| August 20, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The FIA on August 18 released a new paper titled "Best Practices for Automated Trading Risk Controls and System Safeguards," consolidating over 14 years of work in developing strategies to mitigate risks associated with electronic trading. The paper outlines best practices in areas such as pre-trade risk management, exchange volatility control mechanisms, and post-trade analysis, aimed at ensuring market safety across various technologies, including emerging ones like Artificial Intelligence. FIA President and CEO Walt Lukken emphasized that these tools, developed in collaboration with market participants and exchanges, have been effective in limiting market disruptions and continue to evolve alongside trading technologies.
Josh King, formerly chief communications officer of ICE and head of corporate affairs at NYSE, is starting a new position as managing director & head of corporate affairs at Citadel, he shared on LinkedIn. Josh was the host of the popular and very effective podcast series, "Inside the ICE House." I was lucky enough to be the subject of Episode 11 of Inside the ICE House for Josh when he was first getting the series started.
Steve Tucker has become the CEO at Aquabyte, he announced on LinkedIn. Most recently, Tucker was CEO of itslearning, Europe's largest learning management system. I met Steve when he was at Futures Dynamics, one of the many ISVs absorbed by ION over the years.
Ann Heuser, previously ICE's vice president of event marketing, is now director of global events at Gong, she shared on LinkedIn.
James F. Sullivan, Jr. has joined ABN AMRO Clearing USA in business development and is working with agricultural hedgers, along with ABN's Principal Traders Group firms.
Every day when I look at Yahoo Finance's list of the most actively traded stocks, Nvidia is at the top of the list. It got me thinking about what the record is for the most consecutive days as the most actively traded stock. According to ChatGPT, the longest record belongs to Ford, from December 16, 2009, to April 8, 2010, when it traded 80 consecutive days as the most active stock. However, there was no citation for this factoid. It also said that Nvidia has traded as the most actively traded stock for 70 consecutive days and counting, so Ford's record could soon be broken.
Here are excerpts from in front of FOW's paywall from some recent stories: The FIA has urged caution in the Indian regulators' plan to overhaul the regional index derivatives market, advocating for a phased approach to mitigate potential unintended consequences amid rapid market growth. Meanwhile, TP ICAP anticipates that ongoing energy market volatility, driven by the global energy transition, will support its growth across regions. In the energy sector, the ASX has introduced deliverable natural gas futures based in Wallumbilla, Queensland, adding to a series of new energy products. Additionally, TraditionData is updating its European rates modeling service due to increased adoption of risk-free rate derivatives. The CME Group reported a new open interest record in U.S. Treasury futures, driven by recent volatility, while Abaxx Exchange in Singapore prepares for significant growth as it launches new contracts. Finally, ICE's NYSE has launched a new index tracking U.S.-based unicorn companies in the private market.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- How does high-frequency trading in the stock market affect liquidity? from University of Edinburgh Business School.
- Bitnomial's Strategic Move: Expanding Bitcoin Futures with Hash Rate Hedging from John Lothian News.
- Levered Trade That Blew Up in 2008 Gets a $600 Million ETF Redo from Bloomberg via Yahoo Finance. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 Bitnomial's Strategic Move: Expanding Bitcoin Futures with Hash Rate HedgingJohnLothianNews.com Bitnomial President Mike Dunn, in an interview with John Lothian News, shared the company's strategic vision and recent developments in the cryptocurrency derivatives market. Founded in 2014, Bitnomial has been at the forefront of creating a futures market for Bitcoin, recognizing its potential as a commodity and the need for risk management tools in the volatile cryptocurrency space. Watch the video »
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Gold Bars Are Worth a Million Dollars for the First Time
Jack Wittels - Bloomberg
For the first time ever, a bar of gold is worth a cool one million dollars. The milestone was reached Friday, when the precious metal's spot price surpassed $2,500 per troy ounce, an all-time high. With gold bars typically weighing about 400 ounces, that would make each one worth more than $1 million.
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****** That is quite the milestone. Next stop $1 BILLION!~JJL
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Steve Kerr compares vibe of Harris campaign at the DNC to the '90s Chicago Bulls champions; "Young people, google 'Michael Jordan' and you can read all about it."
Dylan Stableford - Yahoo Finance
Golden State Warriors head coach Steve Kerr spoke at the Democratic National Convention Monday night at the United Center in Chicago, where he won three NBA championships as a point guard for the Chicago Bulls from 1993 through 1998. "So fun to be back in the United Center - a lot of good stuff has happened in this building, especially in the '90s," Kerr said. "Young people, google 'Michael Jordan' and you can read all about it.
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****** I could not find fault with Steve Kerr's speech last night, especially knowing he would be criticized. When he said, "I believe leaders must display dignity. I believe that leaders must tell the truth. I believe that leaders must care for and love the people that they are leading," it all resonated with me. ~JJL
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Monday's Top Three
Our top clicked item Monday was the obituary for Dennis Murray, an FIA Hall of Fame member who passed away on August 17, from Moloney Family Funeral Homes Inc. Second was Welcome to the End of the Biggest Commodity Boom, an opinion column from Javier Blas at Bloomberg. Third was Part of Downtown Montreal Is Flooded After Water Pipe Breaks, also from Bloomberg.
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| Lead Stories | Moscow Stock Exchange considers legal action against US and UK sanctions
Reuters
The Moscow Stock Exchange is discussing ways to challenge sanctions imposed by the United States and Britain that led to a halt in exchange trading of dollars and euros and a freeze on traded foreign assets, its lobby group said on Tuesday. The lobby group, Investors' Rights Protection Club, set up by the Moscow Exchange (MOEX), said lawyers briefed members on "legal defence strategies to challenge sanctions imposed on the MOEX group".
/jlne.ws/3Mah2sK
European Power Prices Turn Negative as Green Power Output Jumps; German wind generation set to reach the highest in 4 months; Negative prices mean there is more power supply than demand
Eamon Farhat - Bloomberg
Power prices in several European markets fell below zero for Wednesday as wind and solar output is poised to jump and flood the grid with green electricity. Germany's day-ahead auction settled below zero for 6 individual hours on Tuesday, data from Epex Spot SE show. Wind generation in the nation is set to average 22.7 gigawatts on Wednesday, the highest in 4 months, according to Bloomberg models and data from ENTSO-E.
/jlne.ws/4dv6HDV
Saudi Stock Exchange Looks to Asian Investors to Boost Liquidity; Asian investors can bring 'significant' amount of activity; Two Saudi-focused ETFs launched in China back in July
Fahad Abuljadayel - Bloomberg
The Saudi stock exchange is looking to Asian investors to bolster activity in the Middle East's largest market. Riyadh is well-positioned to lure investors from the East and West, with Asia currently a key focus for the Saudi Tadawul Group Holding Co., according to the firm's chief strategy officer, Lee Hodgkinson. "Connecting Chinese and Saudi investment flows bilaterally, not only is good for the exchanges and good for the investors, but it's also good for the liquidity of the listed companies," Hodgkinson said in an episode of Tiger Money, a Bloomberg podcast. "You can expect a lot more from us and we'll work very hard with our Chinese counterparts on those relationships."
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A Natural-Gas Glut Is Forcing Drillers to Dial Back-Again; Oversupply of the power-plant fuel persists despite some of the hottest weather on record
Ryan Dezember - The Wall Street Journal
A glut of natural gas is depressing prices and prompting fresh cutbacks in America's drilling fields, despite one of the hottest summers on record. Big producers such as EQT and Coterra Energy are choking back output, waiting to connect new wells to pipelines and delaying drilling projects. They aim to buoy prices that have rarely been lower during the heat of the summer, when air conditioning creates a lot of power demand.
/jlne.ws/3X8abpY
US ESG Bond Market Facing Slow Death as Sales Hit Five-Year Low; ESG bond sales from US-based firms at slowest pace since 2019; Politics, lack of price benefit make the bonds less practical
Caleb Mutua - Bloomberg
The bonds were supposed to change the world. US companies and banks are increasingly uninterested in selling them. Bonds that fund companies' environmental projects, or give corporations an incentive to improve their governance or achieve social goals like boosting gender equality, have seen sales drop this year. US-based companies sold just $18.2 billion of the debt, known as environmental, social and governance bonds, through August 16 - the least since 2019's $12.5 billion, data compiled by Bloomberg shows. The decline comes as sales of other investment-grade corporate debt has jumped.
/jlne.ws/3WQx9R7
Rich Indians' Plan to Invest Abroad Via New Hub Hits Roadblock; Regulator will not allow family offices to set up in GIFT City; RBI is concerned about tax evasion, breach of capital controls
Preeti Singh and Saikat Das - Bloomberg
Indian regulators have stopped allowing local family offices to set up investment funds in its new finance hub, as they are concerned these arrangements may be used to evade taxes and capital controls, according to people familiar with the matter. The regulator for Gujarat International Finance Tec-City is halting approvals for family investment funds after feedback from the central bank, the people said, declining to be identified discussing private matters. The Reserve Bank of India is worried that loosening capital controls for such instruments could result in loopholes that may be exploited for money laundering, they said. The move could deal a blow to GIFT City's ambitions to be a one-stop shop used by wealthy individuals for overseas investments. The finance hub, in Prime Minister Narendra Modi's home state of Gujarat, was set up to be a free-market pilot, unhindered by local rules on taxes and capital flows.
/jlne.ws/3yOjEtf
Hong Kong issues generative AI guidelines to banks to avoid bias against consumers
South China Morning Post
Hong Kong's de facto central bank is urging financial institutions in the city to follow a new set of guidelines when using generative artificial intelligence (GenAI) in consumer-facing applications, as adoption grows in the banking sector. Banks looking to use GenAI in their products should follow a range of principles, including ensuring customers can choose to opt out of using the technology and that AI models do not lead to unfair bias or disadvantage certain consumer groups, the Hong Kong Monetary Authority (HKMA) said in a notice on Monday. Company boards and senior management should also "remain accountable for all the GenAI-driven decisions and processes", according to the document.
/jlne.ws/4dw1J9P
Jamie Dimon's Loyalty Play: JPMorgan's Second-in-Command Loses Grip After Shakeup
Claire Shefchik - Benzinga
Big changes are brewing at JPMorgan Chase. Jamie Dimon, the bank's longtime CEO, has reshuffled the executive ranks, and not everyone is coming out on top. Daniel Pinto, JPMorgan's president and once seen as Dimon's likely successor, is watching his influence slip away. Insiders are buzzing with speculation that Pinto might be on his way out because Dimon's loyalists sidelined his allies at the bank. Earlier this year, Jennifer Piepszak and Troy Rohrbaugh were promoted to commercial and investment banking division co-CEOs. Doug Petno, another Dimon favorite, was tapped to colead global banking. These moves didn't sit well with Pinto, who had different people in mind for these key roles.
/jlne.ws/3WP759b
Morgan Stanley International chairman among missing from sunken yacht, reports say
Neil Johnston - The Telegraph
Jonathan Bloomer, the chairman of Morgan Stanley International, was on Monday night reported to be among the missing from the sunken yacht Bayesian. He was confirmed missing by Italian authorities, according to The Times. Mr Bloomer is a close friend of Mike Lynch, the owner of the yacht, who is also missing alongside his 18-year-old daughter Hannah. Salvatore Cocina, head of the Civil Protection in Sicily, said Chris Morvillo, a lawyer at Clifford Chance, was also missing. The vessel is thought to have been hit by a tornado while anchored off Sicily.
/jlne.ws/4dMbDUz
A Morgan Stanley executive and a tech entrepreneur's teen daughter are still missing after a violent tornado hit a superyacht
Amanda Gerut - Fortune
A celebration aboard a luxury superyacht off the coast of Italy continued to churn out tragic news on Monday. Morgan Stanley International Chairman Jonathan Bloomer was reported missing from the sunken yacht, according to the Telegraph. Bloomer was aboard the 184-foot Bayesian yacht with close friend Mike Lynch, a tech mogul once called "Britain's Bill Gates," who recently beat fraud charges in San Francisco stemming from the sale of his tech company, Autonomy. Hewlett-Packard bought the software processing company in 2011 for $11.7 billion, which was one of the largest tech deals in Europe at the time. Afterward, HP accused Lynch and others of accounting fraud, which Lynch denied. He was cleared of all charges in June.
/jlne.ws/4dso9st
Carl Icahn hit by SEC disclosure charges after short seller attack; Activist and his company will pay $2mn to resolve probe launched after Hindenburg Research report
Amelia Pollard and James Fontanella-Khan and Ortenca Aliaj - Financial Times
Carl Icahn, one of Wall Street's most prominent activist investors, and his company have agreed to settle US regulatory charges that they failed to disclose the billionaire had pledged company securities as collateral for personal loans. Icahn and his Icahn Enterprises company will pay $500,000 and $1.5mn, respectively, to settle the civil charges from the US Securities and Exchange Commission, according to a statement from the regulator on Monday. Neither he nor Icahn Enterprises admitted to or denied the agency's findings.
/jlne.ws/4csZEKA
Icahn's Margin Loan Deal With SEC Caps $19 Billion Wealth Plunge; Investor's fortune fell more than 75% since May of 2023; SEC deal follows last year's report by short-seller Hindenburg
Annie Massa - Bloomberg
Carl Icahn's settlement of a regulatory investigation caps a 15-month period that has seen the investor's net worth plummet by $19 billion. Shares of Icahn Enterprises LP fell 4.7% Monday after the billionaire and his investment firm agreed to pay $2 million to settle Securities and Exchange Commission allegations that he didn't provide enough information about how he was borrowing against his stake in the company.
/jlne.ws/4dRbKy4
H2O vs FCA: a case study in not moving on from a scandal; Regulators must show pragmatism as well as toughness but playing legal mediator, rather than policeman, looks odd
Patrick Jenkins - Financial Times
Loic Guilloux is desperate to draw a line under the past. The boss of French asset manager H2O this month oversaw a final notice agreement with the UK's Financial Conduct Authority, ending a years-long investigation into the group's dealings with controversial German financier Lars Windhorst. The FCA imposed no regulatory fine on H2O (in contrast to France's Autorité des Marchés Financiers, which last year levied a EUR93mn penalty over related issues). It took the view that a fine would deprive out-of-pocket investors of funds that could be used to reimburse them, and so mediated instead the creation of a EUR250mn compensation pot (which investors can tap quickly only if they agree not to sue). The FCA also allowed H2O to "voluntarily apply to cancel" its UK regulatory licence, rather than stripping it forcibly.
/jlne.ws/3yMYz2w
Tax Firm Carrying On Arthur Andersen Brand Explores IPO; Andersen Global is considering taking Andersen, its U.S. unit, public
Mark Maurer and Corrie Driebusch - The Wall Street Journal
Andersen Global, the tax and legal services firm that emerged from the remnants of the defunct accounting giant rocked by the Enron scandal, is exploring taking its U.S. business public. The San Francisco-based firm is advancing efforts to pursue an initial public offering of the U.S. unit, Andersen, with the support of nearly all of its U.S. partners, according to internal memos reviewed by The Wall Street Journal.
/jlne.ws/3SYYorM
China Says 'Please Stop Buying Our Bonds' Plunging bond yields are a symptom of economic weakness that are easier to fix than curing the country's troubled economy
Jacky Wong - The Wall Street Journal
China is experiencing a bull market, but Beijing doesn't seem to like it. While stock and housing markets languish in China, one asset has stood out-Chinese government bonds. Yields on 10-year government bonds have dropped to around 2.18% from around 2.6% a year earlier. In most countries-especially those experiencing an alarming slowdown like China-that would be welcome. Yet the authorities have gone to extraordinary lengths to try to stem the rally in bonds they issue.
/jlne.ws/4cAIw5s
JSE enhances Teraco data centre disaster recovery capabilities; The Johannesburg Stock Exchange (JSE) has expanded their partnership with cloud provider Beeks Group and IPC Systems; Move comes as venues face increased industry pressure as to the reliability of capital markets' infrastructure.
Claudia Preece - The Trade
JSE has enhanced its Teraco data centre, bolstering its Colo 2.0 offering through an expanded partnership with cloud provider Beeks Group and IPC Systems. Specifically, Beeks' Exchange Cloud service is being deployed to the centre to enhance dual location disaster recovery capabilities. The move is in collaboration with e-trading solutions provider IPC.
/jlne.ws/3AuQXlz
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia hits energy infrastructure in airstrikes on Ukraine
Reuters
Russia hit energy infrastructure in northern Ukraine in an overnight missile and drone attack and caused a huge fire in the west of the country, resulting in an increase in chlorine levels in the air, Ukrainian officials said on Tuesday. Ukrainian forces shot down three ballistic missiles and 25 of the 26 drones launched in the attack on nine regions across the country, Ukraine's air force commander said.
/jlne.ws/47a1f7b
Fire at huge Russian diesel depot engulfing more storage tanks, media reports
Reuters
A fire sparked by a Ukrainian drone attack on a huge diesel depot in Russia's southern Rostov region on Sunday has engulfed more fuel storage tanks, news agencies reported on Tuesday citing local authorities. Ukraine often says it is retaliating against Russia's attacks on its energy infrastructure, while Moscow calls drone attacks on its oil infrastructure acts of terrorism.
/jlne.ws/3McJ8DL
Ukraine adopts law paving way for ban of Russia-linked minority church
Reuters
Ukrainian lawmakers on Tuesday paved the way for a ban against a Russia-linked minority Ukrainian Orthodox Church (UOC) which Kyiv has cast as complicit in Moscow's invasion of Ukraine. A majority of Ukrainians are Orthodox Christians, but the faith is split into one branch traditionally tied to the Russian Orthodox Church (ROC) and an independent church, recognised by the world Orthodox hierarchy since 2019.
/jlne.ws/3XasVFh
Zelenskiy Urges Ukraine's Allies to Remove Limits on Weapons Use; Ukrainian president calls Russia's red lines 'illusory' in war; Zelenskiy says US, EU should lift long-range weapons limits
Olesia Safronova and Aliaksandr Kudrytski - Bloomberg
Ukrainian President Volodymyr Zelenskiy called on US and European allies to lift restrictions on the use of long-range weapons against Russia, saying his military's cross-border incursion had exposed as "illusory" Kremlin threats of retaliation. The two-week-old operation to seize Russian territory in the Kursk region would have been viewed as crossing "the strictest of all red lines" for Russian President Vladimir Putin only a few months ago, Zelenskiy said in an address to Ukrainian diplomats late Monday. "The whole naive, illusory concept of so-called red lines regarding Russia, which dominated the assessment of the war by some partners, has crumbled these days."
/jlne.ws/3XlHK8p
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Hamas Says 'Keen' to Reach Cease-Fire Deal With Israel in Gaza
Tarek El-Tablawy - Bloomberg
Hamas said it was "keen" on reaching a cease-fire agreement with Israel in Gaza, denying what it said were US claims that the Iran-backed Palestinian group is backing away from ongoing negotiations to end the 10-month conflict. In a statement posted on Telegram, Hamas said remarks by US Secretary of State Antony Blinken and President Joe Biden were "misleading and don't reflect the reality of the movement's position that it's keen to reach a cessation of aggression."
/jlne.ws/4fPnnHH
Benjamin Netanyahu backs ceasefire compromise proposal, says Antony Blinken; US secretary of state notes progress in talks despite Hamas rejecting so-called 'bridging' text
Neri Zilber - Financial Times
The US said it had made progress towards a Gaza ceasefire-for-hostages deal on Monday, saying Benjamin Netanyahu had accepted a "bridging proposal" that aimed to resolve differences between Israel and Hamas. Antony Blinken's upbeat assessment came after the US secretary of state held three hours of talks with the Israeli prime minister in a bid to advance long-stagnant negotiations aimed at ending the 10-month war in Gaza and securing the release of more than 100 Israeli hostages.
/jlne.ws/4dRr8ui
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | JSE enhances Teraco data centre disaster recovery capabilities; The Johannesburg Stock Exchange (JSE) has expanded their partnership with cloud provider Beeks Group and IPC Systems; Move comes as venues face increased industry pressure as to the reliability of capital markets' infrastructure.
Claudia Preece - The Trade
JSE has enhanced its Teraco data centre, bolstering its Colo 2.0 offering through an expanded partnership with cloud provider Beeks Group and IPC Systems. Specifically, Beeks' Exchange Cloud service is being deployed to the centre to enhance dual location disaster recovery capabilities. The move is in collaboration with e-trading solutions provider IPC. Tebalo Tsoaeli, chief innovation officer at the JSE, asserted that there has been clear demand for a secondary solution which specifically addresses redundancy and disaster recovery needs.
/jlne.ws/3AuQXlz
ANALYSIS: Abaxx could hit 1m contracts a day as it preps new listings
Radi Khasawneh - FOW
Abaxx exchange, the Singapore-based commodity market that launched at the end of June, has said it has the potential to reach one million traded contracts a day as it prepares a set of new launches this year
/jlne.ws/46Q7dK5
ANALYSIS: AFX sees August sell-off boosting credit sensitive rates
Radi Khasawneh - FOW
The AFX has seen yet another crisis-led boost in interest in its credit sensitive rate funding market, strengthening its case as it looks to redefine its offering after global regulators warned against widespread adoption.
ASX lists deliverable Wallumbilla Natural Gas Futures contract
ASX
ASX lists deliverable Wallumbilla Natural Gas Futures contract, extending portfolio of transitional energy and carbon market derivatives ASX has expanded its energy derivatives market presence, listing the physically settled Wallumbilla Natural Gas Futures contract for trading this week.
/jlne.ws/3AtPdsS
Borsa Istanbul: Announcement About Update Of Participation Finance Principles Information
Mondovisione
Unofficial Translation: Readers should be aware that only the original Turkish text has legal force and that this English translation is strictly for reference. Borsa Ä°stanbul cannot undertake any responsibility for its accuracy nor be held liable for any loss or damages arising from or related to its use.
To Whom It May Concern: The Advisory Board of the Participation Banks Association of Turkey, with which we cooperate in the selection of stocks to be included in the BIST Participation Indices calculated by Borsa Ä°stanbul, made some important amendments to the "Share Certificate Issuance and Trade Standard" (Standard) and the "Guideline for Determining Companies Operating in Compliance with Participation Finance Principles" (Guideline). The current versions of the Standard and Guideline are available on the website (https://tkbb.org.tr/danisma-kurulu).
/jlne.ws/4cwEYRU
CME hits Treasury futures open interest high
Gregory Rosenvinge - FOW
Trading in CME Group's US Treasury futures hit a new open interest record last week, as interest rate derivatives activity accelerated in line with volatility earlier this month
/jlne.ws/4dOHBQa
Performance Bond Requirements: Energy - Effective August 20, 2024
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on August 20, 2024.
/jlne.ws/46VhaFX
Performance Bond Requirements: Energy - Effective August 20, 2024
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on August 20, 2024.
/jlne.ws/3AxT9cc
OCC Stories: Daniel Ruvolo on Cross-Functional Teamwork
OCC
Daniel Ruvolo, part of OCC's Legal Services team, shares how departments across OCC are eager to collaborate and accomplish their goals together. Read his story!
/jlne.ws/3SQyMwT
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Chip war: China is 5 years behind global leading-edge production, report says
South China Morning Post
China lags global leaders by five years in commercial manufacturing of advanced logic chips and continues to fall behind in semiconductor manufacturing equipment, although Chinese companies have made progress in other areas, according to a new report. In leading-edge logic chip manufacturing, top players, such as Taiwan Semiconductor Manufacturing Company (TSMC), are about five years more technologically advanced than Semiconductor Manufacturing International Corporation (SMIC), mainland China's largest foundry, said a report published on Monday by the Information Technology and Innovation Foundation (ITIF), a Washington-based science and technology policy think tank.
/jlne.ws/4cDZ24F
TSMC breaks ground on $11B German plant in chip war salvo
Kamil Kowalcze - Bloomberg
Taiwan Semiconductor Manufacturing Co. (TSM) broke ground in eastern Germany on its first European plant as the continent seeks to safeguard its chip supplies amid growing US-China tensions. "We are dependent on semiconductors for our sustainable future technologies, but we must not be dependent on other regions of the world for the supply of semiconductors," said German Chancellor Olaf Scholz, who attended a ceremony on Tuesday to mark the start of construction of the EUR10 billion ($11 billion) fab in the city of Dresden. About half of the funding will be covered by state subsidies.
/jlne.ws/4druMvp
Baton Systems launches real-time intraday liquidity management and analysis tools; New tools claim to reduce intraday liquidity buffers and help meet prudential intraday liquidity obligations.
Wesley Bray - The Trade
Baton Systems has introduced new treasury management tools to optimise intraday liquidity, reduce costly buffers and mitigate risk in real-time. The new offering will enable firms to reduce their financing costs elevated by interest rate normalisation, alongside offering a way to address increased regulatory focus on financial resilience.
/jlne.ws/3AFkQ2x
Baton Systems to transform bank treasury capabilities with real-time intraday liquidity management and analysis tools; Baton's new tools help banks meet prudential intraday liquidity obligations and reduce intraday liquidity buffers, costing many firms hundreds of millions of dollars annually, by optimising liquidity management processes and capital returns
Baton Systems
Baton Systems, a global capital markets tech provider orchestrating the optimised settlement of $20-30 billion (USD) in asset value daily, has introduced new treasury management tools designed to optimise intraday liquidity, reduce costly buffers and mitigate risk in real-time. The new liquidity management capabilities offer firms a means to dramatically reduce their financing costs which have been elevated by interest rate normalisation. These tools also provide a future-proofing way to address the heightened regulatory focus on financial resilience following 2023's tumultuous market events.
/jlne.ws/4fNMyKF
Nedgroup Investments outsources to Northern Trust; Northern Trust will support Nedgroup Investments with its new fixed income platform through its Integrated Trading Solutions (ITS) offering.
Claudia Preece
Northern Trust has been selected to provide outsourced trading to global asset manager Nedgroup Investments via its Integrated Trading Solutions (ITS). Specifically, Northern Trust will support Nedgroup with its new in-house multi-boutique fixed income platform.
/jlne.ws/3SXaTns
From Latency To A.I. Algo Driven Capital Markets - By Kelvin To, Founder And President Of Data Boiler Technologies
Mondovisione
Over half a century has passed since Electronic Communication Networks (ECNs) disrupted the traditional floor-based model of stock exchanges. Ushering in the era of electronic trading. Since Regulation National Market System (Reg. NMS) was adopted almost 20 years ago, the honorable goal of promoting venue-by-venue competition and fair price formation across securities markets turned into a latency arm race. Pushes market data and connectivity costs to rise exponentially.
/jlne.ws/4csR928
US Adds Most Power Generation in 21 Years as AI Demand Surges; Capacity increased by most since 2003 in first half of 2024; Solar power leads planned additions seen to double by year-end
Tope Alake - Bloomberg
US power developers boosted generation capacity in the first half of the year by the most in more than two decades to help meet growing electricity demand driven by data centers and artificial intelligence. Electricity generation rose by 20.2 gigawatts between January and June, the Energy Information Agency said in a release Monday. It's the highest gain recorded for that period since 2003. The additions seen in the first half, which were 21% higher than the same period for 2023, are expected to more than double to 42.6 gigawatts by the end of the year.
/jlne.ws/3WRwoaw
Competitors PayPal, Adyen Publicly Collaborate for First Time
Paige Smith - Bloomberg
Adyen NV will offer PayPal Holdings Inc.'s guest-checkout product, the first time the two competing payments firms have publicly announced such a partnership. Adyen will offer PayPal's FastLane experience to its merchant customers in the US, with plans to do so globally in the future, according to a statement Tuesday. FastLane, much like other services that store consumers' payment and shipping information, makes it faster and easier to complete a purchase, while Adyen's merchant network extends PayPal's reach.
/jlne.ws/4dNl6ei
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| Cybersecurity | | Top stories for cybersecurity | U.S. says Iran cyber operations targeted Trump, Harris campaigns
Reuters
The United States on Monday accused Iran of launching cyber operations against the campaigns of both U.S. presidential candidates and targeting the American public with influence operations aimed at fanning political discord. "We have observed increasingly aggressive Iranian activity during this election cycle," said a statement by the FBI, the Office of the Director of National Intelligence and the Cybersecurity and Infrastructure Security Agency, which oversees the defense of government computer systems. The statement confirmed charges made earlier this month by the campaign of Republican presidential nominee Donald Trump that Iran hacked one of its websites, triggering an FBI investigation. At that time, Trump said Iran was "only able to get publicly available information."
/jlne.ws/4cwV0LI
Trump's AI fakes of Harris and Swift aren't meant to fool you; These aren't credible deepfakes. They're provocative memes.
Will Oremus - The Washington Post
A week after Donald Trump falsely accused Kamala Harris's campaign of using artificial intelligence to fabricate campaign images, he appears to have done just that. Over the weekend, the Republican presidential nominee shared a pair of posts on his social network, Truth Social, that included AI-generated images: one depicting a hammer-and-sickle flag over a Soviet-style Harris rally, another showing young women in "Swifties for Trump" T-shirts. On Sunday, he reposted the Harris image to X and on Monday sent an email to supporters, calling it "the photo Kamala doesn't want you to see." What's noteworthy isn't just that Trump is turning to generative AI to blur the truth. It's the casual, almost mundane way he's using it so far: not as a sophisticated weapon of deception, but as just another tool in his rhetorical arsenal.
/jlne.ws/3Xah36f
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| Cryptocurrencies | | Top stories for cryptocurrencies | Custody giant State Street expands crypto services in new partnership
Hannah Lang - Reuters
State Street is partnering with Swiss crypto company Taurus to offer new digital asset services, including turning real-world assets into tradeable tokens, to tap growing institutional demand for such investments, the U.S. financial services provider told Reuters. As cryptocurrencies have spread in the financial system through regulated products including futures and exchange-traded funds, they are drawing more interest from institutions seeking ways to hedge inflation and diversify portfolios.
/jlne.ws/3MaIczV
'Short-sighted and stupid': Dem megadonor abandons crypto super PACs; The split underscores the growing tension within the industry as Republicans and Democrats fight for tens of millions of dollars in play for the election.
Eleanor Mueller - Politico
Top Democratic donor Ron Conway vowed to break away from a network of cryptocurrency's most powerful super PACs after they announced they would spend $12 million to unseat Sen. Sherrod Brown (D-Ohio) without informing him. Conway, a tech billionaire who donated $500,000 to one of the PACs in December, said the group's money pledge would undermine efforts to pass crypto-friendly legislation in Congress by alienating Democratic lawmakers.
/jlne.ws/3X75H2V
Tech billionaire Ron Conway blindsided by crypto allies: report
Byamanda Gerut - Fortune
Billionaire venture capital investor Ron Conway reportedly cut ties with a cryptocurrency super PAC called Fairshake after the group said it would support the Republican running against Sen. Sherrod Brown (D-Ohio), according to a Politico report.
/jlne.ws/3WVAcYa
Crypto Exchange Taps 650 Million Users With New Payment Options
Damian Chmiel - Finance Magnates
The crypto exchange and Web3 company Bitget has announced the integration of Apple Pay and Google Pay into its platform, enabling users to convert fiat currency to cryptocurrency within 30 seconds. This move is part of Bitget's strategy to enhance accessibility and streamline the crypto purchasing process for more than 650 million users.
/jlne.ws/4cAHMNZ
Bitcoin Staking Platform Babylon to Start Phased Mainnet Launch
Jamie Crawley - CoinDesk
Bitcoin (BTC) staking platform Babylon, led by a Stanford University professor and tipped to be one of the more promising new scaling projects for the oldest and largest blockchain, is moving to the next stage of its development, with plans to launch the first phase of its main network on Aug. 22. Babylon raised a $70 million funding round led by Paradigm earlier this year. The project is led by Stanford engineering professor David Tse, known for his prior research on information theory while working at University of California, Berkeley.
/jlne.ws/46QIcOZ
US crypto manager seals deal to push into European market; Bitwise's acquisition of ETC Group follows Robinhood's $200mn purchase of crypto exchange Bitstamp in June
Will Schmitt and Steve Johnson - Financial Times
Bitwise Asset Management has sealed the second takeover of a European cryptocurrency specialist by a US financial group in the past three months. The US crypto fund manager has closed a deal to acquire London-based ETC Group, expanding its footprint into Europe for the first time, the groups announced on Monday.
/jlne.ws/3X6RcMD
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| Politics | | An overview of politics as it relates to the financial markets | Why no president has slowed the U.S. oil boom; Under President Joe Biden, who campaigned on a pledge of "no more drilling," America is pumping more oil than any country ever has.
Maxine Joselow - The Washington Post
As he campaigned for president in 2020, Joe Biden made a bold promise at a New Hampshire town hall, adding repetition for emphasis: "No more drilling on federal lands. Period. Period. Period. Period." Four years later, it appears that Biden may have overpromised.
/jlne.ws/3X9mVg3
Who's going to win the presidential election? The stock market has a prediction.; The stock market has a stronger statistical record than the several other indicators that I analyzed
Mark Hulbert - MarketWatch
There's a 64% probability that Kamala Harris will win this November's presidential election, given the stock market's strong year-to-date performance. This is moderately higher than the 58% probability I reported in a column this past May. That's because the stock market is higher now than it was then, and there is a significant correlation between the stock market's election-year performance and the incumbent party's chances of retaining the White House.
/jlne.ws/4g5Lwdp
Harris proposes raising corporate tax rate to 28% to help pay for campaign promises
Tami Luhby - CNN
Vice President Kamala Harris will push to increase the corporate tax rate to 28% from the current 21%, her campaign said Monday, the first day of the Democratic National Convention in Chicago. Coming days after she unveiled a four-part economic package that would provide tax relief to working and middle-class Americans, the corporate tax proposal marks Harris' first effort to detail how she would pay for her policy platform should she win the presidential election.
/jlne.ws/3WTThdr
Palantir's CEO backs Harris and says that cofounder Peter Thiel's support of Trump made it harder to get things done
Marco Quiroz-Gutierrez - Fortune
For Palantir's Democrat-supporting CEO, the fact that cofounder and chairman Peter Thiel enthusiastically backed Donald Trump made things harder for the company. CEO Alex Karp cofounded Palantir Technologies, the data analytics firm known for its defense contracts and ties to the CIA, with Thiel and three others in 2003, and since then has helped it grow into a $72 billion behemoth. But although Karp and Thiel are close friends and share many similar views, including on the supposed superiority of the West, they differ on politics.
/jlne.ws/3XbYSNM
Trump pledges to end pollution rule, block steel merger
Gram Slattery and David Shepardson - Reuters
Republican presidential candidate Donald Trump pledged on Monday to rescind a Biden administration rule limiting power plant pollution and reiterated a promise to block Nippon Steel's planned purchase of U.S. Steel. In the most detailed economic remarks he has offered on the campaign trail so far, Trump also ratcheted up his pledge to radically limit foreign access to domestic markets, saying he would ensure the supply chain for essential goods would be 100% American if he wins the Nov. 5 election.
/jlne.ws/3AI0GVC
Trump says he may end EV tax credit; is open to naming Elon Musk as an adviser
David Shepardson - Reuters
Republican presidential candidate Donald Trump said on Monday that if elected he would consider ending a $7,500 tax credit for electric-vehicle purchases and that he would be open to naming Tesla CEO Elon Musk to a cabinet or advisory role. "Tax credits and tax incentives are not generally a very good thing," Trump told Reuters in an interview after a campaign event in York, Pennsylvania, when asked about the EV credit.
/jlne.ws/3Xbnk1K
Nord Stream Revelations Ignite Dispute Between U.S. Allies; Poland's prime minister said German authorities should 'apologize and keep quiet' after a suspect crossed back into Ukraine without being arrested
Bojan Pancevski - The Wall Street Journal
The disclosures that a team of Ukrainians blew up the Nord Stream natural gas pipelines while using Poland as a logistical base have sparked a dispute between Berlin and Warsaw, two U.S. allies backing Ukraine in the war. Polish Prime Minister Donald Tusk lashed out at Germany on Saturday after a nearly two-year German investigation found that a team of Ukrainians sabotaged the world's largest offshore pipeline system in September 2022. The operation involved a small rented yacht and a six-member team, The Wall Street Journal reported last week.
/jlne.ws/3SYfcPr
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| Regulation & Enforcement | | Stories about regulation and the law. | PwC loses major client Bank of China amid regulatory probe
Julie Zhu - Reuters
Auditor PwC has lost its largest mainland China-listed client, Bank of China, to rival EY, adding to an exodus of clientele amid a regulatory investigation into its work on troubled property developer China Evergrande Group. State-owned Bank of China had as recently as March stated plans to reappoint PwC as its auditor for 2024 but in a filing late on Monday said it plans to appoint EY. The decision will be submitted for shareholder approval, it said.
/jlne.ws/3Aymjba
Kroger sues FTC, calling its in-house judges unconstitutional
Jody Godoy - Reuters
Kroger sued the U.S. Federal Trade Commission on Monday, seeking to block the regulator from reviewing the grocery chain's proposed $25 billion merger with smaller rival Albertsons in its in-house tribunal. Kroger called the tribunal unconstitutional, saying the matter should be resolved in a federal court. The lawsuit filed in Cincinnati comes a week before the company is scheduled to face a trial where the FTC has asked a federal judge in Portland, Oregon, to temporarily block the merger while its in-house judges review the deal.
/jlne.ws/4cDRhMe
Carl Icahn to Pay $2 Million to Settle S.E.C. Charges; The Securities and Exchange Commission had accused the billionaire investor of not disclosing that he had pledged personal stock holdings as collateral for billions of dollars in loans.
Maureen Farrell and Matthew Goldstein - The New York Times
The activist investor Carl C. Icahn was charged by the Securities and Exchange Commission with failing to disclose that he had personally pledged his own stock as collateral for margin loans worth billions of dollars. The charges were announced by the regulator on Monday along with a settlement, in which Mr. Icahn will pay $2 million in fines. Investors are allowed to pledge stock holdings as collateral for loans, though it can add to risk for other shareholders in a company. If the investor cannot repay a loan, for example, then the shares may be sold by a lender, hurting the value of the stock.
/jlne.ws/3XlDC8p
Chinese Regulator Asks Banks to Survey Impact of Stronger Yuan; Big banks said to survey local corporates on FX conditions; Yuan has recouped a bulk of this year's weakness in August
Bloomberg News
China's foreign-exchange regulator is gauging the impact of a stronger yuan on exporters, according to people familiar with the matter, as the currency rebounds from an eight-month low against the dollar. At least three regional branches of state-owned lenders were asked by the State Administration of Foreign Exchange to assess the situation their clients face in surveys, said the people who asked not to be identified discussing private matters. Questions included hedging costs, currency risks and the impact of a stronger yuan on orders and profit, they said.
/jlne.ws/4dN50Bq
CFTC Orders Brazilian and Swiss Sugar Companies to Pay $750,000 for Wash Sales
CFTC
The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against respondents Raizen Energia SA, a Brazilian energy company and sugar merchant, and Raizen Trading SA, a Swiss sugar merchant, for engaging in wash sales and non-competitive transactions. The order requires the respondents jointly and severally to pay a $750,000 civil monetary penalty. The respondents admit the facts detailed in the order and are ordered to cease and desist from further violations of the Commodity Exchange Act and CFTC regulations, as charged.
/jlne.ws/4dMNf5c
Statement of Commissioner Caroline D. Pham on Self-Reporting and Cooperation Credit in Enforcement Actions
CFTC
While I support the Commission's administrative settlement with Raizen Energia SA and Raizen Trading SA (collectively, Raizen, a sugar commercial end-user), I do not agree with the decision to not provide recognition and cooperation credit for Raizen's self-reporting of the violations. It is my view that Raizen promptly self-reported the violations to the Division of Enforcement (DOE) once it had completed an internal investigation to determine the facts and circumstances and if any violations had occurred that would require self-reporting. Further, Raizen completed extensive remediation efforts and enhanced its compliance program prior to settlement.
/jlne.ws/3X6wyfv
Expect the Inquisition: Dissent from Obra Capital Management, LLC
Commissioner Hester M. Peirce - SEC
Sometimes heeding the advice of your high school civics teacher to get involved in the political process and support your preferred candidate carries unexpected costs imposed from unanticipated quarters. Today's settlement with Obra Capital Management, LLC[1] is yet another reminder that when it comes to participation in the political process by means of contributions to preferred candidates, investment advisers, their associated persons, and anyone who might be looking for a job at an investment adviser always should expect the Commission's inquisition.
/jlne.ws/3YSwBgu
Statement Regarding GHS Investments, LLC
Commissioner Mark T. Uyeda - SEC
From 2017 through 2022, GHS Investments, LLC (GHS) acquired convertible, variable rate notes from penny stock securities issuers, converted the notes into stock at a substantial discount from the prevailing market price, and sold the resulting shares into the public market to obtain profits. The Commission has issued an order that finds that such activities made GHS a dealer[1] under Securities Exchange Act of 1934 (Exchange Act) and GHS's failure to register as a dealer violated Section 15(a)(1) of that Act.[2] I dissent from this order because it appears that the Commission is attempting to achieve policy objectives through enforcement, instead of rulemaking, while also arbitrarily deciding which activities necessitate enforcement action.
/jlne.ws/3yMT2Ji
Anti-scam practices of banks outside the four major banks
ASIC
ASIC today released a report into the anti-scam practices of 15 banks outside the four major banks. Report 790 Anti-scam practices of banks outside the four major banks (REP 790) examined the scam prevention, detection and responses of these 15 banks.
/jlne.ws/3Auo9cV
Former BBY employee sentenced for aiding and abetting
ASIC
Yat Nam (April) Yuen, who held various roles at collapsed stockbroking firm BBY Limited (BBY) including Manager (Strategy), has been sentenced for aiding and abetting BBY to engage in dishonest conduct.
/jlne.ws/471591V
Response to Letter "ä¿æŠ¤è‹±åº·æ‹¥æœ‰çš„国æ°'æ•°æ®" - Lianhe Zaobao, 10 August 2024; We refer to the letter by Dr Pei Sai Fan ("ä¿æŠ¤è‹±åº·æ‹¥æœ‰çš„国æ°'æ•°æ®") published in Lianhe Zaobao
MAS
MAS expects all financial institutions (FIs), including insurers, to put in place strong and comprehensive measures to safeguard customer data. MAS-licensed insurers must have a sound IT security policy and implement robust controls to safeguard customer information from unauthorised access or disclosure.
/jlne.ws/3SYTE5s
FSA publishes English translation of monthly magazine, Access FSA No.249
FSA
/jlne.ws/4dNBHPd
Revising financial examination manuals
FSC
According to amendment of financial regulations and examination practice requirements, the FEB has revised financial examination manuals for the first half of 2024 (base date: June 30, 2024). The FEB has compiled financial examination manuals for thirteen industries. Except that specialized credit card business institutions and insurance agent companies and insurance broker companies examination manuals are revised annually, the remaining industries such as financial holding companies examination manuals are revised semiannually since 2020. These manuals are divided into two categories: "Complete version" and "Revised version". "Complete version" shows the full contents of financial examination manuals for the semiannually (or annually). "Revised version" shows updated information semiannually (or annually).Please refer to the "Financial Examination Manuals" section under the Examination Info.
/jlne.ws/3MhE8xu
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | City traders depend on Bloomberg - but there is a new plot to smash its dominance; Financial juggernaut faces a challenge from a three centuries-old British institution
Michael Bow - The Telegraph
When the BBC's hit banking drama Industry wanted to capture the feel of a City trading floor, it turned to a ubiquitous financial computer known as a Bloomberg terminal to bring its portrayal of complex financial manoeuvres to life. The retro orange and black screens of Bloomberg's desktops, used daily by hundreds of thousands of bankers and traders, have become an easy shorthand to convey the world of complex finance - and made the business's 82-year-old American founder Michael Bloomberg a billionaire. But now his US financial juggernaut is facing a challenge from a three centuries-old British institution hoping to steal its crown.
/jlne.ws/4cwVh1c
SIFMA Fixed Income Market Close Recommendation in the US, the UK, and Japan for US Labor Day Holiday
SIFMA
SIFMA has confirmed its previous holiday recommendation for a full market close on Monday, September 2, 2024, for the trading of U.S. dollar-denominated fixed income securities in the U.S., the U.K., and Japan in observance of the U.S. Labor Day holiday. These recommendations apply to trading of U.S. dollar-denominated government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers' acceptances, commercial paper and Yankee and Euro certificates of deposit.
/jlne.ws/4dsowTT
Citi Says Hedge Funds Are Using Dollars for New Carry Trades
Alice Atkins and Carter Johnson - Bloomberg
Citigroup Inc. says the carry trade is back, but with a key difference: hedge funds are borrowing US dollars rather than the yen for their wagers on emerging markets. Investors have ramped up bets for more than three quarter points of interest-rate cuts from the Federal Reserve this year. Combined with the Bank of Japan's hike in July, that's damaged the old model of wagering on robust US growth and rock-bottom Japanese borrowing costs.
/jlne.ws/4dvZQtL
Trump is about to get the all-clear to cash in on media shares
Bailey Lipschultz - Bloomberg
Donald Trump is a month away from being able to turn his paper social-media fortune into cold, hard cash. The question is, will he? The former president will be able to start selling bits and pieces of his $2.6 billion ownership in Trump Media & Technology Group Corp. (DJTWW, DJT), whose share price has fluctuated wildly since going public through a special-purpose acquisition company merger in March.
/jlne.ws/3X93Cnb
UK's Low-Coupon Bond Rush Is Overdone, Says NatWest Markets; Low-coupon bonds offer tax perks to wealthy UK investors; UK bank says retail demand is not as big as suggested
James Hirai - Bloomberg
Demand for a niche sector of the UK bond market that offers rich Britons a tax break is at risk of faltering, according to NatWest Markets. For months, wealthy UK investors have been scooping up low-coupon gilts, putting them in line for hefty tax-free payouts. That demand may have run its course as the bonds have outstripped peers, said Imogen Bachra, head of economics and markets strategy at the bank, in a note to clients.
/jlne.ws/3SV7JRi
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | US to support global treaty aiming to reduce production of plastic; Backing from one of world's largest producers will boost prospect of UN agreement for manufacturing cap
Aime Williams and Jamie Smyth - Financial Times
The US will support a global treaty calling for a reduction in how much plastic is produced each year, according to US officials, signalling a policy shift as countries race to reach a final agreement to curb the pollution increasingly found to be harmful to human health.
/jlne.ws/4dGXGYc
'Exceptionally difficult': grueling wildfires test the resolve of US crews; Thousands of firefighters are deployed as an all time record for acres burned - and it's only August. Now some worry about the long months ahead
Dani Anguiano - The Guardian
It's still early in the wildfire season for the American west, but it's already shaping up to be a tough and, in some cases, record-breaking year. Oregon has seen more fire than any year on record, with almost 1.5m acres (607,028 hectares) scorched in recent weeks as huge wildfires, primarily caused by lightning strikes, have exploded across the region. Nearly 70 major fires are burning across the US this week alone, primarily in Oregon, Idaho, Washington and California, according to the National Interagency Fire Center (NIFC).
/jlne.ws/3McLUJb
Big Oil Is the Big Winner on Carbon Credit Expansion; The prime beneficiary of looser rules on offsets could be the industry largely responsible for the global climate disaster.
Alastair Marsh - Bloomberg
The prime beneficiaries of plans to allow corporations more license to use carbon credits to cut total emissions may end up being the main perpetrators of the global climate disaster: oil and gas companies. The fossil fuel industry is "the elephant in the room when we talk about Scope 3 emissions," according to Catherine McKenna, Canada's former minister of environment and climate change.
/jlne.ws/3XlHIgN
The Next Challenge for the US Charging Network: Congestion; As the US adds public chargers, Burning Man and other off-the-beaten-path events are now accessible by EV. But what happens when crowds pile in?
Kyle Stock - Bloomberg
In Fernley, Nevada, east of Reno, there are 16 cords that rapidly charge electric vehicles - not bad for a city of just 24,000 people. This weekend, that ratio will be upended. Roughly 30,000 vehicles are expected to roll through town en route to the Black Rock Desert 113 miles (182 kilometers) to the north, best known as the site of the annual art and music festival Burning Man. If even 1% of those cars are EVs whose drivers attempt to charge at the same time in Fernley, the stations will be staring down significant wait times.
/jlne.ws/4fTlZnC
'Green momentum is building': Poll points to UK rise in net zero construction projects
Amber Rolt - Business Green
New research from NBS indicates around seven in ten construction projects now have sustainability targets. Greener building projects appear to be on the rise in the UK, according to a survey of construction industry professionals in which six in ten claimed to have worked on a net zero development in the past year, marking a slight uptick from two years ago.
/jlne.ws/4dOLk06
China's Record Oil Imports From Asia Minnow Point to Iran Flows
Bloomberg
/jlne.ws/3SX6918
Russia's Oil Exports Maintain Downtrend as Sakhalin Flows Tumble; Weekly shipments fall to the third-lowest level for the year so far
Julian Lee - Bloomberg
/jlne.ws/3WVzOZI
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | UK Stock Outflows Leave Managers Stuck Figuring Out What to Sell; 'Funds are very much on the back foot,' says Deutsche Bank; UK fund withdrawals likely picked up in July, analyst adds
Joe Easton - Bloomberg
There's so much money being pulled out of UK equity funds that fund managers are more focused on what stocks to sell than what to buy, according to David McCann, an asset manager analyst for Deutsche Bank AG. "Funds are very much on the back foot," he wrote in a note to clients. They're more concerned with making sure there's enough liquidity and balancing their portfolios, "rather than more pro-actively thinking about what to buy," he added.
/jlne.ws/3yHM7kx
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Switching off from job boosts productivity - No 10
Jennifer McKiernan - BBC News
The right to switch off when outside work is key to productivity and could boost the UK's economic growth, Downing Street has said. The government has promised to introduce a "right to switch off" so people's homes do not become "24/7 offices". Ministers are exploring models in other countries, particularly Ireland and Belgium, where workers already have the "right to disconnect" and not routinely be contacted by their employer or required to work outside of their normal hours. "This is about ensuring people have some time to rest," the prime minister's deputy spokesperson said. "Good employers understand that for workers to stay motivated and productive they do need to be able to switch off, and a culture presenteeism can be damaging to productivity."
/jlne.ws/4cCLE0K
Fed survey shows lows in employment, worries about finding work and dissatisfaction with pay
Jeff Cox - CNBC
A New York Fed survey released Monday showed that of those who were employed at the time of the last survey in March, 88% still had jobs, the lowest in data going back to 2014. Those who expected to become unemployed rose to 4.4%, a 0.5 percentage point increase from a year ago and the highest in the survey's history. In another sign of cracks forming in the U.S. labor market, a New York Federal Reserve survey Monday showed a slide in people reporting they are employed, a surge in those looking for work and growing dissatisfaction with pay.
/jlne.ws/4dTwe9H
Work from home policy for new Starbucks CEO sparks outrage; The new CEO will receive a "small remote office" based in California
Amber Raiken - The Independent
Starbucks has sparked outrage after revealing that its newest CEO - Brian Niccol - will have the opportunity to work from home, as opposed to at the company's headquarters in Seattle, Washington. The beloved coffee chain first shared a press release on August 13 to announce Niccol's new title, after he spent six years working as the CEO of Chipotle. His official start date will be on September 9, with Starbucks' financial official Rachel Ruggeri serving as interim CEO until then.
/jlne.ws/3MbNRFB
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Emergent to donate 50,000 vaccine doses to address mpox outbreak in Africa
Reuters
Emergent BioSolutions said on Monday it would donate 50,000 doses of its smallpox vaccine to the Democratic Republic of the Congo and other impacted countries of Burundi, Kenya, Rwanda and Uganda to address the current mpox outbreak. The World Health Organization last week declared mpox a global public health emergency for the second time in two years as a new variant of the virus, known as clade Ib, spread rapidly in Africa. At least one person in Sweden has been confirmed with the infection, marking the first time the new variant has been seen outside of Africa. Emergent's ACAM2000 vaccine, approved for smallpox, has been used as an mpox shot but the U.S. Food and Drug Administration is yet to approve its application for use against the virus.
/jlne.ws/3Xd9Anb
Alcohol and drug use linked to over 3 million annual deaths worldwide
Beth Greenfield - Fortune
Alcohol consumption has led to 2.6 million deaths per year worldwide. Alcohol consumption contributed to 2.6 million deaths worldwide annually, according to a recent report from the World Health Organization, with psychoactive drug use responsible for another 0.6 million. Together, those numbers represented 4.7% of all deaths total worldwide. Those most affected were young people ages 20 to 39-specifically men, who accounted for 2 million of those deaths, with most occurring in Europe and Africa.
/jlne.ws/4cvs9qV
Mpox Outbreak Spreads in Africa With Burundi Reporting 100 Cases; The nation is close to the epicenter of the outbreak in Congo; Cases in Burundi are caused by the new infectious variant Ib
Antony Sguazzin - Bloomberg
Burundi reported 100 cases of mpox caused by a fast-spreading subvariant that's triggered an outbreak in neighboring Democratic Republic of Congo, the World Health Organization said. The cases, 28% of which were in children under five, have been reported since July in multiple districts, the WHO said in a statement after the first meeting of a committee to evaluate the virus outbreak in Africa.
/jlne.ws/3YOcMXl
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | EU approves German state aid for $11 billion TSMC chip plant
Hakan Ersen and Toby Sterling - Reuters
Taiwan's TSMC on Tuesday launched a major new computer chip plant in Dresden, Germany, expected to be a key supplier to European industry and carmakers after the EU Commission approved 5 billion euros ($5.5 billion) worth of state aid. The large aid award for the project, which will cost 10 billion in all, is the biggest approved so far under the EU Chips Act, and the first in Germany.
/jlne.ws/3Xc0g2T
Japan looks to boost seafood exports to new markets after Chinese ban, trade body says
Yuka Obayashi and Katya Golubkova - Reuters
Japan is ramping up promotional efforts to boost seafood exports to more destinations in Asia, the U.S., and Europe as it seeks to fill a sales gap left by a year-long Chinese import ban, the head of the Japan External Trade Organization said. China, previously the biggest market for Japanese seafood exports, banned purchases of Japanese-origin seafood citing risk of radioactive contamination after Tokyo Electric Power started releasing treated water from the wrecked Fukushima nuclear power plant into the Pacific Ocean last August.
Sweden's Riksbank sees case for further rate cuts; Low inflation gives monetary policymakers more room to boost ailing economy after 25bp cut to 3.5%
Richard Milne - Financial Times
Sweden's central bank has cut interest rates and signalled it could make three more reductions this year as the Scandinavian country tries to reinvigorate its weak economy. The Riksbank reduced its main policy rate by 25 basis points to 3.5 per cent on Tuesday, and said it could cut up to three more times this year - faster than its assessment when it started easing monetary policy in May - if inflation remained under control.
/jlne.ws/4dTpR6d
MSCI reclassifying Argentina could trigger $1 bln of inflows, JPMorgan says
Reuters
A potential upgrade for Argentina to emerging market status from index provider MSCI could see nearly $1 billion in investor money pour into the country's stocks, JPMorgan said on Tuesday. MSCI classifies Argentina as a Standalone Market rather than as part of its widely followed suite of emerging market indexes. The index provider relegated Argentina in November 2021 amid market accessibility issues, including tough capital controls that limited investors' ability to replicate the index.
/jlne.ws/4cxGl2D
Canadian bid for 7-Eleven owner likely to face US antitrust scrutiny; Tie-up between Couche-Tard and Japan's Seven & i would create one of America's largest retail chains
James Fontanella-Khan and Leo Lewis - Financial Times
US antitrust regulators are likely to challenge any proposal by Canadian retailer Alimentation Couche-Tard to combine with the Japanese operator of 7-Eleven, two people briefed on the matter said, over concerns a deal would increase prices for consumers and damage the labour market. A tie-up between Couche-Tard, which operates the Circle K brand, and Japan's Seven & i, which controls the world's biggest convenience store chain, would create one of America's largest retail chains.
/jlne.ws/3MdMu9u
Saudi wealth fund brings era of easy money to an end; Once considered a cash cow by dealmakers, PIF has slowed spending on global investments, bankers say
Andrew England and Chloe Cornish and Brooke Masters - Fiancial Times
For much of the past decade, Saudi Arabia has been a major draw for dealmakers, bankers and asset managers seeking capital as its ambitious sovereign wealth fund went on a multibillion-dollar global spending spree. But as the kingdom reassesses its priorities and the $925bn Public Investment Fund shifts focus to huge domestic commitments, the era of Saudi Arabia being perceived as a source of easy money is drawing to a close. "It is ending," said a senior Dubai-based investment banker. "People are realising it."
/jlne.ws/4fV3M8X
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