| October 23, 2018 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2018 Newsletter Subscriptions: | |
World's Largest Bitcoin Mining Manufacturer Earned $742.7 Million in Six Months
Thom Thompson - JLN
This article is a follow-up to Thompson's earlier article, "Introducing Bitmain," which you can find here
BitMain Technologies Holding Company, the world's largest provider of bitcoin mining equipment, filed its draft prospectus for an IPO on the Stock Exchange of Hong Kong in late September. The document indicated that the company had generated more than $742.7 of net profit (about $1 billion EBITDA - earnings before interest, taxes, depreciation and amortization) on sales of $2.8 billion in just the first half of 2018.
You can read the rest of this article here
++++
Hits & Takes
JLN Staff
Julie Armstrong has left the CME Group and is now V.P. Strategic Market Development at Uptake, according to LinkedIn.~JJL
Chuck Mackie wrote about day two (the final day) of FIA Expo, which focused on digital assets, for MavenWave. You can read his analysis here. ~SR
Take a look at Piper Jaffray's survey of teens' tastes to see how out of touch you are. ~SD
Some small exchanges are making big strides. Take the American Financial Exchange, for example. Led by Founder, Chairman and CEO Richard Sandor, AFX posted record transaction volumes last month totalling $21.6 billion, a record week that month of $6.6 billion and record day of $1.7 billion transacted on September 19. That's some nice progress for an exchange launched in December 2015. Sandor was featured on TD Ameritrade's network with JJ Kinahan parts one and two. He was also featured in a recent Economist piece A scramble to replace LIBOR is under way. In the wake of LIBOR, AFX is finding its stride.~JK
Robert Paul has joined the board of directors of Seed CX, which is reinventing itself as a crypto firm.~JJL
The fourth Wall Street Rides FAR raised over $350,000 for the Autism Science Foundation.~JJL
Turkish President Recep Tayyip Erdogan spoke about the investigation into the murder of journalist Jamal Khashoggi today. Check out a recap of what he said here. ~SD
If you are interested in making a donation to "Fearless Girl National Youth Leadership Training Fund," the easiest way is to send a check made payable to: Pathway to Adventure Council. Send the check to me, John Lothian, at my offices at the Chicago Board of Trade. If you need the address or other details, email me at mailto:johnlothian@johnlothian.com. Your donation will help train girls in leadership and scouting skills as they enter Scouts BSA in February.~JJL
A suspected bomb was found at the home of conspiracy theorists' favorite Hungarian punching bag, George Soros. He was not at home at the time.~SD
++++
++++
Crain's names Kirk publisher, executive editor; Chicago media veteran Jim Kirk returns to Crain's Chicago Business to lead business operations as well as the newsroom.
Crain's Chicago Business
Jim Kirk, a veteran of Chicago journalism and publishing circles, has been named to the newly created position of publisher and executive editor of Crain's Chicago Business. http://bit.ly/2R3s5VW
***** Jim Kirk has jumped around lately while working for Chicago Tribune Publishing, but now he is home in Chicago and at Crain's, where he previously worked.~JJL
++++
Humbled Crypto-ers Want Lawmen to Legitimize Their Wild Market
Alastair Marsh - Bloomberg
After the crypto crash, the industry wants governments to confer legitimacy on digital currencies whose enthusiasts originally boasted of being outside the system. For some operators, the alternative could be bleak.
/bloom.bg/2R7pn1E
***** When all else fails, ask for help.~JJL
++++
Monday's Top Three
Our top story of the day on Monday was Matt Raebel's piece for JLN FIA 2018 charts the rise of institutional crypto investors. Second was the ICE announcement Intercontinental Exchange Announces Launch of Permian WTI Crude Oil Futures Deliverable in Houston. Third was the FT's Nasa says quantum computing is the future for funds
++++
MarketsWiki Stats
134,136,616 pages viewed; 23,294 pages; 215,248 edits
MarketsWiki Statistics
++++
|
| | | | |
| Lead Stories | Japan's dying shareholders signal sombre outlook for its stocks; Trend to liquidate inherited portfolios will mean decades of selling pressure, says Nomura
Leo Lewis - FT
Investors should expect decades of selling pressure on Japanese stocks from the most implacable bears in the market: the recently deceased, according to investment bank Nomura.
/on.ft.com/2R6SNNK
****For a different look at the generational issues facing Japan, read this sad Reuters story from over the weekend - Aging Japan: Unclaimed burial urns pile up in Japan amid fraying social ties.~SD
The High Financial Price of Our Short Attention Spans; Information overload is giving us little time to focus on any of it - and leading us to make bad choices about our money
Shlomo Benartzi - WSJ
Digital devices are potentially damaging your walletÂbut not in the way you might think. Smartphones and other gadgets allow us to follow our friends, read the news, watch a football game and even track our investments anytime, and nearly anywhere. We're always multitasking, or moving from one bit of information to the next, and rarely looking at one piece of information long enough to fully digest it.
/on.wsj.com/2R9ouWy
Michael Spencer Takes on Oil Exec, Wife in Insider-Trading Spat
Jonathan Browning - Bloomberg
Billionaire Spencer's FCFM pursuing private prosecution; FCFM sees insider-trading attempt in U.K. oil firm's shares
An investment firm controlled by British billionaire Michael Spencer is turning private prosecutor, and has accused an oil executive and his wife of attempting insider trading.
/bloom.bg/2R61zeP
What Happens When Banks Smear Their Exiting Brokers
Neil Weinberg - Bloomberg
Finra finds dozens of records falsely tarnished by brokerages; 'Marking up a U-5 is the latest weapon' in brokerages' arsenal
Dale Cebert was managing over $400 million for Morgan Stanley Smith Barney when the bank fired him. That wasn't the only blow. The bank also claimed he had drawn multiple customer complaints and run a side business without approval -- allegations it put on his online employment record for anyone to see.
/bloom.bg/2R8J9Ke
Saudi sees deals worth $50 billion at investment conference despite boycotts
Andrew Torchia, Rania El Gamal, Marwa Rashad - Reuters
Saudi Arabia was set to sign deals worth $50 billion on Tuesday at the opening of an investment conference despite being overshadowed by the killing of journalist Jamal Khashoggi which prompted a boycott by Western politicians, top world bankers and company executives.
/reut.rs/2R9s6HV
Blockchain technology poised to enter European settlement system; Licence approval for UK's Setl represents a further coup for proponents
Philip Stafford - FT
One of Europe's biggest securities settlement systems is set to welcome a blockchain-based depository after Setl, a UK fintech group, received a licence from French regulators.
/on.ft.com/2R66V9V
Trading platform Plus500 targets Japan after European clampdown
Muvija M - Reuters
Online trading platform Plus500 said it will look to expand into regulated markets such as Japan to offset the impact of a crackdown in Europe on high-risk financial betting.
/reut.rs/2RaVT3e
CAUTION: Criticizing the Fed Will Have Consequences
Steven Friedman - Traders Magazine Online News
It's not the job of market participants to tell elected officials what to say or not to say, but it is our job to consider the consequences of their remarks. And thinking through President Trump's recent criticism of monetary policy, there are reasons to be concerned. The criticism is remarkable not for its pointedness but rather for the break with precedent.
bit.ly/2R98gwt
Digital Assets Dominated Conversations At 34th Annual FIA Expo; Safety and Security, Comfort and Familiarity May Be Key In Bringing In Institutional Investors
Jessica Darmoni - Hehmeyer
"Ten years after Satoshi Nakamoto publishes his white paper and we have TD Ameritrade and Fidelity talking about bringing crypto to their customers," said Tim Grant, CEO of DrumG, a fintech company focused on distributed ledger-based applications, at the Futures Industry Association's (FIA) 34th Annual Expo in Chicago. "Crypto used to be a dirty word but we are all breathing a sigh of relief now that we can talk about it."
bit.ly/2RbWgdV
A Chicago crypto exchange has assembled a slate of new directors to help prepare for a November launch
The Block Crypto
Seed CX got its start as a little-known hemp marketplace but has since made a pivot to another arena that often exists in a regulatory grey area: cryptocurrency. To help build expertise in the digital-asset field it now operates in, Seed CX has brought on a slew of financial-services pros to advise the firm.
bit.ly/2R3BJrC
SEC Deputy Director of Trading and Markets Gary Goldsholle Joins Steptoe
Steptoe & Johnson LLP
Steptoe & Johnson LLP is pleased to announce that Gary Goldsholle, who served nearly four years as deputy director and senior adviser of the Securities and Exchange Commission's (SEC) Division of Trading and Markets, has joined the firm as a partner. Based in Steptoe's Washington office, Goldsholle will work with Steptoe's Financial Services, Public Policy, and Blockchain and Cryptocurrency practices.
bit.ly/2q8csBc
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | One of the largest cannabis companies is going public on the New York Stock Exchange
Jeremy Berke - Business Insider
Aurora Cannabis, one of the largest Canadian marijuana producers, is going public on the New York Stock Exchange. When Aurora's shares start trading on Tuesday morning, it will join a select list of cannabis producers that are listing on US-based exchanges.
/read.bi/2RbdDeV
SIX outperforms ICSD rivals for fourth straight year
SIX
SIX - which owns and operates Switzerland's CSD - has been recognised by the financial services industry as the best provider of international CSD services for the fourth consecutive year, in a recent industry benchmark survey. It is also the third year in a row that the organisation outperformed its competitors for CSD services in Switzerland.
bit.ly/2R6ar3W
Bond drawing of paragon GmbH & Co. KGaA started; Trading start in the segment Scale on the Frankfurt Stock Exchange planned for October 31 / DirectPlace supports in the placement
Deutsche Börse Group
The paragon GmbH & Co. KGaA (ISIN: DE000A2NBZK1) issued a bond via the Frankfurt Stock Exchange today and is expected to last until 25 October. The bond is scheduled to be listed on October 31 in the Corporate Bond Scale segment of the Frankfurt Stock Exchange.
bit.ly/2R8gHZ1
New Report from Payments Canada, the Bank of Canada, TMX Group, Accenture and R3 Proves that Distributed Ledger Technology Can Enable Equity Settlement
OCTOBER 22, 2018
TMX
Payments Canada, the Bank of Canada, TMX Group, Accenture (NYSE: ACN) and R3 have published a report demonstrating the feasibility of clearing and settlement of securities using distributed ledger technology (DLT).
bit.ly/2R6liec
JPX Concluded NDA with TOCOM
JPX
In connection with advancing research and discussion of the comprehensive exchange initiative as set out in its Medium-Term Management Plan, JPX has today concluded a non-disclosure agreement (NDA) with Tokyo Commodity Exchange, Inc. (TOCOM) as a prerequisite for entering into concrete discussions.
bit.ly/2R7cSmR
Temasek-backed Vertex invests in cryptocurrency exchange Binance
Reuters
Vertex Ventures, backed by Singapore state fund Temasek [TEM.UL], has invested in Binance, one of the world's biggest cryptocurrency exchanges, as it prepares to expand operations into the city-state, the firms said on Tuesday.
/goo.gl/i8QRWS
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Itiviti announces connectivity to Hudson River Trading SI
Itiviti
Itiviti, the leading global provider of multi-asset trading technology and financial infrastructure, today announced the addition of the Hudson River Trading Systematic Internaliser (HRSI) venue to its expanding connectivity offering. The connection, which is now live, provides Itiviti clients with access to liquidity sourcing from Hudson River Trading, one of the largest Electronic Liquidity Provision (ELP) Systematic Internalisers, covering more than 1,000 European stocks. HRSI was previously operating as Sun Trading International SI (STSI) before its migration on October 1st, 2018.
/read.bi/2R8GQXA
Launch Of Robowise
Mondovisione
UK corporate bond market pioneer offers robo-manager for retail investors; Goldman Sachs bond veteran Tom Macura joins as COO
WiseAlpha, the online market offering retail investors access to corporate bonds, has launched an automated service for risk setting and sector selection.
bit.ly/2RaaX0Z
FlexTrade Integrates ipushpull Real-Time Interoperability Platform Into FlexNOW EMS - Provides Real-Time Data Sharing & Improved Workflow Automation
Mondovisione
FlexTrade Systems (@FlexTrade) today announced the integration of ipushpull (iPP), a real-time interoperability platform, with its FlexNOW execution management system to provide users with access to iPP's live data sharing and workflow automation between desktop applications, messaging platforms, in-house systems and cloud services.
bit.ly/2R3ubFt
Refinitiv bolsters fixed income trading with iQbonds; iQbonds provides pricing and electronic trading in fixed income with connections to markets, exchanges and information platforms.
Hayley McDowell - The Trade
Refinitiv has added pricing and market making technology for fixed income trading from valantic's iQbonds to its Eikon desktop.
bit.ly/2R94q6O
Deutsche Bank hires cloud-specialist from BoE
Olaf Storbeck - FT
Deutsche Bank has hired a top IT executive from the Bank of England as part of a wider plan to cut costs by ramping up the use of cloud technology.
/on.ft.com/2R3B3CA
Americans can't quit cash
Colby Smith - FT
We've been hearing for years that the world is going "cashless." This reality does not appear remote. For instance, Sweden has seen a 50 per cent of decrease in the use of cash over the past decade. But America is not Sweden  stateside cash is still king, at least for now.
/on.ft.com/2R8Jmx7
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | Blockchain Used to Settle Stocks in Bank of Canada Experiment
Doug Alexander - Bloomberg
Project Jasper shows ability to an integrated DLT system; Findings offer 'critical insight' for technology, TMX says
Blockchain can be used to clear and settle stocks, an experiment involving the Bank of Canada has shown.
/bloom.bg/2Radh8d
BOJ Can't Scrap Cash for Digital Currency Now, Says Amamiya
Toru Fujioka and Masahiro Hidaka - Bloomberg
Cash still too widely used in Japan to be phased out now; Replacement of cash deposits would affect credit creation
The Bank of Japan can't scrap cash and issue a digital currency for transactions and deposits at this point in time, said Deputy Governor Masayoshi Amamiya on Saturday, flagging the need for caution in any consideration by the central bank of launching a digital asset.
/bloom.bg/2R9nUYS
The ties that bind? Coinbase's listing of 0x draws scrutiny given the exchange's connections to a VC firm promising 'asymmetric info'
Frank Chaparro - The Block Crypto
Coinbase, the digital asset exchange, has stood out among a crowded field of cryptocurrency marketplaces. It even calls itself "the most-trusted brand in the space" in its marketing materials.
bit.ly/2R6RU7S
Elon Musk Mocks Bitcoin Security And Scams With Tongue-In-Cheek Tweet
Billy Bambrough - Forbes
Bitcoin is often mocked by the wider cryptocurrency sector for its older technology compared to some of its newer peers and now Elon Musk, a serial entrepreneur who's no stranger to controversy, has lampooned the bitcoin scams that plague Twitter and other social networks.
bit.ly/2R3reoc
Blockchain engineers raking in the big bucks even as cryptos struggle
The Block
While cryptocurrencies have been in an extended bear market this year, engineers with the skills to build blockchain applications have little to growl about. CNBC reports that they are making $150-175K on average. Working with tech recruiter Hired, CNBC learned that blockchain salaries are $15K-40K above typical software-engineering pay and match those given to artificial-intelligence wizards -- who were alone among the highest paid until recently.
bit.ly/2RbWOjZ
Fidelity's Blockchain Incubator Lead Just Went Full Crypto
Anna Baydakova - Coindesk
Hadley Stern, the executive who led Fidelity Investments' blockchain research and development for the last three years, is joining a well-known startup in the field.
bit.ly/2R8HVi6
Kenyan crypto-currency pioneer: 'I make my money from Bitcoin and tasty roast meat'
Vumani Mkhize - BBC
The towering vista of Mount Kenya provides an unlikely backdrop to a tech-savvy Kenyan restaurant that has embraced crypto-currencies as a form of payment.
/bbc.in/2CyyDYX
Cryptocurrency Researchers Discover That Blockchain Technology Will Make Internet Voting Worse Instead Of Better
Uma Johnson - Smartereum
Before now, many experts believed that blockchain technology will be highly beneficial if it applied to internet voting. However, the research from three IC3 researchers has proven otherwise. The research was published by Business Insider and it showed an argument that proved that the blockchain technology will not be beneficial in the internet voting system. In fact, it will make things worse.
bit.ly/2yWNAAi
The Delicate Psychology of Stablecoins
Michael J. Casey - Coindesk
There's an early scene in "It's a Wonderful Life," that stalwart of holiday season TV viewing, that provides one of the most insightful on-screen depictions of the core challenge of banking: maintaining trust.
bit.ly/2J9WyiB
NewCity Digital Partners with Forbes Media, NewCity Capital and trade.io To Launch Forbes CryptoMarkets
Forbes Staff
bit.ly/2OJijfd
Can Bitcoin Become a Dominant Currency?
Wall Street Journal
Bitcoin turns 10 at the end of the month. And over the past decade, there has been no shortage of headlines about the inevitable riseÂor the inevitable fallÂof it and other cryptocurrencies.
/on.wsj.com/2yvZX79
Blockchain specialist SETL names new CEO; Co-founder and CEO Peter Randall will step down from his role and become president of the firm, helping Philippe Morel lead the company.
Hayley McDowell - The Trade
Blockchain technology specialist SETL has appointed a new chief executive, as co-founder and former CEO Peter Randall steps down from his position.
bit.ly/2R6Xo2g
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | Donald Trump Is Lyin' Up a Storm; Is there an election coming up, or something?
The Editorial Board - NY Times
There he goes again. With Republicans struggling to keep their grip on Congress, President Trump is dialing up the demagogy. At campaign rallies and on social media, he's spewing dark warnings about a Democratic mob clamoring to usher in an era of open borders, rampant crime, social chaos and economic radicalism.
/nyti.ms/2R8Mitw
Trump's Lies Are Becoming Exponentially More Brazen; Holding court on the White House lawn Monday, Trump revealed new depths of contempt for objective reality - and offered a master class in how the most obvious lies destroy the very notion of truth, itself.
Tina Nguyen - Vanity Fair
In the middle of an interview last week with 60 Minutes, Donald Trump seemed to take a perverse joy in baiting anchor Lesley Stahl as she attempted to wrangle him into submission. "Lesley, it's O.K.," he said, as they clashed over the narrative surrounding his administration's migrant-family separation policy. "I'm presidentÂand you're not." A week later, still riding high on the confirmation of Brett Kavanaugh and, perhaps, taking inspiration from the Saudis, Trump sounded less concerned than ever with trivialities like objective truth. Holding court before a gaggle of reporters outside the White House as Marine One idled on the South Lawn, Trump unleashed a dizzying sequence of half-truths and fairy tales, because he is the president, and the reporters in front of him were not.
bit.ly/2R8AHdZ
Trump Is Giving Xi Someone to Blame for China's Slowing Economy
Bloomberg News
Trade war offers cover for one of Beijing's biggest worries; 'Trump's maximum pressure will not corner Xi,' analyst says
U.S. President Donald Trump sought to pressure Beijing to open its markets by undermining its economy. Instead, he may be providing Chinese counterpart Xi Jinping with the perfect cover story if things get worse.
/bloom.bg/2RaDjs6
Trump Vows to Outspend Russia, China on Nuclear Arsenal Buildup
David Tweed - Bloomberg
'We have more money than anybody else, by far,' Trump says; President plans to pull out of Russia arms control treaty
The U.S. will outspend any other nation in building up its nuclear arsenal, President Donald Trump said, in a fresh challenge to Russia and China.
/bloom.bg/2R9pvhk
|
| | | |
|
| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Keynote Address: ISDA Annual Australia Conference
ASIC
A speech by Cathie Armour, Commissioner, Australian Securities and Investments Commission at the ISDA Annual Australia Conference, (Sydney, Australia), 23 October 2018
bit.ly/2RbiGvT
SEC Suspends Trading in Company for Making False Cryptocurrency-Related Claims about SEC Regulation and Registration
SEC
The Securities and Exchange Commission today suspended trading in the securities of a company amid questions surrounding its statements about partnering with a claimed SEC-qualified custodian for use with cryptocurrency transactions and a purportedly registered public offering of preferred stock.
bit.ly/2EMsQBs
****Reuters on the action here.~SD
Lawsuit names CNBC star Lemonis in alleged financial fraud; CEO Marcus Lemonis and officials at Lincolnshire-based Camping World are accused of misrepresenting financials while selling more than $530 million in the company's shares.
Brianna Kelly - Crain's Chicago Business
A lawsuit seeking class-action status accuses Camping World Holdings and certain company officials, including Chairman and CEO Marcus Lemonis, of misrepresenting the company's financials while they sold more than $530 million in Camping World shares.
bit.ly/2R6TdU8
Reminder: FINRA-Bloomberg Indices to be Discontinued; OCTOBER 22, 2018
FINRA
Beginning Thursday, November 1, 2018, FINRA will discontinue processing the FINRA-Bloomberg Active U.S. Corporate Bond Indices.
bit.ly/2R8FwUD
Sebi mulls standardisation for PMS schemes by setting up industry body; Sebi is doing its bit to ensure the PMS providers adhere to data sanctity, said a source
Ashley Coutinho - Business Standard
The Securities and Exchange Board of India (Sebi) is deliberating on setting up an industry body to draw up best practices for portfolio managers and introducing a standard template to bring uniformity in the way they market their schemes. The discussions are preliminary.
bit.ly/2R7veUG
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Wall Street's Hottest Debt Is a Haven for Investors
Adam Tempkin - Bloomberg
Floating-rate CLOs, leveraged loans generate biggest gains; Investment-grade fixed-rate debt suffering negative returns
Investors are finding shelter from Treasury volatility in two of Wall Street's hottest markets.
/bloom.bg/2R8Bmft
Goldilocks Has Abandoned Stock Markets; Recent data suggest the robust corporate earnings growth that has supported elevated equity prices may be coming to an end.
Komal Sri-Kumar - Bloomberg
Strong U.S. economic growth has encouraged the Trump administration to escalate the trade war with China, putting increasing pressure on that nation's economy and financial markets. At the same time, the Federal Reserve raised interest rates last month for the eighth time since December 2015, and a majority of policy makers even see the need to boost rates above the long-run neutral rate.
/bloom.bg/2R88fcf
BlackRock stakes claim on 'sustainable investing' revolution; Fink forecasts such ETF assets will rise from $25bn to over $400bn in a decade
Peter Smith in London - FT
BlackRock intends to become a global leader in "sustainable investing", says Larry Fink, as the world's largest asset manager launched a range of exchange traded funds in the US and Europe that incorporate environmental, social and governance criteria.
/on.ft.com/2Rafdxv
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman, advisor to the ultra-rich, plans wealth management for all
Hugh Son - CNBC
For decades, you had to have at least $10 million for Goldman Sachs to manage your money. Now, the bank is preparing digital wealth management for the little guy.
/cnb.cx/2EGI7nt
Goldman Moves Digital Bank Marcus to Wealth Unit
Sridhar Natarajan - Bloomberg
Bank shuts consumer banking division as it shifts Marcus unit; Move shows potential for more wealth offerings through Marcus
Goldman Sachs Group Inc. is shifting a heavily touted business line into its wealth-management unit as the bank eyes expansion through products that can be pitched to the division's customers.
/bloom.bg/2R976B7
Goldman Sachs strengthens its pitch for Main Street money; Wall Street group reorganises to offer investment management services to the masses
Laura Noonan in New York - FT
Goldman Sachs is planning to offer investment management services to the masses, throwing down the gauntlet to big US brokerage houses like Charles Schwab by taking the venerable Wall Street institution further into Main Street.
/on.ft.com/2ReoIMj
Could knowledge about Central banks impact households' expectations?
Emma Rockall - Bank Underground Blog
Should central banks care if people understand them? Whereas once Alan Greenspan famously declared: "If I seem unduly clear to you, you must have misunderstood what I said", central bankers now dedicate considerable time and thought to transparency and communications. While transparency initiatives have value in their own right in improving accountability, results from the Bank's Inflation Attitudes Survey suggest that they could have potentially far-reaching effects on the economy through their impact on households' expectations. If they improve households' knowledge of central banks, they may produce inflation expectations that are more stable and closer to the inflation target in the medium term - that is, 'better-anchored' expectations.
bit.ly/2EEsM73
Julius Baer Is Shutting Down Its Panama and Peru Operations
Jan-Henrik Foerster and Patrick Winters - Bloomberg
Review of client portfolios is said to focus on Latin America; Closure follows arrest of ex-banker who had worked in Panama
Julius Baer Group Ltd. is shutting down its Panama and Peru operations as part of the Swiss private bank's strategic review of its Latin American business, according to people with knowledge of the matter.
/bloom.bg/2R7ynEc
Danske Bank was behind large share of Estonian cross-border payments in 2008-2015: central bank
Jacob Gronholt-Pedersen - Reuters
Danske Bank, which is involved in a 200 billion euro ($230 billion) money laundering scandal in Estonia, processed a large share of the country's cross-border payments between 2008 and 2015, its central bank said on Monday.
/reut.rs/2R7BThS
Time Is Running Out for Deutsche Bank to Stand Alone; Germany wants a strong bank that its major companies can rely on in a world increasingly dominated by American banks
Paul Davies - WSJ
As Deutsche Bank DB -1.83% has been quietly busy with its latest restructuring, chatter about a potential merger between Germany's largest lender and its smaller rival Commerzbank CRZBY -1.79% has grown louder.
/on.wsj.com/2Rc15Uz
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Vancouver: The City That Had Too Much Money; Vancouver was the first place to experience the tidal wave of Chinese cash. Now the city is leading efforts to stop it.
Matthew Campbell, Natalie Obiko Pearson - Bloomberg
The black coupe pulled up outside the Starlight Casino in a suburb of Vancouver. The driver got out, greeted a man in a red shirt, and pulled two bulging white plastic bags from the trunk. He led the way into an empty noodle shop next door, where he handed over the bags before returning to the car. The man in the red shirt took the bags into the casino, through a cavernous glass lobby with signs in English and Mandarin. At a cashier's desk, he opened one of the bags to present his cargo: thousands of green Canadian $20 bills, bound into loose bricks with yellow plastic bands.
/bloom.bg/2RaEW9c
Citigroup Seeks to Curb China Travel as UBS Ends Restriction
Cathy Chan, Alfred Liu and Chanyaporn Chanjaroen - Bloomberg
U.S. bank said to follow Julius Baer in imposing restrictions; UBS said it has lifted curbs, all staff can move freely
Citigroup Inc. and JPMorgan Chase & Co. were among international firms that asked their wealth managers to reconsider travel to China, according to people familiar with the matter, as UBS Group AG removed its curbs.
/bloom.bg/2R3bBgK
UBS says it allows staff to travel 'freely' to China after banker's departure delayed
Reuters
UBS (UBSG.S) allows all its staff to travel "freely in and out" of China and it is business as usual there, the Swiss bank said, after local authorities last week asked one of its bankers to delay her departure from Beijing to meet with officials.
/reut.rs/2R45IzM
One of China's Biggest Funds Is Getting Ready to Dump Stocks
Bloomberg News
State-backed China Everbright cautions against new investments; Private equity fundraising in China 'very difficult,' CEO says
China Everbright Ltd., the state-backed manager of about HK$139 billion ($18 billion) in assets, said the company is preparing to sell shares in as many as 30 stocks on concern that valuations worldwide have peaked.
/bloom.bg/2Racnsl
Scope and quality of audits needs reform, say City chiefs; FT City Network concerned that auditors have their 'heads in the sand'
Patrick Jenkins - FT
Auditors have had their "heads in the sand" and must provide a far more rounded view of companies' health than the current statutory "truth and fairness" opinions if they are to win back public trust, according to some of the City of London's most senior financiers.
/on.ft.com/2R7o6Yq
India Has Already Hit Record Number of $1 Billion Startups This Year; The country's latest generation of $1 billion apps have focused on local issues in education, logistics, and lodging.
Saritha Ria - Bloomberg
You get a clear sense of Policybazaar's target audience the first time you watch Yama, the Hindu god of death, drag a bedridden man to hell for failing to buy insurance. In a series of melodramatic TV spots, the fearsome deity, played by movie star Akshay Kumar, isn't shy to quote rates, either. After the hospitalized accident victim he's tormenting laments that his sister's wedding and his daughter's schooling had to come first, Yama scoffs in Hindi, "A 10 million rupee insurance policy comes at just 680 rupees a month!" (That's a wager of about $9 a month for a possible payout of roughly $130,000.)
/bloom.bg/2R8FYlT
|
| | | |
|
| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Brexit Raises Concern U.K. Will Lose Key Scientists, Funds
James Paton - Bloomberg
Nobel Prize winners say top talent may give up on Britain; Crick Institute's Nurse doesn't see 'any upside whatsoever'
Prominent scientists are sounding the alarm on Brexit. Researchers in Britain worry that a sharp break in ties with the European Union or failure to work out a deal could lead to an exodus of highly skilled specialists, curtail funding and hinder collaboration. The concerns extend beyond the U.K. with scientists warning that Brexit could hurt Europe after decades of gains fueled by the flow of ideas and people across borders.
/bloom.bg/2R760G5
RBS sets aside £2bn to help small businesses deal with Brexit; Money will help provide services such as trade finance and increased liquidity
Nicholas Megaw - FT
Royal Bank of Scotland has set aside £2bn in funding to help small businesses deal with Brexit as uncertainty around the terms of the UK's departure creates concerns about supply chains and financial risks for many businesses.
/on.ft.com/2RbF8F7
EU ready to break Brexit impasse by tweak to backstop; Talks deadlocked despite scrapped reference to customs territory for Northern Ireland
Alex Barker, Mehreen Khan and Laura Hughes - FT
Brussels is offering to remove the most contentious phrase from its Brexit plans for Northern Ireland in a bid to break the deadlock in negotiations with London.
/on.ft.com/2R8wUgL
|
| | | |
|
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2018 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
