| August 12, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2024 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Cantor Fitzgerald Chairman and CEO Howard Lutnick shared some updates from his recent activities on LinkedIn over the weekend, including hosting in his home a very successful $15 million fundraiser for former President Donald Trump and delivering a speech to the same Bitcoin conference that Trump spoke at, promising to create a Bitcoin reserve.
Lutnick had presaged a $10 million haul for the fundraiser during an appearance on Bloomberg Television before the event, which was expected to have 100 people in attendance, each paying $25,000 to be there. The event ended up with 130 people and $15 million raised.
At the Bitcoin Conference in Nashville, Lutnick shared the firm's journey from tragedy to triumph in the world of digital assets. He recounted the heartbreaking loss of 658 employees, including his brother, during the 9/11 attacks, and how the firm committed to rebuilding by pledging 25% of its profits to the families of the deceased. This pledge was fulfilled through a unique model in which new employees contributed 25% of their payroll to support these families, ultimately raising $180 million over five years. Lutnick's leadership during this time earned him the title of Man of the Year from the Financial Times in 2001.
As Cantor Fitzgerald grew to 13,000 employees, it also spun off BGC Partners, rewarding those who contributed to the fundraising effort with equity. Those who gave 25% of their payroll, earned it all back and then doubled it, Ludnick said, through the BGC Partners IPO. Lutnick highlighted the firm's position as a leading investment bank for digital assets and its role as a primary dealer with the U.S. Federal Reserve, capable of creating liquidity on demand. He discussed a partnership with Tether, assuring that its reserves were fully backed and addressing unfounded allegations against the company. Lutnick announced Cantor's new venture into Bitcoin financing, emphasizing the importance of integrating Bitcoin into mainstream finance. He concluded by affirming Cantor Fitzgerald's commitment to Bitcoin and its potential to trade freely like gold.
RJO CEO Gerry Corcoran posted a message to LinkedIn that emphasizes the importance of continuous improvement, a core principle at RJO. He highlighted the value of listening to clients, understanding their needs, and acting on feedback to drive growth. At a recent conference, direct client feedback-both positive and constructive-proved invaluable, reinforcing the commitment to improvement, Gerry said. Gerry encouraged all business professionals to embrace feedback as a tool for growth, urging them to listen to clients and prioritize their challenges.
Former FT Journalist Jeremy Grant has written a piece for The Scotsman titled "Princes Street could be turning a corner, at long last" which makes the argument that Edinburgh's Princes Street, once a premier retail destination, has experienced significant decline, symbolizing broader issues in Scottish architecture and high street retail. The street has seen a shift away from traditional retail due to the pandemic and the rise of new shopping centers, leading to closures and a change in the character of the area. However, there are signs of revival through a "mixed use" strategy, with new investments in hotels, restaurants, and "destination" shops like Uniqlo and Apple. The future of Princes Street is expected to focus more on tourism-driven developments rather than a return to its former retail glory.
Just an interesting fact: Princes Street is in the "Heart of Lothian."
Congratulations to Corties Draper, the host of Futures Discovery and a recent graduate from Roosevelt University who has been interning on the trading floor of the CME this summer, for being hired by MIAX as a trading operations and Q&A analyst. MIAX is the sponsor of Futures Discovery and worked with Corties in helping us develop this new series the last 12 months. I have to say that Corties maximized the opportunities from the relationships he developed and landed with a company that can use his many talents. Congratulations to both Corties and MIAX.
Bethan Staton, Georgina Quach, Cristina Criddle and Leo Cremonez of the Financial Times have published a story titled "Business Books: What to read this month." It is August and you have some time while you have your toes in the sand reading at the beach, so here are some books to make your time productive.
I am currently reading/listening to a book by one of their FT colleagues, Gillian Tett, who penned "Anthro-Vision - A New Way to See in Business and Life." I just finished "The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend" and "The Bond King: How One Man Made a Market, Built an Empire, and Lost It All" about Bill Gross.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Our most read stories from our previous edition of JLN Options were:
- Unrealized Insurance: The Futures Industry's Missed Opportunity for FDIC-Like Protection in 1973 from John Lothian News.
- Agricultural Futures: Navigating the Fields: Futures Discovery EP 12 from John Lothian News.
- Volatility Pros Say Record VIX Surge on Monday Was a Head Fake from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
Unrealized Insurance: The Futures Industry's Missed Opportunity for FDIC-Like Protection in 1973 
Did you know the futures industry almost had insured customer accounts akin to the Federal Deposit Insurance Corporation (FDIC) in banking when the CFTC was first proposed in 1973? I ran across this fact while working on MarketsWiki. The Commodity Futures Trading Commission Act of 1974 was a landmark piece of legislation that fundamentally reshaped the regulation of the U.S. futures markets. One of the most intriguing aspects of the original proposal was Title III, which aimed to establish a Federal Commodity Account Insurance Corporation (FCAIC). This entity would have functioned similarly to the Federal Deposit Insurance Corporation (FDIC), providing insurance for customer accounts in the futures industry. However, this proposal never came to fruition.
++++
 TradeStation's James Putra talks with JLN about options, crypto derivatives, AI and other trading tools at the OIC conference JohnLothianNews.com JLN spoke with James Putra, vice president and head of product at TradeStation, at the Options Industry Conference in Asheville, NC. The interview is part of the JLN Industry Leader video series sponsored by OCC. In the interview, Putra talked about the pressure on the spot crypto market and said that trying to squeeze it into traditional finance is not necessarily better for the individual customer, and brings high risk for that customer. Watch the video »  Dan Sullivan and Michael Rothstein - JLN Podcast Listen »  Agricultural Futures: Navigating the Fields - John Lothian News Watch Video »
++++
| Sponsored Content |
Join us next month for Barchart's Grain Merchandising & Technology Conference in Orlando, Florida! This is your chance to connect with industry leaders from around the world, gain invaluable insights, and discover cutting-edge solutions for grain merchandising and origination. With discounted room rates available before, during, and after the event, and exceptional on-site amenities including restaurants, a golf course, pools, and a waterpark, spots are filling up fast. JLN subscribers also get exclusive access to discounted tickets! Secure your spot today at this can't-miss event for grain merchandisers, originators, general managers, and grain buyers worldwide! View the full agenda at barchart.com/grainconference.
|
++++
Perplexity makes gift to Northwestern Medill to Research AI and Journalism
Perplexity
Journalism has navigated numerous technological advances, from the advent of newspapers and radio to the rise of alternative outlets like social media and podcasting. The most recent monumental shift is the introduction of artificial intelligence and its impact not only on how we work but also on how we consume information. As this technology becomes more sophisticated and pervasive, how do we ensure that news publishers thrive as our Internet ecosystem changes? We're excited to announce that Perplexity is making a gift of $250k in support of Northwestern University's Medill School of Journalism, Media, Integrated Marketing Communications to bolster its research on these critical topics. Led by Medill Professor and Knight Chair in Digital Media Strategy, Jeremy Gilbert, the Knight Lab is already experimenting with ways that AI can support the work journalists do, and how this technology will morph the news industry on a broader scale.
/jlne.ws/3T6aD5Z
****** I use Perplexity every day in my work. It is great for research. This is a strategic gift by Perplexity to help bring some clarity to how AI and journalism work together.~JJL
++++
Gen Z's Confessional Style Fuels Generational Divide on LinkedIn; Longtime users irked by personal content lament that the job-hunting website has become more like Facebook. But some experts see an upside to being more open.
Charlie Wells - Bloomberg
Ali Cudby spends a lot of time on LinkedIn, using the platform to network and find clients for her customer-retention business. But lately, she finds herself caught in what many users describe as a growing generational divide on the website. The Gen X entrepreneur from Boston, who has an MBA from Wharton, is turned off by the barrage of performative content from hustle-culture influencers and AI-generated "thought leadership," not to mention the pet and the vacation photos that increasingly populate her feed. With her engagement numbers dropping, she recently consulted a social media expert who advised her to post "more personal stuff" to increase her visibility. But it doesn't come naturally.
/jlne.ws/3YBX5m8
***** Evidently Boomers' confessional style is evident on LinkedIn too.~JJL
++++
'There Could Be Social Unrest': Finance Veterans on the Next Big Risk; Three Wall Street executives weigh in on the dangers they see ahead for investors.
Sonali Basak - Bloomberg
One of the main tasks of investment professionals is managing risk, and the list of potential minefields these days is lengthy. From contentious elections around the globe to deadly wars in the Middle East and Ukraine to economies at crossroads after the most aggressive pace of central bank tightening in a generation, investors have had to navigate an uncertain path in search of returns. But what about those risks flying under the radar?
/jlne.ws/4dpd0J1
****** When AI takes the truckers jobs, we are going to be in trouble. You don't want to mess with the International Brotherhood of Teamsters.~JJL
++++
Friday's Top Three
Our top clicked item on Friday was our MarketsWiki page for Neil Lustyk, who was the MarketsWiki Page of the Day on Friday. Second was MarketsWiki Education World of Opportunity Virtual Event 2021. Third was This Texas Energy Is So Bountiful, They Pay You to Take It Away, from The New York Times.
++++
++++
|
|  | | | |
 | |
| Lead Stories | Summers Calls for SEC, Exchanges to Probe Monday's VIX Surge; VIX index, key gauge of volatility, rang alarm bells with jump; Summers queries whether liquidity issues were involved
Chris Anstey - Bloomberg
Former Treasury Secretary Lawrence Summers urged the Securities and Exchange Commission and relevant exchanges to look into the historic surge in the most-watched gauge of US financial volatility on Monday. "My understanding is that because there are some illiquid instruments that go into the calculation of the VIX, the VIX had a somewhat artificial move on Monday," Summers said on Bloomberg Television's Wall Street Week with David Westin on Friday. "Since that is so widely watched an indicator, issues of liquidity, issues around how it settles, I think should be studied by the relevant parties in the industry and the regulator - the SEC."
/jlne.ws/4dFOumA
Volatility Pros Say Record VIX Surge on Monday Was a Head Fake; Wall Street's fear gauge said to overstate the market stress; Lack of liquidity and short covering seen fueling index spike
Lu Wang and Denitsa Tsekova - Bloomberg
On the surface it was a stock shock for the ages, a once-in-a-generation spike in turbulence that reverberated through global markets. But what if Monday's extreme volatility event wasn't quite what it seemed? That's the theory now bouncing around on Wall Street, after a frantic week in which the Cboe Volatility Index staged its biggest intraday jump on record. The VIX, as it's known, is sometimes called the fear gauge for its use as a measure of expected stress in US stocks. But some options pros are asking whether it flashed excessively bearish sentiment - less tethered to the market reality - during a jump of as much as 42 points in early trading at the start of this week.
/jlne.ws/3WIvGfw
Why India's Giant Options Market Is a Worry for Regulators
Chiranjivi Chakraborty - Bloomberg
India has gone from being a small player in the equity derivatives market to the world's largest, all within just five years. Most of the new demand is coming from inexperienced retail investors with an appetite for risk. Annual turnover in the market is now greater than the entire output of Asia's third-biggest economy. Dabbling in these options can land investors with big losses when bets go wrong. Regulators are increasingly concerned about the potential danger to financial stability, and government officials have promised action to reduce the chances of a market blowup.
/jlne.ws/3WWil4J
Traders Wary of Going Back to All-In on Stocks Weigh Up Options; Risk reversals, call spreads are cheaper way to bet on moves; Volatility remains elevated; hedging demand makes puts pricey
David Marino and Natalia Kniazhevich - Bloomberg
After one of the wildest weeks in recent market history - the S&P 500 Index posted both its biggest one-day slump and best rebound since 2022 - traders could be forgiven for not wanting to jump back in fully into stocks. Some are now are looking into options. Risk reversals and call spreads, strategies that involve buying a contract while selling another, are known for providing a cheaper way to bet on market direction. Now they're especially appealing for bullish views: In recent days, calls on the S&P 500 Index have been at their cheapest in years relative to puts, data compiled by Bloomberg show.
/jlne.ws/3SNbCaR
Chair of Indian regulator invested in funds linked to Adani, alleges Hindenburg Research; Madhabi Buch and her husband deny claims she is biased and say their finances are an 'open book'
Chris Kay in Mumbai - Financial Times
The chair of India's capital markets regulator held stakes in an offshore fund structure used by Vinod Adani, holding the agency back in investigating fraud charges against the powerful eponymous conglomerate run by his billionaire brother, according to fresh allegations levelled by US short seller Hindenburg Research. Madhabi Buch, head of the Securities and Exchange Board of India, and her husband had "hidden" holdings in Bermuda and Mauritius entities also drawn upon by the older brother of Adani Group founder Gautam Adani, Hindenburg Research said in a post late on Saturday, citing leaked documents in its possession.
/jlne.ws/3M08qF9
Carry-Trade Blowup Haunts Markets Rattled by Rapid Unwind; Yen surge sowed havoc as traders dumped assets to repay loans; Brief global crash shows risks fanned by Japan's low rates
Matthew Burgess, Maria Elena Vizcaino, and Vinicius Andrade - Bloomberg
By now, last Monday's global market meltdown looks more like a brief tremor, a fleeting panic unleashed by a small policy shift from the Bank of Japan and resurgent fears of a US recession. But the way it unfolded so rapidly - and just as quickly faded out - is exposing how vulnerable markets are to a strategy that hedge funds exploited to bankroll hundreds of billions of dollars of bets in virtually every corner of the world.
/jlne.ws/4fzUKhL
Bonds Are Back as a Hedge After Failing Investors for Years; 'Finally the reason for bonds is shining through': Abella; Inverse relationship between bonds and stocks has returned
Liz Capo McCormick and Ye Xie - Bloomberg
Gregg Abella, a money manager in New Jersey, wasn't expecting the flood of phone calls he got from clients this past week. "Suddenly people are saying to us, 'Wow, do you think it's a good time for us to add bonds?'" It's something of a vindication for Abella. He's been, in his words, "banging the gong" for bonds - and asset diversification, more broadly - for years. This was long a decidedly out-of-favor recommendation. Until, that is, stocks started to tumble this month. Quickly, demand for the safety of debt soared, driving 10-year Treasury yields at one point early last week to the lowest levels since mid-2023.
/jlne.ws/4dvQKNk
Investors Borrowed Like Crazy During the Rally. Now They're Paying the Price; Behind the market tumult of the past month: the rapid unwind of several popular trades and the heavy use of leverage
Gregory Zuckerman, Jack Pitcher,Vicky Ge Huang and David Uberti - The Wall Street Journal
They built over months: big bets on the Japanese yen. Complex cryptocurrency wagers. Investments in hot tech companies. Common to all the trades were heavy doses of leverage, or borrowed money, which investors used to amplify expected gains. As markets rose through the first half of 2024, the investments generated windfall profits, inspiring copycat traders to get on board and pushing prices higher.
/jlne.ws/4dleBiZ
Experts Are Fighting Over Whether to Treat Heat Waves Like Hurricanes; There's a growing push to improve public risk awareness by giving heat waves names, just like hurricanes. Meteorologists are skeptical.
Olivia Rudgard - Bloomberg
When a 40C (104F) heat wave threatened the UK for the first time in 2022, officials were caught flat-footed. This was uncharted territory for Britons, whose typical summer is dreary gray interspersed with flashes of welcome sunshine. Top temperatures in July in the UK barely graze 20C on average, even in our modern, warmed-up climate. Now 40C heat was set to affect the whole of Europe, cutting a swath through the UK that would put millions of people in danger. "What happened back then had never happened before," says Candice Howarth, head of climate adaptation and resilience at the Grantham Research Institute on Climate Change and the Environment. "The UK doesn't have much experience of these types of risks. So the severity of the issue is quite difficult to convey."
/jlne.ws/3YI3XOS
Olympic Gold Medals Are Worth More Than Ever After Cost of Metals Surged
Jacob Reid - Bloomberg
Olympic gold medals are worth more than ever at this year's Paris games, with the raw materials that go into them having the potential to fetch about $900 each. The medals contain six grams of gold, the price of which soared to a record in mid-July thanks to central-bank buying, retail interest in China and expectations of easing US monetary policy. Prices are also substantially higher this year for silver, which makes up at least 92.5% of the weight of gold medals.
/jlne.ws/3M4rxO8
Swiss central bank will struggle to break its interventionist habit; Actively unwinding the balance sheet could push the economy back into deflation
Toby Nangle - Financial Times
In a crowded field of central bank monetary experiments, Switzerland's efforts stand out as particularly wild. The Swiss National Bank now finds itself with an outsized balance sheet and no easy way to unwind it. Like other central banks, the SNB expanded its balance sheet to ward off the spectre of deflation. Unlike developed market peers, it did so by selling freshly created electronic money into foreign exchange markets and investing the proceeds in global stocks and bonds. This is no small point of difference.
/jlne.ws/4dEagqZ
How Bank of America Ignores Its Own Rules to Prevent Dangerous Workloads; Death of a former Green Beret sparks outcry about the all-nighters and 100-hour weeks that grind down young investment bankers
Alexander Saeedy - Financial Times
Yuliya Lavysh was thrilled to accept a job offer from Bank of America while a student at Smith University. She quit in 2022 after three years in the Chicago office, where senior bankers kept her and her teammates at their desks until 5 a.m. and instructed them to lie about their hours. Once, she said, she worked until 4 a.m. in the office and was on her way home in a taxi, only for her boss to request more changes for a proposal to a client and to leave a printed copy for senior staff to review later that morning. She asked the cabdriver to turn around.
/jlne.ws/3YChyav
|
| | | |
|
| |
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine Anti-Graft Agencies Say Deputy Energy Minister Detained
Kateryna Chursina - Bloomberg
Ukraine's anti-graft agencies said a deputy energy minister had been detained on suspicion of bribery, with an illegal scheme related to the transfer of coal mining equipment broken up. Investigators from the National Anti-Corruption Bureau (NABU) said Monday they discovered that the deputy minister, who wasn't identified, proposed the transfer of equipment to the directors of a state coal mining company in the east of Ukraine and a state coal mine in the west. The deputy minister asked for a $500,000 bribe in exchange, NABU said in a post on Telegram. The official was caught when he was receiving one of the five $100,000 instalments, NABU said.
/jlne.ws/3WGpDIG
Is it the end for Russian gas supplies to Europe via Ukraine?
Reuters
Russia is still pumping natural gas to Europe via the war zone in Ukraine. Why? The Soviet-era Urengoy-Pomary-Uzhgorod pipeline brings gas from western Siberia via Sudzha in Russia's Kursk region. It then flows through Ukraine in the direction of Slovakia. In Slovakia, the gas pipeline is divided, one of the branches goes to the Czech Republic, the other to Austria. The main buyers of gas are Hungary, Slovakia and Austria.
/jlne.ws/3WZ5oqN
Exclusive: Billions in dollar and euro notes reach Russia despite sanctions
Gleb Stolyarov, Filipp Lebedev and Alexander Marrow - Reuters
Around $2.3 billion in dollar and euro bills have been shipped to Russia since the United States and EU banned the export of their banknotes there in March 2022 following the invasion of Ukraine, according to customs data seen by Reuters. The previously unreported figures show Russia has managed to circumvent sanctions blocking cash imports, and suggest that dollars and euros remain useful tools for trade and travel even as Moscow strives to reduce its exposure to hard currencies.
/jlne.ws/3M2ULgo
Ukraine's incursion displaces more than 133,000 in Russia; Governor of Belgorod region reports 'enemy activity on the border'
Isobel Koshiw and Max Seddon - Financial Times
Russia evacuated more than 11,000 people from settlements near the border on Monday, bringing the number displaced close to 100,000 as Ukraine pursued its surprise incursion, the first ground invasion of Russia since the second world war. Ukraine's offensive in the Kursk region has caught out Vladimir Putin's forces since it began a week ago, and has raised the prospect of Moscow losing its internationally recognised territory for the first time since the Russian president ordered the full-scale invasion of Ukraine in 2022.
/jlne.ws/3SM3OGn
European gas traders shun Ukraine storage after Russian attacks; Increased risk and lack of price incentives diminish appeal of the country's facilities
Shotaro Tani and Alice Hancock - Financial Times
European traders this summer are using only a fraction of Ukraine's vast natural gas storage, following Russian attacks that drove up risks, depriving the war-torn country of scarce revenues. Ukraine has the largest underground storage facilities in Europe and last year provided EU companies with valuable space to park their excess gas ahead of winter. But after a Russian offensive in the spring homed in on Ukraine's energy infrastructure, including pumping facilities for gas storage, European volumes in June and July dropped to just a tenth of the quantities stored over the same period last year.
/jlne.ws/3X1noRE
|
| | | |
|
| |
| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Jordan's King Calls for De-Escalation of Tensions in Region
Mohammad Tayseer - Bloomberg
Jordan's King Abdullah II called for a de-escalation of tensions in the Middle East to prevent a full-out regional war. Jordan won't be a battleground for any party and won't tolerate any threats to the lives of its people, the king also said at a meeting in Amman with a delegation of US Congress staffers, according to an emailed statement by the Royal Hashemite Court.
/jlne.ws/3SKOYji
Israel keeps up strikes in Gaza as fears of wider war grow
Nidal Al-Mughrabi - Reuters
Israeli forces pressed on with operations near the southern Gaza city of Khan Younis on Monday amid an international push for a deal to halt fighting in Gaza and prevent a slide into a wider regional conflict with Iran and its proxies. Palestinian medics said Israeli military strikes on Khan Younis on Monday killed at least 18 people and wounded several. Meanwhile more families and displaced persons streamed out of areas threatened by new evacuation orders telling people to clear the area.
/jlne.ws/3AgYzrI
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Germany's largest development bank KfW selects Boerse Stuttgart Digital as infrastructure partner for its new blockchain-based digital bond
Boerse Stuttgart
Boerse Stuttgart Digital, the leading infrastructure provider for cryptocurrencies and digital assets in Europe, now provides the technical infrastructure for KfW, one of the world's leading promotional banks, for its new blockchain-based digital bond. Boerse Stuttgart Digital manages wallets and secures private keys throughout the issuance and redemption processes of the crypto security planned by KfW in the coming weeks in accordance with the German Electronic Securities Act (eWpG)
/jlne.ws/3X2A3Up
Intercontinental Exchange, Inc. Announces Registered Exchange Offer for its Outstanding 3.625% Senior Notes due 2028 Issued in Connection with Prior Private Exchange Offer
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) ("ICE") today announced the commencement of its offer to exchange (the "Exchange Offer") its outstanding unregistered 3.625% Senior Notes due 2028 (the "Original Notes") for a like principal amount of notes of the same series that have been registered under the Securities Act of 1933, as amended (the "Exchange Notes"). The Exchange Offer will expire at 5:00 p.m., Eastern time, on September 9, 2024, unless extended or earlier terminated by ICE (such date and time, as the same may be extended or earlier terminated, the "Expiration Date"). In order to be exchanged in the Exchange Offer, an Original Note must be validly tendered and not validly withdrawn at or prior to the Expiration Date and accepted by ICE. The settlement date for the Exchange Offer will be promptly following the Expiration Date and is expected to be September 11, 2024.
/jlne.ws/3SLZC9o
TMX Group Announces Acquisition of Newsfile Corp.; TMX's Capital Formation business expands public and private company solution offering
TMX Group Limited, Newsfile Corp.
TMX Group Limited announced today it has acquired Newsfile Corp. (Newsfile), the largest Canadian-owned news dissemination and regulatory filing provider. "TMX Group is committed to delivering best-in-class products and services; we are always looking at ways to add new capabilities to better serve our clients today and well into the future," said Loui Anastasopoulos, CEO, Toronto Stock Exchange and Global Head of Capital Formation, TMX Group. "The acquisition of Newsfile, a client-first newswire and regulatory filing solutions provider, bolsters our Capital Formation business as we continue to expand our offerings beyond listings."
/jlne.ws/4dHc8PU
Special Change in KOSDAQ 150, etc. for Connectwave
KRX
KRX will change the constituents of KOSDAQ 150 index, its subordinate indices and other indices.
/jlne.ws/3SNc5d7
Nasdaq Announces End of Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date July 31, 2024
Nasdaq
At the end of the settlement date of July 31, 2024, short interest in 3,043 Nasdaq Global MarketSM securities totaled 11,985,723,964 shares compared with 12,309,469,231 shares in 3,044 Global Market issues reported for the prior settlement date of July 15, 2024. The end of July short interest represent 2.90 days average daily Nasdaq Global Market share volume for the reporting period, compared with 2.95 days for the prior reporting period.
/jlne.ws/3An8j3V
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Ex-Twitter Chairman Sues Elon Musk's X for $20 Million in Shares
Madlin Mekelburg and Kurt Wagner - Bloomberg
Former Twitter Chairman Omid Kordestani sued the social media company, claiming that billionaire owner Elon Musk is refusing to cash out more than $20 million worth of shares he is owed. Kordestani served as the company's executive chairman from 2015 to 2020 and stayed on the board for two more years, until Musk bought the platform for $44 billion. He said in the complaint that the bulk of his compensation was stock, which he says Musk is refusing to pay out.
/jlne.ws/4dzIg7G
Trading Technologies completes second transaction in Abel Noser Solutions acquisition
Trading Technologies International, Inc.
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, today announced that TT's acquisition of START, a broker-neutral trade optimization platform, from Abel Noser Holdings, a majority-owned portfolio company of Estancia Capital Partners, is now complete. This represents the second and final stage of TT's acquisition of Abel Noser Solutions, LLC (ANS). TT previously acquired Abel Noser Solutions, the industry-leading provider of transaction cost analysis (TCA) for investment managers, brokers, asset owners and consultants, from Abel Noser Holdings on August 31, 2023.
/jlne.ws/3yx0Mip
Quantum computers are advancing much faster than scientists expected; Breakthroughs in scalability, error-correction and infrastructure have led to an accelerated timeline for quantum advantage.
Tristan Greene - CoinTelegraph
Quantum computing is one of those "just around the corner" technologies that have the scientific community split. Tech outfits such as Google and IBM have gone full throttle with both research and development and marketing as if they're already here, while many independent researchers have claimed quantum computers will never work. Most people working in the field, however, believe that quantum computers will be able to solve problems that classical computers can't solve within the next 10 years.
/jlne.ws/4dzpEW9
A Gen Z data scientist says AI jobs require more than coding - and don't expect to be a loner at work
Ana Altchek - Business Insider
There's more to an AI job than simply writing code. Just ask 25-year-old Pranjali Ajay Parse, who works as a data scientist for Autodesk. She's been developing an AI tool that provides employees with insights into their work patterns, such as meeting trends and work routines. After getting her master's degree in computer science and working at Autodesk for over a year, Parse has been able to grasp what it's like to actually work in an AI role - and she said it's not what people may expect.
/jlne.ws/4dgxNhO
Brands should avoid this popular term. It's turning off customers
Erika Tulfo - CNN
Even as tech giants pour billions of dollars into what they herald as humanity's new frontier, a recent study shows that tacking the "AI" label on products may actually drive people away. A study published in the Journal of Hospitality Marketing & Management in June found that describing a product as using AI lowers a customer's intention to buy it. Researchers sampled participants across various age groups and showed them the same products - the only difference between them: one was described as "high tech" and the other as using AI, or artificial intelligence.
/jlne.ws/3Aw2IYT
AI Is About to Boost Power Bills-Who'll Take Heat for That? High prices are a windfall for power-plant owners but are starting to raise difficult questions
Jinjoo Lee - The Wall Street Journal
The AI-driven, energy-hungry data-center boom was bound to bring up uncomfortable questions: Will it raise energy bills and, if so, who will shoulder the costs? America's largest wholesale power market is starting to see the results. Rapid data-center build-out is increasing power demand just as a wave of older power-plant retirements is reducing supply in PJM Interconnection, the independent system operator that manages the wholesale power market spanning 13 states including Virginia, Pennsylvania and Illinois. It said two weeks ago that its latest capacity auction yielded prices of $269.92 per megawatt-day for most of its footprint, about nine times the clearing price a year ago. A contributing factor was a tweak in PJM's modeling to better plan for extreme weather conditions. Skyrocketing capacity prices are a clear signal that the grid needs new power plants.
/jlne.ws/46GE6bW
IRS updates draft version of Form 1099-DA, Digital Asset Proceeds From Broker Transactions; requests comments on form planned for 2025
IRS
The Internal Revenue Service today posted an early draft of the updated Form 1099-DA, which is the form for brokers to report certain sale and exchange transactions of digital assets that take place beginning in calendar year 2025. Generally, these forms will be sent separately to taxpayers and the IRS in early 2026. The new draft of Form 1099-DA, Digital Asset Proceeds From Broker Transactions, reflects the final regulations for custodial broker reporting and includes the transitional relief described in Notice 2024-56, Notice 2024-57 and Revenue Procedure 2024-28. Interested parties can provide the IRS with comments about the draft at the forms and publications comments page on IRS.gov.
/jlne.ws/3YAtLMH
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | Trump campaign says it was hacked, blames Iran
Kanishka Singh and Nathan Layne - Reuters
Donald Trump's U.S. presidential campaign said on Saturday some of its internal communications were hacked and blamed the Iranian government, citing past hostilities between Trump and Iran without providing direct evidence. The Republican's campaign statement came shortly after news website Politico reported it had begun receiving emails in July from an anonymous source offering authentic documents from inside Trump's operation, including a report about running mate JD Vance's "potential vulnerabilities."
/jlne.ws/4di3F5T
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Startups Raised More VC Money During Market Slowdown
Muyao Shen - Bloomberg
Crypto startups raised more money but closed fewer deals in the most recent quarter, mirroring the broader slowdown seen in the digital-asset world. Venture capital investment in crypto companies totaled $2.7 billion in the three months ended in June, a 2.5% increase from the first quarter and a 9.8% decrease from the year-earlier period, PitchBook data show. The number of deals closed dropped 12.5% from the first quarter.
/jlne.ws/3yyibqY
Dragonfly, Crypto.com Weigh in on CFTC's Proposed Prediction Market Rules
Sam Reynolds - CoinDesk
Dragonfly Digital Management and Crypto.com have joined crypto exchange Coinbase (COIN) in criticizing the Commodities Futures Trading Commission's (CFTC) proposed rules on prediction markets. Critics say that the CFTC's proposed rules broadly categorize and ban certain event contracts, including those related to gaming - with Coinbase calling the CFTC's proposed definition of gaming too ambiguous - and elections, raising concerns that this overreach exceeds statutory authority, stifles innovation, and neglects the economic benefits these contracts provide. "Political event contracts should not be equated with gambling on games of chance like the Super Bowl. Rather, elections have significant economic implications," Dragonfly's Jessica Furr and Bryan Edelman, its counsel, wrote in a letter to CFTC. "These contracts were designed to serve crucial risk hedging functions, aligning with the requirements of the Commodity Exchange Act (CEA), and offer valuable predictive data to the public."
/jlne.ws/3WIeebl
Crypto.com, Gemini join Coinbase in opposing CFTC proposal that could ban prediction markets
Zack Abrams - The Block
A number of industry leaders across crypto and fintech, from Gemini and Crypto.com to Robinhood and influential blogger Scott Alexander, have declared their opposition to a proposed rule change that could see political prediction markets banned in the United States. Elizabeth Warren and other Democrats have recently pushed the U.S. Commodity Futures Trading Commission (CFTC) to finalize a rule clarifying that prohibited so-called "event contracts" include "staking or risking something of value on the outcome of a political contest, an awards contest, or a game in which one or more athletes compete, or an occurrence or non-occurrence in connection with such a contest or game," thereby banning such contracts from trading by CFTC-registered entities.
/jlne.ws/4dE7eTD
Coinbase-Backed Vega Gets Into Prediction-Market Race, Chasing Polymarket; A major upgrade to Vega's blockchain and decentralized perpetuals exchange will allow users to bet on the outcomes of future events.
Sam Kessler - CoinDesk
Prediction markets are having a moment. After Joe Biden's halting debate performance last month led to speculation that he might drop out of the race, the blockchain prediction market Polymarket - where users had already been betting on the incumbent's election odds - became a useful resource for gleaning public sentiment. Polymarket lets users bet on everything from sporting events to science. Although it's generally illegal to bet on election outcomes in the United States, Polymarket's global prediction markets have earned citations alongside traditional voter polls in Beltway discussions concerning the 2024 U.S. presidential election.
/jlne.ws/3WZ54IH
Tether to Fight Celsius' $3.3 Billion 'Shakedown' Litigation
Amitoj Singh - CoinDesk
Tether, the company behind USDT, the world's largest stablecoin by market capitalization, said it will defend itself against what it called "shakedown" litigation brought by bankrupt crypto lender Celsius. On Friday, Celsius asked the U.S. Bankruptcy Court of the Southern District of New York to order Tether to relinquish a total of 57,428.64 bitcoin {{BTC}} or award the "present value of all Bitcoin," some $3.3 billion at today's price, according to a court filing.
/jlne.ws/3AiWVWP
Inside Worldcoin's Orb Factory, Audacious and Absurd Defender of Humanity; The startup, co-founded by Sam Altman, is determined to verify every human on Earth, one iris at a time.
Ashlee Vance - Bloomberg
/jlne.ws/3YZFwwH
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | Harris Says She Won't Interfere With Fed in Rebuke to Trump; Trump has said he has better instincts than Fed officials; Democratic nominee says central bank is 'independent entity'
Akayla Gardner - Bloomberg
Vice President Kamala Harris said she would respect the Federal Reserve's independence, seeking to draw a contrast with her 2024 Republican rival Donald Trump, and that she plans to roll out elements of her economic agenda in the coming week. Harris was asked about Trump's recent comments that presidents should have some say over interest rates and monetary policy - a move that would upend the longstanding practice of Fed independence of political actors.
/jlne.ws/3YFwR20
Trump Says Microsoft Told His Campaign Iran Was Behind Hack; GOP nominee says hack only got publicly available information; Report said hacked documents included dossier on Senator Vance
Hadriana Lowenkron - Bloomberg
Republican nominee Donald Trump said he was informed by Microsoft Corp. that one of his campaign websites was hacked by the Iranian government, but said the hackers were only able to access "publicly available information" in the breach. "Nevertheless, they shouldn't be doing anything of this nature," Trump said in a post on his Truth Social network on Saturday. "Iran and others will stop at nothing, because our Government is Weak and Ineffective, but it won't be for long."
/jlne.ws/3YFs3cW
The EU's approach to Britain and Brexit needs fixing; Starmer and von der Leyen should prepare an ambitious political declaration for their approaching first summit
Mujtaba Rahman - Financial Times (opinion)
The European Commission's "list of demands" that Sir Keir Starmer must address to improve the UK-EU bilateral relationship shows how much the bloc needs to rethink its approach to Britain and Brexit. The Labour government has already done so. The European Political Community meeting at Blenheim Palace in July provided the perfect platform for Starmer to advance phase 1 of his EU "reset" - restoring trust after the antagonistic relationship with the Conservative government. Phase 2 involves scoping out policy areas of common interest and phase 3, hammering them out.
/jlne.ws/3WJfoDj
Poland Signs Deal With US on Patriot Missile-Defense Systems; $1.2 billion agreement for producing 48 M903 launch stations; US-Polish ties have 'never been so close,' ambassador says
Natalia Ojewska - Bloomberg
Poland signed a $1.2 billion agreement with Raytheon Technologies Corp. to produce components for Patriot air-defense batteries as Warsaw seeks to bolster its defenses. The deal to produce 48 Patriot M903 launch stations strengthens the cooperation between the Polish and US defense industries and opens the way for further contracts to supply components through the end of the decade.
/jlne.ws/3AhSrQe
China Touts Olympic Gold Medal Tie With US as New Sign of Power; Performance shows China's superpower status, state media says; US Olympic team's 126 total medals sparks pushback in China
Bloomberg News
China's state-run media used the nation's gold medal haul at the Paris Olympics - which tied the US total of 40 - as the latest sign that it can rival America on the global stage. The US and China led all nations in gold medals, doubling Japan's 20, at the conclusion of the Games on Sunday. It was China's best performance at an overseas Olympics and its strongest showing against the US since 2008, when it won 48 golds compared with 36 for America.
/jlne.ws/4dFdHxv
She's Fighting Big Oil in Texas. But Republicans Want to Make Her D.A.; Looking to oust a Democratic district attorney in rural West Texas, Republicans have an unusual candidate: a Trump-hating lawyer who's spent years battling over oil wells.
J. David Goodman - The New York Times
Few Democrats hold local office in the conservative parts of Texas, and Republicans have been eager to replace one who seemed particularly vulnerable: a longtime district attorney in a sparsely populated area of deep red, oil-rich ranches that lie some 250 miles east of El Paso. They immediately ran into a problem finding a candidate to oppose the incumbent. There were only 16 practicing lawyers in the three counties that make up the deep-red district, including the present Democratic office-holder, Randy Reynolds, who some said was not an effective prosecutor. But everyone they approached said no.
/jlne.ws/3WZphxW
|
| | | |
|
| |
| Regulation & Enforcement | | Stories about regulation and the law. | SEC Addresses Final Court Ruling in Ripple Case, Highlights Key Outcomes
Bitcoinnews.com
The U.S. Securities and Exchange Commission (SEC) has addressed District Judge Analisa Torres' ruling in the Ripple case over XRP, emphasizing the substantial financial penalties imposed on the crypto firm and its ongoing securities law violations. While Ripple celebrated the 94% reduced fine, the regulator underscored that the court acknowledged Ripple's securities violations.
/jlne.ws/4djGTdO
Crypto.com, Gemini join Coinbase in opposing CFTC proposal that could ban prediction markets
Zack Abrams - The Block
A number of industry leaders across crypto and fintech, from Gemini and Crypto.com to Robinhood and influential blogger Scott Alexander, have declared their opposition to a proposed rule change that could see political prediction markets banned in the United States. Elizabeth Warren and other Democrats have recently pushed the U.S. Commodity Futures Trading Commission (CFTC) to finalize a rule clarifying that prohibited so-called "event contracts" include "staking or risking something of value on the outcome of a political contest, an awards contest, or a game in which one or more athletes compete, or an occurrence or non-occurrence in connection with such a contest or game," thereby banning such contracts from trading by CFTC-registered entities.
/jlne.ws/4dE7eTD
Hindenburg Accusation of Adani Conflict Denied by Sebi Chief; Regulator denies 'baseless' claims and 'insinuations'; The short-seller cites offshore fund investment made in 2015
Menaka Doshi - Bloomberg
Hindenburg Research accused the head of India's market regulator of having conflicts of interest that prevented a thorough examination of manipulation and fraud claims at the Adani Group, an allegation she denied. In a report published Saturday, Hindenburg said Madhabi Puri Buch and her husband, Dhaval Buch, invested in offshore entities that were allegedly part of a fund structure in which Vinod Adani - the brother of billionaire Gautam Adani - also had investments.
/jlne.ws/3YHWG1I
Woori Bank Gave Improper Loans to Ex-Chief's Family, FSS Says
Soo-Hyang Choi - Bloomberg
The banking unit of South Korea's Woori Financial Group Inc. provided tens of millions of dollars in inappropriate loans to relatives of the group's former boss, the country's Financial Supervisory Service said. Woori Bank provided 42 loans worth a total of 61.6 billion won ($45 million) to 20 companies with ties to family members of the former leader between April 2020 and January 2024, the regulator said, without naming the official. Yonhap News named the person as Son Tae-seung, who held leadership roles in Woori Financial from 2019 to early last year.
/jlne.ws/4fJ7uSW
UK to charge two more people in Glencore corruption case; British anti-fraud agency says the individuals are 'currently outside the jurisdiction'
Tom Wilson - Financial Times
The UK Serious Fraud Office intends to charge two more people in relation to its long-running investigation into allegations of bribery by Glencore's oil trading division in Africa. The sprawling probe into the past activities of the company's London-based West Africa desk is the highest-profile prosecution of commodities trading executives ever undertaken by the UK fraud agency.
/jlne.ws/46Ife3z
The risks of radical accounting changes; Policymakers, regulators and investors need to be acutely aware of unintended consequences
John Plender - Financial Times
Accountancy matters, not least because it changes behaviour. In a year of elections and political shifts, the point is worth making because conventional accounting is sending some exceptionally misleading signals for policy. Consider, first, central bank finances. Central banks are incurring losses on assets they bought through so-called quantitative easing after the 2007-09 financial crisis and during the pandemic. On a mark-to-market basis, many have negative equity capital and are thus technically insolvent.
/jlne.ws/4dmAw9y
SEC Charges Ideanomics and Three Senior Executives with Accounting and Disclosure Fraud
SEC
The Securities and Exchange Commission today announced settled fraud charges against Ideanomics, Inc., formerly known as Seven Stars Cloud Group, Inc., and its former Chairman and CEO, Zheng (Bruno) Wu, for misleading the public about the company's financial performance between 2017 and 2019. The SEC also announced settled charges against Ideanomics' current CEO, Alfred Poor, and former CFO, Federico Tovar, for their roles in the scheme.
/jlne.ws/3WYvo5O
SEC Charges Four Individuals Behind $56 Million Multi-Year Microcap Fraud Scheme
SEC
On August 9, 2024, the Securities and Exchange Commission filed a complaint in the United States District Court for the Southern District of Texas charging four individuals with fraud in an alleged scheme to secretly acquire millions of shares of microcap stocks and generate approximately $56 million in unlawful stock sales. Texas residents Kevan Casey and Adrian James, and California residents Jonathan Friedlander and Robert Wheat, were named as defendants who allegedly engaged in the scheme.
/jlne.ws/3YGHm5f
Financial advice update
ASIC
The Financial advice update is a round-up of regulatory developments and issues affecting financial advice. It covers all areas of financial advice regulation and includes a broad range of content relevant to Australian financial services (AFS) licensees who are advice licensees and financial advisers.
/jlne.ws/4dIMM45
SEBI statement on the Hindenburg Research's Report dated August 10, 2024
SEBI
SEBI takes note of the report published by Hindenburg Research on August 10, 2024.Investors should remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume thatHindenburg Research may have short positions in the securities covered in the report.
/jlne.ws/4fzZ4xv
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Treasury Zero-Coupon Bond Creation Set New Record in Yield Slide
Elizabeth Stanton - Bloomberg
A record amount of zero-coupon bonds were created in July as the Treasury market posted its biggest gain of the year in anticipation of Federal Reserve interest-rate cuts beginning in September. About $14.7 billion of zero-coupon Treasuries were created, data released by the Treasury Department late Tuesday show. The previous milestone was $13.4 billion in December - also amid a market rally.
/jlne.ws/4cpT2fX
Chaotic Week for Nervous Treasury Market Features U-Turn in Yields; US yields rise at end of week, wiping out post-jobs data rally; Bond traders scale back bets on aggressive Fed rate cuts
Sydney Maki - Bloomberg
A tumultuous week for global bond markets headed toward calm as angst over a potential US economic downturn - which spurred a Treasury rally and brief market meltdown - faded. The yield on benchmark US 10-year notes has returned to levels seen before last week's US labor-market report, wiping out most of the steep declines from early this week. Traders have also pared back expectations for aggressive and super-sized interest-rate cuts from the Federal Reserve.
/jlne.ws/4cmKhDh
The Great Wealth Transfer is set to be a $90 trillion disappointment-especially for millennials
Chloe Berger - Fortune
It turns out that all young adults might be inheriting nothing more than their parents' tendency to fall asleep while watching TV or walk five feet ahead of their children on a family vacation. Quirks are easy, but getting money passed down seems to be a different and much trickier story. Murmurs of a "Great Wealth Transfer" have been around for some time now, as many Americans anticipate an inheritance from their older relatives. The silent generation and baby boomers account for a greater share of the nation's wealth than their younger counterparts, leaving the more financially insecure generations waiting for a $90 trillion windfall.
/jlne.ws/3X0kNqW
Gold Fields Acquires Osisko Mining for $1.57B, Secures Control Over Highly Prospective Windfall Project
Stjepan Kalinic - Benzinga
Gold Fields (NYSE:GFI) is acquiring Canadian Osisko Mining (OTC:OBNNF) for $1.57 billion in cash. This acquisition gives the South African-based miner full ownership of the Windfall Project in Quebec, one of the developing highest-grade gold deposits. "We are pleased to consolidate the remaining 50% interest in Windfall and its highly prospective exploration camp," said Gold Fields CEO Mike Fraser.
/jlne.ws/3AovDhF
Odd Lots: How Treasury Will Fund $20 Trillion in Debt
Bloomberg
When it comes to financing the US government's borrowing needs, the Treasury Department has some discretion in how it's done. It can sell 30-year Treasuries. It can sell 10-year Treasuries. It can sell a lot of three-month T-bills. Every quarter, it's always going to be some kind of mix. And in theory, the decisions about where on the curve it issues debt can have effects on the market and the economy, since different instruments have different liquidity and risk profiles. Recently, the Treasury has come under criticism for issuing a lot of short-dated debt. Some economists have dubbed it "Activist Treasury Issuance," with the allegation that Janet Yellen & Co. are purposely trying to counteract the impact of the Federal Reserve's quantitative tightening by issuing less debt at the long end of the curve. So is there anything to these criticisms? And how exactly does the Treasury go about making these decisions anyway?
/jlne.ws/3M3k2Hq
Investors Slash Equity Exposure by the Most Since Covid Pandemic; Positioning is underweight after scaling peak in mid-July: DB; Stock exposure implies a sharp slowdown in US earnings growth
Sagarika Jaisinghani - Bloomberg
Investors slashed equity allocations at the sharpest pace since the onset of the Covid pandemic during last week's bout of market volatility, according to data from Deutsche Bank AG. Aggregate allocation to stocks is now in the 31st percentile and underweight, strategists including Parag Thatte wrote in a note dated Aug. 9. Just three weeks ago, exposure was at the top of the historical range in the 97th percentile.
/jlne.ws/3SHE7GU
Restructuring Becomes Pit Stop to Bankruptcy for Risky Borrowers; Liability management can keep a firm afloat for longer; But there's evidence they may not always lead to best outcomes
Jill R Shah and Irene Garcia Perez - Bloomberg
/jlne.ws/4dimpSt
What are the biggest stock market baggers of all time? The real American 'superstonks'
Robin Wigglesworth - Financial Times
/jlne.ws/4dFhElI
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | China Drives African Lithium Surge to Lock in Key Battery Metal; African mines projected to account for 14% of supply by 2028; West is lagging behind China in securing critical minerals
William Clowes - Bloomberg
Chinese miners and refiners are driving a surge in African lithium output, shrugging off concerns over a glut to lock in future supplies of the critical battery metal. The continent is projected to account for almost 11% of global supply this year, compared with close to zero at the start of the decade, according to S&P Global Commodity Insights. That's projected to increase to more than 14% by 2028.
/jlne.ws/3YGOdvr
Uncovered: The Risky Business Of Predicting Where Climate Disaster Will Hit; Climate tech companies can tell you the odds that a flood or wildfire will ravage your home. But what if their odds are all different?
Eric Roston, Krishna Karra, Leslie Kaufman, Sinduja Rangarajan Green - Bloomberg
Humans have tried to predict the weather for as long as there have been floods and droughts. But in recent years, climate science, advanced computing and satellite imagery have supercharged their ability to do so. Computer models can now gauge the likelihood of fire, flooding or other perils at the scale of a single building lot and looking decades into the future. Startups that develop these models have proliferated, buoyed by venture capital and private equity.
/jlne.ws/46GytdO
The uninsurable world: rethinking how to cover for climate damage; Start-ups, legacy groups and policymakers are working out how to operate in areas of rising weather risks
Ian Smith - Financial Times
Thomas Brennan is well placed to observe the mounting pressure from climate change on the insurability of American business. An insurance broker, he is also a member of the wider Brennan family that has owned restaurants across New Orleans since his grandfather's generation. The low-lying city - like many other areas especially exposed to floods, fires or storms - has been hit as insurers pull back, spooked by a toxic mix of inflation in the costs of claims and increasing extreme weather events.
/jlne.ws/4cpYcsl
It's in companies' own interests to adopt global sustainability standards; Adoption of a new reporting baseline will benefit boards and investors alike
Richard Manley - Financial Times
Milton Friedman's famous doctrine on the social responsibility of business did not suggest ransacking the environment and abusing labour in the name of corporate profits. He implored companies to maximise the value of the enterprise "while conforming to the basic rules of the society, both those embodied in law and those embodied in ethical custom". The doctrine is as relevant today as it was when drafted more than 50 years ago.
/jlne.ws/4fyZnZc
Call to end nuclear power ban brings heated reaction in Australia; Opposition wants to change law and build new plants but critics say focus should remain on renewable energy
Nic Fildes - Financial Times
Liddell Power Station in Australia's Hunter Valley burned through coal for five decades before closing last year. Opposition leader Peter Dutton now wants Liddell to be reborn as something banned in the country for a quarter of a century: a nuclear power plant. The site in New South Wales is one of seven operating or closed coal-fired plants that Dutton, leader of the centre-right Liberal party, has said could become nuclear power stations as part of a big shift in the way Australia generates its energy.
/jlne.ws/3yx3Z1r
Adnoc Gas Sees LNG Usage Rising as First-Timers Enter Market; Ruwais project will more-than double Abu Dhabi's LNG capacity; Shares jump as much as 4.3% after second-quarter results
Verity Ratcliffe and Lizzy Burden - Bloomberg
Global liquefied natural gas demand is expected to increase further as more countries turn to imports for the first time, Adnoc Gas' Chief Financial Officer Peter Van Driel said. To tap some of these new consumers, parent company Abu Dhabi National Oil Co. is building a new plant at Ruwais that will more than double the UAE's LNG export capacity when it starts operating in 2028. Oman and Qatar are also expanding their LNG production facilities.
/jlne.ws/4dzIsDW
English wind farms could aid Scots seabird revival
Giancarlo Rinaldi - BBC
/jlne.ws/3yCkQQw
For Anti-DEI Groups Swarming Annual Meetings, Even a Loss Is a Win; Supporters of diversity, equity and inclusion policies say conservatives want to 'wreck the system.' Detractors say low shareholder votes show the system is biased.
Miranda Jeyaretnam, Jeff Green, and Mathieu Benhamou - Bloomberg
/jlne.ws/3WYn461
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Scotiabank to Buy Almost 15% of KeyCorp for About $2.8 Billion
Daniel Taub - Bloomberg
Bank of Nova Scotia agreed to buy a minority stake in KeyCorp, which was among the US regional banks hit hardest in last year's tumult, for about $2.8 billion as part of a focus on North America. Scotiabank will acquire 14.9% of Cleveland-based KeyCorp by buying shares at $17.17 each, representing an 11% premium to their volume-weighted average price over the past 20 trading days, the Toronto-based lender said in a statement Monday.
/jlne.ws/3SPmCo7
Morgan Stanley names new EMEA electronic FX sales head; Individual has most recently spent the last eight years with Citi and also previously served at Royal Bank of Scotland, Deutsche Bank, Bloomberg and State Street.
Annabel Smith - The Trade
Morgan Stanley has appointed a new head of electronic FX sales for the EMEA region, The TRADE can reveal. Gurpeet Ubhi has been selected to oversee FX sales for the region at Morgan Stanley after most recently serving at Citi for the last eight years. He announced his departure from Citi on social media two months ago. Ubhi originally joined Citi in 2016 as a vice president in electronic FX sales, later taking on his most recent role as director in the same division in 2019.
/jlne.ws/4fV7Ia3
Hedge Funds Smell Blood as Lenders Turn on Each Other; So-called 'creditor on creditor violence' has reached such a pitch that funds are wagering tens of billions of dollars on taking advantage of the mayhem.
Laura Benitez, Eliza Ronalds-Hannon, Nishant Kumar, and Reshmi Basu - Bloomberg
iHeartMedia Inc. is the owner of a sprawling network of US radio stations that pumps out music and chat everywhere from New York City to Fairbanks, Alaska. In recent weeks, however, it has been much more selective when addressing one crucial audience: its worried lenders. As the struggling broadcaster ponders a way to refinance billions of dollars of debt, it has started confidential talks with a privileged group of creditors led by fund giant Pacific Investment Management Co. Its other debtholders, meanwhile, have been left on tenterhooks, waiting anxiously by the phone to learn whether they'll be cut out of any restructuring deal. It's the opening scene to an increasingly familiar story.
/jlne.ws/3WAcVLq
Hedge funds retrench on risk, fearful of increased volatility
Carolina Mandl - Reuters
Portfolio managers at hedge funds have retrenched from some of their riskier positions after a volatile week for markets. A brutal selloff and recovery in global markets in the past week was triggered by the unwinding of billions of dollars worth of yen-funded trades and worries the U.S. economy was heading to a recession. The CBOE Volatility Index (.VIX) ended at its highest close in nearly four years on Aug. 5.
/jlne.ws/3yBIvQY
ETFs' huge appetite extends to SMAs; Conversions of separately managed accounts are taking place in both the US and Europe, suggesting demand is growing
Steve Johnson - Financial Times
The ballooning exchange traded fund industry is threatening to take a bite out of separately managed accounts, having already eaten the lunch of the mutual fund sector. Since the start of 2021 mutual funds have suffered outflows of more than $1tn in the US even as flashy upstart ETFs have pulled in $2tn, according to figures from Morningstar. ETFs have also gained market share in Europe and Asia, albeit at a slower pace. This has prompted a flurry of mutual fund-to-ETF conversions as asset managers have pivoted towards the ascendant fund structure.
/jlne.ws/3M77mPy
|
| | | |
|
| |
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | JD Vance's 'Constitutional Crisis' in the Making
Ankush Khardori - Politico
JD Vance may have had a rocky start as a vice-presidential nominee, but he still holds some sway in the book publishing industry. That influence recently took the form of a book that will not be immediately published - a conservative manifesto by Kevin Roberts, the president of the Heritage Foundation and the face of Project 2025, which was supposed to come out next month but has now been pushed until after the election. The hardline agenda of Project 2025, of course, became a drag on Donald Trump's reelection bid and the book was likely to make things even worse since Vance had written an admiring foreword.
/jlne.ws/4ckEwWJ
JPMorgan Chase is giving its employees an AI assistant powered by ChatGPT maker OpenAI; The program, called LLM Suite, is already available to more than 60,000 employees, helping them with tasks like writing emails and reports.
Hugh Son - CNBC
JPMorgan Chase has rolled out a generative artificial intelligence assistant to tens of thousands of its employees in recent weeks, the initial phase of a broader plan to inject the technology throughout the sprawling financial giant. The program, called LLM Suite, is already available to more than 60,000 employees, helping them with tasks like writing emails and reports. The software is expected to eventually be as ubiquitous within the bank as the videoconferencing program Zoom, people with knowledge of the plans told CNBC.
/jlne.ws/3AlW6fJ
Automation is coming for private equity's junior roles; New tools for financial analysis could dampen the need for technical processing ability in new hires
Sujeet Indap - Financial Times
The 1992 book Merchants of Debt, a critical history of the private equity firm KKR, recounts the moment in the early 1980s when a firm executive came across VisiCalc, the spreadsheet software that would upend both KKR and Wall Street. "KKR couldn't rapidly stalk several companies at once, because its financial blueprints required weeks of calculations by hand," George Anders wrote of the old way of doing business. But with the arrival of VisiCalc "all of a sudden, giant companies' finances could be picked apart in an afternoon".
/jlne.ws/3yA9wUV
Why the Reliable Office Workhorse Rarely Gets Ahead; Working too hard can hurt your career trajectory, but there are other paths to office stardom
Rachel Feintzeig - The Wall Street Journal
You work so hard. Why aren't you getting ahead? "Literally, what more can I do?" Alison Fragale, a professor who studies power, says the office workhorses among us think. We're the ones picking up the slack when teammates fall short, the ones the boss calls when she needs something done fast, or last minute, or after hours. And still we aren't the stars. Maybe we missed the memo on what it takes to win at work.
/jlne.ws/3M33JdF
|
| | | |
|
| |
| Wellness Exchange | | An Exchange of Health and Wellness Information | At the end of the day, don't we all want to be happy? Here are 5 ways to get there
Andrea Kane - CNN
Americans are really into pursuing happiness. What happiness means is different for each individual and may shift over a lifetime: joy, love, purpose, money, health, freedom, gratitude, friendship, romance, fulfilling work? All of the above? Something else entirely? Many have even suggested that while we may think we know what will make us happy, we are often wrong. One man may have cracked the code for what makes a happy and healthier life - and he has the data to back him up.
/jlne.ws/46Kw169
Cancer-Causing Benzene Is Used to Make Store-Brand Cold Relief Medicine; Generic versions of Mucinex sold at CVS, Walgreens, Walmart and other US retailers are made with the chemical.
Anna Edney - Bloomberg
While it may seem like the only difference between extended-release Mucinex and its generic store-brand counterpart is the price tag, the latter potentially exposes users to a deadly cancer-causing chemical. Millions of Americans who buy the store-brand option at various major US chains are unknowingly choosing a drug that risks containing a potent carcinogen called benzene, according to a Bloomberg analysis of government data. Benzene can cause blood cancers such as leukemia and lymphoma.
/jlne.ws/3WWj3Pr
Steps, Calories... CO2? Emissions-Tracking Apps Are on the Rise; Smartphone apps like Commons and Klarna pitch users on the ability to track the emissions of their purchases and adjust their buying habits accordingly.
Alexander Battle Abdelal and Alicia Clanton - Bloomberg
In 2019, Sanchali Pal decided she'd had enough of spreadsheets. For six years, the former consultant had been using Excel to manually track the carbon emissions of her purchases, a routine she says saved her about $2,000 a year by encouraging more secondhand shopping, fewer flights and less meat consumption. But the DIY approach was getting tedious.
/jlne.ws/3yALetS
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China shuts cattle farm after anthrax outbreak, five human infections
Reuters
China's eastern Shandong province reported five people were infected with anthrax and a beef cattle farm was shut after an outbreak was discovered in the agricultural province. All of the livestock on the farm were culled, the disease control and prevention centre of Yanggu county in Shandong said in a statement on WeChat.
/jlne.ws/3SN8Zpv
Foreign Investors Pull Record Amount of Money From China; Overseas firms pull $15 billion from China in second quarter; Chinese firms invest record $71 billion overseas at same time
Bloomberg News
Foreign investors pulled a record amount of money from China last quarter, likely reflecting deep pessimism about the world's second-largest economy. China's direct investment liabilities in its balance of payments dropped almost $15 billion in the April-June period, marking only the second time this figure has turned negative, according to data from the State Administration of Foreign Exchange released Friday. It was down about $5 billion for the first six months.
/jlne.ws/4fKfAuD
China's milk producers target adults as population ages; Intense competition forces companies to seek out new areas of growth in one of world's biggest dairy markets
Thomas Hale and Wang Xueqiao - Financial Times
Dairy companies are shifting their focus in China from babies to adults, as a falling birth rate and intense competition force them to search for new areas of growth in what has long been one of the world's biggest markets for milk. The A2 milk company, headquartered in New Zealand, last month announced new milk powder products for the "adult and ageing population" in China, adding to similar products offered by companies such as Danone, Abbott, Fonterra and Nestlé as well as domestic names such as Yili and Feihe.
/jlne.ws/46KCgqB
Adani Stocks Drop as Hindenburg Row With India Regulator Worsens; All but two of 10 Adani Group stocks decline in Mumbai; Buch denies Hindenburg's allegations of conflicts of interest
Ashutosh Joshi and Abhishek Vishnoi - Bloomberg
Adani Group's stocks fell after Hindenburg Research accused India's chief market regulator of having conflicts of interest that prevented a thorough probe into fraud allegations against the conglomerate. Shares of Adani Enterprises Ltd., the group's flagship, fell 1.1%, paring losses of as much as 5.5% on Monday. Adani Energy Solutions Ltd. slid 3.7%, as all but two of the conglomerate's 10 stocks ended lower. The benchmark NSE Nifty 50 Index closed little changed.
/jlne.ws/3yEfNyX
Beer Ban Sparks Zambia, Congo Border Feud Choking Copper Exports; Zambia trade minister to meet with Congo counterparts Monday; Congo exports most of its copper via Zambia to regional ports
Matthew Hill - Bloomberg
Zambia's trade minister will meet with counterparts in the Democratic Republic of Congo on Monday to resolve a trade spat that led to the weekend closure of their border, delaying exports from the world's second-biggest copper producer. Chipoka Mulenga, Zambia's Minister of Commerce, Trade and Industry, said he will meet senior Congolese officials in Lubumbashi, a city just north of the border that the two nations share. They'll discuss a ban on Zambian beer, soft drink and lime imports that Congo imposed nearly two weeks ago, and border crossings could resume within hours if the two governments are able to reach an agreement, he said.
/jlne.ws/3WK2ncv
Iraq Wheat Production Up 21%, Official Says, Amid Ample Rainfall
Khalid Al Ansary - Bloomberg
Iraq's wheat output hit 6.3 million tons this year, an almost 21% annual increase that marked a second year of self-sufficiency in the grain, an official said. Haider Nouri Al-Garaawi, director general of Iraq's grain board, said in a phone interview that "extraordinary" rains as well as modern irrigation technologies helped increase this year's harvest.
/jlne.ws/4dAtOfM
How Brazil's military is fighting the illicit gold trade; Brazil's Lula government is ramping up action against criminals in the vast Yanomami indigenous reserve
Michael Pooler - Financial Times
The illegal mining camp deep in the Amazon had been deserted in a hurry before the helicopters swooped down: its occupants had fled into the jungle with laundry still on the line. Hidden in the undergrowth, the Brazilian team of armed operatives found radio devices, diesel jerrycans and a motor. They detonated explosives to damage the materials and a clandestine airstrip, then set alight the 2,000 litres of fuel, sending plumes of black smoke above the tree canopies.
/jlne.ws/3WPsuPE
|
| | | |
|
| |
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2024 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
