conference on Wednesday, Sept. 6, brings together leaders from the shipping and bunker industry plus S&P Global experts. View the agenda and register here. ~SAED
Finextra is hosting a free webinar, "Generative AI: Managing unreliability in financial services." The one hour webinar is Thursday July 13, 2023, at 10:00 a.m. EDT. AI can be a powerful tool to revolutionize financial services. This webinar will examine real-world use cases demonstrating its effectiveness in managing unreliability; offer insights into enhancing risk management, fraud detection, and customer experience; and include strategies for implementation and regulatory compliance. Register here. ~SAED
The top three stories in JLN Options yesterday were:
- DRW to break into Hong Kong market for first time with new trading desk
- Out-of-sync U.S. stocks hide market risks
- OCC Clears 962.6M Contracts in June 2023, up 19.4% Year-Over-Year ~JB
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New Yorkers Are So Hot, They're Breaking a 2023 Record; Aftermath of fireworks adds to woes as Central Park hits 92F; Relief is expected next week with temperatures set to drop
Will Wade - Bloomberg
Soaring temperatures in New York City are making Wednesday the hottest day of 2023, so far. Temperatures reached 92F (33C) in Central Park, surpassing the 91-degree mark seen in June and also in April during an unusual early heat wave, according to the National Weather Service. That comes as the planet sets global heat records, underscoring the dangers of ever-increasing greenhouse gas emissions from burning fossil fuels.
/jlne.ws/46Ebr6S
****** It is in times like this that you appreciate the importance of greenspace and how more concrete is not a good thing.~JJL
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'Delete Twitter Account' Google Searches Soar as Threats of These Enraging Changes Take Hold
Rob Lenihan - TheStreet
There must be some way out here. Yes, that's what the Joker said to the Thief in Bob Dylan's "All Along the Watchtower," but now it seems that many Twitter users have similar feelings. "So is everyone quitting twitter now??" one commenter recently asked. Well, we wouldn't say everybody, but interest in defecting from the microblogging site has reportedly soared after Elon Musk announced temporary daily limits to the number of posts each user can view.
/jlne.ws/44xNrkg
***** Twitter is the greatest destruction of wealth since FTX.~JJL
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We must avoid the evils of social media with AI
Gillian Tett - Financial Times
When Tristan Harris realised he wanted to warn the world about the dangers posed by social media, he created The Center for Humane Technology. It was 2018 and Harris, a former Google designer who'd worked on addictive digital tools, was terrified about what "app" culture was doing to our brains. So through his non-profit organisation and documentaries such as The Social Dilemma, he urged policymakers to pay attention.
/jlne.ws/3JKXhas
****** I believe we should avoid all evil with common sense.~JJL
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Wednesday's Top Three
Our top story Wednesday was Pathologist finds EUR 500,000 'floating gold' in dead whale in Canary Islands, from The Guardian. Second was The Broker Who Saved America, Joshua M. Brown's 4th of July post on his "The Reformed Broker" web site, about Haym Solomon, an 18th century broker. Third was JLN's republishing of The Declaration of Independence to celebrate the July 4th holiday.
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MarketsWiki Stats
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| Lead Stories | Iosco deals hammer blow to BSBY, Ameribor; Non-compliance ruling does not equate to a ban, but may strangle use by regulated firms
Helen Bartholomew - Risk.net
The role of credit-sensitive rates in the post-Libor landscape has been thrown into doubt after the International Organization of Securities Commissions ruled that they do not comply with international benchmark standards.
/jlne.ws/43cJ8tw
Threads, Instagram's 'Twitter Killer,' Has Arrived; Here's what to know about Instagram's new app for public conversations and how it differs from Twitter.
Mike Isaac - The New York Times
After months of speculation and secrecy, Mark Zuckerberg's long-rumored competitor app to Twitter is here. The new app, Threads, was unveiled on Wednesday as a companion to Instagram, the popular photo-sharing network that Mr. Zuckerberg's company, Meta, bought more than a decade ago. If Instagram executives get their way, Threads will also replace rival Twitter, with some techies referring to it as a "Twitter killer."
/jlne.ws/44zorJw
Wealth managers need to get with the tech programme; Online platforms and AI are among the digital tools that can satisfy clients' demands for real-time, customer-centric services
Anirban Bose - Financial Times
A string of recent disruptions is keeping wealth management executives on their toes - geopolitical crises, inflation, consumer spending wobbles, uncertain financial markets and a rise in cash deposits, driven partly by increasing interest rates. But, beyond the current political and economic headwinds, the industry is also being changed by innovation and by a surge of investment in information technology.
/jlne.ws/3XUIq3f
Instagram Unveils Threads App, a Threat to Musk's Twitter; Meta's new text app takes direct aim at its longtime rival; Users can bring over followers, verification from Instagram
Sarah Frier - Bloomberg
Meta Platforms Inc.'s Instagram officially unveiled Threads, an app designed as a direct rival to Twitter, launching the most serious threat yet to Elon Musk's struggling social-media site. On Threads, people can post text and links and reply to or repost messages from others. The app will let users port over their existing follower lists and account names from Instagram, Meta's photo and video-sharing app that counts major brands, celebrities and creators among its more than 2 billion users.
/jlne.ws/46O0NLc
Finding meaning in the Fed's new financial index; Here we go again
Robin Wigglesworth - Financial Times
Last week the Federal Reserve revealed yet another financial conditions index. By Alphaville's count, this is roughly the 6000th gauge of how relaxed or restrictive financial conditions are. It's not even the first (or second, or third) out of the Federal Reserve system. Even Norway has one these days. It's like an AI strategy, but for economics: you need to have one, even if it's just for show.
/jlne.ws/46zjstY
Buffett's derivatives bonanza doesn't prove that Taleb is wrong; An autopsy of Berkshire's big derivatives portfolio trade
Pablo Triana - Financial Times
Between 2004 and 2008, Warren Buffett sold an absolute boatload of derivatives contracts. Back in 2013 I tried to dissect the trade - an analysis Alphaville covered here and here - but now that the positions have all been closed out it makes sense to do a final autopsy. Remember, the size of the positions was humongous. At the peak the nominal size of Berkshire Hathaway's positions was about $40bn of equity index puts and $30bn of credit-default swaps, many of which were long-term, volatile exposures.
/jlne.ws/3XH6beN
Supreme Court's student-loan decision could be a blueprint for blocking SEC's war on crypto
Chris Matthews - MarketWatch
If the Securities and Exchange Commission's recent lawsuits against the world's two largest cryptocurrency exchanges amounts to a declaration of war, then the industry itself is preparing for a protracted and costly siege. Neither Coinbase Global Inc.% or Binance, the targets in the June lawsuits, appear willing to settle, and increasingly the industry is looking to the Supreme Court as a potential savior in their fight against the regulator, experts say.
/jlne.ws/3D3kYa6
CFTC Investigators Conclude Crypto Lender Celsius, Ex-CEO Broke Rules; Regulator set to vote on bringing case as soon as this month; SEC, federal prosecutors in Manhattan also conducting probes
Allyson Versprille and Lydia Beyoud - Bloomberg
Investigators at the Commodity Futures Trading Commission have concluded that bankrupt crypto lender Celsius Network and its former chief executive officer broke US rules before the firm's implosion, according to people familiar with the matter. If a majority of the CFTC's commissioners agree with that conclusion, the agency could file a case in federal court as soon as this month, said the people, who asked not to be identified discussing the confidential determination.
/jlne.ws/46F1y9o
Why Crypto and Wall Street Are Longing for Spot Bitcoin ETFs
Olga Kharif and Vildana Hajric - Bloomberg
Investors who want to bet on Bitcoin may soon have more options to choose from if US regulators soften their opposition to exchange-traded funds tied directly to Bitcoin holdings. Major financial firms including BlackRock, Fidelity and Invesco have submitted applications to sell US "spot" Bitcoin ETFs that would be physically backed by actual Bitcoin.
/jlne.ws/3PKGpnR
BlackRock Wants to Make It Cheaper to Trade Bitcoin, Larry Fink Says
Silla Brush and Yueqi Yang - Bloomberg
BlackRock Inc. Chief Executive Officer Larry Fink called Bitcoin an "international asset" and said the money manager wants to use its heft to make it less expensive and easier to invest in the cryptocurrency. "It costs a lot of money right now to transact Bitcoin," Fink said Wednesday in an interview on Fox Business. "We hope our regulators look at these filings as a way to democratize crypto."
/jlne.ws/3O1rKn9
'Double agents': fossil-fuel lobbyists work for US groups trying to fight climate crisis; Exclusive: new database shows 1,500 US lobbyists working for fossil-fuel firms while representing universities and green groups
Oliver Milman - The Guardian
More than 1,500 lobbyists in the US are working on behalf of fossil-fuel companies while at the same time representing hundreds of liberal-run cities, universities, technology companies and environmental groups that say they are tackling the climate crisis, the Guardian can reveal. Lobbyists for oil, gas and coal interests are also employed by a vast sweep of institutions, ranging from the city governments of Los Angeles, Chicago and Philadelphia; tech giants such as Apple and Google; more than 150 universities; some of the country's leading environmental groups - and even ski resorts seeing their snow melted by global heating.
/bit.ly/3pAnKR4
Earth's average temperature matches record high set a day earlier; The planet's temperature spiked this week to its hottest day in at least 44 years and likely much longer.
Seth Borenstein And Melina Walling - Associated Press
Earth's average temperature on Wednesday remained at an unofficial record high set the day before, the latest grim milestone in a week that has seen series of climate-change-driven extremes. The average global temperature was 17.18 Celsius (62.9 degrees Fahrenheit), according to the University of Maine's Climate Reanalyzer, a tool that uses satellite data and computer simulations to measure the world's condition. That matched a record set Tuesday, and came after a previous record of 17.01 Celsius (62.6 degrees Fahrenheit) was set Monday.
/bit.ly/444As9P
***** Here is the story in other publications: Carbon Brief, NPR, Vox
FIS agrees to sell majority stake in Worldpay to buyout group for up to $18.5bn; Sale of interest in payments arm to GTCR will be one of the biggest corporate carve-outs in history
Antoine Gara and Ortenca Aliaj - Financial Times
US financial technology group Fidelity National Information Services has agreed to sell a majority stake in its merchant payments arm Worldpay to private equity firm GTCR for up to $18.5bn in one of the largest corporate carve-outs in history. The deal will in effect unwind FIS's $30bn-plus acquisition of Worldpay in 2019 and marks a shift in strategy after it told investors in February it planned to spin off the unit to stockholders.
/jlne.ws/3pFzTnO
***** Here is The Wall Street Journal's version of this story.~JJL
Man Group moves into private credit with US fund Varagon purchase; Private credit market continues to grow as interest rates rise and companies seek alternatives to bank finance
Costas Mourselas and Robin Wigglesworth - Financial Times
Hedge fund manager Man Group has acquired a controlling stake in $11.8bn credit fund Varagon Capital Partners, signalling its ambitions to grow in the private credit market. The group paid $183mn in cash to Varagon's existing owners Aflac, Corebridge Financial, AIG and former senior executives at Varagon. The three companies will be eligible for an additional payment of $93mn if they maintain existing capital commitments, Man Group said.
/jlne.ws/43edBY3
Should investors stay and fight for green change - or divest? Remaining engaged can often have a greater impact, this academic study argues
Luigi Zingales - Financial Times
Socially conscious investors, employees and consumers are increasingly pushing funds to divest certain shareholdings, to address the big social problems of our time. But we have conducted research that suggests, in most cases, they would do better to retain their stakes and engage with management to bring about reform.
/jlne.ws/3JLOEMP
ESG investment returns face a slowdown; The factors driving the outperformance of green stocks are changing, prize-winning professors argue
Lubos Pastor, Robert F Stambaugh and Lucian A Taylor - Financial Times
Over the past decade, environmentally friendly stocks have tended to outperform others, backing the case by investors and investment managers for using environmental, social and governance (ESG) criteria. But our research shows that such past performance is the opposite of what to expect in the future.
/jlne.ws/3pCy1MF
Larry Fink says 'crypto is digitizing gold' and that BlackRock's Bitcoin ETF could help make the sector 'more democratized'
Marco Quiroz-Gutierrez - Fortune
Bitcoin is an "international asset" in an interview that comes just weeks after the world's largest asset manager applied to offer a spot Bitcoin ETF. In an interview with Fox Business, Fink added that instead of putting money into gold to hedge against inflation, investors could buy Bitcoin.
/jlne.ws/3D4AD9j
BlackRock CEO Larry Fink Says Bitcoin Could 'Revolutionize Finance'
Helene Braun - CoinDesk
BlackRock (BLK) CEO Larry Fink said crypto, specifically bitcoin (BTC), could revolutionize the financial system in an interview with Fox Business on Wednesday. "We do believe that if we can create more tokenization of assets and securities - that's what bitcoin is - it could revolutionize finance," he said. Previously known to be a skeptic of crypto, Fink years ago suggested fans of the asset class heavily used it for "illicit activities."
/jlne.ws/44gjGEM
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russian Diesel Rebound Lifts Fuel Exports as Refineries Return; Diesel, gasoil exports jumped 40% to three-month high in June; Higher fuel oil flows also helped offset slump in other fuels
Prejula Prem - Bloomberg
A jump in diesel exports helped Russia's shipments of refined fuels grow slightly last month as local refineries returned from maintenance. Traders are analyzing flows for signs of whether Russia is sticking fully to a pledge to cut output by 500,000 barrels a day. That's been difficult to do as Moscow keeps production data a state secret, and so far the nation has dragged its heels on cutbacks as it faces pressure to keep funds flowing amid its war in Ukraine.
/jlne.ws/3NZRQqK
Ukraine Has Caught Up With Russia's Tank Numbers, Data Signal; New figures from Kiel Institute put tank deliveries at 471; Russia's fleet halves, but Kyiv needs more than parity to win
Marc Champion - Bloomberg
New data on military aid to Ukraine highlights a significant change in the balance of heavy weapons on the nation's battlefields after more than 16 months of war. An update Thursday of the Ukraine Support Tracker database maintained by Germany's Kiel Institute for the World Economy said Kyiv's backers had delivered 471 new tanks since the start of the war, with a further 286 still to arrive, even as the rate of new pledges slowed.
/jlne.ws/3NEfSGg
Yevgeny Prigozhin has been in Russia, says Alexander Lukashenko; Belarusian president claims Wagner Group leader has been moving freely in Russia despite deal to relocate with his fighters
Polina Ivanova - Financial Times
Russian warlord Yevgeny Prigozhin has been spending time in Russia, Belarusian president Alexander Lukashenko said, despite a peace deal with Moscow under which he had agreed to relocate to Belarus.
/jlne.ws/46FaNX8
Russia deploys 'Albatross' made in Iran-backed drone factory; Facility at centre of Russo-Iranian UAV partnership has recruited specialist engineers and Farsi speakers
Chris Cook, Max Seddon and Anastasia Stognei, Felicia Schwartz and Nikolaj Houmann Mortensen - Financial Times
Russia's covert drone partnership with Iran has included close co-operation on a new factory in the Russian province of Tatarstan, where Moscow has converted an agricultural unmanned aerial vehicle maker to supply its war effort in Ukraine. Albatross, the company operating on a key site for Russo-Iranian collaboration, has produced reconnaissance drones for President Vladimir Putin's defence ministry, with roughly 50 delivered for combat in eastern Ukraine.
/jlne.ws/3O2fy5y
As Ukraine Grain Deadline Approaches, Pact Is Already Broken; UN-brokered deal has been hamstrung by slow vessel inspections; Advocates say lapse could raise costs for Ukrainian exporters
Megan Durisin and Aine Quinn - Bloomberg
Global leaders are racing to salvage an international deal to allow Ukraine's grain shipments by sea before it expires in less than two weeks. They face a key problem: the pact, already extended three times, is nearly defunct.
/jlne.ws/3pzVqhK
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LSEG, Symphony vie to build a 'LinkedIn' for capital markets
Eliot Raman Jones - WatersTechnology
Six months after London Stock Exchange Group (LSEG) became the latest exchange provider to partner with Big Tech through its 10-year deal with Microsoft, it has indicated the potential endgame of this partnership: becoming a trusted directory for the financial services industry. It isn't alone in its endeavor.
/jlne.ws/3D1XqCt
Bringing transparency to bear on ESG data; LSEG has a critical role to play in bringing transparency to bear on the massive volumes of sustainable finance we will need to meet net zero targets, says Cornelia Andersson.
Environmental Finance
Environmental Finance: Massive investment is needed in the transition to a sustainable economy. What role do you see for ESG data? Cornelia Andersson: There's an enormous funding gap. Governments and corporates have committed to net zero by 2050, and we are currently some way off meeting that target. What is missing to transition to a low-carbon economy is financing - particularly transition financing and investment in energy infrastructure.
/bit.ly/3XGX0uJ
ICE To Launch Environmental Futures Market Based On Alberta's Carbon Program
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced plans to launch the first environmental futures market based on Alberta's carbon program. ICE plans to launch physically delivered AB Emissions Offsets Futures (AEO) and AB Emissions Performance Credit Futures (AEPC) at ICE NGX, ICE's physical energy exchange and clearing house based in Calgary, Canada. A range of past and future vintages eligible for compliance within Alberta's Technology Innovation and Emissions Reduction (TIER) program will be available. The contracts are anticipated to launch in the third quarter of 2023, subject to regulatory approval.
/jlne.ws/3XM8ZYg
Intercontinental Exchange Reports June And Second Quarter 2023 Statistics
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology and market infrastructure, today reported June 2023 trading volume and related revenue statistics, which can be viewed on the company's investor relations website.
/jlne.ws/3O3Gouj
Inversis acquires 100% of Openfinance from SIX Group
BME
Inversis expands its range of global solutions for financial institutions, thus furthering its strategy of offering 360º services to its institutional clients, with the acquisition of Openfinance (a subsidiary of BME, SIX Group), a technology platform for discretionary portfolio management and advice. With this transaction, Inversis strengthens its unique value proposition by adding Openfinance's functionalities to its financial asset distribution ecosystem, which provides a geographic presence in Southern Europe and Latin America.
/bit.ly/3rcxhON
BME launches BME Scale, the exchange for scale-ups
BME
This new market is aimed at scale-ups, offers the necessary transparency for investors and simplifies incorporation requirements for companies
BME today announced the launch of BME Scale, a new market aimed primarily at scale-ups. This type of company has a proven business model, in an accelerated growth phase for at least three years, with a minimum turnover of one million euros and/or an investment of at least that amount.
/bit.ly/3pBt4nq
HKEX Monthly Market Highlights
HKEX via Mondovisione
Securities Market; Market capitalisation was $33.9 trillion at the end of June 2023, an increase of 3 per cent from $32.8 trillion at the end of May 2023.
/bit.ly/43drW76
ASX Group Monthly Activity Report - June 2023
ASX
Attached is a copy of the ASX Group Monthly Activity Report for June 2023.
/bit.ly/3sGw54D
Farmer sentiment rebounds on more optimistic view of future
CME Group
The Purdue University/CME Group Ag Economy Barometer index improved in June, rising 17 points to a reading of 121. The upswing in sentiment was driven by producers' more optimistic view of the future; however, their perception of current conditions remained unchanged from May. The Index of Future Expectations rose 25 points to a reading of 123, while the Index of Current Conditions held flat at a reading of 116 in June. The Ag Economy Barometer is calculated each month from 400 U.S. agricultural producers' responses to a telephone survey. This month's survey was conducted between June 12-16.
/bit.ly/3rl7d3W
EEX Press Release - EEX Group Monthly Volumes - June 2023
European Energy Exchange
EEX Group News, EEX Press Release, Monthly Volume Report
EEX Group reports its June 2023 volumes with the following highlights:
/bit.ly/46CGjoj
First group of Portuguese companies joins ELITE, Euronext's private companies ecosystem
Euronext
11 Portuguese companies representing 9 different sectors join ELITE, Euronext's European ecosystem of private companies accelerating sustainable growth and access to private and public capital; First group developed in partnership with the World Trade Center (WTC) Lisboa and the sponsorship of BBVA Bank; Demonstrates Euronext's commitment to serve small and medium private companies as their key growth and financing partner. Euronext, the leading pan-European market infrastructure, today announced the first group of Portuguese companies joining ELITE, Euronext's ecosystem that supports small and medium private companies in their long-term sustainable growth by connecting them to skills, network and capital.
/bit.ly/3XHa4R0
Singapore's Sustainability Reporting Advisory Committee recommends mandatory climate reporting for listed and large non-listed companies
SGX
The Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX RegCo) have launched a public consultation on the recommendations by the Sustainability Reporting Advisory Committee (SRAC) to advance climate reporting in Singapore. The recommendations require Listed Issuers to lead the way and report International Sustainability Standards Board (ISSB)-aligned climate-related disclosures (CRDs) starting from financial year 2025 (FY2025). Large Non-Listed Companies with annual revenue of at least $1 billion will follow suit in FY2027. The public consultation will run from 6 July 2023 to 30 September 2023.
/bit.ly/3XHa1EJ
More than 3 million people became clients of the Moscow Exchange in the first half of the year
MOEX
The number of individuals with brokerage accounts on the Moscow Exchange ( MOEX ) reached 25.95 million in June 2023 (+388 thousand people in June). This is 3 million more than at the end of last year.
/bit.ly/43eIqM8
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | VersiFi Announces Seed Funding and Partnership with Hunting Hill Group
VersiFi - PR Newswire
VersiFi, a partner-powered prime services platform for digital assets, today announced its partnership with The Hunting Hill Group ("HHG"), a digital-asset focused investment firm whose founders have extensive experience as participants and advisors in the digital currency alternative fund space. The collaboration will provide VersiFi with invaluable strategic guidance and support, enabling the new firm to effectively leverage its skills and capabilities to seize emerging trends and drive product innovations.
/jlne.ws/3JNybrr
Meta unveils Threads as 'friendly' alternative to Twitter
Hannah Murphy - Financial Times
Meta has unveiled its long-awaited competitor to Twitter in what chief executive Mark Zuckerberg pitched as a "friendly" alternative to the struggling social media platform owned by Elon Musk. The app, called Threads, is a "text-based conversation app" where users are able to publish posts up to 500 characters long, and include links, photos and videos. As with Twitter, the posts can be replied to, liked or shared by others.
/jlne.ws/44gbioM
Why Twitter's Limit of Post Views Is a Bigger Risk Than You Think
The Wall Street Journal
Elon Musk is limiting how many posts Twitter users can read in a day, to stop AI companies. WSJ reporter Tim Higgins joins host Zoe Thomas to explain why the change is controversial and could hurt Twitter.
/jlne.ws/43lY4FW
Finequities Chooses ViewTrade as Technology Partner for New AI-Powered Social Trading Platform
ViewTrade
ViewTrade, the force that powers fintech, and Finequities, an innovative social trading technology firm, today announced that Finequities has chosen ViewTrade as the technology partner for its AI-powered social trading platform. Finequities will use ViewTrade's cutting-edge trading solutions to help investors put their investment decisions into action.
/jlne.ws/46F3Gh6
UK fintech raises up to £335mn in rare London IPO; CAB Payments specialises in foreign exchange and payment services for business
Maxine Kelly and Siddharth Venkataramakrishnan - Financial Times
UK payments company CAB Payments has raised more than £300mn in one of London's few IPOs this year. The offer price of £3.35 a share gave the group, which specialises in foreign exchange and payment services for businesses sending money to emerging markets, a market capitalisation of £851mn. Its shares fell more than 4 per cent in morning trading to £3.20.
/jlne.ws/3O3I7jg
The UK needs to lead in securities tokenisation; The country's financial industry cannot be left behind in a trend that will lower costs and risks in markets
Bob Wigley - Financial Times
/jlne.ws/44gmXUA
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| Cybersecurity | | Top stories for cybersecurity | AI, Cybersecurity Intersection Could Propel These ETFs
Tom Lydon - ETF Trends
As disruptive technologies grow and evolve, they often converge with other innovative fields. That's certainly happening with artificial intelligence, which is converging with the likes of cloud computing, innovative health and many more.
/jlne.ws/3D6v3TC
ISACA joins ECSO to strengthen cybersecurity and digital skills in Europe
HelpNetSecurity
ISACA is joining the European Cyber Security Organisation (ECSO). The membership will work to accelerate ECSO and ISACA's shared commitment to advancing cybersecurity, fostering collaboration and driving digital trust across Europe.
/jlne.ws/3O18gip
New INE Cybersecurity Certification Takes Aim at Closing
GlobeNewswire
A crippling skills gap continues to impact the Information Technology industry worldwide. As a result, security breaches have become increasingly widespread, making every business vulnerable. Over the past year, more than 80% of organizations fell victim to a security breach, according to a 2023 Fortinet report. In light of the alarming trends, public and private sectors are actively building innovative tools to address and overcome the skills gap.
/jlne.ws/448ldg2
Aura Sells Cybersecurity to Regular People; The two most vulnerable populations in any family are elders and children, says Aura CEO Hari Ravichandran
Kim S. Nash - The Wall Street Journal
Consumers buy lots of smart technology, but they're not so smart about securing it. Last year, the Federal Bureau of Investigation received more than 800,000 complaints about cybercrimes from individuals and organizations, representing an estimated $10.3 billion in losses. Scams and hacks never stop.
/jlne.ws/3D2a7x7
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| Cryptocurrencies | | Top stories for cryptocurrencies | Why Hong Kong Wants to Be a Hub for the Crypto Sector
Annabelle Droulers - Bloomberg
Hong Kong wants to become an international crypto hub even as jurisdictions like the US cast a wary eye on the sector. In June, a new licensing system kicked off to regulate crypto exchanges offering trading in tokens like Bitcoin and Ether. The regime is part of Hong Kong's effort to attract fresh capital and talent back to the city, after its reputation was tarnished by years of harsh Covid-19 curbs and a crackdown on political dissent.
/jlne.ws/3XGv4qT
Why Lisbon Is Immunefi's Crypto Hub
CoinDesk
Tell me where Immunefi is. Immunefi is all remote. We have team members in America, Central America, South America, Central European groups and a large British group. We are incorporated in Singapore. But arguably the hub where we have the most aggregation is Lisbon and the wider area. We've got team members who are Portuguese, who are into crypto for a variety of reasons. We have foreigners, people who have made Portugal their escape.
/jlne.ws/3XEjtbW
The crypto scam that wasn't: 2 teens reportedly stole $4.2 million in Bitcoin and Ethereum. Police say it never happened
Ben Weiss- Fortune
It seemed like a perfectly believable story: Two teenagers in Canada posed as members of Coinbase's support team and scammed an American man out of $4.2 million in Bitcoin and Ethereum. After seeing an email with a news release about the supposed arrest of the teenagers, a reporter from the Canadian Broadcasting Corp. (CBC), one of Canada's leading news outlets, ran the since-deleted story, according to a member of the Hamilton Police Service familiar with the matter. (However, whether that email was the ultimate source for the story has yet to be determined.) The police in Hamilton, a city near the border of New York, reportedly teamed up with the FBI and the U.S. Secret Service Electronic Crimes Task Force to pin down the two 17-year-olds, who went by the aliases "Felon" and "Gaze."
/jlne.ws/43bZwdS
CFTC Mulls Filing Fresh Case Against Celsius Network, Former CEO Mashinsky: Report
Andrew Asmakov - Decrypt
The Commodity Futures Trading Commission (CFTC) has concluded that the bankrupt crypto lender and its former CEO Alex Mashinsky broke U.S. rules before the company's collapse last year, according to a Bloomberg report citing unnamed sources.
/jlne.ws/3rgqWBU
Deadline set by crypto's Winklevoss looms for Genesis repayment deal
Hannah Lang - Reuters
Time is running out for Digital Currency Group to agree on a deal to restructure its bankrupt crypto lending unit Genesis after its largest creditor Gemini - the crypto company founded by the Winklevoss twins - set Thursday afternoon as the final deadline before the company pursues litigation.
/jlne.ws/3O22Rrm
BlockFi Bankruptcy Plans Opposed by FTX, Three Arrows, and SEC
Jack Schickler - CoinDesk
/jlne.ws/44y3PBi
Bitcoin, Ethereum CME Contracts Hit $46.8B in Trading Volume Last Month
Pedro Solimano - Decrypt
/jlne.ws/3PF1qAw
Valkyrie Refiles for Spot Bitcoin ETF With Coinbase as Surveillance Partner
Helene Braun - CoiunDesk
/jlne.ws/44zE3MQ
Bored Ape fans blame Blur for falling NFT prices
Tim Craig - DL News
/jlne.ws/3r8Zvd8
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| Politics | | An overview of politics as it relates to the financial markets | Biden Appeal Opens a New Front in Battle Over Internet Speech; Biden DOJ to appeal ban on contact with social media companies; Supreme court likely to have final say over free speech limits
Zoe Tillman and Emily Birnbaum - Bloomberg
The Biden administration's battle with Republican-led states over free-speech limits escalated with its appeal of a judge's sweeping order barring federal officials and agencies from communicating with social media companies over postings they deem objectionable. It's the latest example of the judiciary flexing its muscles in cases testing the bounds of the First Amendment online.
/jlne.ws/46FaSKn
Disinformation Researchers Fret About Fallout From Judge's Order
Tiffany Hsu and Stuart A. Thompson - The New York Times
A federal judge's decision this week to restrict the government's communication with social media platforms could have broad side effects, according to researchers and groups that combat hate speech, online abuse and disinformation: It could further hamper efforts to curb harmful content. Alice E. Marwick, a researcher at the University of North Carolina at Chapel Hill, was one of several disinformation experts who said on Wednesday that the ruling could impede work meant to keep false claims about vaccines and voter fraud from spreading.
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| Regulation & Enforcement | | Stories about regulation and the law. | FCA criticises asset managers' plans to cope with large-scale redemptions; Regulator urges fund managers to close gaps in funds' liquidity management
Laura Noonan and Emma Dunkley - Financial Times
The UK's top financial regulator has sharply criticised asset managers for potentially leaving their investors exposed to harm, after finding that firms' plans to cover large-scale redemptions "lacked coherence". The Financial Conduct Authority on Thursday urged companies to take action and cover gaps in times of stress following a survey of liquidity management at 14 asset managers, authorised fund managers and investment and portfolio managers.
/jlne.ws/3JLOV2j
Openmarkets pays record $4.5 million penalty, enters enforceable undertaking, former Head of Trading banned
Australian Securities & Investments Commission
Openmarkets Australia Limited (ACN 090 472 012) (Openmarkets) has paid the largest ever penalty imposed by the Markets Disciplinary Panel (MDP) of $4.5 million and entered into an enforceable undertaking in order to comply with an infringement notice issued by the MDP. Openmarkets has a history of compliance failures (including a 2017 MDP infringement notice) which the MDP described as being 'very poor' and an aggravating factor affecting the outcome. https://jlne.ws/44dfaXs
Financial regulator sets out further reforms to improve markets and bolster competitiveness
Financial Conduct Authority
To help all investors make better, more timely decisions, the FCA is proposing to set up a consolidated tape (CT), so they can get clear and low-cost trading data. A CT combines multiple sources of trading data into one stream of information. This will increase transparency and access to trading data by lowering its cost and improving data quality. The FCA is proposing a CT first for bonds, where the UK has a leading global market, followed by equities.
/jlne.ws/3rgVymZ
Transforming Data Collection: Bank Of England And UK Financial Conduct Authority Deliver On Phase One Commitments - 6 July 2023
Mondovisione
Joint transformation programme update. The Bank of England (the Bank) and the Financial Conduct Authority (FCA) are working together with industry to transform data collection from the UK financial sector. We are doing this through a joint transformation programme. In this publication we provide an update on the joint transformation programme since our last communication in March 2023 including updates on: the delivery of the phase one recommendations; the progress of the phase two use cases; the Data Standards Review; the future of Transforming Data Collection; and our forthcoming Town Hall event on Thursday 13 July.
https://bit.ly/3NAec0u
Statement of Commissioner Kristin N. Johnson: Let's Stop Forex Ponzi Schemes
Commodity Futures Trading Commission
Today, the Commodity Futures Trading Commission (CFTC or Commission) announced that it filed proposed Consent Orders with the U.S. District Court for the Middle District of Florida resolving claims against Daniel Cologero; Surujpaul Sahdeo; Randy Rosseau; Hemraj Singh; Green Knight Investments, LLC; Bull Run Advantage, LLC; SR&B Investment Enterprises, Inc.; and King Royalty, LLC (collectively, "Settling Defendants"), resolving claims originally brought on September 9, 2020.
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Federal Court Orders Four Feeder Fund Operators and Their Principals to Pay Over $10 Million in Restitution and Penalties for Forex Fraud
CFTC
The Commodity Futures Trading Commission today announced Judge Carlos Mendoza of the U.S. District Court for the Middle District of Florida entered consent orders against Florida residents Surujpal Sahdeo, Daniel Cologero, and Randy Rosseau and New Jersey resident Hemraj Singh, and their respective companies SR&B Investment Enterprises, Inc., Green Knight Investments, LLC, Bull Run Advantage, LLC, and King Royalty, LLC, whose feeder funds operated as commodity pool frauds against their customers. The defendants also failed to register with the CFTC, as required by the Commodity Exchange Act (CEA), and violated CFTC regulations relating to commodity pools operations.
/jlne.ws/3rjGVzd
Statement on the Expiration of the SEC Staff No-Action Letter re: MiFID II
Commissioner Mark T. Uyeda - SEC
Broker-dealer investment research serves an important function by contributing to a richer information environment for market participants, particularly by providing analysis that can assist investors in digesting the increasing amount of regulatory disclosures from public companies. In so doing, sell-side research plays a role in the efficient market hypothesis and promotes price discovery.
/jlne.ws/44eOk1c
Asset managers told to review liquidity management in funds
FCA
The Financial Conduct Authority has reviewed liquidity management in asset managers and found that firms need to increase their focus on liquidity risk. As things stand, gaps observed in liquidity management could lead to a risk of investor harm.
/jlne.ws/3pDm5dE
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Exxon Sees $4 Billion Earnings Hit From Gas Prices, Refining; Earnings guidance to be "viewed negatively," RBC says in note; Shares drop in after-hours trading on lower implied earnings
Kevin Crowley - Bloomberg
Exxon Mobil Corp. said lower natural gas prices and refining margins will reduce second-quarter earnings by about $4 billion compared with the previous three months. Lower earnings in the two divisions are likely to reduce Exxon's net income to about $7.5 billion, RBC Capital Markets analyst Biraj Borkhataria wrote in a note. That's well below the current Bloomberg Consensus of about $9.43 billion.
/jlne.ws/3NI6aCG
Eurostar in recovery: is there light at the end of the tunnel?
Robert Wright - Financial Times
Visiting the London terminal of the Eurostar cross-Channel rail service, there is a clear sign of one way that changing circumstances have buffeted the operation. Four years ago, passengers were able to mill about in an open space near the gates leading to the security and passport checks at St Pancras International station. But, since the UK left the EU's free movement rules in January 2021, border guards have had to stamp departing passengers' passports, slowing processing.
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Brian Winterflood, champion of small listed companies, 1937-2023
Paul Murphy - Financial Times
Brian Winterflood, who has died aged 86, was the undisputed godfather of smaller company share trading in Britain. A "jobber" by trade, as old school equity market makers preferred to be known, Winterflood witnessed six decades of profound and constant change in the City of London. This stretched from his first job filling inkwells at a stockbroker called Greener Dreyfus & Co in the early 1950s, to ushering in the ultra low latency world of modern day machine-driven equity order matching.
/jlne.ws/3JNEuLz
'Who can blame them?': 61% of Americans say they're more scared of running out of money than of dying - here's 3 ways to kick your retirement anxiety to the curb
Bethany Moorcraft - Moneywise
When it comes to fears that keep Americans up at night, death may loom large - but for many, it pales in comparison to an even more terrifying threat: going broke in retirement. A "remarkable" 61% of respondents expressed that fear in a recent survey conducted by life insurance giant Allianz Life (ETR:ALV). And yet, many still aren't taking the necessary steps to avoid that grim fate.
/jlne.ws/3D3y7jq
The 'Rule of 10' can help investors identify the next big stock market winners, according to Goldman Sachs
Matthew Fox - Business Insider
After the stunning ascent of mega-cap tech giants like Apple, Microsoft, and Alphabet over the past decade, more and more investors are on the hunt to find tomorrow's big stock market winners. In an effort to identify the future mega-cap giants, Goldman Sachs analyzed the financial similarities behind today's winners and used that information to develop a screen that can help investors scout out the future growth engines of the stock market.
/jlne.ws/44zHGlU
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Guest post: Climate models underestimate food security risk from 'compound' extreme weather
Dr Kai Kornhuber - Carbon Brief
Climate change poses a risk to global food security. Weather and climate extremes, such as prolonged drought, heavy rainfall and heatwaves, can lead to harvest failures. These are occurring with increased magnitude and frequency on a warming planet. In addition, such events can disrupt supply chains, decreasing food supply and leading to price spikes.
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Revealed: UAE state oil company planned major green rebrand ahead of climate summit
Leaked documents reveal Abu Dhabi National Oil Company, headed by Cop28 president, "increasingly aware of the reputational challenges posed by our brand name".
Ben Stockton, Lawrence Carter and Amy Westervelt - Centre for Climate Reporting
The United Arab Emirates (UAE) considered dropping the word 'oil' from the name of its state-owned oil company as part of a major green rebrand ahead of hosting the Cop28 climate summit later this year. Executives from the Abu Dhabi National Oil Company (Adnoc) - whose CEO, Dr Sultan Al Jaber, has been appointed as Cop28 president - made the suggestion as part of a brief distributed to advertising agencies invited to pitch for the contract last year, which was obtained by the Centre for Climate Reporting (CCR) and Drilled.
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LNG 'inequality' bites as Europe takes supply from Asia; South and south-east Asian countries return to coal to hedge against blackout risks from gas shortage
Erwida Maulia - Financial Times
Surging European demand for liquefied natural gas to offset the loss of piped Russian gas has pushed prices for the commodity beyond the reach of many buyers in lower income regions such as south and south-east Asia, driving some of them back towards a heavy dependence on coal, industry leaders said. "Obviously Europe needs to grab as much gas as they could because they lost all that pipeline gas" from Russia, Russell Hardy, chief executive of Vitol, the world's largest independent energy trader, told the Energy Asia conference in Kuala Lumpur, Malaysia.
/jlne.ws/3pJOIWq
Japan Airlines gives tourists chance to reduce baggage by renting clothes; Carrier embarks on a year-long experiment designed to help reduce COâ‚‚ emissions
Leo Lewis and Akane Hayashi - Financial Times
Visitors to Japan are being offered the ultimate chance to travel light: pack underwear and a toothbrush but rent all your clothes on arrival and ditch the environmentally unfriendly suitcase. Under a year-long experiment that began on Wednesday, passengers travelling with Japan Airlines (JAL) can rent outfits by season, size, formality and colour scheme.
/bit.ly/43cQHAq
ESG raters in Britain face voluntary code ahead of possible rules
Huw Jones - Reuters
Companies in Britain that compile the environmental, social and governance (ESG) ratings of different firms will face a new voluntary code of conduct ahead of potential regulations for a sector that channels trillions of dollars in investments. Investors who want to put cash into sustainable companies rely heavily on the ratings firms to make stock picks, but the sector is not directly regulated in Britain.
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UAE's Jaber urges Big Oil to step up its climate game
Reuters
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Insurance companies are leaving California due to wildfire risk. What homeowners can do.
Swapna Venugopal Ramaswamy - USA Today
/jlne.ws/44sfcdQ
Should investors stay and fight for green change - or divest? Remaining engaged can often have a greater impact, this academic study argues
Luigi Zingales - Financial Times
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ESG Data Guide 2023 launched
Environmental Finance
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | British banks stand accused of profiteering at savers' expense; Supporting competition is better than lecturing lenders over deposit rates
Financial Times
The UK's major banks are on the government's naughty step. On Thursday, the likes of HSBC, NatWest, Lloyds and Barclays are to be hauled in front of regulators at the Financial Conduct Authority. They face accusations of "profiteering" for not adequately passing through the Bank of England's hefty interest rate increases to savers, while mortgage rates are soaring. Chancellor Jeremy Hunt has backed the summons, saying "increased interest rates must also be passed on to savers".
/jlne.ws/3pyDV1t
SVB Financial Approved to Sell Investment Bank Back to Founder for $100 Million; Bankruptcy judge permits $100 million sale to managers; SVB bought Leerink Partners in 2019 for $280 million
Steven Church - Bloomberg
SVB Financial Group, the bankrupt former owner of Silicon Valley Bank, won court permission to sell its investment banking arm for $100 million, four years after it paid $280 million for the unit. The buyers include Jeff Leerink and his management team. Leerink founded the investment advisory and continued running the unit after the bank holding company bought it. The sale is also backed by Baupost Group.
/jlne.ws/3O3sV5m
Fidelity aims to convert $13.2bn in mutual funds to ETFs; Filing indicates the actively managed vehicles will make the transition in November
Brian Ponte - Financial Times
Fidelity plans to convert six mutual funds with a combined $13.2bn in assets into ETFs in November this year, a regulatory filing shows. The funds are all actively managed, according to the filing, which lists the $5.2bn Large Cap Value Enhanced Index, $2.3bn Large Cap Growth Enhanced Index, $1.8bn Large Cap Core Enhanced Index, $1.7bn Mid Cap Enhanced Index, $1.6bn International Enhanced Index and $532mn Small Cap Enhanced Index funds. They will all convert to similarly named ETFs.
/jlne.ws/46AqfUg
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | A top NYC commercial real estate CEO says the buildings hurting from remote work are the same ones he warned about 6 years ago
Alena Botros - Fortune (subscription)
Craig Deitelzweig, chief executive officer of New York-based Marx Realty, says the office sector is "really bifurcated" right now. Marx Realty has been a player in New York commercial real estate for over 100 years. From its first property purchase in 1915, to the acquisition of 17 properties in 1928, its holdings now encompass 67 properties across 17 states, so it's seen several turns in the commercial real estate market. To Craig Deitelzweig, president and chief executive officer, one thing is clear about the office sector, and it doesn't solely have to do with the remote work era or the aftermath of the pandemic: "If you're a commodity building, you're in deep trouble," he tells Fortune.
/jlne.ws/44BWBwd
Beijing orders outdoor work to be halted as scorching summer heat soars; Employers in Beijing have been ordered to stop outdoor work after scorching summer heat in the Chinese capital was forecast to reach 40 degrees centigrade (104 Fahrenheit)
The Associated Press
Employers in Beijing were ordered Thursday by the government to stop outdoor work after scorching summer heat in the Chinese capital was forecast to reach 40 degrees centigrade (104 Fahrenheit). Government departments were ordered to ensure the elderly and ill could stay cool after the city of 22 million people issued a "red alert," the highest level of a warning system for extreme temperatures.
/jlne.ws/3psJazO
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Medicare Advantage Plans Offer Few Psychiatrists; A new study finds that people have a very difficult time finding doctors in their networks under the private-sector policies.
Reed Abelson - The New York Times
People with private Medicare coverage may not be getting the mental health services they need because they cannot find a psychiatrist within their plan's network, according to a new study. More than half of the counties the researchers studied did not have a single psychiatrist participating in a Medicare Advantage plan, the private-sector counterpart to traditional Medicare. Some 30 million people, just over half of all participants in the federal program, are enrolled in these private plans.
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A.I. Will Change Medicine but Not What It Means to Be a Doctor
Daniela J. Lamas - The New York Times (opinion)
When faced with a particularly tough question on rounds during my intern year, I would run straight to the bathroom. There, I would flip through the medical reference book I carried in my pocket, find the answer and return to the group, ready to respond. At the time, I believed that my job was to memorize, to know the most arcane of medical eponyms by heart. Surely an excellent clinician would not need to consult a book or a computer to diagnose a patient. Or so I thought then. Not even two decades later, we find ourselves at the dawn of what many believe to be a new era in medicine, one in which artificial intelligence promises to write our notes, to communicate with patients, to offer diagnoses.
/jlne.ws/3rnX7ze
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | India-Dominated Clearing Union Moves Toward Rupee Settlement; Nine central banks will settle trade in local currencies; Formal announcement from ACU expected in a few months
Anup Roy and Khine Lin Kyaw - Bloomberg
Nine central banks linked to a South Asia-focused clearing house have reached a consensus to settle trade in local currencies, including the Indian rupee, to reduce dependence on the US dollar and the euro. All the members of the Asian Clearing Union, which includes all South Asian countries as well as Iran and Myanmar are on board with the plan, said Khaing Shwe War, director general at the Central Bank of Myanmar.
/jlne.ws/3NJ3aWT
Hong Kong's Reopening Brings Scant Gains for Financial Hub; Financial-services worker visa approvals are picking up; IPO market just had its worst first half in two decades
Kiuyan Wong and Shawna Kwan - Bloomberg
Six months after Hong Kong reopened to the world, the city still has a steep climb to reclaim its place as Asia's premier finance and tourism hub. Hong Kong, led by former policeman and now Chief Executive John Lee, has been pushing hard to revive the city's reputation with high-level events, new visas programs to lure top talent, tax concessions for the wealthy, and free airline tickets for visitors.
/jlne.ws/3NIxPn2
PwC tipped off Google on timing of Australian tax law; Tech group first to be named as recipient of confidential information in auditor's widening scandal
Stephen Foley - Financial Times
PwC tipped off Google on the timing of a controversial Australian tax law, based on inside information gleaned by one of the accounting firm's partners, it has been revealed. The tech company is the first to be named as a recipient of confidential information in a scandal that has engulfed PwC Australia and led to the firing of eight partners.
/jlne.ws/3PKsIW9
Fatal floods hit Chinese city of Chongqing as President Xi Jinping warns all country's main rivers are at risk; At least 15 people have died and thousands have been forced to evacuate after days of heavy rainfall in the southwestern city; Chinese leader warns country is entering a critical phase of the flood season and warns officials to be prepared with all seven major waterways at risk
Xinlu Liang - South China Morning Post
Flooding in the southwestern Chinese city of Chongqing has killed at least 15 people and displaced thousands more as President Xi Jinping warned that all seven of China's major rivers were at risk of flooding. The city's Wanzhou district has seen heavy downpours since Monday. By the following day the Wuqiao River burst its banks, flooding buildings on both banks in as little as half an hour and trapping residents at home, according to the local emergency services.
/bit.ly/3PKFJ27
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| Miscellaneous | | Stories that don't quite fit under the other sections | How a Morgan Stanley Derivatives Salesperson Became a Celebrity Chef; Five minutes with Judy Joo on food inflation, how a finance background helps with running a restaurant and which perks work best with staff.
Irina Anghel - Bloomberg
Judy Joo says she used to read mostly about financial markets as she shows me around her quick-service Korean-American restaurant, Seoul Bird, in London's Canary Wharf. These days it's more cookbooks, food magazines and menus for the former derivatives salesperson who ditched Morgan Stanley's trading floor in 2004 after five years and went on to work in Michelin-starred restaurants and host her own cooking show.
/jlne.ws/3rew5dU
The Air Jordan Drop So Hot It Blew Up an Alleged $85 Million Ponzi Scheme; Michael Malekzadeh's Zadeh Kicks made millions of dollars taking big presale orders for coveted sneakers at low prices and scrambling to fill them. Then came the Air Jordan 11 Cool Grey.
Misyrlena Egkolfopoulou and Kim Bhasin - Bloomberg
A private jet landed in May 2022 at a small airport near Eugene, Oregon, and dropped off two men. They hopped in a car and drove past vegetable farms and cannabis storerooms to a quiet business park at the western edge of town. Their destination was a dusty warehouse that held hundreds of rows of neatly stacked sneaker boxes, almost 60,000 in all. The shoes were the stockpile of Michael Malekzadeh, the owner of Zadeh Kicks, one of the largest US sneaker resale operations. Many of the sneakers were among the most valuable on the secondary market, selling for thousands of dollars a pair. The men had come for their cut-the value of what they'd ordered and not received from Malekzadeh.
/jlne.ws/3D1oOk5
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