| January 03, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
TMX Group yesterday announced it has completed its acquisition of VettaFi, a leading US-based, indexing, digital distribution, analytics and thought leadership company.
It was only a matter of time before Harvard's President Claudine Gay resigned after her disastrous testimony before Congress and the allegations of plagiarism hanging over her. Yesterday she resigned, giving her the shortest tenure as a Harvard president, The Harvard Crimson reported. The Wall Street Journal's story is titled "Claudine Gay Is Out as President. Where Does Harvard Go From Here?" with the subheading "University must find a new president and address rifts among faculty, students and donors." The Journal's Editorial Board chimed in with a piece titled "President Claudine Gay Falls at Harvard" with the subheading "Her resignation offers a chance for an educational reset."
How did Gay critic Bill Ackman of Pershing Square respond to the news of her departure from Harvard's presidency? He posted a 4,000-word screed at 2:03 a.m. on Harvard claiming 'DEI is racist,' according to the NY Post. He sounds like a stable genius I know about.
Competition is heating up in the ETF sector, especially as the much-anticipated bitcoin ETF applications are expected to be approved soon. But in the main ETF sector there is lots of competition, and the Financial Times has a podcast titled "BlackRock and Vanguard duke it out over ETF market" with the subheading "Vanguard and rivals gain ground on BlackRock in US ETF market."
The FT's Unhedged Podcast has an episode titled "The year ahead, according to AI, and humans" with the subheading "Is AI ready to compete with humans when it comes to making predictions about the economy?"
The New York Post is reporting that X, formerly known as Twitter, has restored its headlines to posts when users just post links. It was very frustrating when Twitter had been displaying only an image for the story without a headline describing what the story was about. The change to get rid of headlines had come directly from X owner Elon Musk. It was not one of his better moves, but then the value of X continues to melt away during his stewardship of the company.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The Ceres Accelerator for Sustainable Capital Markets takes center stage at GreenBiz 24, taking place February 12-14, 2024, at the JW Marriott, Desert Ridge, in Phoenix, AZ. Co-leading three roundtables discussing regulatory developments on climate disclosure are Steven Rothstein, managing director, and Randi Mail, director of campaigns, both with the Ceres Accelerator. They'll be digging into SEC rule-making, California law, and international standards in their sessions. Learn more and register here.~SAED
Our most read stories from our previous edition of JLN Options were:
- Cboe Digital sees Bitcoin spot ETFs drawing new institutional investors from Bloomberg via Yahoo Finance.
- Crypto Options Trading Volume Hits Record as ETF Deadline Nears from Yahoo Finance.
- 2023 Recap - Cboe Index Charts on Performance, Skew and Premiums from Matthew Moran on LinkedIn ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Understanding Market Movements to Make Options Trades: Matt Amberson, Founder of ORATS and Cboe trader
JohnLothianNews.com
In this Options Discovery full interview, Asma Awass speaks with Matt Amberson, Principle and Founder of Options Research and Technology Services. Matt addresses a variety of topics from his career, including his background as a Cboe trader as well the different services provided on his platform. Matt also gives more insight into trading around bullish/bearish markets, how the greeks are affected by movements in the market, how risk management can come into play when establishing positions, and more. You can check out ORATS here:https://orats.com/
Watch the video »
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CBOE Digital Sees Bitcoin Spot ETFs Drawing New Institutional Investors
Yueqi Yang - Bloomberg
A host of new institutional investors including pension funds and registered investment adviser-based vehicles will flock to Bitcoin assets if US regulators approve the first-ever spot exchange-traded fund for the cryptocurrency, according to CBOE Digital's president. "Seeing that approval is going to pave the way for pension funds and RIA-based funds to be able invest in assets in a spot Bitcoin ETF where they may not be able to gain that access today in just a native, spot Bitcoin token," John Palmer said in an interview on Bloomberg TV.
/jlne.ws/41QgZti
***** Personally I like the old institutional investors.~JJL
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2023 Recap on Four Volatility Indices and a Timeline
Matthew Moran - Cboe Global Markets
Two key events in 2023 that potentially drove higher values for key volatility indices were the collapse of Silicon Valley Bank (SVB) on March 10 and the beginning of the Israel-Hamas war on October 7. The first half of 2023 saw higher interest rates and several banking crises, including the buyout of Credit Suisse by UBS in Switzerland, and two of the three largest bank collapses in US history, by SVB and by First Republic Bank on May 1. As shown in the charts below, all four of these Cboe volatility indices hit their highest daily closing values of the year in March, after the SVB failure:
/jlne.ws/3tvSJjs
****** Matt Moran is always worth reading.~JJL
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Earthquakes in Texas Oil Country Are On the Decline After Crackdown on Shale Drillers
David Wethe - Bloomberg
The frequency of earthquakes in West Texas declined in 2023 for the first time in at least half a decade after regulators cracked down on the practice of burying toxic wastewater from oil drilling. The Texas section of the Permian Basin oil field recorded 194 quakes last year, a 10% drop from 2022's record high, according to the Texas Seismological Network. The figures didn't account for seismic activity in the New Mexico area of the Permian.
/jlne.ws/48H5UwT
****** Funny how that works.~JJL
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Tuesday's Top Three
Our top story Tuesday was the Financial Times' Landlords in a bind as France imposes tough new emissions rules. Second was the CME Group's job posting on LinkedIn for a "Manager Editorial Communications" in Chicago. Third was How to Become a Wine Snob in 5 Exhausting Steps, from The Wall Street Journal.
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| Lead Stories | SBF's Victory From Behind Bars; Federal regulators allow a small cryptocurrency firm to vertically integrate, deregulating the industry just like Sam Bankman-Fried wanted.
Freddy Brewster - The Lever
The cryptocurrency industry landed one of its most desired prizes last month when regulators at a small but potentially pivotal federal agency allowed a little-known cryptocurrency company to oversee all aspects of brokering, facilitating, and clearing trades of its digital assets. Regulators and experts say the move, which came after millions were spent in lobbying in 2023 alone, could endanger customer assets and stifle competition, as well as set a dangerous precedent that could set up this and other financial markets for spectacular collapse.
/jlne.ws/3S23xz9
EU regulators to probe links between banks and non-banks; EBA chair Jose Manuel Campa said regulators would investigate funding and other connections between sectors
Laura Noonan - Financial Times
EU regulators will dig deeper into the links between banks and other financial firms such as hedge funds, said the chair of the European Banking Authority, as concerns mount about the potential for contagion from stresses in the wider system. "We should be doing more and we are going to be doing more," Jose Manuel Campa said about regulators' efforts to predict how banks would be affected by strains in non-bank financial institutions (NBFIs), which include hedge funds, private capital firms and cryptocurrency groups. "We need to have an understanding of the whole underlying chain in NBFIs."
/jlne.ws/47ls0Uo
London should aim to be 'Bermuda-on-Thames'; Bold reform could make UK an uncontested world leader in reinsurance, bringing capital and jobs into the country
Robert Chaplin - Financial Times
"Singapore-on-Thames" has become a common meme used by politicians to pitch a hypothetical new model for the UK economy. But should the wholesale insurance market in London instead be pushing for a Bermuda-on-Thames regime for the UK reinsurance industry? With the UK's excellent plumbing into global insurance markets, could an anglicised version of the prudential regulatory regime in Bermuda, which has emerged in recent decades as a leading market for offloading risks, turn London into an uncontested world leader in reinsurance? If so, this could bring significant capital flows and many new jobs to London, with commensurate increased tax revenues for the UK.
/jlne.ws/3S2pqyk
Fee war takes off in US spot bitcoin ETF applications; Fidelity halves the proposed going rate as speculation mounts that SEC approval is near
Joe Morris - Financial Times
Fidelity has found a basement for spot bitcoin ETF fees, pricing its proposed fund at less than half most other would-be registrants. The firm's Wise Origin Bitcoin Fund will charge 0.39 per cent, compared with 0.8 per cent proposed by Ark and 21Shares as well as Valkyrie, according to an updated registration statement posted last week. Invesco's trust formed with Galaxy Digital, meanwhile, has set its expense ratio at 0.59 per cent, though the fee will be waived for six months on the first $5bn in assets.
/jlne.ws/48eGNl4
Hong Kong's IPO Drought Casts Pall Over Region's Businesses; New listings in the city dropped to the lowest total in more than 20 years in 2023
Dave Sebastian and Rebecca Feng - The Wall Street Journal
A dearth of initial public offerings in Hong Kong is causing companies to suffer cash crunches and put off expansion plans, showing how the steep market downturn is taking a toll on businesses that need to raise money. The Asian financial hub was for years the top international fundraising venue for companies from China and the broader region and came close to rivaling New York a few years ago. But a prolonged stock-market slump in Hong Kong and an exodus of foreign investors have made it exceedingly difficult for many companies to go public. Chinese regulators have also been sitting on many IPO applications, creating another barrier for businesses to overcome.
/jlne.ws/3NQQY7k
The Silent Fallout From Hong Kong's Long IPO Drought
Rebecca Feng - The Wall Street Journal
$5.9 Billion That's how much new listings in Hong Kong raised in the whole of 2023, the lowest total in more than 20 years. In early 2021, the initial public offering of short-video app operator Kuaishou Technology alone raised about $6.2 billion. Gone are the days when Hong Kong rivaled New York as the top international fundraising venue.
/jlne.ws/48i4UQ0
Fisher Investments in Sale Talks; Advent International in talks to acquire money manager founded by Ken Fisher
Lauren Thomas and Laura Cooper - The Wall Street Journal
Advent International is in talks to acquire Fisher Investments, the money-management firm known for its ubiquitous advertisements, according to people familiar with the matter. The talks might not lead to a transaction and it is possible another suitor could emerge for Fisher. In a statement after The Wall Street Journal reported on the talks, the company said "Fisher Investments is not being bought by Advent International, or anyone else."
/jlne.ws/3HbN98N
SEC Adopts New Requirements for US Treasuries Clearing and Risk Management
Bruce H. Newman, Andre E. Owens, Stephanie Nicolas, Amy R. Doberman and Kyle P. Swan - WilmerHale
On December 13, 2023, the SEC voted (4-1) to adopt Standards for Covered Clearing Agencies for US Treasury Securities that will restructure the clearance and settlement of secondary market transactions involving the purchase and sale of US Treasuries and repurchase agreements and reverse repurchase agreements of US Treasuries. In this alert, we discuss the potential impact that the new requirements will have on clearing agencies, broker-dealers, registered funds and other US Treasuries market participants.
/jlne.ws/3S4LSqk
FTSE's 40th Is a Very British Disappointment; Underperformance by the once-revolutionary index reflects the UK's lack of a leading tech sector and the abandonment of equities by pension funds.
John Authers - Bloomberg
Forty Years On. London has an anniversary to celebrate. Jan. 3, 1984, saw the launch of the FTSE 100, and with it a big step forward in the way markets are traded and investments made. It has been the most closely followed index of the corporate UK ever since. Its arrival was one of many innovations that transformed the City of London in the 1980s.
/jlne.ws/3RNVEvV
Putting the democratic crisis into perspective; The free world has shrunk - but from heights that were unimaginable when I was born
Janan Ganesh - Financial Times
It is bad manners to pre-empt the FT's annual prize for individual achievement, but the Person of 2024 will be "the voter". Among the democracies that are due to choose a national government this year are the world's largest (India) and mightiest (the US), as well as the one that fancies itself the most established (Britain). In elections elsewhere, the stakes range from the municipal (Brazil) to the pan-continental (the European parliament). The people of Taiwan and conceivably even Ukraine, those front lines of the free world, will also exercise their right to decide who leads them.
/jlne.ws/3TLFc1C
RSM rules out radical changes to accounting partnership model; Head of largest firm outside the Big Four plans to focus on integrating its international network
Stephen Foley - Financial Times
The head of America's largest accounting firm outside the Big Four is standing by its partnership model, even as rivals pursue radical changes that have brought the profession's traditional structure into question. Brian Becker, managing partner at RSM US, said the firm had ruled out becoming an employee-owned corporation, like BDO, or taking an investment from private equity, as other US accounting firms have done.
/jlne.ws/3vnJxOA
Trump, Electric SUVs and Food Supply: The 2024 Climate Outlook; This year climate change will be part of almost every major story from elections to natural disasters.
Siobhan Wagner - Bloomberg
After a year of record heat, climate change has become a critical issue for countries worldwide. And still, headwinds from rising interest rates to political debates over environmentally-focused investing have made tackling global warming more difficult. Indeed, a study last year found that global efforts to reach net-zero carbon emissions are failing in every way, with the exception of the boom in electric vehicle sales. Will the story change in 2024? Our reporters and editors have selected 12 things to watch to help you prepare for the events that could inspire or stymie more climate action this year.
/jlne.ws/3tx6sGK
Hannah Ritchie: 'Doomsday predictions are a dream for climate deniers'
Killian Fox - The Guardian
Hannah Ritchie, 30, was born in Falkirk and studied environmental sciences at Edinburgh. She is now head of research at Our World in Data, whose mission, according to Ritchie, is "to present data that helps us understand the world's largest problems and how to solve them - that's everything from the environmental metrics that I tend to cover to poverty, health, democracy and war". Ritchie, who lives in London, is also a senior researcher at Oxford University. Not the End of the World - described by Margaret Atwood as "an inspiring data-mine which gives us not only real guidance, but the most necessary ingredient of all: hope" - is her first book.
/jlne.ws/47ugjeo
The TRADE predictions series 2024: Market Structure - industry unification; Participants across Euronext, Deutsche Boerse Group, Delta Capita and Clearstream Banking AG discuss how and why the market is working to align on key issues and the empirical steps being made to create a more unified market structure.
Editors - The Trade
Simon Gallagher, chief executive, London and head of global sales, Euronext. We think that the introduction of an anonymised, single-level pre- and post-trade consolidated tape will trigger innovations at trading venues. A key part of these innovations will be how retail orders are executed in Europe, as a consolidated tape becomes a benchmark for retail investors for best execution. We expect to see innovation in dark trading, which has not had a shake-up for a while, as AI is embedded into order matching algorithms, resulting in better execution outcomes.
/jlne.ws/3NQV6Em
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia launches record number of drones in Ukraine, and Putin says Moscow will intensify its attacks
Associated Press
Russia launched a record 90 Shahed-type drones across Ukraine during the early hours of the new year, and Russian President Vladimir Putin said his country would "intensify" its attacks on its neighbor. Speaking during a New Year's Day visit to a military hospital, Putin said Ukraine could expect more such strikes after shelling of the Russian border city of Belgorod that killed more than two dozen people and wounded more than 100 others.
/jlne.ws/3S4dURZ
EU adds Russia's largest diamond maker to sanctions list over Ukraine war; Alrosa's assets in the bloc will be frozen along with those of its chief, who will also be subject to a travel ban
Paola Tamma and Anastasia Stognei - Financial Times
The EU has added Russia's Alrosa, the world's largest diamond-mining company by output and its chief executive Pavel Marinichev to its sanctions list in response to Moscow's ongoing war in Ukraine. The designation announced on Wednesday is part of a G7 ban on imports of Russian diamonds that came into effect on January 1. The ban exempts Russian diamonds processed in third countries - but the exemption will be phased out by September 1 this year. By listing Alrosa and its chief, the EU seeks "to deprive Russia of this important revenue source", EU foreign policy chief Josep Borrell wrote on the social media platform X.
/jlne.ws/3NLcbQ3
The Russian murderers sent home as free men after fighting in Ukraine; Victims' families watch in horror as those convicted of gruesome crimes are pardoned in exchange for military service
Polina Ivanova - Financial Times
Anna Boltynyuk, from the Kaluga region of central Russia, lost her 18-year-old daughter Yana when she was raped and murdered in 2014. Now the man responsible has been freed after serving just three years of his sentence, following a campaign by the Kremlin to persuade convicts to fight in Russia's war in Ukraine in exchange for a presidential pardon.
/jlne.ws/3TMafub
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Top Hamas official Saleh Arouri, who headed West Bank operations, killed in Beirut blast
Baseem More - Associated Press
An explosion in Beirut on Tuesday killed Saleh Arouri, a top official with the Palestinian militant group Hamas and three others, officials with Hamas and the Lebanese group Hezbollah said. Lebanon's state-run National News Agency said the blast killed four people and was carried out by an Israeli drone. Israeli officials declined to comment.
/jlne.ws/48oY9vS
Hamas Leader Killed in Beirut Was Linchpin of Relations With Iran, Hezbollah; Israel, which hasn't officially claimed responsibility for Tuesday's killing, is on high alert for retaliatory strikes
Omar Abdel-Baqui and Summer Said - The Wall Street Journal
The killing on Tuesday night of a senior Hamas leader marked the biggest hit to the group's top leadership in years, taking out a key player who was responsible for aligning the Palestinian militant group with Iran and Iran's proxy Hezbollah.
/jlne.ws/48jUsaG
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Philippine Stock Exchange Says Market Trading Halted
Andreo Calonzo - Bloomberg
The Philippine Stock Exchange said market trading was halted on Wednesday without providing a reason, according to a post by the bourse on social media platform X. "Kindly stand by for further announcements," the bourse said in the post. Officials of the exchange have not immediately responded to requests for comment. Two years ago, the Philippine bourse canceled trading following a system glitch.
/jlne.ws/4aF3O2h
LSEG TORA global head of sales departs; Individual has previously worked across: Caspian, FIX Protocol, SWIFT, Macgregor, and AXA Investment Managers.
Claudia Preece - The Trade
Chris Jenkins, managing director and global head of sales, professional services and support at LSEG TORA has announced his departure following almost two decades with the business. Prior to his 17 year stint at TORA, Jenkins was managing director at Caspian, now LSEG Data and Analytics. Before that, he was co-head of Asia Pacific at FIX Protocol.
/jlne.ws/3tEtP0Z
TMX Group Completes Acquisition of VettaFi
TMX Group
TMX Group Limited (TMX Group) today announced it has completed the acquisition of the remaining approximately 78% of the common units of VettaFi Holdings LLC (VettaFi), a leading US-based, indexing, digital distribution, analytics and thought leadership company. TMX Group made strategic investments in VettaFi in the first half of 2023 for approximately 22% of the common units. The transaction was announced in December 2023. This acquisition is expected to accelerate TMX Group's long-term global expansion, and increase the proportion of revenue derived from the Global Solutions, Insights and Analytics segment and from recurring sources. The addition of VettaFi increases the depth and value of data-driven insights TMX Group provides to clients, expands the company's digital capabilities and expertise, and enriches TMX Group's industry-leading support for ETF issuers.
/jlne.ws/3H6i7iP
Abaxx Announces Signing of Agreements for Strategic Financing in Abaxx Singapore
Abaxx
Abaxx Technologies Inc. (NEO:ABXX) (OTCQX:ABXXF) ("Abaxx Tech" or the "Company"), a financial software and market infrastructure company and majority shareholder of Abaxx Singapore Pte. Ltd. ("Abaxx Singapore"), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, "Abaxx Exchange" and "Abaxx Clearing"), and producer of the SmarterMarketsâ„¢ Podcast, is pleased to announce that Abaxx Singapore has, as part of a best efforts equity private placement of preferred shares (the "Preferred Shares") and Ordinary Shares (the "Ordinary Shares") of Abaxx Singapore (the "Offering"), signed definitive investment agreements with a group of strategic corporate investors to participate in an Offering of 953,787 Preferred Shares and 4,837,392 Ordinary Shares for aggregate gross proceeds of approximately US$27,323,013. The investors for Preferred Shares are Abaxx's first group of globally recognized strategic participants in the market infrastructure and commodity ecosystems, while Abaxx Tech (through an indirect wholly-owned subsidiary) is the investor for the Ordinary Shares. Closing of the Offering is anticipated to occur on or about January 8, 2024.
/jlne.ws/3TLCaug
SIX Exchanges Figures: December 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/3THPBvt
CME Group Reports Record Annual ADV of 24.4 Million Contracts in 2023
CME Group
Highest Q4 and December ADV in company history; Record annual ADV across interest rate, options and agricultural products; Record annual ADV reached outside the U.S. CME Group, the world's leading derivatives marketplace, today reported its full-year, Q4 and December 2023 market statistics, showing it reached a record average daily volume (ADV) of 24.4 million contracts during the year, an increase of 5% over 2022. Q4 ADV increased 17% to a record 25.5 million contracts and December ADV increased 20% to a record 23.0 million contracts. Annual, quarterly and monthly market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/3voojQH
Deutsche Boerse publishes annual cash market statistics for 2023; 1.2 trillion. euro turnover on the Frankfurt Stock Exchange and Xetra trading venues; the most traded share in 2023 was SAP SE
Deutsche Boerse Group
The shares of SAP SE, Lufthansa AG, Morphosys AG and Formycon AG were the most traded securities in the DAX, MDAX, SDAX and Scale All Share indices last year. Deutsche Boerse announced this today by publishing its cash market trading statistics for 2023. Overall, order book turnover of EUR 1.2 trillion was recorded on the Frankfurt Stock Exchange and Xetra last year. euro achieved. In 2022 it was 1.6 trillion. euro.
/jlne.ws/48BCMqI
Special Change in KRX Sector Indices due to the spin-off
KRX Market
KRX will change the constituents of KRX Consumer Discretionary since the spin-off of the COWELL F/S(033290). Applied Index : KRX Consumer Discretionary; Addition : Fond Group (Spun-off company, tentative name) Effective date : 5th Feb, 2024 (the next trading day of the spun-off company's listing). Schedule above can be changed according to the spin-off schedule and for more details, please refer to the Index data product files.
/jlne.ws/3H6hplF
LME Warranted Stock Turnover January - December 2023
London Metal Exchange
Summary. Please find attached summarised information, by metal, of warranted deliveries to and from LME approved locations for the calendar year 2023.
/www.lme.com/en/News
SGX Group to report 1H FY2024 results on 1 February 2024
Singapore Exchange Group
Singapore Exchange (SGX Group) is reporting its half year (1H) results for Financial Year 2024 (FY2024) before the market opens on 1 February 2024. The announcement will be posted on www.sgx.com and the details of the results briefing are as follow.
/jlne.ws/3tu096Q
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | How to Build Tech Hubs in the American Heartland; Regions in the US interior are well-positioned to revive their manufacturing industries with new technology.
Richard Florida - Bloomberg
The nature and geography of American innovation are in the midst of change. For the past half century, the most exciting areas for high-tech innovation involved breakthroughs in entirely new fields. Today, many of the most important apply new technologies like robotics, electrification and artificial intelligence to existing industries.
/jlne.ws/3tIjBN5
The Role of AI & Machine Learning In FinTech
Richard Duke - Medium
FinTech has disrupted traditional financial services by offering more accessible, efficient, and customer-centric solutions. This shift is powered by companies integrating AI and ML into their fintech app development services, which enable FinTech companies to analyze vast datasets, automate tasks, and provide predictive and personalized services.
/jlne.ws/3NLjHKL
Webull Launches in Canada
Fintech Finance News
Webull Corporation, the owner of the popular Webull trading platform, today announced the launch of brokerage services in Canada. Through licensed financial services trading firm Webull Securities (Canada) Ltd., Canadian residents will be able to trade both Canadian- and US-listed equities through the award-winning Webull app.
/jlne.ws/4aTovrs
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| Cybersecurity | | Top stories for cybersecurity | Airbus In Talks to Buy Atos Cybersecurity Unit for Up to $2 Billion
Adria Calatayud - The Wall Street Journal
Airbus is in talks to buy Atos's cybersecurity unit, with an indicative offer that values the business at up to 1.8 billion euros ($1.97 billion) including debt. Facing fresh financial constraints, French IT group Atos is revisiting its asset-sale plans nearly a year after the European plane maker's failed bid to take a minority stake in the Atos division that houses the cybersecurity unit.
/jlne.ws/41JzWxv
Finding The Silver Lining In Cyber Regulations
Mike Lefebvre - Forbes
Many people get into their cars and buckle their seat belts without giving it a second thought. When the first seat belt regulation in the U.S. was introduced in the late 1960s, it was initially met with strong opposition from some. Today, however, it's become commonplace-a likely future for cybersecurity regulations.
/jlne.ws/3tDTBlV
Halcyon's Latest Funding Shows Robust Cybersecurity Growth
Steve McDowell - Forbes
Halcyon, an emerging player in the cybersecurity anti-ransomware sector, recently marked a significant milestone in its growth trajectory, securing an additional $40 million in a Series B funding round. This recent infusion of capital brings the company's total funding to an impressive $84 million, following a $44 million Series A round last April.
/jlne.ws/41R2iWU
For Cyber Companies, Economic Turbulence in 2023 Sets Up Uncertain 2024
Corporate security leaders say they try not to rely too much on one supplier after bumpy year
Catherine Stupp and James Rundle - The Wall Street Journal
Instability among cybersecurity providers in the past year has rattled security chiefs, leaving some hesitant to rely too much on one supplier. Cybersecurity is normally seen as protected from economic ups and downs because fears of large-scale hacks spur spending on cyber defenses. But corporate security executives across industries tightened their belts and applied extra scrutiny to vendor costs in 2023, adding pressure on suppliers.
/jlne.ws/3twzbeP
China's Balloons Are Back. This Time They Are Over Taiwan; Taiwanese defense ministry reports four Chinese balloons floating across the self-ruled island ahead of pivotal election
Joyu Wang - The Wall Street Journal
Nearly a year after the appearance of a suspected Chinese spy balloon over the U.S. sent relations between Beijing and Washington into free fall, high-altitude balloons from China have again been spotted floating over sensitive territory. This time, it is the main island of self-ruled Taiwan, which is days away from holding a presidential election with ramifications for the future of U.S.-China relations.
/jlne.ws/48l2Mqr
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| Cryptocurrencies | | Top stories for cryptocurrencies | Coinbase Custody Shuffles Leadership During Spot-Bitcoin ETF Race; Rick Schonberg replaces Aaron Schnarch at Coinbase Custody; Coinbase is most-common choice for custodian among applicants
Yueqi Yang - Bloomberg
Coinbase Global Inc.'s head of custody has departed the firm and been replaced as the crypto company gears up to provide services for spot Bitcoin exchange-traded fund applicants.
Aaron Schnarch, chief executive officer of Coinbase Custody, left in recent weeks, a spokesperson confirmed. He was replaced in August by Rick Schonberg, according to the spokesperson. Schonberg has been with Coinbase since 2021 and previously worked at Goldman Sachs, State Street and Tagomi, according to his LinkedIn profile.
/jlne.ws/47riZZT
Fidelity sets Bitcoin ETF fee at 0.39% ahead of expected SEC approvals
Leo Schwartz - Fortune
As the Securities and Exchange Commission appears on the precipice of approving the first wave of Bitcoin ETFs, issuers are jockeying for an early advantage to attract investors. In late December, two of the major issuers-Fidelity and Galaxy/Invesco-released details on their fees, while a slew of issuers named authorized participants, setting the stage for a battle to gain crucial early-mover status.
/jlne.ws/3RBYzrq
Bitcoin Miner CleanSpark Plans to Launch In-House Trading Desk This Year
David Pan - Bloomberg
CleanSpark Inc., one of the largest US public Bitcoin mining companies, intends to launch an in-house trading desk this year to maximize returns from its holdings of the cryptocurrency. "We really think that doing it ourselves is the best way especially with the large Bitcoin balance we have," Zachary Bradford, chief executive officer of CleanSpark, said in an interview. "It just makes financial sense to do it in-house."
/jlne.ws/3vjrUj0
Nigeria Slaps Strict Rules on Banks After Lifting Crypto Ban; Crypto providers can open bank accounts but no cash withdrawal; Banks still banned from holding, trading crypto for themselves
Nduka Orjinmo - Bloomberg
Nigeria's central bank has released inaugural guidelines for banks opening cryptocurrency accounts, while retaining its ban on them holding or trading in virtual assets on their own behalf. The rules, published on the central bank's website on Tuesday, flesh out the regulator's decision last month to lift its prohibition on banks operating accounts for crypto service providers.
/jlne.ws/41JZAlS
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| Politics | | An overview of politics as it relates to the financial markets | Harvard president Claudine Gay resigns amid plagiarism claims, backlash from antisemitism testimony
Steve Leblanc and Collin Binkley - Associated Press
Harvard University President Claudine Gay resigned Tuesday amid plagiarism accusations and criticism over testimony at a congressional hearing where she was unable to say unequivocally that calls on campus for the genocide of Jews would violate the school's conduct policy.
/jlne.ws/3NNPD0U
Can democracy survive 2024? A historic number of elections will take place this year, but autocracy is spreading and young people are rejecting the status quo
Alec Russell - Financial Times
There will be no fanfare outside the polling booth. Posterity may never know the voter's name. But early on the morning of January 7, a Bangladeshi will cast the first vote in their country's fraught national elections and set in motion the most intense and cacophonous 12 months of democracy the world has seen since the idea was minted more than 2,500 years ago.
/jlne.ws/3NTndCL
'A formulaic game': former officials say Trump's attacks threaten rule of law
Peter Stone - The Guardian
As Donald Trump faces 91 felony counts with four trials slated for 2024, including two tied to his drives to overturn his 2020 election loss, his attacks on prosecutors are increasingly conspiratorial and authoritarian in style and threaten the rule of law, say former justice department officials. The former US president's vitriolic attacks on a special counsel and two state prosecutors as well as some judges claim in part that the charges against Trump amount to "election interference" since he's seeking the presidency again, and that "presidential immunity" protects Trump for his multiple actions to subvert Joe Biden's 2020 victory.
/jlne.ws/3NNxFvw
Trump Sues Maine Official Who Disqualified Him From Ballot; Ex-president was disqualified over effort to reverse 2020 loss; Fight over Trump's eligibility likely headed to Supreme Court
Erik Larson - Bloomberg
Donald Trump filed a lawsuit seeking to restore his name to Maine's presidential primary ballot after the state disqualified him over his attempt to reverse the result of the 2020 election he lost to Joe Biden. The lawsuit filed Tuesday challenges a decision last week by Maine Secretary of State Shenna Bellows, who held that the former president is ineligible for another term because of a section of the US Constitution's 14th Amendment. The provision bars from federal office those who have sworn an oath to support the Constitution and then "engaged in insurrection" against the US.
/jlne.ws/3S4weeH
Voters Seeking Trump Ballot Ban Urge Supreme Court to Intervene
Greg Stohr - Bloomberg
Colorado voters seeking to bar Donald Trump from the 2024 presidential ballot urged the US Supreme Court to weigh whether he is eligible to reclaim the White House after the Jan. 6 Capitol riot. In a filing Tuesday, the voters said the high court should hear the Colorado Republican Party's appeal of a ruling that said Trump forfeited his right to run again through his efforts to overturn his 2020 election loss. Trump is expected to file his own appeal later Tuesday as pressure builds on the court to act. "This case is of utmost national importance," argued the voters, who are represented by the advocacy group Citizens for Responsibility and Ethics. "And given the upcoming presidential primary schedule, there is no time to wait for the issues to percolate further."
/jlne.ws/41LZNVu
Greek Radical Left's Bet on a Goldman Alum Isn't Working Out; Syriza's new leader saw raft of defections since taking charge; Kasselakis is trying to shift radicals to more moderate stance
Eleni Chrepa - Bloomberg
/jlne.ws/48ikcEp
The West Badly Needs More Missiles-but the Wait to Buy Them Is Years Long; Global conflicts and rising threats drive orders for missiles, planes, submarines and other complex weapons systems, but producers are struggling with supply chains and staffing
Alistair MacDonald, Doug Cameron and Dasl Yoon - The Wall Street Journal
/jlne.ws/48io5sZ
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| Regulation & Enforcement | | Stories about regulation and the law. | CFTC Settles Enforcement Action Against Commodity Trading Firm For Alleged Fraud In Connection With Physical Commodity Trading Only - No Derivatives
Gary DeWaal, Daniel J. Davis and Carl E. Kennedy - Katten Muchin Rosenman LLP
Emphasizing its broad authority over fraud solely in connection with commodities - not just fraud in connection with derivatives referencing commodities - the Commodity Futures Trading Commission settled an enforcement action against Freepoint Commodities LLC on December 14, 2023, where it alleged that the firm illegally traded fuel oil based on non-public information obtained through "corrupt payments" in violation of an applicable provision of the Commodity Exchange Act (7 USC Sec. 9(1)) and a CFTC rule (180.1). Freepoint is a commodities trading firm based in Connecticut which the CFTC said maintains "oil and gas trading operations around the world."
/jlne.ws/3vsW7ff
OKX Puts Users to the Test to Comply With New UK Crypto Regulation
Harsh Notariya - Beincrypto
The UK Financial Conduct Authority's (FCA) new regulations on crypto-asset advertisements are now in full swing. As a result, numerous crypto firms are either winding down their operations or implementing user experience (UX) changes to align with the new regulatory framework.
/jlne.ws/4aTpKXE
The Fintech Files: US crypto regulation? It's already too late; Your guide to the week's biggest fintech stories
Bilal Jafar - Financial News
Last year started on a sour note for crypto. Bitcoin struggled at $16,000. New investors stayed out of the market after FTX. Getting a clear regulatory framework in the US offered a ray of hope. But the Securities and Exchange Commission had other plans.
/jlne.ws/3S41fiN
Josh Adams - CCN
The European Union has issued a new directive for the treatment of potentially criminal assets. The rules have implications for crypto linked to possible criminal activity. Last year, the 27-member bloc passed its landmark MiCA legislation regulated digital assets. The European Union has taken a major step towards crippling organized crime by approving a new directive on asset recovery and confiscation. The rules, agreed upon by the Spanish presidency of the EU and the European Parliament on December 12, require member states to establish procedures for tracing, freezing and seizing profits from serious crimes like human trafficking and drug smuggling.
/jlne.ws/41Lj61p
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | MicroStrategy's Saylor Is Selling $216 Million of Company's Shares
Olga Kharif - Bloomberg
Michael Saylor is selling almost $216 million worth of shares in MicroStrategy Inc., the software company he co-founded and turned into the largest publicly-traded holder of Bitcoin. The 315,000 shares were acquired via stock options, according to a filing on Tuesday. A MicroStrategy spokesperson said the company previously announced a plan for Saylor to sell as much as 400,000 of stock between Jan. 2 and April 26 this year.
/jlne.ws/3S5rxl4
Oil's Ample Supply Has Analysts Predicting Tough Year for Crude; Indicators signal fears that output is running ahead of demand; Speculators tighten grip on trading, fueling wild price swings
Yongchang Chin and Devika Krishna Kumar - Bloomberg
Supply is back in the driver's seat for global oil markets. At issue is rising crude production from non-OPEC+ nations including the US, which could outstrip global demand that's still growing but at a slower pace. The oil cartel's response has been to pledge deeper output cuts, but traders are skeptical they'll be sufficiently implemented to fully eliminate a surplus. The combination has already pushed crude to its first annual decline since 2020, upending expectations of higher prices stemming from a post-pandemic recovery. Complicating the picture further, speculators have tightened their grip on the market, fueling price swings that are sometimes divorced from fundamentals.
/jlne.ws/41NSsoK
Buckle up - the inflation battle is entering a new phase; The US, UK and eurozone are on course to declare victory this year but difficult trade-offs await
Chris Giles - Financial Times
There is a fair chance that by the time the trees come into leaf in Washington, Frankfurt and London, this decade's inflation crisis will definitively be over. The eye of the storm has already passed and prices have been rising at rates no higher than central banks' targets in recent months.
/jlne.ws/3H4r0t7
US companies dive into convertible debt to hold down interest costs; Convertible debt worth $48bn was issued last year in rare bright spot for corporate fundraising
Harriet Clarfelt and Nicholas Megaw - Financial Times
US companies have been piling into the market for convertible bonds as they search for ways to keep their interest costs down, in a rare flurry of activity in otherwise subdued corporate fundraising markets. Issuance of convertible debt climbed by 77 per cent last year to $48bn, according to data from LSEG, making it one of the only areas of capital markets to return to pre-pandemic averages after 2022's market downturn.
/jlne.ws/47mmktr
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Saving the Panama Canal Will Take Years and Cost Billions, If It's Even Possible; A combination of climate change and infrastructure is to blame for critical shipping delays at the canal
Peter Millard and Michael D McDonald - Bloomberg
The vestiges of an ancient forest tell the story of just how bad things are at the drought-stricken Panama Canal. A few hundred feet from the massive ships hauling goods across the globe, gaunt tree stumps rise above the waterline. They're all that remains of a woodland flooded more than a century ago to create the canal. It's not unusual to see them at the height of the dry season - but now, in the immediate aftermath of what's usually the rainy period, they should be fully submerged. They're a visible reminder of how parched conditions have crippled a waterway that handles $270 billion a year in global trade. And there are no easy solutions. The Panama Canal Authority is weighing potential fixes that include an artificial lake to pump water into the canal and cloud seeding to boost rainfall, but both options would take years to implement, if they're even feasible.
/jlne.ws/47l9zPN
Big Four firms rethink governance after year of mis-steps and scandals; Auditors and regulators consider ways to strengthen oversight and hold management to account
Stephen Foley and Simon Foy - Financial Times
A series of scandals and strategic mis-steps exposed shortcomings in the governance of Big Four accounting and consulting firms in 2023, prompting a rethink about how best to hold management to account. EY's US partners voted before Christmas to introduce a new governance system that includes a board to oversee management and approve strategy, according to people familiar with the matter. The revamp, which will come into force in July, was proposed after EY's current US management team vetoed a plan to spin off the firm's global consulting business, prompting anger from many partners.
/jlne.ws/3RI1VJt
4 ways AI can help with climate change, from detecting methane to preventing fires
Julia Simon - National Public Radio
Lots of industries have embraced artificial intelligence as a tool this past year, including climate solutions companies. From detecting pollution to wildfires, companies are finding AI can help translate vast amounts of climate-related data faster and more efficiently, says Sasha Luccioni, climate lead for AI company Hugging Face. Luccioni notes it's important to be cautious about whether AI is always necessary. Generative AI, which makes new content, can use large amounts of energy and have a big carbon footprint. But she says there are many applications for AI in the green transition.
/jlne.ws/48XE1Rp
'Transition Finance' Takes Center Stage in 2024; It was part of the agreement at COP28 in which 200 nations agreed to move away from fossil fuels. But what it means is another matter.
Natasha White - Bloomberg
"Transition finance" is shaping up to be one of the new year's most important subjects for anyone professing to care about the climate crisis. There's a "whole world of transition finance being created as we speak," said Mark Carney, the United Nations special envoy on climate action and finance, during a panel discussion at last month's COP28 in Dubai.
/jlne.ws/48FAOFW
Britain turns to floating turbines to tap into 'remarkable' wind speeds; Industry preparing to take next step in pioneering a key technology in push to hit net zero by 2050
Rachel Millard and Lukanyo Mnyanda - Financial Times
After spending most of his career as an engineer in the oil and gas industry, Dan Jackson has turned his skills to greener ventures. He plans to put hundreds of floating turbines up to 200km off the Scottish coast, making him one of the pioneers of new technology designed to harness the greater wind speeds further out at sea. The floating structures open up vast new areas offshore by overcoming the limitations of conventional turbines, which are fixed to the seabed and are difficult to install beyond depths of 60m. They are more expensive to install but those higher costs are offset by the fact they can generate significantly more energy.
/jlne.ws/47gBZKM
I thought most of us were going to die from the climate crisis. I was wrong; In an extract from her book Not the End of the World, data scientist Hannah Ritchie explains how her work taught her that there are more reasons for hope than despair about climate change - and why a truly sustainable world is in reach
Hannah Ritchie - The Guardian (book extract)
/jlne.ws/3tDTWoH
Native Hawaiian salt makers combat climate change and pollution to protect a sacred tradition
Deepa Bharath - Associated Press
/jlne.ws/48q5ueE
A Plant Proposed in Youngstown, Ohio, Would Have Turned Tons of Tires Into Synthetic Gas. Local Officials Said Not So Fast; The mayor and city council have enacted a one-year moratorium after the EPA raised multiple environmental justice concerns, from toxic air to hazardous waste.
James Bruggers - Inside Climate News
/jlne.ws/4aGv3cM
Record-breaking doctors' strike piles pressure on England's health service
Muvija M - Reuters
/jlne.ws/48mL46e
2023 Was Second Warmest Year on Record for UK, Says Met Office
Danny Halpin - Press Association via Bloomberg
/jlne.ws/47Bhk4p
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citigroup Shares to Double Over Next Three Years, Mayo Says; Wells Fargo analyst expects shares to rise to $119 in 2026; Says bank's 'metamorphosis' should make it more profitable
Bre Bradham - Bloomberg
Mike Mayo is doubling down on his bullish call for Citigroup Inc. The Wells Fargo & Co. analyst has already named Citi his top pick among big bank stocks for 2024, replacing JPMorgan Chase & Co. as his favorite. But he took it even further by saying he expects shares to more than double over the next three years as the bank undergoes a "metamorphosis." Mayo's base case is for the stock to rise to about $119 through 2026, which would mark a 131% advance from where it ended 2023.
/jlne.ws/3voTAD1
JPMorgan Shares Climb to Record High
Bre Bradham - Bloomberg
JPMorgan Chase & Co. hit a fresh record high for the first time in more than two years. Shares of the largest US bank gained 1.2% to $172.08, surpassing the prior high watermark set in October 2021. The New York-based lender has been a top performer in the sector as it posted record results last year, prompting its Chief Executive Officer Jamie Dimon to warn that the bank is "over-earning" in some areas.
/jlne.ws/3H2tPer
UBS Taps Shawki to Lead Gulf Dealmaking, Hires Deutsche Veteran; UBS names Hazem Shawki new head of MENA investment banking; Deutsche Bank's Bassel Zaouk is set to join UBS in senior role
Dinesh Nair, Nicolas Parasie, and Myriam Balezou - Bloomberg
UBS Group AG named a new leadership team at its Middle Eastern dealmaking unit and hired a Deutsche Bank AG veteran for its wealth business, bolstering operations in a region that's emerged as one of the most significant pockets of growth for global banks.
/jlne.ws/3RMTEns
Hedge Funds Millennium, Eisler Close Out 2023 With 10% Gains
Liza Tetley and Nishant Kumar - Bloomberg
Millennium Management gained about 10% last year amid a wide dispersion in performance among hedge funds whose multiple teams of traders faced a challenging 2023, according to a person with knowledge of the matter. Izzy Englander's $61 billion firm improved its returns from low single digits in the early part of the year. Eisler Capital, a London-based multi-strategy hedge fund gained 9.8%, according to another person. Both the people asked not to be identified because the details are private. Representatives for Millennium and Eisler declined to comment.
/jlne.ws/3RIfbxS
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Remote work isn't killing business travel - it's transforming it
Elizabeth Bennett - BBC
The days of in-person client meetings may be waning, but employees are setting out on corporate trips for new reasons. During pandemic-era lockdowns, companies were forced to find virtual alternatives to once-essential business trips. As video calls became standard, technology provided a reasonable stand in for face-to-face client meetings. When the world reopened again, many leaders realised that much of their pre-pandemic business travel was no longer necessary or financially sensible. Why pay the expense, when Zoom calls now got the job done, and in many cases were safer than in-person interaction?
/jlne.ws/4aF7xgf
Gen Z employees are bringing their own work ethic to the office, here's how employers should respond: expert
Brittany Kasko - Fox Business via NY Post
Forget 'quiet quitting,' now there's 'rage applying' - the latest workplace trend matters
Laid off and letting the world know: People out of jobs share their tales of woe online
Career trend 'act your wage' from fed up workers brings job warnings from experts
As the year of 2024 gets underway, millions of workers are heading back to their 9-to-5 jobs after the holiday break. Quiet quitting, "lazy girl jobs" and "bare minimum Mondays" are the trends on social media still floated by many members of Gen Z as well as millennials - who just don't want to follow traditional employee standards.
/jlne.ws/48haqST
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Want to Be Wealthy? You Might Try Therapy; Economists know that tangible interventions such as a new highways can improve outcomes. But what about psychological interventions?
Tyler Cowen - Bloomberg
Economists are used to the idea that intervening in concrete ways - spending on development projects, for example, or on social services - can improve outcomes. But what about psychological interventions? Is it possible to make people wealthier simply by helping them feel better? What is the connection between psychotherapy, or pharmaceutical treatments, and wealth accumulation? This is a new branch of economic research, and the results are by no means definitive. Yet these investigations are especially important for development economics. In poor countries, people may be especially likely to suffer from trauma, given circumstances of war and violence, food scarcity or natural disasters. And purely psychological interventions have promise as modest tools for economic self-improvement.
/jlne.ws/47mmaSR
The Time You Need to Put In to Make a Real Friend; Maintaining friendships can be logistically tough, but good for us physically, mentally and emotionally
Clare Ansberry - The Wall Street Journal
Many of us worry that we don't put in enough time to maintain close friendships. But how much is enough? As we trek further into adulthood, many of our friends fall away. It's understandable: Family and jobs become more demanding and free time more limited. We may want to meet a close friend for coffee or dinner, but our calendars are full with work, must-do appointments, meetings or kids' activities.
/jlne.ws/48ip10t
'If You Sleep In Socks You're a Psychopath.' Health Tip Kicks Up Controversy; Covering those tootsies might help you catch more Zzz's, but many call the idea a nightmare; couples find they aren't sole mates
Mengqi Sun - The Wall Street Journal
Before going to sleep in a hotel room he shared with his brother recently, Matthew Johnson slipped wool socks over his feet. He did what? "My brother saw me putting on socks and he was like, 'That's crazy. You're a crazy person,'" says Johnson, a senior at George Mason University in Virginia. A growing understanding of the importance of sleep for health and lifespan has made slumber hacks and gadgets all the buzz-including the increasingly common advice to sleep with socks.
/jlne.ws/420lKk9
How to Put a Lid on Your Drug Costs in 2024; Tips for controlling your drug spending if you've got a deductible that reset upon the new year
Peter Loftus - The Wall Street Journal
The start of a new year means a fresh round of out-of-pocket costs for people taking prescription drugs. Health-insurance deductibles reset on Jan. 1. That means, if your deductible applies to your prescription-drug costs, you could be on the hook for thousands of dollars while you're spending down the deductible and more favorable insurance coverage kicks in. (Of course, you might still be on the hook for any copays and coinsurance.)
/jlne.ws/41HktOB
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | India Says Russian Oil Import Drop Not Due to Payment Challenges; Oil Minister Puri says slump driven by unattractive discounts; 'There is no payment problem,' minister says after cargoes ebb
Rakesh Sharma - Bloomberg
Indian refiners reduced oil imports from Russia as discounts on cargoes weren't attractive, according to Oil Minister Hardeep Singh Puri, who dismissed the notion flows dropped because of payment-related challenges. "There is no payment problem," Puri said at a briefing in New Delhi on Wednesday, without mentioning a price cap on cargoes imposed by the Group of Seven that's designed to punish Russia for the war in Ukraine. "It is a pure function of price at which our refiners will buy," Puri said.
/jlne.ws/3TOyg3U
China Fortune Land's Bond Investors Get Only Partial Payment; Some creditors received 0.55% of principal versus 1.8% due; Home sales continue to decline despite Beijing's support
Bloomberg News
Some holders of China Fortune Land Development Co. dollar bonds have received less than a third of the payments due Dec. 31 from a debt restructuring agreement, according to people familiar with the matter. Creditors who participated in the offshore debt restructuring received about 0.55% of the principal as of Tuesday afternoon in Hong Kong, the people said, asking not to be identified as the information is private. The distressed builder, which was obliged to repay 1.8% of the principal, said the delay was due to a technical problem, the people said.
/jlne.ws/48kYOOz
Exclusive: China's top banks tighten exposure to smaller peers to curb credit risk
Reuters
Some of China's top banks have sharpened scrutiny of smaller peers' asset quality and have tightened standards for interbank lending, three sources said, in an effort to curb credit risk as a deepening property debt crisis ripples through the economy. Two of China's biggest state-owned banks and a leading joint-stock bank have stepped up reviews of smaller lenders over the past couple of months to identify those with poor asset quality and have a high risk of default, the sources said.
/jlne.ws/48zjXEo
Abu Dhabi Royal Sets Up Firm to Hold $27 Billion in Assets; New firm, 2PointZero, will be transferred into Abu Dhabi's IHC; Holdings will range across sectors from financials to mining
Adveith Nair - Bloomberg
Abu Dhabi's largest listed company, led by a key member of the emirate's royal family, is setting up a new holding firm with assets worth 100 billion dirhams ($27 billion) across sectors ranging from financial services to mining.
/jlne.ws/3S4F8ZI
New York City Has a Snowy Weekend Ahead: Weather Watch; A wintery forecast for the Big Apple is on Bloomberg Green's radar today.
Brian K Sullivan - Bloomberg
New York City and the US Northeast will likely get its first measurable snow of the season this weekend as a fast moving, weak storm swirls up the East Coast. New York's Central Park, which has only had a trace of snow since the start of December, could get 1 to 2 inches (2.5 cm to 5.1 cm) starting about 7 p.m. on Saturday, said Rob Carolan, owner of Hometown Forecast Services, which provides outlooks for Bloomberg Radio. Washington, Philadelphia and Baltimore will get about the same and Boston may get an inch more.
/jlne.ws/4aLsOEX
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