| December 20, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2024 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
I have always been concerned about the perception that the markets and gambling were the same. I have always sought to differentiate the two and not use gambling terminology to describe market activity. It was not that long ago that futures trading was banned in parts of Europe for being another form of gambling, or that long ago that there were efforts to ban it in the U.S. for the same reasons. The introduction of binary options presented a difficult challenge for the markets, as the simple way to describe them was to use gambling metaphors. The gamification of the markets, which uses technology that looks similar to that of gambling presents another challenge.
The whole gaming concept of keeping score, playing against your peers and even playing in a public setting creates a fear of missing out environment for young people. It is like sitting in a 1990s trading arcade with a scorecard above your head for everyone to see. You want to keep playing to improve your score and move up the scoreboard.
Today The Wall Street Journal has a story titled "More Men Are Addicted to the 'Crack Cocaine' of the Stock Market," with the subheadline "Gamblers Anonymous meetings are filling up with people hooked on trading and betting. Apps make it as easy as ordering takeout."
A growing number of men addicted to high-risk stock trading and cryptocurrency are filling Gamblers Anonymous (GA) meetings across the U.S., drawn in by the pandemic boom and platforms like Robinhood. Dubbed "the crack cocaine of the stock market," options trading has led some participants to lose hundreds of thousands of dollars, exacerbating compulsive behaviors. Many are struggling with mood swings, depression, and secrecy about their losses. Apps like Robinhood and Webull have been criticized for enabling impulsive behavior, despite claims of safeguards to encourage responsible investing.
Financial market gambling has become a spiking problem, with treatment centers like Williamsville Wellness and Maryhaven Addiction Center reporting surges in patients seeking help. These individuals often experience withdrawal symptoms, including anxiety and depression, as they stop trading. High-risk trades such as same-day options contracts have been particularly addictive, with one patient reportedly losing $14,000 in five minutes. Tools like Gamban are now used to block trading apps, while GA emphasizes accountability through its 12-step program.
The psychological toll of trading addiction mirrors that of traditional gambling, pushing some to the brink. One man described losing $1 million in cryptocurrency and feeling hopeless before seeking treatment. Experts warn the issue is likely to worsen, as stock and crypto markets remain volatile and Wall Street introduces increasingly speculative products. Addiction counselors and self-help groups are urging greater awareness and intervention to curb the growing crisis.
Greater attention needs to be given to financial literacy, especially to those most at risk. The jump from playing games, to gambling on games, to trading like you are playing a game is just much too easy without proper education about the risks involved.
Here is one example of a good start; the UK's elite Royal Marines are now receiving financial literacy training as part of their comprehensive development program, the Financial Times reported. The Financial Times' Financial Literacy and Inclusion Campaign (FLIC), in collaboration with the Royal Marines Charity, has launched an eight-module course covering budgeting, borrowing, saving, and investing. Aimed at both recruits and seasoned personnel, the program addresses knowledge gaps in managing personal finances, a critical skill often overlooked in the military.
With young recruits earning over £25,000 annually in a sheltered environment, there's a strong appetite for guidance on managing surplus income, investments, and financial planning. This initiative also tackles broader challenges such as debt management and the risk of financial instability among ex-service personnel. Funded by the Association of British Insurers, the training will expand to the Royal Navy, Army, and NHS, equipping individuals with vital financial skills to secure their future and avoid pitfalls like payday loans and unmanageable debt.
Here are the headlines from in front of FOW's paywall from some recent stories: Happy Holidays from the team at FOW, ANALYSIS: LCH RepoClear reaping benefits of collateral restructuring - CEO, ANALYSIS: Winner in US Treasury clearing still uncertain - Baton Systems Hong Kong Exchanges and Clearing eyes 'round-the-clock' trading and ANALYSIS: LCH SA plans push into US credit derivatives clearing - CEO.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Our most read stories from our previous edition of JLN Options were:
- Options Market Charts Show Rush for Protection as Stocks Tumble from Bloomberg.
- Wall Street's Next Test After Fed: $6.5 Trillion 'Triple-Witching' from Bloomberg.
- VIX's Second-Largest Spike in History Indicates a Local Bottom for Bitcoin: Van Straten from Markets Insider. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
Crossroads of Innovation: Cathie Wood, Peter Zeihan, and Jamie Metzl Share Visionary Insights at Miami Summit
JohnLothianNews.com
In a recent interview with John Lothian News, James Putra, vice president and head of product at TradeStation, discussed key insights from several prominent speakers at the recent "Crossroads Summit" focused on innovation and economic trends, including Investor Cathy Woods, Author Peter Zeihan and Jamie Metz, founder and chair of OneShared.World.
Watch the video »
Dan Smalley - Broadridge
Watch Video »
David Greely - Abaxx Exchange
Watch Video »
++++
Trump Threatens Tariffs If EU Doesn't Buy More US Oil and Gas; President-elect says the bloc must make up for trade deficit; The US is the world's top LNG exporter, biggest oil producer
Stephen Stapczynski - Bloomberg
President-elect Donald Trump warned the European Union that its exports will get hit with US tariffs if its member states don't buy more American oil and gas. "I told the European Union that they must make up their tremendous deficit with the United States by the large scale purchase of our oil and gas. Otherwise, it is TARIFFS all the way!!!," he said on Truth Social.
/jlne.ws/4iEJ4vH
***** Nothing like extortion as statecraft.~JJL
++++
Trading Guru's Firm That Trained 100,000 Now Faces Complaints; YouTube removed the firm's main channel earlier this year. Greg Secker denies any wrongdoing or misleading of customers in relation to his businesses.
Jack Ryan - Bloomberg
"If you've got more than enough money coming in each month, feel free to skip this ad," Greg Secker says, sliding into a Rolls Royce fronted with a license plate that reads 'PRO5PER'. As the car - list price from £250,000 - purrs into action, the self-described master trader turns to the camera. "If I clinically outlined a proven blueprint you could nick off me for free, and start printing your own cash - would you listen very carefully?" By itself, Secker's pitch for his Learn to Trade group is not unusual. Social media figures who offer personal finance advice have been everywhere since the pandemic, making money from teaching others how to make money.
/jlne.ws/3P9w6bH
****** Come trade our fake money? That just does not work as well.~JJL
++++
Crypto Insiders Jockey for Influence on Proposed Industry Advisory Council
Olga Kharif and Stephanie Lai - Bloomberg
The incoming US administration is weighing two very different approaches to a council that the crypto industry hopes will dramatically increase its influence over digital-asset policy. President-elect Donald Trump and his inner circle are considering options that would see as few as 10 people or as many as 100 on a council that would report to David Sacks, according to people with knowledge of the matter who asked not to be named as they were not authorized to speak on the record. Sacks, Trump's pick for the first-ever AI and crypto czar, would oversee two separate councils - one for each part of his portfolio, the people said.
/jlne.ws/3VKMmDO
***** Is the use of the word "jockey" in the headline a swipe at the crypto insiders?~JJL
++++
IMF 1 - El Bitcoin 0; RIP Chivo, we hardly knew ye
Robin Wigglesworth - Financial Times
June 5, 2021. El Salvador president Nayib Bukele to a bitcoin conference: Great ideas are beautiful, and have great power. But like most beautiful things, they can also be more fragile than everything. When I was a kid, we thought about the future and we were delighted by its possibilities. We couldn't wait for it to happen and be part of its creation. Our ingenuity is what separates us from other species. In El Salvador, we are trying to rescue this idea and start the design of a country for the future using the best ingredients that makes us who we are, while using sensibility to find the best examples of ideas from history and around the world. I believe bitcoin could be one of those ideas. This is why, next week I will send to Congress a bill that will make bitcoin a legal tender in El Salvador.
/jlne.ws/3P6WQtb
***** So much for El Salvador taking monetary policy advice from Jack Mallers.~JJL
++++
Thursday's Top Three
Our most read story yesterday was Trump's Pick for Commerce Secretary Is Buying Bret Baier's D.C. Home from The Wall Street Journal (it looks like a very nice home). Second was, North Korea stole $1.3bn through crypto hacks in 2024 from the Financial Times. Third, also from the Financial Times, was FT Person of the Year: Donald Trump
++++
++++
|
| | | | |
| Lead Stories | More Men Are Addicted to the 'Crack Cocaine' of the Stock Market; Gamblers Anonymous meetings are filling up with people hooked on trading and betting. Apps make it as easy as ordering takeout.
Gunjan Banerji - The Wall Street Journal
A new type of addict is showing up at Gamblers Anonymous meetings across the country: investors hooked on the market's riskiest trades. At Gamblers Anonymous in the Murray Hill neighborhood of Manhattan, one man called options "the crack cocaine" of the stock market. Another said he faced hundreds of thousands of dollars in trading losses after borrowing from a loan shark to double down on stocks. And one young man brought his mom and girlfriend to celebrate one year since his last bet. They were among a group of about 60 people, almost all men, who sat in rows of metal folding chairs in a crowded church basement that evening. Some shared their struggle with addiction-not on sports apps or at Las Vegas casinos-but using brokerage apps like Robinhood.
/jlne.ws/3DAzDgp
SPAC Kings Who Delivered 99% Losses Are Raising Billions Again; Howard Lutnick, Michael Klein are back with blank-check IPOs; There have been 50 SPACs that raised $8.7 billion since April
Bailey Lipschultz - Bloomberg
There are many well-established symbols of the froth building, yet again, in financial markets. There's Bitcoin hovering around $100,000 or the Nasdaq hitting record high after record high or, for that matter, the wild bidding war that broke out in Manhattan the other day for the banana-and-duct tape "art." But there's also this: the SPAC, and its band of patrons and peddlers, is back. Howard Lutnick, the CEO of brokerage Cantor Fitzgerald LP and Donald Trump's nominee for commerce secretary, raised a $100 million blank check in August and then, days before the elections, filed for what would be a 10th SPAC; Michael Klein pooled $287.5 million in May; and Harry Sloan and Eli Baker's Eagle Equity Partners debuted its ninth SPAC in late October.
/jlne.ws/4fz7eVs
Tether Removal Puts Europe at Risk of Missing Trump Crypto Boom; Crypto exchanges in EU must delist Tether's USDT by Dec. 30; Executives are concerned that removing USDT will sap liquidity
Emily Nicolle - Bloomberg
European Union cryptoasset regulations set to take full force at year-end are already reshaping the market for a key type of digital token, potentially weakening the bloc's appeal to investors just as crypto convert Donald Trump gets ready to take office in the US. Several crypto exchanges operating in the EU have already delisted the dominant stablecoin, Tether Holdings Ltd.'s USDT, to comply with the Markets in Cryptoassets regime. That's rippling through the market for such instruments, with new issuers seeking to fill the void and investors defaulting to using the euro for trading in and out of cryptocurrencies.
/jlne.ws/4gIhYBW
Inside Wall Street's booming $1tn 'synthetic risk transfer' phenomenon; The latest three-letter acronym to excite and alarm people
Robin Wigglesworth - Financial Times
When Wirecard went belly up a few years ago, Deutsche Bank ended up with a loss of just Euro18mn - miraculously little for a bank that had up until then made a habit of ambling into nearly every major financial cow pie in the world. And this had been a giant pile of manure right on its own doorstep. Deutsche had previously underwritten Wirecard bonds, arranged loans for the company, and handed its chief executive a giant margin loan. Fellow German lender Commerzbank took a Euro175mn hit. How did Deutsche manage to avoid this doo-doo? FT Alphaville gathers that it was probably at least partly thanks to something known as a "synthetic risk transfer" - one of the hottest bits of high-octane financial engineering these days. Deutsche Bank declined to comment.
/jlne.ws/3BtDR9h
Swiss Bank Watchdog Blundered on Credit Suisse, Report Finds; Lawmakers' report says capital relief was inappropriate; PUK report assigns primary blame for crisis to Credit Suisse
Levin Stamm - Bloomberg
The Swiss parliament heavily criticized the previous leadership of Switzerland's financial regulator Finma in a landmark inquiry into last year's collapse of Credit Suisse. Finma's 2017 decision to grant Credit Suisse relief from capital requirements obscured the true state of the bank and prevented corrective measures from being taken on time, a specially-convened commission said in a report released Friday. Still, the commission, known as a PUK, handed primary blame for the crisis to the leadership of Credit Suisse over many years.
/jlne.ws/3VSF4h9
Swiss lawmakers criticise 'years of mismanagement' at Credit Suisse; Landmark parliamentary report also takes aim at financial watchdog
Simon Foy, Ortenca Aliaj and Olaf Storbeck - Financial Times
Swiss lawmakers have put Credit Suisse's failure down to "years of mismanagement" by its leaders and criticised the country's financial regulator Finma for granting it relief from capital requirements in the years before its collapse. The landmark political inquiry, only the fifth in Switzerland's history, stopped short of apportioning blame to regulators for the failure of one of its largest banks.
/jlne.ws/49QMPdu
Crypto company chaired by ex-chancellor ditches push for UK registration; Copper abandons FCA application after trying to gain regulator's approval for several years
Nikou Asgari - Financial Times
The crypto company chaired by former chancellor Philip Hammond has dropped its second attempt to register in the UK after failing for more than three years to be approved by the British financial regulator. Copper, which provides trading, storage and settlement of cryptocurrencies, said on Friday that it had withdrawn its application to be on the Financial Conduct Authority's Cryptoasset Register. The withdrawal marks a blow for Copper which has failed to gain acceptance by the FCA for several years, and comes as traditional investors and institutions show renewed appetite for crypto. The price of bitcoin has hit record highs of more than $100,000 and has more than doubled since the start of this year, as traders celebrate Donald Trump's US election win.
/jlne.ws/402DDz7
Twin Boom-and-Bust Hits $10 Trillion ETF Industry in Overdrive; Launches reach a record in 2024 but many funds closed; Barriers to entry low, but barriers to succeed are high: BI
Katie Greifeld and Emily Graffeo - Bloomberg
The $10.4 trillion US exchange-traded fund industry's blockbuster year comes with an asterisk: even amid record inflows and launches, funds are shuttering at a nearly unprecedented clip. Following last year's all-time worst tally, almost 200 ETFs have shut down so far in 2024 - nearly matching the pace of early pandemic terminations. At the same time, more than 700 new funds have started trading this year, the second-consecutive year of record launches.
/jlne.ws/3VPKdGP
A millennial couple worth seven figures invests most of their money in 3 ETFs but owns one individual stock and 1.5 bitcoin. Take a look at their portfolio.
Kathleen Elkins - Business Insider
Brennan and Erin Schlagbaum paid off a six-figure mortgage and student loan debt in their 20s. With low expenses, they were able to save and invest the majority of their incomes. The millionaire couple shared their portfolio, which includes mostly ETFs.
After paying off a six-figure mortgage and student loans, Brennan and Erin Schlagbaum shifted their focus from debt paydown to wealth-building. Without a mortgage, the couple was able to save the majority of their income. They put most of their money in low-cost index funds and, over time, their brokerage account surpassed the $1 million mark, according to an account screenshot viewed by Business Insider. BI spoke with Brennan, a CPA who runs the financial literacy company Budgetdog, about his investment strategy and what he held in his portfolio as of December 2024.
/jlne.ws/3ZKtc24
Crypto Sicko Mode Is Here to Stay; The cryptocurrency world isn't waiting for Donald Trump's inauguration to make a whole bunch of fast money.
Matt Stieb - New York
The cryptocurrency market is unfathomably hot right now. A meme coin named after an act of enthusiastic oral sex briefly peaked with a market cap near $500 million earlier this month. Another coin with no utility whatsoever, called Fart Coin, has a market cap of close to $1 billion- roughly the same value as Marshalls or the Kuwaiti International Bank. Longtime bitcoin holders are even cashing out now that the commodity has breached $100,000, converting their long-holds into Rolexes, BMWs, and private-jet excursions. One cryptocurrency whale, 34-year-old Justin Sun, dropped $6.2 million on the Maurizio Cattelan piece called Comedian that was a banana duct-taped to a gallery wall. "It challenges traditional notions of value and creativity in a way that mirrors the disruptive nature of blockchain and cryptocurrency," Sun wrote to explain his interest in the piece. Then he ate the banana - "part of continuing the artwork's story and paying tribute to its ephemeral nature," Sun wrote.
/jlne.ws/4gOeDBv
The TRADE predictions series 2025: Post-trade and the shift to T+1
The Editors
Industry experts from Cboe, CLS, and STP Investment Services speak to The TRADE to share their insights on the post-trade sphere, touching on the importance of regulators, the impacts of technological innovation in this stage of the workflow, and of course what to bear in mind following the shift to T+1.
/jlne.ws/3BGqAKA
The TRADE predictions series 2025: What's in store for digital assets
The Editors
Market onlookers hailing from DTCC, Lloyds Bank Corporate Markets, and LMAX Group discuss the future of digital assets, including its ever-increasing traction, the importance of transparency, and how both the sell- and buy-side are approaching the technology.
/jlne.ws/3BvixjI
The TRADE predictions series 2025: Equities Equities Equities...
The Editors
Commentators from Baillie Gifford, OTC Markets Group, Horizon Trading Solutions, and Blue Ocean Technologies speak to The TRADE about what they believe is in store for the equities sphere, including: the impacts of policy decisions, potentially expanding trading hours, and keeping the UK competitive.
/jlne.ws/3P8pcTS
The TRADE predictions series 2025: What's on the horizon for trading venues
The Editors
Market onlookers from RBC, Bank of America Securities, Cboe Europe, and Stifel delve into the market structure changes at the fore of the industry's mind, unpacking how the role of trading venues will become increasingly important for market participants throughout 2025 and beyond.
/jlne.ws/404e7cU
FBI Warns Gmail, Outlook, Apple Mail Users-Check 3 Things To Stop Attacks
Zak Doffman - Forbes
Republished on December 20 with a new warning for iPhone users about an email attack mimicking Apple's branding and style, including how you can detect the scam.'Tis the season to be worried-at least when it comes to the alarming rise in attacks targeting Gmail, Outlook, Apple Mail and other email users. So, little surprise that the FBI has launched a new campaign warning email users how to stay safe. The only trickster you should see this holiday season, the bureau says, is the Naughty Elf.
/jlne.ws/49M9BDa
As Elder Fraud Explodes, Banks Beat Back Duty to Call Cops; State lawmakers want firms to do more to block con artists; But industry lobbyists keep thwarting rules with 'more teeth'
Tom Schoenberg - Bloomberg
The tale of a retired US submarine commander who sent $3.6 million to scammers in Asia, even as his bankers worried he was being conned, sparked so much outrage in Virginia that lawmakers raced to act. But their flurry of legislation this year reached a familiar result. Before "Larry's Law" passed, industry lobbyists deftly headed off a key clause: Banks must call police if they spot a crime. It felt like a gut punch, said Julie Strandlie, a local attorney who took an interest in the new law and testified to the legislature after her mother fell prey to a scam. "This gives banks another free pass to do nothing," she said.
/jlne.ws/3VQLbTj
Jefferies Ousts Team of Miami Wealth Advisers Over Improper Cash Transfers; Poliak, Soto, Gherardi, Guerra are among fired senior advisers; Bank cites 'impermissible' transfers, improper communications
Donal Griffin and Katherine Doherty - Bloomberg
Jefferies Financial Group Inc. ousted a team of advisers in Miami who oversee the fortunes of wealthy clients after discovering allegedly improper money transfers and off-channel communications to cover it up. The firm fired Marcelo Poliak, Rodrigo Soto, Guillermo Guerra and Pablo Gherardi last month along with four others after discovering "impermissible money-wire transfers" and "off-channel" and "deleted" communications, according to filings with the Financial Industry Regulatory Authority.
/jlne.ws/4gn5eAP
Europe wrapped itself in a web of new rules. Can it reverse course? With Donald Trump promising more deregulation in the US and businesses upset about red tape, the EU is now searching for balance
Paola Tamma and Alice Hancock - Financial Times
The rules were meant to give certainty. To ensure Europe's car industry hit the EU's ambitious green goals, in 2021 lawmakers in Brussels set strict emission standards and an effective ban on new combustion engines by 2035. But since then, "quite a lot has happened," says Benjamin Krieger, secretary-general of the European automotive parts industry body Clepa. "There's conflict, there was a pandemic."
/jlne.ws/41M685s
Central banking's Song of Fire and Flood; Why central banks are right to care about the green stuff
Daniel Davies - Financial Times
For the last four or five years, the general attitude of the market to central bank pronouncements about climate change has been a sort of mystified "what are they on about?". In 2024, it seems to have become quite frighteningly clear. As Larry Fink pointed out in 2021, although everyone likes to say that the financial sector should play a major role in combating global warming, this is actually quite a weird approach to take. If the government wants to regulate carbon dioxide emissions, then why not just regulate carbon dioxide emissions?
/jlne.ws/403cOuE
|
| | | |
|
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Zelenskiy on Putin's missile duel offer: do you think he is sane?
Reuters
Ukrainian President Volodymyr Zelenskiy addressed Russian President's Vladimir Putin's missile duel offer during a press conference at a European Council meeting on Thursday."Do you think he is a sane person? Bastards," Zelenskiy said about Putin's suggestion to test air defences by launching Russia's new Oreshnik hypersonic ballistic missile at a target in Ukraine.
/jlne.ws/49PS4d3
Russia struggles to tame inflation in 'overheating' war economy; Central bank expected to increase critical interest rate from its current record of 21%
Max Seddon and Anastasia Stognei - Financial Times
Russia's central bank is expected to raise its key interest rate beyond its record of 21 per cent on Friday, as policymakers struggle to tame inflation in what Vladimir Putin described as an "overheating" war economy. Elvira Nabiullina, the hawkish governor of Russia's central bank, the CBR, is facing an increasingly loud chorus of criticism from officials and oligarchs who say her efforts to rein in inflation are stifling business. Her persistence in rising rates even as inflation is sliding out of the bank's control highlights how policymakers have failed to balance irresolvable priorities during the war, according to senior Russian businessmen and economists.
/jlne.ws/4grrQQM
Ukraine Says Major Russian Cyberattack Hits State Registries
Aliaksandr Kudrytski and Volodymyr Verbianyi - Bloomberg
A massive attack by Russian hackers on Thursday caused a temporary halt in the operation of state registries run by Ukraine's Justice Ministry, the country's cabinet said on Telegram. Russia aimed to disrupt the functioning of critical infrastructure as well as cause panic, the statement said. Real estate and business registries were hurt the most, Deputy Prime Minister Olha Stefanishyna told reporters in Kyiv on Friday. No data was lost, and the operation of databases is expected to be restored within two weeks.
/jlne.ws/4fnvZnu
At least one killed and several embassies damaged in 'barbaric' Russian missile barrage on Kyiv, Ukraine says
Maria Kostenko and Sophie Tanno - CNN
At least one person has been killed and several embassies have been damaged in an early morning Russian missile attack on Ukraine's capital Kyiv. The Kyiv City Military Administration confirmed the death in a post on Telegram, adding that 12 others have been injured. Of those injured, five were hospitalized while the rest were treated at the scene.
/jlne.ws/403zOdb
Vladimir Putin praises China, Brazil and South Africa for 'balanced' Ukraine peace efforts
South China Morning Post
Russian President Vladimir Putin has praised the "balanced" Ukraine peace drive led by China, Brazil and South Africa, describing it "a genuine attempt to find a solution". "We view this as a balanced attempt without imposing anything on either Ukraine or Russia," Putin said, according to state-owned news agency Tass. The three countries formally established a "Friends for Peace" group in September along with other developing nations at the United Nations headquarters in New York.
/jlne.ws/3ZEfTQA
Security guarantees without US not 'sufficient' for Ukraine, says Volodymyr Zelenskyy; Ukrainian president continues to push for Nato membership after meeting European leaders in Brussels
Henry Foy - Financial Times
Security guarantees solely from European countries, without US involvement, will not be "sufficient" to ensure the long-term protection of Ukraine from any further Russian aggression, the Ukrainian president has warned. Volodymyr Zelenskyy spoke on Thursday after meeting EU and Nato leaders in Brussels to discuss future support for Kyiv in light of Donald Trump's impending return as US president, and his vows to stop military aid to Ukraine and force immediate peace negotiations with Russia.
/jlne.ws/3Dqb3it
|
| | | |
|
| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israel and Hamas appear close to a ceasefire deal. These are the sticking points
Samy Magdy and Tia Goldenburg - AP
Israel and Hamas appear closer than they have been in months to agreeing to a ceasefire that could wind down the 14-month war in Gaza and bring home dozens of people held hostage there. But the sides have come close before, only to have talks collapse over various disagreements. This round of negotiations also faces hurdles.
/jlne.ws/4iOIrQ0
Israel's Netanyahu eyes Iran after triumphs over Hamas, Hezbollah, Syria
Samia Nakhoul - Reuters
2025 will be a year of reckoning for Israeli Prime Minister Benjamin Netanyahu and his country's arch foe Iran. The veteran Israeli leader is set to cement his strategic goals: tightening his military control over Gaza, thwarting Iran's nuclear ambitions and capitalising on the dismantling of Tehran's allies -- Palestinian Hamas, Lebanon's Hezbollah and the removal of Syrian president Bashar al-Assad.
/jlne.ws/4fvNmCK
An Israeli tech founder's journey from a near fatal injury in Gaza to a $100m exit; Rivery co-founder Itamar Ben Hemo, who was nearly killed a year ago while serving with the IDF reserves, hopes buyout will help restore investor confidence in Startup Nation
Sharon Wrobel - Times of Israel
Almost a year after Itamar Ben Hemo was hit by a bullet in the chest during an ambush by Hamas terrorists in Gaza, the Israeli tech entrepreneur has sold his startup for $100 million. Ben Hemo, the co-founder of Israeli data integration platform Rivery, inked the multimillion-dollar deal this week with private US data management company Boomi after being missing in action as CEO of the startup for six months.
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Fireside Friday with... Cboe's Stephen Dorrian
Claudia Preece - The Trade
The TRADE sits down with Stephen Dorrian, head of market data and access services, Europe, at Cboe Data Vantage to unpack how the data landscape is set to evolve in 2025 and beyond, the key changes to look out for when it comes to consumption, and what's top of the list of priorities going forward. What are your expectations for how demand for market data will evolve over the next few years? The main trend we're observing is the increased demand for market data globally, particularly from international investors wanting access to US and European markets. In the third quarter of this year, Cboe saw 40% of our data sales coming from outside the US and we expect that to continue.
/jlne.ws/3P3BsFr
List of Liquidity Polling Categories Mandated for the Liquidity Polls for Base Products - Effective December 20, 2024
CME Clearing
Effective on December 20, 2024, pursuant to CME/CBOT/NYMEX/COMEX Rule 915, the Clearing House is establishing Liquidity Polling Categories for the purpose of mandatory participation in the Liquidity Polls conducted by the Clearing House for Base products on at least a semi-annul basis.
/jlne.ws/4fsxuB0
HKEX in 2024: Year in Review
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) had a fruitful 2024, marked by new leadership, greater connectivity and engagement with international markets, the launch of multi-year infrastructure enhancement programmes, and fresh trading records that underscore the market's vibrancy and resilience. HKEX introduced a host of initiatives during the year, further enhancing the Group's offerings and strengthening Hong Kong's role as a leading international financial centre. These included plans to open an office in Riyadh, as well as adding Abu Dhabi and Dubai to the list of recognised stock exchanges, bolstering capital market connectivity between Asia and the Middle East. The Group also saw the successful implementation of Severe Weather Trading arrangements, reflecting HKEX's commitment to continuously elevating its market competitiveness.
/jlne.ws/4gLcPcd
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | AI Giants Seek New Tactics Now That 'Low-Hanging Fruit' Is Gone; Progress on the most advanced new AI systems has been slower than expected.
Rachel Metz - Bloomberg
The two years since OpenAI supercharged the generative AI era with the introduction of ChatGPT have passed in a blur of technological one-upmanship. OpenAI and its primary competitors, Anthropic, Google and Meta, have released a flurry of cutting-edge artificial intelligence models, each more skillful than the last. It's now Silicon Valley gospel that more computing power, more data and larger models will lead to such fundamental improvements in AI that the technology will transform entire industries within the next few years.
/jlne.ws/4goTCgR
Broadcom chief Hock Tan says AI spending frenzy to continue until end of decade
CEO said Big Tech groups are 'investing full tilt' as US chipmaker soars to more than $1tn valuation
Tim Bradshaw - Financial Times
Big Tech's spending frenzy on artificial intelligence will continue until the end of the decade, according to the head of Broadcom, which has soared to a valuation of more than $1tn on growing investor excitement about its AI chips business. Hock Tan, Broadcom's chief executive, told the Financial Times his clients in Silicon Valley were drawing up AI infrastructure investment plans spanning "three to five years in a very big hurry".
/jlne.ws/3ZPGrOK
Big bets on AI point to venture capital industry's shift; The strategy of focusing money on larger deals comes at time of extreme indigestion for start-up investors
Richard Waters - Financial Times
Depending on where you sit in the investment world, the venture capital business is either in rude health or facing something of an existential crisis. Like many people in tech these days, start-up investors have backed artificial intelligence to the hilt. The latest evidence came with this week's news that Databricks, a provider of software to gather and analyse large volumes of data, has raised another $10bn, one of the largest private investment rounds ever.
/jlne.ws/49OmOLG
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | The Best Cybersecurity Advice I Received in 2024; As PCMag's cybersecurity expert, I interview industry professionals all year long. One thing I ask them all: "What's the security and privacy advice you give to your family and friends?" Here's that wisdom, along with some of my top tips.
Kim Key - PC Magazine
Throughout 2024, I talked to experts about everything from the rise of generative AI-assisted scams to what it takes to fight cybercrime for the government. During those interviews, I asked industry leaders and researchers for cybersecurity advice. I'm always looking for the kind of down-to-earth and easy-to-understand tips professionals give to friends or family members when they see them over the holidays, and I'm compiling them here as my gift to you. These are their recommendations and my tips for acting on that advice.
/jlne.ws/4gLtbBS
MoneyGram Works to Restore Systems After 'Cybersecurity Issue'
PYMNTS
MoneyGram said Tuesday (Sept. 24) that it is working "around the clock" to bring its systems back online and resume normal business operations after finding a "cybersecurity issue." "We continue to make progress in successfully restoring some of our key transactional systems," the money transfer company said in a Tuesday post on social platform X.
/jlne.ws/3P4EKrI
Fewer Than Half the States Meet Recommended Cybersecurity Goals; All but two states completed a review, but only 22 states reached or surpassed the recommended minimum levels of security in their systems.
Jule Pattison-Gordon - Governing
Cyber attacks are a huge concern for state and local governments. Falling victim can mean downed services, compromised sensitive information, stolen money, and costly response and recovery work. Cybersecurity tops state chief information officers' priority lists for 2025, according to the National Association of State Chief Information Officers.
/jlne.ws/4iJr96W
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | Brevan Howard and Galaxy Digital cash in on crypto boom; Crypto strategies made more than 30 per cent in November following Donald Trump's election victory
Amelia Pollard and Harriet Agnew - Financial Times
A clutch of cryptocurrency-focused hedge funds has made a windfall in recent weeks as Donald Trump's election win fuelled a powerful rally that propelled bitcoin above the $100,000 milestone. Funds employing crypto strategies posted gains of 46 per cent in November, bringing their year-to-date returns to 76 per cent, according to data provider Hedge Fund Research. The returns have outpaced the broader industry, with the average hedge fund gaining 10 per cent in the first 11 months of this year, HFR said.
/jlne.ws/41G893f
Crypto Sicko Mode Is Here to Stay; The cryptocurrency world isn't waiting for Donald Trump's inauguration to make a whole bunch of fast money.
Matt Stieb - New York Intelligencer
The cryptocurrency market is unfathomably hot right now. A meme coin named after an act of enthusiastic oral sex briefly peaked with a market cap near $500 million earlier this month. Another coin with no utility whatsoever, called Fart Coin, has a market cap of close to $1 billion- roughly the same value as Marshalls or the Kuwaiti International Bank. Longtime bitcoin holders are even cashing out now that the commodity has breached $100,000, converting their long-holds into Rolexes, BMWs, and private-jet excursions. One cryptocurrency whale, 34-year-old Justin Sun, dropped $6.2 million on the Maurizio Cattelan piece called Comedian that was a banana duct-taped to a gallery wall. "It challenges traditional notions of value and creativity in a way that mirrors the disruptive nature of blockchain and cryptocurrency," Sun wrote to explain his interest in the piece.
/jlne.ws/4gOeDBv
Bitcoin Pullback Deepens as US ETFs Suffer Record Daily Outflow; Fed's signal of fewer rate cuts sapped largest cryptocurrency; Altcoins such as XRP, Dogecoin and Ether post bigger declines
Monique Mulima and Sidhartha Shukla - Bloomberg
A Bitcoin slide from a record high earlier this week extended to more than 10%, as reduced scope for looser US monetary policy dampened speculative zeal.
The price of the original cryptocurrency dropped as low as $95,234 on Friday at 9 a.m. in London after setting an all-time high just above $108,000 earlier in the week. The downturn weighed heavier on smaller tokens like Ether and Dogecoin.
/jlne.ws/3VNWlrZ
What if DogeCoin becomes the US currency? And more of your wild proposals answered; What if Bitcoin got adopted as the only way of paying for coffee?
Tim Harford - Financial Times
What if the total sum of wealth in the world was immediately and simultaneously redistributed equally among the six billion adult people in the world? - Bezz UBS's Global Wealth Report puts global wealth at around $450tn, which would mean each adult would get about $75,000. On the day that your proposal goes into effect, five million people would be just a day too young - 17 years and 364 days old - to receive their money. That's a tough break for them and a strangely invidious situation for such an ostentatiously egalitarian policy.
/jlne.ws/3P6aDQR
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | Tesla sales crash as drivers snub Trump supporter Elon Musk
Matt Oliver - The Telegraph
Tesla's sales in Europe have plunged by 40pc as the electric carmaker battles a backlash from buyers against Elon Musk's support for Donald Trump. The company's sales across the European Union tumbled to 18,786 in November, down from 31,810 a year earlier. Only three brands endured a worse performance over the period, including Smart and Stellantis-owned Fiat and Chrysler.
/jlne.ws/400Kh9b
'Everybody Wants to Be My Friend': Trump Marvels at Tech Titan Attention; Tech CEOs woo a president-elect who has been hostile to sector; Trump enjoys the company of wealthy executives with star power
Davey Alba, Kurt Wagner, and Julia Love - Bloomberg
The most powerful leaders in the tech industry are trying out a new playbook to engage Donald Trump, who has been historically opposed to their dominance: in-person dining. A steady stream of some of the biggest names in technology - Meta Platforms Inc.'s Mark Zuckerberg, Google co-founder Sergey Brin and Amazon.com Inc.'s Jeff Bezos - have all made pilgrimages to Trump's Mar-a-Lago club in Florida to personally meet with the president-elect, a stark reversal from his 2016 victory, when many business leaders kept their distance, instead currying favor by hiring well-connected lobbyists.
/jlne.ws/41DT9CW
US government shutdown looms after House rejects Donald Trump-backed funding bill; Congress faces Friday night deadline after president-elect helped kill initial draft legislation
Alex Rogers and Colby Smith - Financial Times
The US Congress has to find a deal on Friday to keep the government open after the House of Representatives voted down the latest version of a funding bill despite support from Donald Trump. The 174-235 vote late on Thursday tees up a race by House Republicans to approve a new bill before a Friday night deadline. The failed deal would have extended government spending to March 14, sent billions of dollars to communities hit by natural disasters and suspended limits on federal borrowing for two years - a crucial priority for the president-elect.
/jlne.ws/4goD88s
German Government Tells UniCredit to Exit Commerzbank Stake
Michael Nienaber, Arno Schutze and Sonia Sirletti - Bloomberg
Germany effectively called on UniCredit SpA to sell its stake in Commerzbank AG, just hours after the Italian bank said it had increased it, further escalating tensions between the two main shareholders in the German lender. "UniCredit itself emphasizes that the participation in Commerzbank has so far been a pure investment, which could also be dissolved at any time," deputy government spokesman Wolfgang Buechner said at a press conference in Berlin on Wednesday. "The German government expects UniCredit to make use of this option."
/jlne.ws/3BEorPl
Europe Wants Independence From Musk's Satellites
Bruce Einhorn - Bloomberg
European satellite network finally gets the green light
There's no love lost between some European Union officials and Elon Musk. Last December European regulators launched an investigation of his social media platform X's handling of content, and in October he called the outgoing vice-president of the European Commission, Vera Jourova, "the epitome of banal, bureaucratic evil." Brussels on Dec. 16 made another move to counter the billionaire's influence by signing contracts with a consortium of European companies to begin work on an alternative to Starlink, Musk's network of low-Earth orbit (LEO) internet satellites.
/jlne.ws/41M41yy
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | UK SFO charges five over collapse of law firm Axiom Ince; Alleged offences include fraud, forgery and improper use of £60mn in client money
Suzi Ring - Financial Times
The UK Serious Fraud Office has charged five men with offences ranging from fraud to forgery over the collapse of law firm Axiom Ince, which folded with more than £60mn of client money missing. The SFO said on Friday that it had charged the firm's former chief executive and director Pragnesh Modhwadia, co-director Shyam Mistry, and chief financial officer Muhammad Ali with two counts of fraud by abuse of position. The agency said they were alleged to have misused client funds and exposed thousands of the firm's clients to losses. Modhwadia and Mistry are also charged with conspiring to conceal, destroy or dispose of documents, alongside the firm's former chief technology officer Rupesh Karawadra and vice-president of IT Jayesh Anjaria.
/jlne.ws/4j0Ao2X
SEC Charges Utility Company Entergy Corp. with Internal Accounting Controls Violations; Company agrees to pay $12 million in penalties and adopted independent consultant's recommended improvements
SEC
The Securities and Exchange Commission today announced that Entergy Corporation, a Louisiana-based utility company, agreed to pay a $12 million civil penalty to settle charges that it failed to maintain internal accounting controls to ensure that its surplus materials and supplies were accurately recorded in its books and financial statements in accordance with generally accepted accounting principles (GAAP).
/jlne.ws/41NtyaD
Global Aerospace Company AAR and Former Executive of its Subsidiary Settle Charges for Bribing Nepalese and South African Officials
SEC
The Securities and Exchange Commission today announced that Illinois-based AAR CORP., a global provider of aviation services and products, agreed to resolve Foreign Corrupt Practices Act (FCPA) charges in connection with two bribery schemes. AAR agreed to pay approximately $30 million to settle the SEC's charges. Deepak Sharma, a former executive of a wholly owned AAR subsidiary, also settled SEC charges related to the same bribery schemes.
/jlne.ws/49PKtv2
SEC Charges Former BioPharma Exec with Insider Trading
SEC
The Securities and Exchange Commission today announced the filing of a settled insider trading case against Curt L. Dewitz of Inlet Beach, Florida. Dewitz is a former executive of a biopharmaceutical company. The Commission's action alleges that he traded in the securities of two related public companies based on material nonpublic information from his former employer. Dewitz's trading occurred ahead of a public announcement that his employer had agreed to merge with one of the two related public companies.
/jlne.ws/4gH0G8c
SEC Obtains Final Judgment Against Penny Stock Fraud Recidivist In Cross-Border Penny Stock Fraud Scheme
SEC
On December 18, 2024, the Securities and Exchange Commission obtained a final judgment against defendant Petar Dimitrov Mihaylov, a citizen of Bulgaria, for his particular role in a scheme spanning at least 2006 to 2020 that generated more than $145 million of illegal sales of stock in at least 17 microcap companies.
/jlne.ws/3ZJn5Lj
Federal Court finds CFD issuers engaged in systemic unconscionable conduct with customer losses totalling over $83 million
ASIC
The Federal Court today found that collapsed contracts for difference (CFD) issuer, Union Standard International Group Pty Ltd (USG) and two of its former corporate authorised representatives, BrightAU Capital Pty Ltd (trading as TradeFred) and Maxi EFX Global AU Pty Ltd (trading as EuropeFX), engaged in systemic unconscionable conduct as well as a raft of other contraventions of the law between 2018 and 2020.
/jlne.ws/4iJiPEh
ASIC suspends AFS Licence of Equitise Pty Ltd
ASIC
ASIC has suspended the Australian financial services (AFS) licence of Equtise Pty Ltd (Equitise) until 10 February 2025. The AFS licence was suspended because Equitise is under external administration. On 31 October 2024, Equitise was placed into voluntary administration. Mohammad Mirzan Bin Mansoor and Damien Mark Hodgkinson of Olvera Advisors Pty Ltd were appointed as joint and several administrators.
/jlne.ws/3VPKFVH
Individual pleads guilty to insider trading charges
FMA
Kevin Young, a former accountant with Heartland Bank Limited, has pleaded guilty to insider trading charges brought against him by the Financial Markets Authority (FMA) - Te Mana TÄtai Hokohoko. In July 2024, the FMA filed criminal proceedings against Mr Young for alleged insider trading relating to the buying and selling of shares in Heartland Group Holdings Limited (HGH). The FMA brought four charges against Mr Young. He has today pleaded guilty to three charges, with the FMA agreeing to withdraw one charge.
/jlne.ws/49Lnp0w
FMA files civil proceedings against InvestNow for alleged AML/CFT breaches
FMA
The Financial Markets Authority (FMA) - Te Mana TÄtai Hokohoko - has filed civil proceedings against InvestNow Saving and Investment Service Ltd, which trades as InvestNow, for alleged breaches of the Anti-Money Laundering and Countering of Terrorism Act 2009 (AML/CFT Act).
/jlne.ws/4gNbTnY
Money with Mary
FMA
In our series "Money with Mary," personal finance legend Mary Holm shares practical tips on a variety of money matters.
/jlne.ws/3UL1G1E
FCA executes search warrants in investigations involving unauthorised business
FCA
Two FCA investigations involving unauthorised debt and claims management activities have resulted in arrests. The FCA, with the support of West Midlands Police, the Eastern Region Special Operations Unit and Police Scotland, has recently conducted 2 operations to search 7 addresses across the West Midlands, Cambridgeshire, Stirling and Cumbernauld. Two individuals were arrested in Birmingham and Huntingdon.
/jlne.ws/3P4VJKv
FCA apologises for delay in shutting fraudulent peer-to-peer lender; UK financial watchdog offers compensation to investors in Collateral after admitting failings in its oversight
Martin Arnold - Financial Times
The UK's financial watchdog has issued a grovelling apology for "failings" that let hundreds of people lose millions of pounds they invested in a fraudulent peer-to-peer lender. The Financial Conduct Authority told more than 300 people who had complained about its bungled oversight of Collateral that it accepted "opportunities were missed" and that it was "too slow" to shut the company down after discovering its wrongdoing.
/jlne.ws/4iE7V2u
Mainland-Hong Kong Mutual Recognition of Funds enhancements to take effect on 1 January 2025
SFC
The Securities and Futures Commission (SFC) welcomes the publication today of the revised Provisions on the Administration of Recognised Hong Kong Funds by the China Securities Regulatory Commission (CSRC) and also the revised operating guidelines jointly by the People's Bank of China and the State Administration of Foreign Exchange, for the purpose of implementing the enhancements to the Mutual Recognition of Funds (MRF) scheme. The SFC also published a revised Circular on Mutual Recognition of Funds between the Mainland and Hong Kong today. (Note 1)
/jlne.ws/4gnVx53
SFC publishes review of SEHK's performance in regulating listing matters
SFC
The Securities and Futures Commission (SFC) today released a report on its review of the performance of The Stock Exchange of Hong Kong Limited (SEHK) in regulating listing matters during 2022 and 2023 (Note 1). During the review, the SFC assessed the general operations, processes and procedures of SEHK's Listing Division. It also weighed up SEHK's performance in handling issuers' non-compliance with the Listing Rule requirements on the disclosure of material information, handling issuers' unusual stock price and volume movements, and vetting initial public offering (IPO) applications.
/jlne.ws/4gBM4XM
SFC and PBoC top management meet in Beijing
SFC
The Securities and Futures Commission's Chairman, Dr Kelvin Wong and its Chief Executive Officer, Ms Julia Leung held a high-level meeting with the Governor of the People's Bank of China, Mr Pan Gongsheng in Beijing yesterday. The two sides explored how to further strengthen financial cooperation between the Mainland and Hong Kong, actively promote the internationalisation of renminbi (RMB), continue to enhance the mutual market access scheme, as well as consolidating and elevating Hong Kong's position as an offshore hub for RMB business and an international financial centre.
/jlne.ws/49RvVeK
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | China's Top Crop Trader Blunts Impact of US Trade War With Brazil Bet; Cofco is set to open a massive port terminal in Santos next year, its latest international splurge as it jostles to contend with the world's biggest food merchants.
Alfred Cang, Hallie Gu, and Dayanne Sousa - Bloomberg
Flying over the southern Brazilian coastline in 2014, Ning Gaoning saw the future. From his airplane window, the chairman of Chinese trader Cofco Corp. spotted scores of trucks and trains laden with agricultural products - all headed to the port of Santos. Ning, who also goes by his English name Frank, realized then, he later wrote in his memoir, that his company needed to own a piece of South America's largest port. It would catapult the state-run group into the upper ranks of agricultural traders, he hoped.
/jlne.ws/3ZMfLhV
Flack Global Metals Executes First Busheling Futures Contract
Flack Global Metals
Flack Global Metals (FGM), a vertically integrated industrial business platform transforming the steel supply chain, announced today its role as a counterparty to the first Busheling Ferrous Scrap Futures contract tied to the Chicago No. 1 Busheling Ferrous Scrap (Fastmarkets) index. The contract was listed and cleared Monday on the Chicago Mercantile Exchange (CME Group), the world's largest derivatives marketplace. This contract marks the first use of Fastmarkets' Chicago No. 1 Busheling price as a benchmark for recycled ferrous scrap-a critical input for new steel production, contributing to over half of U.S. steel output. It introduces a new financial tool to help manage price volatility in the scrap market, and allow for better alignment with the realities of the physical Busheling market. This new contract is expected to materially increase the liquidity in the scrap market, allowing market participants to better manage the risks of a greater portion of the steel supply chain.
/jlne.ws/4frACgp
The Olive Oil Crisis Is Over - But My Fears Aren't; Prices for the golden commodity are set to drop thanks to a bountiful harvest this year. That doesn't solve all its problems.
Javier Blas - Bloomberg
It's over - the olive oil crisis that gripped my kitchen is fading away. After two consecutive years of crop failures, Spanish olive farmers are now harvesting enough fruit to guarantee good supply in 2025. Wholesale prices have fallen about 55% from their record high set in February; retail prices will soon follow. Yet, I don't anticipate a return to the low prices of the last 20 years for two reasons - one is temporary, the other is structural. Few are paying enough attention to either. First, the good news.
/jlne.ws/3BMQA6Q
Taking Advantage of Investment Trust Discounts; The UK's closed-end fund sector is being targeted by activists.
John Stepek - Bloomberg
Investment trust focus: it's all about the discounts
This week in investment trust land, it's been all about the discounts. Activist investor Saba finally made its intentions clear with a letter to shareholders in seven investment trusts in which it owns large stakes. You can read more about that, and the trusts affected, here. But the upshot is that Saba reckons there's an opportunity here to take over these trusts, and tackle persistent discounts, both via "shareholder-friendly corporate actions" (as Saba's letter puts it) and by changes to investment strategy.
/jlne.ws/4fsmjIf
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Trump protectionism threatens energy transition, warns BHP chief; Mike Henry says shifting US policies risk slowing allocation of capital to projects essential to renewables switch
Susannah Savage - Financial Times
US protectionism under president-elect Donald Trump risks delaying the global shift to green energy, according to the chief executive of miner BHP. Trump's proposed import tariffs and the rising risk of a global trade war present a "key challenge for the energy transition", Mike Henry told the Financial Times.
/jlne.ws/402yQ0B
Scrambled weather cycle prompts meteorologists to rethink models; Top forecasting agencies in discussions after 'uh-oh' moment on key readings of Pacific Ocean temperatures
Kenza Bryan and Eva Xiao - Financial Times
The top US climate agency is rethinking its modelling of the critical Pacific Ocean cycles that feed into the world's atmospheric shifts, as record hot sea temperatures globally scramble weather patterns. Scientists at the US National Oceanic and Atmospheric Administration (Noaa) told the Financial Times they were holding discussions internally and consulting other national agencies about how to make forecasts more accurate.
/jlne.ws/4gKDF4b
Shell's efforts to sell stake in Rosneft co-owned refinery suffer fresh setback; Anglo-Dutch group's latest plan to offload its interest in an important German oil refinery collapses
Robert Wright - Financial Times
Shell's efforts to sell a stake in an important German refinery suffered their latest setback on Friday after a deal struck a year ago collapsed, leaving the oil major still holding part of a refinery controlled by Russia's Rosneft. The Anglo-Dutch company had agreed in December 2023 to sell its 37.5 per cent interest in the PCK Schwedt refinery, near Berlin, to Prax Group, an independent UK company. But the two parties announced on Friday that "after careful consideration" they were not going ahead.
/jlne.ws/4gBQoq8
Australia Clears $3 Billion Plan to Link Troubled Hydro Project
Rob Verdonck - Bloomberg
Australia approved a A$4.8 billion ($3 billion) transmission project to connect more renewable energy to its main grid, including from a massive hydropower project that has been plagued by delays and cost overruns. The clearance comes as the nation undergoes one of the world's fastest transitions away from a grid heavily reliant on coal-fired power plants to solar and wind generation, which require batteries or hydropower to back them up when the sun doesn't shine or gusts don't blow. The issue of how to ensure stable supplies has become increasingly political ahead of elections due by May, with the main opposition party last week laying out a A$331 billion plan to create a nuclear power industry.
/jlne.ws/49KAlUD
UK Set for Record Wind Generation as Met Office Issues Warnings; Yellow weather warnings are in place for Saturday and Sunday; Day-ahead power price plunged to lowest since August
Eamon Farhat - Bloomberg
Wind power generation is forecast to reach a record this weekend, with yellow warnings in place across the country. Output from the nation's wind farms is set to reach 22.6 gigawatts at 9 a.m. on Saturday and will be even higher on Sunday, according to a forecast compiled by Bloomberg. The day-ahead power price plunged 61% to its lowest level since August. It was only three days ago the previous record was broken, and a stark change from last week when prices spiked because of a dearth of wind in the region. Huge swings in output shows the challenge that utilities and grid operators are facing as more green and intermittent power production is installed across Europe.
/jlne.ws/3ZPcEpq
Europe Still Clings to Russia Gas With Record LNG Flow This Year; Europe's top buyer France imported record volumes this year; Russia is second largest LNG supplier to EU after US
Elena Mazneva - Bloomberg
The European Union boosted imports of Russian liquefied natural gas against the backdrop of deepening tensions over pipeline supplies that flow through Ukraine. The bloc purchased a record amount of Russian LNG this year, according to ship-tracking data compiled by Bloomberg. Among top byers, France has already hit its highest-ever volumes and Spain is closing in on records seen last year.
/jlne.ws/3DrpiU8
Zelensky open to allowing transit of non-Russian gas through Ukraine
DPA
Ukrainian President Volodymyr Zelensky on Thursday signalled openness to allowing the transit of non-Russian gas through his country to Central Europe. If a receiving country was able to guarantee that the gas is not of Russian origin and that Moscow is not profiting from the fuel, then there is a possibility to allow transits after the end of the year, Zelensky said.
/jlne.ws/403tP83
Trafigura, Gunvor Weigh Trump Wildcard Against Oil Glut in 2025; Both companies expect supply to eclipse demand in 2025; Other traders also sound a cautious note on market outlook
Alex Longley, Archie Hunter, and Sherry Su - Bloomberg
/jlne.ws/404b7xa
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | CFPB sues top US banks, says they allowed fraud on payment platform Zelle
Reuters
The U.S. Consumer Financial Protection Bureau said on Friday it had filed a lawsuit against JPMorgan Chase (JPM.N), opens new tab , Bank of America (BAC.N), opens new tab, and Wells Fargo (WFC.N), opens new tab, accusing the banks of allowing "fraud to fester" on peer-to-peer payments platform Zelle. The CFPB in a statement said it was seeking to stop the alleged unlawful practices, secure redress and penalties, and obtain other relief.
/jlne.ws/41LI02W
|
| | | |
|
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The Wrath of DOGE Is Coming for Federal Workers; The more public service is denigrated, the less appreciated civil servants are and the harder it is for the government to recruit high-quality employees.
Kathryn Anne Edwards - Bloomberg
America has elected a president who has empowered two businessmen with no experience in public service or governing to effectively rule over the federal government, in part by promising to "delete" assorted agencies as part of a plan to cut spending by $2 trillion. Both have an affinity for mass layoffs, Elon Musk at his various companies and Vivek Ramaswamy of federal employees as part of a campaign promise. Whether these men, who will lead President-elect Donald Trump's proposed Department of Government Efficiency, or DOGE, will have any actual authority remains to be seen. If nothing else, their impossible-to-fill promises to slash spending and fire workers has put a spotlight on government employees in terms of who they are, the functions they perform and their motivations for working in the public sector.
/jlne.ws/41JqM67
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | How American Health Insurance Got So Infuriating; UnitedHealthcare CEO shooting has sharpened the public's focus on the role of private insurers, a necessary evil in the U.S. healthcare system
David Wainer - The Wall Street Journal
The killing of UnitedHealthcare boss Brian Thompson has sparked widespread reflection on the frustrations of navigating America's healthcare system. Many have shared stories of insurance denials and the devastating financial and emotional toll these have taken on families. Every country aims to control medical costs, and many wealthy nations-Switzerland, for example-also rely on private insurers to help manage care. What sets America apart is its patchwork system that pits loosely regulated, profit-driven players against each other. The result: enormous administrative waste, uncertainty for patients and little added value.
/jlne.ws/41L7Dkr
Wellness That Works: Employee Wellness Program Making Financial, Heart Health Impacts
Gianluca D'Elia - University of Rochester Medical Center
URMC Home Newsroom News Wellness That Works: Employee Wellness Program Making Financial, Heart Health Impacts. New study shows significant ROI, reduced cardiovascular disease risk for program participants A new study in Healthcare shows that the UR Medicine Center for Employee Wellness generated a significant return on investment for employers and helped program participants reduce their risk of cardiovascular disease.
/jlne.ws/4fzcusa
Inside the rise of the mental-health volunteer movement; Community-based approaches provide startling results without need for expensive clinical care
Sarah Neville - Financial Times
Time was already running out when Texas pastor Veron Blue heard that a young woman in her community was contemplating suicide. "She had a plan that night, while her mom was at work, to take her own life," said Blue, co-founder of a non-denominational church in San Antonio. Searching out professional care was not an option at such short notice. "We had to help her that day."
/jlne.ws/3P3zTY5
B2B Wearables: A New Tool for Businesses to Promote Workplace Wellness
PYMNTS
Polar is taking wearable tech beyond the fitness enthusiast with the recent launch of Polar 360, a new business-to-business platform designed to help companies boost employee health and productivity. Offering a suite of devices - from fitness trackers to smartwatches - Polar 360 gives employers tools to monitor vital metrics like heart rate, activity levels and sleep patterns, turning wearables into assets for corporate wellness programs. By delivering real-time health data and actionable insights, the platform seeks to reduce absenteeism, enhance well-being and support a healthier, more productive workforce.
/jlne.ws/4iK6sYC
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's Hottest Stock Rockets 370% on Craze for Collectibles; Pop Mart's stock price has quadrupled in Hong Kong this year; Blind box toys have wooed consumers in China and abroad
Charlotte Yang - Bloomberg
In a Vanity Fair video last month, Lisa, a member of mega K-pop band Blackpink, shared her obsession with toys from Chinese company Pop Mart International Group Ltd."I go crazy. It's like I spent all my money," she laughed, unboxing dolls from the toymaker's PUCKY Roly Poly Kitty series. "I go to Pop Mart everywhere. If I fly to New York, I try to find Pop Mart there. Paris, you know, everywhere. (It's) kind of like finding treasure."
/jlne.ws/3ZJr6zn
Shakeup of Top Options Market Primes India Brokers for Slump
Savio Shetty - Bloomberg
For the world's largest options market, 2024 was a year of reckoning. 2025 could mark its coming of age. After a 40-fold surge in derivatives turnover in just five years, the Securities and Exchange Board of India unleashed a wave of regulations aimed at curbing speculative excesses. Now the local brokers that made it all possible are bracing for a slump in financial results as others are picking up the pieces.
/jlne.ws/3VL6DJl
Europe must decide on the banking union; Commerzbank and Banco BPM are test cases that ask if we, as a bloc, are serious about greater integration
Andrea Orcel - Financial Times (opinion)
The writer is chief executive of UniCredit. "Europe is disappearing." So said Ken Griffin, founder of Citadel Securities, earlier in December. "It's lethargic compared to the United States," he added. "Their economy is not growing. Their per capita numbers are horrific." When America's top financiers make that kind of assessment about our continent, it is time to wake up and respond. It is now a little over two decades since the EU went through its greatest ever enlargement. In one sweep, it created a single market of some 450mn people, promoting stability, democracy and economic prosperity. The positive vision of that time is still possible but it is undoubtedly imperilled.
/jlne.ws/4gr0cmQ
Brazil's Central Bank Burns $17 Billion in Reserves to Lift Real; Real close erases weekly losses as central bank steps in; Investors had been dumping the currency on fiscal concerns
Giovanna Bellotti Azevedo - Bloomberg
Brazilian markets bounced at the end of the week amid extraordinary central bank moves to curb a selloff in the currency that was spreading across the nation's markets. The real gained as much as 1.4% on Friday, paring weekly losses, after policymakers said they would step in again with both a spot sale and a credit line auction totaling a combined $7 billion.
/jlne.ws/49NsCVE
|
| | | |
|
| Auditions | | Explore a space for creative trading stories where you can find and share unique works like screenplays, television scripts, poetry, and more, all inspired by the world of finance and trading. | INT. BEDROOM CLOSET OF MIKE AND CHLOE'S APARTMENT
Mike checks the strong box, flips through an envelope of hundreds and twenties, and slips it into his pants pocket. He stuffs a Cartier watch into another pocket. Opening the closet, he grabs a backpack, fills it with stacks of twenties from the desk drawer, then exits the room, pulling a suitcase behind him."
INT. HALLWAY OF MIKE AND CHLOE'S APARTMENT BUILDING 30 MINUTES LATER
Chloe steps out of the elevator and sees the front door is open.
Read the whole episode HERE and the complete script to date HERE.
|
| | | |
|
| Miscellaneous | | Stories that don't quite fit under the other sections | Soho House Turns Its Back on Wall Street, Again; A publicly traded private members' club was destined to struggle.
Chris Bryant - Bloomberg
After a volatile three-year charm offensive, a hungover and disillusioned Soho House & Co. is turning its back on Wall Street. It's fair to say there's no love lost. On Thursday, the international members-club chain confirmed receipt of a buyout offer from an unnamed third-party consortium valuing it at around $1.75 billion, or more than one-third less than when it went public in 2021.
/jlne.ws/41Prr6p
|
| | | |
|
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. |
|
|
