| July 05, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2023 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
One of the traditions of the Independence Day holiday in the United States is John Lothian News publishing the Declaration of Independence. We did not do that this year by email, but we did do it across social media from our 2018 publishing of the Declaration.
Another tradition of the 4th of July holiday in the U.S. is Joshua Brown, The Reformed Broker, publishing the story of "The Broker Who Saved America." This is the story of Haym Solomon, who arranged financing to keep the Continental Army alive during its darkest days.
Forget the cage match between Meta CEO Mark Zuckerburg and Twitter owner Elon Musk, the real fight is starting Thursday when Meta's Instagram launches a Twitter competitor called "Threads." You can follow accounts that you follow on Instagram and keep the same user name. You can even sign up on Apple's App Store for updates for the launch, Bloomberg reported.
The July issue of The World Federation of Exchanges Focus is out. It includes "WFE Creates First Qualification on Market Infrastructure for Next Generation of Leaders."
Do you know what ambergris is and where it comes from? It is referred to as "floating gold" and used by perfumers. It actually comes from inside sperm whales. According to The Guardian, "Whales eat large quantities of squid and cuttlefish, most of which cannot be digested and is vomited out. But some remains, and over the years binds together in the whale's intestines to form ambergris." A pathologist in the Canary Islands was trying to figure out why a whale died and suspected a large ambergris stone in its intestines, causing a rupture, was the cause. The stone is valued at 500,000 euros or 430,000 pounds.
Did it seem hot on Monday? It was only the hottest day ever, according to a Bloomberg story that said, "The average worldwide temperature was 17C (63F), just above the previous record of 16.9C reached in August 2016, according to data from the National Centers for Environmental Prediction." A story in the Leads section from the Financial Times suggests that institutions are underestimating the risks of temperature rises. That is not surprising, as it is more difficult to think straight when you have heat stroke.
A CNBC story says Iceland is the No. 1 most peaceful country in the world. It is probably because it is called Iceland and the world is so hot! Everyone is nice and cool and peaceful there.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
OCC announced today that year-to-date average daily volume through June 2023 was 44.7 million contracts, up 8.7 percent compared to year-to-date average daily volume through June last year. The total volume was 962.6 million contracts, up 19.4 percent compared to June 2022. You can read more and see charts here.~SR
The top three stories in Friday's JLN Options were:
- Day Trader Rush for Options Propelling Unusual VIX-Stock Swings
- BlackRock launches its first 'buffer' ETFs for stock-market investors worried about a potential fall
- Singapore Bids Libor Farewell With Surge in SORA Derivatives ~JB
++++
Iceland is the No. 1 most peaceful country in the world
Celia Fernandez - CNBC
The 2023 Global Peace Index released its annual ranking of the most peaceful countries in the world. Overall the index found that the world is a little less safe than last year, due to the impacts of the COVID-19 pandemic - which is unchanged from the 2022 survey results. While the United States ranked 131 on the list, seven out of the top 10 most peaceful countries in the world are in Europe.
/jlne.ws/44OAByj
***** I have been to Iceland once as a stopover on my way to Scotland. It was very peaceful as we missed our connection by 45 minutes due to a flight delay in Chicago and had a 12-hour layover in Reykjavík, the capital of Iceland. We flew into an airport in Keflavík, which looked like a World War II airfield. It was a very peaceful stay in Iceland, in 1984.~JJL
++++
Monday Was the Hottest Day Ever as Global Temperatures Rise; Heat records will keep being broken as long as planet-warming emissions continue to increase.
Will Mathis - Bloomberg
Global temperatures hit a record on Monday, underscoring the dangers of ever-increasing greenhouse gas emissions generated from burning fossil fuels. The average worldwide temperature was 17C (63F), just above the previous record of 16.9C reached in August 2016, according to data from the National Centers for Environmental Prediction.
/jlne.ws/3rjidiA
****** It was not the hottest day by me, so this can't be true, right?~JJL
++++
Judge curbs US officials' liaisons with social media groups; Ruling claims federal government suppressed conservative speech
Stefania Palma and Richard Waters - Financial Times
A US judge has barred federal government officials from liaising with social media companies on removing certain communications from their platforms, in a politically fraught case that addresses tensions between freedom of speech and efforts to curb online misinformation. Judge Terry Doughty, in Louisiana's western district, on Tuesday handed down a preliminary injunction that blocks agencies such as the US Department of Justice and the FBI as well as officials including senior White House staff from meeting social media companies to urge them to delete or reduce content "containing protected free speech" from their platforms.
/jlne.ws/43cG1BJ
****** This is a case to pay attention to. The case is expected to be appealed. But how strange that a First Amendment case stops free speech of government officials and who they can talk to and what they can talk about.~JJL
++++
Monday's Top Three
Our top story Monday was The Wall Street Journal's How to Retire Better, From Retirees Who Learned the Hard Way. Second was the commentary (and retirement announcement) from Tom Griffo on his long career in the financial industry, on LinkedIn. Third was Supercomputer makes calculations in blink of an eye that take rivals 47 years, from The Telegraph.
++++
MarketsWiki Stats
27,362 pages; 245,570 edits
MarketsWiki Statistics
++++
|
|  | | | |
 | |
| Lead Stories | Putin Casts a Nuclear Shadow Over Ukraine
Bloomberg News
The nuclear threat is rearing its head again in Russia's war on Ukraine. Ukrainian officials are making increasingly strident warnings that Russia plans an explosion at the Zaporizhzhia nuclear power plant, Europe's largest, possibly as a false flag operation intended to blame Kyiv. Russia, which controls the plant in occupied Ukraine, dismisses the claims. The increased noise around the plant follows last month's catastrophic destruction of the giant Kakhova dam that was also occupied by Russia, as Ukraine's counteroffensive to reclaim territory in the country's east and south was getting under way. Each blamed the other then, too.
/jlne.ws/3ptX5Wi
Financial models on climate risk 'implausible', say actuaries; Lack of understanding of full economic damage caused by 'hothouse' conditions, report finds
Camilla Hodgson - Financial Times
Financial institutions often did not understand the models they were using to predict the economic cost of climate change and were underestimating the risks of temperature rises, research led by a professional body of actuaries shows. Many of the results emerging from the models were "implausible," with a serious "disconnect" between climate scientists, economists, the people building the models and the financial institutions using them, a report by the Institute and Faculty of Actuaries and the University of Exeter finds.
/jlne.ws/3NDtr90
Britain to set up real-time bond and stock trading record
Huw Jones - Reuters
Britain's financial watchdog proposed a real-time record of stock and bond prices on Wednesday to help investors spot the best deals and improve the capital markets' attraction. It is the latest in a welter of reforms, many contained in a new law approved last week, to bolster the City of London as a global financial centre, particularly after being largely cut off from the European Union due to Brexit.
/jlne.ws/3PJ9Ir3
In London, You Can Trade Commodities While the Regulators Sleep; The 2022 nickel crisis started in an obscure corner of the financial market - but it could have spread far beyond.
Javier Blas - Bloomberg
Being asleep at the wheel is invariably a hyperbolic cliché. But in the case of the London Metal Exchange and its regulators, it's no metaphor; it's a literal description of last year's crisis in the nickel market. In the crucial hours, overnight in London from March 7 into March 8, everyone who should have been alert, from exchange executives to British regulators and government officials, was in bed. In an era when commodity trading is increasingly a 24/7 business, regulation is still a cushy 9-to-5 job.
/jlne.ws/43c6aAL
LME Clear appoints new Chairman of the Board
LME
LME Clear is delighted to announce the appointment of David Warren as Chairman of the Board, effective 20 July 2023. David will succeed Marco Strimer, who will step down as Chairman having reached the end of his term. David has over 30 years' experience in financial services and considerable expertise in global financial markets infrastructure and regulation, having served as Chief Financial Officer (CFO) and Interim Chief Executive of the London Stock Exchange Group, as CFO and Senior Advisor at NASDAQ and as a Non-Executive Director of LCH Group Holdings Ltd. Outgoing Chair of the LME Clear Board, Marco Strimer, will stay on as a director until the end of the year to support David's transition into the role.
/jlne.ws/3pAFLyM
How China Came to Dominate the World's Largest Nickel Source for Electric Cars; Chinese firms mastered a process that unlocked Indonesia's ore for use in making EV batteries
Jon Emont - The Wall Street Journal
Across the Indonesian archipelago, new industrial plants are going up to process chunks of nickel ore for use in electric-car batteries. Five years ago, there were none. What changed? Chinese companies had a breakthrough. They tamed a refining process that was once unwieldy, unlocking Indonesia's expansive deposits for the nickel-hungry EV industry. In doing so, they established Chinese dominance over what has grown into the world's largest source of the commodity.
/jlne.ws/3PFuJmz
FCA lays out scale of investigation into Crispin Odey; UK regulator examines whether hedge fund founder is 'fit and proper' to work in financial services
Laura Noonan - Financial Times
The Financial Conduct Authority has defended its "intensive" oversight of Odey Asset Management in its first public confirmation of its investigation into the troubled hedge fund group and its founder, Crispin Odey. The UK's top financial regulator had previously declined to make any public statement on the affair since the Financial Times published on June 8 allegations of widespread sexual misconduct by Crispin Odey. The FCA's silence prompted the Treasury select committee to send the watchdog a written request for information on June 14.
/jlne.ws/3rmqyBK
OCC Clears 962.6M Contracts in June 2023, up 19.4% Year-Over-Year
OCC, the world's largest equity derivatives clearing organization, announced today that year-to-date average daily volume through June 2023 was 44.7 million contracts, up 8.7 percent compared to year-to-date average daily volume through June 2022. Total volume was 962.6 million contracts, up 19.4 percent compared to June 2022.
/jlne.ws/3D1hogU
Switzerland questions oil trader over sidestep of Russian sanctions; Geneva-based Paramount investigated about use of overseas subsidiary
Tom Wilson - Financial Times
Swiss authorities are probing a prominent Geneva-based oil trader's legal arrangements to sidestep Russia sanctions, in a sign the country has begun actively policing its large commodity industry's ties with Moscow. The regulatory questions to Paramount, posed in April in a letter seen by the Financial Times, are one of the first known efforts by a European authority to investigate compliance with the western sanctions regime on Russian oil.
/jlne.ws/3ri8GIr
Coinbase surges after Cboe names crypto exchange in bitcoin ETF application
Chibuike Oguh - Reuters
Shares of Coinbase, the largest U.S. cryptocurrency platform, jumped 13% on Monday after exchange operator Cboe said it was working with the cypto company in its effort to launch a spot bitcoin exchange-traded fund.
/jlne.ws/3O0MEmo
Binance.US Crypto Market Share Dives; Regulatory action against crypto exchange spurs trader exodus
Amina Niasse - The Wall Street Journal
Cryptocurrency traders have rushed out of Binance's American exchange following a regulatory crackdown, dropping the market share of Binance.US to a little more than 1% last week from a record high of 27% in April, according to data provider Kaiko. The decline started in late April and accelerated after the Securities and Exchange Commission sued Binance, Binance.US and founder Changpeng Zhao on June 5, accusing them of violating U.S. securities laws.
/jlne.ws/46yZ5x2
EU climate chief urges 'decisive' joint action with China on climate crisis
Reuters
The European Union's climate chief Frans Timmermans on Tuesday called for faster and more decisive joint action with China to tackle the "accelerating" climate crisis, as China gears up to ensure power supplies amid extreme heat this summer. Timmermans, who is in Beijing for climate talks, met with Chinese Vice Premier Ding Xuexiang at the Diaoyutai state guest house on Tuesday, where China's leaders have traditionally received senior foreign visitors.
/jlne.ws/3CXt8Rq
Musk, Zuckerberg Lead a $852 Billion Surge Among World's Richest People; Musk was top gainer, amassing an additional $96.6 billion; Hindenburg targets Adani, Icahn post the steepest declines
Annie Massa and Jack Witzig - Bloomberg
The world's 500 richest people added $852 billion to their fortunes in the first half of 2023. Each member of the Bloomberg Billionaires Index made an average of $14 million per day over the past six months, according to data compiled by Bloomberg. It was the best half-year for billionaires since the back half of 2020, when the economy rebounded from a Covid-induced slump.
/jlne.ws/46x0MuN
China gets a new central bank chief as economy struggles for lift-off; Pan Gongsheng must calculate scale of stimulus to spur recovery while navigating regulatory reshuffle
Cheng Leng, Joe Leahy in Beijing and Edward White - Financial Times
Pan Gongsheng, the new head of the People's Bank of China, is set to take the helm at an uncertain moment for the world's second-largest economy - and for the central bank itself. The bank will be fighting to reset China's post-Covid recovery, which is suffering from weak investor confidence that many experts believe cannot easily be remedied by monetary policy. It will also be doing so with its own authority weakened after a regulatory shake-up, with some supervisory functions hived off to another regulator.
/jlne.ws/3JGM6iY
World registers hottest day ever recorded on July 3
Gloria Dickie - Reuters
July 4 - Monday, July 3, was the hottest day ever recorded globally, according to data from the U.S. National Centers for Environmental Prediction. The average global temperature reached 17.01 degrees Celsius (62.62 Fahrenheit), surpassing the August 2016 record of 16.92C (62.46F) as heatwaves sizzled around the world. The southern U.S. has been suffering under an intense heat dome in recent weeks. In China, an enduring heatwave continued, with temperatures above 35C (95F). North Africa has seen temperatures near 50C (122F).
/jlne.ws/3pxfG3H
Pathologist finds EUR500,000 'floating gold' in dead whale in Canary Islands
Stephen Burgen - The Guardian
When a sperm whale washed up dead on a beach in the Canary Island of La Palma no one imagined a valuable treasure was hidden in its entrails. Heavy seas and a rising tide made it difficult to carry out a postmortem, but Antonio Fernandez Rodríguez, head of the institute of animal health and food security at the University of Las Palmas, was determined to find out why the whale had died.
/jlne.ws/3pzS26B
Over half a million silver coins just vanished - now the metals dealer behind the 'fraudulent' scheme must pay $146 million
Joseph Wilkins - Business Insider
It's a plot that wouldn't look out of place in the Ocean's trilogy. The vault where precious metals dealer Robert Higgins claimed to be storing over half a million of his clients' silver coins was found by investigators to be empty - except for little boxes of paper IOUs. Now, the 68-year old has been ordered by a Delaware court to pay $146 million in damages as punishment for leading an elaborate scam that misappropriated almost $115 million of his customers' money over a period of eight years, the Commodities Futures Trading Commission (CFTC) said in a statement.
/jlne.ws/3rgct9a
The Digital Euro Endures Even as Crypto FOMO Fades; When technocrats attempt moonshots, misfiring is a real risk.
Lionel Laurent - Bloomberg
The digital euro, like a lot of central bank proposals to issue virtual cash, has so far existed in a policy sweet spot: maximum imagination, minimal execution. Dreaming up tokens, wallets or ledgers that may future-proof fiat against the next Bitcoin or stablecoin is easier and cheaper than doing it for real.
/jlne.ws/44ArOQp
Corporate Landscaping Lets Its Hair Down
Jane Margolies - The New York Times
At its former headquarters in eastern Pennsylvania, Air Products had a neatly manicured lawn and boxwood hedges. But when the industrial gases company moved to nearby Allentown recently and erected a new office building, it tried something different. Rather than plant grass that would need constant watering, mowing and fertilizing, it turned to native plants that pretty much took care of themselves. Today, shoulder-high grasses wave in the wind and attract wildlife.
/jlne.ws/3pwZ3Fl
Marex Appoints Graham Francis as Group Chief Operating Officer
Marex has appointed Graham Francis as Group Chief Operating Officer. This position expands the senior leadership team, adding new capabilities and responsibilities to oversee day-to-day operations at Marex. Reporting into Ian Lowitt, CEO of Marex, Graham will work with the management team to manage all operational, technological and legal activities for Marex globally, helping the business grow in a sustainable, strategic and well-controlled way.
/jlne.ws/44u1MOG
The moral bankruptcy of Ivy League America; Frenzy over affirmative action is a red herring as long as broader educational opportunity is so limited
Edward Luce - Financial Times
If Rome's oligarchs could have travelled to the future, they might have learned a trick or two from the US Ivy League. It is hard to think of a better system of elite perpetuation than that practised by America's top universities. Last week the US Supreme Court ended affirmative action in US higher education - a ruling mourned by the heads of each of the eight Ivy League schools. Dartmouth even offered counselling to traumatised students. An ancient Roman might have thought something radical had changed. Little could be further from the truth.
/jlne.ws/3XLexSH
Challenges for the buy-side and research providers become a reality as SEC allows 'no-action' research letter to lapse; With the expiry of the SEC 'no-action' letter based on enforcement surrounding research services, industry experts provide insights on the impacts and possible solutions.
Wesley Bray - The Trade
The Securities and Exchange Commission (SEC) has allowed its no-action letter to the Securities Industry and Financial Markets Association (SIFMA), based on enforcements surrounding research services, to expire - reinforcing that it was not intended to be permanent solution.
/jlne.ws/4395uvN
In conversation with... FlexTrade's Andy Mahoney; The TRADE sits down with Andy Mahoney, managing director, EMEA at FlexTrade Systems, to discuss growing interest in artificial intelligence-driven functionality, how this can aid trading desks and potential technological advancements in the EMS space.
Wesley Bray - The Trade
Is there a growing demand for artificial intelligence-driven functionality from clients?
The interest in AI has exploded in the past few months, crossing over to capture the imagination of both consumer and business markets. However, rather than a growing demand for artificial intelligence-driven functionality per se, I would say it's part of the ongoing keen interest in any new technology innovation that can alleviate operational friction and improve how our clients interact with their technology. They aren't necessarily coming to us to say, "we want an AI solution," but instead, asking us to deliver ways - through the most appropriate technology - to streamline workflow further.
/jlne.ws/3NZAmKS
LCH RepoClear merges euro debt and EURGCPlus services; Amalgamation of the two units will provide members with additional netting opportunities.
Chris Lemmon - The Trade
LCH RepoClear has merged its RepoClear Euro debt service, which includes specials and general collateral, with its tri-party basket repo clearing service EURGCPlus. The firm believes the amalgamation of the two units will provide members with additional netting opportunities, as well as enabling faster access to secured liquidity and collateral management capabilities.
/jlne.ws/3POA4rT
|
| | | |
|
| |
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | 'Dig, Dig, Dig': A Russian Soldier's Story
Thomas Gibbons-Neff and Natalia Yermak - The New York Times
The Russian soldier was captured only days after arriving on the front line in eastern Ukraine. He had little training. But he knew how to disassemble and fire his rifle and where to put a tourniquet.,The soldier, who went by the call sign Merk, was lured into the hands of Ukrainian soldiers near Bakhmut last month when he heard cries for help from a comrade, he said.
/jlne.ws/43s1Rl7
Ukraine reports 'particularly fruitful' few days in counteroffensive
Dan Peleschuk - Reuters
A Ukrainian counteroffensive against Russian forces has been "particularly fruitful" in the past few days and Ukraine's troops are fulfilling their main tasks, a senior security official said on Tuesday. The comments by Oleksiy Danilov, secretary of Ukraine's National Security and Defence Council, were Kyiv's latest positive assessment of the month-old counterattack although Moscow has not acknowledged Ukraine's gains.
/jlne.ws/3rcz9ai
Russia's electronic warriors are intercepting Ukrainian troops' communications and jamming their GPS-guided bombs, experts say; Drone footage shows Bakhmut in ruins after months of some of the bloodiest fighting of the Ukraine warScroll back up to restore default view.
Michael Peck - Business Insider
Russian jamming has become so effective that Ukraine - as well as the US and NATO - can no longer assume that Joint Direct Attack Munition glide bombs and other smart weapons will hit their targets. That's the conclusion of an analysis by Britain's Royal United Services Institute. "Jamming is not causing the JDAMs to stop working, but it is risking their accuracy," according to RUSI researcher Thomas Withington.
/jlne.ws/46B4bsr
FirstFT: China warns Russia on using nuclear weapons; Also in today's newsletter, Israel concludes Jenin incursion, and investors spend $200mn on 'worthless' Bed Bath & Beyond stocks
David Hindley - Financial Times
Chinese president Xi Jinping personally warned Vladimir Putin against using nuclear weapons in Ukraine in private while publicly offering glimpses of support to Russia, according to officials inside and outside China. The warning was delivered during a trip by Xi to Russia in March, his first state visit in almost four years. Since then, Chinese officials have privately taken credit for stopping Russia from issuing nuclear threats.
/jlne.ws/3ri61OX
Zelenskyy warns of Russian threat to 'attack' Ukraine nuclear power plant; Concern for safety of occupied Zaporizhzhia facility comes as Ukrainian military reports counteroffensive gains
Christopher Miller - Financial Times
Ukraine's president Volodymyr Zelenskyy warned that Russia might be preparing to blow up part of the Zaporizhzhia nuclear power plant, the biggest such facility in Europe, as Kyiv's military reported incremental gains in its southern and eastern counteroffensive.
/jlne.ws/3XTj6ut
Mutiny Aftermath Jolts Ruble as $43.5 Billion Outflow Takes Toll
Bloomberg News
/jlne.ws/44vevQX
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | The World Federation Of Exchanges Opens Registration For Market Infrastructure Certificate Programme
Mondovisione
The World Federation of Exchanges ("The WFE"), the global industry group for exchanges and CCPs, today opened registration for the new Market Infrastructure Certificate programme, the first and only one of its kind, which aims to educate the next generation of financial services leaders globally. The World Federation of Exchanges Market Infrastructure Certificate (MIC) programme is a new qualification created to help anyone who needs to engage with, and understand, the functioning and role of the organisations that underpin public markets.
/jlne.ws/3pyD2FY
Third Annual Nationwide Bursa Malaysia Derivatives Virtual Trading Challenge
Bursa Malaysia Derivatives Berhad
Bursa Malaysia Derivatives Berhad ("Bursa Malaysia Derivatives" or "the Exchange") will be hosting its third annual nationwide Bursa Malaysia Derivatives Virtual Trading Challenge ("DVTC"). The trading challenge, which will run from 1 August to 30 August 2023, seeks to cultivate millennials and undergraduates' interest in the Malaysian derivatives market by offering a unique hands-on learning experience in derivatives trading.
/jlne.ws/44cwwnl
Abu Dhabi Global Market introduces regulatory framework for sustainable finance; The framework complements ADGM's existing regulation of carbon offsets, facilitating the establishment of the world's first regulated carbon offsets exchange and clearing house
Gulf Business
Abu Dhabi Global Market (ADGM) has implemented its sustainable finance regulatory framework with immediate effect. The framework covers rules on sustainability-orientated investment funds, managed portfolios and bonds as well as requirements for environmental, social and governance (ESG) disclosures by ADGM companies. The measures will speed up the growth of a sustainable finance ecosystem in the jurisdiction and support the UAE's transition to net zero greenhouse gas emissions.
/jlne.ws/3CY0U9h
ISDA Responds To UK Government HM Treasury Consultation On ESG Ratings Providers
Mondovisione
On June 30, ISDA and the Association for Financial Markets in Europe (AFME) submitted a joint response to His Majesty's Treasury (HMT) consultation on the future regulatory regime for environmental, social and governance (ESG) ratings providers. The associations support the introduction of regulation for ESG ratings providers - in particular, the need for greater transparency in methodologies, sufficient resources and expertise within providers, stronger governance and addressing conflicts of interest. The associations welcome the indication from the UK Financial Conduct Authority that its regulatory approach would take the main elements of the International Organization of Securities Commissions' recommendations as a staring point for the rules.
/jlne.ws/43cEsDR
SIX Exchanges Figures: June 2023
BME
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain
/jlne.ws/44w6aMV
CME Group Reports Second-Highest June and Q2 ADV on Record
CME Group
SOFR futures and options continue strong growth; Record Agricultural ADV in June
Double-digit Q2 volume increases in options, agricultural and metals, as well as many individual products.
/jlne.ws/3pIupsq
Half-year report: Xetra-Gold holdings slightly decline to 227 tonnes
Deutsche Boerse
Decrease of four tonnes since the beginning of the year; Europe's largest gold security with physical backing. The gold holdings of the exchange-traded bearer bond Xetra-Gold (ISIN: DE000A0S9GB0) decreased slightly to 227 tonnes as of 30 June 2023. This is a reduction of four tonnes compared to the beginning of the year. At the beginning of January 2023, the volume was at 231 tonnes of gold. Xetra-Gold is thus the leading physically backed gold security in Europe.
/jlne.ws/3reKhn7
June 2023 figures at Eurex
Eurex
Repo volumes nearly doubled to EUR 379 billion; Strongest growth again in daily GC Pooling with volumes rising 138 percent in June y-o-y; Notional outstanding in OTC Clearing up 23 percent. Eurex, Europe's leading derivatives exchange, reports a 14 percent decrease in total trading volume to 182.1 million contracts in June from 210.9 million contracts in the same month last year. Interest rate derivatives decreased by 12 percent year-on-year in June from 82.0 million to 72.1 million traded contracts.
/jlne.ws/3NDcVpt
EEX Exchange Council welcomes expansion of products for the Nordic power markets
European Energy Exchange
The Exchange Council of the European Energy Exchange (EEX) met for its second meeting this year on 28 June 2023, chaired by Dr. Bernhard Walter, Head of Market Design and Regulation at EnBW AG. The meeting focused on the introduction of new EEX products, in particular the Nordic zonal power futures, new natural gas futures and the merging of products in emission allowance trading, as well as the set-up of a new working committee on algorithmic trading.
/jlne.ws/442PpJv
23 120 Changes to Daily Price Limits for Certain Base Metal Contracts
London Metal Exchange
This Notice confirms the introduction of a new calibration methodology for the daily upper and lower price limits for base metals (the "Daily Price Limits")1. This Notice also updates (following the application of the new methodology) the Daily Price Limits for outright Contracts in Aluminium and Copper on all Execution Venues, decreasing them from 15% to 12% with effect from 24 July 2023. For completeness, this Notice also restates the Daily Price Limits for all other base metal Contracts. This Notice should be read in conjunction with Notice 22/0672 , which describes more fully how Daily Price Limits operate on the LME's Execution Venues.
/jlne.ws/3vimcfa
LSEG deploys Windward artificial intelligence capabilities to combat 'sanctions-busting' across global shipping in real-time
London Stock Exchange Group'
Windward's AI-based solution detects indicators of potentially suspicious maritime activity for the entirety of global shipping. Able to track over 117,000 vessels currently at sea globally including oil tankers, dry bulk carriers and container vessels Artificial Intelligence (AI) is to play a pivotal role in tackling sanctions risks in global shipping following a partnership between LSEG (London Stock Exchange Group) and Windward AI announced today.
/jlne.ws/43h1MQS
Transaction In Own Shares
London Stock Exchange Group
London Stock Exchange Group plc (LSEG) announces that it has purchased the following number of its voting ordinary shares of 679/86 pence each on the London Stock Exchange through its corporate stockbroker Citigroup Global Markets Limited (Citi) as part of the third tranche of its share buyback programme, as announced on 20 March 2023
/jlne.ws/44bmBi2
Nasdaq Announces the Board of Directors of its U.S. Exchanges
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) today announced the election of all nominated directors to the boards of the U.S. exchanges operated by the company, which include The Nasdaq Stock Market LLC, Nasdaq PHLX LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq MRX, LLC, and Nasdaq GEMX, LLC.
/jlne.ws/3JMe1ho
SHFE Made Debut in FIA IDX 2023
Shanghai Futures Exchange
From June 19 to June 21, the 2023 International Derivatives Expo (IDX 2023) hosted by Futures Industry Association (FIA) was successfully held in London, UK. For the first time, Shanghai Futures Exchange (SHFE) participated in FIA IDX 2023 as an exhibitor, an international event for the derivatives industry, which attracted the attention of various participants.
/jlne.ws/43axkYQ
SGX Orb Awards to spotlight Asia's role in the future of finance
SGX
Spotlight this year is on how emerging technologies and ESG are shaping Asia's role in the future of finance; Special category to accept submissions only from next-generation investors, broadening efforts to foster financial education. Singapore Exchange (SGX Group) today launched the sixth edition of its annual SGX Orb Awards to recognise excellence in financial journalism and content. For the first time, this year's special category will accept entries only from next-generation investors - students from around the world with an interest in the financial markets - challenging them to imagine the future of finance and Asia's role in it.
/jlne.ws/46CsE0Q
Taiwan Futures Exchange announcement
Taiwan Futures Exchange (TAIFEX)
The Taiwan Futures Exchange (TAIFEX) has announced has announced the temporarily
increased margin levels of FGF due to its underlying being subject to disposition
measures imposed by securities market. The margins will be effective after the
close of the regular trading session on 2023/07/05 and will be restored to the
Group 1 level after the close of the regular trading session on 2023/07/17.
(Margin levels will be increased from 2023/07/05 to 2023/07/17 and will be
extended accordingly if the securities market is closed on any of the days.)
/jlne.ws/46Erz8v
Moscow Exchange summed up the results of trading in June 2023
MOEX
The total volume of trading on the markets of the Moscow Exchange in June 2023 increased by 32.4% and amounted to 97.3 trillion rubles (73.5 trillion rubles in June 2022). Here and below, the dynamics is shown in comparison with the same period last year.
/jlne.ws/3NHrpEZ
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Meta's 'Twitter Killer' App Is Coming; Meta, which owns Facebook and Instagram, teased a new app called Threads that is set to take on Twitter for real-time digital conversations.
Mike Isaac - The New York Times
Mark Zuckerberg has long wanted to dislodge Twitter and provide the central place for public conversation online. Yet Twitter has remained stubbornly irreplaceable. That hasn't stopped Mr. Zuckerberg. On Monday, his company, Meta, which owns Facebook, Instagram and WhatsApp, teased a new app aimed squarely at Twitter's territory.
/jlne.ws/44tKzVA
Instagram Launch of Twitter Rival 'Threads' Expected on Thursday
Sarah Frier - Bloomberg
Instagram's highly anticipated Twitter rival is expected to launch Thursday, according to a listing on Apple Inc.'s App Store. The app, called Threads, will function similarly to Twitter, with text-based posts that can be liked, commented on and shared, according to examples of screenshots on the App Store listing. People will be able to follow the accounts they follow on Instagram and keep their same user name. Instagram, owned by Meta Platforms Inc., declined to comment.
/jlne.ws/3NZYrS1
The CEO of the company behind AI chatbot ChatGPT says the worst-case scenario for artificial intelligence is 'lights out for all of us'
Sarah Jackson - Business Insider
ChatGPT has been making the rounds online, and as with any type of artificial intelligence, it's raising questions about its benefits - and how it could be abused. In a January interview, Sam Altman, the CEO of OpenAI, the company behind ChatGPT, offered his take on the pros and cons of artificial intelligence.
/jlne.ws/3XLdeDh
Liquidity Resilience Achievable For Any Market Scenario With Cassini Analytics
Mondo Visione
Internationally, increased volatility and market instability have driven liquidity risk to extremes, resulting in many companies seeing the cost of derivatives and margin exponentially increase and, in extreme cases, defaulting on their positions. In May this year, BCBS-CPMI-IOSCO published its report on margin impact on CCPs (centrally cleared commodities), finding that these are sensitive to the impact on margin calls, with some companies adjusting their stress testing approach accordingly.
/jlne.ws/3JOkbxB
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | Resilience at the core of the current and future Biden administration cybersecurity plans
Cynthia Brumfield - CSO Online
The Biden administration's cybersecurity initiatives broadly aim to improve cybersecurity resilience, with recent regulations and other actions designed to foster a "defensible, resilient ecosystem." As the Biden administration continues to develop US cybersecurity requirements on software and supply chain security, zero trust, and incident reporting, among other initiatives, the projects have one often-unstated overarching goal: Improve the cybersecurity resilience of the nation's critical infrastructure.
/jlne.ws/3JJD5Wh
Cybersecurity: Moving from backroom issue to boardroom priority
Emerging Europe
In a landscape where anything less than comprehensive security is no security at all, only half of Central and Eastern European companies have a comprehensive cybersecurity strategy.
/jlne.ws/3PHJTYk
India's stock market regulator Sebi releases cybersecurity consultation paper
Apurva Venkat - CSO Online
The Securities and Exchange Board of India (SEBI) on Tuesday released a consultation paper on consolidated cybersecurity and cyberresilience framework (CSCRF) for regulated entities. "In order to enhance the scope of cybersecurity and cyberresilience framework, to address the need for uniformity of cybersecurity guidelines for all REs (regulated entities) and to strengthen the mechanism to deal with cybersecurity risks/threats/incidents, the master framework on cybersecurity and cyberresilience has been drafted after discussion with Sebi's high powered steering committee for cybersecurity (HPSC-CS)," Sebi said in the consultation paper.
/jlne.ws/3rfehiK
ChatGPT and Cybersecurity : 5 Cyber Security Risks of ChatGPT
Vinugayathri Chinnasamy - GB Hackers
ChatGPT has been met with skepticism and optimism in equal measures in the cybersecurity realm. IT professionals leverage this chatbot to write firewall rules, detect threats, develop custom codes, test software and vulnerability, and more. This has another implication, too - it has made life much easier for novice cybercriminals with frugal resources and low to no technical knowledge. Hackers can exploit its capabilities to write malicious code and test applications for vulnerabilities to exploit and craft malicious content. They do run massive phishing campaigns or perform ransomware attacks rather seamlessly.
/jlne.ws/3XC69F0
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | Binance Australia Says It's 'Cooperating' With Authorities Amid Regulatory Scrutiny
Mattis Meichler - Decrypt
Binance appears to be back in hot water. Australia's financial markets regulator, the Australian Securities and Investments Commission (ASIC), has reportedly conducted searches at the exchange's local offices, the cryptocurrency exchange. ASIC reportedly carried out the searches on Tuesday.
/jlne.ws/3O0UHzx
Billionaire Winklevoss Outlines 'Final Offer' in Genesis Crypto Bankruptcy
Sunil Jagtiani - Bloomberg
Billionaire Cameron Winklevoss, co-founder of the Gemini Trust Co. crypto platform, outlined what he termed a "best and final offer" for digital-asset lender Genesis Global Holdco's bankruptcy restructuring. The proposal is the "floor" that creditors will accept, Winklevoss said in an open letter on Twitter late Monday in New York. He said the deadline to agree a deal is 4 p.m. Eastern Time on July 6. The open letter was addressed to Barry Silbert, the founder of Genesis' parent company Digital Currency Group.
/jlne.ws/3XAUhDi
Denmark's Financial Watchdog Orders Saxo Bank to Shed Its Crypto Holdings
Amitoj Singh - CoinDesk
Danish bank Saxo has been ordered by Denmark's financial regulator to shed its own crypto holdings, the authority announced on Wednesday.
/jlne.ws/3XC7U5c
Coinbase Downgraded as Analyst Says Crypto Uncertainty Dims Outlook
Joel Leon - Bloomberg
The uncertainty swirling around Coinbase Global Inc. has made it too difficult to forecast how much revenue the company could earn, a Piper Sandler analyst said. The impending courtroom tussle with the Securities and Exchange Commission and continued lack of clarity around cryptocurrency regulation in the US, has "created too much uncertainty to prudently project revenues in future years," according to analyst Patrick Moley.
/jlne.ws/3D24bo6
Crypto Trading Volumes Rise for First Time in 3 Months Amid ETF Optimism
Lyllah Ledesma - CoinDesk
Crypto trading volumes rose in June for the first time in three months amid optimism following the filing of spot bitcoin exchange-traded-fund (ETF) proposals by asset manager BlackRock and other large institutions.
/jlne.ws/3rdKB5F
Gemini co-founder Cameron Winklevoss Demands $1.5B From Digital Currency Group
Hope C - CoinMarketCap
/jlne.ws/3NDbXtl
Crypto Giant Binance Struggles in Europe; The Netherlands and Belgium have barred it, Germany hasn't issued it an operating license and French prosecutors are investigating it
Patricia Kowsmann and Caitlin Ostroff - The Wall Street Journal
/jlne.ws/3PQMYFs
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | Let's kill off the City's old-fashioned paper fetish once and for all; Digitisation of the UK's shareholding system has been blocked by vested interests for decades
Helen Thomas - Finanial Tines
When the chancellor makes his Mansion House speech next week, the glamorous world of pensions will take top billing. The UK government wants to harness pension savings to invest in infrastructure and rejuvenate the economy and stock market. There will be another topic on the agenda, too: one that is fundamental to the City of London's push to modernise, to become more attractive to large global issuers and more user-friendly for retail investors. Despite multiple reports and reviews it has remained unaddressed, with change blocked by vested interests, for decades.
/jlne.ws/3O3pH28
Xi's Metal Curbs Risk Backfiring as G-7 Seeks China Alternative
Bloomberg
China's decision to control the export of two key metals showed it has some power to retaliate against moves by the US, Japan and Europe to cut Beijing off from advanced technology. But it also risks backfiring. The new export licensing system unveiled late Monday highlighted China's dominant position in global production of gallium and germanium, which are used to make chips, electric cars and telecommunications equipment.
/jlne.ws/3K79kPJ
|
| | | |
|
| |
| Regulation & Enforcement | | Stories about regulation and the law. | Global regulators recommend exit fees for property funds; FSB and Iosco publish proposals to protect investors who remain in funds with hard-to-sell assets
Nikou Asgari - Financial Times
Fund managers investing in hard-to-sell assets such as property should charge clients for withdrawing their cash in an attempt to discourage a rush for the exit, global financial regulators have recommended.
/jlne.ws/3JJLY28
SEC Suits Say Nearly 70 Cryptos Are Securities But Proving It Will Be Difficult
Nina Bambysheva - Forbes
In the last few months, the U.S. Securities and Exchange Commission has labeled dozens of cryptocurrencies as securities but provided very little explanation for how they came to that conclusion. There is no question that these and many other cryptos are being purchased as investments, but the SEC is alleging that they also fall within the legal definition of a security. This would require the issuers to register the tokens with the SEC or meet the requirements for an exemption.
/jlne.ws/3XzJaKV
Federal Court Orders Two Delaware Companies to Pay Nearly $146 Million for Misappropriation and Fraud Related to a Precious Metals Scheme
CFTC
The Commodity Futures Trading Commission today announced that Judge Richard G. Andrews of the U.S. District Court for the District of Delaware entered a consent order against Argent Asset Group LLC (Argent) and First State Depository Company, LLC (FSD) on June 20. In addition, on June 30, the court entered an order of default judgment and permanent injunction against Robert Higgins (Higgins).
/jlne.ws/3CVdZQA
Statement of Commissioner Kristin N. Johnson Regarding CFTC Settlement with First State Depository Company, LLC and Argent Asset Group LLC for Precious Metals Fraud
CFTC
Today, the Commodity Futures Trading Commission (CFTC or Commission) filed a Consent Order for Permanent Injunction, Civil Monetary Penalty, and Other Equitable Relief Against Settling Defendants in the U.S. District Court for the District of Delaware against First State Depository Company, LLC (FSD) and Argent Asset Group LLC (Argent, and together with FSD, Settling Defendants), resolving an action initially filed on September 27, 2022, charging the Settling Defendants and their owner, Robert Leroy Higgins (together with the Settling Defendants, Defendants), with engaging in a fraudulent and deceptive scheme in connection with the purchase and sale of precious metals.
/jlne.ws/3PFpOlB
Financial regulator sets out further reforms to improve markets and bolster competitiveness
FCA
To help all investors make better, more timely decisions, the FCA is proposing to set up a consolidated tape (CT), so they can get clear and low-cost trading data. A CT combines multiple sources of trading data into one stream of information. This will increase transparency and access to trading data by lowering its cost and improving data quality. The FCA is proposing a CT first for bonds, where the UK has a leading global market, followed by equities.
/jlne.ws/3rgVymZ
FCA moves to consult with industry on UK consolidated tape model as back and forth continues Latest development follows last week's milestone agreement from European Council and Parliament to introduce a consolidated tape in the EU.
Wesley Bray - The Trade
The UK's Financial Conduct Authority (FCA) has announced that it will consult with industry participants on reforms to improve markets and competitiveness, including the introduction of a UK consolidated tape. The watchdog's focus will be on a single consolidated tape provider per asset class, which could help ensure that associated data costs remain low alongside addressing the existing fragmentation of post-trade transparency data.
/jlne.ws/448PCe8
Recent EU consolidated tape compromise is a 'missed opportunity', says AFME; AFME chief says inclusion of sufficient pre-trade information has been lost in negotiations and could lead to suboptimal outcomes.
Wesley Bray - The Trade
On 29 June, the European Council and European parliament reached a milestone agreement to implement a consolidated tape and limit the use of payment for order flow (PFOF). The decision followed extensive debate relating to both topics, which have proved to be the most divisive during Trilogue discussions thanks to opposing viewpoints favoured by the European Council and Parliament.
/jlne.ws/3NHhNdi
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | World's Top Sugar Trader Alvean Names Mauro Angelo as New CEO; Angelo was previously the company's chief commercial officer; He replaces Paulo Roberto de Souza in delayed transition
Isis Almeida and Dayanne Sousa - Bloomberg
The world's largest sugar trader, Alvean, is replacing its top executive as part of a planned transition that had been delayed by the pandemic. Alvean has named Mauro Angelo as its new chief executive officer. He took the post on July 1. He was previously chief commercial officer and replaces Paulo Roberto de Souza, who held the top post for four years and will remain an independent director at Alvean's board, de Souza said. Angelo is based at the company's main trading hub in Geneva.
/jlne.ws/44et8bK
Investors spend $200mn on 'worthless' Bed Bath & Beyond shares; Trading in bankrupt US retailer's stock has continued in 'mutation of meme stock phenomenon'
Madison Darbyshire and Nicholas Megaw - Financial Times
Investors have spent almost $200mn trading theoretically worthless shares in Bed Bath & Beyond since the homewares retailer went bankrupt at the start of May, in the latest manifestation of the meme stock craze. Bed Bath & Beyond was one of a handful of unloved consumer brands that became popular with retail investors during the coronavirus pandemic, with small investors arranging on social media to push share prices far above what most professionals considered rational.
/jlne.ws/3CXsS4S
Remote AGMs: the death of shareholder interactions; The solution is 'hybrid' meetings, attending in person or in digital form
John Lee - Financial Times
I have attended many annual general meetings across the country over the years and find them an invaluable source of understanding of a business. On one occasion I was even invited to become a non-executive director of a small listed company by the chair at the close of the meeting - the first time I had met him.
/jlne.ws/44wV1vn
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | June Extremes Suggest Parts of the Climate System Are Reaching Tipping Points; Research shows heat domes, wildfires and vanishing polar ice are the symptoms; unabated greenhouse gas emissions are the cause.
Bob Berwyn - Inside Climate News
June 2023 may be remembered as the start of a big change in the climate system, with many key global indicators flashing red warning lights amid signs that some systems are tipping toward a new state from which they may not recover.
/jlne.ws/46xRxuq
Revealed: UK plans to drop flagship 11.6bn pound climate pledge; Exclusive: Disclosure provokes fury as Rishi Sunak accused of betraying populations vulnerable to global heating
Helena Horton and Patrick Greenfield - The Guardian
The government is drawing up plans to drop the UK's flagship 11.6bn pound climate and nature funding pledge, the Guardian can reveal, with the prime minister accused of betraying populations most vulnerable to global heating. The disclosure provoked fury from former ministers and representatives of vulnerable countries, who accused Rishi Sunak of making false promises.
/jlne.ws/46EmAoj
****This story from Bloomberg
What One of Climate Tech's Earliest Investors Thinks Is Coming Next; SOSV founder Sean O'Sullivan sees an opportunity for the "reinvention of all of these different means of production."
Coco Liu - Bloomberg
Sean O'Sullivan has had a front-row seat to watch the climate tech industry rise, die and rise again. The man who likely helped coin the term "cloud computing" has quietly been one of the leading investors in the technology that could redefine what we eat, what we wear, how we get around and - most importantly - how we meaningfully reduce greenhouse gas emissions.
/jlne.ws/3D23ICm
Country's Largest Grid Operator Must Process and Connect Backlogged Clean Energy Projects, a New Reports Says; PJM could benefit numerous states with thousands of jobs and billions in investment by implementing recent reforms, including priority for proposals ready to proceed and a "fast lane" for smaller deals.
Kathiann M. Kowalski - Inside Climate News
Virginia, Illinois, Ohio and Indiana have the most to gain in jobs and new investment if PJM, the country's largest grid operator, can fix some of the problems now leading to long delays in clean energy projects, a new report says. To make that happen, PJM would need to approve projects at the same rate it did about a decade ago.
/jlne.ws/3NYM9Iv
Financing biodiversity through private capital investments
Caroline Flammer - PRI
The biodiversity crisis is one of the biggest societal challenges facing our world. Protecting biodiversity is critically and alarmingly urgent for the planet, our health and well-being, and the world's economy. In its Living Planet Report 2022, the World Wide Fund for Nature (WWF) issued a code red alert for humanity and highlighted that the global populations of mammals, fish, birds, reptiles, and amphibians had declined by 69% since 1970.
/jlne.ws/448IHSc
How AI Can Help Protect Whales From a Wind Farm Boom; Artificial intelligence is being used to detect endangered right whales as climate change drives them into the path of clean energy projects.
Todd Woody - Bloomberg
/jlne.ws/3JFGi9h
COP28 director-general: Business involvement in summit crucial to keep 1.5C alive
The director-general for this year's UN climate summit has said that those concerned that businesses could undermine a strong outcome are "very unfamiliar with the process" and stated that the organisers remain "laser-focused" on keeping 1.5C alive.
Sarah George - edie
/jlne.ws/46sFYVg
UN recruits robots in strive to meet global development goals
Emma Farge - Reuters
/jlne.ws/3JHDoko
Analysis: How low-sulphur shipping rules are affecting global warming
Dr Zeke Hausfather, Prof Piers Forster - CarbonBrief
/jlne.ws/3NCnbOU
Q&A: Does a new 'global pact' accelerate climate finance for developing countries?
Josh Gabbatiss - Carbon Brief
/jlne.ws/3O28o1p
In-depth Q&A: How trees benefit nature, people and the climate
Orla Dwyer - Carbon Brief
/jlne.ws/3XFvRIO
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Odey's Hedge Fund Empire Is Disintegrating Bit by Bit
Nishant Kumar - Bloomberg
Less than a month on from the latest sexual assault allegations against Crispin Odey, there is little left of the hedge fund empire it took him three decades to build, with all his fund managers in talks to move out. Odey Asset Management, which has sacked Odey from its partnership, told clients Monday that it has found a new home for fund manager Adrian Courtenay. He follows James Hanbury, Oliver Kelton and Freddie Neave out the door.
/jlne.ws/3PJ21kv
Credit Suisse Wealth Staff Told to Prep for Management Roles; Bankers should dust off resumes, update aspirations, memo says; UBS is looking to hold on to bankers with client relationships
Denise Wee - Bloomberg
Credit Suisse's private bankers are being told to dust off their resumes ahead of the selection of new managers following the takeover by UBS Group AG. The next level of leadership changes, expected by mid-July, will then kick off a slew of appointments to lower-ranking roles in global wealth management, according to an internal memo. Employees who want to be considered for those should update their career aspirations and openness to mobility by July 13, the memo said.
/jlne.ws/3reonAp
Banking Watchdog Takes on 'Too Big to Manage'
Richard Vanderford - The Wall Street Journal
The biggest U.S. banks are going to have to demonstrate they haven't gotten so large that they are unwieldy, or face a potential breakup, Acting Comptroller of the Currency Michael Hsu said. Hsu, in his role as one of the nation's top banking watchdogs, has been a risk evangelist, warning institutions to take stock of issues ranging from climate-related risk to antiquated computer systems.
/jlne.ws/3D0jSMk
Texas Barbecue Is the Best It Has Ever Been. Here's Why.
Brett Anderson - The New York Times
Lockhart is the Barbecue Capital of Texas. This has been officially true since 1999 - thanks to a proclamation passed by the Texas House of Representatives - and unofficially true for years before that, thanks to how long people have been eating smoked meat in the central Texas town. Three of Lockhart's most famous barbecue joints have been open for a combined 289 years.
/jlne.ws/3XACKuV
Hedge Fund King Street Raising Funds for 'Slow-Motion Car Crash' in Credit; Firm sees lending opportunities as credit stress mounts; NY-based hedge fund has been ramping up rescue financing
Rachel Butt - Bloomberg
Brian Higgins has helped guide King Street Capital Management to pounce on some of the most high-profile distressed debt events of the past two decades, from Lehman Brothers Holdings to Revlon Inc. to WeWork Inc.
/jlne.ws/3JHIpcI
|
| | | |
|
| |
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Are You Developing Skills That Won't Be Automated?
Stephen M. Kosslyn - Harvard Business Review
The future of work looks grim for many people. A recent study from Forrester estimated that 10% of U.S. jobs would be automated this year, and another from McKinsey estimates that close to half of all U.S. jobs may be automated in the next decade. The jobs that are likely to be automated are repetitive and routine. They range from reading X-rays (human radiologists may soon have much more limited roles), to truck driving, to stocking a warehouse.
/jlne.ws/3O1SuEe
In Business, 'Flat' Structures Rarely Work. Is There a Solution?; Companies that have rejected hierarchies have typically lacked diversity and, in at least one case, faced scandal. A new crop of them is aiming to find a middle ground.
Charlie Brinkhurst-Cuff - The New York Times
Elizabeth Claypoole was taking her dog to day care when she bumped into Eric Ward, one of the chief executives at Ag Biome, a North Carolina biotechnology company where she is head of human resources. When the day-care receptionist asked how they knew each other, she said, "Well, he's kind of my boss." Mr. Ward cringed. Ag Biome operates with a "flat" business model: It eschews managers, favoring committees instead. Despite their titles, the co-founders, Scott Uknes and Mr. Ward, are, Ms. Claypoole said, "anti-C.E.O.s."
/jlne.ws/4439uiR
|
| | | |
|
| |
| Wellness Exchange | | An Exchange of Health and Wellness Information | What could cause a malaria comeback in the US - and what could stop it; Americans shouldn't take a malaria-free future for granted.
Keren Landman - Vox
Over the last month, five people in the US (four in Florida and one in Texas) have acquired malaria within the country's borders. That's pretty uncommon - at least, in this century; until the 1950s, malaria was a persistent plague in the US, especially in the Southeast. Many of the conditions that favor malaria's spread haven't changed much since then.
/jlne.ws/3XASbTZ
US biotech Moderna strikes deal to develop mRNA drugs in China; Medicines produced by pharma group will be for domestic use only
Donato Paolo Mancini and Hannah Kuchler - Financial Times
US drugmaker Moderna has struck a deal to make messenger RNA drugs for use in China, despite the tensions between Washington and Beijing. The biotech said on Wednesday that it had reached an agreement with authorities in Beijing to research, develop and manufacture drugs that would "not be exported".
/jlne.ws/44aCFAJ
Spain calls an end to COVID-19 health crisis and obligatory use of masks in hospitals, pharmacies; The Spanish government has declared an end to the health crisis caused by the COVID-19 pandemic and says people no longer have to wear masks in health and care centers as well as pharmacies
The Associated Press
The Spanish government on Tuesday declared an end to the health crisis caused by the COVID-19 pandemic, and says people no longer have to wear masks in health and care centers as well as pharmacies. Over the past two years, Spain has gradually ended the mandatory mask wearing, first in public and then on public transport. The country has registered 14 million cases and 122,000 deaths from the coronavirus since 2020.
/jlne.ws/44Aqvkt
U.S. maternal deaths keep rising. Here's who is most at risk
Pien Huang, Jane Greenhalgh - NPR
Maternal death rates have been consistently highest among Black women. But they are also rising among other racial groups. JGI/Tom Grill/Getty Images/Tetra images RF The number of people dying in the U.S. from pregnancy-related causes has more than doubled in the last 20 years, according to a new study, published in JAMA, the Journal of the American Medical Association. And while the study found mortality rates remain "unacceptably high among all racial and ethnic groups across the U.S.," the worst outcomes were among Black women, Native American and Alaska Native people. The study looks at state-by-state data from 2009 to 2019. Co-author Dr. Allison Bryant, an obstetrician at Massachusetts General Hospital in Boston, says maternal death rates in the U.S. just keep getting worse.
/jlne.ws/3NEFqDl
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | South Korea allows new bank entrants for first time in 30 years; Government seeks to increase competition in sector dominated by five lenders
Song Jung-a and Christian Davies - Financial Times
South Korea will allow new entrants to the banking sector for the first time in 30 years to spur competition after the government criticised the big bonuses paid to banking employees as interest rates rise.
/jlne.ws/46zG51g
London Rent Now Equivalent to Two-Thirds of a Woman's Salary; The figures underline the crisis of affordability in London's rental market.
Olivia Konotey-Ahulu - Bloomberg
London rent is now so high that a woman on an average salary would need to double her pay to afford it. The capital's private rental market has exploded in recent months, with prices rocketing to their highest level against earnings in seven years, according to analysis by estate agents Hamptons International for Bloomberg News. In May, average rents across Greater London were £2,234, a 13% increase from the same time last year, the group said.
/jlne.ws/3O0Tkkq
Saudi Arabia set to launch multibillion-dollar sports investment group; Plan signals Riyadh's ambition to expand its push into football, golf, tennis and beyond
Samer Al-Atrush in Dubai and Samuel Agini - Financial Times
Saudi Arabia plans to launch a multibillion-dollar investment company to expand its sports interests following its power grab in golf and success in English football, according to two people familiar with the matter
/jlne.ws/3XDn5ed
UAE to triple contribution of renewables to energy mix over next 7 years
Arab News
In a push towards sustainability, the UAE aims to triple the contribution of renewable energy to the country's energy mix over the next seven years with 200 billion dirhams ($54.4 billion) worth of investment. The country's Cabinet approved the updated UAE National Energy Strategy 2050 that aims to put renewable energy at the forefront of power developments with massive investment initiatives, the Emirates News Agency, also known as WAM, reported.
/jlne.ws/3O2SbsN
AllianceBernstein becomes latest buy-side to set up shop in the Dubai International Financial Centre; New premises will offer increased access to AllianceBerstein's asset management services to investors across the region.
Wesley Bray - The Trade
AllianceBernstein (AB) has expanded its presence in the Middle East with a new office in Dubai International Financial Centre (DIFC), becoming the latest in a string of global asset management firms to set up shop in the region.
/jlne.ws/3rmuF0E
Why the Canadian wildfires are still burning - and sending smoke across the U.S.
Ben Adler - Yahoo! News
/jlne.ws/44akNpD
|
| | | |
|
| |
| Miscellaneous | | Stories that don't quite fit under the other sections | Lazard Fires Senior Banker for Inappropriate Behavior at Party; Incoming CEO Orszag informs staff of US banker's termination; Incident took place at personal party attended by employees
Dinesh Nair and Eyk Henning - Bloomberg
Lazard Ltd. fired a senior dealmaker following allegations of inappropriate behavior during a weekend party, according to people familiar with the matter. The banker, a managing director in Lazard's financial advisory business in the US, was terminated after an investigation into actions that were seen as incompatible with the firm's values, the people said.
/jlne.ws/3PIOR7f
In Scotland, Taking the Traditional and Making It New
Amy Tara Koch - The New York Times
Cool-kid chefs turning local bounty into Michelin-worthy dishes, an artisan whisky boom and a clutch of stylish hotels have helped Scotland shrug off its saturnine image and rebrand as a misty, moody mecca. The cult following of the time-travel television series "Outlander" has added to the patina. Its depiction of Highland clan life, along with stunning locations from Inverness to Edinburgh, has fueled a tourism spike that the National Trust for Scotland refers to as "the Outlander Effect."
/jlne.ws/3NY4E0M
|
| | | |
|
| |
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.
© 2023 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
