| July 08, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
Gun violence has shaken the world again, this time in Japan, as former Prime Minister Shinzo Abe was assassinated at a campaign event today in a nation where political violence and guns are rare, Bloomberg reported. Abe was Japan's longest serving prime minister and was known for his economic policies that were named for him, "Abenomics."
This morning we are publishing the first episode of our new video series, The History of Environmental Trading, featuring a video interview with Gordon Bennett of ICE. The title of the first video is "Introducing The History of Environmental Trading: Gordon Bennett of ICE."
According to a story in The Guardian, the Omicron sub-variant, BA.5, may bring the second-largest wave of Covid to the U.S. and has "immuno-evasive properties that cause reinfection even after vaccination and previous illness." It seems I know lots of people again who have caught the virus, though most have had mild symptoms. One was hospitalized. Be careful.
Being safe might mean eating outside. Bloomberg has graciously given us a story about the best places to eat outside in London titled "The 13 Best Outdoor Dining Venues to Hit During London's Unusually Warm Summer." Elmhurst, IL, my hometown, has some great outside dining venues as well.
If the Ukraine war with Russia turns nuclear, the world will go into a "Little Ice Age" a study says, according to a Bloomberg story. The story says, "A fresh study on the global impact of a nuclear war has concluded that any conflict would plunge the world into darkness, cause temperatures to plummet and wipe out much of the world's sea life."
The Wall Street Journal has a story titled "Five New Financial Jobs of the Future." One of the jobs is NFT inspector. Another is in-house bank hacker. What are the others? Read and find out.
Peter Fusaro is starting a new position as partner at 3DATX Corporation, where they have technology that measures mobile source pollution for fleet vehicles including cars, trucks, buses, ships and trains, and create a verifiable emissions baseline to make a technology switch to cleaner transportation.
The LME Asia Metals Seminar is being held on July 12. For more details and to register, click HERE.
Here is a message from Bevon Joseph of the Greenwood Project
The Greenwood Project is looking for more #volunteers to participate in Jam Sessions with our summer high school scholars.
Jam sessions are 30-minute discussions where students can learn about career paths, areas of interest, and growth opportunities.
As one of Greenwood Project's missions is to provide Black & Latinx students access & exposure to the financial services industry, we are seeking volunteers with varying levels of experience and expertise.
Date and Time: July 11th (9:30-11 am CST and/or 10:30-noon CST).
Please complete this brief survey (https://lnkd.in/g285nhAC) to reserve your spot or email maya.jones@greenwoodproject.org with your availability.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Introducing The History of Environmental Trading: Gordon Bennett of ICE
JohnLothianNews.com
To kick off The History of Environmental Trading video series from John Lothian News and MarketsWiki Education, we interviewed Gordon Bennett of Intercontinental Exchange in ICE's London headquarters during IDX week in early June.
Watch the video »
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Ex-Japan Leader Abe Assassinated in Shooting That Shocks Nation; Abe, 67, was shot while campaigning for upper house election; Former member of Self-Defense Forces arrested: local media
Isabel Reynolds, Yuko Takeo, and Lily Nonomiya - Bloomberg
Former Prime Minister Shinzo Abe -- Japan's longest-serving premier and a figure of enduring influence -- died after being shot at a campaign event Friday in an attack that shocked a nation where political violence and guns are rare.
/jlne.ws/3NTTMh7
***** I am saddened by the assassination of Mr. Abe and send my condolences to the people of Japan and his family and friends. ~JJL
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UN warns of 'looming hunger catastrophe' due to Russian blockade
Patrick Wintour - The Guardian
A looming hunger catastrophe is set to explode over the next two years, creating the risk of unprecedented global political pressure, the director of the UN World Food Programme has warned. Calling for short- and long-term reforms - including an urgent lifting of the blockade on 25m tonnes of Ukrainian grain trapped by a Russian blockade - Patrick Beasley said the current food affordability crisis is likely to turn into an even more dangerous food availability crisis next year unless solutions are found. The number of people classed as "acutely food insecure" by the UN before the Covid crisis was 130 million, but after Covid this number rose to 276 million.
/jlne.ws/3nO5Dmk
**** Are we paying attention yet?~JJL
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James Caan, 'The Godfather' and 'Misery' Star, Dies at 82
Carmel Dagan - Variety
James Caan, whose indelible, Oscar-nominated performance as Sonny Corleone, the recklessly hotheaded son of Marlon Brando's Mafia don in "The Godfather," is sure to be remembered as long as there are gangster movies, died on Wednesday, his family announced on Twitter. He was 82. "It is with great sadness that we inform you of the passing of Jimmy on the evening of July 6," the tweet reads. "The family appreciates the outpouring of love and heartfelt condolences and asks that you continue to respect their privacy during this difficult time." Caan also had notable roles in films including "Misery," "Elf," "Thief," "Godfather Part II," "Brian's Song" and "The Gambler." Sonny's violent end in Francis Ford Coppola's "The Godfather" — riddled, as he is, with dozens of bullets — is one of the most memorable scenes in a film filled with them.
/jlne.ws/3AAWvZY
***** I have not been able to get the music from Brian's Song out of my head since I heard this news. Talk about misery.~JJL
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Big Cities Can't Get Workers Back to the Office; Occupancy is especially low in cities like New York, where workers are the engine of local economies
Lauren Weber, Peter Grant, Liz Hoffman - WSJ
Soon after a gunman shot and killed a Goldman Sachs Inc. employee on a New York City subway train in late May, David Solomon's email inbox started filling up. Staffers shared their grief and alarm with the Goldman chief executive. They also had questions about the viability of returning to the bank's Manhattan office, according to people familiar with the matter.
/jlne.ws/3nJWviF
*****The question is where is safe? The answer is, I am not sure anymore.~JJL
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Thursday's Top Three
Our top story Thursday was Marex Nears $235 Million Deal for Bulk of ED&F Man Brokerage, from Bloomberg. Second was Ken Griffin and J.B. Pritzker's secret meeting: The origin of a political feud, from Crain's Chicago Business. Third was Burnt out on quant trading and Chicago winters, Danny Jachowski quit to invent new pricing models in the stodgy insurance world, from Business Insider.
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MarketsWiki Stats
26,908 pages; 239,353 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | JPMorgan Spoofing Trial Set To Open With Rare RICO Charges
Lauraann Wood - LAW360
Washington, D.C., prosecutors returned to Chicago this week for their latest federal spoofing trial, which aims relatively uncommon white collar racketeering charges at three former JPMorgan Chase employees accused of manipulating the precious metals market as part of a criminal racketeering conspiracy. A jury could hear opening statements as soon as Friday in the case against traders Michael Nowak and Gregg Smith and former sales representative Jeffrey Ruffo, who face racketeering, market manipulation and other charges stemming from an alleged eight-year scheme in which they are said to have flooded the market with deceptive commodities orders that helped them execute their genuine trades at better prices. Christopher Jordan, a fourth defendant who is charged with participating in the scheme, was severed from the trial because four defendants were too many for one courtroom under the court's COVID-19 safety protocols.
/jlne.ws/3ywvkNk
Historic Cascade of Defaults Is Coming for Emerging Markets; Number of developing nations trading distressed has doubled, with El Salvador, Ghana, Egypt, Tunisia and Pakistan appearing particularly vulnerable.
Sydney Maki - Bloomberg
A quarter-trillion dollar pile of distressed debt is threatening to drag the developing world into a historic cascade of defaults. Sri Lanka was the first nation to stop paying its foreign bondholders this year, burdened by unwieldy food and fuel costs that stoked protests and political chaos. Russia followed in June after getting caught in a web of sanctions.
/jlne.ws/3RjQx5G
Ashley Alder to chair scandal-hit UK Financial Conduct Authority; Choice of Hong Kong securities watchdog follows Neil Woodford and London Capital & Finance debacles
Tabby Kinder - FT
The UK's Financial Conduct Authority has named Ashley Alder as its chair after criticism of how it handled a series of scandals in recent years. Alder, currently the chief executive of Hong Kong's securities watchdog, will take over from interim chair Richard Lloyd in January 2023, said HM Treasury.
/jlne.ws/3uxDYd7
EU securities regulator warns it would 'struggle' to run live trading databases; Esma chair says agency lacks resources for ambitious IT project aimed at rejuvenating Europe's capital markets
Laura Noonan and Philip Stafford - FT
Europe's securities regulator has warned it would "struggle" if it were forced to run the live databases of trading information at the heart of a plan to rejuvenate the region's capital markets. Verena Ross, chair of the European Securities and Markets Authority, told the Financial Times she has warned policymakers against relying on the Paris-based organisation because it lacks the money and skills to run the ambitious project.
/jlne.ws/3AxP7OX
Western investors flock to China equity ETFs; Record amount floods in after lockdowns are relaxed and regulators ease up on tech sector
Steve Johnson - FT
Western investors pumped a record amount into Chinese equity exchange traded funds in June as the mainland stock market surged ahead of its major rivals. The flood of cash into the Shanghai and Shenzhen bourses came as the country's draconian Covid lockdowns were eased and regulators telegraphed a less severe approach to policing China's tech sector almost a year after kicking off an unprecedented crackdown.
/jlne.ws/3yoGOlK
Nickel Big Shot Called the Shots; Also GameStop, SoftBank, Luna, Percent and index funds.
Matt Levine - Bloomberg
If you sell nickel futures at a price of $25,000 per ton, and then the price of nickel futures goes up to $100,000 per ton, then in some simple arithmetic sense you have lost $75,000 per ton. If you sold 100 tons of nickel futures, then you have lost more than $7 million. But if you sold 150,000 tons of futures, the math changes a bit; it becomes non-linear and relativistic. If you sold 150,000 tons of nickel futures at $25,000 per ton, and then the price goes up to $100,000, your banks will call you up and say "uh you have lost $11 billion, can you pay that please," and you will say "I would prefer not to," and an insane series of events will happen...
/jlne.ws/3RbtrOx
LME nickel chaos chills metals trading activity: Andy Home
Andy Home - Reuters
The London Metal Exchange's (LME) suspension of its nickel contract in March has led to a sharp drop in metals trading activity. Total LME volumes slumped by 21% over the second quarter relative to the first three months of 2022. Nickel was unsurprisingly the biggest casualty with the Shanghai Futures Exchange (ShFE) nickel contract also going into deep freeze. But the chill effect has spread through all the LME's core base metals products in the last three months, suggesting an exit by institutional players unhappy with the exchange's cancellation of nickel trades, a decision that is now being challenged in the British legal system.
/jlne.ws/3anyquN
Gary Gensler's Bitcoin Regulation Grab; The SEC chief is blocking innovation until he can control crypto markets.
The Editorial Board - WSJ
Securities and Exchange Commission Chairman Gary Gensler has his regulatory eye on cryptocurrency markets, and he's taking investors hostage in the process. That's the best way to explain the agency's blockade of spot bitcoin exchange-traded products, or ETPs. We're agnostic on crypto, including bitcoin, as long as investors are willing to invest at their own risk. Crypto investors have taken big losses recently, but the market is evolving and financial firms want to serve investors who like the innovation. Several firms want to launch ETPs that track bitcoin prices the way exchange-traded funds do stock indexes. The idea is to offer investors an alternative to directly buying and storing bitcoin.
/jlne.ws/3RiKCh7
A Dynamic Duo of Young Billionaires to Prevent Crypto from Collapsing; Crypto billionaires Changpeng Zhao and Sam Bankman-Fried are stepping up and seeking to 'stop the contagion.'
Rob Lenihan - The Street
On July 4th, Changpeng Zhao tweeted a photo of himself standing before the Statute of Liberty. "Happy July 4th! 20 years ago (2002), this nerdy boy arrived in New York to work at Bloomberg, just after 9/11," he wrote. "We came a long way since then." Zhao, 44, is now the founder and CEO of Binance, the world's largest cryptocurrency exchange by trading volume. Meanwhile, on the same day, Sam Bankman-Fried, 30, founder and CEO of FTX, retweeted a commercial for his cryptocurrency exchange that features football legend Tom Brady melting an ice block with a flamethrower. FTX has bought naming rights to a sport arena in Miami and Brady and his wife, supermodel Gisele Bundchen, are its ambassadors. The two men--often referred to as CZ and SBF--are young billionaires who morphing into a kind of dynamic duo of the blockchain world, swooping in to bail out companies that struggling a seemingly relentless "crypto winter."
/jlne.ws/3uxcB2P
DeFi Magic and Credit Default Swaps Converge in Opaque Lending Market; Percent will offer CDS-like protection on notes it's issued; Amid rout, it's not obvious time to do that with stablecoins
Davide Scigliuzzo and Michael Tobin - Bloomberg
Credit default swaps are hard enough to figure out. Shadow lenders and their repackaging of cash flows from loans into securities come with their own complexities. And cryptocurrencies, well, they can be as mind-bending as anything financial alchemists have ever dreamed up. A new product combines all three into one.
/jlne.ws/3P802To
FTX Derivatives Play Faces Pushback From Wall Street
David Thomas - BeInCrypto
Bahamas-based crypto exchange FTX is pushing the Commodities and Futures Trading Commission to grant it a license to offer bitcoin derivatives to retail investors in a move opposed by traditional exchanges. The CEO of the Chicago Mercantile Exchange, Terrence Duffy, believes that the move would create "market risk" while testifying at a hearing on Capitol Hill in May.
/jlne.ws/3OS8s1H
Voyager crypto firm loaned US$377 mln to Sam Bankman-Fried's Alameda Research
Lachlan Keller - Forkast
Alameda Research, the crypto trading firm cofounded by Sam Bankman-Fried, owes Voyager Digital Holdings US$377 million in loans, according to the crypto broker's new bankruptcy filing.
/jlne.ws/3uyg9lf
Yellen Heads to Asia With Russia Oil-Price-Cap Top of Mission; Treasury chief heads to Bali for G-20, with Tokyo, Seoul stops; G-20 finance ministers meeting complicated by Russia presence
Christopher Condon - Bloomberg
Treasury Secretary Janet Yellen is heading out on her first trip to Asia since taking office, aiming to use sit-downs with global counterparts to help build momentum for a complex effort to cap prices for Russian oil.
/jlne.ws/3yPrXSF
Are you feeling generous? Show your support for the Buy-side Bootcamp; The Buy-side Trading Community yesterday hosted its long-awaited and first ever physical buy-side bootcamp class for charity - and there's still time to donate.
Laurie McAughtry - The Trade
It's been three years in the making, delayed repeatedly by Covid and then by the war in Ukraine, but on 6 July 2022 the Buy-side Trading Community and its members came together at Barry's Saint Paul's in London for the first ever physical buy-side bootcamp class, raising money for Cancer Research UK, Mind Mental Health Charities, and Unicef (supporting families and children affected by the war in Ukraine).
/jlne.ws/3c29o4I
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | At Europe's Largest Port, Russia Sanctions Meet Their Toughest Test; The Dutch port of Rotterdam and its staff are at the front line of enforcing the European Union's restrictions on trade with Russia. It's no easy task.
Matina Stevis-Gridneff - NY Times
Jolanda Wielenga was checking documents accompanying containers bound for Russia when her heart skipped a beat: One held a substance that could be used to make a chemical weapon. The substance could be used for both civilian and military purposes. Exporting it to Russia would have been legal before the invasion of Ukraine. But the E.U. sanctions imposed on Russia in recent months had changed that.
/jlne.ws/3yQYw2M
Opinion: Vladimir Putin's $10-trillion war; The costs of Putin's 'special military operation' in Ukraine have both soared and spread
Dan Ciuriak - Financial Post
At the four-month mark, the costs of Vladimir Putin's "special military operation" have both soared and spread. The war already has moved well up the ranks of the bloodiest modern wars on record, the direct economic costs have mounted steeply, and the spillover effects have gone global.
/jlne.ws/3apu0n6
West seeks to unblock Ukraine's grain ports, Russian envoy says pull-back unlikely
Pavel Polityuk - Reuters
Ukraine's Western allies on Friday urged Russia to allow Kyiv to ship grain out to the world as the four-month-old war threatened to bring hunger to countries far away from the battlefields. Moscow for its part accused the West of waging economic warfare on Russia by attempting to isolate it with sanctions imposed over the Feb. 24 invasion.
/jlne.ws/3nT5jT6
Putin claims Russia has barely started campaign in Ukraine; Russian president dares the west to try to win on the battlefield and says chances of talks growing dimmer
Samantha Lock and agencies - The Guardian
Vladimir Putin has issued one of his most ominous warnings yet, claiming Moscow has barely started its campaign in Ukraine and daring the west to try to defeat it on the battlefield. Speaking at a meeting with parliamentary leaders on Thursday, the Russian president said the prospects for any negotiation would grow dimmer the longer the conflict dragged on. "Everyone should know that by and large we haven't started anything yet in earnest," he said. "At the same time, we don't reject peace talks. But those who reject them should know that the further it goes, the harder it will be for them to negotiate with us."
/jlne.ws/3PhBojr
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | FLASH FRIDAY: Why the Market Data Monopoly Won't Be Nirvana; US exchange operators are fighting to keep their role in the collection and dissemination of core market data.
Shanny Basar - Traders Magazine
On 5 July 5 2022 a group of US exchange operators won an appeals court ruling which maintained their role in the collection and dissemination of core market data. This will be a disappointment to users who have complained about the increasing cost of market data which they need to buy to meet regulatory requirements such as evidencing best execution. They claimed this was due to the monopoly power of exchanges such as Nasdaq, NYSE and Cboe Global Markets who had filed the court case.
/bit.ly/3yQ2gkW
The effects of volatile markets: lessons learned and measures taken
Eurex
Volatility is one of the most important buzzwords of our time. Volatile market conditions have challenged our industry from the start of the COVID pandemic to Russia's ongoing war in Ukraine. Volatility and its impact on markets and systems is also one of the main topics at the upcoming FIA Forum 2022 on 12 July in Frankfurt. For Eurex, Melanie Weber, Head of Derivatives Clearing Design, is participating. We took the opportunity to talk to her about the topics that will be discussed on the panel.
/bit.ly/3AAS94M
Nodal Exchange Achieves New Records In Power And Environmental Futures
Mondovisione
Nodal Exchange today announced new trading records in power and environmental futures as of end of June 2022. Nodal achieved record half year power volume for the first half of 2022 with 1.489 billion MWh traded, up 39% from H1 2021. Nodal also set a new calendar month record for June with 175.3 million MWh of traded power futures volume in the month. The majority of U.S. power futures open interest is on Nodal Exchange with 1.183 billion MWh representing $154 billion of notional value based on both sides as of the end of June 2022.
/jlne.ws/3uB4Usy
LME Asia Metals Seminar 2022
LME
This year's LME Asia Metals Seminar is fast approaching! HKEX and LME leaders Laura M. Cha, Nicolas Aguzin and Matthew Chamberlain will share their insights, exchange side. Meanwhile top analysts and industry experts will debate and present on the outlook for non-ferrous metals, global currency systems and the move to digitalisation as part of the sustainability agenda. Registration is free and the event is available to watch online.
/bit.ly/3Io7WWx
Sustainability disclosures on LMEpassport
LME
All LME-listed brands can use LMEpassport - the LME's digital credentials register - to make disclosures of their sustainability metrics and certifications at the company, asset (smelter/refiner), and metal levels. LME-listed producers each have their own sustainability page on LMEpassport where they can voluntarily add a range of ESG credentials. The LME has developed a sustainability taxonomy which provides LMEpassport users with a straightforward categorisation framework; this covers environmental, social and governance spheres, and is designed to ensure that all aspects of the sustainability world - and crucially, the ways in which LME-listed brands have moved to address them - can be reflected.
/bit.ly/3IlRu9v
ASX Group Monthly Activity Report - June 2022
ASX
Listings and Capital Raisings
/bit.ly/3sGw54D
JPX Monthly Headlines - June 2022
JPX
JPX group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users.
Every month, we showcase the highlights of these efforts in short and concise summaries just for you.
/bit.ly/3NVMNnM
Remodeling and change of constituents in REITs Infra balanced Index
KRX
KRX will revise its REITs Infra balanced Index and methodology.Index name change; REITs Infra Preferred balanced Index ? KRX REITs Infra Index
/bit.ly/3OTCIJv
Moscow Exchange launches service for labeling complex financial instruments
MOEX
From August 1, 2022, trading participants on the Moscow Exchange will have full access to the service for marking complex financial instruments . From August 2, 2021 to July 31, 2022, the service was available in test mode.
/bit.ly/3IoB2oQ
TMX Group Consolidated Trading Statistics - June 2022
TMX Group
TMX Group Limited today announced June 2022 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange.
/bit.ly/3Rkm47f
MIAX Options Exchange - Reminder of Announced System Enhancements
MIAX
As previously announced in the May 19, 2022 Alert, the MIAX Options Exchange published updated Interface Specifications and system enhancements.
/bit.ly/3OTE5YF
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Former VP of Instinet joins BestEx Research as firm steps up expansion ambitions; New general counsel brings over four decades' worth of experience to the role, having previously served at Instinet and Goldman Sachs.
Wesley Bray - The Trade
Execution algorithm provider BestEx Research has appointed Paul Merolla as general counsel amid expansion plans for the US-based firm. Merolla brings over four decades' worth of experience to the role, having most recently served as a partner at legal firm Murphy & McGonigle for 11 years, as well as nearly four years as partner at LeClairRyan.
/jlne.ws/3ylo5rg
S3 Partners Grows Distribution Network Through Strategic Partnership With LiquidityBook - Partnership Extends S3's Offerings To LiquidityBook's Diverse Buy- And Sell-Side Client Roster
Mondovisione
S3 Partners, a leading financial data marketplace and workflow platform, today announced a new strategic partnership with LiquidityBook, a leading provider of cloud-native trading solutions for the buy and sell sides. The new partnership significantly expands S3's services and distribution network to a diverse roster of buy- and sell-side firms, including prime brokers and lending agents.
/jlne.ws/3uzE2sH
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| Cybersecurity | | Top stories for cybersecurity | New SEC Cybersecurity Reporting Requirements: What Companies Should Know About Regulations
Bob Ackerman - Forbes
In a previous post, I discussed three actions companies could take on immediately to prepare for the upcoming changes to the SEC's cybersecurity reporting requirements that the SEC proposed earlier in 2022.
Now I think it's important to take a quick step back and address what a lot of people are asking, and that is whether federal agencies like the SEC should be the ones dictating rules and regulations for cyber. Are regulations such as these a help or a hindrance?
/jlne.ws/3nM5pfl
Cybersecurity firms laying off employees despite increased threats
Grant Gross - Washington Examiner
While the number of cyberattacks is growing, several cybersecurity providers are laying off employees, possibly reflecting a broader concern about the global economy.
Even as many cybersecurity experts have complained about a shortage of qualified workers in the space, at least half a dozen cybersecurity providers have laid off employees in recent months.
/jlne.ws/3RlOCxe
Cybersecurity Takes Center Stage
Evan Ramzipoor - Forbes
What's new in the world of cybersecurity? The answer seems to be everything.
Cybersecurity experts from every industry recently gathered at ServiceNow's annual Knowledge conference in New York City. Through roundtables, panels, talks, and live demonstrations, they shared what they're seeing on the front lines of cybersecurity—and what lies ahead. Here are the highlights.
/jlne.ws/3AIsib8
China's Cabinet Stresses Cybersecurity After Data Leak
Bloomberg
China's cabinet stressed the need to bolster information security, following a huge leak of personal data that could be the largest cyber-attack in the country's history.
A State Council meeting led by Premier Li Keqiang emphasized the need "to improve security management provisions, raise protection abilities, protect personal information, privacy and commercial confidentiality in accordance with the law," according to the official Xinhua News Agency. These measures would allow the public and businesses to "operate with a peace of mind," the report added.
/jlne.ws/3Pc6BnX
Cybersecurity for Government Contractors
Bloomberg Government
As the federal government continues to enhance its partnership with the private sector to protect against malicious cyber actors, Bloomberg Government examines this government-wide endeavor and provides insights for contractors on the status of key initiatives the unique challenges impacting the cybersecurity landscape, and more.
/jlne.ws/3Iq2SRz
'Some staff work behind armoured glass': a cybersecurity expert on The Undeclared War
Alan Woodward - The Guardian
When I heard there was going to be a TV drama about cybersecurity, my initial reaction was that it was a brave thing to attempt. Trying to make what we do televisual is notoriously difficult. There is very little to see - just people tapping at keyboards and staring at screens, with most of the action going on inside their heads. So I have been pleasantly surprised by Peter Kosminsky's Channel 4 series The Undeclared War (whose second episode airs tonight). I binge-watched the entire thing in a weekend.
/jlne.ws/3PekuSy
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| Cryptocurrencies | | Top stories for cryptocurrencies | New crypto options and futures exchange 'Thalex' closes Series A funding round
Cision PR Newswire
Thalex, a trading platform offering stablecoin-settled crypto options and futures, announced it has closed its Series A funding round of EUR 7.5 million. Among the participants are Bitfinex, Bitstamp, Flow Traders, IMC, QCP and Wintermute. These strategic investors will support the company's ambition to enable on-exchange trading of crypto derivatives at scale by removing friction, ensuring platform reliability and partnering with liquidity providers and major exchanges.
/jlne.ws/3Il32tD
The Case Against Crypto: How Backlash is Growing
Mohadesa Najumi - FX Empire
Crypto sceptics, or crypto catastrophists if you will, have been around since the advent of Bitcoin. They moan about BTC's ostensible worthlessness and band together in order to convince the world that crypto has no future as an industry mired with hacks, tax evasion and money laundering. Amidst the turmoil of the crypto market crash, however, sceptics have doubled down on their critique. Yet, there is a lot to say about an industry that achieved mass adoption, mainstream legitimacy and a $3 trillion market capitalisation in less than ten years - with no institutional backing, may I add. The usual spiel is that crypto has revolutionised and restructured outdated financial systems and increased financial mobility for the underbanked and unbanked. But, this isn't a spiel because it's true.
/jlne.ws/3RgKUoB
Crypto exchange Binance.US hires former PayPal executive as CFO
Reuters
Binance.US, the U.S. partner of the world's largest cryptocurrency exchange, named former PayPal Holdings executive Jasmine Lee as its chief financial officer on Thursday. Lee most recently served as the CFO and chief operating officer of investing application Acorns. Before that, she spent eight years at PayPal in top executive roles. Her appointment comes at a time when investors have been dumping digital assets on fears that aggressive interest rate hikes from global central banks would spark an economic slowdown. The crypto industry has also been in the crosshairs of regulators who worry that the meltdown in the volatile market could hit the broader financial sector. That has prompted a push for more rules on the largely unregulated industry.
/jlne.ws/3yS0sIw
India's Route: Crypto Regulation Through Taxation; India's approach to regulating digital assets is to tax it. It's a proposal other countries are watching with interest.
Victoria Vergolina - Bloomberg
It feels like every country in the world is figuring out how they want to regulate crypto — or if they'll even allow it to exist at all. India is seen as one of the fastest-growing markets for crypto trading, something its government isn't too keen about. Bloomberg reporter Sidhartha Shukla joins me today to discuss India's complicated history of crypto regulation, why they're turning to taxes to curb speculation on the asset classes, and the potential lessons for other countries.
/jlne.ws/3OTAv0F
Crypto Needs Consistent Regulation Across Nations, US Treasury Says; Framework for international cooperation delivered to Biden; Says US should be leader in discussions on central bank tokens
Allyson Versprille - Bloomberg
The US and its foreign allies must work together to create shared standards for regulating cryptocurrencies to make it harder for bad actors to get away with crimes, Treasury said Thursday.
/jlne.ws/3uzNzzY
Crypto Lender Celsius Accused of Being 'Ponzi Scheme'; Lawsuit accuses Celsius of market manipulation, lax hedging; Celsius froze withdrawals in June, is reviewing its options
Zeke Faux - Bloomberg
Celsius Network, the crypto lender that froze assets last month, used customer funds to manipulate the price of its proprietary token and lost hundreds of millions of dollars by failing to hedge risk, a former money manager for the company said in a lawsuit.
/jlne.ws/3NTJhdN
US urges Japan to step up pressure on crypto miners with links to Russia; Washington's request aimed at further financially isolating Moscow
Leo Lewis, Eri Sugiura and Antoni Slodkowski - FT
The US has called on Japan to step up pressure on the country's cryptocurrency exchanges and miners, urging them to sever ties with Russia in a bid to further financially isolate the country from the outside world.
/jlne.ws/3RnuE5d
Crypto Broker Voyager's Marketing on Safety of Customer Accounts Draws FDIC Scrutiny; Voyager Digital had said customer dollar deposit accounts were FDIC insured
David Benoit - WSJ
Voyager Digital Ltd. marketed its deposit accounts for cryptocurrency purchases as safe, protected by the nation's banking insurance system in the event of a failure. This week, when the company tumbled into bankruptcy, customers learned they didn't exactly have the protection they expected and a banking regulator began an inquiry, according to a person familiar with the matter.
/jlne.ws/3nPsaPw
A new NFT wallet draining exploit is taking shape that uses a mixture of social engineering and takes advantages of the "degen meta"; Let's break it down.
@Montana_Wong - Twitter
The "degen meta" is the current trend in the NFT space where teams will launch projects as free mints and provide little/no roadmap. This trend was popularized by projects like @goblintownwtf. This value prop is nice in a bear market because there is no financial risk to minting. The scammers use this to their advantage. Instead of creating fake projects to scam you of your ETH, instead they are now create FOMO inducing free "degen" mint projects that trick you into granting them access to transfer your NFTs out of your wallet. The scammers use this to their advantage. Instead of creating fake projects to scam you of your ETH, instead they are now create FOMO inducing free "degen" mint projects that trick you into granting them access to transfer your NFTs out of your wallet.
/jlne.ws/3Iq5izv
NFT startups hire full-time 'vibe managers' to lift the mood amid crypto collapse; Maintaining a feelgood atmosphere is now a full-time job aimed at keeping prospective investors interested - and distracting holders from a troubled market
Wilfred Chan - The Guardian
Since January, the market for non-fungible tokens (NFTs) has been locked in a downward spiral, with sales on one popular platform falling to less than one-seventh of their January peak, and the buyer of the so-called "Mona Lisa of the digital world" - a $2.9m NFT of Jack Dorsey's first tweet - being forced to sell for just $6,800.
/jlne.ws/3uzE6Zt
Jewellers and watchmakers grapple with when to enter the metaverse; Luxury brands study the possibilities while some warn of danger of being left behind
Kate Youde - FT
For Jean-Christophe Babin, chief executive of Bulgari, the question is not whether luxury goods brands should enter the metaverse . . . but how. He worries about his high-end jewellery being "worn by a cubic avatar that looks like three pieces of Lego put together". But he can imagine a Bulgari "gem discovery game".
/jlne.ws/3nU17T7
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| Politics | | An overview of politics as it relates to the financial markets | World Leaders Mourn Fatal Shooting of Ex-Japan Leader Shinzo Abe; India's Narendra Modi calls him a 'towering global statesman'; Former leader was seen as close friend of major democracies
Jenni Marsh - Bloomberg
World leaders paid tribute to former Japanese Prime Minister Shinzo Abe, after the political titan widely credited with reviving the nation's economy and seen as a close friend by other major democracies, was shot to death. Japan's longest-serving premier was shot from about 3 meters (10 feet) behind during a campaign event in the city of Nara on Friday, ahead of a parliamentary election this weekend. The attack stunned a nation where political violence and guns are extremely rare.
/jlne.ws/3c208gY
Messy Politics Won't Keep Goldman Sachs Out of Texas; Housing costs, tax breaks, labor pool more than make up for hardline red state policies.
Paul J. Davies - Bloomberg
In about five years, a gleaming new $500 million campus in central Dallas, a stone's throw from the home of the Mavericks' basketball arena, will house thousands of Goldman Sachs Group Inc. staff. The bank, synonymous with Wall Street and New York, is not alone in expanding in southern US states at a time when social conservatives are unleashing a spate of restrictive laws on abortion and education, while knocking down barriers to gun control or using fossil fuels.
/jlne.ws/3OOJIqW
The Rise and Fall of Boris Johnson; He campaigned from the right but governed from the left. Voters noticed.
The Editorial Board - WSJ
The fall of British Prime Minister Boris Johnson is one for the ages, a dramatic match for his personal charisma and the daring he showed in supporting Brexit that brought him to power. His failure in office is also a warning to the ruling Tories, and conservative parties around the world, that governing to the left on economics is a losing strategy. Mr. Johnson led the Tories to an historic 80-seat majority in 2019 on a promise to get Brexit done after years of party vacillation and division. While wrangling continues with the European Union over Northern Ireland, the United Kingdom's independence from the EU seems settled as a British political issue. He also saved Britain from the radical Labour Party of Jeremy Corbyn. This is no small achievement. Mr. Johnson resigned Thursday as party leader and said he'll stay on as PM until a Tory successor is chosen. The proximate cause of his ouster is a series of scandals, starting with office parties while his government scolded Britain into enduring Covid lockdowns.
/jlne.ws/3yPlSpk
After Boris Johnson, Britain needs a different kind of politics; The country requires a new leader to prioritise responsibility over repartee
The editorial board - FT
After an extraordinary 48 hours in British politics, it was the "brilliant and Darwinian system" that overcame even Boris Johnson's unshakeable instinct for survival, with a record number of his own ministers belatedly deciding he was not fit for office. It was a conclusion that many came to only after Johnson's strained relationship with the truth started to sully them personally. Meanwhile, months have passed when his lack of integrity, and disrespect for convention and laws of his own making, have damaged the country's institutions, body politic and even union.
/jlne.ws/3NQwl8w
Boris Johnson leaves behind a fraught economy and an uneasy Brexit legacy.
Eshe Nelson - NY Times
Boris Johnson has been pushed into giving up leadership of the country during a perilous economic moment, leaving behind a grim outlook and an uncertain Brexit legacy. On Thursday afternoon, Mr. Johnson described his resistance to stepping down "when the economic scene is so difficult."
/jlne.ws/3AzQz3f
Shinzo Abe's Assassination Will Scar Japan Forever; This act of violence is all the more stunning in a country known for safety. The repercussions will be felt far beyond Sunday's upper house elections.
Gearoid Reidy - Bloomberg
Japan has been brought to a standstill by the news that former Prime Minister Shinzo Abe died after being shot on the campaign trail for Sunday's upper house elections. A lone gunman attacked Abe, who was pronounced dead at a hospital in Nara from wounds in his chest and neck. This is a tragedy that will have repercussions far beyond this weekend's voting.
/jlne.ws/3ySyOuY
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| Regulation & Enforcement | | Stories about regulation and the law. | HM Treasury appoints Hong Kong regulator as new chair of the FCA; Incoming chair joins from the Securities and Futures Commission in Hong Kong where he has served as chief executive since 2011.
Wesley Bray - The Trade
HM Treasury has appointed Ashley Alder as chair of the Financial Conduct Authority (FCA), effective January 2023. Alder currently serves as chief executive officer of the Securities and Futures Commission (SFC) in Hong Kong and has held that position since 2011.
/jlne.ws/3yNzku3
BIS: Basel Committee Issues High-Level Considerations On Proportionality
Mondovisione
The Basel Committee on Banking Supervision today issued high-level considerations on proportionality. Through this publication, the Committee aims to provide practical support to supervisory authorities seeking to implement proportionality in their domestic regulatory and supervisory frameworks, in a way that does not undermine financial stability or the safety of financial institutions.
/jlne.ws/3yRe6LP
Federal Court Orders Texas Unregistered Commodity Pool Operator to Pay More Than $13 Million for Commodity Fraud
CFTC
The Commodity Futures Trading Commission today announced the U.S. District Court for the Western District of Texas entered a consent order on July 6, imposing monetary sanctions against David Seibert, most recently of Lakeway, Texas. The order resolves a CFTC action filed on September 10, 2020, and follows a September 15, 2020 order in which the court found Seibert liable for solicitation fraud and the misappropriation of client funds. The court also permanently prohibited him from further violations of the Commodity Exchange Act, as charged, and imposed permanent registration and trading bans. [See CFTC Press Release No. 8245-20]. Today's order requires Seibert to pay $10,794,508 in restitution to victims of his scheme and to pay a $2,278,853 civil monetary penalty.
/jlne.ws/3P6GkHy
Ontario Securities Commission's Investor Advisory Panel Releases 2021 Annual Report
Mondovisione
The Investor Advisory Panel (the IAP) today released its 2021 Annual Report summarizing its activities, submissions, consultations and meetings during the calendar year. In 2021, the IAP focused on the ongoing impact of the COVID-19 pandemic on retail investors, and the implications of changes to the OSC's mandate for its continuing investor protection mandate and its mandate to foster fair capital markets. Additionally, the IAP continued to focus on what it considers to be critical areas of investor protection, including: the design of the new self-regulatory organization, particularly governance and oversight mechanisms; advisor qualifications, misleading business titles and uncredentialed title use; strengthening dispute resolution for retail investors and the Ombudsman for Banking Services and Investments; and examining emerging transformative forces in the financial services sector that could reshape securities regulation and investor protection in Ontario.
/jlne.ws/3c2q5gJ
Ashley Alder appointed FCA chair
FCA
Ashley is currently Chief Executive Officer of the Securities and Futures Commission (SFC) in Hong Kong, a role he has held since 2011. Ashley also chairs the Board of the International Organization of Securities Commissions (IOSCO) and sits on the Financial Stability Board's Plenary and its Steering Committee.
Ashley began his career as a lawyer in London in 1984 and practised in Hong Kong for more than 20 years. He was Executive Director of the SFC's Corporate Finance Division from 2001 to 2004, before returning to private practice at Herbert Smith LLP, a law firm, as Head of Asia.
Ashley is expected to take up his role as FCA Chair in January. He is appointed for a five-year term.
/jlne.ws/3OMoUjT
Important Measures-Important Measure April 2022
Financial Supervisory Commission of Taiwan
To respond to fintech development, provide customers with greater convenience, bring about better risk control by financial institutions, and spur increased cooperation among financial institutions, the Financial Supervisory Commission (FSC) on 23 December 2021 adopted and implemented the Guidelines for Information Sharing Among Financial Institutions (hereinafter, the Guidelines), setting out the information sharing mechanism among financial institutions. In accordance with information security principles, the Guidelines encourage the legal and reasonable use of customer information, facilitate customer trading, reduce institutions' increase of operational costs resulting from duplication and protection of customer information, and enhance efficiency and synergistic benefits.
/jlne.ws/3IrQAIC
Chief Executive Officer to leave SFC
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) announced today that its Chief Executive Officer, Mr Ashley Alder, will be leaving the SFC to take up a new appointment in the United Kingdom as Chair of the Financial Conduct Authority in January 2023.
Since becoming the SFC's Chief Executive Officer in October 2011, Mr Alder has steered the SFC in pursuing a set of highly-focused and innovative regulatory policy as well as operational reforms to tackle risks and misconduct, uphold the quality and integrity of Hong Kong's financial markets and maintain the confidence of investors.
/jlne.ws/3PbFM3d
Progress in Initiatives for Further Strengthening Coordination between the Financial Services Agency and the Bank of Japan
Financial Services Agency
Based on the "Initiatives for Further Strengthening Coordination between the Financial Services Agency and the Bank of Japan" released in March 2021, the FSA and the BOJ have been implementing various initiatives to strengthen coordination in order to conduct higher-quality monitoring as well as to reduce the burden on financial institutions. We have published the progress in these initiatives.
/jlne.ws/3nJPuhP
FMA appoints Margot Gatland to Head of Enforcement
FMA
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko - has confirmed the appointment of Margot Gatland as its new Head of Enforcement. Ms Gatland was previously the Acting Head of Enforcement at the FMA.
Liam Mason, FMA General Counsel, said: "Margot Gatland has been confirmed as our new Head of Enforcement after an extensive local and international search.
/jlne.ws/3bNNulK
SEC Charges Washington, D.C. Investor with Insider Trading
SEC
The Securities and Exchange Commission today charged private investor George W. Haywood with insider trading in connection with his selling shares of Neurotrope, Inc. (NTRP) based on material, nonpublic information he received about NTRP's impending registered direct offering of shares.
/jlne.ws/3c08CFq
SEC Charges Former Business Development Executive and Two Friends with Insider Trading
SEC
The Securities and Exchange Commission filed insider trading charges yesterday against Doron A. Tavlin, the former Vice President, Business Development of Mazor Robotics Ltd., and two friends who made more than $500,000 in profits from trading in advance of Mazor's announcement that it would be acquired by Medtronic plc.
/jlne.ws/3yqyNwP
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | 'The biggest Ponzi scheme in history': This CEO warns that the Fed's strategy has created a giant bubble in housing. Here's what he likes for protection
Jing Pan - MoneyWise
The Fed is tasked with a dual mandate: to ensure price stability and aim for maximum employment. But according to Dan Morehead, CEO of crypto hedge fund giant Pantera Capital, there's a third thing that the Fed has been doing — running a Ponzi scheme. In his latest Blockchain Letter, Morehead says that the Fed's "manipulation of the government and mortgage bond markets" is "the biggest Ponzi scheme in history." The expert investor even issued a warning on CNBC last week, saying that it's likely that a "recession is coming." Let's take a closer look at what he means. Morehead argues that the Fed made a big policy mistake by keeping the federal funds rate far too low. "The difference between inflation (their mandate) and their policy tool (fed funds) is much larger than at any point in history — including the disastrous 1970s," he writes.
/jlne.ws/3uBsGED
Risk-Taking Retail Traders in Korea Are Shifting to Safety in Bonds; Investment in Korea debt rising as rate hikes boost yields; Net buying of Tesla shares fall sharply in June from May
Kyungji Cho - Bloomberg
Some of South Korea's legion of retail investors, who've been eager buyers of volatile assets like cryptocurrencies and Tesla Inc., may be getting cold feet. An early sign of that can be seen in their still small but growing purchases of one of the more conventional and usually less risky asset classes: debt securities. At the same time those investors are buying shares at a much slower pace.
/jlne.ws/3ORLHLd
British retail investors keep faith with US stocks; UK funds continue to suffer significant outflows
Ian Johnston - FT
British retail investors are persisting with US investments, despite the S&P 500 losing 20 per cent this year and the worsening outlook for high-growth tech stocks that predominate in US indices.
/jlne.ws/3yj624Q
'Black Swans' and 'Perfect Storms': Wall Street Reaches for Cliché to Excuse Your Withered 401(k); Flat-footed finance pros roll out buzzwords; critics say they are out to sea. 'You have to be a moron.'
Gregory Zuckerman - WSJ
On Wall Street, there's still one bull market—in metaphors to explain the fall. Tumbling prices for stocks, bonds and cryptocurrencies have investment pros and executives scrambling to explain what happened, and why so many were caught flat-footed. Many have turned to the title of Sebastian Junger's 1997 book about a fishing boat lost at sea when three dangerous weather events converged. "This is like the perfect storm," Mizuho Group analyst Dan Dolev recently said about the crypto collapse.
/jlne.ws/3nOC18m
After 91% Drop, Hong Kong's IPO Market Shows Signs of Life; Some big stock offerings from mainland China could help reopen the market
Dave Sebastian - WSJ
Hong Kong's equity capital markets are perking up, after a punishing first half for what has long been one of the world's largest venues for stock issuance. A recovery in initial public offerings and other share sales would be welcome news for the many companies eager to tap investors in the city for funds. It would also be a boost for global investment banks, after a lean period in which they have brought fewer companies to market, often via much smaller deals than in the good years.
/jlne.ws/3nLvo6P
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Salt Lake City Confronts a Future Without a Lake; Utah's Great Salt Lake is disappearing as a "megadrought" persists across the Southwest, forcing the fast-growing city nearby to curb its water use.
Peter Yeung - Bloomberg
From the southern rim of the Great Salt Lake, the largest saltwater lake in the Western Hemisphere, barely any of the pinkish, saline waters that used to engulf the million-acre basin are visible. "For years the lake lapped right here," says Ella Sorensen, motioning at the gritty dried lake bed underfoot. "But I have watched it disappear over time."
/jlne.ws/3OWWvrA
Low Rhine Water Levels Risk Worsening Europe's Energy Crunch; River at key chokepoint is at lowest seasonal level in years; Barges unable to load coal for power plants at full capacity
Todd Gillespie and Jack Wittels - Blooomberg
Water levels on Europe's Rhine River are again dwindling -- and this time it's at the risk of the continent's efforts to boost its energy security. A heatwave has reduced parts of the river, western Europe's most important waterway, to the lowest seasonal levels in at least 15 years. That could affect the delivery of everything from coal to oil products as the region races to stockpile energy supplies ahead of winter.
/jlne.ws/3yOukFo
Tata Power Plans to Invest $9.5 Billion in Clean Energy Push; Company advances net zero target to 2045 from 2050 earlier; India plans to triple clean power capacity by 2030 to 500 GW
Rajesh Kumar Singh - Bloomberg
Tata Power Co. said it will invest more than 750 billion rupees ($9.5 billion) in renewables over the next five years, as it aims to almost double the share of clean energy in its portfolio. The company, whose operations range from generation to transmission and retailing of power, will also expand into new areas such as solar irrigation pumps and electric vehicle charging, Chairman Natarajan Chandrasekaran said at a virtual shareholder meeting Thursday. Tata Power is also accelerating its net zero target to 2045, Chandrasekaran said. The company had previously set a goal of hitting the mark by 2050.
/jlne.ws/3asFs1y
Farmers feel heat as northern Italy suffers worst drought in decades; Lack of rain linked to climate change threatens power generation and agricultural output
Silvia Sciorilli Borrelli and Amy Kazmin - FT
Fabio Camisani usually wears thick rubber boots to keep his feet dry while surveying the muddy paddy fields of his 70-hectare rice farm south of Milan. But this year he has been walking the parched, baked land wearing sneakers.
/jlne.ws/3c24ogs
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | HSBC's head of responsible investing quits after climate speech controversy
Reuters
Stuart Kirk, the global head of responsible investing at HSBC Asset Management, has resigned from his role, according to a post attributed to him on professional networking site LinkedIn on Thursday. Kirk was suspended by HSBC (HSBA.L) in May after he said central bank policymakers and other global authorities had exaggerated the financial risks of climate change at an industry conference. The bank, which has committed to playing a major role in leading the global economy in the transition to net zero, declined to comment on Kirk's post on Thursday. It was unclear whether an internal investigation launched by the bank into Kirk's comments was completed prior to Kirk's LinkedIn post. "Ironically given my job title, I have concluded that the bank's behaviour towards me since my speech at a Financial Times conference in May has made my position, well, unsustainable," Kirk said. Kirk's comments and suspension sparked fierce debate around the value of investment based on environmental, social and governance principles.
/jlne.ws/3AuecKC
Lloyd's of London set to stay in landmark City building; Decision acknowledges importance of face-to-face contact for global insurance marketplace
Ian Smith and Emma Dunkley - FT
Lloyd's of London plans to stay in its landmark City building until at least 2031, a vote of confidence in the face-to-face trading that for centuries has been at the heart of the insurance industry's most famous marketplace.
/jlne.ws/3OSJqiZ
Stuart Kirk, Climate Investing Critic, Resigns From HSBC; The former head of responsible investment and research at HSBC Asset Management sparked a debate on the value of ESG investing
Margot Patrick - WSJ
HSBC Holdings HSBC PLC executive Stuart Kirk said he resigned, seven weeks after being suspended from his job for saying climate change need not be a worry for investors. Mr. Kirk, who was head of responsible investment and research at HSBC Asset Management, caused a firestorm with a conference presentation in May. He argued humans could adapt to climate emergencies and that policy makers were exaggerating the risks. It was taken as a broadside against the trillions of dollars flowing from investors into environmental, social and governance, or ESG, products and funds.
/jlne.ws/3nPjcC4
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| Wellness Exchange | | An Exchange of Health and Wellness Information | What the BA.5 Subvariant Could Mean for the United States
Lauren Leatherby - NYT
The most transmissible variant yet of the coronavirus is threatening a fresh wave of infections in the United States, even among those who have recovered from the virus fairly recently. The subvariant of Omicron known as BA.5 is now dominant, according to federal estimates released Tuesday, and together with BA.4, another subvariant, it is fueling an outbreak of cases and hospitalizations. Though the popularity of home testing means reported cases are a significant undercount of the true infection rate, the share of tests that come back positive is shooting upward and is now higher than during most other waves of the pandemic. According to the C.D.C., the risk from Covid-19 is increasing in much of the country. "I think there's an underappreciation of what it's going to do to the country, and it already is exerting its effect," said Eric Topol, a professor of molecular medicine at Scripps Research, who has written about the subvariant.
/jlne.ws/3OWc2Yw
Super-infectious BA.5 is a coronavirus 'beast.' Here's how to protect yourself
Rong-Gong Lin II and Luke Money - Los Angeles Times
The growing dominance of two super-infectious Omicron subvariants is threatening to exacerbate California's coronavirus wave, but experts and officials say there are sensible steps residents can take to protect themselves. Taking preventive measures is especially important now, as the two strains in question — BA.4, and especially BA.5 — have shown the ability to reinfect even those who recently contracted an earlier Omicron subvariant. "This is one of the biggest implications of BA.5: A prior infection, including an Omicron infection as recent as last month, no longer provides robust protection from reinfection," Dr. Robert Wachter, chair of UC San Francisco's Department of Medicine, wrote on Twitter over the weekend. BA.5 made up an estimated 53.6% of new cases nationwide for the weeklong period that ended Saturday, according to the latest figures from the U.S. Centers for Disease Control and Prevention. A month ago, the subvariant was thought to be responsible for a bit less than 10% of new cases.
/jlne.ws/3bYCVN1
US rolls out Covid jabs for under-5s as others weigh up similar move; European regulators consider vaccinating babies and toddlers, but some question the value of targeting youngsters
Jamie Smyth, Peter Wise and Donato Paolo Mancini - FT
Matthew Walters was one of the first parents among his friends to book a vaccination appointment when US regulators authorised Covid-19 jabs for children under 5.
/jlne.ws/3IDx9N7
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Nadhim Zahawi gave Kurdish President's nephew internship as his oil firm arranged drilling rights in region; At the time, the Chancellor was an executive at Gulf Keystone Petroleum which had drilling rights in Kurdistan and was attempting to increase production in the region
Ben Gartside - inews.co.uk
New Chancellor Nadhim Zahawi arranged a parliamentary internship for a relative of the Kurdish President while his oil firm expanded drilling rights in the region, i can reveal. Mr Zahawi gave a parliamentary internship to Mazen Barzani in 2017, when he was an executive at Gulf Keystone Petroleum (GKP), as well as a backbench MP. The region in Iraq is an oil-rich autonomous state, and crucial to GKP. One senior MP told i that the internship could be investigated for breaching parliamentary standards. They said: "It is potentially a breach of a number of standards rules. It's potentially abuse of parliamentary facilities, it could also be bringing Parliament into disrepute.
/jlne.ws/3RgDBgJ
German Gas Company Uniper Asks Government for Bailout
Emma Ross-Thomas - Bloomberg
Uniper SE, a German gas giant reliant on Russian energy, has asked the government for a bailout. The proposal calls for the state to take "a relevant" stake, and for additional debt funding through an increase in a state-backed credit facility.
/jlne.ws/3AxJPD5
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| Miscellaneous | | Stories that don't quite fit under the other sections | John Paulson's wife sues him for $1 bln, says he is hiding money in divorce
Jonathan Stempel - Reuters
The wife of hedge fund founder John Paulson has sued him for at least $1 billion, claiming he is trying to hide billions of dollars from her in their divorce. In a complaint filed on Thursday with a New York state court in Manhattan, Jenica Paulson said her husband secretly created and funded three trusts to ensure she would be deprived of her fair share of assets from their 22-year marriage. "Mrs. Paulson was a loyal wife," the complaint said. "Mr. Paulson rewarded his wife's devotion by implementing a plan, over a nine-year period, to insulate assets acquired during the course of their marriage from Mrs. Paulson's reach." A spokesman for John Paulson did not immediately respond to a request for comment. Other defendants include a JPMorgan Chase & Co (JPM.N) unit that serves as trustee for two of the trusts. A spokesman for the bank declined to comment.
/jlne.ws/3P9QW8L
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