| July 26, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2024 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
One of the reasons I decided to build MarketsWiki was the differences in language between the converging worlds of futures and securities. However, with the new crypto world that has emerged, we have so much new language. Today as the lead we have a story from Bloomberg titled "Wall Street Blockchain Pioneers Are Torn Over Crypto's Gray Zone."
The story says the "gray zone is decentralized finance" and that "This gray zone, also known as DeFi for short, comprises projects that use automated software atop blockchains to deliver various financial services."
I recently spent some time working on adding a slew of crypto terms to MarketsWiki that I saw in a story about crypto terms you must know. I also updated our page on DeFi. Here are the other crypto-related terms I added to MarketsWiki: 51% attack, Yield Farming, Tokenization, NFA (Cryptocurrency Slang), Staking, Stablecoin, Normie, Probably Nothing, NFT, Mixer, Memecoins, Left Curve, Hodl, Halving, Gas (Cryptocurrency Slang), FOMO, Airdrop, Aped In, Crypto Winter, DeFi (Decentralized Finance), and Crypto Bridges
Another term in a headline in today's newsletter I had not heard was "Boomer Candy" funds. Evidently, boomer candy refers to "covered-call or derivative-income exchange-traded funds," The Wall Street Journal reports.
Stories from today and late yesterday from FOW in front of its paywall include: Hedge funds recorded their first quarterly net inflows since 2022, driven by the seventh consecutive period of positive returns, as reported by Citco. Euronext announced that its upcoming clearinghouse expansion will boost innovation and strategic growth opportunities for customers, following strong second-quarter results. Mizuho Bank joined LCH SwapAgent, increasing the total live dealer entities to 47 from 15 countries. CME Group plans to launch its first total return future based on the Secured Overnight Financing Rate (SOFR) on August 26, offering firms a new way to secure the overnight floating rate. Finally, Deutsche Boerse attributed the failure of the EEX-Nasdaq deal for the Nordic power market to high costs and regulatory delays from the EU.
Former President Trump's advisers have reportedly backed out of another debate for the former president, this time with a new adversary, Vice President Kamala Harris, The New York Times and other publications reported. One reason cited by the advisers is the unsettled Democratic nomination for president, especially given that former President Barack Obama and his wife Michelle had not endorsed Harris. There has been speculation, especially among some Republicans, that Michelle Obama would emerge as the Democratic nominee. However, yesterday former President Obama and his wife endorsed Vice President Harris for President, Politico reported, ending that speculation and undercutting the Republican presidential adviser's reasoning for backing out of the debate.
Evidently sunny Florida is not enough sun for Citadel's Ken Griffin. Just before he shelled out $44.6 million for Apex, a nearly complete Stegosaurus skeleton, he bought a $90 million 2-acre St. Tropez mansion in the French Riviera, Bloomberg reported on a story by The Wall Street Journal.
The Wall Street Journal's wine columnist Lettie Teague has come out with a story titled "I've Tried Hundreds of Wines This Year. These Are the Bottles I Buy Again and Again." The subheadline is "Our wine columnist uncorks untold bottles in the line of duty. But it takes a very special wine-and a very good value-for her to buy it again on her own dime. In 2024, these 7 stood out."
Patty Schuler, senior vice president BOX Options, is the recipient of the STA Women in Finance Mentor of the Year Award, STA's Jim Toes announced on LinkedIn.
Congratulations to Catherine Kee, who was promoted to head of media relations at TMX Group, she announced on LinkedIn.
Here is a little home office humor. My wife seems to hear every conversation I have in my office while she is in the living room or kitchen at the other end of the house. She yelled to me, "YOU ARE NOT LISTENING TO ME!" I replied, "That is a strange way to start a conversation."
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
New research from MSCI, "MSCI ESG Ratings and Cost of Capital" found a significant historical correlation between a company's MSCI ESG Rating and its financing costs in both equity and debt markets. Research has shown connections between a company's exposure to, and management of, environmental, social, and governance (ESG) risks and its financial performance, with the cost of capital playing an important role. The cost of capital sets the minimum rate of return a company must achieve to meet the expectations of its creditors and shareholders. View the report HERE. ~SAED
Our most read stories from our previous edition of JLN Options were:
- Walt Lukken from MarketsWiki.
- FIA from MarketsWiki.
- How the Hottest Hedge Funds on Wall Street Really Manage Risk from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
Vermiculus CEO Envisions Future of Exchange Tech: Microservices and AI Lead the Way
JohnLothianNews.com
In a recent interview at London's Park Plaza Westminster Hotel during the FIA's International Derivatives Week, Nils-Robert Persson, CEO of the Swedish technology firm Vermiculus, shared insights into the company's innovative approach to financial technology and its vision for the future of exchange systems.
Watch the video »
++++
Mercury has a layer of diamond 10 miles thick, NASA spacecraft finds
Robert Lea - Space.com
The solar system's tiniest planet may be hiding a big secret. Using data from NASA's MESSENGER spacecraft, scientists have determined that a 10-mile-thick diamond mantle may lie beneath the crust of Mercury, the closest planet to the sun. Mercury has long puzzled scientists as it possesses many qualities that aren't common to other solar system planets. These include its very dark surface, remarkably dense core, and the premature end of Mercury's volcanic era. Also among these puzzles are patches of graphite, a type (or "allotrope") of carbon on the surface of the innermost planet of the solar system. These patches have led scientists to suggest that in Mercury's early history, the tiny planet had a carbon-rich magma ocean. This ocean would have floated to the surface, creating graphite patches and the dark-shaded hue of Mercury's surface.
/jlne.ws/4cVYc4s
***** When someone figures out how to mine this, it is going to depress diamond prices but improve cutting tools and adorn many more pinkies.~JJL
++++
OpenAI announces SearchGPT in challenge to Google's search dominance
Daniel Howley - Yahoo Finance
OpenAI debuted a new prototype search engine on Thursday. The feature, called SearchGPT, could pose a direct threat to Google's longstanding search dominance. Microsoft-backed (MSFT) OpenAI says SearchGPT will be available to a small group of users and publishers as it develops the software and collects feedback. The company is positioning its offering as a new means of searching the web.
/jlne.ws/3zUrB05
******Chrome just spat out its cookies when it read this.~JJL
++++
Why Russia is prime suspect in massive Olympics sabotage
James Rothwell - The Telegraph
Russia will be the lead suspect in Friday morning's attacks on the French rail network, as suspicions swirl that Vladimir Putin has been yearning for a chance to humiliate Emmanuel Macron. French authorities had laid on a massive, hi-tech security regime to defend the Olympics, with Reaper drones in the skies and AI-powered cameras on the ground to keep an eye out for any suspicious activity.
/jlne.ws/3WnRNrK
******Looks like Putin's trying to win gold in "sabotage Olympics."~JJL
++++
Champagne sales down worldwide in 2024, industry executives cite lack of 'cheer'; Champagne sales are down 15.2% compared to this time in 2023, according to Reuters
Jasmine Baehr - FOX Business
Champagne sales worldwide appear to have fizzled out in 2024. The traditional toast to life's celebrations like weddings, promotions and even christening new ships appears to have fallen flat. The CFO of luxury holdings company LVMH, which owns brands like Louis Vuitton and Moet et Chandon, believes it has to do with consumers feeling happy enough to celebrate.
/jlne.ws/4dhClEb
****** We need a happiness index.~JJL
++++
Thursday's Top Three
Our top clicked item on Thursday was the link to the live stream for Henry S. Shatkin's funeral, taking place today, July 26, starting at 10:30 AM central. Second was JLN's Pat Arbor: Open Outcry Traders History Project, part of our video series. Third was ANALYSIS: CME chief Duffy discusses US rates competition from BGC, from FOW.
++++
++++
|
|  | | | |
 | |
| Lead Stories | JPMorgan pitches in-house chatbot as AI-based research analyst; About 50,000 staff are using a large language model designed by the bank to boost productivity
Stephen Morris and Joshua Franklin - Financial Times
JPMorgan Chase has begun rolling out a generative artificial intelligence product, telling employees that its own version of OpenAI's ChatGPT can do the work of a research analyst. The US bank has given employees of its asset and wealth management division access to a large language model platform which the bank is calling LLM Suite, according to an internal memo seen by the Financial Times.
/jlne.ws/4flx00p
Vanguard warns investors over company stake limits; Asset manager says US regulators could enforce ownership caps, raising costs for index-tracking funds
Steve Johnson and Will Schmitt and Brooke Masters - Financial Times
Vanguard has warned investors that US regulators may restrict the size of stakes it can hold in companies, potentially driving up costs and increasing risks for some of the world's largest index tracking funds. The world's second-largest asset manager, with $9.3tn of assets as of May, recently updated disclosures for dozens of funds to highlight the increased risk that authorities will force it to comply with long-standing but rarely enforced caps on individual bank and utility stock ownership.
/jlne.ws/3WfkfvM
Wall Street Blockchain Pioneers Are Torn Over Crypto's Gray Zone
Suvashree Ghosh - Bloomberg
As Wall Street pulls ahead of crypto-native players in the field of tokenizing real-world assets, mainstream institutions face the question of whether to push on into the gray area of decentralized finance. This gray zone, also known as DeFi for short, comprises projects that use automated software atop blockchains to deliver various financial services. Such ecosystems are typically outside the control of any one party, shrouded in regulatory ambiguity and open to a potentially wide pool of participants.
/jlne.ws/4d9xWDy
Assets at Man Group, the World's Largest Listed Hedge-Fund Firm, Swell to Record
Caitlin McCabe - The Wall Street Journal
Assets under management at Man Group, the world's largest listed hedge-fund firm, swelled to a record $178.2 billion, boosted by net inflows from clients and strong investment performance. Man Group, which runs a swath of hedge-fund strategies, took in $900 million of new client money in the first half of 2024-compared to broader outflows for the hedge-fund industry. Man also recorded about $11 billion in investment gains.
/jlne.ws/4c3friZ
Regulator sets out new rules to boost UK capital markets; Financial Conduct Authority proposes changes to document issuing for share sales in next phase of listings reforms
Nikou Asgari - Financial Times
The UK's financial regulator has proposed new rules aimed at making it cheaper and easier for companies to raise money, the latest in an ongoing programme of reform intended to boost Britain's capital markets. The proposals announced on Friday by the Financial Conduct Authority included lifting the threshold at which companies need to issue prospectuses for secondary fundraisings from 20 per cent of their issued share capital to 75 per cent.
/jlne.ws/3WGioR5
Paris Trains Hit By Sabotage Hours Before Olympics Kick Off; No official statements over who might be behind the attacks; Fires were set off at three critical rail nodes, SNCF says
Julien Ponthus and Valentine Baldassari - Bloomberg
Trains to and from Paris, including the international Eurostar service, were hit by what authorities called a "massive attack aimed at paralyzing the network" of France's super-fast trains just hours ahead of the inauguration ceremony of the 2024 Olympic Games. "Coordinated malicious acts targeted several TGV lines last night and will seriously disrupt traffic until this weekend," French Transport Minister Patrice Vergriete wrote in a post on the X social network.
/jlne.ws/3LBBRgy
There won't be a 'long list of crypto ETFs,' BlackRock's Robert Mitchnick says
Daniel Kuhn - The Block
Robert Mitchnick, the head of digital assets at the world's largest asset manager, BlackRock, said that despite the launch of spot Ethereum ETFs this week, it's unlikely to open the door to funds that track other crypto assets like Solana's SOL or Polygon's MATIC, on the mainstage at the Bitcoin 2024 conference. "I don't think we're going to see a long list of crypto ETFs," Mitchnick said in a conversation with Bloomberg Intelligence ETF analyst James Seyffart. "If you think of bitcoin, today it represents about 55% of the market cap. ETH is at 18%. The next plausible investible asset is at, like, 3%. It's just not close to being at that threshold or track record of maturity, liquidity, et cetera."
/jlne.ws/3WBN7ji
Corporate insiders are dumping stock at the fastest rate in more than a decade; Recession fears envelop leaders on the front lines of the economy
Mark Hulbert - MarketWatch
Corporate insiders have taken a sharply pessimistic turn - selling their companies' shares at the fastest rate in at least a decade. That's according to InsiderSentiment.com, a website maintained by Nejat and Jon Seyhun. The former is a finance professor at the University of Michigan and one of academia's leading experts on interpreting the behavior of insiders.
/jlne.ws/4fhX2BQ
Goldman Sachs says next US president to have limited tools to significantly boost 2025 oil supply
Reuters
Goldman Sachs said on Thursday that whoever wins the U.S. presidential election in November will have limited tools to significantly boost domestic oil supply next year. Strategic petroleum reserve stocks are low and regulatory easing may only significantly boost U.S. long-run supply, the bank said in a client note.
/jlne.ws/3LFtXmh
Harvard's $465 Million in Tax Benefits Draw New Scrutiny; The university's vast wealth is getting attention from both politicians and local officials who are pushing for institutions to pay more
Nic Querolo, Amanda Albright, Janet Lorin, and Jeremy C.F. Lin - Bloomberg
Harvard University touts its gleaming science and engineering complex as its most significant new building in a generation. Sheathed in steel mesh and described as a living laboratory, it's home to a school named for the hedge fund billionaire John Paulson - an alumnus who donated $400 million to the university. The property stretches more than a city block in Boston's Allston neighborhood, where the buildings along Western Avenue exemplify the school's wealth and prestige. Nearby stands the Harvard Business School's Spangler Center, named for alumnus and banker Dick Spangler; a concert hall bearing the name of hedge fund manager and alumnus Seth Klarman; and a dorm overlooking the Charles River. Together, the parcels are valued at more than $290 million, according to the city's assessor. Were they owned by a corporation, Boston would reap millions from property taxes. Harvard's tax payout: $0.
/jlne.ws/4cWRoDG
Japan urges G20 vigilance against excessive FX fluctuations
Makiko Yamazaki - Reuters
Japan has urged its G20 peers to be increasingly vigilant to excessive foreign exchange rate fluctuations driven by speculation, Tokyo's top currency diplomat Masato Kanda said on Thursday. Speaking at a press conference at the G20 finance ministers and central bank governors meeting in Rio de Janeiro, Kanda said attention needed to be paid to risks of prolonged high interest rates in some countries destabilising financial markets.
/jlne.ws/3yevSen
Julius Baer Seeks Goldman Sachs Deal to Get New CEO Sooner; Stefan Bollinger only due to start by February next year; Analysts have warned Baer is facing strategic uncertainty
Jan-Henrik Foerster and Myriam Balezou - Bloomberg
Julius Baer Group Ltd. is negotiating with Goldman Sachs Group Inc. to allow Stefan Bollinger to take up his role as chief executive officer of the Swiss bank sooner than planned, people familiar with the matter said. Bollinger, who is currently co-head of wealth management for Europe, the Middle East and Africa at Goldman, was appointed CEO of Julius Baer earlier this week, but has approximately six months notice to serve. He will join "no later" than Feb 1, the bank said on Tuesday.
/jlne.ws/3WjPrKq
US Accuses Short-Seller Andrew Left of Securities Fraud; SEC sues Left and Citron over stock short selling, research; Justice Department says Left committed securities fraud
Tom Schoenberg - Bloomberg
US authorities accused famed short-seller Andrew Left of committing fraud through stock trades, social media posts and research reports - their biggest move yet in a yearslong crackdown against traders who tout their bearish bets. The Securities and Exchange Commission alleged Friday that Left used his firm, Citron, to generate about $20 million in profits from illegal trading involving almost two dozen companies. The Justice Department also announced a criminal case against Left, accusing him of securities fraud. Left had no immediate comment.
/jlne.ws/3Wt0O2S
***** Here is The Wall Street Journal version of this story.~JJL
Trader and PM relationships: A holistic approach is key to success; As the industry continues to evolve at an ever-faster pace, spurred by technological innovation, the data revolution, and market structure developments, both traders and portfolio managers (PMs) are wearing increasingly more hats in their quest for success. Claudia Preece examines the current relationship between the two sides and the potential for converging roles in the future.
Claudia Preece - The Trade
The symbiotic relationship between portfolio managers (PMs) and traders is a staple of the investment process with both sides making up key parts of the value chain, however as our capital markets continue to shift, demonstrably so too are these roles. In an industry where change is widely inevitable, the relationship between the two appears to be irrevocably evolving.
/jlne.ws/4c2WFYS
FCA to offer partly 'rebundled' research to support UK buy-side; Watchdog is introducing a new payment option which facilitates joint payments for third-party research and execution services, provided a firm meets requirements.
Annabel Smith - The Trade
The UK Financial Conduct Authority (FCA) has announced new rules around payment for research that re-introduce an optional element of rebundling. Released on Friday, the watchdog's new rule introduces a new payment option for research and follows an industry consultation period that began in April.
/jlne.ws/3WCH261
|
| | | |
|
| |
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine's hopes and challenges after long wait for F-16s
Abdujalil Abdurasulov - In Kyiv and Chris Partridge - BBC
The first F-16 fighter jets are set to arrive in Ukraine from Nato member states, after many months of preparation and pilot training. Ukraine's President Volodymyr Zelensky has said they are essential to help Ukrainians push back against Russia's aerial dominance and "unblock the skies". Russian forces have been preparing for the Ukrainian F-16s too.
/jlne.ws/3zZj4sY
Netherlands, Denmark prepare to ship 14 Leopard main battle tanks to Ukraine
Paul Godfrey - United Press International
The Netherlands and Denmark will deliver 14 reconditioned German-made Leopard 2 tanks to Ukraine within weeks in response to Kyiv's demand for more defensive firepower, the Dutch Defense Ministry said Thursday. Netherlands Defense Minister Ruben Brekelmans said in a news release that 12 of the late 1980s-era tanks purchased by the two countries were back from undergoing a refit by Germany's Rheinmetall, with the last two undergoing final checks Wednesday and Thursday.
/jlne.ws/4c2aRSf
Is bitcoin's incorruptibility at risk with institutional influence?
Rob Nelson - The Street
Bitcoin's path from a niche digital asset to a mainstream investment has stirred debates about its future in the hands of major financial institutions. This discussion, led by Roundtable anchor Rob Nelson, and Noah Newton, CEO of Moby Media, brings into focus the delicate balance between mass adoption and centralization. Nelson initiated the conversation by pondering the dual nature of ETF adoption. He acknowledged the importance of mass adoption facilitated by ETFs but expressed concern about the concentration of bitcoin in the hands of major financial institutions like BlackRock. This concern touches on the original ethos of bitcoin, which aimed to decentralize control away from such entities.
/jlne.ws/46p9s76
Putin's Latest Problem Is Runaway Inflation; Even as price rises have moderated across much of the developed world, Russia's struggles with price stability are getting worse
Georgi Kantchev - The Wall Street Journal
As Russia fights the war in Ukraine, it is losing a battle at home-against inflation. Last year, the Russian central bank more than doubled interest rates to tame prices. Inflation, though, kept rising, hitting over 9% this month, with a vast range of goods and services becoming costlier from potatoes (up 91% so far this year) to economy-class flights (up 35%). The central bank lifted its benchmark rate another two percentage points on Friday to 18%, making it one of the few central banks in the world to raise rates this year.
/jlne.ws/46ljVjG
|
| | | |
|
| |
| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Netanyahu Offers Full-Throated Defense of Gaza War
Annie Karni and Erica L. Green - The New York Times
The Israeli prime minister portrayed the war in Gaza as a "clash between barbarism and civilization" and declared "we will win." He called antiwar protesters outside the Capitol "Iran's useful idiots."
/jlne.ws/4c6aKoy
Harris makes a forceful case for Israel-Gaza cease-fire after Netanyahu meeting; The vice president did not diverge from Biden administration policy except in tone.
Myah Ward and Jonathan Lemire - Politico
Vice President Kamala Harris met with Israeli Prime Minister Benjamin Netanyahu in private Thursday and followed it with a strikingly forceful call on his government to get a cease-fire deal done and ease the suffering of civilians in Gaza. Harris, as she works to define herself as her party's new likely nominee, did not diverge from Biden administration policy except perhaps in the directness of her message.
/jlne.ws/46k1USM
Biden, Netanyahu Meet Amid Push for Gaza Cease-Fire; Israeli prime minister also met with Kamala Harris, is expected to visit Donald Trump
Lara Seligman and Summer Said - The Wall Street Journal
President Biden met with Israeli Prime Minister Benjamin Netanyahu at the White House on Thursday, aiming to close the remaining gaps in a Gaza cease-fire deal after months of fruitless negotiations. The Biden administration believes the gap between Israel and Hamas is narrow enough to be closed if those issues can be worked out, a senior administration official said. "It's time to move to close that agreement," the official told reporters Wednesday.
/jlne.ws/3WAMZ3w
Harris says she 'will not be silent' on Gaza suffering while telling Netanyahu to get ceasefire deal done
Sam Fossum and Nadeen Ebrahim - CNN
Vice President Kamala Harris vowed to "not be silent" about suffering in Gaza amid the Israel-Hamas war, saying she expressed her "serious concern" to Israeli Prime Minister Benjamin Netanyahu Thursday while telling him it is time to lock down a ceasefire deal. "Israel has a right to defend itself and how it does so matters. What has happened in Gaza over the past nine months is devastating," Harris, the presumptive Democratic presidential nominee, told reporters in remarks after her meeting with Netanyahu in Washington.
/jlne.ws/4d98Wfw
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Positive revenues from Euronext trading segments sees overall revenue rise year-on-year; The trading venue saw Q2 2024 revenue and income achieve EUR412.9 million, up 12.2% when compared to the same period last year.
Wesley Bray - The Trade
Euronext has experienced positive earnings in the second quarter of this year, attributed to strong performance of trading and post-trade activities as a result of dynamic trading environments.The trading venue saw Q2 2024 revenue and income increase 12.2% when compared to the same period last year, totalling EUR412.9 million.
/jlne.ws/3yeIRwC
SIX Increases Operating Income and Profit in the First Half-Year
SIX
In the first half of the year, SIX increased its operating income by 2.6% year-on-year to CHF 790.9 million. At constant exchange rates, this amounts to 3.4%. Three out of the four business units contributed to this growth. This was primarily driven by higher revenues from debit cards services, mobile payments and eBill, from international securities custody, as well as from reference data, regulatory services, and indices. The growth in these areas significantly overcompensated for lower earnings in equity trading.
/jlne.ws/4c2Q4xR
CME Group to Launch Adjusted Interest Rate S&P 500 Total Return (SOFR) Futures on August 26
CME Group
CME Group, the world's leading derivatives marketplace, today announced plans to launch Adjusted Interest Rate S&P 500 (AIR) Total Return (SOFR) futures on August 26, pending regulatory review. AIR Total Return futures on U.S. indices are designed to provide total return exposure with an overnight floating rate built in. The model for the new AIR S&P 500 Total Return futures remains the same; however, the new product will use the Secured Overnight Financing Rate (SOFR) as the embedded rate instead of the current Effective Federal Funds Rate (EFFR).
/jlne.ws/4djruKb
Euronext publishes Q2 2024 results; Euronext's diversified business model continues to drive strong topline growth.
Euronext
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris - 25 July 2024 - Euronext, the leading pan-European market infrastructure, today publishes its results for the second quarter 2024.
/jlne.ws/46o4NlD
How IEX's D-Peg order type continues to prove its worth in a "next-best-thing" market
Sam Stevens - IEX
When IEX launched the D-Peg order type in 2014, it set a new standard for midpoint quality. IEX already had a Speed Bump and Midpoint Peg order type, but D-Peg introduced something extra: the Signal. While the Speed Bump is designed to protect D-Peg against trading at stale midpoint quotes, the Signal adds an additional layer of protection by guarding against trading at quotes that are about to change because the market is in transition. That dual layer of defense allows D-Peg to be highly effective in achieving stable midpoint trades.
/jlne.ws/4bYsbHB
NSE Commences Skill Development Training Session under Project GAURAV at Government Degree College Jhakoli, Rudraprayag, Uttarakhand
NSE
The National Stock Exchange of India Ltd. (NSE) is pleased to announce the commencement of the skill development on-ground training session under the Project GAURAV (Giving of Additional Upskilling Resources And Value) at Government Degree College Jhakoli, Rudraprayag, Uttarakhand. This significant milestone follows the recent signing of a Memorandum of Understanding (MoU) between NSE and the Department of Higher Education, Government of Uttarakhand.
/jlne.ws/3SlhMPe
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montreal Exchange Closed for Civic Holiday
TMX
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montreal Exchange will be closed on Monday, August 5, 2024 for the Civic Holiday. The Exchanges will re-open and resume regular trading on Tuesday, August 6, 2024.
/jlne.ws/4fhiA1x
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | AI's Hype Correction Is a Healthy Pause for Breath; Businesses are becoming more rigorous about how they measure success, suggesting lessons have been learned from the dotcom boom and bust.
Parmy Olson - Bloomberg
Is generative AI worth the money? Technology leaders like Microsoft Corp. Chief Technology Officer Kevin Scott says costs will come down and capabilities improve, but as Wall Street heads toward correction territory - Nvidia Corp. and Microsoft, two stocks that have ridden the AI wave, are down more than 15% and 8% respectively since July 10 - enterprises are grappling with a deeper problem: How do they put AI to use and measure the return on that investment?
/jlne.ws/4fi0RHb
Artificial intelligence breakthroughs create new 'brain' for advanced robots; Google, OpenAI and Tesla race start-ups to develop AI robotic systems in effort to transform healthcare and manufacturing
Cristina Criddle and Madhumita Murgia and George Hammond - Financial Times
Over the past three years, Péter Fankhauser's industrial robots went from being able to climb stairs, to jumping between boxes, doing backflips and performing other parkour-style tricks. The robots were not programmed to perform these new actions, instead adapting to their environment powered by new artificial intelligence models.
/jlne.ws/3WEWbUH
Fireside Friday with... BTIG's Stephen Ponzio; The TRADE sits down with head of electronic trading at BTIG, Stephen Ponzio, to discuss what's front of mind when it comes to investing in e-trading talent, which characteristics are most prized on the desk, the importance of human-to-human interaction, and the firm's future technological plans.
Claudia Preece - The Trade
When it comes to investing in electronic trading talent, what are the key things you look out for?
As BTIG electronic trading thinks about the future, we are prioritising developing junior talent with a diverse skill set and background including critical thinking, resourcefulness, and a strong work ethic. A good indicator for critical thinking is a robust education in science and mathematics. The latter teaches discipline, reasoning, and completeness. Moreover, a foundational grasp of statistics is also important as many of our methodologies rely on it to uncover truths through sampling and identify biases.
/jlne.ws/4cULYZH
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | North Korean hackers stole military secrets, FBI reveals
Tony Diver - The Telegraph
A North Korean hacking group stole secrets about satellites and warplanes from Nasa, US air bases and defence contractors, the FBI has revealed, as it launched a hunt to catch the perpetrators. The US government is offering a $10 million reward for information leading to the identity of hackers targeting American national security assets, including nuclear secrets and information about missiles, submarines and drones.
/jlne.ws/3y2ofI9
Paris Olympics' Cyber Team Braces for Onslaught From Hackers; Attackers have previously targeted Games, anti-doping agencies; France has already been hit by cyberattacks, disinformation
Jamie Tarabay - Bloomberg
Last month, websites for a French film festival and the Grand Palais, a historic exhibition and museum complex in Paris, shut down after a cyberattack. Researchers tracked the episodes to a group of hacktivists affiliated with Russian intelligence and reported that the hackers described it as a training exercise. "Judging by the consistency of the group's statements, they intend to carry out large-scale attacks during the Summer Olympics in Paris," researchers at the cybersecurity firm Cyble Inc. wrote in a report.
/jlne.ws/4d9AlOA
ECB finds 'shortcomings' in banks' ability to cope with cyber attacks; First review of lenders' capacity to withstand breaches comes amid rise in hacks
Martin Arnold - Financial Times
The European Central Bank has called on lenders to improve their capacity to respond and recover from a major cyber attack, in its first test of the financial sector's vulnerability to the rising threat from hackers. The ECB said its debut cyber stress test found "room for improvement" in the readiness of banks to cope with a scenario in which hackers penetrated their defences and caused serious disruption to core databases and systems.
/jlne.ws/4dhCkAb
CrowdStrike Says 97% of Systems Hit by Outage Are Back Online; CEO George Kurtz has been summoned to Congress to testify after tech outage snarled businesses, governments and travel last week
Nicholas Hatcher - The Wall Street Journal
CrowdStrike said over 97% of Microsoft Windows sensors were back online as of Thursday, nearly a week after a global tech outage snarled businesses, government agencies and air travel worldwide. CrowdStrike Chief Executive George Kurtz said the company still has more work to do to address the fallout from last Friday's disruption.
/jlne.ws/3ymLSLl
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | Coinbase Asset Management Plans Tokenized Money-Market Fund, a Hot Area After BlackRock's BUIDL Success: Sources
Ian Allison - CoinDesk
The asset management arm of U.S.-listed cryptocurrency exchange Coinbase (COIN) is creating a tokenized money-market fund, jumping into one of the hottest crypto-powered corners of finance, according to four people familiar with the plan. Tokenization, or representing ownership of real-world assets (RWAs) through blockchain-based products, has become one of the big trends in crypto of late. BlackRock, the world's biggest asset manager, introduced a fund called BUIDL that holds U.S. Treasuries. That fund quickly hit $500 million of assets following its introduction in March.
/jlne.ws/4cUJlHy
Jersey City to Invest in Bitcoin ETFs, the Latest Pension to Dive Into Crypto
Cheyenne Ligon - CoinDesk
The municipal pension plan of Jersey City, New Jersey, will soon invest in bitcoin via exchange-traded funds, according to a Thursday social media post from Mayor Steven Fulop. While it's not likely to be a gigantic sum, the decision is another symbolic win for cryptocurrency on the road toward wider adoption. The move follows a Wisconsin pension making a similar decision earlier this year.
/jlne.ws/4fcgrEa
Mark Cuban Thinks He Knows Why Tech Billionaires Are Flocking to Trump; The investor suspects there's a crypto-related play behind it all.
Sam Blum - Inc.
As a group of ultra-wealthy tech investors and executives flock to Donald Trump's corner by pledging financial support for his presidential campaign, Mark Cuban has a theory as to why Silicon Valley is suddenly gung-ho for the GOP candidate. The billionaire investor thinks VCs are backing Trump as part of a ploy to deregulate crypto and see the price of Bitcoin surge. On Wednesday, Cuban posted on X: "Here is a contrary opinion on the emergence of Silicon Valley support for former President Trump. Which like all my opinions on here, probably won't be popular. It's a bitcoin play."
/jlne.ws/3A90D4X
The Trump-crypto love story may not be happily ever after
Allison Morrow - CNN
Donald Trump didn't need to do much to win over crypto investors, who are used to being treated like the problem children of the financial world. They're tinkering in the shadows, doing a thing most normies either don't understand and/or believe is a scam. In recent months, the bitcoin crowd has warmed to the former president and Republican nominee, who in turn has warmed to the idea of Big Tech and crypto profits flowing into political action committees that support his reelection.
/jlne.ws/46tETwT
Bitcoin Miner Marathon Buys $100M BTC, Will Once Again Adopt 'Full HODL' Strategy
Aoyon Ashraf - CoinDesk
Marathon Digital (MARA), one of the largest bitcoin {{BTC}} miners, bought $100 million worth of BTC in the open market and said it will readopt its strategy to hold all mined bitcoin on its balance sheet. The miner said in a statement on Thursday that it now holds over 20,000 bitcoin, worth nearly $1.3 billion based on current prices, on its balance sheet and plans to buy more in the open market.
/jlne.ws/3LG3QeS
Staking in Ethereum ETFs Might Be a Question of When, Not If
Helene Braun - CoinDesk
Eight newly approved spot ether {{ETH}} exchange-traded funds got off to a busy start following their debut this week, despite lacking a key feature of Ethereum's native token: staking income. While the Grayscale Ethereum Trust (ETHE), which has existed in non-ETF form for years but just converted into an ETF, has seen about $811 million of outflows, new products from the likes of BlackRock saw almost $800 million deposited in the first two days. Issuers say they're pleased.
/jlne.ws/3YjlBbm
As ether ETFs in US take off, Hong Kong may look to staking
South China Morning Post
/jlne.ws/4bWdBAh
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | Trump discusses US wiping Iran 'off the face of the Earth'
AFP
Republican presidential nominee Donald Trump on Thursday invoked the annihilation of US adversary Iran in a social media post reminiscent of his most incendiary outbursts while in the White House. "If they do 'assassinate President Trump,' which is always a possibility, I hope that America obliterates Iran, wipes it off the face of the Earth - If that does not happen, American Leaders will be considered 'gutless' cowards!" he wrote on his social media platform, Truth Social.
/jlne.ws/4bW9DaR
Trump-Era White House Official Anthony Scaramucci Says Kamala Harris Is Capable And Has A Great Team: 'Look Forward To Seeing Her Policies On Crypto'
Aniket Verma - Benzinga
Anthony Scaramucci, the former White House Communications Director, voiced his support for Vice President and presumptive Democratic presidential nominee Kamala Harris, specifically expressing anticipation for her future policies on cryptocurrency. What Happened: On Wednesday, Scaramucci praised Harris and her team in an X post, stating, "Kamala Harris is capable and has a great team. I like where we're going and look forward to seeing her policies on crypto."
/jlne.ws/46kyEeK
Eight Things Republicans Get Wrong About Free Trade; With its move toward protectionism, the party is turning its back on a global system that benefits the US more than any other country.
Tyler Cowen - Bloomberg Opinion
With Donald Trump and JD Vance at the top of the Republican ticket, the party seems to be returning to its protectionist roots. Some members of the conservative intelligencia are cheering it on. With this background in mind, allow me to recapitulate some of the arguments for free trade, or at least something close to free trade. Think of this as a kind of cheat sheet for the current debate. Earlier American greatness was not built on tariffs. It is true that 19th century tariffs often were high, but they were not the main reason the US became rich (they were an important means of funding the government, given the absence of an income tax). The best economic research shows that what drove US economic growth was population expansion and capital accumulation. Tariffs raised the price of imported capital goods and thus partially discouraged growth, while the US expansion was actually most rapid in non-tradeable goods.
/jlne.ws/4dfxwvc
Canada Is Poised to Delay Oil Pipeline Sale Until After 2025 Election; Trans Mountain expansion was completed earlier this year; Auction is held up by regulations, indigenous talks, politics
Brian Platt - Bloomberg
Prime Minister Justin Trudeau's government is likely to stall the sale of the Trans Mountain oil pipeline until after Canada's national election in 2025, according to officials familiar with internal discussions. The pipeline, which transports crude from Alberta to the west coast for export to global markets, was bought by the government in 2018 to rescue a project to nearly triple its capacity. Trudeau has said the government doesn't intend to be a long-term owner.
/jlne.ws/4dh3yqO
EDF Chief Says French Solar Power Subsidies Need Scrutiny
Francois De Beaupuy - Bloomberg
Electricite de France SA Chief Executive Officer Luc Remont urged French policymakers to review subsidies for solar power, saying the measures add too much generation to the grid and undermine the nuclear giant's finances as electricity demand remains subdued. "In a period of rather weak demand and abundant supply, there are types of investments that are more or less useful and more or less expensive for the system," Remont said on an earnings call Friday. "This discussion must take place."
/jlne.ws/46mjBBc
|
| | | |
|
| |
| Regulation & Enforcement | | Stories about regulation and the law. | US indicts North Korean hacker accused of helping extort US hospitals
Sean Lyngaas - CNN
The US Justice Department on Thursday announced the indictment of an alleged North Korean government-backed hacker for allegedly participating in a scheme to break into US hospital computer systems and extort them for ransom. Rim Jong Hyok is part of a group of hackers working for North Korea's military intelligence agency that uses ransoms collected from health care providers to fund further hacking operations against US government agencies and contractors, the US government alleges.
/jlne.ws/3ydAmSv
SEC Charges Andrew Left and Citron Capital for $20 Million Fraud Scheme; Boca Raton short seller used 'bait-and-switch' tactics to mislead investors
SEC
The Securities and Exchange Commission today announced charges against activist short seller Andrew Left and his firm, Citron Capital LLC, for engaging in a $20 million multi-year scheme to defraud followers by publishing false and misleading statements regarding his supposed stock trading recommendations.
/jlne.ws/4cWPkvs
SEC Charges Virginia Engineer with Orchestrating $30 Million Offering Fraud
SEC
The Securities and Exchange Commission today charged Babu Ramaraj, a resident of Aldie, Virginia, with defrauding more than 70 investors of approximately $31 million through his company, DAB Inspection and Consulting Services LLC.
/jlne.ws/3WjbCAh
ASIC bans NSW adviser from providing financial services for five years and cancels the AFS licence held by his business
ASIC
ASIC has banned NSW-based adviser Christopher Edward Luff from providing financial services for five years and has cancelled the AFS licence of his business, Build Your Wealth Pty Ltd (Build Your Wealth).
/jlne.ws/4cWZgVw
FCA sets out rules and proposals to build up UK wholesale markets
FCA
The FCA has set out a package of measures designed to help strengthen the UK's capital markets and position as a global and vibrant financial centre. Key to the package are proposed rules to establish the new Public Offers and Admissions to Trading Regime (POATRs), which will replace the existing UK Prospectus Regulation.
/jlne.ws/3Ym7tOU
Discussion Paper on Lifecycle Management of Products, Services and Activities
FSA
On June 19, 2024, the FSA published a Discussion Paper on Lifecycle Management of Products, Services and Activities. The document highlights FSA's fundamental approach to the lifecycle management of products at banks and securities firms. It is based on the results of a survey on the new product approval framework as well as the ongoing risk management of products at G-SIBs' Japanese entities, major Japanese banks, and major Japanese securities firms. This is the provisional translation of the paper.
/jlne.ws/46q5FX8
Memorandum of Cooperation in the area of banking supervision with De Nederlandsche Bank
FSA
On July 3, the Financial Services Agency and De Nederlandsche Bank (DNB) signed a Memorandum of Cooperation (MoC) regarding cooperation and the exchange of information in the supervision of banks that are supervised by each of the two authorities.
/jlne.ws/3SpuzAf
MAS Monetary Policy Statement - July 2024
MAS
1. In the April 2024 Monetary Policy Statement (MPS), MAS maintained the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band, with no change to the width of the band or level at which it was centred. Since then, the S$NEER has continued to strengthen in the upper half of the appreciating policy band.
/jlne.ws/3WjMf1o
SFC and IA joined forces to tackle cross-sector irregularities
SFC
The Securities and Futures Commission (SFC) and the Insurance Authority (IA) have joined forces to tackle suspected irregularities concerning the investment portfolio of Tahoe Life Insurance Company Limited (Tahoe Life). The announcement made by the IA today (26 July 2024) to appoint Joint and Several Managers to take full control of the affairs and property of Tahoe Life (Note 1) represents the outcome of patient and assiduous work done over the past four years. Back in May 2020, the IA sought assistance from the SFC on information regarding certain investments made by Tahoe Life. Subsequent inspections carried out by the SFC on a few licensed fund managers revealed that the assets in question held by Tahoe Life were channelled into financial instruments linked with a related party on the Mainland.
/jlne.ws/3yq76Ie
SFC welcomes appointment and re-appointment of Non-Executive Directors
SFC
The Securities and Futures Commission (SFC) welcomes the appointment by the Financial Secretary of Mr Vincent Chan Chun-hung and the re-appointment of Mr Victor Dawes, SC, as Non-Executive Directors for a term of two years from 1 August 2024. "I would like to extend a warm welcome to Mr Chan, who will contribute to the diversity of the SFC Board and broaden our regulatory skill set with his strong background in private equities and venture capital," said Mr Tim Lui, the SFC's Chairman.
/jlne.ws/3ygLTR8
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Great Rotation Trade Sees Investors Dump AI Giants for Less Obvious Stocks; Speculative AI trades seen outside of tech, communications: BI
Sangmi Cha, Ivy Chok, and Natalia Kniazhevich - Bloomberg
Signs that equity investors are getting cold feet over the rapid advances in artificial intelligence leaders have put a spotlight on some less obvious beneficiaries of the technology boom. A sevenfold surge in shares of Nvidia Corp. since the launch of ChatGPT in late 2022 helped drive a megacap-led rally around the world. But concerns over the sustainability of those gains as well as geopolitical tensions and shifts in global monetary policy are now driving a broadening of the market amid a hunt for new drivers.
/jlne.ws/3yevRai
The Junk in Your Index Fund Is Costing You Big-Time; Small-cap stocks are on a roll, but the simplest and most popular way to buy them should carry a warning label
Spencer Jakab - The Wall Street Journal
A little over two years ago, millions of investors found themselves owning a stake in Enochian Biosciences, a money-losing drug development company few had heard of. Even fewer would have bought it on purpose. The man listed as its "scientific founder" and largest shareholder had just been arrested for murder. It turned out that he wasn't a doctor as claimed, or even a college graduate, and that he was wanted for selling bogus cures in his native Turkey. Despite much of that being public information already, a large number of the company's shares were bought automatically by funds that track the Russell 2000 index, the most closely followed gauge of America's small companies.
/jlne.ws/4c2cW0v
You Inherited an IRA. Here's How to Avoid a Huge Tax Bill.
Elizabeth O'Brien - Barron's
People who inherited retirement accounts in recent years finally have guidance from the Internal Revenue Service on how to drain their accounts. A few strategies can help you avoid handing over more than necessary to the IRS. The maddeningly confusing rules on inherited IRAs and other retirement accounts resemble a Rube Goldberg contraption. But the IRS has finally cleared up some aspects on required minimum distributions, or RMDs. Play it well and you could avoid a huge tax bill.
/jlne.ws/4c2djbp
Meme Stock AMC Wants Creditors to Take a Haircut; Clearlake-backed Springs Window Fashions and software firm McAfee are also in talks with lenders
Reshmi Basu - Bloomberg
Aggressive Maneuvers
A fresh batch of debt haircut proposals highlights how companies are becoming increasingly aggressive in managing their borrowings and extending maturities, often by pitting creditors against creditors. The highest-profile pitch came from movie theater chain AMC Entertainment on Monday. The company unveiled a restructuring deal that will help it extend as much as $2.45 billion of debt to 2029 or later. The world's largest cinema group will use new loans and exchangeable notes to repurchase certain debts due in 2026. It will also turn some borrowing into equity.
/jlne.ws/3Wz14yg
'Boomer Candy' Funds Are Hot. The Taxes Are Not; Investors piling into these fast-growing funds may be surprised by their tax bills
Laura Saunders - The Wall Street Journal
Investors are pouring dollars into exchange-traded funds that offer a dreamy combination of stock exposure and fat income payouts as high as 12%. But next year they could wake up to a hard reality-tax bills that are confusing or higher than expected. These hot offerings are known as covered-call or derivative-income exchange-traded funds. Funds in this category recently held $87 billion as of July 17 compared with $8 billion at the end of 2020, according to FactSet. The number of funds in the group rose to 93 from 14 over the same period.
/jlne.ws/3LFIJtd
Let the Pros Play With the 'Trump (or Harris) Trade'; Market sectors sometimes move when the political winds shift, but trading is hazardous for your financial health, our columnist says.
Jeff Sommer - The New York Times
"Sell in May and go away," is an old Wall Street adage. I first heard about it from my father, a New York businessman, on a hot afternoon back in the last century. "The brokers and the people with real money are in the Hamptons now," he shouted over the bedlam of city traffic as he drove us home in an un-air-conditioned Ford sedan. "They just shut down for the summer and relax. The rest of us, who are still working, might as well forget about the market, too, because nothing's happening." In an election year, he said, that was doubly true. Nobody but the pros paid close attention to politics until Labor Day.
/jlne.ws/3ye7Hga
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Coal power plants cost Americans millions when they didn't have to, study says
Wesley Muller - Louisiana Illuminator
Utility companies in Louisiana saddled U.S. residents and businesses with $340 million in unnecessary costs over the last three years by choosing to run three outdated, inefficient coal plants when cleaner, more affordable energy sources were available, according to a recent study an environmental group commissioned. The Natural Resources Defense Council, a coalition of environmental lawyers, scientists, advocates and other experts, commissioned the study from Grid Strategies, a power sector consulting firm out of Washington D.C., to analyze the operating costs of power plants that supply electricity to the Midcontinent Independent System Operator (MISO) market. The country's largest regional electric grid, MISO covers most of Louisiana and spans into a large swath of the Midwest and parts of Canada.
/jlne.ws/3zYRn3o
Extreme heat is wilting and burning forests, making it harder to curb climate change; High temperatures, droughts and wildfire last year caused some forests to wilt and burn enough to degrade the ability of the land to lock away carbon dioxide.
Dino Grandoni - The Washington Post
Earth's land lost much of their ability to absorb the carbon dioxide humans pumped into the air last year, according to a new study that is causing concern among climate scientists that a crucial damper on climate change underwent an unprecedented deterioration. Ask your climate questions. With the help of generative Al, we'll try to deliver answers based on our published reporting. Temperatures in 2023 were so high - and the droughts and wildfires that came with them were so severe - that forests in various parts of the world wilted and burned enough to have degraded the ability of the land to lock away carbon dioxide and act as a check on global warming, the study said.
/jlne.ws/4cUVTyF
Great Salt Lake dry-up may be increasing greenhouse gas emissions: Study
Sharon Udasin - The Hill
As the Great Salt Lake falls prey to human-induced drought conditions, its increasingly exposed seabed is emitting greenhouse gases and accelerating climate change, a new study has found. About 4.1 million tons of such gases were released from the dried-out lake floor in 2020 alone, with carbon dioxide making up 94 percent of those emissions, according to the study, published on Thursday in One Earth. "Human-caused desiccation of Great Salt Lake is exposing huge areas of lake bed and releasing massive quantities of greenhouse gases into the atmosphere," lead author Soren Brothers, climate change curator at the Royal Ontario Museum, said in a statement.
/jlne.ws/4cY5vbF
Youth groups urge Kamala Harris to hold the line on climate change policy; Campaigners fear Democratic candidate will soften her stance to win over voters with more moderate views on global warming
Aime Williams - Financial Times
Young climate campaigners are urging Kamala Harris not to soften her position on global warming in a bid to win over swing voters as she campaigns to become the next US president. "We are watching and waiting to see what kind of vision she puts forward on climate in coming weeks," said Stevie O'Hanlon, spokesperson for the Sunrise Movement, a youth-led climate organisation that helped elect Joe Biden in 2020, but recently called for him to stand aside.
/jlne.ws/4fnPCNl
The Best Quick Fix for Climate Change? Curbing Methane; The greenhouse gas warms the planet far more than carbon dioxide but dissipates more quickly. There are many promising ways to cut emissions.
Rob Jackson - The Wall Street Journal
If greenhouse gases were prizefighters, methane would be a heavyweight-a powerful puncher that tires quickly. Pound for pound, it is 90 times stronger than carbon dioxide (CO2) at warming the Earth. But it is also much shorter lived than CO2, leaving the air naturally after only a decade.
/jlne.ws/3WBTnYk
China Rules Solar Energy, but Its Industry at Home Is in Trouble; The solar sector shows how China conducts industrial policy: It chooses industries to dominate, floods them with loans and lets companies fight it out.
Keith Bradsher - The New York Times
Over the past 15 years, China has come to dominate the global market for solar energy. Nearly every solar panel on the planet is made by a Chinese company. Even the equipment to manufacture solar panels is made almost entirely in China. The country's solar panel exports, measured by how much power they can produce, jumped another 10 percent in May over last year.
/jlne.ws/3So4Ubh
UN chief urges wealthy countries to beat fossil fuel 'addiction' amid expansions; Secretary general said wealthiest countries are 'signing away our future' with more production and called for phase-out of fossil fuels
Oliver Milman - The Guardian
/jlne.ws/3Wlqxdh
Olympic Athletes Go High-Tech to Beat Extreme Heat; From wearable heat sensors to inflatable ice pools, Olympic athletes are adjusting their training and performance routines for extreme heat.
Ira Boudway, Kendra Pierre-Louis, Hayley Warren and Jin Wu Green - Bloomberg
/jlne.ws/4c2Xdyb
In the Developing Field of Climate Psychology, 'Eco-Anxiety' Is a Rational Response
Nina Dietz - Inside Climate News
Some therapists have found that cognitive behavioral therapy, designed to help patients see that they are "catastrophizing," isn't enough because the potential impacts of climate change are truly catastrophic.
/jlne.ws/3Yk3t1l
Wood pellets boomed in the US South. Climate activists want Biden to stop boosting industry growth
James Pollard, Julie Watson and Stephen Smith - Associated Press
/jlne.ws/4fhWH21
Wind energy company announces ambitious factory plans that will create over 2,000 new jobs: 'Steady revenue'
Talia Resnick - TCD
/jlne.ws/46kdUnu
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Banco Sabadell boss warns of antitrust threat to takeover by BBVA; Cesar Gonzalez-Bueno says Spanish regulators could force potential acquirer to jettison part of its SME business
Owen Walker - Financial Times
The chief executive of Spain's Banco Sabadell has warned that its would-be acquirer BBVA could be forced by antitrust regulators to offload part of its business serving small companies, jeopardising the main attraction for the hostile bidder. Cesar Gonzalez-Bueno, Sabadell's chief executive, was launching the latest salvo in a contentious takeover battle as Sabadell seeks to fight off Spanish bank's BBVA's bid, which initially valued the target at EUR12bn and would be the largest deal in European banking this year. "In an already concentrated market, [the takeover] raises significant competition issues...The disappearance of Sabadell would put not only the pricing at risk for [small businesses], but it will also put at risk the access to credit," Gonzalez-Bueno told the Financial Times.
/jlne.ws/3zWgggj
Macro hedge funds to dump $45 billion in equities, says Morgan Stanley
Carolina Mandl - Reuters
Computer-driven macro hedge fund strategies on Wednesday sold $20 billion in equities and are set to shed at least more $25 billion over the next week after the stock rout, in one of the largest risk-unwinding events in a decade, Morgan Stanley said in commentary to institutional clients on Thursday. After disappointing earnings reports from Tesla and Alphabet, investors heavily ditched stocks on Wednesday, with the tech-heavy Nasdaq Composite dropping 3.6% in its worst day since October 2022.
/jlne.ws/3YlPyaS
Hermes Li's $9 Billion Aspex Hedge Fund Gains 21% in First Half; Semiconductor, other technology holdings contributed to gains; Aspex also made money across other industries and countries
Bei Hu - Bloomberg
Hermes Li's Aspex Management (HK) Ltd. posted double-digit returns in the first half, helping boost the firm's assets under management to more than $9 billion, according to people familiar with the matter. Aspex's hedge fund, one of the largest in Asia, returned 21% in the six months through June, said the people, who asked not to be named as the information is private.
/jlne.ws/3zUcbsK
Citadel appoints new equity trader; Incoming individual most recently served as an equity trader at Pictet Asset Management for seven years.
Claudia Preece - The Trade
Robert Whelan has joined Citadel as equity trader following almost eight years at Pictet Asset Management. Whelan joined Pictet AM as an equity trader back in 2016. Prior to that, he worked at Morgan Stanley, initially joining as an electronic trading associate before going on to a role as equity sales trader.
/jlne.ws/3SMMMbl
|
| | | |
|
| |
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | 'We Feel Stuck': Child Care Needs Limit Women's Work Force Gains; Participation in the labor force has surged among women in their prime working years. But for those with children under 5, the gains may have peaked.
Sydney Ember - The New York Times
Jessica Cuevas loved her job as a college counselor at a high school. But after giving birth to a son in January 2021, she switched to a remote corporate job at a grocery store chain because it gave her more flexibility and saved her commuting time. After her second son was born two years later, she quit that job, too. She had been relying on her mother for help, but her parents have been spending more time in Mexico, leaving her without an affordable and reliable child care option. Ms. Cuevas, who is 35 and lives in Chicago, works part time from home for an education nonprofit, though the work is sporadic and the pay is inconsistent. She wants a full-time job - in part so she and her husband can buy a bigger house - but she is concerned that the expense of child care would wipe out any financial upside.
/jlne.ws/3WnVFZO
|
| | | |
|
| |
| Wellness Exchange | | An Exchange of Health and Wellness Information | Extreme Heat Is Making Our Mental Health Worse; As the temperature climbs, our brains have to work harder and harder to regulate our bodies - and our psyches.
Lisa Jarvis - Bloomberg Opinion
On Monday, planet Earth achieved a terrifying milestone: Global temperatures reached their highest level in recorded history, breaking a record set just one day before. This year is expected to be the hottest in centuries. Heat waves are hotter, longer and more frequent than they were in the 1960s. By now, most of us understand that extreme heat is bad for our health, making our hearts, lungs, kidneys and other organs work much harder. But too often we overlook the quieter, less obvious toll heat takes on another vital organ: our brain.
/jlne.ws/46oeEI1
Breast Cancer Survival Not Boosted by Double Mastectomy, Study Says; A large study showed that for most patients, having both breasts removed after cancer was detected in one made no difference.
Gina Kolata - The New York Times
For the more than 310,000 women diagnosed with breast cancer every year, no matter how well the treatment goes, there is always a lingering fear. Could the disease come back, even years later? And what if it comes back in the other breast? Could they protect themselves today by having a double mastectomy? A study has concluded that there is no survival advantage to having the other breast removed. Women who had a lumpectomy or a mastectomy and kept their other breast did just as well as women who had a double mastectomy, Dr. Steven Narod of Women's College Hospital in Toronto and his colleagues reported, using U.S. data from more than 661,000 women with breast cancer on one side.
/jlne.ws/46ozIOD
Is It Healthy To Drink A Glass Of Wine Every Day? There's been a lot of misinformation out there, so we asked health experts to get to the bottom of it.
Gabby Romero - delish
Humans have been drinking wine for over 6,000 years. Nearly every part of the world has their own winemaking traditions and different varietals of grapes, fermentation techniques, and climates that all impact the flavor of the finished product. And throughout history, different communities have heralded wine for its purported medicinal benefits-including in the modern era. The early aughts were rife with studies that touted the health benefits of drinking a glass of wine every day. The news headlines gave people a hall pass to enjoy an extra glass or two at dinner, but where does the science stand today? Does daily wine consumption offer any material health benefits? What should we keep in mind before opening a bottle?
/jlne.ws/3LH4cls
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Weighs Tenfold Fee Increase on High-Frequency Traders; Regulators consulted some firms to gauge impact, people say; Officials have pledged to slow such traders by raising costs
Bloomberg News
China is considering a fee hike of at least tenfold on high-frequency trading, its latest attempt to rein in some quantitative strategies deemed by regulators as a threat to fairness in the nation's retail investor-dominated stock market. The China Securities Regulatory Commission and the country's stock exchanges have consulted some market participants on draft plans to raise a 0.1 yuan (1.4 cents) fee on buy and sell orders to at least 1 yuan if the transactions meet the threshold of high-frequency trading, according to people familiar with the matter, who requested not to be named as the discussions were private.
/jlne.ws/3WliPzR
Farming Is Hip in Brazil, Where a New Generation Is Outpacing the US; Young entrepreneurs are stepping into agricultural leadership roles in the latest threat to US farming's dwindling influence.
Clarice Couto, Dayanne Sousa and Michael Hirtzer - Bloomberg
Thanks to its cheap labor, year-round harvests and close ties with mega-buyer Beijing, Brazil has rapidly encroached on the US's long-held position as the world's top supplier of key crops. Now, it has a new tool in its bid to unseat American agriculture: Gen-Z. An army of young Brazilians is forgoing service-sector and manufacturing careers to follow their parents into the hip-again family farming business, turbocharging the country's already accelerating standing in the global food supply chain. They're attracted to the industry's rapid expansion, widespread use of technology and history of minting big-name billionaires. As the new generation joins the rural ranks, the age of the average farmer in Brazil has dropped to 46 years old. Meanwhile, America's growers have never been older.
/jlne.ws/4fk2Smc
Cash-Hungry Canadian Miners Test Grey Area of Anti-China M&A Rules
Jacob Lorinc - Bloomberg
Nearly two years after Canada moved to restrict foreign investment in the country's mining sector, minerals explorers and developers are testing the limits of those rules. The Canadian government cracked down on mining deals involving foreign state-owned entities in 2022 in a move widely seen as targeting China's influence in the global critical minerals supply chain, but which threatens to deprive smaller miners and developers of a key source of financing. However, restrictions have stopped short of prescribing specific levels of foreign investment that will be allowed.
/jlne.ws/46ms0EQ
|
| | | |
|
| |
| Miscellaneous | | Stories that don't quite fit under the other sections | Octopus farming in the U.S. would be banned under a new bill in Congress
Bill Chappell - NPR
A controversial plan to commercially farm octopus for meat has led to a U.S. bill that would ban the practice, along with any imports linked to it. Bipartisan legislation to ban octopus farming was introduced in Congress on Friday, after NPR reported on the issue. "Octopuses are among the most intelligent creatures in the oceans. And they belong at sea, not suffering on a factory farm," Sen. Sheldon Whitehouse, D-Rhode Island, a co-author of the bill, said in a statement to NPR.
/jlne.ws/3WBLz8V
Griffin Purchased St. Tropez Mansion Just Before Buying Dinosaur
Felipe Marques - Bloomberg
Ken Griffin has amassed trophy real estate across the US, including some of the most expensive homes in the country in Manhattan and Palm Beach. He's now taking his spending spree to the French Rivera. Griffin purchased a roughly 2-acre waterfront estate in St. Tropez for more than $90 million in late June, the Wall Street Journal reported. A spokesperson for Citadel declined to comment.
/jlne.ws/3zXpNDD
|
| | | |
|
| |
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.
© 2024 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
