| October 17, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The Wall Street Journal has a multimedia in-depth feature titled "How 0DTE Options Took Over the Market" with the subheading "Zero-days-to-expiration options represent around 50% of overall options trading volume." The teaser for the story is "Traders are piling into 0DTE options-a cheap, fast, but risky way to bet on the market that offers the chance of explosive returns if those bets are correct. We'll explain their rise and their effect on the stock market."
If you had Goldman CEO David Solomon scheduled to DJ your wedding or Bar Mitzvah, you are going to need to find another DJ. Solomon is calling time on his high-profile DJ gigs, according to a Financial Times story. The DJ gigs have drawn criticism that his hobby created a distraction from his work leading the Wall Street firm, the FT said. Now he is reduced to doing God's work in traditional Goldman ways. Maybe the 33% drop in third quarter profits encouraged this epiphany.
There is a fight in the Sam Bankman-Fried trial over Adderall, with the defense complaining that SBF is not getting enough to concentrate on the trial and the prosecution saying he was getting the drug from a sham doctor. The prosecution also said that based on their evaluation SBF required a lower dose of Adderall. The pills SBF was getting were wearing off in the morning and the lawyers were not allowed to give him more in the afternoon, so a compromise has been reached. Starting Thursday, SBF will be given a delayed-release version of Adderall that will last all day long, Business Insider reported. If I were him, given how the trial was going, I would not want the Adderall.
Speaking of SBF, the latest episode of The Wall Street Journal's podcast series about his trial, "The Trial of Crypto's Golden Boy," is titled "Nishad Singh Speaks Up."
Geneva Trading is hiring a new futures trader relative value (RV) in Chicago, Illinois. For more details click HERE.
R.J. O'Brien is hiring a new client services senior associate in the greater Chicago Area. For more details click HERE.
The 20th Annual Rocktoberfest NYC is Thursday, and yesterday representatives, including C. Mead Welles and Ray McKenzie from A Leg to Stand On, rang the bell of the New York Stock Exchange. More details and tickets can be found 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 yesterday on JLN Options were:
- People: Tomczyk in, Tilly out at Cboe, Sibbern moves to Six, and more from Risk.net.
- SEC Adopts Rule to Increase Transparency in the Securities Lending Market from the SEC.
- Rise of Zero-Day Options With CBOE: All Options Considered from Bloomberg. ~JB
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Pritzker says he'd veto any Chicago financial transaction tax
Shruti Date Singh and Isis Almeida - Chicago Tribune
Governor J.B. Pritzker said he would veto any legislation to impose a financial transaction tax that could harm Chicago's storied exchanges and cause them to leave the state. "Let me be clear, there is no financial transactions tax on the table, period," the Democratic governor said in an interview with Bloomberg News. "There will not be support. I would veto it."
/jlne.ws/3PTf7dA
***** There is a state law against a local municipality passing a law for a transaction tax, so state law would have to be changed and Pritzker would veto that change. Good for him.~JJL
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Real Estate Brokers Pocketing Up to 6% in Fees Draw Antitrust Scrutiny; DOJ weighs case as class-action trial starts in Missouri; Typical 5%-6% commission split by two brokers adds to costs
Jordan Yadoo and Leah Nylen - Bloomberg
The lucrative broker commission system at the heart of the US residential housing market is facing unprecedented antitrust scrutiny from the Justice Department and two private class-action lawsuits that risk weakening the National Association of Realtors, the industry's powerful lobbying group. Federal antitrust enforcers are poised to decide whether to pursue their own case after a years-long investigation, according to a person familiar with the issue.
/jlne.ws/48V54NI
****** If there was ever collusion that needed some antitrust action, it is the fees for real estate transactions. They are way too high and way too consistent. ~JJL
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Oddly Hot Atlantic Is Still Churning Out Storms: Weather Watch; Unusually warm ocean temperatures are on Bloomberg Green's radar today.
Brian K Sullivan - Bloomberg
The Atlantic's main factory for tropical storms and hurricanes opened early this year and is now working into overtime. There is an 80% chance the ocean's next storm will rise up in the next week from a patch of ocean between the Caribbean and Africa called the main development region by forecasters.
/jlne.ws/46QxUwR
****** How many odd situations do you have before you start to get to a new normal?~JJL
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Monday's Top Three
Our top clicked item on Monday was Entry-Level Career Opportunities - NFA Information Session on Eventbrite. Second was The Crypto Exchange Moving Money for Criminal Gangs, Rich Russians and a Hamas-Linked Terror Group, from The Wall Street Journal. Third was SEC Adopts Rule to Increase Transparency Into Short Selling and Amendment to CAT NMS Plan for Purposes of Short Sale Data Collection, from the SEC.
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| Lead Stories | Israel orders freeze on crypto accounts in bid to block funding for Hamas; Authorities close more than 100 accounts on Binance as appeals for donations appear on social media platforms
Scott Chipolina - Financial Times
Israeli law enforcement authorities have ordered dozens of cryptocurrency accounts to be closed and seized millions of dollars' worth of crypto coins as they step up longstanding efforts to cut links between crypto markets and Hamas after its attack on the country. People directly familiar with Israel's enforcement actions told the Financial Times that more than 100 accounts on Binance - the world's largest crypto exchange - had been closed since Hamas's assault began on October 7. Authorities have also requested information on up to 200 additional crypto accounts, most of which are held on Binance, the people said.
/jlne.ws/3QjxBoS
Dalio's Abu Dhabi Penthouse Shows Rise of New Hedge Fund Hubs; The UAE is emerging as a hub for hedge funds. Its neutral approach and easy visa policies have helped draw capital in times of strife.
Nicolas Parasie, Ben Bartenstein, Nishant Kumar, and Julia Fioretti - Bloomberg
From a penthouse overlooking the Persian Gulf, one of the world's biggest hedge fund fortunes is feeling increasingly at home. Ray Dalio's purchase of a luxury beachside residence on Abu Dhabi's Saadiyat Island is part of a Middle Eastern outpost that also includes a branch of his family office in the city's financial district, according to people with knowledge of the matter. His growing footprint is emblematic of the changes that have turned the United Arab Emirates into an important hub for traders. The past couple of years have seen highly paid professionals from more than 100 firms arrive, an influx that's rippling through the nation.
/jlne.ws/3ZXgvAC
Long-End Treasuries Hit by Wildest Swings Since 2020 Pandemic; US 30-year yield moves averaged 13bps in last five sessions; Long-dated yields remain near highest levels since 2007
Elizabeth Stanton and Garfield Reynolds - Bloomberg
The Treasury market is serving up levels of volatility last seen during the pandemic-era turbulence of March 2020. The US 30-year yield shifted by almost 13 basis points a day over the last five trading days, the highest in more than three years and more than three times a much as the daily average over the past decade. The yield jumped five basis points on Tuesday in Asia as traders gird for fresh volatility.
/jlne.ws/3FlrLgI
Europe's Markets Regulator Warns Bloc to Prepare for Crypto Rules; MiCA implementation could last until mid-2026 under transition; National bodies told not to seek competitive advantages
Emily Nicolle - Bloomberg
The European Union's markets watchdog has called for crypto companies and national regulators to start preparing to meet the bloc's new industry rules, rather than rely on a lengthy transitional phase. The European Securities and Markets Authority said on Tuesday that digital asset firms should apply for authorization with national regulators under the EU's incoming Markets in Cryptoassets (MiCA) regime as soon as possible and talk to watchdogs about how the new rules will govern their current activities.
/jlne.ws/46Q2NSj
Bitcoin's 10% Jump to $30,000 Hints at Trader 'Playbook' for ETF Launches; Token briefly spiked on false report of BlackRock ETF approval; SEC may allow first spot Bitcoin ETFs in US in coming weeks
Sunil Jagtiani - Bloomberg
A brief 10% surge in Bitcoin gave traders a glimpse into the possible impact of a looming US Securities & Exchange Commission decision on whether to allow exchange-traded funds that invest directly in the cryptocurrency. An erroneous report that BlackRock Inc. had won approval to launch a spot ETF rapidly sent the largest digital asset to $30,002 on Monday, the highest price since August. The move cooled after the world's biggest money manager said its application remains under review, leaving Bitcoin 4.4% higher for Oct. 16. It was little changed at around $28,400 on Tuesday in New York.
/jlne.ws/3M3S8LS
A Bitcoin ETF is a near certainty by January as SEC caves
Jeff John Roberts - Fortune
The Securities and Exchange Commission's dogged fight to stop a Bitcoin ETF ended with a whimper on Friday, when the clock ran out for the agency to appeal a key court ruling. This makes it all but certain that a Bitcoin ETF will hit the markets in a relatively short time-the crypto analyst gnomes at Bloomberg gave 90% odds that a product will debut by Jan. 10.
/jlne.ws/3ZYH9sF
The Downsides of Crypto Are Becoming Clearer
Brett Schafer - The Motley Fool
But are there any upsides? There are many proponents of cryptocurrencies. If you spend any time on the internet, you've likely heard them proclaim how great these new products are and how they will revolutionize finance. It is no surprise then that the crypto economy grew from nothing 10 years ago to about $3 trillion at the peak of the bull market in 2021.
/jlne.ws/46NawAq
Binance stops accepting new UK customers after regulatory crackdown; Crypto exchange makes move after watchdog blocked company's plan to market itself to British consumers
Scott Chipolina - Financial Times
Binance, the world's largest cryptocurrency exchange, has stopped accepting new customers in the UK after regulators cracked down on digital assets companies advertising to British consumers. The company announced the policy less than an hour before it came into effect late on Monday, after the Financial Conduct Authority last week blocked Binance's plan to try and navigate the new industry standards.
/jlne.ws/3Q1eej1
Fight to launch spot bitcoin ETF in the US passes another hurdle; Reaction to SEC's decision not to appeal against Grayscale ruling suggests investors think approval looks more likely
Steve Johnson - Financial Times
The long-running fight to launch a US exchange traded fund investing directly in bitcoin has passed another hurdle after the regulator declined to contest a court ruling made against it. The US Securities and Exchange Commission had until Friday to appeal against an August federal appeals court ruling that it had been wrong to reject an application from cryptocurrency house Grayscale Investments to convert its $16.7bn Bitcoin Trust (GBTC), the world largest crypto fund, into an ETF.
/jlne.ws/3Q1MXgm
FTX Plans to Return 90% of Customer Funds, But There's a Catch
Shaurya Malwa - CoinDesk
Bankrupt crypto exchange FTX floated an amended proposal to return up to 90% of creditor holdings held at the exchange before it went bust last November. The debtors' group, which is currently overseeing the bankruptcy process, will formally file the plan by December 16, 2023, to a U.S. Bankruptcy Court for perusal.
/jlne.ws/3tC801T
Goldman profits drop 36% after pullback from retail banking; Lender suffers eighth straight quarter of falling earnings but records first rise in investment banking revenue for 2 years
Joshua Franklin - Financial Times
Goldman Sachs has reported a 36 per cent drop in third-quarter profits, the bank's eighth straight quarter of falling earnings, as it grapples with a slowdown in fixed income trading revenues and losses following its pullback from retail banking. However, the bank eked out a year-on-year increase in investment banking revenues for the first time in almost two years in a sign that the dealmaking drought may be coming to an end.
/jlne.ws/3FloFcw
EQT testing private stock sales as IPO markets 'dysfunctional'; Nordic group considering private auctions among its 1,100 LPs, CEO says
Antoine Gara - Financial Times
Nordic private equity fund manager EQT Group is drawing up plans to hold private stock sales for its portfolio companies because public markets have proven unreliable to exit investments. EQT chief executive Christian Sinding said private auctions among its 1,100 limited partners could provide a novel way for its backers to monetise their illiquid holdings without the need to sell shares in initial public offerings.
/jlne.ws/3tBayx8
US bond market is losing its strategic footing; Unusual volatility in yields points to longer-term challenges for most influential segment of world's financial markets
Mohamed El-Erian - Financial Times
Last week's unusual turbulence in US Treasuries points to a deeper issue than just the latest reading of the runes on inflation and the interest rate intentions of the Federal Reserve. The US bond market is losing its strategic footing, whether in economics, policy, or technical aspects.
/jlne.ws/46DkPHF
Schwab Sees Potential Inflection Point to Cash Outflows; Key deposits creep up in September after falling for over a year
Telis Demos - The Wall Street Journal
When online brokerages moved to a free trading model, investors' hope was that this would ultimately attract even more cash and activity, making up for those foregone commission dollars. But that was back when rates were low and sentiment was high. Now a test of that model is playing out at Charles Schwab in a very different market environment, which announced zero-commission online stock trading back in October 2019.
/jlne.ws/3rLDLoF
Customers outraged over Winklevoss twins' secret $282M crypto withdrawal: 'You didn't tell anyone'
Thomas Barrabi - NY Post
Customers are outraged at the Winklevoss twins over their secret $282 million withdrawal from their crypto company's bank before its collapse last year - and the backlash could further tarnish the twins' carefully crafted image as trustworthy operators in the unruly digital currency industry. As The Post first reported last month, Cameron and Tyler Winklevoss - who started the New York-based Gemini crypto exchange following their famous feud with Mark Zuckerberg over who founded Facebook - quietly yanked a trove of cryptocurrency from now-bankrupt bank Genesis on Aug. 9, 2022.
/jlne.ws/3Fhe6Hv
Sam Bankman-Fried directed political donations despite $13 billion 'hole', ex-colleague testified
Luc Cohen - Reuters
Sam Bankman-Fried directed that money from his Alameda Research hedge fund be used to make political donations after he learned the fund owed $13 billion to customers of his FTX cryptocurrency exchange, a former executive testified on Monday. Nishad Singh, the third former member of Bankman-Fried's inner circle to testify against him at his fraud trial, said he learned about the shortfall in September 2022 and confronted Bankman-Fried in an hourlong conversation on the balcony of the $35 million Bahamas penthouse they shared.
/jlne.ws/3ZW5M9B
Bitcoin ETF Enthusiasts Hit as Fake News Fuels $85 Million Liquidation; Coin surges then pares gains on fake news over ETF approval; Incident 'highlights the challenge of protecting investors'
Vildana Hajric - Bloomberg
An erroneous news report that sparked a brief 10% rally in Bitcoin is shining a spotlight on a crypto industry that's waiting with bated breath for the arrival of mass-market ETFs to revitalize its fortunes. On Monday morning, a rally in the token was quickly reversed after a news report incorrectly asserted that BlackRock Inc. had received the green light to launch a spot exchange-traded fund in the cryptocurrency.
/jlne.ws/46Q63gy
SIFMA Conducts Successful 2023 Industry-Wide Business Continuity Test
Securities Industry and Financial Markets Association
SIFMA today issued the following statement from Charles DeSimone, SIFMA managing director, technology and operations, on SIFMA's October 14, 2023 industry-wide business continuity test: "SIFMA and its members remain focused on operational resilience to protect clients, data, networks and operations from diverse cyber threats including theft, disruption and destruction...
/jlne.ws/402jQhU
FTX deputy says he confronted boss on missing customer billions; Nishad Singh is a co-operating witness in New York fraud trial of Sam Bankman-Fried
Joshua Oliver - Financial Times
A top FTX executive confronted Sam Bankman-Fried about billions in customer funds that had been diverted from the crypto exchange to allied trading firm Alameda Research weeks before the companies collapsed, according to testimony in court on Monday. Nishad Singh, the former head of engineering at FTX, offered his testimony in the criminal fraud trial of Bankman-Fried, who was charged after his exchange failed with a gaping hole in its customer accounts last November.
/jlne.ws/3Q2jSBs
It is 'nearly unavoidable' that AI will cause a financial crash within a decade, SEC head says
Tom Carter - Business Insider
The chair of the SEC has warned that AI could trigger a financial crisis, as Wall Street rushes to adopt the new technology. Gary Gensler told the Financial Times that it was "nearly unavoidable" that AI would cause a financial crash as soon as the late 2020s or early 2030s, and said that reliance on models developed by tech companies could lead to economic chaos.
/jlne.ws/3Q1a36P
How an IRS Contractor Leaked Tax Data on Donald Trump, Jeff Bezos and Elon Musk; Charles Littlejohn admitted leaking Trump, Bezos, Musk data; Littlejohn covered tracks by avoiding direct search on Trump
David Voreacos and Zoe Tillman - Bloomberg
A former Internal Revenue Service contractor used a private website to store secret tax return information he stole about former President Donald Trump and leaked to the New York Times, court records show. Charles Littlejohn, 38, pleaded guilty Oct. 12 to stealing Trump's data from the IRS and leaking it to the Times. He also stole tax return information about thousands of wealthy Americans - including Ken Griffin, Elon Musk, and Jeff Bezos - and leaked it to ProPublica.
/jlne.ws/46P4Zte
Shell's CEO Reassures Staff That He Believes in Climate Action; Energy transition's challenge is affordability, Shell CEO says; Focus on fossil fuel has caused anxiety among some employees
Stephen Stapczynski and Laura Hurst - Bloomberg
Shell Plc Chief Executive Officer Wael Sawan told the company's staff that he "believes in urgent climate action," despite shifting focus toward its core oil and gas businesses. The challenge in the transition to cleaner energy sources is affordability, Sawan said in an internal townhall meeting on Tuesday, according to people who attended.
/jlne.ws/3FkXG0F
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia's Crude Oil Shipments Are Creeping Up Again; Increase comes as US imposes first sanctions on tankers hauling Russian crude
Julian Lee - Bloomberg
Russia's oil flows are steadily climbing again after months of careful adherence to a pact with Saudi Arabia to keep barrels off the global market. The nation's seaborne crude exports rebounded in the seven days to Oct. 15, boosting four-week average flows to their highest in more than three months.
/jlne.ws/3RXbvKg
Russia Goes on the Offensive in Ukraine-and Suffers Heavy Losses; Moscow's assault on Avdiivka shows how hard it is for either side to move front line
Ian Lovett - The Wall Street Journal
With Ukraine's monthslong southern counteroffensive making slow progress, Russia last week launched a large-scale assault of its own with a narrower aim: the small eastern city of Avdiivka. By most accounts, it didn't go well. Ukraine's military said it destroyed dozens of Russian tanks and other armored vehicles and killed hundreds of Russian troops while losing little territory. Video released by Ukrainian officials showed the damage, with artillery and bomblets dropped from drones crashing into one Russian vehicle after another, leaving them smoking on the road.
/jlne.ws/402LRG6
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| Israel/Palestine Conflict | | News about the recent (October, 2023) conflict between Israel and Palestine | "A Textbook Case of Genocide": Israeli Holocaust Scholar Raz Segal Decries Israel's Assault on Gaza
Raz Segal and Amy Goodman - Democracy Now!
Raz Segal, an Israeli expert in modern genocide, calls Israel's assault on Gaza a textbook case of "intent to commit genocide" and its rationalization of its violence a "shameful use" of the lessons of the Holocaust. Israeli state exceptionalism and comparisons of its Palestinians victims to "Nazis" are used to "justify, rationalize, deny, distort, disavow mass violence against Palestinians," says Segal.
/jlne.ws/3S0zyrC
Jordan warns Middle East is at edge of 'abyss'; Diplomatic activity to contain Israel-Hamas war steps up ahead of Biden visit
Guy Chazan, Mehul Srivastava and Felicia Schwartz - Financial Times
Jordan has warned that the Middle East is at the edge of an "abyss", as diplomatic activity intensifies to prevent the Israel-Hamas war from spiralling into a regional conflict. King Abdullah of Jordan delivered his warning - together with a call for humanitarian assistance to the Gaza Strip and a refusal to take in Palestinian refugees who might never return home - ahead of a summit with US president Joe Biden on Wednesday. "The whole region is on the brink of falling into the abyss," the king told a press conference in Berlin with Chancellor Olaf Scholz, in comments translated by the German government. "The threat that this conflict spreads is real; the costs are too high for everyone."
/jlne.ws/3S3Xx9A
Fear of Gaza exodus looms over Egypt; Cairo 'really angry' over western pressure to open Rafah crossing to Palestinian refugees fleeing Israeli offensive
Heba Saleh, Henry Foy and Guy Chazan - Financial Times
As hundreds of thousands of Palestinians abandon their homes in northern Gaza and flee to the coastal strip's south, alarm is mounting in Egypt that the deepening humanitarian crisis will be thrust across its borders. Egypt, the only country other than Israel to share a frontier with besieged Gaza, is already being urged by the US and other western states to allow Palestinians holding foreign passports to exit through its Rafah crossing with the strip.
/jlne.ws/3rWaoQl
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Miami International Holdings Announces SEC Publishes Notice of Form 1 Application for New Miami-Based MIAX Sapphire Options Exchange
MIAX
The Bermuda Stock Exchange (BSX), and Dorman Trading, LLC (Dorman Trading), today announced that a notice of its Form 1 application for its newest options exchange has been published by the Securities and Exchange Commission (SEC). MIH filed the Form 1 application to register MIAX Sapphire as a national securities exchange operating both an electronic exchange and physical trading floor for U.S. options.
/jlne.ws/3FlTWMw
10th Annual South Africa Tomorrow conference brings together public and private sector to boost investment confidence
JSE
The Johannesburg Stock Exchange (JSE) alongside co-sponsors Old Mutual, UBS and Standard Bank will be hosting its 10th annual South Africa Tomorrow conference under the theme "Progress in Solving South Africa's Infrastructure Constraints" on 2 - 3 November 2023 in New York. The conference is aimed at engaging investors from the U.S. and promoting South Africa as an attractive investment destination.
/jlne.ws/3Q1fyT1
Replacements in indices
National Stock Exchange of India
The Index Maintenance Sub-Committee (Equity) of NSE Indices Limited has decided to make replacement of stocks in various indices as listed hereunder. These changes shall become effective from October 26, 2023 (close of October 25, 2023).
/jlne.ws/3tyvYem
Moscow Exchange begins trading in milk and dairy products
MOEX
On October 16, 2023, the National Commodity Exchange (NTB, part of the Moscow Exchange Group) begins holding exchange commodity auctions for the sale of milk and dairy products. The auction organizer will be EkoNiva Group of Companies. Today, NTB will host the first exchange commodity auctions for the sale of raw whole cow's milk with loading into the buyer's vehicle. Farms of the EkoNiva Group of Companies located in the Bobrovsky and Liskinsky districts of the Voronezh region were chosen as the supply basis. The minimum purchase volume is 720 tons, subject to shipment within 30 days in equal batches of 24 tons per day. The organizer of exchange auctions for the sale of raw milk is EkoNiva-Semena LLC (part of the EkoNiva Group of Companies).
/jlne.ws/48WwiU7
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Broadridge launches real-time reconciliation solution for high volume trading; Named NYFIX Fill Matching, Broadridge stated that it is the only platform that matches fills between brokers and asset managers in real-time.
Wesley Bray - The Trade
Broadridge Financial Solutions has launched a new solution designed to meet the needs of asset managers with high volume and/or high-touch orders. Named NYFIX Fill Matching, the FIX based real-time reconciliation product compliments Broadridge's existing post-trade NYFIX Matching solution.
/jlne.ws/3tCGt0b
Ad-Free Versions of Facebook and Instagram Have One Audience in Mind: Regulators; The economics of zero-ad versions of mainstream social media services are unlikely to appeal to tech companies or their users.
Max Chafkin - Bloomberg
In certain ways, Meta Platforms Inc. is a complicated company. It runs an ever-growing collection of social media apps-Facebook, Instagram, WhatsApp, Messenger, Threads-and the virtual-reality app Horizon Worlds. It sells gaming headsets, smart sunglasses and business productivity software. It also operates advanced research labs developing next-generation artificial intelligence and new types of computer interfaces.
/jlne.ws/48V5jZ8
Hrvyst and Greenstone Systems Collaborate to Improve Agribusiness Data Access
R.J. O'Brien & Associates; Greenstone Systems
Hrvyst, an agricultural technology (ag tech) platform from R.J. O'Brien & Associates (RJO), has joined forces with Greenstone Systems, a Cultura Company, to enhance data accessibility by integrating Hrvyst's physical and hedge management into MyGrower, Greenstone's grower engagement platform. Hrvyst will manage the implementation of the integrations. Each agribusiness can activate the appropriate bids for the commodities that pertain to their facility. This integration allows MyGrower's users to operate their business through mobile devices or computers.
/jlne.ws/3tJMrMw
AI Funding Soars to $17.9 Billion as the Rest of Silicon Valley Slumps; In tech, there are artificial intelligence startups - and everyone else.
Sarah McBride - Bloomberg
Multibillion-dollar investments in artificial intelligence startups have become almost commonplace in Silicon Valley - with dollars raised for AI companies outpacing funding totals in every other category of tech, and reaching $17.9 billion in the third quarter. According to PitchBook data compiled for Bloomberg, the value of funding for AI companies climbed 27% globally in the third quarter compared to the year before. That's even as overall deals for startups fell 31% from a year earlier to hit $73 billion worldwide.
/jlne.ws/3tIlBEz
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| Cybersecurity | | Top stories for cybersecurity | US Plans to Push Other Countries Not to Pay Hacker Ransoms; Despite government efforts, ransom attacks have continued; Payments to hackers are driving more attacks, US official says
Katrina Manson - Bloomberg
The US is pushing a group of governments to publicly commit to not make ransom payments to hackers ahead of an annual meeting of more than 45 nations in Washington later this month. Anne Neuberger, deputy national security adviser, told Bloomberg News that she is "incredibly hopeful" about enlisting support for such a statement but acknowledged it's a "hard policy decision."
/jlne.ws/45tTHtr
Hackers are hiding malicious code in Binance Smart Chain contracts
Sead Fadilpasic - Techradar
Hackers have been observed hosting malicious code on Binance's Smart Chain and dropping it to people via smart contracts. This tactic makes the malware campaign infinitely more resilient and tougher to take down, with the researchers who found it - Guardio Labs - describing it as the "next level of bulletproof hosting".
/jlne.ws/46ErFgg
Complexity of Trade Surveillance Soars Amid Record Volumes and Volatility;
The Trade Surveillance Market Review is available to download from: https://info.eventus.com/acuiti-2023-report-combating-market-manipulation
Eventus; Acuiti Management Intelligence
The complexity of trade surveillance is continuing to grow, as firms struggle with record volatility, high volumes and fragmented markets, an Acuiti report released today has found. The report, Trade Surveillance Market Review: Rising Alerts, Rising Complexity, which was commissioned by Eventus and based on a survey and series of interviews with senior executives at 64 firms, found that senior trade surveillance executives expect the volume of alerts and complex issues they must address to continue to grow over the next five years.
/jlne.ws/3QjPZOB
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| Cryptocurrencies | | Top stories for cryptocurrencies | Binance to Halt New UK Customers From Using Crypto Exchange; UK's financial promotions regime was widened to include crypto; Exchange plans to hire a new approver for its communications
Emily Nicolle - Bloomberg
Binance has suspended access to its crypto exchange for new users based in the UK, after a partnership with a third party to approve communications on its platform under new local rules was terminated by the country's watchdog. Any customers based in the UK not already signed up to Binance's platform were no longer able to join the exchange from 5 p.m. in London on Monday, according to a blog post published by Binance.
/jlne.ws/48TzLmB
SBF Lawyers Say He Needs Adderall, Hinting That He Might Testify; Lawyers say SBF approaching "critical decision" on testimony; Failure to dent Wang and Ellison may call for risky strategy
Bob Van Voris - Bloomberg
After two weeks watching his closest friends detail the collapse of his FTX crypto exchange, Sam Bankman-Fried's lawyers brought up the possibility of their client testifying in his own trial. Complaining to Judge Lewis Kaplan late Sunday about the lack of access to Adderall in jail, they argued that Bankman-Fried wouldn't be able to "meaningfully participate" in the trial because he hadn't been receiving his full dose of Adderall, which he's prescribed to treat his ADHD and depression. It's an issue that has been raised continually since Bankman-Fried was ordered jailed in August.
/jlne.ws/3rUHO1Q
Former Top FTX Executive Testifies He Knew $8B of Customer Money Was Missing
Sam Kessler, Elizabeth Napolitano, Nikhilesh De - CoinDesk
The third week of Sam Bankman-Fried's criminal trial began with a member of his FTX inner circle weaving together statements from three previous witnesses, walking the jury step-by-step through the programming errors, product features and leadership decisions that let the crypto exchange allegedly misuse customers' money - and led to the crypto empire blowing up.
/jlne.ws/3PXRY9N
Top FTX Executive Says Sam Bankman-Fried Used Customer Money for 'Excess' Spending
Matthew Goldstein, J. Edward Moreno and David Yaffe-Bellany - The New York Times
Nishad Singh, a former top executive at the once high-flying FTX crypto exchange, testified on Monday that his former boss, Sam Bankman-Fried, had used customer money to engage in large and extravagant spending sprees that "reeked of excess." At Mr. Bankman-Fried's criminal fraud trial, which has become a referendum on the cryptocurrency industry's volatility and risk-taking, Mr. Singh said he had clashed with the FTX founder over the hundreds of millions of dollars that the company used to buy lavish real estate, invest in start-ups and sign celebrities and sports stars like Tom Brady, Steph Curry and Larry David.
/jlne.ws/46Sgccp
FTX Insider Says Working With SBF Left Him in 'Severe' Distress; Ex-FTX exec says SBF humiliated him over spending complaint; Nishad Singh is third member of SBF's inner circle to testify
Allyson Versprille, Bob Van Voris, and Yueqi Yang - Bloomberg
Nishad Singh, the third member of Sam Bankman-Fried's inner circle to testify against him, detailed a rocky relationship with his former boss that at times left him "humiliated" and, as the company collapsed, suicidal. Singh told a Manhattan court that he was in "severe emotional distress" in the days leading up to FTX's failure as he dealt with accusations from FTX's former chief regulatory officer, Daniel Friedberg, and others, that he was partly to blame for the company's demise.
/jlne.ws/3QnnLCM
Former FTX executive Nishad Singh describes conversation with Sam Bankman-Fried over customer funds: 'I was blindsided and horrified'
Ben Weiss - Fortune
/jlne.ws/46uZIr9
Cryptoverse: Winter is coming as ether funds flounder in fall
Lisa Pauline Mattackal - Reuters
/jlne.ws/45xW2n1
Sam Bankman-Fried pushed for $30 million Bahamas penthouse despite concern from FTX colleagues it would be 'ostentatious'
Leo Schwartz - Fortune
/jlne.ws/48ZL6ld
Hong Kong Crypto Exchange OSL Weighs Sale at HK$1 Billion Valuation; Operator BC Technology gauged interest from possible buyers; Hong Kong's goal of creating crypto center faces challenges
Annabelle Droulers, Manuel Baigorri, and Zheping Huang - Bloomberg
/jlne.ws/3FkUK44
Bitcoin Whipsawed by False Report Claiming SEC Approval of ETF; Cryptocurrency had jumped as much as 10% on ETF speculation; SEC declined to appeal earlier ruling in Grayscale case
Vildana Hajric - Bloomberg
/jlne.ws/3Sk6cVB
CDS Bet Bites Carl Icahn; Also crypto lenders, Bitcoin ETFs, meal allowances and Zuzalu.
Matt Levine - Bloomberg Opinion
/jlne.ws/3rVK2Op
NFT Makers Are Boycotting Low-Fee Exchanges Over Tumbling Royalties; Top NFT platforms slashed royalties in a bid to revive trading; NFT projects are withholding collections to protest the change
Sidhartha Shukla - Bloomberg
/jlne.ws/45vJQDf
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| Politics | | An overview of politics as it relates to the financial markets | Tucker Carlson's Media Company Secures Investment Led by New 'Anti-Woke' Firm 1789 Capital; Firm co-founded by Omeed Malik invests in 'parallel economy' of conservative-friendly companies
Keach Hagey - The Wall Street Journal
Five years ago, Omeed Malik was a self-described "run-of-the-mill corporate Democrat," with a seat on the Council on Foreign Relations, a summer house in the Hamptons, and stints at Bank of America and white-shoe law firm Weil, Gotshal under his belt.
/jlne.ws/3FkHUCX
'Big Jim' and Babydog Go to Washington?
Campbell Robertson - The New York Times
Out of the driver's seat of the Suburban with the ''Coal 3'' license plate emerged Gov. Jim Justice, Big Jim as they call him, looming over everyone who had been waiting for the past hour and a half. He had come to a gravel patch in the hills of West Virginia for another groundbreaking, this one part of a multibillion dollar road program. Perched on his personalized wooden stool, the governor waxed folksy on the importance of highways, his dad's musings on effort and how fast he had driven to get here.
/jlne.ws/3rYVTew
Pritzker says he would veto any Chicago financial transaction tax
Shruti Date Singh and Isis Almeida - Bloomberg
Illinois Governor J.B. Pritzker said he would veto any legislation to impose a financial transaction tax that could harm Chicago's storied exchanges and cause them to leave the state. "Let me be clear, there is no financial transactions tax on the table, period," the Democratic governor said in an interview with Bloomberg News. "There will not be support. I would veto it."
/jlne.ws/46MLBgg
Xi and Putin Think They're Winning - and Maybe They Are; Russia and China are continental powers upending a maritime order.
Marc Champion - Bloomberg
With hindsight, the last time Vladimir Putin visited Xi Jinping in China, just three weeks before Russia invaded Ukraine, was a moment of hubris - two supremely confident leaders marking their bid to shake up a world organized by and for the US and its allies. Well, they certainly shook it up, even if not in the way they intended.
/jlne.ws/3ZXjWHg
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| Regulation & Enforcement | | Stories about regulation and the law. | SIFMA Conducts Successful 2023 Industry-Wide Business Continuity Test
Securities Industry and Financial Markets Association
SIFMA today issued the following statement from Charles DeSimone, SIFMA managing director, technology and operations, on SIFMA's October 14, 2023 industry-wide business continuity test: "SIFMA and its members remain focused on operational resilience to protect clients, data, networks and operations from diverse cyber threats including theft, disruption and destruction...
/jlne.ws/402jQhU
Learning British financial stability lessons; Seriously!
Robin Wigglesworth - Financial Times
The US banking system is more safe and stolid than it was before 2008, but the shambles surrounding Silicon Valley Bank and a handful of other lenders showed that it could still be a bit safer and stolider (please). Of course, occasional bank failures may simply be unavoidable. They just have to be managed. And it is encouraging to see how the broader financial system and the US economy shrugged off the whole mess. Remember that at the time a lot of people thought this would become a redux of the S&L crisis and that a recession was unavoidable as banks retrenched.
/jlne.ws/3S23Fz6
St James's Place overhauls fee structure after regulatory pressure; FTSE 100 group has faced scrutiny over what critics say are opaque and expensive charges
Harriet Agnew and Oliver Ralph - Financial Times
St James's Place has announced the largest overhaul of its fees in its 31-year history, as the UK's biggest wealth manager bows to pressure from regulators to ensure it complies with new rules protecting consumers. The FTSE 100 group has long faced scrutiny over what critics say are opaque and expensive charges for financial advice and stiff penalties for early withdrawals.
/jlne.ws/3Q2K8M2
Investment platforms under scrutiny over interest paid on customers' cash; FCA to focus on the issue under new consumer duty requirement to provide fair value
Arjun Neil Alim - Financial Times
Investment platforms are facing scrutiny from the financial regulator over the amount of interest they pay on customers' cash deposits as they reap rewards from soaring rates. DIY trading platforms including Hargreaves Lansdown and AJ Bell have reported bumper profits in recent weeks despite clients making fewer trades and holding smaller asset portfolios, with the windfall largely driven by interest paid by banks where they deposit customers' money.
/jlne.ws/3M5u0Iu
CFTC's FX prop trading case may spell more scrutiny ahead
Paul Golden - Euromoney
FX prop trading firms have had a rough ride of late. Longstanding concerns around the number of traders who actually make any money have been heightened by the recent decision of the Commodity Futures Trading Commission (CFTC) to charge Muhammad Murtuza Kazmi and his entities - including Traders Global and (collectively known as) My Forex Funds - with fraudulently soliciting customers to trade leveraged, margined or financed retail foreign exchange, and leveraged retail commodity transactions.
/jlne.ws/48Z7KKy
Commissioner Johnson to participate on a panel at the Export-Import Bank of the United States 2023 Annual Conference
Commodity Futures Trading Commission
Commissioner Kristin N. Johnson will participate on the Breaking Barriers: Women Leaders in International Trade Supporting American Small Business panel at the Export Import Bank's Annual Conference.
/jlne.ws/3FlHwUO
SEC's New Hedge Fund Rules Lack an Accountant's Precision; The reporting requirements for short-sale transactions by big investors won't help the agency uncover manipulative investing practices or potential blow-ups.
Aaron Brown - Bloomberg Opinion
The Securities and Exchange Commission recently announced new rules for hedge funds to report on equity short positions. There's nothing terrible in the rules, but they will impose pointless costs on investors, mainly because they were written by lawyers rather than accountants. Of course, every new diktat prompts complaints about the costs, but in this case they are greater than they may seem.
/jlne.ws/46zo2rE
SEC Obtains Emergency Relief To Halt Nearly $130 Million Fraud Targeting Indian American Community
SEC
The Securities and Exchange Commission today announced that it obtained a temporary restraining order, asset freeze, and other emergency relief to halt an ongoing fraud targeting the Indian American community that has raised nearly $130 million since April 2021. The fraud is allegedly being conducted by Nanban Ventures LLC, its three founders Gopala Krishnan (aka GK), Manivannan Shanmugam, and Sakthivel Palani Gounder (collectively, Founders), and three other entities that the Founders control.
/jlne.ws/3FiQBgW
SEC Division of Examinations Announces 2024 Priorities
SEC
The Securities and Exchange Commission's Division of Examinations today released its 2024 examination priorities to inform investors and registrants of the key risks, examination topics, and priorities that the Division plans to focus on in the upcoming year. This year's examinations will prioritize areas that pose emerging risks to investors or the markets in addition to core and perennial risk areas.
/jlne.ws/45A8D9n
Remarks at the NSCP National Conference
Commissioner Mark T. Uyeda - SEC
This coming December will mark twenty years since the adoption of Rule 206(4)-7[1] under the Investment Advisers Act of 1940 and Rule 38a-1[2] under the Investment Company Act of 1940 ("Investment Company Act").[3] These rules require the adoption and implementation of written policies and procedures reasonably designed to prevent violation of the federal securities laws, an annual review of those policies and procedures, and designation of a chief compliance officer.
/jlne.ws/3PZQ9td
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | US Oil Drillers Show Signs of Pivoting From Shale to Offshore
David Wethe and Devika Krishna Kumar - Bloomberg
The latest evidence of a pivot by oil explorers from US shale to offshore appeared Monday as the US Energy Information Administration warned that a drop in onshore production is accelerating into November. After revising its own figures from previous months, a decline in oil output is now expected to gain speed in every month from September through November, when combined production from the seven biggest shale fields will fall to 9.6 million barrels a day, according to Monday's report by the US agency. The Permian Basin of West Texas and New Mexico continues to lead the contraction.
/jlne.ws/46yEQzd
The dollar has joined the commodity currency club; A change in the greenback's historical relationship with oil is increasingly rippling through economies and markets
Rebecca Patterson - Financial Times
As economies evolve, relationships between asset prices can change, often in such a quiet, evolutionary way that investors get caught off guard. That is what has happened with oil prices and the dollar. A change in the historical relationship is increasingly rippling through global economies and markets and putting emerging-market oil importers in a particularly unenviable spot.
/jlne.ws/3QhZJsI
JC Flowers warns of systemic risk as insurers binge on private credit investments; US investor raises alarm over flood of money into assets such as securitised products and private debts
Antoine Gara - Financial Times
US private equity investor J Christopher Flowers has warned that a dramatic increase in private credit investments by life insurers is creating systemic risk for investors. Flowers, who attempted a rescue of insurer AIG during the 2008 financial crisis, said investors were underestimating the risks resulting from a flood of money into private credit loans and a push by insurers into these assets in search of higher investment yields.
/jlne.ws/3rTdvIO
Is the Market Calm on the Mideast Right, or Dangerous? Big external players like the US are trying hard to keep the Israel-Hamas showdown from escalating. It can be risky to bet that works out.
John Authers - Bloomberg
Middle East-scalation
We've had a week to get used to the news of the Hamas terrorist attack on Israel. It's also roughly a week since Israel made clear that its response would be to try to eliminate Hamas altogether, a strategic objective that looks impossible without inflicting appalling civilian casualties.
/jlne.ws/3QjEB59
Oil Freight Has Surged Everywhere Since Hamas Attacked Israel
Alex Longley and Devika Krishna Kumar - Bloomberg
The cost of transporting oil has surged on almost every mainstream trade route in the week since Hamas attacked Israel. Freight rates on 16 global trade routes surged by an average of more than 50% compared with a Oct. 9, according to data from the Baltic Exchange in London. The single biggest gain in that period has been for shipments across the Mediterranean Sea, which doubled.
/jlne.ws/48UengZ
British Companies Are Cutting Back on Pound Hedging; No. of firms hedging exposure falls from 2022, says MillTechFX; Less CFOs actively considering buying protection, survey finds
Alice Atkins - Bloomberg
/jlne.ws/3ZW5oYB
Market maker Winterflood cuts twenty positions in London including six traders; The job cuts follow a 75% collapse in annual profits at the securities firm as investors shunned trading riskier stocks.
Will Canny - The Trade
Winterflood Securities has cut twenty people from its market making business in London, including six traders, according to two people with knowledge of the matter. Winterflood declined to comment.
/jlne.ws/3Fmid5a
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | EU backtracks on pledge to increase emissions reduction target; Environment ministers ditch commitment after objections from Poland, Hungary and Italy
Alice Hancock - Financial Times
EU environment ministers scrapped a commitment to lift its greenhouse gas emissions reduction target after several countries held back during many hours of negotiations over the proposals the bloc will present to the upcoming UN climate summit. Poland, Hungary and Italy objected to a pledge to increase the bloc's emissions reduction target from 55 per cent by 2030 to 57 per cent, compared with 1990 levels, according to diplomats involved in the discussions that concluded late on Monday in Luxembourg.
/jlne.ws/3PWd4Wd
As Drought Grips the Southwest, Water Utilities Find the Hunt For More Workers Challenging; Shortages on the Colorado River and depleted aquifers have brought new funding and political will for water conservation in the Southwest, but local water utilities are struggling to find the workers needed to do the work.
Wyatt Myskow - Inside Climate News
Selwyn Sekaquaptewa has been on the hunt for talent for months. As the general manager of the Hopi Utilities Corporation's water service, he works with just two other staff members to provide clean and safe drinking water to the Hopi Tribe's reservation in Northeast Arizona. When the corporation formed in 2017, five of the community's wells did not meet federal arsenic standards, and it's looking to expand its operations and upgrade existing infrastructure to continue improving the quality of the water on which the tribe relies.
/jlne.ws/3FEyW3P
Trees Are Stressed. Now They Can Tell Us Why; TreeTag sensors, developed by startup ePlant, can give homeowners, farmers and forestry managers early warning when trees are water stressed or in danger.
Todd Woody - Bloomberg
Over the past several weeks, the majestic California buckeye tree that shades my backyard has been sharing intimate details about its inner life - how much it grows each day, its drinking habits and whether it's at risk of falling down.
/jlne.ws/400DM4x
Exclusive: Brazil's Haddad puts green bond on back burner; Finance minister says planned sustainable bond issue on hold due to turbulent global markets
Thierry Ogier - LatinFinance
Choppy global market conditions have forced Brazilian policymakers to rethink their plans to issue the country's first sovereign sustainable bond. "Since we have been thinking about a sustainable bond, there has been a very large increase in US long-term interest rates," Brazilian Finance Minister Fernando Haddad told LatinFinance on Friday on the sidelines of the annual World Bank/IMF meetings in Marrakech, Morocco. "We are waiting a bit for a better opportunity."
/jlne.ws/3ZWEWhy
Exxon's Pioneer Deal Isn't the Vote of Confidence You Think; Those who believe a crisis of underinvestment is going to leave the world short of energy shouldn't take comfort from this oil acquisition.
David Fickling - Bloomberg Opinion
Like many oil company bosses, Exxon Mobil Corp. Chief Executive Officer Darren Woods is a skeptic about the potential of M&A deals to reduce carbon emissions. So it's surprising how many people have seen his biggest acquisition as a bet on the opposite outcome. Selling off a polluting business to sit on someone else's balance sheet is a "beauty competition" that makes no difference in carbon terms, he told a March 2020 investor call.
/jlne.ws/3QmGNZX
JPMorgan Returns to Green Bond Market for First Time Since August 2021; Bond sale has portion earmarked for eligible green projects; Global green bond sales on track for the biggest year ever
David Caleb Mutua - Bloomberg
/jlne.ws/3S45QCk
Watchdog Finds a US Chemical Plant Isn't Reporting Emissions of Climate Super-Pollutants and Ozone-Depleting Substances to Federal Regulators; Fenceline monitoring by the Environmental Investigation Agency furthers the call to close industry loopholes under an international environmental agreement.
Phil McKenna - Inside Climate News
/jlne.ws/3tAKouj
Agencies win awards for promoting investment in the energy transition; The 8th World Investment Forum unveils the winners of the UN Investment Promotion Awards 2023, celebrating their success in supercharging climate action.
United Nations Conference on Trade and Development
/jlne.ws/3QllU1d
Analysis: 'Greater than 99% chance' 2023 will be hottest year on record
Zeke Hausfather - Carbon Brief
/jlne.ws/3rTnlub
Airlines hit out over Dutch plan to phase out EU fossil fuel subsidies; Ryanair boss labels proposals 'pie in the sky' until cheaper green travel alternatives are available
Alice Hancock and Philip Georgiadis - Financial Times
/jlne.ws/3QhU0mG
Amazon Has EV Charging Operators in Its Rear-View Mirror; Charging companies are poised to rank among the world's top consumers of electricity.
Ryan Fisher - Bloomberg
/jlne.ws/401uwgo
Helping Farmers Grow More With Less
Bloomberg Originals (video)
/jlne.ws/3FkFYub
Wall Street's Surprising Quest for Ways to Finance Coal Again; Some banks and investors are flirting with new models for bringing the world's dirtiest commodity back into mainstream finance.
Natasha White and Alastair Marsh - Bloomberg
/jlne.ws/3S0eMII
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | How a couple lost a fortune in an alleged Swiss banking fraud
Sam Jones - Financial Times
The couple came into the hotel lobby tanned and laden with their beach bags. Funny how Gregory and Vera Mirlas were almost always early to every appointment, even here on the Riviera, their young friend joked, as he embraced the couple at their rendezvous in the chic French resort of Juan-les-Pins. They strolled in the September heat across the town square, past the Parc de la Pinede, for lunch at their favourite restaurant, Le Perroquet.
/jlne.ws/45ydbx4
Wall Street's Surprising Quest for Ways to Finance Coal Again; Some banks and investors are flirting with new models for bringing the world's dirtiest commodity back into mainstream finance.
Natasha White and Alastair Marsh - Bloomberg
Since the 2015 Paris climate agreement, "blacklist coal" has become a mantra across much of the finance industry. Banks have stopped providing loans to coal projects, insurers are backing away, and investors are pulling out. Yet over the same period, demand has soared to a record high, helping triple prices for the world's dirtiest commodity.
/jlne.ws/45OYk1r
How an Old Banking Regulation May Have Driven the 1970s Inflation; The forgotten factor
Joe Weisenthal and Tracy Alloway - Bloomberg
There remains a lot of anxiety over whether inflation in the US will gather steam all over again. Part of this worry stems from the fact that there were multiple bouts of inflation in the 1970s, which was the last time the US had a serious inflation problem. So to understand whether our current environment bears similar risks to that of the 70s, it's important to understand what actually drove inflation during that period.
/jlne.ws/3ZYK7gU
UBS Revamps Leadership in Wealth Unit in Latin America
Cristiane Lucchesi - Bloomberg
UBS Group AG revamped the leadership of its Latin American wealth-management business outside of Brazil as the bank integrates its former rival Credit Suisse. Nicolas Troillet, who was Credit Suisse's head of global markets and wealth management for Mexico, will become UBS's business-development officer for that nation, according to an internal memo seen by Bloomberg News. Troillet will also be Latin America's head of wealth-management client development, reporting to Marcello Chilov.
/jlne.ws/46znNNg
Goldman's profit declines amid costly retreat from consumer banking
David Hollerith - Yahoo Finance
Third-quarter profits at Goldman Sachs (GS) fell as the Wall Street giant continued its costly retreat from consumer banking and tried to recover from a prolonged slump in dealmaking. Its earnings were $2.06 billion, down 33% from $3.07 billion a year ago. That result was affected by a $506 million write down on GreenSky, a specialty lender it agreed to sell, and $358 million in impairments on real estate investments.
/jlne.ws/3Qn46CV
Citi Treasurer Mike Verdeschi to Depart After 33 Years at Bank
Jenny Surane - Bloomberg
/jlne.ws/48ZykDk
Goldman Traders Help Counter Real Estate Hits, Stagnant M&A; Flat trading revenue compares with expectations for a 13% drop; Profit slumps 33% amid $212 million loss in firm's equity book
Sridhar Natarajan - Bloomberg
/jlne.ws/3Q0wGbH
BNY Mellon Earnings Beat Estimates on Higher Interest Rates
Shelly Hagan - Bloomberg
/jlne.ws/3PRNi5q
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Why director independence matters, and how boards can ensure it
Nick Rockel - Fortune
Debra McCormack regularly sits down with corporate directors to help them gauge how independent their board is. "Boards are often bringing us in to have these facilitated discussions," says McCormack, global board effectiveness and sustainability lead with Accenture. "It's because they're hard. So they say, 'Debbie, will you come in and help us talk about, do we have the right level of independence, and are we meeting the expectations that are required of us?'"
/jlne.ws/3S5KvIv
American Work-From-Home Rates Drop to Lowest Since the Pandemic; Fewer than 26% of households now have someone working remotely; Just seven states have maintained rate above 33% post-pandemic
Zachary Fleming, Redd Brown, and Ignacio Gonzalez - Bloomberg
The push by employers to get American workers back into the office appears to be working. Fewer than 26% of US households still have someone working remotely at least one day a week, a sharp decline from the early-2021 peak of 37%, according to the two latest Census Bureau Household Pulse Surveys. Only seven states plus Washington, DC, have a remote-work rate above 33%, the data shows, down from 31 states and DC mid-pandemic.
/jlne.ws/48T7gp9
CEOs are secretly plotting against hybrid work and pushing for a 5-day office return by 2026
Trey Williams - Fortune
It seems employees have won the battle for hybrid work as some combination of in-office and at-home work becomes the new normal. Even under pressure from bosses to return to the office, employees have steadfastly held the line against any reversion to pre-pandemic work models that saw them meandering through congested highways or trudging through subway systems five days a week. Bosses want employees back in the office? Fine, how do three days a week sound?
/jlne.ws/3QhKgZw
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Scientists Offer a New Explanation for Long Covid
Pam Belluck - The New York Times
A team of scientists is proposing a new explanation for some cases of long Covid, based on their findings that serotonin levels were lower in people with the complex condition. In their study, published on Monday in the journal Cell, researchers at the University of Pennsylvania suggest that serotonin reduction is triggered by remnants of the virus lingering in the gut.
/jlne.ws/3ZZD6MT
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | India's government is getting more uncomfortable buying Russian oil with Chinese yuan, putting payments in limbo
Filip De Mott - Business Insider
India's government has signaled more unease about using the Chinese yuan for Russian oil imports, causing payments to be postponed on a number of crude deliveries, sources told Reuters. Although Russian firms are continuing to deliver crude supply, seven cargoes have yet to be paid for, as India's state-owned refiners seek yuan alternatives, the report said.
/jlne.ws/3FlhCAs
Matthew Lau: The numbers don't lie - China's crackdown is killing Hong Kong's economy
Matthew Lau - Financial Post
Jimmy Lai, a renowned businessman and publisher, recently marked his 1,000th day as a political prisoner in a Hong Kong jail. A new survey by global recruiting firm Robert Walters finds that about half of Hong Kong professionals in a wide range of sectors (finance, banking, law, engineering, and others) are either considering or planning to move out of the city in the next five years. These two things are not unrelated. As a Wall Street Journal editorial said of Lai's imprisonment, there is a real question as to "how a city that holds political prisoners can purport to be a world financial centre ... While a financial centre depends on the free flow of information and rule of law, in today's Hong Kong people can be arrested for expressing the wrong opinion."
/jlne.ws/3QkwzJq
Poor Result of Japan's Bond Sale Signals Weak Demand From Banks; Fukoku Life is considering halt to JGB buying in second half; Investors seem wary of any BOJ tweak: Nissay Asset's Miura
Hidenori Yamanaka and Yumi Teso - Bloomberg
The weak outcome of Japan's 20-year bond auction is pointing to a lack of demand from domestic banks and life insurers. The 1.2 trillion yen ($8 billion) sale of sovereign debt Tuesday indicated poor investor appetite by three major measures, including the bid-cover ratio, amid expectations of higher yields at home and abroad. Japanese major banks and regional lenders have dumped super-long Japanese government bonds for nine straight months through August, according to official data.
/jlne.ws/46v17hp
Amazon water levels hit record lows as drought worsens in rainforest
Bryan Harris - Financial Times
Rivers in the Amazon rainforest have dropped to record low levels as one of the region's worst ever droughts pummels an ecosystem crucial for global climate stability. Authorities in the Brazilian state of Amazonas on Monday reported the water mark of the Rio Negro, one of the world's largest rivers by discharge levels, had fallen to an all-time low of 13.59 metres near the city of Manaus.
/jlne.ws/45uCdNj
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