| December 12, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2024 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
President-elect Donald Trump rang the opening bell of the New York Stock Exchange today in celebration of his being named Time Magazine's Person of the Year. This was his second time ringing the NYSE's opening bell.
John Lothian News announces the launch of "Auditions," a new space on johnlothiannews.com and the John Lothian Newsletter for entertainment content creators to introduce to the JLN audience their market-related TV scripts, movie scripts, documentaries, short stories, books and poems. Visit the Auditions page.
Mogator Media Capital (Mogator Media Capital), along with writers Daniel F. Sullivan (Pencils with Erasers Podcast) and John Nuckel (www.johnnuckel.com), are presenting the first audition, a script for a feature film titled "The Front Runner." Based on a true story from the Chicago Board of Trade, the film chronicles a man's attempt in 1992 to corner the 30-year U.S. Treasury bond futures market, albeit for a brief 15 minutes.
This story might seem familiar to those of you who remember the case of Darrell Zimmerman, who caused an $8 million loss to Lee B. Stern & Co. and caused them to lose their clearing status. The important thing to remember is that in the movies, it is fiction that is or may be based on true stories. Not every detail is the same as this or that true story or physical setting, but it all helps tell the story in an economical manner.
We are playing around with the idea of creating an audio version of the script, either using former floor traders to play the parts or using AI. We may even ask you which you prefer by giving you a sample of both. Stay tuned. I encourage you to read Auditions, but understand, it is PG-13. You will find the Auditions section of JLN at the bottom of the newsletter.
Risk.net is reporting that the CME Group plans to launch single-stock futures in mid-2025, focusing on the "Magnificent 7" tech companies, including Amazon, Nvidia, and Tesla. According to industry sources, CME has presented the plan to clients, targeting retail traders seeking leveraged exposure to high-profile stocks. This move follows the challenges faced by rivals with broader single-stock futures offerings. The launch is part of CME's strategy to expand its product portfolio and cater to demand for innovative trading instruments.
Brian Quintenz, a former CFTC commissioner and current policy head at Andreessen Horowitz's a16z Crypto, has emerged as a leading contender to head the Commodity Futures Trading Commission under President-elect Donald Trump, Bloomberg reported.
Rather than feature an exchange leader panel, the FIA has moved to fireside chats with CEOs at their events. At the recent FIA Expo, FIA President and CEO Walt Lukken interviewed Eurex Frankfurt AG CEO Robbert Booij. You can listen to their discussion about key priorities for the exchange, the impact of retail investors, the Draghi report on EU competitiveness, and what lies ahead for Eurex HERE.
Here are the headlines from in front of FOW's paywall from some recent stories: ICE launches first credit futures to rival CME, Eurex and Cboe, Climate Impact X to launch first CORSIA futures, EEX to list Japanese power options in 2025 after ICE lists futures, LSE Group sells 5% Euroclear stake for EUR455m, ANALYSIS: OpenGamma backs FSB non-bank liquidity risk proposals and EEX relaxes restrictions on financial firms trading gas.
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:
- It's a New Era for Options. What to Expect in Trump's Second Term. from Barron's.
- There's Just 1 Big Bitcoin ETF Winner-and It's Ahead by a Lot from Barron's.
- More futures, options to be accessible from ChinaDaily. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
 Eurex's Matthias Graulich Highlights Growth and Advantages of Credit Index Futures JohnLothianNews.com Matthias Graulich, head of strategy at Eurex, discussed in an interview with John Lothian News at the FIA Expo in Chicago the success and growth of Eurex's credit index futures, emphasizing the product's competitive advantages and market adoption. "When we restarted this whole credit initiative back in 2021, there were some fundamental changes in regulation, like margin rules for OTC derivatives," Graulich said. He noted that technological advancements and increased electronic trading created an opportunity to introduce a more efficient product for buy-side firms. Watch the video »
++++
Market-Moving Data Under Threat as Trump Returns to Washington; US agencies that produce vital economic data are struggling in the face of shrinking budgets.
Molly Smith - Bloomberg
US economic indicators can move global markets by trillions of dollars at a time. The agencies that collect and publish those statistics have been pleading for an extra few million, to maintain the integrity of the financial world's most important numbers. Now they face an even tougher fight to get it, as Donald Trump heads back to Washington with a plan to slash the federal bureaucracy.
/jlne.ws/49GzKTW
***** The truth, news and data have a way of finding their way to the marketplace.~JJL
++++
Elon Musk should keep his hands off the CFPB; The agency has a tiny budget but has helped the American consumer
Sheila Bair - Financial Times
With US national debt exceeding $36tn, I welcome Donald Trump's naming of Elon Musk to take a fresh look at unnecessary government spending in co-leading the new Department of Government Efficiency (Doge). Alas, one disadvantage of fresh looks is the lack of historical perspective. A case in point is Musk's targeting of the Consumer Financial Protection Bureau (CFPB) for elimination. Since its creation in 2010, this tiny agency has restored housing market stability, after reckless lending by largely unregulated mortgage brokers brought the US economy to its knees. With a budget of less than $700mn, or about 0.01 per cent of the federal budget, the CFPB has been giving Americans good bang for their buck.
/jlne.ws/3ZQvj5F
****** My suggestion is don't mess with Sheila Bair.~JJL
++++
The Secrets of the Man Who Made Nvidia the World's Most Valuable Company; They're called T5T emails. They're essential to Jensen Huang's success.
Ben Cohen - The Wall Street Journal
Every morning, the man who built one of the world's most valuable companies scrolls through his inbox and looks at 100 of the most important emails that he'll see all day. And on Sunday nights, he pours himself a glass of his favorite Scotch and reads even more of them. For decades, Nvidia employees have been sending notes known as T5Ts, or Top-5 Things-things they're working on, things they're thinking about, things they're noticing in their corners of the business. And for decades, Jensen Huang has been reading them. All of them.
/jlne.ws/4g9xmHL
******* What are your top five things? Well, I have about 30 of them.~JJL
++++
World's Richest Families 2024; The Waltons are back on top after Walmart's stock surge boosted their wealth to $432.4 billion.
Devon Pendleton - Bloomberg
Nothing about 110 NW 2nd St. hints at the vast wealth coursing through it. The modest brick building in downtown Bentonville, Arkansas, is the home of Walton Enterprises - steward of the greatest family fortune in the world. It is through this private investment office that the descendants of Sam Walton, penny-pinching founder of Walmart Inc., have bound themselves together as their wealth has accrued over generations.
/jlne.ws/49Qgh3j
****** Never discount Johnboy.~JJL
++++
Wednesday's Top Three
Our top story Wednesday was The criminal's 'go-to cryptocurrency' has a new friend in the White House, from the Financial Times. Second was Best Places to Work in IT 2025, from Computerworld. Third was Chris Edmonds' post on LinkedIn about the Mission Kilt challenge Hosted by Futures for Kids, which was our top story Tuesday.
++++
++++
|
|  | | | |
 | |
| Lead Stories | Police Investigate NYC 'Wanted' Posters of Finance Executives
Myles Miller - Bloomberg
The New York Police Department is investigating a number of 'WANTED' posters of senior executives that have been hung in parts of Manhattan. The posters included images of insurance leaders including UnitedHealth Group Inc.'s Brian Thompson, who was murdered last Wednesday, as well as executives from financial firms. The posters of Thompson were crossed out with a red X.
/jlne.ws/3ZwPMuH
Bitcoin Bolstered by Pro-Crypto Contender to Lead US Agency CFTC; Andreessen's crypto policy lead Quintenz vies to be CFTC head; Firming expectations of another Fed rate cut also aid the mood
Sunil Jagtiani - Bloomberg
Bitcoin traded around the $100,000 level, supported by further signs that proponents of the cryptocurrency sector will help to shape US financial regulations under President-elect Donald Trump. In the latest development, Brian Quintenz emerged as a top contender to lead the Commodity Futures Trading Commission. Quintenz is head of policy at a16z Crypto, the digital-asset arm of venture capital heavyweight Andreessen Horowitz, and a former Republican CFTC commissioner.
/jlne.ws/3OT9kos
CME to launch single-stock futures Exchange will focus on 'Mag 7' tech names after rivals fail with broader offerings
Luke Clancy and Bernard Goyder- Risk.net
CME is planning to launch single-stock futures, with an initial focus on 'Magnificent 7' tech names including Amazon, Nvidia and Tesla, according to sources familiar with the discussions. Heads of clearing at two futures commission merchants say CME has presented the plan to clients and is eyeing a mid-2025 launch for the instruments. "From middle of next year it will be one of their new product launches," says one of the clearing heads. "Given the amount of leverage that retail wants in the in
/jlne.ws/4fgr3AX
Nasdaq's board diversity rules struck down by US court; Decision says SEC should not have signed off on directive requiring listed companies to meet certain criteria
Patrick Temple-West and Jennifer Hughes in New York - Financial Times
A US appeals court has thrown out rules requiring Nasdaq-listed companies to have board members meeting certain racial or gender diversity criteria or explain why they did not. The 9-8 decision from the Fifth Circuit Court of Appeals on Tuesday deals another blow to the diversity, equity and inclusion movement in corporate America. The appeals court's majority found that Nasdaq's diversity rules, which were approved by the Securities and Exchange Commission, could not be squared with the legal framework under which the securities regulator operates.
/jlne.ws/3ORT7Q8
Bank of England plans tougher liquidity rules for insurers following 'critical gaps'; Mini-budget and pandemic showed need for more frequent reporting, regulator says
Josephine Cumbo and Martin Arnold - Financial Times
Large UK life insurers using complex financial instruments to manage business risks are to face more stringent liquidity reporting rules under proposals from the Bank of England. The BoE's Prudential Regulation Authority, which supervises UK insurers, wants to see the biggest firms using derivatives contracts report their liquidity positions more frequently and consistently, according to proposals published on Wednesday. The move is a response to recent market stresses, such as the "dash for cash" during the Covid-19 pandemic in March 2020, and the so-called LDI shock following the UK's mini-Budget in September 2022. The BoE said both events exposed "critical gaps" in insurers' existing liquidity reporting requirements.
/jlne.ws/3OSR0M4
Biden administration split over US Steel deal; Pentagon, Treasury and state department all conclude $15bn Nippon Steel acquisition poses no national security risk
Demetri Sevastopulo in Washington, Amelia Pollard in New York, and Leo Lewis and David Keohane in Tokyo - Financial Times
The Pentagon, US Treasury and state department have all concluded that Nippon Steel's $15bn acquisition of US Steel poses no national security risks, even though President Joe Biden is expected to block the deal. The conclusions come despite Biden's insistence that the purchase of the Pittsburgh-based steelmaker poses economic and national security risks. Critics say Biden made the determination for political reasons ahead of last month's presidential election, in which Pennsylvania played a crucial role.
/jlne.ws/3VySuyN
Quants mine gold for new market-making model; Novel approach to modelling cointegrated assets could be applied to FX and potentially even corporate bond pricing
Mauro Cesa - Risk.net
Banks that make markets in gold typically hedge the spot price with futures. Standard models assume the two instruments are highly correlated, and because the bid-ask for futures is often tighter than the spot spread, it makes sense for dealers to hedge with futures. But standard pricing models might not have the full picture. A new paper published in Risk.net this month suggests the connection between spot and futures prices in gold markets might be stronger than standard correlation.
/jlne.ws/3OU5ECK
Mainland Chinese investors not impressed with Wealth Management Connect expansion
South China Morning Post
The addition of 14 securities firms last week to the scheme that allows investors in Hong Kong and on the mainland to buy wealth-management products across borders did little to raise the programme's total investments. By Sunday's end, only 6.28 per cent of the total 150 billion yuan (US$21 billion) quota in the southbound Wealth Management Connect scheme had been used, a negligible increase of 0.08 per cent compared with levels before the additional firms joined. The northbound usage was far lower.
/jlne.ws/41rSioR
Appetite for South African Exposure Stokes Buying in JSE's Stock; Exchange is investor proxy for South African listed companies; South African stocks have had best third quarter for 11 years
Mpho Hlakudi and Kerim Karakaya - Bloomberg
Momentum in South Africa's equity market sparked by a landmark election earlier this year is maintaining its pace, with the stock exchange's own shares one of the targets for investors chasing returns. "One way to get exposure to the growth of Africa's capital markets would be the Johannesburg Stock Exchange, which is a publicly listed company," said Thea Jamison, managing director at Change Global Investment LLC, which has been buying the shares.
/jlne.ws/49BuBw4
'Rock Star' David Bonderman Mourned by Industry Leaders; Tom Barrack, others pour out support for Bonderman family; Bonderman grew TPG into today's $239 billion behemoth
Gillian Tan - Bloomberg
David Bonderman once told his former boss that he didn't know anything about investing. By the end of his life, he was considered a legend in the private equity world and had directed his firm, TPG Inc., in doling out billions of dollars to turn around companies. "Friend, brother, partner, teacher, mentor, psychologist, rock star," Colony Capital co-founder Tom Barrack said of Bonderman, who died Wednesday at 82. "A master-class professor in how to build long line relationships and true irreplicable value in people and businesses."
/jlne.ws/4izemEc
Trafigura Argues the Swiss Bribery Case Against it Is an Unjust 'Crusade'; Commodities house said its controls at the time were robust; Trial puts the widespread use of middlemen under microscope
Archie Hunter and Hugo Miller - Bloomberg
Lawyers for Trafigura Group argued that the bribery charges it faces are part of an unjust "crusade" by Swiss prosecutors who are scrutinizing commodity trading practices in a major hub for the industry. At the trial, lawyers for the defendants have repeatedly criticized the case against them for a reliance on testimony given by a convicted former Trafigura executive, Mariano Marcondes Ferraz, and for making a scapegoat of the company's late founder Claude Dauphin.
/jlne.ws/4ivKybs
IMF faces internal attack over flaws in biggest bailouts; Internal watchdog says fund needs to tackle claims that large loans reflect political pressures
Joseph Cotterill - Financial Times
The IMF's in-house watchdog has criticised the fund over a lack of consistency in some of its biggest bailouts of the past two decades, calling on officials to address claims they succumb to political pressures to back big, risky repeat borrowers. Rules for outsized loans to countries such as Argentina, Ukraine and Egypt needed an overhaul as "perceptions of a lack of even-handedness" were affecting the fund's credibility, the IMF's independent evaluation office said in a report on Thursday.
/jlne.ws/4iuV0Qt
|
| | | |
|
| |
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia vows response after Ukraine used US-made ATACMS to strike airfield
Reuters
Russia said on Wednesday that Ukraine had struck a military airfield on the Azov Sea with six U.S.-made ATACMS ballistic missiles, a move that could prompt Moscow to launch another experimental intermediate-range hypersonic missile at Ukraine. Russia's defence ministry said two of the missiles fired by Ukraine were shot down by a Pantsir missile defence system and the rest were destroyed by electronic warfare.
/jlne.ws/4iITPNw
Russian Foreign Ministry says Moscow is not willing to make concessions on Ukraine
Reuters
The Russian Foreign Ministry said on Wednesday that Moscow was not ready to make concessions when it came to Ukraine and that President Vladimir Putin's own proposals on how to end the conflict needed to be implemented. Russian Foreign Ministry spokeswoman Maria Zakharova made her comments in the context of a call by U.S. President-elect Donald Trump on Sunday for an immediate ceasefire and negotiations between Ukraine and Russia to end "the madness."
/jlne.ws/4fdLuhB
Russia supports Orban's POW swap proposal but Ukraine refused, Kremlin says
Reuters
The Kremlin said on Thursday that Russian President Vladimir Putin had fully supported a prisoner of war exchange between Moscow and Kyiv proposed by Hungarian Prime Minister Viktor Orban, but that Ukraine appeared to have turned down the idea. Orban made the proposals during a call with Putin, Kremlin spokesman Dmitry Peskov told reporters.
/jlne.ws/3OSRQZe
Orban Pursues His Ukraine Peace Mission With Visit to Turkey; Ukrainian leader has been cold on Hungary's ceasefire effort; Erdogan, Orban have sought to play middleman in war on Ukraine
Beril Akman and Zoltan Simon - Bloomberg
Hungary's Prime Minister Viktor Orban will meet Turkish President Recep Tayyip Erdogan on Thursday, the latest in a diplomatic bid to broker a ceasefire in Ukraine that's made little progress so far. Earlier this week, Orban met with US President-elect Donald Trump and held a phone call with Russia's Vladimir Putin to discuss the war on Ukraine. His efforts have met with growing exasperation from other European Union nations as Hungary holds the EU's rotating presidency through the end of the year.
/jlne.ws/4iwmSUa
Trump Vows to Use Ukraine Aid as Leverage Against Russia; President-elect says he wants to reach an agreement to end war; Trump criticizes Ukraine over missile strikes into Russia
Jenny Leonard - Bloomberg
President-elect Donald Trump said he would use US support for Ukraine as leverage against Russia to negotiate an end to the war, in an interview with Time Magazine. Trump, a longtime skeptic of continued assistance for Ukraine in its fight to repel Russia's invasion, was pressed in the interview - published on Thursday - on whether he would continue providing assistance for Kyiv.
/jlne.ws/3Zv3sqd
|
| | | |
|
| |
| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Assad regime; Israelis say they must prevent terrorists from seizing arms
Sherif Tarek - Bloomberg
Israel carried out more military operations in Syria on Wednesday while facing intensifying criticism from governments in the region. The Israel Defense Forces said its troops were continuing to target "threats and terrorist sites along the border" with Syria, having confiscated several Syrian tanks while conducting searches.
/jlne.ws/41OHKjV
Hamas Concedes on Israeli Troops in Gaza, Raising Hopes for Hostage Deal; Militants back down on presence of Israeli troops in Gaza after the war and hand over list of hostages they would release under a pact
Summer Said - The Wall Street Journal
Hamas has yielded to two of Israel's key demands for a cease-fire deal in Gaza, Arab mediators said, raising hopes of an agreement that could release some hostages within days despite the repeated collapse of previous negotiations. The militant group told mediators for the first time that it would agree to a deal that would allow Israeli forces to remain in Gaza temporarily when the fighting stops. Hamas also handed over a list of hostages, including U.S. citizens, whom it would release under a cease-fire pact, something it hasn't done since the first truce in the conflict last year.
/jlne.ws/3ZNNVTO
Israel Continues Military Operations in Syria Despite Backlash
Sherif Tarek - Bloomberg
Israel carried out more military operations in Syria on Wednesday while facing intensifying criticism from governments in the region. The Israel Defense Forces said its troops were continuing to target "threats and terrorist sites along the border" with Syria, having confiscated several Syrian tanks while conducting searches. Soldiers also "located a Syrian army outpost containing a cache of weapons, including mines, explosives, anti-tank missiles, and additional military equipment."
/jlne.ws/4gs0hq2
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Trump Rings NYSE Bell After Being Named Time's Person of the Year
Joseph Pisani - The Wall Street Journal
President-elect Donald Trump rang the opening bell at the New York Stock Exchange Thursday to mark his second time being named Time magazine's Person of the Year. Trump beat out other figures on Time's short list, including his presidential election rival Kamala Harris, billionaire Elon Musk and podcaster Joe Rogan.
/jlne.ws/3Bftshl
Abaxx Opens Offices in Hong Kong and Beijing
Abaxx
Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) ("Abaxx" or the "Company"), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd. ("Abaxx Singapore"), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, "Abaxx Exchange" and "Abaxx Clearing"), and producer of the SmarterMarkets Podcast, today announced it has officially opened representative offices of Abaxx Technologies Inc. in Hong Kong and Beijing as part of its efforts to expand brand awareness throughout the region.
/jlne.ws/4farwnX
EEX to introduce Japanese Power Options from February
EEX Press Release
The European Energy Exchange (EEX) will expand its Japanese power derivatives offering with the launch of EEX Japanese Power Monthly Options for the Tokyo and Kansai market areas on 3 February 2025. This launch marks an innovative moment for the power trading industry as these are the first so-called average price options contracts on the EEX power derivatives markets. As such, the new instruments will be settled against the average of the JEPX spot prices for the Tokyo and Kansai market areas during the respective delivery month.
/jlne.ws/4fclTpn
HKEX to Introduce New Post-trade Services on Orion Cash Platform
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Thursday) that it is embarking on a multi-year post-trade services enhancement programme for its cash equities market, reflecting the Group's ongoing commitment to build future-ready market infrastructure. Starting from mid-2025, new features will be progressively added to the Orion Cash Platform (OCP), HKEX's integrated cash market platform, to provide more advanced, reliable and efficient post-trade services for the securities market.
/jlne.ws/3ZR73jy
ICE Launches MSCI MarketAxess Tradable Corporate Bond Index Futures to Help Investors Hedge Corporate Bond Exposure
ICE
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, and home to the most liquid markets for trading MSCI futures, today announced the launch of MSCI MarketAxess Tradable Corporate Bond Index futures. The futures contracts will be based on MSCI and MarketAxess' newly created corporate bond indices. These tradable indices aim to provide a benchmark for the performance of the corporate bond market, incorporating sector and credit allocation to ensure low tracking error to the MSCI parent indices and reliable replication of the credit market.
/jlne.ws/3BrEbVM
London Stock Exchange Group plc divests stake in Euroclear Holding SA/NV
LSEG
London Stock Exchange Group plc (LSEG) announces that it has completed the divestment of its 4.92% stake in Euroclear's share capital to TCorp, for a total consideration of EUR455 million. TCorp is the financial services partner to the New South Wales government. J.P. Morgan and BNP Paribas acted as advisors to LSEG on the transaction.
/jlne.ws/4fcR9Vh
LSEG Directorate Change
LSEG
London Stock Exchange Group plc (LSEG) today announces that Lloyd Pitchford will join the Board as a Non-Executive Director, with effect from 30 April 2025. Lloyd will also join the Audit, Risk and Nomination Committees. Don Robert, Chair, LSEG, said: "I am delighted to welcome Lloyd to the Board. His appointment expands the breadth and depth of the Board's expertise. Lloyd's significant financial experience in global growth organisations will support and benefit the Group as we continue to scale our business and deliver transformational change across our industry."
/jlne.ws/4g5sKCi
Post-Trade Forum 2024 - The Highlights
SIX
Now in its ninth year, SIX's Post-Trade Forum took place in London on December 5.
During the event, industry experts tackled a number of the big issues facing post-trade, including the next steps for T+1 in Europe, the future of centralized clearing, and the rise of digital assets. SIX takes a deeper look at what was discussed at the Post-Trade Forum.
/jlne.ws/4fkOVmF
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | UK fintech Stenn collapsed after Russia money laundering case drew scrutiny; Passing reference in US criminal indictments prompted HSBC to probe transactions
Ortenca Aliaj, Robert Smith and Cynthia O'Murchu - Financial Times
UK fintech Stenn collapsed into administration after a reference to the company in a US criminal indictment about a Russian money laundering scheme prompted its lenders to begin probing potentially suspicious transactions, according to people familiar with the situation. Stenn, which specialised in invoice financing and once boasted a $900mn valuation and partnerships with international banks such as Citigroup and Barclays, had two of its UK units placed into administration last week after an application to London's High Court from HSBC Innovation Bank, one of its lenders.
/jlne.ws/3BzeCSH
The AI agents are coming; A new layer of digital plumbing between apps could bring important changes to how people use technology
Richard Waters - Financial Times
A decade ago, after selling Siri to Apple, the creators of the voice-controlled AI assistant had another big idea. With their new company, Viv, they set out to solve a persistent problem for smartphone users: How to accomplish everyday tasks without having to juggle multiple apps. Wouldn't it be nice if you didn't have to toggle between separate travel, hotel and map apps when planning a vacation, and could rely instead on a piece of software that integrated them all?
/jlne.ws/49CeyhW
US media groups warn UK over AI content-scraping rules; Body that represents Disney, Fox and Universal Music set out 'strong opposition' over weakening of copyright laws
Daniel Thomas - Financial Times
An influential US cross-media industry body has warned over the chilling effect on investment and activity in the UK if the government weakens copyright rules to allow artificial intelligence companies to scrape their content. In a three-page letter sent to UK ministers this week, the Copyright Alliance, which represents some of the largest US media groups such as Disney, Fox, Paramount, Universal Music and Getty, set out its "strong opposition to the introduction of AI exceptions" to copyright rules. The move comes just days before the government is expected to launch a consultation into AI and creative industries.
/jlne.ws/4g9Tm55
Artificial intelligence AI is the frenemy of freedom; An optimistic view of the technology sees the possibility of it offering humans 'superagency' rather than as a threat
John Thornhill - Financial Times (opinion)
Two years ago, a New York company enforced an "attorney exclusion list" at its venues, including Madison Square Garden and Radio City Music Hall, sparking a civil rights clash. Using artificial intelligence-enabled facial recognition technology, MSG Entertainment identified lawyers from firms involved in litigation against the company and barred them from entering concerts, shows and ice hockey and basketball games. Naturally, being lawyers, they sued, denouncing the ban as dystopian.
/jlne.ws/3VAcq4o
Adobe Drops After Tepid Outlook Stokes AI Disruption; Fears Fiscal year sales, profit forecasts fall short of estimates; Software maker plans a new higher-priced tier for AI tools
Brody Ford - Bloomberg
Adobe Inc. fell in extended trading after giving a disappointing annual sales outlook, underscoring anxieties that the creative software company may lose business to emerging artificial intelligence-based startups. Revenue will be about $23.4 billion in the fiscal year ending in November 2025, the company said Wednesday in a statement. Earnings, excluding some items, will be $20.20 a share to $20.50 a share. Analysts, on average, estimated sales of $23.8 billion and adjusted profit of $20.52 a share, according to data compiled by Bloomberg.
/jlne.ws/3DotKCU
China must innovate in semiconductor design or fall behind the global market, expert says
South China Morning Post
China must develop new chip-design technologies that do not rely on advanced manufacturing processes, according to one of the mainland's leading authorities on semiconductors, as the domestic integrated circuit (IC) industry faces increased US technology restrictions. "It's time to commit to building our own technological ecosystem," Wei Shaojun, a professor at Tsinghua University's School of Integrated Circuits and vice-president of the China Semiconductor Industry Association, said in his keynote speech on Wednesday at this year's China Integrated Circuit Design Industry Exhibition in Shanghai.
/jlne.ws/4ga7ITa
New generative AI services slow in China as regulators approve 64 more apps for release
South China Morning Post
/jlne.ws/3OTKC76
Nvidia, AMD and Intel Invest in Startup Bringing Light to Chips
Jane Lanhee Lee - Bloomberg
/jlne.ws/3OTJZKM
Apple Is Working on AI Chip With Broadcom, Information Says
Molly Schuetz - Bloomberg
/jlne.ws/3ZEV9s6
GE Vernova to Power City-Sized Data Centers With Gas as AI Demand Soars
Naureen S. Malik, Mark Chediak and Josh Saul - Bloomberg
/jlne.ws/4fcMvGP
Big Oil eyes powering Big Tech's data center demand
Shariq Khan and Shashwat Awasthi - Reuters
/jlne.ws/4gvavWN
Exxon Is Exploring Low-Carbon Power Supplies for Data Centers
Kevin Crowley and Ari Natter - Bloomberg
/jlne.ws/4000dZv
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | Russia Tests Cutting Off Access to Global Web, and VPNs Can't Get Around It
PC Magazine
Russia has reportedly cut some regions of the country off from the rest of the world's internet for a day, effectively siloing them, according to reports from European and Russian news outlets reshared by the US nonprofit Institute for the Study of War (ISW) and Western news outlets. Russia's communications authority, Roskomnadzor, blocked residents in Dagestan, Chechnya, and Ingushetia, which have majority-Muslim populations, ISW says. The three regions are in southwest Russia near its borders with Georgia and Azerbaijan. People in those areas couldn't access Google, YouTube, Telegram, WhatsApp, or other foreign websites or apps-even if they used VPNs, according to a local Russian news site.
/jlne.ws/4gP71Pd
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | BlackRock Says Up to 2% Bitcoin Allocation Is 'Reasonable Range'; The asset manager runs the world's largest Bitcoin ETF; Largest cryptocurrency has surged since Trump election victory
Katie Greifeld - Bloomberg
The world's biggest asset manager says that Bitcoin does have a place in multi-asset portfolios - up to a certain point. Giving Bitcoin a 1% to 2% weighting would produce a similar risk profile to the so-called Magnificent Seven technology stocks in a standard 60/40 portfolio of stocks and bonds, according to a BlackRock Investment Institute paper released Thursday. That's a "reasonable range" to devote to Bitcoin, as anything beyond 2% would sharply increase crypto's share of overall portfolio risk, the paper said.
/jlne.ws/3D8U4kH
Investors Should Hold Bitcoin 'But Not Too Much,' Peterffy Says
Sally Bakewell - Bloomberg
Thomas Peterffy, the billionaire founder of retail brokerage Interactive Brokers Group Inc., said investors should own some Bitcoin though limit their holdings given the asset's volatility. "I would recommend that people put maybe 2% to 3% of their net worth into Bitcoin," he said Wednesday in a Bloomberg Television interview. "We for example will not allow anyone to invest more than 10% of their assets into Bitcoin because I think that would be very dangerous."
/jlne.ws/4gs3o1c
Predicting Trump Rush, Vancouver Votes to 'Get Ahead' on Bitcoin
Thomas Seal - Bloomberg
Vancouver adopted a policy that could lead to it using Bitcoin in city finances - prompted in part by the return of US President-elect Donald Trump. The motion to become a "Bitcoin-friendly city" and explore its possible municipal use was passed Wednesday by the Canadian city's council.
/jlne.ws/4ff4Nr3
Crypto Whales Get Nod From Eric Trump That Party's Just Starting
Annie Massa and Abeer Abu Omar - Bloomberg
Eric Trump stepped before a standing-room-only crowd at a Bitcoin conference in Abu Dhabi, ready to evangelize cryptocurrencies to the already converted. He had a welcome message to share: His father, president-elect Donald Trump, would transform the US into "the crypto capital of the world."
/jlne.ws/4gwQ63v
Stablecoin Issuer Circle Expands Offering With Binance; Circle faces increased challenges in the stablecoin market; Binance will support more USDC usage on its platform
Muyao Shen - Bloomberg
Circle Internet Financial Ltd., the issuer of the stablecoin USDC, and the crypto exchange Binance said they're partnering to expand the use of the token on the trading platform as part of a plan to accelerate growth.
/jlne.ws/3ZPS3Tn
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | Musk and Milei Belong to the Same Cult of Disruption; The public sector needs reform - but the "creative destruction" that can re-energize businesses risks leaving ordinary citizens in the lurch.
Adrian Wooldridge - Bloomberg
The cult of "disruption" is quickly spreading from the private sector to the public. Javier Milei, the president of Argentina, has axed ten ministries, reduced public spending by a third in real terms, and slashed red tape. Donald Trump, the incoming US president has tapped the world's best known business disruptor, Elon Musk, to head a new department of government efficiency (DOGE). Even the British Labour government has leapt on the trend. Prime Minister Keir Starmer has accused "too many civil servants" of "being comfortable in the tepid bath of managed decline." The Cabinet Secretary Pat McFadden (whom many regard as the real deputy prime minister) has called for a new age of "start-ups" and "disruptors" in the public sector. Airbnb, WhatsApp and Spotify have all emerged from nowhere to disrupt their respective industries; why can't we apply the same daring-do spirit to the public sector?
/jlne.ws/3BCNClg
Meta Donates $1 Million to Donald Trump's Inaugural Fund; Meta did not donate for President Biden or Trump's first term; CEO Mark Zuckerberg working to rebuild relationship with Trump
Sarah Frier - Bloomberg
Meta Platforms Inc. has donated $1 million to President-elect Donald Trump's inaugural fund, part of an effort to build a positive relationship with the administration after a tense history. While small, the donation is not something Meta did for President Joe Biden or Trump's prior term, and it follows a November dinner between Trump and Chief Executive Officer Mark Zuckerberg at Mar-a-Lago. A Meta spokesperson confirmed the donation, which was reported earlier by The Wall Street Journal, but declined to comment further.
/jlne.ws/3VyDDnO
Trump Picks Kari Lake to Be Next Director of Voice of America; Lake made unsuccessful runs for governor, Senate in Arizona; Trump also picks ambassadors to Argentina, OAS and Colombia
John Harney and Zoe Ma - Bloomberg
President-elect Donald Trump has chosen Kari Lake, a former television anchor who ran unsuccessful Senate and gubernatorial races in Arizona, to be the next director of Voice of America. "She will be appointed by, and work closely with, our next head of the US Agency for Global Media, who I will announce soon," Trump posted on his Truth Social platform on Wednesday night.
/jlne.ws/3DlMC5y
Trump Wants Hitler's Generals? That's Xi's Problem; Massive corruption continues to plague the Chinese military because of a promotion system that prizes loyalty above competence.
Minxin Pei - Bloomberg Opinion
In recent years, the top ranks of the Chinese People's Liberation Army (PLA) have been decimated - not by war, but by anti-corruption investigations. The latest high-profile casualty is Admiral Miao Hua, director of the political department of the Chinese military and a member of the Central Military Commission (CMC), chaired by President Xi Jinping.
/jlne.ws/3ZAT7cc
Trump is a test for the 'Great Man theory'; Modern historians are wary of ascribing change to individuals. Could that be about to change?
Simon Kuper - Financial Times
Every day, the journalist's worldview clashes with the academic historian's. Journalists tend to emphasise the role of individuals in making history. Perhaps that's because no storyteller ever thought, "The thing that would really drive this narrative are some impersonal structural forces." The focus on individuals used to be called "Great Man theory". Its chief proponent, 19th-century historian Thomas Carlyle, wrote, "The history of the world is but the biography of great men". Diarmaid MacCulloch of Oxford university has proposed removing the sexist and approbatory labels by renaming it "Big Beast history". But historian Jane Ridley straightforwardly dismisses "Carlyle's great man theory" as "a piece of romantic claptrap".
/jlne.ws/3ZMe0ma
China says it takes 'necessary measures' to defend sovereignty over Taiwan
Ryan Woo, Ben Blanchard and Yimou Lee - Reuters
China said on Wednesday it takes "necessary measures" to defend the country's sovereignty and will not tolerate "separatist" activities, as Taiwan reported another rise in Chinese warplanes around the island and called on Beijing to halt provocations. Beijing's military has yet to comment on the military activity and has not confirmed it is carrying out exercises.
/jlne.ws/4fvqweB
|
| | | |
|
| |
| Regulation & Enforcement | | Stories about regulation and the law. | Biden Administration Cracks Down on Bank Overdraft Fees; Rule change would take effect in October 2025 if it isn't overturned or altered
Alexander Saeedy - The Wall Street Journal
The Biden administration is overhauling rules for how banks can charge overdraft fees to customers, despite an intense lobbying campaign from the industry to prevent the changes from going into effect. The Consumer Financial Protection Bureau said Thursday that banks can choose from three options: charge a flat overdraft fee of $5, cap the fee at an amount that covers their costs and losses, or charge any fee but disclose the terms of the overdraft loan they extend to customers the same way they would for those of any other loan.
/jlne.ws/4iuqwy3
FinCEN Issues Spanish Translations of Alert and In-Depth Analysis on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail
FinCEN
Today, the Financial Crimes Enforcement Network (FinCEN) is issuing Spanish translations of its February 2023 alert to financial institutions on the nationwide surge in check fraud schemes targeting the U.S. Mail and its September 2024 Financial Trend Analysis (FTA) on mail theft-related check fraud incidents based on Bank Secrecy Act data filed in the six months following the publication of the alert. These translations are intended to further support financial institutions located in predominantly Spanish speaking communities and support law enforcement's outreach to such communities impacted by this fraud. Fraud, including check fraud, is the largest source of illicit proceeds in the United States and is one of FinCEN's Anti-Money Laundering/Countering the Financing of Terrorism National Priorities.
/jlne.ws/4iw74AU
Fed stress-testing operational readiness of discount window; Experts say consultation on improved ops should be accompanied by focus on willingness to borrow
Menghan Xiao - Risk.net
The US Federal Reserve has been stress-testing its discount window to ensure it could provide liquidity to large numbers of banks simultaneously during a stress event, Risk.net has learned. Although the internal testing is not directly related to a request for information (RFI) on possible operational upgrades to the discount window, sources say both initiatives stem from criticism of the Fed's emergency backstop following the US regional banking crisis in March 2023.
/jlne.ws/3ZwpMQc
Feds charge ex-TD Bank employee with helping to launder money to Colombia
Reuters via NY Post
A former TD Bank employee based in Florida was arrested and charged with facilitating money laundering to Colombia, New Jersey's attorney general said on Wednesday, in the first such arrest since the Canadian lender paid a $3 billion fine. TD Bank's US arm pleaded guilty in October to conspiracy to commit money laundering, becoming the first bank in the US to do so. It also is the largest bank to plead guilty to US Bank Secrecy Act program failures.
/jlne.ws/3ZOmmtk
China's Lust for Gold Exploited by Scammers, Money Launderers; Victims lured by high returns mail gold bars to scammers; Money laundering convictions rose five-fold from 2019 to 2022
Yihui Xie - Bloomberg
Jewelry stores across China have been receiving mysterious, unusually large orders for gold bars from customers who ask for the precious metal to be posted to faraway addresses in the nation. In one case, an online romance scammer convinced a woman in the eastern city of Hangzhou to buy 19 million yuan ($2.6 million) worth of gold bars as part of an investment plan. She never saw the gold, her money or her so-called love interest again.
/jlne.ws/4iALyuL
US Supreme Court dismisses Nvidia's bid to avoid securities fraud suit
John Kruzel - Reuters
The U.S. Supreme Court dismissed on Wednesday an appeal by artificial intelligence chipmaker Nvidia seeking to avoid a securities fraud lawsuit by shareholders who accused the company of misleading investors about how much of its sales depended on the volatile cryptocurrency market. The justices, who heard arguments in the case on Nov. 13, opted not to render a decision on the underlying legal dispute and instead threw out Nvidia's appeal of a lower court's ruling that allowed the 2018 class action to move forward. The lawsuit is led by the Stockholm, Sweden-based investment management firm E. Ohman J:or Fonder AB.
/jlne.ws/3OSY9fc
FCA looks to fill advice gap on pensions; Companies will be able to offer 'targeted support' to customers without being fully regulated
Martin Arnold - Financial Times
Pension holders will be able to receive "targeted support" from companies without it being considered fully regulated financial advice, under proposals from the UK financial watchdog. The plan, to be announced on Thursday, is part of the Financial Conduct Authority's push to close the gap in the market for affordable financial guidance.
/jlne.ws/3OPCyVd
CFTC to Hold a Commission Open Meeting December 18
CFTC
Commodity Futures Trading Commission Chairman Rostin Behnam today announced the Commission will hold an open meeting Wednesday, Dec. 18 at 9:30 a.m. - 12:00 p.m. (ET) at the CFTC's Washington, D.C. headquarters. Members of the public can attend the meeting in person, listen by phone, or view a live stream at CFTC.gov.
/jlne.ws/4ipG6Lc
Federal Court Orders North Carolina Companies and Their Owners to Pay Over $5.3 Million for Forex Fraud
CFTC
The Commodity Futures Trading Commission today announced the U.S. District Court for the Western District of North Carolina issued an order for summary judgment and a permanent injunction against Storm Bryant and Elijah Bryant III, formerly of Raleigh, North Carolina and Los Angeles, and CapitalStorm LLC, GenerationBlack LLC, and Ncome LLC, all North Carolina limited liability companies, on charges the defendants operated a fraudulent foreign currency scheme, misappropriated over $1.9 million in client funds and committed related registration violations.
/jlne.ws/4gnbWXg
Los Angeles Federal Court Orders Five Individuals to Pay Over $5 Million for Digital Asset Fraud and Misappropriation Scheme
CFTC
The Commodity Futures Trading Commission today announced U.S. District Court, Central District of California, issued a consent order against Marco A. Ruiz Ochoa of Nashua, New Hampshire, and an order of default judgment on Oct. 21, against David Carmona formerly of Elmhurst, New York, Juan Arellano Parra formerly of Chino, California, Moses Valdez of Hesperia, California, and David Brend of Tampa, Florida.
/jlne.ws/4gaEKCC
SEC Charges Ken Peterman, Former Comtech CEO, with Insider Trading in Advance of Negative Earnings Announcement; Defendant placed order to sell company's securities within hours of his termination for cause while subject to multiple trading blackouts
SEC
The Securities and Exchange Commission today announced insider trading charges against Ken Peterman, the former CEO, president, and Chair of the Board of Comtech Telecommunications Corp., in connection with his sale of Comtech shares on the basis of material non-public information about Comtech's forthcoming negative quarterly earnings results.
/jlne.ws/4fdMrGT
SEC Charges Three Individuals with Impersonating Financial Professionals in Fraud Scheme Targeting Retail Investors
SEC
The Securities and Exchange Commission today charged Chibuzo Augustine Onyeachonam, Stanley Chidubem Asiegbu, and Chukwuebuka Martin Nweke-Eze with fraud for impersonating legitimate securities brokers and investment advisers in an elaborate online scheme through which the defendants stole more than $2.9 million from at least 28 investors.
/jlne.ws/41xr7ck
SEC Charges Five Individuals and Three Entities in Multi-Year Microcap Fraud Scheme
SEC
On December 11, 2024, the Securities and Exchange Commission filed a complaint in the United States District Court for the District of Utah charging five individuals and three entities for their roles in a fraudulent scheme to secretly acquire and dump into public securities markets millions of shares of microcap stocks. Utah residents John S. Clayton, Daniel W. Jackson, Donald H. Perry, and Clark M. Mower, and Maryland resident Timothy J. Rieu, along with entities Standard Registrar and Transfer Co., Inc., Chesapeake Group, Inc., and First Equity Holdings Corp. were named as defendants who allegedly engaged in the scheme. Nine other entities are named as relief defendants for their alleged receipt of illicit proceeds of the fraudulent scheme.
/jlne.ws/3Bo1VdA
SEC Charges Frederick Tayton Dencer, Luke Dencer, and Their Companies with Fraud for Misappropriating Investor Funds
SEC
The Securities and Exchange Commission today announced charges against Los Angeles-based Frederick Tayton Dencer (Tayt Dencer) and his son Luke Abelard Dencer (Luke Dencer), and their Los Angeles-based companies Standard Holdings, Inc. and Standard Huaxia, Ltd. for defrauding investors out of millions of dollars, which the Dencers misused and misappropriated to fund their lavish lifestyles. The SEC also charges Dennis Edward Butler, of Westwood, New Jersey, for acting as an unregistered broker in connection with the scheme.
/jlne.ws/4iuN2Xz
Kraken crypto exchange operator to pay $8 million following ASIC enforcement action
ASIC
Legal proceedings launched by ASIC have seen the Australian operator of the Kraken crypto exchange ordered to pay $8 million for unlawfully issuing a credit facility to more than 1100 Australian customers. From October 2021, Bit Trade Pty Ltd, which operated the Kraken exchange, had offered its customers a 'margin extension' product without a target market determination (TMD). The product provided for margin extensions to be made and repaid in either digital assets like bitcoin or national currencies such as US dollars.
/jlne.ws/3ZBb76i
ASIC's Moneysmart reveals how Aussies plan to spend this Christmas
ASIC
Consumers are being urged to avoid a post-Christmas spending hangover as new research from ASIC's Moneysmart reveals Aussies will spend on average almost $800 each to fund gifts, holidays and celebrations. The research reveals 74% of people set a budget for Christmas but more than four in ten (44%) have regretted their spending in previous years. Just 29% manage to stick to their plan, with savings, credit cards and buy now pay later (BNPL) services used to fund the festive spend.
/jlne.ws/3DdbOv5
Former Director and CEO of Bananacoast Credit Union sentenced for dishonest conduct
ASIC
Former Director and CEO of Bananacoast Community Credit Union Limited (BCU), Lyndon Allen Kingston, has been sentenced to 18 months' imprisonment after being found guilty of four dishonesty offences. Following a four-week trial in the Brisbane District Court, on 12 November 2024 a jury found Mr Kingston guilty of the following offences which occurred between December 2015 and August 2017:
/jlne.ws/3BpQ0fc
Millions of people could get more support with their pensions under new proposals; The FCA has set out proposals for extra support for millions of UK savers to help them make better decisions about their pensions.
FCA
This is part of a wider review of how the boundary between advice and guidance on investments operates, which is underway to help make sure consumers are better supported. Making sure consumers can make informed investment decisions is an important part of ensuring healthy capital markets which deliver growth. The FCA aims to help people have access to more help, guidance and advice across all aspects of their financial lives.
/jlne.ws/4ivEwrk
Greater connectivity driving Hong Kong's capital markets forward: SFC Quarterly Report
SFC
Hong Kong's capital markets have continued to reap benefits since the third quarter from the success of Connect schemes with the Mainland and breakthroughs in Middle East market connectivity, according to the Securities and Futures Commission's (SFC) Quarterly Report published today. Marking the tenth anniversary of the scheme, the Mainland-Hong Kong Stock Connect had notched up strong net southbound inflows up to end-November, amounting to RMB664.3 billion year-to-date and RMB3.2 trillion cumulatively. Driving the growth of the city's exchange-traded fund (ETF) market, the enhanced ETF Connect boosted the number of eligible Hong Kong ETFs to 16 with a total market capitalisation of more than $300 billion (Note 1).
/jlne.ws/3Dfhk0j
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Options expiry triggers $4bn liquidity shortfall at NSCC; Second-largest simulated shortfall on record mitigated by extra liquidity deposit and OCC commitment
Joshua Walker - Risk.net
The National Securities Clearing Corporation reported a simulated liquidity shortfall of $4 billion in the third quarter, coinciding with September's options expiration day. The shortfall represents the gap between the central counterparty's (CCP) qualifying liquid resources (QLRs) and the payment obligation triggered by the hypothetical default of any single clearing participant and its affiliates under extreme but plausible market conditions. It marks the eighth liquidity deficit recorded by
/jlne.ws/3ZOGprC
New eras, same bubbles: the forgotten lessons of history; With US equities at record valuation peaks, investors should re-examine their risk appetite
John Hussman - Financial Times (opinion)
As US equity markets trace the contours of the third great speculative bubble in history, investor confidence in a new economic era has reached extreme levels. Among several valuation measures setting record highs is one that has reliably been a gauge for the subsequent returns and potential losses of the S&P 500 index over the following 10 to 12 years: the ratio of the market capitalisation of US non-financial companies to "gross value-added" or corporate revenues generated incrementally at each stage of production. Since early 2022, this metric has rivalled and now exceeds the peaks of both 1929 and 2000.
/jlne.ws/4gnbsAq
What Is the Hershey Trust and Why Can It Block Takeover Deals?
Lily Meier and Deena Shanker - Bloomberg
Hershey Trust Co. is a rarity in corporate America. It owns almost all of Hershey Co.'s Class B stock, giving it roughly 80% of the voting power of the company. That clout was apparent this week when it rebuffed a takeover attempt by Mondelez International Inc. that would have been the year's biggest merger agreement. The trust has scuttled several potential acquisitions of the chocolate maker over the years, including a previous one by Mondelez in 2016.
/jlne.ws/3ORHyIU
Government Statistics Come Under Siege From All Corners
Cecile Daurat and Molly Smith - Bloomberg
Eco Data Under Siege Economic indicators, the gold-standard data that move markets and underpin the decisions of central bankers and governments, are coming under threat on both sides of the Atlantic.
/jlne.ws/4iqrhbv
Short Sellers' Secret Talks and Alliances Emerge in Court Battle; Hedge fund boss says research was shared with half-dozen bears
Tom Schoenberg - Bloomberg
When short sellers knock down stocks, a debate often breaks out: Was there more than one bear involved? After years of such conjecture among embattled corporate chieftains, a little noticed lawsuit in Toronto is exposing a variety of alleged contacts and even alliances between skeptical researchers and investment firms.
/jlne.ws/3OOdkGG
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Exxon Raises Capital Spending as Worldwide Oil Glut Looms
Kevin Crowley - Bloomberg
Exxon Mobil Corp. will raise capital spending next year as its $60 billion purchase of Pioneer Natural Resources Co. increases its oil-production plans, threatening to worsen next year's expected crude glut. Exxon plans to spend between $27 billion and $29 billion of cash in 2025, North America's largest energy explorer said in a statement Wednesday. Annual outlays will rise to about $30.5 billion in the following five years compared with roughly $24.5 billion before the Pioneer deal.
/jlne.ws/4fhQ3aR
Trump Seen as Unlikely to Stall Pace of Sustainable Debt Sales
Caleb Mutua - Bloomberg
Sustainability chiefs on Wall Street expect borrowers to continue to tap the booming global debt market to fund their sustainability goals, even during Donald Trump's less ESG-friendly administration. The US has huge infrastructure needs and those needs are only getting bigger, said Amy West, global head of ESG solutions at TD Securities. This means state and local governments, whether blue or red, will seek financing to make sure their infrastructure is less susceptible to extreme weather events, she said, speaking Wednesday at a conference hosted by Bloomberg Intelligence.
/jlne.ws/4g7cPU0
TikTok's annual carbon footprint is likely bigger than Greece's, study finds; Average user generates greenhouse gases equal to driving an extra 123 miles in gas-powered car a year, data shows
Isabel O'Brien - The Guardian
TikTok's annual carbon footprint is probably larger than that of Greece, according to a new analysis of the social media platform's environmental impact, with the average user generating greenhouse gases equivalent to driving an extra 123 miles in a gas-powered car each year. Estimates from Greenly, a carbon accounting consultancy based in Paris, place TikTok's 2023 emissions in the US, UK and France at about 7.6m metric tonnes of carbon dioxide equivalent (CO2e) - higher than those associated with Twitter/X and Snapchat in the same region.
/jlne.ws/4g7At2X
'This was not normal': US scientists grapple with a year of record heat; Climate researchers presented potential reasons - clouds, shipping, volcanic eruption - for the apparent surge
Oliver Milman - The Guyardian
Scientists are still puzzling over the reasons behind a streak of unexpected, record heat that scorched 2023 and into this year, sparking fears that the climate crisis could be moving faster than previously thought. Is it the clouds? Or shipping? Or maybe a huge volcanic eruption? A parade of climate researchers presented potential reasons for the apparent surge in global heating at the American Geophysical Union (AGU) meeting in Washington on Tuesday, although none were able to claim a full understanding of what has happened with the world's climate since the start of last year.
/jlne.ws/3ZQqB7O
Climate Tech Funds See Cash Pile Rise to $86 Billion as Investing Slows; Financial heavyweights like Brookfield and TPG have raised new climate funds this year, offering a positive sign for the future even as investments are down.
Ethan M Steinberg - Bloomberg
The amount of new capital for climate tech investing climbed globally in 2024, a hopeful sign that the sector is poised to grow despite still-high interest rates and likely regulatory changes ahead in the US. Climate funds added $47 billion in assets under management, a 20% bump over last year, according to a report released Thursday by market intelligence firm Sightline Climate. Much of the uptick was driven by financial heavyweights like Brookfield Corp. and TPG Inc. raising a second, third or even fourth climate-targeted fund.
/jlne.ws/3D9bVrz
As a Major California Oil Producer Eyes Carbon Storage, Thousands of Idle Wells Await Cleanup; The state's taxpayers may be left with a big bill.
Emma Foehringer Merchant - Inside Climate News
At the start of 2020, California Resources Corp., one of the state's largest oil and gas producers, was in financial trouble. The firm's stock price had plunged, and its credit rating was in junk bond territory. Then the pandemic struck, roiling international oil markets. A few months later, in July 2020, CRC and nearly two dozen of its subsidiaries filed for bankruptcy, citing the "unprecedented market conditions." The company was nearly $5 billion in debt.
/jlne.ws/49vygf3
In a First, Arizona's Attorney General Sues an Industrial Farm Over Its Water Use; With agricultural overuse and drought draining aquifers across Arizona, the state's chief law enforcement officer is suing Saudi Arabia-based Fondomonte, but the lawsuit could have unintended consequences.
Wyatt Myskow - Inside Climate News
Arizona Attorney General Kris Mayes filed a nuisance lawsuit against an industrial agricultural operation Wednesday in a novel case that alleges the operation's groundwater pumping is threatening public health and safety and the infrastructure of the surrounding community. Mayes hopes the suit sends a message that pushes state legislators to pass new laws managing groundwater across rural Arizona, where the rapid decline of aquifers is a growing concern. Water policy experts, however, warn the lawsuit could have unintended consequences.
/jlne.ws/41OHmSv
EU not buckling to pressure over car CO2 rules, climate chief says
Kate Abnett - Reuters
/jlne.ws/3ZAVPyF
Hacking Rooftop Solar Is a Way to Break Europe's Power Grid
Eamon Farhat - Bloomberg
/jlne.ws/4fhzaNk
China's Weak Winter LNG Demand Provides Relief for Rival Buyers
Stephen Stapczynski - Bloomberg
/jlne.ws/3VwGJZJ
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan Plans to Hire 1,500 Workers for Global Hub in Argentina; Latin America CEO sees opportunities in Uruguay, Paraguay; Merger of commercial, corporate bank seen benefiting region
Cristiane Lucchesi and Vinicius Andrade - Bloomberg
JPMorgan Chase & Co. plans to add 1,500 workers to its Buenos Aires corporate center over the next five years to expand one of the bank's global hubs for technology, operations, finance and legal services. The bank already has 3,500 employees in the Argentine capitol working at the global hub, and is "working on a longer-term real estate plan to accommodate" the expanded team, Alfonso Eyzaguirre, chief executive officer of JPMorgan Latin America and Canada and head of Latin America investment banking, said in an interview in New York.
/jlne.ws/4gawylU
Warburg Agrees to Buy Minority Stake in UK's United Trust Bank
Dinesh Nair - Bloomberg
Warburg Pincus agreed to acquire a minority stake in United Trust Bank in a deal that values the UK specialty lender at about £520 million ($663 million). The private equity firm and the majority shareholders of United Trust Bank reached a deal, which is subject to regulatory approvals, according to a statement on Thursday that confirmed an earlier Bloomberg News report. While the statement didn't disclose other details, people familiar with the matter have said Warburg would acquire a 20% stake in the lender.
/jlne.ws/3BqtD9q
BlackRock preps managed futures ETF; Asset manager's plans could open strategy to $400 billion-plus new asset pool
Rob Mannix - Risk.net
The world's largest asset manager is planning to launch a managed futures exchange-traded fund (ETF), a step that peers say will open the strategy to a pool of hundreds of billions of dollars of investor money. BlackRock filed plans with the US Securities and Exchange Commission earlier this month for an actively managed trend-following ETF. The iShares Managed Futures Active ETF will invest in stocks, bonds, commodities and foreign exchange, using mostly futures and forwards but also other
/jlne.ws/3Dd44Jy
Blackstone Deal Shows Funds Wooing Insurers Still Works; The finance industry is polarizing between two different approaches to investment firms accessing captive capital.
Chris Hughes - Bloomberg
If these are good times for mergers and acquisitions bankers, they're great for those whose Rolodex is stuffed with contacts in asset management and insurance. The challenges in equities and the opportunities in private credit are forcing a rejig of the relationship between the two connected industries - and everyone is grappling with the best form of cohabitation. In the traditional model, insurers had in-house asset-management businesses to oversee the capital backing pension plans, annuities and life-insurance liabilities. It made sense to take on external customers too. Think of Allianz SE's ownership of both fixed-income specialist Pacific Investment Management Co. and the more diversified Allianz Global Investors. M&G Plc, carved out of insurer Prudential Plc in 2019, took some insurance assets with it too.
/jlne.ws/4g8VGJz
Carlyle Raises $5.7 Billion for Opportunistic Credit Fund; It exceeds the $4.6 billion that was raised for prior vintage
Dawn Lim and Davide Scigliuzzo - Bloomberg
Carlyle Group Inc. raised $5.7 billion for its latest flagship credit fund, as it seeks to catch up with rivals in the fast-growing business. The alternative asset manager hoped to gather as much as $6.5 billion when it began raising money in 2023, lengthening its campaign by several months to accommodate certain investors.
/jlne.ws/4fdUIdJ
Global ETF assets soar to $15tn as shift from mutual funds gathers pace; US leads inflows as investors pour into Wall Street equities
Will Schmitt - Financial Times
Assets in global exchange traded funds have soared to $15tn, powered by a stampede away from mutual funds that underscores how the vehicles are reshaping the asset management industry. Investors have poured $1.7tn into ETFs this year, pushing the industry's total assets up 30 per cent compared with 2023, according to data from research group ETFGI. The US has been at the centre of the influx of new cash, notching up inflows of more than $1tn as traders have sought to tap into a big rally in Wall Street equities.
/jlne.ws/3PcZJch
UBS's Role in Debt Swap Shrinks After Senior Banker Leaves; Barbados arranged $300 million refinancing in early December; Swap was arranged by CIBC and backed by multilateral lenders
Natasha White and Esteban Duarte - Bloomberg
/jlne.ws/4fjmWUu
|
| | | |
|
| |
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | If You Own the Business, You Can Expense Almost Anything; A new study shows how owners tend to charge more of their personal consumption to the firm.
Tyler Cowen - Bloomberg Opinion
Arbitrage is one of the most fundamental principles of economics, and that holds for the tax system as well. People will go to great lengths - buying a home they can barely afford, say, or running up itemized expenses - to minimize their tax liabilities. And as knowledge of the system evolves, they devise new methods for tax arbitrage.
/jlne.ws/3OSTHxa
|
| | | |
|
| |
| Wellness Exchange | | An Exchange of Health and Wellness Information | America Can't Break Its Wellness Habit; Robert F. Kennedy Jr. fits into a long history of Americans who have waged battle against conventional medicine.
Shayla Love - The Atlantic
In 1829, the Presbyterian minister Sylvester Graham invented a cracker made from coarse wheat that he believed would help restore American health. He lamented the "miserable trash" that made up the average diet, especially white bread, and thought his eponymous crackers would curtail masturbation, which he deemed deleterious to both moral and physical well-being. (As someone who condemned sweet treats, he would have seen the s'more as an abomination.)
/jlne.ws/3Bm1wZ7
Exclusive: Boutique wellness platform Bsport snags EUR30M Series B
Kimberly Chin - Axios Pro
Bsport, a management software provider for boutique wellness studios, has raised a EUR30 million Series B to expand into more markets, CEO Zakaria Mansour tells Axios exclusively. Why it matters: Bsport is designed to help fitness studios - which have come roaring back post-pandemic - run more efficiently and streamline costs.
/jlne.ws/4fvy94J
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Australia to introduce 'news tax' on tech companies; Move is designed to close loophole after Meta walked away from existing deal to use media content
Nic Fildes - Financial Times
The Australian government plans to introduce a levy on social media companies and search engines to force them to pay publishers for journalism after Meta, the owner of Facebook and Instagram, walked away from an existing arrangement. In the proposed amendments to current regulations, any social media platform or search engine that derives more than $250mn in revenues a year from Australia would be subject to a "charge". That levy would be offset against any payments made directly by tech companies to publishers. The move is intended to encourage them to negotiate with the media industry over commercial deals.
/jlne.ws/4gsxd1G
China's Falling Corn Imports Show Hit to Consumer Confidence
Megan Durisin - Bloomberg
China's corn imports are expected to total just 14 million tons in the current season, less than half of their peak during a buying spree a few years ago, according to the US Department of Agriculture. The agency trimmed its estimate by 2 million tons for the 2024-25 year through September in a report released Tuesday, citing lower purchases from Brazil. It offers fresh evidence of how China's economic slowdown and property crisis has battered consumer confidence. Corn is mainly used as animal feed in the country, and demand growth has suffered as cost-conscious households cut back on meat and restaurant outings.
/jlne.ws/4iyY6CX
New AI, Chip Hubs Spawn Southeast Asia Boomtowns
Jui Chakravorty - Bloomberg
As escalating tensions between Beijing and Washington push tech multinationals to diversify beyond China, hundreds of billions of dollars are pouring into towns in Southeast Asia and reshaping the local economies there. The heritage island of Penang in Malaysia, the outskirts of Hanoi in Vietnam, and Johor in Malaysia's south are becoming vibrant hubs for chipmaking and AI development.
/jlne.ws/4iyPNHb
Nomura, Morgan Stanley Set to Roll Out India FX Market Facility; The move follows RBI's nod for new players in FX market making; It would mark entry of global primary dealers in local market
Bhaskar Dutta and Saikat Das - Bloomberg
Nomura Holdings Inc. and Morgan Stanley are set to launch currency market-making services in India, according to people familiar with the matter, in what would be the first foreign presence in the industry. Nomura Fixed Income Securities Ltd. recently approved the initiative for its Indian primary dealership and to roll out the service in the next few weeks, according to the people. Morgan Stanley India Primary Dealer Private Ltd. is also close to implementing the service, said the people, all of whom asked not be named discussing a private matter.
/jlne.ws/3Das5Bb
Norway campaigns to cut energy links to Europe as power prices soar; Country's energy minister describes 'sh** situation' as domestic prices hit highest level since 2009
Richard Milne in Oslo - Financial Times
Norway's two governing parties want to scrap an electricity interconnector to Denmark, with the junior coalition partner also calling for a renegotiation of power links to the UK and Germany, as sky-high prices trigger panic in the rich Nordic country. A lack of wind in Germany and the North Sea will push electricity prices in southern Norway to NKr13.16 ($1.18) per kilowatt hour on Thursday afternoon, their highest level since 2009 and almost 20 times their level just last week. "It's an absolutely sh** situation," said Norway's energy minister Terje Aasland.
/jlne.ws/3ZwEE0T
SNB's Schlegel Says Nobody Likes Negative Rates But They Do Work; Sub-zero policy did lower attractiveness of franc, he says
Bastian Benrath-Wright - Bloomberg
The Swiss National Bank doesn't like negative interest rates but will use them again if needed to stem speculation in the franc, President Martin Schlegel said. Speaking shortly after the central bank delivered a bigger-than-expected half-point cut in borrowing costs, the institution's new chief repeated his threat to revisit subzero monetary policy if warranted. "Nobody likes negative interest rates - also at the Swiss National Bank, we do not like negative interest rates," Schlegel said on Bloomberg Television in Bern.
/jlne.ws/4gzEVY1
Australia's Record-Breaking Stock Rally Is Poised to Extend, Analysts Say
Carmeli Argana and Georgina McKay - Bloomberg
/jlne.ws/3BpYHWS
|
| | | |
|
| |
| 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. DAY LOBBY OF THE CBOT TRADING FLOOR
Music plays over the credits. An elevator light dings on the number four. The door opens to a well appointed and stylish lobby. To the left are four turnstiles. The camera takes us through the turnstiles and into a short dark hallway. The rumble of shouting voices grows louder as we travel through the hallway. Along the hallway walls are various plaques of exchange presidents through the years. The rumble of voices grows louder as the light at the end of the hallway becomes brighter. We emerge into a large football field sized room. It is very bright and loud. The effect is the same as when you were a kid walking through a baseball stadium tunnel, and emerging to see the lush green field and the bright summer sun. We pass the 30 year bond futures pit. Men in brightly colored jackets raise their arms with trading cards and pens in their hands. Some are neatly dressed, others look like they're at a Grateful Dead concert. There's an air of chaos. The sounds of the pit are bleeding into each other. The men seem calm and calculated despite their raised voices. They all have a plan. We focus on two traders arguing about something and it quickly turns into a scuffle. Trader 1 is short, balding and wearing a flannel shirt under his bright yellow jacket. Trader 2 is tall, wearing a pressed white shirt under his blue trading jacket. They both are holding trading cards in their hands. Trader 1 is writing frantically on his card.
To read the script, go HERE.
|
| | | |
|
| |
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. |
|
|
