| September 06, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
I guess I am not going to the FIA Washington Update today at the Union League Club after all. I forgot to register before registration closed, but that does not matter as the fine print for the event says, "This event is closed to press." While I wear a couple of different hats and am an FIA member, I will respect the closed sign so the Washington insiders can be as unvarnished and private as they wish.
I will be downtown today to shoot a pre-EXPO video with FIA President & CEO Walt Lukken. I have hired a new cameraman to assist me, one of my former Scouts, Tim Gley. Tim is the son of Troop 117B Scoutmaster Greg Gley, who is a stagehand at WGN TV in Chicago. Tim is presently a student at College of DuPage.
Is the SEC sending a message they are about to approve a bitcoin ETF? The editors at Bloomberg have an editorial that tries to spin an SEC bitcoin ETF approval as an SEC win. The title of the commentary is "Who Needs a Bitcoin ETF? Actually the SEC Does," with the subheading "US officials should seize this opportunity to finally exert some more control over crypto exchanges."
FIA Tech announced today that the Trade Data Network (TDN) is now certified with and connected to Singapore Exchange (SGX Group), and FIA Tech will be rolling out TDN connectivity to all SGX members subscribed to TDN in the fourth quarter of 2023.
As predicted in the interview I did with ICE's Jeff Barbuto, Intercontinental Exchange, Inc. announced today that Enterprise Products Partners L.P. and Magellan Midstream Partners, L.P. have extended their fee waiver arrangement between the Enterprise Crude Houston ("ECHO") and Magellan East Houston ("MEH") terminals to transfer crude oil delivered through ICE's Midland WTI futures contract (ICE: HOU) until December 31, 2024. Our podcast was titled "HOU is the Domestic Crude Oil Benchmark on the Move."
HKEX has opened a London office, and to celebrate they have posted a video to LinkedIn of HKEX CEO Nicolas Aguzin traveling from Hong Kong to London.
Our good friend Ulf Axman has joined Exberry as chief commercial officer. Ulf was most recently with the London Stock Exchange Group, but we first met him when he was head of sales at Cinnober. Congratulations, Ulf, on your new role!
Elin Cherry is starting a new position as head of US compliance at Marex.
Eris Innovations reports that "10-year Eris SOFR markets tightened in August, including a best bid/ask spread within 0.5 basis points for 25% of regular trading hours, and within 0.75 bp for 85% of the time, according to BMLL Technologies data." You can see more details on CME SOFR on the Eris Innovations web page, https://www.erisfutures.com/sofr.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
A report by the Investor Agenda found the level of financial incentives remains insufficient to accelerate the financing needed for adaptation to the impact of climate change. The group identifies eight features for global climate policy required to catalyse greater climate action. Founding partners of The Investor Agenda - Asia Investor Group on Climate Change (AIGCC), CDP, Ceres, Investor Group on Climate Change (IGCC), IIGCC, Principles for Responsible Investment (PRI) and UN Environment Programme - Finance Initiative (UNEP FI) - collaborate to elevate the best investor guidance on tackling the climate crisis and advocate collectively for public policy to accelerate the net-zero transition. Learn more and download the report here.~SAED
Our most read stories yesterday on JLN Options were:
- US Stock Investors' Complacency is Worrying, JPMorgan Strategists Warn
- Secretive active ETFs lose out to their fully transparent rivals
- Labor Is a Terrible Guide to Inflation, but Nobody Wants to Admit It ~JB
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SEC Has 'No Grounds' to Reject Bitcoin ETF Conversion, Grayscale Says
Jamie Crawley - CoinDesk
Grayscale Investments has told the U.S. Securities and Exchange Commission it has "no grounds" to reject the conversion of its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund. The SEC was last week ordered to review its prior rejection of the conversion in the D.C. Circuit Court of Appeals, with Circuit Judge Neomi Rao agreeing with Grayscale's position that its proposed product is not materially different from bitcoin futures exchange-traded products (ETPs) that already trade in the U.S.
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****** I think Grayscale lacks a certain sense of imagination. Never underestimate Gary Gensler and the SEC.~JJL
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$100 Oil? What a Price Spike Could Mean for Markets and Geopolitics; Analysts see Brent crude climbing to levels last seen in the first months of the Ukraine war after Saudi Arabia and Russia extended production cuts.
Andrew Ross Sorkin, Ravi Mattu, Bernhard Warner, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni - The New York Times
How oil's surge is upending the global status quo
Brent crude oil was trading on Wednesday morning at around $90 a barrel for the second straight day, and is up 25 percent since June thanks to the prospect of more production cuts by leading oil exporters. The surge is sending ripples through the global stock and bond markets. And the prospect of higher prices at the pump and throughout manufacturing may spur diplomatic efforts to increase supply and tamp down any inflationary effects on the global economy.
/jlne.ws/44FE8OW
****** How about we don't find out?~JJL
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Elon Musk comes around to blaming the Jews
Michael Hiltzik - Los Angeles Times
Elon Musk has long been known for blaming everyone else but himself for the various fiascos visited upon his companies - meddlesome bureaucrats for COVID-related production slowdowns at Tesla, the Pentagon and conniving rivals for the loss of a government contract by SpaceX, nasty woke advertisers for the decline of X (ex-Twitter). So what were the chances that he would get around to blaming the Jews? Based on the evidence at hand, 100%.
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***** Here is the most damning quote from the commentary: "It's the most extreme outburst of antisemitism by a purportedly mainstream public figure in more than 100 years."
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Tuesday's Top Three
Our top story Tuesday was Return-to-Office Is a $1.3 Trillion Problem Few Have Figured Out, from Bloomberg. Second was Reuters' Financial exchanges still split on crypto - industry survey. Third was The World Federation of Exchanges publishes research on exchange engagement with crypto market functioning & development, a press release about a new research paper from the WFE.
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| Lead Stories | Real-Estate Doom Loop Threatens America's Banks; Regional banks' exposure to commercial real estate is more substantial than it appears
Shane Shifflett and Konrad Putzier - The Wall Street Journal
Bank OZK had two branches in rural Arkansas when chief executive officer George Gleason bought it in 1979. The Little Rock lender today has billions of dollars in commercial real-estate loans, including for properties in Miami and Manhattan, where it is helping fund the construction of a 1,000-foot-tall office and luxury residential tower on Fifth Avenue.
/jlne.ws/3sHR7Cf
FSB warns of risks posed by hedge funds' 'hidden leverage'; Top financial policymakers step up concerns over impact of bets on bonds
Laura Noonan and Costas Mourselas - Financial Times
Financial policymakers have singled out a group of hedge funds as a potential source of market instability in an escalation of existing concerns about the impact of their bets on bonds. The Financial Stability Board, comprised of the world's top finance ministers, central bankers and regulators, warned on Wednesday that some hedge funds had "very high levels of synthetic leverage".
/jlne.ws/3sQysEc
Mother Nature Is Staging a Climate Intervention; Fire, hurricanes and flooding aren't really polar opposites in this new era of climate change - they're manifestations of one another.
Timothy L. O'Brien - Bloomberg
For the first time in more than 80 years, southern California was deluged by a tropical storm. A broad swath of the American southwest, including long arid deserts, also got soaked. Lahaina, the picturesque tourist destination on the Hawaiian island of Maui, got burnt to the ground by a fast-moving wildfire that may have left at least hundreds of people dead.
/jlne.ws/3PpWHlJ
FIA Tech connects Trade Data Network to Singapore Exchange; New development will provide SGX member firms connected to TDN with greater transparency into their trade give up/take in process on SGX.
Wesley Bray - The Trade
FIA Tech's Trade Data Network (TDN) is now certified with and connected to Singapore Exchange (SGX), with FIA Tech expected to roll out TDN connectivity to all SGX members subscribed to the network in Q4. The new development will provide SGX member firms that are subscribed to TDN with improved transparency into their trade give up/take in process on SGX - including the ability to observe the current status of all their SGX fills.
/jlne.ws/3Esw1KN
'There's No Plan B': Oil Chiefs Sound Alarm on Refining Woes
Elizabeth Low, Yongchang Chin and Sharon Cho - Bloomberg
An increasingly stretched global refining system means fuel-price volatility is set to become more common, according to top oil executives. A lack of spare crude-processing capacity due to under-investment, and shutdowns happening more frequently with refiners ramping up on better margins and deferring planned work were common themes at the APPEC by S&P Global Insights conference in Singapore this week. That's left fuels like diesel and gasoline vulnerable to sudden swings when there are unplanned outages.
/jlne.ws/3ZdaIXi
Swiss bank regulator steps down citing toll from 'permanent stress'; Head of Finma Urban Angehrn played pivotal role in UBS rescue of Credit Suisse
Owen Walker and Laura Noonan - Financial Times
The head of Switzerland's financial regulator has resigned citing the toll on his health of "permanent stress levels", months after orchestrating the rescue of Credit Suisse by UBS. Urban Angehrn, who has been chief executive of Finma for less than two years, played a pivotal role in negotiations over the most significant bank merger since the financial crisis. Finma announced on Wednesday that he would step down at the end of September. Angehrn said in a statement that the "high and permanent stress level" of the job "had health consequences" for him.
/jlne.ws/3qVvpKH
Goldman Sachs hit by $1m lawsuit from former exec who claims it is a 'dysfunctional workplace' where meetings often ended in 'tears'
Orianna Rosa Royle - Fortune
Goldman Sachs's workplace culture is about to face some serious scrutiny in a high-stakes £1 million lawsuit brought by a former executive. Ian Dodd, who left the bank in 2021, claimed that Goldman employees at its London office frequently "express distress" with meetings characterized by "high emotions, often tears," according to documents filed in the High Court and reported by the Financial Times.
/jlne.ws/480akiF
Pork Industry Grapples With Whiplash of Shifting Regulations
Julie Creswell - The New York Times
These were supposed to be boom times for Pederson's Natural Farms. In the days this spring after the Supreme Court upheld a California law banning the sale of certain pork products made from pigs raised in small gestation pens, the phones were ringing off the hook at Pederson's headquarters in Hamilton, Texas. California grocery stores and restaurants were desperate to line up supplies of bacon and pork chops that met the new state standards by a July 1 deadline.
/jlne.ws/3L7Q5pl
US Homebuyers Weigh Climate Risk in Picking a House, Zillow Says
Alexandre Tanzi - Bloomberg
More than four in five US homebuyers are factoring in climate risks when they shop for a new house, according to a new survey by real estate firm Zillow. Some 83% of respondents said they weighed at least one climate risk such as floods, extreme temperatures, wildfires, hurricanes or droughts in their purchase plans, according to Zillow's poll of almost 12,000 prospective buyers conducted between April and July 2023.
/jlne.ws/3r1sPTm
Why 'Finfluencers' Will Always Find Addicts; India's quest to weed out dishonest, conflicted investment advice by an unregulated social-media horde is doomed to fail.
Andy Mukherjee - Bloomberg Opinion
In May, India's market watchdog acted against a self-described options trader, allegedly for selling investment advice via the Telegram messaging app without the requisite registration with the regulator. As part of the settlement, P R Sundar, his wife, and their jointly controlled firm agreed to a one-year ban on buying or selling securities, without admitting or denying that they had broken any laws.
/jlne.ws/45DD1k4
One Corner of Crypto Is Back Near a Record High After a $15 Billion Surge; Assets in liquid staking protocols up 292% since 2022 low; Changes to Ethereum blockchain helped to spur the climb
Sidhartha Shukla - Bloomberg
One corner of crypto has shaken off a prolonged digital-asset slump to come within touching distance of an all-time high. The sector is liquid staking, which offers easier access to the rewards earned when tokens are pledged to help operate blockchains. DefiLlama data shows that the value of assets locked in liquid staking services has jumped 292% to $20 billion from a June 2022 low, when crypto was reeling from a crisis.
/jlne.ws/45AlLMq
Coinbase Increases, Extends Bond Buyback After Adding Sweetener; The crypto exchange is upsizing the offer by $30 million; The company sweetened the offer by three cents last month
Sri Taylor - Bloomberg
Coinbase Global Inc. is increasing and extending a debt tender offer after sweetening the buyback with discounted prices last month. The San Francisco-based cryptocurrency exchange is increasing the offer to $180 million from $150 million for its outstanding 3.625% senior notes maturing in 2031, according to a company statement Tuesday. It's also extending the expiration date on the offer by over two weeks to Sept. 18.
/jlne.ws/3szovej
World's Top Sugar Trader Sees Sixth Year of Shortages Ahead; Alvean forecasts deficit of 5.4 million tons next season; India, No. 2 supplier, is expected to restrict sugar exports
Dayanne Sousa - Bloomberg
The world's largest sugar trader expects a sixth straight year of deficits in the coming season as a poor outlook for India's crops is set to drive down global stockpiles of the sweetener. "The world will be as close to running out of sugar as it can be," said Mauro Virgino, trading intelligence lead at Alvean, a trading house controlled by Brazilian producer Copersucar SA.
/jlne.ws/3Le2Izw
Ex-DRW Trader Accused of Stealing Proprietary Quantitative Code; Avi Mahajan was sued by DRW's lead quantitative researcher; David Sweet seeks order blocking Mahajan from disclosing code
Chris Dolmetsch and Yueqi Yang - Bloomberg
A former DRW Holdings LLC trader and research analyst was accused in a lawsuit of stealing proprietary computer code used in the firm's quantitative strategies. Avi Mahajan was sued in federal court in New York on Tuesday by an entity controlled by DRW's lead quantitative researcher, David Sweet. According to the suit, Sweet was hired by DRW after he pitched the firm on his Cogneato software, and his employment agreement allowed him to retain ownership of it.
/jlne.ws/3PvmE3u
Thieves Target 'Liquid Gold' as Olive Oil Prices Soar
Clara Hernanz Lizarraga - Bloomberg
Another brazen theft of Spanish olive oil - this time worth over half a million dollars - is the latest example of how record prices are fueling a crime surge in the top grower. Some 50,000 liters of extra virgin olive oil that were ready for bottling vanished in the early hours of Aug. 30 from a mill in Spain's Cordoba province. Thieves loaded EUR500,000 of top quality oil into two tanks in the darkness, a heist that a local producer group said probably took two hours.
/jlne.ws/3R9cp5S
Summer 2023 Was the Hottest on Record Globally, New Figures Show Marine and atmospheric heat waves battered most of the Northern Hemisphere, unleashing fires and deadly storms.
Laura Millan - Bloomberg
This summer was the warmest on record globally by a large margin as extreme heat waves impacted North America, Europe and Asia, according to Europe's Earth observation agency Copernicus. Temperatures in June, July and August were 0.66 degrees Celsius above the average between 1991 and 2020, Copernicus said. Last month was the warmest August on record globally and the second-warmest month ever - only after July 2023.
/jlne.ws/3LcdpSY
*****This story from The Guardian
Leaders in Trading 2023: Algorithmic Trading Awards shortlists unveiled; Winners of this year's Algorithmic Trading Awards across nine categories will be announced during The TRADE's flagship Leaders in Trading awards ceremony on 8 November.
Editors - The Trade
The TRADE is delighted to announce the shortlisted nominees for this year's Algorithmic Trading Awards. The winners of the Algorithmic Trading Awards will be based on performance in The TRADE's Algorithmic Trading Survey 2023, which was conducted earlier in the year.
/jlne.ws/486Ihy4
Appital launches new initiative to help buy-side unlock liquidity; Named Appital Insights, the offering allows users to assess how viable the execution of larger orders will be without the risk of information leakage or price erosion.
Wesley Bray - The Trade
Bookbuilding platform Appital has launched a new initiative to unlock liquidity unavailable through traditional electronic trading venues. Named Appital Insights, the initiative allows buy-side institutions to assess how viable the execution of larger ADV orders will be without the risk of information leakage or price erosion.
/jlne.ws/480RYOD
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Cuba uncovers human trafficking of Cubans to fight for Russia in Ukraine
Reuters
Cuba has uncovered a human trafficking ring that has coerced its citizens to fight for Russia in the war in Ukraine, its foreign ministry said on Monday, adding that Cuban authorities were working to "neutralize and dismantle" the network. The statement from Cuba's foreign ministry gave few details, but noted the trafficking ring was operating both within the Caribbean island nation, thousands of miles from Moscow, and in Russia.
/jlne.ws/45CUTLH
Russia arrests mathematician on terrorism charges minutes after his release from prison
The Associated Press
Authorities in Russia arrested a mathematician on terrorism charges Monday after he had just completed a prison sentence for hooliganism, the latest step in a years-long Kremlin crackdown on political opponents. Azat Miftakhov, 30, was detained minutes after his release from a penal colony over 900 kilometers (559 miles) east of Moscow, according to Russian media reports.
/jlne.ws/3P8loBB
Russia 'tactically' withdrew from Ukraine's Robotyne, official says
Reuters
A Russian-appointed official has acknowledged that Moscow's forces have abandoned the Ukrainian village of Robotyne, more than a week after Kyiv announced its recapture. Yevgeny Balitsky, the top Moscow-installed official in the Zaporizhzhia region, said in a television interview that the Russian army had withdrawn for what he called tactical reasons.
/jlne.ws/45QQCnM
Ukrainian drone downed near Putin residence
David Child - The Telegraph
Russian forces shot down a Ukrainian drone in a village where Vladimir Putin has a residence, according to reports. The Russian defence ministry said air defences had brought down the unmanned aerial vehicle in the Tver region, northwest of Moscow. Mash, a Russian media outlet, said the drone was destroyed in Zavidovo, a settlement home to a hunting residence belonging to the Russian president.
/jlne.ws/3R5B0IV
Ukraine says it has 'evidence' Russian drones landed inside Nato territory
Nataliya Vasilyeva - the Telegraph
Ukraine said it has evidence that an Iranian-made drone crashed and detonated in Romania in the first case of Russian attacks hitting a Nato country. The Shahed suicide drone appeared to be aimed at Ukrainian infrastructure on the Danube, one of the only remaining ports carrying exports to the Black Sea. Romania denied the drone struck its territory, but Ukraine's foreign minister claimed on Monday that he had proof the weapon crossed the border.
/jlne.ws/3P8xhaH
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | OCC Reports August 2023 Monthly Volume Data
The Options Clearing Corporations
OCC, the world's largest equity derivatives clearing organization, announced today that year-to-date average daily volume through August 2023 was 44.6 million contracts. Total monthly volume for August 2023 was 1 billion contracts.
/jlne.ws/47ZJB5V
Tradeweb Reports August 2023 Total Trading Volume of $33.0 Trillion and Average Daily Volume of $1.44 Trillion
Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for August 2023 of $33.0 trillion (tn). Average daily volume (ADV) for the month was $1.44tn, an increase of 41.2 percent (%) year-over-year (YoY), including foreign exchange tailwinds.
/jlne.ws/3Z9ubbq
Borsa Istanbul announces the constituent changes to the BIST Buyback Index for the September of 2023
Borsa Istanbul
In accordance with the article BIST Market Cap Weighted Stock Indices Methodology, BIST Buyback Index will have constituent changes below for the September 2023 (September 7, 2023-October 5, 2023).
/jlne.ws/483fScg
ASX Group Monthly Activity Report - August 2023
ASX
Attached is a copy of the ASX Group Monthly Activity Report for August 2023.
/jlne.ws/46R1Cme
Announcement of Derivatives Clearing Fund Recalculation
Athex
AthexClear, as the Clearing Fund Administrator, in accordance with Part 6, Section II of Derivatives Clearing Rulebook, announces that the Derivatives Clearing Fund is set to EUR 24,606,029.00 for September 2023.
/jlne.ws/3P5pLgX
Farmer sentiment dips amid weaker view of current conditions
CME Group
Producer sentiment was notably lower in August, as the Purdue University/CME Group Ag Economy Barometer index dipped 8 points to a reading of 115. This month's decline was fueled by producers' weaker perception of current conditions both on their farms and in U.S. agriculture. The Current Conditions Index fell 13 points to a reading of 108. The Future Expectations Index also declined, down 5 points in August to a reading of 119.
/jlne.ws/3Z9U7DM
CME Restarts T-Bill Futures in Response to Demand to Hedge Risks; Exchange plans to start trading Oct. 2, pending review; Supply of bills has grown by more than $1 trillion since June
Alex Harris - Bloomberg
CME Group Inc. will once again offer futures tied to three-month Treasury bills amid growing demand to hedge risks from surging supply and higher short-term interest rates. Uncertainty over the Federal Reserve's policy path and a flood of issuance to finance US growing deficits and rebuild the goverment's cash buffer has sparked increased volatility in this corner of the market.
/jlne.ws/3R45JpM
United Internet to be included in MDAX
Deutsche Borse
STOXX Ltd. has announced the new composition of the DAX index family. All changes will become effective on 18 September 2023. According to the "Guide to the DAX Equity Indices", the scheduled index review in September includes the Regular Exit, Regular Entry, Fast Exit, and Fast Entry rules.
/jlne.ws/3Z8g85M
EEX Press Release - EEX Group Monthly Volumes - August 2023
EEX Group News
EEX Group reports its August 2023 volumes with the following highlights: Trading volume on the global power markets of EEX Group increased 51% YoY to 624.3 TWh, with 396.8 TWh at European power derivatives, comprising a +53% growth with remarkable increase in Greece. Short-term power trading at EPEX SPOT increased by 16%, also driven by strong Intraday markets with new records in the Netherlands and Denmark. EEX Group natural gas markets amounted to 566.1 TWh in total, with gas derivatives showing a +11% increase compared to August 2022. The EEX European environmental markets recorded growing volumes YoY, both in the emissions spot market (+ 23%) and the emissions derivatives (+8%). Exceptional 92% growth in the North American environmental markets, with Nodal Exchange reporting the second highest monthly volume in this segment.
/jlne.ws/45WvvAr
Euronext announces September 2023 quarterly review results of the AEX Family
Euronext
Euronext today announced the results of the September 2023 quarterly review for the AEX, AMX, AScX and AEX ESG, which will be implemented after markets close on Friday 15 September 2023 and will be effective from Monday 18 September 2023.
/jlne.ws/3EsgLgZ
Enterprise and Magellan's Terminal Transfer Fee Waiver for ICE Midland WTI (HOU) Extended Through 2024 as HOU Trades at Record Levels During August
Businesswire
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that Enterprise Products Partners L.P. (NYSE: EPD) and Magellan Midstream Partners, L.P. (NYSE: MMP) have extended their fee waiver arrangement between the Enterprise Crude Houston ("ECHO") and Magellan East Houston ("MEH") terminals to transfer crude oil delivered through ICE's Midland WTI futures contract (ICE: HOU) until December 31, 2024.
/jlne.ws/460qVkQ
Intercontinental Exchange Reports August 2023 Statistics
Businesswire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology and market infrastructure, today reported August 2023 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet. August highlights include: Total average daily volume (ADV) up 12% y/y Energy ADV up 34% y/y; open interest (OI) up 15% y/y, including record OI of 51.1M lots on August 24 Total Oil ADV up 40% y/y; OI up 27% y/y Brent ADV up 29% y/y; OI up 19% y/y WTI ADV up 58% y/y; OI up 30% y/y Gasoil ADV up 56% y/y; OI up 41% y/y Other crude and refined products ADV up 67% y/y; OI up 31% y/y
/jlne.ws/47Y9ovr
Nasdaq August 2023 Volumes
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for August 2023 on its investor relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.
/jlne.ws/460j1Ic
SGX Group welcomes Guotai Junan Futures (Singapore) Pte. Ltd. as Derivatives Trading and Clearing Member
Singapore Exchange (SGX Group) is pleased to welcome Guotai Junan Futures (Singapore) Pte. Ltd. to its derivatives market as a trading and clearing member.
/jlne.ws/3PrXEdd
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | The 54 Most Promising Fintechs to Watch, According to Top Investors
Bianca Chan, Michelle Abrego, Paige Hagy, and Julie Bort - Business Insider
After several tough quarters in the fintech space, venture-capital firms say they are ready to pump some life, and money, back into the sector - and some of the country's top investors are placing their bets on the most promising startups in the space. Insider surveyed 34 early-stage investors - including Bain Capital Ventures, Point72 Ventures, and Index Ventures - about the hottest fintechs to watch. VCs nominated a mix of startups in their portfolios and those in which they had no financial interest. In total, investors identified 54 up-and-coming fintechs that hadn't raised beyond a Series C.
/jlne.ws/45EBJoG
Meta axes support for news in Europe; Tech group draws ire of media companies after announcing pullback
Daniel Thomas - Financial Times
News publishers have hit out at Meta after the tech giant decided to axe Facebook News in Europe and end a scheme to fund local journalism in the UK. On Tuesday, Meta said that it would "deprecate" the dedicated tab on Facebook that showcases news stories in early December in the UK, France and Germany.
/jlne.ws/3R7msbB
Barclays Has Much at Stake in the Fintech Future; The UK lender is considering selling a stake in the unit that handles card transactions.
Paul J. Davies - Bloomberg
Barclays Plc is trying to work out how to make the best of its payments business in its quest to increase the appeal of its shares. One option is selling a stake in the unit that handles card transactions for shopkeepers and other businesses, Bloomberg News reports.
/jlne.ws/481g5N8
Ulf Axman Joins Exberry As Chief Commercial Office
Exberry - Mondo Visione
Exberry, a leading exchange technology provider, has appointed Ulf Axman as Chief Commercial Officer. With his vast financial industry experience and Exberry's technological expertise, this collaboration aims to accelerate the growth of the company in the Capital Markets sector. Axman's knowledge, combined with the company's innovative capabilities, will drive progress and success in the industry.
/jlne.ws/45WWJXC
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| Cybersecurity | | Top stories for cybersecurity | 3 Ways to Help a Loved One Affected by a Scam
Sari Harrar - AARP
Christine Coady's mother-in-law was terrified when she got the call that her grandson had been in a car crash that injured an undercover police officer. She quickly mailed envelopes filled with cash and sent more money via wire transfers for what she was told was bail, hospital bills, even a wheelchair ramp for the cop's house. Sadly, it was a scam that ended up costing her $90,000. She'd been told to keep quiet, but her family realized something was wrong when she kept texting her grandson to ask if he was OK.
/jlne.ws/3RskgMj
Israeli Cybersecurity Startup Backed by Steph Curry's Penny Jar Raises $50 Million
Marissa Newman - Bloomberg
Israeli cybersecurity startup Upwind raised funds in a round that values the company at $300 million. The year-old cloud security firm raised $50 million in the round, which was led by Greylock Partners, Cyberstarts and Leaders Fund, Upwind said in a statement to Bloomberg on Tuesday. Penny Jar Capital, which has four-time NBA champion and perennial all-star Stephen Curry as an anchor investor, and a fund backed by his former Golden State Warriors teammate, Israeli-born Omri Casspi, are also investors in the company, according to the statement.
/jlne.ws/3EtKC8O
NSA chief Nakasone offers a cybersecurity retrospective
Tim Starks and David DiMolfetta - The Washington Post
As the chief of the National Security Agency and U.S. Cyber Command since 2018 who's now waiting to hand over the reins to his successor, Gen. Paul Nakasone sits as a link between the past and future of cyber. The threats of today look nothing like those of five years ago, he said at a conference on Tuesday. The organizations he's helmed are grappling with the challenges of the future, Nakasone said, though there's bound to be some overlap between now and what's ahead.
/jlne.ws/3Et0WXi
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bread, Water and Peanut Butter: Sam Bankman-Fried's Life in Jail
David Yaffe-Bellany and Matthew Goldstein - The New York Times
A diet of bread, water and peanut butter. A laptop with no internet connection. And intermittent access to millions of pages of digital evidence. Sam Bankman-Fried, the 31-year-old cryptocurrency mogul, has spent nearly a month at the Metropolitan Detention Center in Brooklyn since a federal judge revoked his bail in August.
/jlne.ws/45DCmiA
Sam Bankman-Fried's Laptop Has a New Battery Now, DOJ Says
Nikhilesh De - CoinDesk
Once one of the world's most powerful crypto executives, Sam Bankman-Fried is reduced to bickering with prosecutors over his access to a laptop computer. The jailed founder of the collapsed FTX exchange has access to a laptop seven days a week and three hard drives with defense material at all times, the U.S. Department of Justice said in a letter Tuesday. The prosecutors were responding to a federal judge's order for a report on the conditions Bankman-Fried faces while detained at the Manhattan Detention Center in Brooklyn, New York.
/jlne.ws/480EQcn
Coinbase's L2 Base Hit With Outage, No Funds At Risk Says Team
Hope C - CoinMarketCap
Base, Coinbase's Ethereum Layer-2 network, faced a temporary outage lasting for half an hour on Tuesday, with a full resolution taking an additional 30 minutes. The incident was described as a "Base chain stall" on the project's status page.
/jlne.ws/3R5qAZO
DCG's Genesis Global to Shut Down Crypto Spot Trading Operations
Muyao Shen - Bloomberg
Genesis Global Trading, an affiliate of Barry Silbert's Digital Currency Group, will wind down its spot trading crypto trading service as of Sept. 18 for "business reasons." Another of DCG's related companies, crypto lender Genesis Global Holdco, filed for bankruptcy in January. At the time, DCG noted that the trading operation would "continue to operate business as usual."
/jlne.ws/3Ldw5BN
Binance global head of product Mayur Kamat resigns
Reuters
Binance's global head of product, Mayur Kamat, has resigned amid a string of executive exits and job cuts at the cryptocurrency exchange, a spokesperson for the company told Reuters on Monday. Kamat's exit follows a recent executive exodus from Binance that includes Chief Strategy Officer Patrick Hillmann and General Counsel Hon Ng.
/jlne.ws/3Z4DaKS
Jack Dorsey-Funded Btrust Acquires African Bitcoin Talent Firm Qala
Oluwaseun Adeyanju - Forbes
/jlne.ws/45QEPG2
Singapore's New President, a Former Central Bank Chairman, Has Called Crypto 'Slightly Crazy'
Amitoj Singh - CoinDesk
/jlne.ws/3Z68FUG
Coinbase Begins Offering Crypto Loans to Large US Institutional Investors; Firm has received $57 million in client funds, filing shows; Program comes on heels of several lender bankruptcies
Olga Kharif and Miles Weiss - Bloomberg
/jlne.ws/44M7Ilz
More Binance Executives Leave, Including Some Overseeing Russia; The world's largest cryptocurrency exchange has come under intense regulatory scrutiny
Patricia Kowsmann and Angus Berwick - The Wall Street Journal
/jlne.ws/3Prv7U7
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| Politics | | An overview of politics as it relates to the financial markets | Vivek Ramaswamy's idiotic play for airtime is working, God help us
Michael Hiltzik - Los Angeles Times
You may have noticed that Vivek Ramaswamy is the political flavor of the moment, thanks to his supercaffeinated performance at the Aug. 23 GOP political debate. By constantly interrupting his fellow would-be presidential aspirants with a firehose of cocksure imbecilities, Ramaswamy captured the attention of the political chattering classes.
/jlne.ws/3Z3j8jP
Congress Set to Sell East Coast's 1 Million Barrel Gas Reserve
Ari Natter - Bloomberg
Congress is poised to sell off a 1 million barrel emergency cache of gasoline created in the aftermath of Hurricane Sandy amid questions about the reserve's usefulness.
/jlne.ws/3r0LvT6
Biden's age may be a growing problem for his reelection
Aaron Blake - The Washington Post
For the second time in a week, a poll shows that three-quarters of Americans, including two-thirds of Democrats, consider President Biden too old for the office. In the new Wall Street Journal poll, 73 percent of Americans said the phrase "too old to run for president" captures Biden at least "somewhat well," with even Democrats agreeing overwhelmingly.
/jlne.ws/3Ld981w
Ramaswamy's Anti-ESG ETF Firm Hits $1 Billion in Assets
Katie Greifeld - Bloomberg
Strive Asset Management, an anti-activism fund company co-founded by Republican presidential hopeful Vivek Ramaswamy, has crossed $1 billion in assets even as it comes under legal scrutiny. Ohio-based Strive controls these assets across its 11 exchange-traded funds, just over a year since its first fund began trading, according to a press release Tuesday.
/jlne.ws/484FQft
Tim Scott never disclosed buying stocks he recently said he owned
Justin Papp - Roll Call
Nearly a dozen stocks appeared on Sen. Tim Scott's 2022 financial disclosure that weren't there in 2021. But the South Carolina Republican, the only member of Congress running for president, never reported buying the shares, raising questions about whether he followed a mandate Congress imposed on itself more than a decade ago. A spokesperson for Scott's presidential campaign said he did comply, but would not say how.
/jlne.ws/3Lc5t4q
Canada oil sands carbon capture project struggles to get key contract
Steve Scherer - Reuters
/jlne.ws/3OYQGe8
UK Onshore Wind Needs a Kickstart With Few Projects Lined Up; UK Ends Ban on New Onshore Wind Farms by Easing Planning Rules; Appetite for new investment has virtually ground to a halt
Jess Shankleman - Bloomberg
/jlne.ws/3Le2W9Q
UK pulls back from clash with Big Tech over private messaging; Ministers will not immediately enforce online safety bill powers to scan apps after WhatsApp threatened shutdown
Cristina Criddle and Anna Gross - Financial Times
/jlne.ws/3r7TZb1
Big Tech faces fresh legal obligations as Brussels lists services bound by new rules; Apple's App Store and Google's YouTube among 22 digital services classed as 'gatekeepers' as new EU law kicks in
Javier Espinoza - Financial ;Times
/jlne.ws/3EvS2bH
EU must curb Russian gas supply to avoid being 'held hostage'; Belgian energy minister warns that bloc should wean itself off fossil fuel imports from Moscow by 2027
Alice Hancock and Laura Dubois - Financial Times
/jlne.ws/3PrVHNL
Once Inoculated by Its Nazi Past, Germany Harbors Growing Far-Right Currents; Support for pro-Russia, anti-immigration Alternative for Germany surges as more voters lose faith in mainstream politics
Elizabeth Findell - The Wall Street Journal
/jlne.ws/3LenMFQ
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC has 'variety of options' to delay Grayscale bitcoin ETF: DACFP Founder
Brad Smith and Luke Carberry Mogan - Yahoo! Finance
Grayscale was handed a victory in a federal appeals court last week with officials ruling the SEC to reconsider the crypto company's application to convert its bitcoin trust (GBTC) into an ETF. Digital Assets Council of Financial Professionals Founder Ric Edelman discusses the caution crypto bulls should have on this decision based on the SEC's ability to delay the review process.
/jlne.ws/3LbHnGQ
Prime Group agrees to pay $20.5 million to settle US SEC charges
Reuters
Prime Group Holdings LLC, a private equity firm based in Saratoga Springs, New York, has agreed to pay $20.5 million to settle U.S. Securities and Exchange Commission charges related to disclosure failures, the regulator said on Tuesday. Prime Group failed to adequately disclose millions of dollars in real estate brokerage fees paid to a firm owned by its CEO. The firm agreed to pay a $6.5 million civil penalty and to give back another $14 million in proceeds, the SEC said in a statement.
/jlne.ws/45Gamux
SEC Charges Five Advisory Firms for Custody Rule Violations
U.S. Securities and Exchange Commission
The Securities and Exchange Commission today announced charges against five investment advisers for failing to comply with requirements related to the safekeeping of client assets. Three of the firms were also charged with failing to timely update SEC disclosures regarding audits of their private fund clients' financial statements. All five advisory firms have agreed to settle the SEC's charges and to pay more than $500,000 in combined penalties.
/jlne.ws/3EvG69T
SEC Charges Private Equity Firm Prime Group for Inadequate Disclosure of Fees Paid to Affiliate
U.S. Securities and exchange Commission
The Securities and Exchange Commission today charged Prime Group Holdings LLC, a private equity firm focused on alternative real estate asset classes, for failing to adequately disclose millions of dollars of real estate brokerage fees that were paid to a real estate brokerage firm that was owned by its CEO. Prime Group agreed to pay a $6.5 million civil penalty and more than $14 million in disgorgement and prejudgment interest to settle the charges.
/jlne.ws/3qVjZXl
FCA launches review of treatment of Politically Exposed Persons
Financial Conduct Authority
The FCA has today set out issues it will consider as part of a review of the treatment of domestic Politically Exposed Persons (PEPs) by financial services firms. The review will report by the end of June 2024. The FCA will take prompt action if any significant deficiencies are identified in the arrangements of any firm assessed.
/jlne.ws/3P7TV37
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Nvidia's Rally Is Going to Show Traders What a Market Bubble Looks Like, Rob Arnott Says
Vildana Hajric - Bloomberg
For years now, stock traders have been getting so rich betting big companies will get even bigger that they've forgotten what a bubble looks like. They're going to find out thanks to Nvidia Corp. So says Rob Arnott, renowned for his warnings on the dangers of bloated megacaps - and the designer of passive products for muting their supposed threat.
/jlne.ws/460ije0
Truth Social investment partner extends deadline, avoiding liquidation; The extension will give Digital World Acquisition another year to merge with Donald Trump's start-up
Drew Harwell - The Washington Post
Shareholders in Digital World Acquisition, the investment partner of former president Donald Trump's media start-up, approved an extension of the company's merger deadline, giving it more time to complete the deal, Digital World said Tuesday. The extension will give the special purpose acquisition company, or SPAC, another year to finalize its long-stalled merger with the parent company of the pro-Trump social network Truth Social.
/jlne.ws/47VDGPc
The Best Places to Put Your Money When Interest Rates Are High
Oyin Adedoyin - The Wall Street Journal
Stop dwelling on what you've lost thanks to rising interest rates and take advantage of the opportunities they present. High rates are expected to linger for a while and they are having a corrosive impact on some parts of our finances. Taking out a $500,000 mortgage to buy a home today will cost you about $400 more a month than it would have a year ago in a standard 30-year mortgage.
/jlne.ws/3LaTN1E
Why 'Finfluencers' Will Always Find Addicts; India's quest to weed out dishonest, conflicted investment advice by an unregulated social-media horde is doomed to fail.
Andy Mukherjee - Bloomberg Opinion
In May, India's market watchdog acted against a self-described options trader, allegedly for selling investment advice via the Telegram messaging app without the requisite registration with the regulator. As part of the settlement, P R Sundar, his wife, and their jointly controlled firm agreed to a one-year ban on buying or selling securities, without admitting or denying that they had broken any laws.
/jlne.ws/45DD1k4
Retail FX Traders Made Money for Someone; Also Grayscale fees, Sculptor fights and Sam Bankman-Fried's Robinhood shares.
Matt Levine - Bloomberg Opinion
From first principles, it seems like a good idea to be on the other side of their trades. If retail traders want to buy pounds, sell them pounds. If they want to sell yen, buy yen from them. Etc. If you do this as a full-time business, you will want to make some refinements. Here are the three main refinements:
/jlne.ws/44M7OcV
Riskiest Bank Bonds' Next Test is an $84 Billion Redemption Wave
Abhinav Ramnarayan and Tasos Vossos - Bloomberg
/jlne.ws/44FPyBZ
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | World meteorologists point to 'vicious cycle' of heatwaves and air pollution; The climate crisis and soaring temperatures are worsening air quality, WMO says, with 'knock-on effects'
Helena Horton - The Guardian
Heatwaves across the world are worsening air quality and pollution, scientists have said. The World Meteorological Organization (WMO) has said extreme temperatures are not the only hazard from heatwaves but that they also cause pollution-related health problems. In their annual air quality and climate bulletin, the meteorologists have highlighted a "vicious cycle" of climate breakdown and air pollution.
/jlne.ws/3LbS6kH
Illinois nature lovers and scientists warn of population declines among native bees and other pollinators
Rebecca Johnson - Chicago Tribune
Barbara Williams zeros in on a patch of yellow wildflowers with her binoculars. She leans in slightly, her beetle earrings jangling, and proclaims "that's definitive. Williams has spotted the rusty patched bumblebee. Perched on the petals of the cup plant, the bee is identifiable based on its black and white stripes and the tawny patch on its second abdominal segment.
/jlne.ws/3sL0p0n
Agribusiness Giant Cargill Is in Activists' Crosshairs for Its Connections to Deforestation in Bolivia; A new report finds that the grain-trading behemoth has purchased soy grown on recently deforested land. Cargill responded that the purchases came from land cleared earlier, and says it investigates all allegations.
Georgina Gustin - Inside Climate News
Cargill, the world's largest agribusiness company-and the United States' largest privately held company-is coming under yet more scrutiny from advocacy groups that have traced its business operations to recently cut tropical forests in Bolivia. On Wednesday, the group Global Witness released a report showing that the Minnesota-based company has been buying soy grown on 50,000 acres of deforested land in the Chiquitano Forest, a tropical dry forest in the eastern part of the country.
/jlne.ws/3r7UH8b
Biggest Climate Adaptation Plan Lays Out Africa Investment Case; The $25 billion program sets out country-specific needs; Nigeria needs $12 billion in adaptation finance annually
Antony Sguazzin - Bloomberg
The Africa Adaptation Acceleration Program, the world's biggest climate resilience initiative, introduced its first country-specific investment plans in a bid to woo additional finance. The so-called climate adaptation country compacts are meant to outline adaptation investment opportunities, financing needs and fund mobilization plans, the $25 billion initiative said in a statement late Tuesday. The AAAP is run by the Rotterdam-based Global Center on Adaptation and the Abidjan-based African Development Bank.
/jlne.ws/3LdlTcq
Majority of G20 countries lack policies on nature-related disclosure, despite COP15 commitments
CDP
Regulation on corporate disclosure on nature is severely lagging, according to CDP, the world's environmental disclosure platform. Whilst the majority of G20 members[1] have implemented or are in the process of implementing climate-related disclosure requirements, only 40% have introduced water-related disclosure requirements. Only Brazil, the EU and Indonesia have requirements for companies to report biodiversity-related data. This is despite commitment made by 193 governments, including 19 G20 members, at COP15 to require companies and financial institutions to disclose their risks, dependencies and impacts on biodiversity by 2030 at the latest.
/jlne.ws/47Y8X4h
CDP Calls for G20 Mandatory Nature Disclosures
Jack Grogan-Fenn - ESG Investor
/jlne.ws/3LaaYjK
Boston Metal Notches $262 Million Funding Round for Clean Steel
Joe Deaux and Akshat Rathi - Bloomberg
/jlne.ws/45Db3F1
How Reflective Paint Brings Down Scorching City Temperatures
Eric Niiler- The Wall Street Journal
/jlne.ws/3EtmB1v
Electric Cars Are Winning Out Because of Buyers, Not Politicians
Colin McKerracher - Bloomberg
/jlne.ws/3ExyGCM
Quality Control for Shareholder Proposals
Emmy Hawker - ESG Investor
/jlne.ws/4870g7N
New Era of Self-regulation for Korean ESG Ratings
Regulation Asia
/jlne.ws/3sHOMqX
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | UBS to absorb Credit Suisse's Securities Research offering
Reuters
UBS will absorb Credit Suisse's Securities Research service later this month, wrapping the business into its own research operations, the bank said in a letter seen by Reuters on Tuesday. "Credit Suisse will commence the process of terminating coverage on September 18, 2023," Credit Suisse's Research clients were told.
/jlne.ws/3EqnAPY
UBS CEO insists bank not too big after Credit Suisse takeover
Reuters
The new expanded UBS is not too big for Switzerland following the bank's emergency takeover of fallen rival Credit Suisse, Chief Executive Officer Sergio Ermotti said on Tuesday. "UBS is not too big - size is not only about the relationship of the balance sheet to the country's GDP," Ermotti told an event in Zug, Switzerland.
/jlne.ws/44AYQ2k
Ex-Goldman Banker Ng Wins Another Delay in Starting Prison Term; Ng was sentenced to 10 years in prison over 1MDB scandal; US is in talks with Malaysian government over Ng's prosecution
Patricia Hurtado - Bloomberg
Former Goldman Sachs Group Inc. banker Roger Ng was granted another delay to the start of his decade-long prison sentence for his role in the looting of Malaysian sovereign wealth fund 1MDB. Ng, a Malaysian national, was scheduled to report to federal prison this week but US prosecutors on Tuesday agreed to postpone his surrender for a month to allow talks between the US and Malaysian about his return home to assist in its 1MDB probe.
/jlne.ws/3ErgBq3
United Internet to be included in MDAX
Qontigo
STOXX Ltd. has announced the new composition of the DAX index family. All changes will become effective on 18 September 2023. According to the "Guide to the DAX Equity Indices", the scheduled index review in September includes the Regular Exit, Regular Entry, Fast Exit, and Fast Entry rules.
/jlne.ws/4862bJs
Interest rate rises heap pressure on hedge funds to perform; Investors demand funds deliver returns well above the risk-free rate or face redemptions
Costas Mourselas and Harriet Agnew - Financial Times
Investors are warning hedge funds that they will face redemptions and further pressure to cut their fees unless they can improve their performance, highlighting the strain placed on the industry by a dramatic rise in global borrowing costs.
/jlne.ws/3sFLXa2
Sushil Wadhwani to step back from eponymous firm; Former Bank of England rate-setter sold asset manager to US fund giant PGIM in 2018
Harriet Agnew and Costas Mourselas - Financial Times
/jlne.ws/3r1nE5J
AI funds dominate European thematic ETF flows; Growth comes despite wider downturn in demand for trend-based investing
Dom Lawson - Financial Times
/jlne.ws/3L9eQSc
Wells Fargo Is Still in Fix-It Mode; Seven years after fake-accounts scandal erupted, many inside bank sense a make-or-break moment
Ben Eisen - The Wall Street Journal
/jlne.ws/480Hqiz
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The dos and don'ts of using ChatGPT in your daily life
Shira Ovide - The Washington Post
Artificial intelligence chatbots aren't hard to use. But in my experience, and maybe yours, chatbots are hard to use well. Effectively using ChatGPT, Bing AI or Google's Bard is like learning a language with unintuitive quirks. My colleague Will Oremus spent many months trying, failing and trying again to use ChatGPT to help him summarize information, brainstorm and write.
/jlne.ws/3LdGIVr
China Bans iPhone Use for Government Officials at Work; Restrictions on foreign devices are the latest step in Beijing's campaign to reduce reliance on overseas technology and could hurt Apple's success in the country
Yoko Kubota - The Wall Street Journal
China ordered officials at central government agencies not to use Apple's AAPL 0.13%increase; green up pointing triangle iPhones and other foreign-branded devices for work or bring them into the office, people familiar with the matter said. In recent weeks, staff were given the instructions by their superiors in workplace chat groups or meetings, the people said. The directive is the latest step in Beijing's campaign to cut reliance on foreign technology and enhance cybersecurity, and comes amid a campaign to limit flows of sensitive information outside of China's borders.
/jlne.ws/480pCnz
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Philanthropy Must Stop Ignoring the World's Hardest Hit Climate Victims
Tamar Kosky Lazarus - The Chronicle of Philanthropy
Far from the horrific wildfires in Maui and the record-breaking heat in the Southwest this summer, the climate crisis is having devastating effects on the 255,000 residents of a place called "Nowhere." That community, which I last visited this spring, is more commonly known as the Kakuma Refugee Camp in northwest Kenya. Tellingly, Kakuma means "nowhere" in Swahili.
/jlne.ws/3Z2ZGUp
COVID-19 booster shots expected as early as next week
Youri Benadjaoud - ABC News
The upcoming COVID-19 booster is expected to be available in the United States as early as next week -- potentially as soon as Sept. 13 -- and is expected to protect against severe disease and death from currently circulating variants.
/jlne.ws/3RaDA0d
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Miners' hunt for copper takes Barrick to Pakistan's western frontier; Reko Diq has potential to be one of world's biggest suppliers of metal needed for energy transition
Benjamin Parkin and Harry Dempsey - Financial Times
For three decades, international mining companies have tussled with officials and locals over a patch of desert around an extinct volcano in Pakistan's neglected, insurgent-prone western province of Balochistan.
/jlne.ws/3sK0Gkf
Kushner's Saudi-Backed Affinity to Acquire Stake in Israeli Firm
Marissa Newman - Bloomberg
Jared Kushner's Affinity Partners is acquiring a $150 million minority stake in an Israeli car company, marking the first investment in Israel for the Miami-based private equity firm that is backed by Saudi Arabia's sovereign wealth fund.
/jlne.ws/3Z2YqRf
Russia Rushes to Sell $1.5 Billion as Eurobond Payment Nears
Bloomberg News
Russia's central bank will offload 150 billion rubles ($1.5 billion) of foreign exchange in the domestic market, in what it said is a temporary acceleration of previously planned sales that should take some pressure off the ruble after one of the biggest depreciations among emerging economies. The Bank of Russia said it may need to meet demand for hard currency from a repayment of Eurobonds this month and now plans to boost almost 10-fold its daily "mirroring operations" linked to investments from the government's wealth fund. It will sell 21.4 billion rubles worth of foreign currency per day during Sept. 14-22, according to a statement Wednesday.
/jlne.ws/3sHONLx
London Dodges a Bullet With Arm's US Listing; The chipmaker's initial public offering is off to a rocky start.
Marcus Ashworth - Bloomberg
The roadshow for semiconductor chipmaker Arm Ltd.'s flotation starts this week, and the mood music for the biggest initial public offering of the year, and one of the largest ever, has suddenly become more somber. Warning flags are fluttering as the SoftBank Group Corp.-owned unit has nearly halved the amount it plans to raise, and at a lower valuation range. After losing out to New York's Nasdaq Inc. for the right to host the listing, London Stock Exchange Group Plc may reflect on a lucky escape.
/jlne.ws/3PapHwe
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| Miscellaneous | | Stories that don't quite fit under the other sections | 'Scout's Honor: The Secret Files of the Boy Scouts of America' Review: A Predators' Playground; Featuring interviews with ex-Scouts and former officials, this Netflix documentary revisits the organization's massive, costly scandal involving the long history of child abuse within its ranks.
John Anderson - The Wall Street Journal
The Boy Scouts of America declared bankruptcy in 2020 in the face of a child-sexual-abuse scandal that, in terms of scale, was larger than that of the Roman Catholic Church. Or so it is claimed at the outset of "Scout's Honor: The Secret Files of the Boy Scouts of America." Yes, the Scouts taught skills and virtues to many boys: how to be thrifty, brave, clean and reverent; how not to pitch a tent at the bottom of a hill. At the same time, "It was all just veneer, to mask what was a very dangerous organization."
/jlne.ws/3Erl8J1
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